News: RIO Rio Tinto Reports FY Net Earnings Of $12.42 Billion

Feb 22 (Reuters) - Rio Tinto Ltd (RIO) :

• FY NET EARNINGS $12,420 MILLION VERSUS $21,094 MILLION
• TOTAL DIVIDENDS OF 492 US CENTS PER SHARE
• FY UNDERLYING EARNINGS $13.3 BILLION VERSUS $21.4 BILLION REPORTED YEAR AGO
• IN 2023, WE EXPECT OUR SHARE OF CAPITAL INVESTMENT TO BE AROUND $8.0 BILLION
• INVESTING FOR FUTURE, DOUBLING OUR STAKE IN OYU TOLGOI COPPER-GOLD PROJECT IN MONGOLIA THROUGH ACQUISITION OF TURQUOISE HILL RESOURCES
• IN 2024 AND 2025, CAPITAL INVESTMENT RISES TO $9.0 TO $10.0 BILLION PER YEAR
• DECLARED FINAL DIVIDEND OF 225 CPS
• EFFECTIVE TAX RATE ON UNDERLYING EARNINGS IS EXPECTED TO BE AROUND 30% IN 2023.
• PRODUCTION AND UNIT COST GUIDANCE IS CONSISTENT WITH OUR FOURTH QUARTER OPERATIONS REVIEW
• FROM GUDAI-DARRI MINE, 43 MILLION TONNE PER YEAR CAPACITY EXPECTED TO BE REACHED ON A SUSTAINED BASIS DURING 2023
• EFFECTIVE TAX RATE ON UNDERLYING EARNINGS IS EXPECTED TO BE AROUND 30% IN 2023
• FIRST SALEABLE PRODUCTION IS EXPECTED IN FIRST HALF OF 2024 AT RINCON LITHIUM PROJECT
• SEES TOTAL CASH RETURNS TO SHAREHOLDERS OVER LONGER TERM TO BE IN A RANGE OF 40% TO 60% OF UNDERLYING EARNINGS
• INTENTION TO SUPPLEMENT ORDINARY DIVIDEND WITH ADDITIONAL RETURNS TO SHAREHOLDERS IN PERIODS OF STRONG EARNINGS AND CASH GENERATION
• OUR IRON ORE PORTSIDE SALES IN CHINA WERE 24.3 MILLION TONNES IN 2022