(Adds detail on results, dividend, background)
Feb 23 (Reuters) - Rio Tinto (RIO) reported annual underlying earnings on Wednesday that rose 72%, helped by higher iron ore prices and strong demand from top consumer China, allowing the miner to declare a record dividend payout for the year.
The jump in earnings came despite tight labour market conditions due to pandemic-related restrictions and impact to the ramping up of its Pilbara projects.
The world's biggest iron ore producer posted underlying earnings of $21.38 billion for the year ended Dec. 31, compared with $12.45 billion a year earlier. Analysts had expected underlying earnings of $21.63 billion, according to Visible Alpha.
Rio Tinto declared a final special dividend of 62 cents per share and a final dividend of $4.17 per share, higher than the $3.09 per share final dividend a year earlier.
News: RIO UPDATE 1-Rio Tinto full-year profit soars on iron ore prices, declares record dividend
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