RIO rio tinto limited

(Updates with context on iron ore prices in paragraph 2,...

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    (Updates with context on iron ore prices in paragraph 2, details on iron ore prices and H1 shipments in paragraph 3, and dividend in paragraph 5)

    July 26 (Reuters) - Rio Tinto RIO.L (RIO) reported a near 34% drop in first-half underlying earnings and slashed its interim dividend on Wednesday, as easing iron ore prices offset an uptick in shipments from Pilbara operations.

    Iron ore accounts for 70% of Rio Tinto's profits and its prices could improve going forward as Beijing has pledged to roll out more policies to boost growth after the world's second-largest economy struggled with an uneven recovery in the first half.

    Average realised prices for Pilbara iron ore slipped to $98.6 per wet metric tonne (wmt) in the first half, 11.1% below last year. That offset a 7% rise in shipments of the steel-making ingredient from Pilbara to 161.7 million tonnes.

    The world's largest iron ore producer reported underlying earnings of $5.7 billion for the six months ended June 30, lower than last year's $8.63 billion and a consensus of $5.85 billion, according to Visible Alpha.

    The Anglo-Australian miner declared an interim dividend of $1.77 per share, below last year's $2.67 apiece.

 
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Last
$113.62
Change
1.260(1.12%)
Mkt cap ! $42.17B
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