Rio Tinto raises dividend on strength in iron ore

FILE PHOTO: The Rio Tinto mining company's logo is photographed at their annual general meeting in Sydney, Australia, May 4,2017. REUTERS/Jason Reed

LONDON: Rio Tinto Group boosted dividend payments despite a 4% fall in half-year earnings, as strong iron ore prices helped to offset the impact of the coronavirus pandemic on copper and aluminum.

The No 2 miner’s underlying earnings in the six months to June 30 fell to US$4.75bil, beating estimates. London-based Rio will pay out US$2.5bil in ordinary dividends, higher than the same period a year earlier, even as some rivals and other industries cut payouts by the most since the global financial crisis.