Rio Tinto posts best annual profit in nearly a decade in 2020

Solid growth: Remote-controlled stackers and reclaimers moving iron ore to rail cars at Rio Tinto’s Port Dampier operations in Western Australia’s Pilbara region. The global miner has declared a record final dividend of US$3.09 per share for 2020. ─ AFP

BENGALURU: Rio Tinto has reported its best annual earnings since 2011 and declared a record final dividend as iron ore prices surged on strong demand from top consumer China’s aggressive investments in infrastructure.

China’s infrastructure focus pushed its imports of the steel making commodity to a record high in 2020 and spurred a more than 50% jump in prices, while miners are now poised to benefit from an expected rebound in the global economy from the rollout of vaccines.