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Rio Tinto announces record first half underlying earnings of $5.8 billion

Rio Tinto announces record first half underlying earnings of $5.8 billion

Thursday, 5 August 2010 12:00 AM

Record underlying earnings1 of $5.8 billion, 125 per cent above 2009 first half.

Underlying EBITDA1 of $11.3 billion, 85 per cent above 2009 first half.

Cash flow from operations up 78 per cent from 2009 first half to $9.9 billion.

Net debt reduced to $12.0 billion at 30 June 2010, from $18.9 billion at 31 December 2009. Gearing improved to 20 per cent.

Renewed focus on growth. $3 billion approved in 2010 to date for multiple projects including expansion of Pilbara iron ore, funding for Simandou, increased investment in Ivanhoe, Iron Ore Company of Canada expansion, construction of Eagle nickel/copper mine and the molybdenum autoclave project at Kennecott Utah Copper.

Joint venture agreement signed with Chalco for the development and operation of the Simandou iron ore project in Guinea. $170 million investment approved for the project, associated with optimising mine, rail and port development. Mining operations anticipated within five years.

$790 million capital approved for preparation of the expansion of iron ore operations in Western Australia related to marine works and long lead items, to support the Pilbara operations' overall capacity increase to 330 million tonnes a year and beyond. This is in addition to $200 million recently approved for dredging contracts.

Full year investment in capital expenditure is expected to approach $6 billion. 2011 capital expenditure anticipated to be approximately $9 billion subject to stable investment conditions.

Divestments completed during 2010 first half for total consideration of $3.6 billion.

Interim dividend of 45 US cents per share declared, in line with previous guidance.

About Rio Tinto

Rio Tinto is a leading international mining group headquartered in the UK, combining Rio Tinto plc, a London and NYSE listed company, and Rio Tinto Limited, which is listed on the Australian Securities Exchange.

Rio Tinto's business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, energy (coal and uranium), gold, industrial minerals (borax, titanium dioxide, salt, talc) and iron ore. Activities span the world but are strongly represented in Australia and North America with significant businesses in South America, Asia, Europe and southern Africa.

Contacts:

Media Relations, EMEA / Americas
Tony Shaffer
Office: +44 (0) 20 7781 1138
Mobile: +44 (0) 7920 041 003

Christina Mills
Office: +44 (0) 20 7781 1154
Mobile: +44 (0) 7825 275 605

Media Relations, Australia / Asia
David Luff
Office: +61 (0) 3 9283 3620
Mobile: +61 (0) 419 850 205

Media Relations, Canada
Bryan Tucker
Office: +1 (0) 514 848 8151
Mobile: +1 (0) 514 825 8319

Investor Relations, London
Mark Shannon
Office: +44 (0) 20 7781 1178
Mobile: +44 (0) 7917 576 597

David Ovington
Office: +44 (0) 20 7781 2051
Mobile: +44 (0) 7920 010 978

Investor Relations, North America
Jason Combes
Office: +1 (0) 801 204 2919
Mobile: +1 (0) 801 558 2645

Investor Relations, Australia
Dave Skinner
Office: +61 (0) 3 9283 3628
Mobile: +61 (0) 408 335 309

Simon Ellinor
Office +61 (0) 7 3361 4365
Mobile +61 (0) 439 102 811

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Rio Tinto announces record first half underlying earnings of $5.8 billion

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