Rio resumes dividend payments
Friday 12 February 2010
The world's third biggest mining group, Rio Tinto, yesterday gave an optimistic assessment of global commodity markets, but warned that prices could be volatile throughout 2010 as stimulus packages were removed.
Publishing its 2009 results, the company reintroduced its dividend, at 45 cents a share, 12 months after halting payments. It added that its troublesome debt pile had been halved thanks to last year's rights issue and a number of asset sales.
Reporting forecast-beating second-half profit falls of $3.73bn (£2.38bn), Rio's chief executive, Tom Albanese, said: "Whilst trading conditions were tough in the first half [of 2009], the second half was much improved, with the benefits of our decisive actions on costs, increased production and better markets all making a contribution."
Mr Albanese was coy in addressing questions relating to Rio Tinto's relationship with China, the world's biggest consumer of most commodities. He refused to comment further than acknowledging that four Rio employees in China, including the Australian Stern Hu, have now been indicted on spying charges, which could lead to prison sentences of up to seven years.
Rio also refused to comment on reports that negotiations on this year's iron ore price have started with Chinese steel mills. The level is set each year between the mills and the world's biggest iron ore produces.
No agreement on price was reached last year, leading a spike in the iron ore spot market.
- 1 The Boy in the Dress, TV review: David Walliams' Boxing Day treat is a celebration of being different
- 2 Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
- 3 Andy Murray takes to Twitter to show off his Christmas jumper
- 4 Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
- 5 Top 10 travel destinations for 2015: From Haiti and Alaska to Namibia and Iceland
PlayStation and Xbox hacked by Lizard Squad
Exclusive: Abusers using spyware apps to monitor partners reaches 'epidemic proportions'
Dublin court rules brain-dead pregnant mother's life support can be switched off
Margaret Thatcher 'expressed fears of Asian rising' at Anglo-Irish summit in 1984
The 'Black Museum': After 150 years, public set to see exhibits from police’s grisly crime museum
British actor Idris Elba cannot star as James Bond because he is black, says shock jock Rush Limbaugh
Rozanne Duncan: Ukip expels councillor for 'jaw-dropping' comments made in BBC TV interview
Germany anti-Islam protests: 17,000 march on Dresden against 'Islamification of the West'
Ukip member gets into Christmas spirit with Union Flag plea to Santa 'for our country back'
BBC director Danny Cohen: Rising UK antisemitism makes me feel more uncomfortable than ever
Katie Hopkins speaks out on childhood obesity: 'Parents of fat children should be prosecuted for child cruelty'
iJobs Money & Business
Not specified: Selby Jennings: VP/SVP Credit Quant Top tier investment bank i...
Not specified: Selby Jennings: Quantitative Research | Global Equity | New Yor...
Not specified: Selby Jennings: SVP Model Validation This top tiered investment...
Highly Competitive: Selby Jennings: Our client, a leading European Oil trading...