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Rio Tinto (RIO)

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idpickering
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Re: Rio Tinto (RIO)

#398151

Postby idpickering » March 23rd, 2021, 7:22 am

Rio Tinto outlines path to stronger Cultural Heritage management

Rio Tinto will today detail how it is working in partnership with Traditional Owners, host communities and independent groups to strengthen and improve its approach to cultural heritage and community relations.

In virtual seminars, which will include presentations from Board and Executive Committee members as well as experts in the field, Rio Tinto will outline actions it has introduced to strengthen its performance and governance of cultural heritage following the destruction of the rockshelters at Juukan Gorge in May 2020 and outline the steps it will take to further improve its performance.

One key step is today's confirmation that an Indigenous Advisory Group (IAG) will be established to ensure Rio Tinto has a better understanding of Indigenous culture and issues in Australia, including at Board level. It follows broad consultation with Traditional Owners and Indigenous leaders with the aim to introduce more diversity and breadth of views, including external perspective, in decision-making.

Rio Tinto has also commenced work to review and re-define what is best practice for cultural heritage management in the mining industry. This work will be done in consultation with the IAG and other independent parties and will enable Rio Tinto to identify gaps in current protocols and provide a clear pathway to re-establish trust over time and regain Rio Tinto's previous standing in this area.

Rio Tinto Chief Executive Jakob Stausholm said: "We have reflected a great deal as a company and leadership team over recent months - listening, learning and responding by taking actions to better manage Traditional Owner partnerships and cultural heritage aspects of our business.

"One thing is clear - building meaningful and trusting relationships is fundamental. And that starts with Traditional Owners. We must focus on real engagement with our communities, understanding their felt experience and never forgetting that, ultimately, we are guests on their land. And, as guests, we must respect our hosts and work with them to understand their priorities and concerns and minimise our impacts.


https://www.investegate.co.uk/rio-tinto ... 00030957T/

Further to the above;

Communities & Social Performance: Cultural Heritage seminars

The presentation and log in details for the two Communities & Social Performance: Cultural Heritage seminars taking place on 23 March, 9.00am-10.30am (AEDT) and 10.30am-12.00 pm (GMT) are available on our website (see link below):

https://www.riotinto.com/invest/present ... e-seminars


https://www.investegate.co.uk/rio-tinto ... 04391630T/


I hold RIO in my HYP, and am glad to see RIO doing the right thing.

Ian.

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Re: Rio Tinto (RIO)

#398172

Postby richfool » March 23rd, 2021, 8:51 am

idpickering wrote:I hold RIO in my HYP, and am glad to see RIO doing the right thing.

Ian.

Thanks for the update Ian.
Let's hope the share price does the right thing too! (The SP seems to have been excavating a new mine recently!)

idpickering
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Re: Rio Tinto (RIO)

#402327

Postby idpickering » April 7th, 2021, 2:52 pm

Rio Tinto achieves battery grade lithium production at Boron plant

Rio Tinto has commenced production of battery-grade lithium from waste rock at a lithium demonstration plant at the Boron mine site in California, United States.

The demonstration plant is the next step in scaling up a breakthrough lithium production process developed at Boron, to recover the critical mineral and extract additional value out of waste piles from over 90 years of mining at the operation.

An initial small-scale trial in 2019 successfully proved the process of roasting and leaching waste rock to recover high grades of lithium.

The demonstration plant has a design capacity of 10 tonnes per year of battery grade lithium. It will be run throughout 2021 to optimise the process and inform Rio Tinto’s feasibility assessment for progressing to a production scale plant with an initial capacity of at least 5,000 tonnes per year, or enough to make batteries for approximately 70,000 electric vehicles.

Rio Tinto Minerals chief executive Sinead Kaufman said “This is a valuable next step in scaling up our production of lithium at the Boron site, all from using waste material without the need for further mining. It shows the innovative thinking we are applying across our business to find new ways to meet the demand for emerging commodities like lithium, which are part of the transition to a low-carbon future.”

Rio Tinto’s lithium pipeline includes the Jadar lithium-borate project in Serbia, for which a feasibility study is expected to complete by the end of 2021.

Development of the lithium project at Boron draws on Rio Tinto’s long standing partnership with the U.S. Department of Energy’s Critical Materials Institute (CMI), which is focussed on discovering ways to economically recover critical mineral by-products from existing refining and smelting processes. CMI experts worked alongside Rio Tinto technical leads to help solve a number of key processing challenges to produce battery grade lithium at Boron.


https://www.riotinto.com/news/releases/ ... oron-plant

RIO up over 2% as I type. Whether this item is the cause is obviously not certain, but this story is a great plus for them, and me as a shareholder me thinks.

Ian.

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Re: Rio Tinto (RIO)

#402358

Postby tjh290633 » April 7th, 2021, 4:25 pm

I visited the mine at Boron, back in 1980, by the look of it, as part of the activity following an International Congress in Albuquerque. It is a big hole, to say the least. The main product is Sodium Borate mineral.

TJH

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Re: Rio Tinto (RIO)

#402428

Postby monabri » April 7th, 2021, 8:58 pm

I've passed through Boron too, 20+ years ago on route to Edwards AFB. I remember thinking that it was pretty much middle of nowhere! There was not a lot there!

Image from Google Earth

Image


Not changed much by the look of it!

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Re: Rio Tinto (RIO)

#402789

Postby idpickering » April 9th, 2021, 7:05 am

Rio Tinto and TRQ agree financing plan for OT

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the "Funding Plan") for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion[1], building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

· pursue re-profiling of principal debt repayments up to $1.4 billion with lenders under the existing project finance arrangements to better align with the revised mine plan, project timing and cash flows;

· seek to raise up to $500 million in senior supplemental debt (SSD) under the existing project financing arrangements from selected international financial institutions;

· Rio Tinto has committed to address any potential shortfalls from the re-profiling and additional SSD of up to $750 million by providing a senior co-lending facility (the "Co-Lending Facility") on the same terms as OT's project financing; and

· TRQ has committed to complete a rights offering or placement of common shares for up to $500 million to satisfy any remaining funding shortfall within six months of the Co-Lending Facility becoming available.


https://www.investegate.co.uk/rio-tinto ... 00049545U/

idpickering
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Re: Rio Tinto (RIO)

#402792

Postby idpickering » April 9th, 2021, 7:13 am

Notice of dividend currency exchange rates - 2020 final and special dividends

On 17 February 2021, Rio Tinto announced a final dividend of 309.00 US cents per share and a special dividend of 93.00 US cents per share for the full year ending 31 December 2020, with Rio Tinto Limited shareholders to be paid:

· a final dividend of 397.48 Australian cents per ordinary share; and

· a special dividend of 119.63 Australian cents per ordinary share;

and Rio Tinto plc shareholders to be paid:

· a final dividend of 221.86 British pence per ordinary share; and

· a special dividend of 66.77 British pence per ordinary share.

American Depositary Receipt (ADR) holders will receive the dividends in US dollars as announced on 17 February 2021.

The currency exchange rates which apply to Rio Tinto Limited shareholders who elect to receive the final and special dividend in pounds sterling and Rio Tinto plc shareholders who elect to receive the final and special dividend in Australian dollars are the currency exchange rates applicable on 8 April 2021, being five business days prior to the dividend payment date.

This announcement confirms the currency exchange rates applicable for the 2020 final and special dividends for shareholders who have made a currency election:


https://www.investegate.co.uk/rio-tinto ... 00049086U/

Also posted on HYPP.

Ian.

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Re: Rio Tinto (RIO)

#402812

Postby 77ss » April 9th, 2021, 9:32 am

monabri wrote:I've passed through Boron too, 20+ years ago on route to Edwards AFB. I remember thinking that it was pretty much middle of nowhere! There was not a lot there!

Image from Google Earth

Image


Not changed much by the look of it!


I've been to the mine several times (I used to work for that part of RIO) and it is indeed in the middle of nowhere.

Not as bad. however, as some of their earlier borate mines - which were in Death Valley!

idpickering
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Re: Rio Tinto (RIO)

#405506

Postby idpickering » April 20th, 2021, 7:31 am

First quarter production results

Rio Tinto Chief Executive Jakob Stausholm, said: "We achieved an overall solid operating performance in the first quarter. We have maintained guidance ranges in all our products, with site teams successfully managing the effects of significant rainfall, in particular at our Australian iron ore assets.

"It has been a period of deep reflection for the company, and I have personally spent a significant amount of time listening, learning and taking actions, in particular to better manage Traditional Owner partnerships and cultural heritage. I have appointed a new leadership team and the transition is progressing well. We have set out clear priorities to develop a stronger Rio Tinto. Our focus is to become the best operator, strive for impeccable ESG credentials, excel in development and secure a strong social licence. This ambition will enable us to continue to deliver superior returns to shareholders, invest in sustaining and growing our portfolio, and make a broader contribution to society."

Q1 Operational update

• Health, safety and well-being remains our top priority. Our all injury frequency rate (AIFR) of 0.35 improved versus the first quarter of 2020 (0.40). However, we recognise there is no room for complacency and continue to focus on providing strong support for our employees, contractors and host communities, while maintaining critical COVID-19 controls.

• Pilbara iron ore shipments of 77.8 million tonnes (100% basis) were 7% higher than the first quarter of 2020. Production of 76.4 million tonnes (100% basis) was 2% lower, driven by above average wet weather in the mines through February and fixed plant reliability. Labour resource availability and weather challenges disrupted maintenance. Tropical Cyclone Seroja impacted mine and port operations in April. Full year iron ore guidance remains unchanged.

• Bauxite production of 13.6 million tonnes was 2% lower than the first quarter of 2020 due to wet weather in Eastern Australia. The port at the Amrun mine closed for 14 days due to large swells and cyclones. Full year bauxite guidance remains unchanged.

• Aluminium production of 0.8 million tonnes was 3% higher than the first quarter of 2020, with the Becancour smelter, Quebec operating at full capacity and Kitimat, British Columbia nearing the end of its pot relining cycle.

• Mined copper production of 120.5 thousand tonnes was 9% lower than 2020, with lower recoveries and throughput at Escondida and Kennecott partly offset by the anticipated higher grade from the Oyu Tolgoi open pit. Kennecott saw a marginal increase in head grade as it begins the transition into higher grades from the south wall ore, with grades expected to gradually increase through 2021. Oyu Tolgoi shipments have been affected by Chinese border restrictions due to increased cases of COVID-19 in Mongolia. We continue to work closely with authorities and our customers to manage the risk of supply chain disruptions.

• Titanium dioxide slag production of 279 thousand tonnes was 5% lower than 2020 due to a planned furnace rebuild at the Rio Tinto Fer et Titane (RTFT) metallurgical complex in Quebec resulting in operation of 8 out of 9 furnaces.

• Production of pellets and concentrate at Iron Ore Company of Canada (IOC) was 8% lower than 2020 due to the impacts of weather, loading unit availability on mine feed and reduced concentrator mill availability. There was a fire at one of the two reclaimers at the port on 31 March. Full year production guidance remains unchanged.

• On 8 April, we released Taxes P aid : O ur E conom ic C ontribution 2020 , showing that we made a total direct economic contribution of $47 billion in the countries and communities where we operate, including $8.4 billion of taxes and royalties.

• As part of our Climate Strategy, in the first quarter of this year, we entered into two partnerships to progress our work to decarbonise our value chain. Together with Paul Wurth S.A. and SHS-Stahl-Holding-Saar GmbH & Co., we are exploring the viability of transforming iron ore pellets into low-carbon hot briquetted iron, a low-carbon steel feedstock, using green hydrogen generated from hydro-electricity in Canada. At our Boron site in California, we are exploring the deployment of Heliogen's breakthrough solar technology which will use heat from the sun to generate and store carbon-free energy to power the mine's industrial processes. Further details in the Climate change and our value chain section below.


https://www.investegate.co.uk/rio-tinto ... 00049615V/

idpickering
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Re: Rio Tinto (RIO)

#427966

Postby idpickering » July 16th, 2021, 7:08 am

Rio Tinto second quarter production results

Rio Tinto Chief Executive Jakob Stausholm, said: "The global economy, in particular China, recovered strongly and we are intensely focused on servicing our customers with as much product as we can. However, we faced some challenges in the first half notably at our Pilbara operations, which were impacted by replacement mine tie-ins and materially higher rainfall. Heightened COVID-19 constraints, which resulted in numerous travel restrictions, added further pressure on the business and limited our ability to access additional people, particularly in Western Australia and Mongolia, in order to deliver operational improvements or maintenance initiatives and accelerate projects.

"Safety is our first priority and our performance in this area remains robust in challenging conditions. However, as identified shortly after my appointment, operationally we are not where we want to be. Our first half performance has reaffirmed my belief that we have identified the right priorities to strengthen the business: to become the best operator, strive for impeccable ESG credentials, excel in development and secure a strong social licence. We have made initial progress against our priorities, but a large volume of work remains to make Rio Tinto even stronger, so we can continue to deliver superior returns to shareholders, invest in sustaining and growing our portfolio, and make a broader contribution to society."

Q2 Operational update

• Our colleague Nico Swart was tragically killed in a shooting incident whilst driving to work at Richards Bay Minerals (RBM) in South Africa on 24 May. Our sympathies are with Nico's family and we are offering ongoing support to his family, friends and colleagues.

• We continue to prioritise the safety of our people and communities as some regions experience a resurgence of COVID-19. We have exceeded 30 months without a fatality on site but our all injury frequency rate (AIFR) of 0.39 has seen a slight increase versus the second quarter of 2020 (0.37), and prior quarter (0.35), which underlines that there is no room for complacency.

• We expect iron ore shipments to be at the low end of the guidance range which remains subject to COVID-19 disruptions, tie-in and ramp up of brownfield replacement mines and management of cultural heritage. Mined copper and bauxite production is expected to be at the low end of the guidance range. Full year titanium dioxide slag production guidance has been removed as a result of risks around the timing of resumption of operations at RBM in South Africa, due to an escalation in the security situation. We are working with the local and federal governments and police to ensure we can safely resume operations.

• Pilbara iron ore production of 75.9 million tonnes (100% basis) was 9% lower than the second quarter of 2020 due to above average rainfall in the West Pilbara, shutdowns to enable replacement mines to be tied in, processing plant availability, and cultural heritage management. Shipments of 76.3 million tonnes (100% basis) were 12% lower than the second quarter of 2020 with some additional drawdown of inventories. Ongoing COVID-19 restrictions and a tight labour market have further impacted our ability to access experienced contractors and particular skill sets.

• Bauxite production of 13.7 million tonnes was 6% lower than the second quarter of 2020 due to ongoing system instability following severe wet weather in Eastern Australia in the first quarter.

• Aluminium production of 0.8 million tonnes was 4% higher than the second quarter of 2020, underpinned by the ISAL smelter in Iceland and the Becancour smelter in Quebec operating at full capacity, and the Kitimat smelter in British Columbia nearing completion of its pot relining cycle.

• Mined copper production of 115.5 thousand tonnes was 13% lower than the second quarter of 2020, with lower recoveries and throughput at Escondida as a result of the prolonged impact of COVID-19, and a planned relocation of the in-pit crusher at Kennecott in April. On 31 May, an anticipated slope failure occurred in the south east wall of the Bingham Canyon pit at Kennecott. There were no injuries or damage to equipment as the slide was accurately predicted by our geotechnical experts. Mining in the affected area restarted progressively in June. No ore has been sterilised and we expect to recover the material from the slide which is largely copper bearing ore. Mining rates will however be slower due to the size distribution of the material, and therefore some high-grade production scheduled for late 2021 will be deferred to 2022.

• Titanium dioxide slag production of 298 thousand tonnes was 14% higher than the second quarter of 2020 due to consistent production at the Fer et Titane (RTFT) metallurgical complex in Quebec. Following weeks of violent disruptions, our RBM operations have been significantly hampered. As a result, we have declared force majeure, with all operations curtailed.

• Production of pellets and concentrate at Iron Ore Company of Canada (IOC) was 2% lower than the second quarter of 2020 due to labour and equipment availability issues impacting product feed. Force majeure declared in April following the fire at the port has been lifted.

• On 17 June, Peter Cunningham was appointed as Chief Financial Officer with immediate effect. Peter also joined the Rio Tinto Board as an executive director at the same time. On 7 July, we announced the appointment of Isabelle Deschamps who will join on 25 October as Chief Legal Officer & External Affairs, succeeding Barbara Levi.

• On 4 June, we announced the appointment of Ben Wyatt as a non-executive director of the Rio Tinto Board. Mr Wyatt, an Australian citizen, and former Treasurer and Aboriginal Affairs Minister in the Western Australian Government, will join the Board on 1 September 2021.



https://www.investegate.co.uk/rio-tinto ... 00034388F/

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Re: Rio Tinto (RIO)

#428001

Postby 77ss » July 16th, 2021, 9:15 am

idpickering wrote:Rio Tinto second quarter production results.....

https://www.investegate.co.uk/rio-tinto ... 00034388F/


Always a good read. The part that really caught my attention was the achieved selling prices. H1 2021 over H1 2020.

Iron ore 141.3 vs 78.5 ($/t)
Copper 390 vs 250.0 (c/lb)
Aluminium 2,421 vs 1,849 ($/t)
etc

No doubt the market has already baked these commodity prices into the share price. With my income hat on I had been discounting any repeat 'special'
this financial year, but my hopes are lifted.....

A hugely lucrative business - even if one has to ride out the occasional slump. I have held for over 20 years, with an XIRR of 34.5%.

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Re: Rio Tinto (RIO)

#428008

Postby Darka » July 16th, 2021, 9:31 am

77ss wrote:A hugely lucrative business - even if one has to ride out the occasional slump. I have held for over 20 years, with an XIRR of 34.5%.


I've been moving more towards IT's rather than individual shares, but I won't be selling my RIO or BHP holdings, I like these for the very long term.

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Re: Rio Tinto (RIO)

#428063

Postby absolutezero » July 16th, 2021, 12:38 pm

77ss wrote:
idpickering wrote:Rio Tinto second quarter production results.....

https://www.investegate.co.uk/rio-tinto ... 00034388F/


Always a good read. The part that really caught my attention was the achieved selling prices. H1 2021 over H1 2020.

Iron ore 141.3 vs 78.5 ($/t)
Copper 390 vs 250.0 (c/lb)
Aluminium 2,421 vs 1,849 ($/t)
etc

"Inflation is low" we are told ad nauseam.

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Re: Rio Tinto (RIO)

#428065

Postby absolutezero » July 16th, 2021, 12:40 pm

Darka wrote:I've been moving more towards IT's rather than individual shares

Watch it. You will be getting told off for posting inflammatory statements like that.

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Re: Rio Tinto (RIO)

#428069

Postby Darka » July 16th, 2021, 12:54 pm

absolutezero wrote:
Darka wrote:I've been moving more towards IT's rather than individual shares

Watch it. You will be getting told off for posting inflammatory statements like that.


I did have to check which board I was on first :D

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Re: Rio Tinto (RIO)

#429220

Postby idpickering » July 21st, 2021, 7:09 am

Agreement to assess legacy impacts of Panguna mine

Rio Tinto and Bougainville community members, represented by the Human Rights Law Centre, have reached an agreement to identify and assess legacy impacts of the former Panguna copper mine in Bougainville. This follows several months of constructive discussions facilitated by the Australian OECD National Contact Point (AusNCP).

A joint committee of stakeholders will be formed to oversee a detailed independent assessment of the Panguna mine to identify and better understand actual and potential environmental and human rights impacts of the mine which ceased operating in 1989.

The Panguna Mine Legacy Impact Assessment Committee will be established by the Autonomous Bougainville Government (ABG) and the parties to the AusNCP process, Rio Tinto, the HRLC and the community members the HRLC represents. It will be chaired by an independent facilitator with representatives invited to join the Committee from the Independent State of Papua New Guinea (PNG), ASX-listed Bougainville Copper Limited (BCL), as well as other landowners and community representatives.

Rio Tinto chief executive Jakob Stausholm said, "This is an important first step towards engaging with those impacted by the legacy of the Panguna mine. It comes after months of constructive engagement with the HRLC and the community members they represent facilitated by the Australian National Contact Point, as well as engagement with other key stakeholders including the Autonomous Bougainville Government.


https://www.investegate.co.uk/rio-tinto ... 00039001F/

idpickering
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Re: Rio Tinto (RIO)

#430850

Postby idpickering » July 28th, 2021, 7:40 am

Rio Tinto 2021 half year results

• Our colleague Nico Swart was tragically killed in a shooting incident whilst driving to work at Richards Bay Minerals (RBM) in South Africa on 24 May. Our sympathies are with Nico's family and we are offering ongoing support to his family, friends and colleagues.

• We continue to prioritise the safety of our people and communities and have now exceeded 30 months without a fatality on site. However, our all injury frequency rate (AIFR) of 0.39 has seen a slight increase versus 2020 first half (0.37).

• Our new leadership team is now fully in place and focused on driving forward our four priorities. We are developing a large volume of work taking a company-wide, bottom-up and people-centric approach as we look to embed real and sustainable changes to the way we operate and engage.

• In the first half, we sustained our efforts to earn back trust and strengthen our social licence. We continue rebuilding our relationships with Traditional Owners in the Pilbara and engaged extensively with government representatives, business leaders, current and former Rio Tinto employees and our shareholders. The insights from these meetings are helping us improve how we operate and effectively and respectfully engage in a collaborative manner wherever we operate.

• $13.7 billion net cash generated from operating activities was 143% higher than 2020 first half, mainly due to higher pricing for iron ore, aluminium and copper.

• $10.2 billion free cash flow2 reflected the stronger operating cash flows partially offset by a 24% rise in capital expenditure1 to $3.3 billion, driven by an increase in replacement and development capital as we ramp up our projects.

• Funding committed for the Jadar lithium-borates project in Serbia, subject to receiving all relevant approvals, permits and licences and ongoing engagement with local communities, the Government of Serbia and civil society: $2.4 billion investment, targeting first saleable production in 2026 and ramp-up to full annual production of ~58,000 tonnes of battery-grade lithium carbonate in 2029.3

• $21.0 billion underlying EBITDA2 was 118% higher than 2020 first half, with an underlying EBITDA margin2 of 61%.

• $12.2 billion underlying earnings2 (underlying EPS of 751.9 US cents) were 156% higher than 2020 first half with an underlying effective tax rate of 29%. Taking exclusions into account, net earnings of $12.3 billion (basic EPS of 761.0 US cents) mainly reflected $0.3 billion of exchange rate gains net of $0.1 billion of net additional closure costs for non-operating and fully impaired assets. See table on page 12.

• $3.1 billion of net cash2 at 30 June 2021, compared with net debt2 of $0.7 billion at the start of the year, which reflected the free cash flow of $10.2 billion partly offset by $6.4 billion of cash returns paid to shareholders.

• Cash returns of $9.1 billion announced today, comprising interim ordinary dividend of $6.1 billion, equivalent to 376 US cents per share, and special dividend of $3.0 billion, equivalent to 185 US cents per share. Interim pay-out ratio represents 75% of first half underlying earnings.


And later;

The 2021 interim dividend and the special dividend to be paid to our Rio Tinto Limited shareholders will be fully franked. The Board expects Rio Tinto Limited to be in a position to pay fully franked dividends for the foreseeable future.

On 23 September 2021, we will pay the 2021 interim dividend and the special dividend to holders of ordinary shares and holders of ADRs on the register at the close of business on 13 August 2021 (record date). The ex-dividend date is 12 August 2021.


https://www.investegate.co.uk/rio-tinto ... 15046795G/

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Re: Rio Tinto (RIO)

#430858

Postby scrumpyjack » July 28th, 2021, 8:03 am

The interim dividend in GBP is 404.1p :D

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Re: Rio Tinto (RIO)

#430889

Postby Steveam » July 28th, 2021, 9:37 am

I like to record ordinary and special dividends so:
Ordinary 270.84
Special 133.26

Best wishes,

Steve

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Re: Rio Tinto (RIO)

#430890

Postby yorkshirelad1 » July 28th, 2021, 9:41 am

scrumpyjack wrote:The interim dividend in GBP is 404.1p :D


and the share price has barely moved .... :-)


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