Rio Tinto announces record shareholder returns of AU$13.5bn
Anglo-Australian mining giant Rio Tinto has announced record returns for shareholders amidst publication of its annual results for 2018.
The company said in its press release that it generated AU$11.8bn from operations over the course of the year, and that its total of $13.5bn in cash returns to shareholders represented another record-breaking year.
“We have once again announced record cash returns to shareholders of $13.5 billion on the back of $18 billion of underlying EBITDA and a Return on Capital Employed of 19%,” said Rio Tinto ‘s CEO, J-S Jacques, in the firm’s press release.
“These strong results reflect the efforts of the team to implement our value-over-volume strategy as we continued to strengthen the portfolio and invest in future growth.
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“Our world-class portfolio and strong balance sheet will serve us well in all market conditions, and underpin our ability to continue to invest in our business and deliver superior returns to shareholders in the short, medium and long term.”
Rio Tinto’s balance sheet will have been dealt healthy boosts through a series of asset sales including the Aluminium Dunkerque facility and the Rössing mine in Namibia.
In January, Rio Tinto announced the full deployment of the world’s first autonomous heavy-haul train network.