• 2 days 3 Semiconductor Stocks Looking Great On EV Demand
  • 4 days Robinhood’s $40B March IPO Is In Grave Danger
  • 5 days Are Bots Responsible For GameStop’s Massive Runup? 
  • 6 days Learning From Buffett’s $11 Billion Mistake
  • 9 days The Token Boom Spawns Digital Gold Mine in Art, Collectibles
  • 10 days The “Oil Of The Future” Is Set To Soar In 2021
  • 10 days Wealthy Could End Up Footing The Bill For States’ Budget Shortfalls
  • 11 days Could This Be The Hottest Commodity Play Of 2021?
  • 11 days JP Morgan Says Fintech Will Steal The Disruptor Show
  • 13 days Facebook Plays Dirty Down Under
  • 14 days Could This Be The Most Exciting Lithium Play Of 2021?
  • 16 days China Sidelines US As EU’s New Top Trading Partner
  • 18 days 3 Smart Ways To Play the Global Chip Shortage
  • 19 days Flying Taxis Are The Number One Speculative Bull Arena
  • 20 days Ocean Power: The Missing Link
  • 25 days Luxembourg’s Ultra-Secrecy Still Attracts Hundreds Of Billionaires
  • 26 days Robinhood Is Under Fire And Trading ‘Democracy’ Is In Question
  • 27 days Bitcoin Could Be Worth $12 Trillion In The Long-Term
  • 28 days The Biggest Tech IPO Since Uber … For Farmers
  • 30 days The Biggest Boost Yet for the Cannabis Industry
Are Bots Responsible For GameStop’s Massive Runup? 

Are Bots Responsible For GameStop’s Massive Runup? 

Cybersecurity firm PiiQ Media determined…

Robinhood’s $40B March IPO Is In Grave Danger

Robinhood’s $40B March IPO Is In Grave Danger

Robinhood is facing regulatory scrutiny…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Investing
  3. Stocks

This Miner Is About To Give Away A $4 Billion "Special Dividend"

Miner Dividend

Rio Tinto’s (ASX, LON:RIO) investors will be celebrating Christmas in February as the miner is giving them a $4 billion special dividend, or $2.43 cent a share, after posting its highest annual underlying earnings since 2014.

The world’s second largest miner reported Wednesday a 2% increase in underlying profit to $8.8 billion, beating market forecasts of $8.5B on the back of rising revenue of $40.5B. The special dividend also came after a string of asset divestments, including Rio’s entire interest in Indonesia’s Grasberg mine for $3.9B.

Shareholders will receive a special dividend worth $4 billion, or $2.43 cent a share, as Rio Tinto recorded its highest annual underlying earnings in the last five years.

Since Jean-Sébastien Jacques took the helm in July 2016, Rio has focused on cutting costs, generating cash and returning as much of it as possible to investors through dividends and share buybacks.

Last year, the company waved all its coal assets goodbye and is now the only major miner with a fossil-fuel-free portfolio. In total, Rio has sold $12B of unwanted assets since 2015.

Not all was rosy in the company’s 2018 results. The firm flagged a further delay to first from the $5.3 billion underground expansion of its Oyu Tolgoi copper-gold-silver mine in Mongolia. That has now been scheduled for third quarter of 2021.

Jacques also acknowledged the clouds currently casting shadows over the global economy, including the threat of a trade war between the U.S. and China, the main market for Rio's iron ore.

"I believe common sense will prevail at some stage,"  Jacques said. "There is uncertainty around, but we are very well positioned. The only thing I can do is to make sure I have a business that is even stronger."

Rio Tinto investors partying like is 2014

(Click to enlarge)

Separately, Rio Tinto released a major report into its plans to transition into a low carbon future, and Jacques made a point of underlining its Environmental, Social and Governance (ESG) credentials.

The company also finally confirmed a promising copper find at its Winu project in Western Australia.

By Mining.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment