[miningmx.com] — Global mining giant Rio Tinto said on Thursday annual profits had nearly trebled to $14.3bn on the back of soaring commodities prices and strong growth in emerging markets.
The Anglo-Australian company enjoyed record underlying earnings of $14.0bn and record operational cash flow, while net debt had been slashed from $18.9bn to $4.3bn.
“This year’s record results reflect a combination of strong commodity markets, first-class assets and excellent operational performance at our managed operations,” said chairperson Jan du Plessis.
Chief executive Tom Albanese said Rio had recovered from turmoil sparked by its pre-financial crisis purchase of Canada’s Alcan, which sparked a takeover bid from rival BHP Billiton and the offer of a cash injection from Chinalco.
“Rio Tinto is reinvigorated, running strongly and benefiting from favourable markets,” Albanese said.
Rio announced a final dividend of 63 US cents and announced a $5.0bn share buyback, which was due for completion at the end of next year.
