Mining giant Rio Tinto announced a 3% rise in underlying EBITDA to $12.093 billion in the first half of the year, as lower commodity prices were offset by modest demand growth and improved supply.
The company's net profit increased by 14% to $5.808 billion, while underlying earnings per share saw a slight uptick to 354.3 cents from 352.9 cents. Sales rose by 1% to $26.802 billion.
Commodity price movements resulted in a $0.2 billion decline in overall underlying EBITDA compared to the previous year. This was due to lower iron ore prices and reduced aluminium premiums, though partially offset by a rise in the copper LME price.
Rio Tinto maintained its interim dividend at 177 cents per share, representing a 50% payout. However, the underlying return on capital employed dipped slightly to 19% from 20%.
"We are at an inflection point in our growth, with a step change from our aluminium business and consistent production at our Pilbara iron ore operations," said Chief Executive Jakob Stausholm. "We have considerable growth in cash flow from the ramp-up of the underground copper mine at Oyu Tolgoi, and more value to come as our Simandou investment and Rincon lithium project proceed at pace. We are also solving some of our most complex challenges through technology and partnerships, such as the renewable power solutions announced for Boyne and NZAS."
