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Rio Tinto’s underlying profit up 10%; dividend lifted on confident outlook

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Rio Tinto (LON:RIO) (ASX:RIO) posted a 10% increase in full-year underlying profit , beating expectations, on cost cutting and record production  of iron ore, bauxite and thermal coal.

Underlying earnings rose 10% to US$10.2bn as the miner lifted its dividend to US$1.92 .

“The 15% increase in our dividend reflects our confidence in the business and its attractive prospects," said chief executive Sam Walsh.

Operating cash cost improvements of US$2.3bn were made, exceeding the group’s US$2.0bn target. 

The company said tough decisions are being taken to re-shape the aluminium business. Last year it closed, curtailed or divested six non-core aluminium assets, including the suspension of production at the Gove alumina refinery to focus on the bauxite operations.

Quick facts: Rio Tinto PLC

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Price: 4803 GBX

Market Cap: £77.77 billion

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