The dividends take the full year returns to shareholders to $US13.5 billion, a record for the company. This includes $US7.2 billion in from share buybacks and special dividends.
Rio sold $US8.6 billion worth of assets during 2018, including its Queensland coal mines. Mr Jacques said the sale of these coal assts had improved the company’s standing from a sustainability point of view.
“We are the only large mining company with no coal or oil and gas in our portfolio,” he said on Wednesday evening.
Rio also finally unveiled an exciting copper find at Winu in the Paterson Range in the East Pilbara, in a major boost for the company’s growth options.
“It is early days and we have more work to do, but the initial result from drilling are pretty encouraging,” Mr Jacques said. “There is copper, there is gold and there is silver.”
Rio has drilled 24 holes and found mineralisation close to the surface. Extensive drilling will continue as part of the company’s $US250 million exploration program.
The find is about 130 kilometres from Newcrest’s Telfer copper/gold mine in the East Pilbara. Many of the world’s biggest mining houses are hunting for copper, which is expected to fall into a supply deficit in the coming years
Speculation has been mounting about the Paterson discovery since it emerged Rio has been quietly investing in infrastructure in the area, including an airstrip and access roads.
Mr Jacques warned that there were some clouds over the global economy, including the threat of a trade war between the United States and China, the key market for Rio’s iron ore.
“I am the optimist in the room and I believe common sense will prevail at some stage.”
Rio’s iron ore business, which accounts for about 60 per cent of its earnings, delivered a 3 per cent fall in underlying earnings to $US6.5 billion.
In November, Rio approved the $US2.8 billon Koodaideri iron ore mine, which will replace existing production in the Pilbara.
Rio Tinto have risen 21 per cent since the start of the year on the back of rising iron ore prices. A tragic dam accident at a Brazilian mine owned by Vale has shaken the global market.
Rio closed 0.6 per cent higher on Wednesday at $95.12, prior to the release of its full-year numbers.
More to come.
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