Edition:
India

Rio Tinto Posts H1 Underlying Earnings Of $4,750 Million


Wednesday, 29 Jul 2020 

July 29 (Reuters) - Rio Tinto Ltd ::INTERIM ORDINARY DIVIDEND OF $2.5 BILLION.H1 NET EARNINGS $ 3,316 MILLION VERSUS $4,130 MILLION.INTERIM DIVIDEND OF $2.5 BILLION, EQUIVALENT TO 155 US CENTS PER SHARE.RECONFIRMED OUR 2020 PRODUCTION GUIDANCE ACROSS ALL COMMODITIES.H1 UNDERLYING EARNINGS $ 4,750 MILLION VERSUS $ 4,932 MILLION.NET DEBT AS AT H1 END $4,826 MILLION VERSUS NET DEBT OF $3,651 MILLION AS AT DEC 2019 END.FIRST HALF 2020 SALES WERE IMPACTED BY COVID-19 TRUCKING RESTRICTIONS WITHIN CHINA.CHINA'S GROWTH PATHWAY COULD IMPACT DEMAND FOR GROUP'S PRODUCTS OUTSIDE OF EXPECTATIONS.OYU TOLGOI OPEN PIT HAS CONTINUED TO OPERATE UNINTERRUPTED DESPITE COVID-19 AND PROXIMITY TO CHINA.$2.6 BILLION KOODAIDERI REPLACEMENT IRON ORE MINE PROGRESSING, WITH PRODUCTION RAMP-UP STILL EXPECTED TO OCCUR IN EARLY 2022.EXPECT TO ACCESS MORE GOLD IN SECOND HALF OF 2020 AT OYU TOLGOI.ZULTI SOUTH PROJECT AT RICHARDS BAY MINERALS (RBM) IN SOUTH AFRICA REMAINS ON FULL SUSPENSION.AT KEMANO PROJECT IN KITIMAT, TARGETING A RE-START OF TUNNEL EXCAVATION WORKS IN Q3, WITH COMPLETION NOW EXPECTED IN 2022.EXPECT TO SEE A PRODUCTION RECOVERY IN SECOND HALF OF 2020 AT KENNECOTT.