Rio Tinto announces record first half earnings

04 August 2011


• Record first half underlying earnings1 of $7.8 billion, 35 per cent above 2010 first half
• Record first half net earnings1 of $7.6 billion, 30 per cent above 2010 first half
• Record first half underlying EBITDA1 of $14.3 billion, 27 per cent above 2010 first half
• Record first half cash flow from operations up 31 per cent to $12.9 billion
• Capital expenditure of $5.1 billion in 2011 first half, compared with $1.8 billion in 2010 first half, reflecting the ramp up of investment in world class tier one growth assets
• Growth programme gathers momentum:
  o Pilbara iron ore expansion to 283 million tonnes per annum (Mt/a) on track to complete by end of 2013
  o Proposed expansion of Pilbara to 333 Mt/a brought forward by six months to first half of 2015: full approval decision expected in early 2012
  o Rio Tinto assumes control of Riversdale and completes acquisition on 1 August: first coal from Benga anticipated by the end of 2011 with substantial growth options ahead
  o Rio Tinto increases investment in Ivanhoe to 46.5 per cent: first commercial production from Oyu Tolgoi copper-gold project in Mongolia expected by 2013
  o First shipment of iron ore from Simandou expected by mid-2015 following Settlement Agreement with Government of Guinea
• Share buy-back increased by $2 billion to $7 billion, to be completed by the end of the first quarter of 2012, subject to market conditions. This will maintain the momentum to date which has seen 44 million Rio Tinto plc shares bought back during 2011 at a total cost of $3.0 billion
• Interim dividend of 54 US cents per share declared, in line with the Group's dividend policy and previous guidance

Rio Tinto press release