Falling commodity prices have taken a bite out of RioTinto's annual profits mining resources copper ironore aluminium bauxite
PERTH – Diversified major Rio Tinto has seen its profit after tax fall by 41%, while underlying earnings before interest, taxes, depreciation and amortisation decrease by 30% for the full year ended December, as commodity prices fell.
Effective tax rate on net earnings of 30.9% compared with 27.7% in 2021, with the increase primarily owing to the $0.8-billion writedown of deferred tax assets in the US.“We are building a stronger Rio Tinto and delivering against our four objectives. Our operational performance has improved, as evidenced by a number of second-half records being set at our Pilbara iron-ore mine and rail system.
“The uplift in our operational performance, strengthening of external relationships and investment in the long-term strength of the business ensure we will be able to continue to pay attractive dividends and invest in sustaining and growing our portfolio, while contributing to society's drive to net zero.”
In 2024 and 2025, this rises to $9-billion to $10-billion a year, including the ambition to invest up to $3-billion in growth a year, depending on opportunities. Each year also includes sustaining capital of around $3.5-billion, of which around $1.5-billion a year is for Pilbara iron-ore, and $2-billion to $3-billion of replacement capital.
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