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Drilling Reports

Rio Tinto generates operating cash flow of $6.3bn

02 August 2017 07:49

Rio Tinto generated operating cash flow of $6.3 billion, EBITDA of $9 billion and EBITDA margin of 45% in the first half of the year.


- Delivered underlying earnings of $3.9 billion and net earnings of $3.3 billion

- Achieved $2.1 billion of pre-tax sustainable operating cash cost improvements in 2016 and 2017 first half, meeting the target six months ahead of schedule

- Strengthening the portfolio with all three growth projects on track and a $2.7 billion disposal announced in 2017 first half

- Reduced net debt by $2 billion to $7.6 billion, with gross debt lowered by $2.5 billion

Returning cash to shareholders of $3 billion with respect to 2017 first half:

- Declared interim dividend of 110 US cents per share, equivalent to $2 billion

- An increased share buy-back of $1 billion in Rio Tinto shares by the end of 2017

- In total represents 75% of 2017 first half underlying earnings

CEO J-S Jacques said: "Today we have announced total cash returns to shareholders of $3 billion.

"By driving performance, focusing on cash and allocating it with discipline we are delivering superior cash returns to our shareholders.

"These are strong results: operating cash flow was $6.3 billion and we met our $2 billion cash cost reduction target six months early.

"We are now shifting gear to focus on the untapped value from our productivity programme and continue to strengthen our portfolio to build higher returns for the future.

"We announced the sale of our thermal coal business in Australia for $2.7 billion and are making good progress on our compelling growth projects - Oyu Tolgoi, Amrun and Silvergrass."

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