, Columnist
Don't Be Blinded by Rio Tinto's Cash
There could be a long winter ahead after this early Christmas present.
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Rio Tinto Group's first-half results represent a stunning rebound for any shareholders who've spent five years griping about mining companies' inability to generate proper returns.
Analysts had predicted a dividend in line with Rio's forecast in February that it would hand out between 40 percent and 60 percent of net income. The payout came in at $1.10 -- equivalent to about $2 billion -- and, just for good measure, Chief Executive Officer Jean-Sebastian Jacques layered a $1 billion share buyback on top, bringing the total to about 75 percent of earnings.