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Boom Times for Rio as Shareholders Pocket Record Payout

  • World’s top iron ore miner reports 20% jump in annual profit
  • Market fundamentals are pretty strong, new CEO Stausholm says
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Rio Tinto Group, the world’s top iron ore producer, posted its biggest annual profit in nine years and will pay out a record $9 billion in dividends, as global miners cash in on a nascent boom in metals prices.

The London-based company said underlying earnings were $12.4 billion in 2020, up 20% on the prior year. Its full-year payout included a special dividend as Rio followed its peers in rewarding investors. Glencore Plc said Tuesday it would resume payouts after suspending them last year, while BHP Group paid a record dividend.