Rio Tinto Hikes Profit 47% as Commodity Prices Surge

Rio Tinto's half-year earnings have surged 47% to US$6.7 billion, driven by stronger commodity prices and higher volumes. The miner lifted underlying EBITDA 28% to US$14.8 billion in the six months to June 30.

The company reported operating cash flow of US$9.2 billion, up 32%, and free cash flow of US$3.8 billion, a 75% increase. Rio Tinto also boosted its interim dividend by 43% to US$3.4 billion, reflecting its improved financial performance.

Copper equivalent production rose 3% in the half-year period, supported by ramp-ups at Oyu Tolgoi and Arcadium Lithium assets. Benchmark prices for copper, aluminium, and gold increased between 33% and 53% year on year, partially offset by weaker bauxite prices and a stronger Australian dollar.