Rio Tinto more than halved its annual dividend to reflect lower commodity prices but said it was “quietly confident” the outlook for the global economy had improved after China relaxed its Covid-19 restrictions.
The world’s second-largest miner on Wednesday said it would pay a total dividend of $4.92 for 2022 — 53 per cent lower than in 2021 when it paid a large special dividend on the back of record profits driven by soaring commodity prices. Revenue for 2022 fell 13 per cent to $55.5bn, while profit before tax dropped 40 per cent to $18.6bn.
Rio Tinto followed BHP and Fortescue Metals in reducing its shareholder payout after a bumper 2021, but the company said that it had still paid out $8bn in 2022.
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