Rio Tinto (LON:RIO) has updated investors on its full-year performance this morning.
Highlights from the company statement:
Rio Tinto chief executive J-S Jacques said: "Today's results show we have kept our commitment to maximise cash and productivity from our world-class assets, delivering $3.6 billion in shareholder returns while maintaining a robust balance sheet. At the same time, we strengthened the portfolio and advanced our high-value growth projects as we look to the future.
"We enter 2017 in good shape. Our team will deliver $5 billion of extra free cash flow over the next five years from our productivity programme. Our value over volume approach, coupled with a robust balance sheet and world-class assets, places us in a strong position to deliver superior shareholder returns through the cycle."
- Generated strong operating cash flow of $8.5 billion and underlying earnings of $5.1 billion.
- Achieved $1.6 billion of pre-tax sustainable operating cash cost improvements.1
- Investing in three major growth projects in bauxite, copper and iron ore.
- Optimising the portfolio with disposals of $1.3 billion announced or completed in 2016 and up to
$2.45 billion announced to date in 2017.
- Strengthened the balance sheet further with net debt reduced to $9.6 billion.
- Returning cash to shareholders with $3.6 billion announced with respect to 2016: