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7/28/2021, 8:30 AM (Source: TeleTrader)
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Rio Tinto H1 underlying earnings surge 156%

Anglo-Australian mining giant Rio Tinto Group reported record earnings on Wednesday with the company's first half underlying earnings more than doubling. According to the release, underlying earnings in the 6-month period to July surged 156% to $12.2 billion, primarily owing to record high iron ore prices.

Commenting on the results, Rio Tinto's Chief Executive Officer Jakob Stausholm said that government stimulus introduced amid the coronavirus pandemic "has driven strong demand for our products at a time of constrained supply resulting in a significant spike in most prices."

Due to the strong performance, the mining company also announced an interim dividend of $5.61 per share.

Baha Breaking News (BBN) / JC