February 21, 2024

Industry News

Rio Tinto 2023 Full Year Results

Rio Tinto has today announced its 2023 full year results. Key points were:

  • Production growth of 3% from focused investment in the health of our business
  • Underlying EBITDA of $23.9 billion and full year ordinary dividend of 435 US cents per share
  • Net cash generated from operating activities of $15.2 billion

 

Rio Tinto Chief Executive Jakob Stausholm said: “We are making clear progress as we shape Rio Tinto into a stronger and even more reliable company. By focusing on our four objectives, we are building a portfolio that is fit for the future – including our Oyu Tolgoi underground copper mine in Mongolia and the Simandou iron ore project in Guinea. Also, we have taken significant steps over the past month towards our target to halve our global Scope 1 & 2 carbon emissions this decade with agreements to contract future renewable wind and solar power for our Gladstone operations.

“In 2023, we lifted our overall copper equivalent production by over 3% and delivered resilient financial results, with underlying EBITDA of $23.9 billion, free cash flow of $7.7 billion and underlying earnings of $11.8 billion, after taxes and government royalties of $8.8 billion. Our balance sheet strength enables us to continue to invest with discipline while also paying an ordinary dividend of $7.1 billion, a 60% payout. In 2024, we expect our ongoing exploration and evaluation expense (excluding Simandou) to be around $1.0 billion.

For further information, visit the Rio Tinto website: www.riotinto.com