Rio Tinto stock rose on Wednesday, as the world’s second-biggest mining company hiked its dividend despite profit falling in the first half of the year.
The Anglo-Australian miner confirmed an interim dividend of $2.5 billion, or $1.55 a share, a 3% increase on the payout shareholders received after the first half of 2019.
Strong demand from China for iron ore, which accounts for around 90% of Rio Tinto’s earnings, helped the company beat expectations for underlying earnings. Despite the Covid-19 crisis, all of its assets continued to operate throughout the first half of the year.
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