February 26, 2020 / 6:41 AM / a month ago

BRIEF-Rio Tinto Posts FY Underlying Earnings Of $10,373 Mln

Feb 26 (Reuters) - Rio Tinto Ltd:

* FY NET DEBT $3,651 MLN VS CASH OF $255 MLN

* ANNOUNCES FULL-YEAR ORDINARY DIVIDEND OF $6.2 BILLION (382 US CENTS PER SHARE)

* FINAL ORDINARY DIVIDEND OF $3.7 BILLION (231 US CENTS PER SHARE)

* CLOSELY MONITORING IMPACT OF COVID-19 VIRUS AND ARE PREPARED FOR SOME SHORT-TERM IMPACTS, SUCH AS SUPPLY-CHAIN ISSUES

* “OUR PRODUCTS ARE CURRENTLY REACHING OUR CUSTOMERS”

* TOTAL FY CASH RETURNS OF $7.2 BILLION (443 US CENTS PER SHARE)

* 2020 PRODUCTION GUIDANCE IS UNCHANGED FROM PRIOR DISCLOSURES

* CURRENTLY EVALUATING IMPACT OF THE COVID-19 VIRUS, WHICH COULD CREATE SIGNIFICANT UNCERTAINTY FOR BUSINESS IN THE NEAR TERM

* ALL OPERATIONS ARE LOOKING AT OPPORTUNITIES TO ADJUST TO THE IMPACT OF THE COVID-19 VIRUS ON MARKET CONDITIONS

* CAPITAL EXPENDITURE EXPECTED TO BE AROUND $7.0 BILLION IN 2020,AND AROUND $6.5 BILLION IN EACH OF 2021 AND 2022

* COPPER C1 UNIT COSTS IN 2020 ARE AFFECTED BY LOWER COPPER GRADES AND LOWER BY-PRODUCT REVENUES

* SEES EFFECTIVE TAX RATE ON UNDERLYING EARNINGS OF ABOUT 30% IN 2020

* WILL CONTINUE TO MONITOR AND ADJUST PRODUCTION LEVELS AND PRODUCT MIX TO MEET CUSTOMER REQUIREMENTS IN 2020

* LONGER TERM DEMAND FOR COPPER EXPECTED TO REMAIN ROBUST DUE TO URBANISATION, INDUSTRIALISATION, ELECTRIFICATION IN CHINA, EMERGING ECONOMIES

* EXPECT TO ACCESS HIGHER, MORE CONSISTENT GRADE ORE FROM FIRST QUARTER 2021 FOR MINED COPPER

* EXPECT ALUMINIUM DEMAND TO IMPROVE IN 2020

* CO’S AMBITION IS FOR NET ZERO EMISSIONS FROM OPERATIONS BY 2050

* CO’S GROWTH, OVERALL, BETWEEN NOW AND 2030 WILL BE CARBON NEUTRAL

* GROWTH BETWEEN NOW AND 2030 WILL BE CARBON NEUTRAL, UNDERPINNED BY ABOUT $1 BLN OF CLIMATE-RELATED SPEND OVER NEXT 5 YRS Source: bit.ly/39cGusk Further company coverage:

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