Rio Tinto chief executive J-S Jacques said that “Today we have announced a strong set of results with operating cash flow of USD 13.9 billion, a record full year dividend of USD 5.2 billion and an additional USD 1 billion share buy-back. This brings total cash returns to shareholders to USD 9.7 billion declared for 2017.

Mr Jacques said that “The strength of our cash flow is a result of resilient prices during the year coupled with a robust operational performance and a focus on mine to market productivity.

Mr Jacques said that “Our strong balance sheet, world-class assets and disciplined allocation of capital puts us in the unique position of being able to invest in high-value growth through the cycle, and consistently deliver superior cash returns to shareholders.”

2017 highlights

1. Record full year ordinary dividend announced today of USD 5.2 billion, equivalent to 290 US cents per share, includes final dividend of USD 3.2 billion, equivalent to 180 US cents per share

2. Additional share buy-back of USD 1.0 billion in Rio Tinto plc shares announced today, to be completed by the end of 2018

3. Generated operating cash flow of USD 13.9 billion, underlying EBITDA 1 of USD 18.6 billion and a ten year record EBITDA margin2 of 44 %

4. Delivered underlying earnings of USD 8.6 billion and net earnings of USD 8.8 billion

5. Achieved USD 0.4 billion of additional free cash flow from mine to market productivity programme3, against a backdrop of rising raw material costs across the industry

6. Investing in growth with Silvergrass in production, Amrun and Oyu Tolgoi projects on track

7. Reshaping the portfolio with USD 2.7 billion of divestments in 2017

8. Reduced net debt to USD 3.8 billion