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Stock buyback as Rio Tinto's profit soars
Source: Agencies |
February 11, 2011, Friday
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Print Edition
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RIO Tinto's net profit soared to more than US$14 billion in 2010 amid strong demand in Asia for coal and iron ore, prompting the mining giant to launch a massive stock buyback to return cash to shareholders.
The Anglo-Australian miner announced its financial results for the 12 months to December 31 in a statement yesterday, and said it was entering a "significant growth phase" that would include small- and medium-sized acquisitions.
The miner said that net earnings for the 12 months were US$14.3 billion, an increase on the previous year of almost 200 percent.
It announced a plan to buy back US$5 billion of its shares by the end of 2012.
"Rio Tinto is reinvigorated, running strongly and benefiting from favorable markets," CEO Tom Albanese said. "GDP growth in emerging markets and supply constraints mean the general market and pricing outlook for commodities remain positive, albeit with elevated risks," Albanese pointed out.
The increased risks included potential swings in commodity prices as government stimulus packages introduced to counter the effect of the global financial crisis wind down.
The Anglo-Australian miner announced its financial results for the 12 months to December 31 in a statement yesterday, and said it was entering a "significant growth phase" that would include small- and medium-sized acquisitions.
The miner said that net earnings for the 12 months were US$14.3 billion, an increase on the previous year of almost 200 percent.
It announced a plan to buy back US$5 billion of its shares by the end of 2012.
"Rio Tinto is reinvigorated, running strongly and benefiting from favorable markets," CEO Tom Albanese said. "GDP growth in emerging markets and supply constraints mean the general market and pricing outlook for commodities remain positive, albeit with elevated risks," Albanese pointed out.
The increased risks included potential swings in commodity prices as government stimulus packages introduced to counter the effect of the global financial crisis wind down.
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