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Press Release

Record production, underlying earnings, cash flow and investment

13 February 2008

  • Record underlying EBITDA* of $13,920 million, 11 per cent above 2006.
  • Record underlying earnings* of $7,443 million, one per cent above 2006.
  • Net earnings* were $7,312 million, two per cent below 2006.
  • Cash flow from operations up 15 per cent to a record of $12,569 million.
  • Annual production records set for iron ore, bauxite, aluminium, refined gold and refined copper, on a like for like basis.
  • Record capital expenditure of $5.0 billion, a 25 per cent rise over 2006, reflected continuing investment in value adding growth projects.
  • Record new capital commitments exceeding $8 billion (100% basis) announced in 2007, including the Yarwun alumina expansion, two new iron ore mines in the Pilbara and the Cape Lambert port expansion.
  • Alcan acquisition successfully completed and Alcan’s results included with effect from 24 October 2007. Rio Tinto established as a global leader in bauxite and aluminium, with a clear pathway to leadership in alumina. Integration progresses, with $940 million of post tax synergies targeted from the end of 2009.
  • New milestones in the expansion of the Group’s iron ore business reached: the 24 million tonne per annum Dampier port expansion completed on time and on budget and first production from Hope Downs mined three months ahead of schedule.
  • Ordinary dividend for the 2007 year increased 31 per cent to 136 US cents, with a further commitment to increase the 2008 and 2009 dividends by at least 20 per cent in each year.
  • First major sale announced from $15 billion divestment target with Greens Creek sold for $750 million.

Download full release in pdf: PR616g



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