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Rio Tinto pledges to go carbon net-zero by 2050

The miner has planned a US$1bn climate-related spend in the next five years, while it is still evaluating the impact of coronavirus

Rio Tinto plc (LON:RIO) has pledged to achieve net-zero carbon emissions by 2050 and budgeted US$1bn in climate-related spend over the next five years.

The FTSE 100-listed miner also maintained earnings guidance for 2020 while it evaluates the impact of the coronavirus outbreak.

In the year to 31 December, iron ore production in the Australian Pilbara region dipped 3% to 326mln tonnes, while bauxite jumped 9% to 55mln tonnes.

Revenue rose 7% to US$43bn while profit before tax tanked 39% to US$11bn after US$3.4bn in impairment charges projects and following disposals.

Notably, the Oyu Tolgoi copper mine in Mongolia cost US$2.2bn due to delays and capital expenditure higher than initially planned.

Ordinary dividends rose 24% with a record final payout.

Shares dipped 1% to 3,879.5p on Wednesday at the opening bell.

Source – Proactive Investor