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Morningstar’s Analysis

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Capital Allocation


Strong Iron Ore Price Fuels Rio Tinto’s Record Dividend, AUD 79 FVE Retained

Analyst Note

| Mathew Hodge, CFA |

No-moat Rio Tinto’s 2020 result was strong. Adjusted net profit after tax increased 20% to USD 12.4 billion, or USD 7.64 per share, in line with our forecast. Group adjusted EBITDA rose 13% to USD 23.9 billion, driven by a 17% uplift in iron ore EBITDA to USD 19.9 billion and a 9% increase in copper EBITDA to USD 2.1 billion. Aluminium EBITDA was flat at USD 1.0 billion.

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Company Profile

Business Description

Rio Tinto searches for and extracts a variety of minerals worldwide, with the heaviest concentrations in North America and Australia. Iron ore is the dominant commodity, with significantly lesser contributions from aluminium, copper, diamonds, gold, and industrial minerals. The 1995 merger of RTZ and CRA, via a dual-listed structure, created the present-day company. The two operate as a single business entity. Shareholders in each company have equivalent economic and voting rights.

6 St James’s Square
London, SW1Y 4AD, United Kingdom
T +44 2077812000
Sector Basic Materials
Industry Other Industrial Metals & Mining
Most Recent Earnings
Fiscal Year End Dec 31, 2020
Stock Type
Employees 47,500