Rio digs up $8.5b in cash generation
RIO Tinto’s Far North bauxite project Amrun is on track to begin shipping and production in the first half of 2019.
It comes as the resources giant this week announced a total cash generation of $8.5 billion in 2016.
“The results show we have kept our commitment to maximise cash and productivity from our world-class assets, delivering $3.6 billion in shareholder returns while maintaining a robust balance sheet,” said Rio chief executive Jean-Sebastien Jacques.
“At the same time, we strengthened the portfolio and advanced our high-value growth projects as we look to the future.
“We enter 2017 in good shape. Our team will deliver $5 billion of extra free cash flow over the next five years from our productivity program.”
Between Weipa and Aurukun, Amrun is planned to generate an initial output of 22.8 million tonnes of bauxite a year. Work is ramping up, with the 40km access road completed in December and the construction accommodation village operation to 470 beds.
RIO CEO: Jean-Sebastien Jacques.