Commodity price boost

A SURGE in commodities prices has fuelled booming profits at global miner Rio Tinto.

Higher prices in particular for coking coal (up 42pc), thermal coal (up 32pc), copper (up 27pc) and aluminium (up 23pc) boosted earnings by £2.9bn. Overall revenues rose £4.4bn to £38bn while profits increased by 38pc to £13.3bn.

The Australia and London-listed firm announced a record final dividend of $1.80 per share, taking its payout for 2017 to $2.90.

Chief executive JeanSebastien Jacques said that the firm had a strong balance sheet and worldclass assets.