Miner’s £2.3bn windfall

RIO Tinto shareholders are in line to share a £2.3bn windfall after the firm doubled its profit.

Bosses have declared a record dividend of $1.10 per share and a further £255m in share buybacks.

The London-listed miner posted a profit of £3bn, well above last year’s £1.2bn as iron ore and other commodities soared.

Rio has also reduced its debt by 21pc since December to £5.6bn. Last month its sold its Australian Coal And Allied unit to Yancoal Australia for £1.9bn.

Chief executive JeanSebastien Jacques said: ‘These are strong results.’