4 billion more than what was initially planned

The number three global mining, Rio Tinto, published yesterday annual accounts 2009 comparable invoice operational, half-yearly, for his main rival BHP Billiton. But with an extra positive element: the Group has overcome the debt crisis endured since the collapse of the credit markets. The severe regime administered the company headed by Tom Albanese has produced its effects. Net debt of the company fell by 51 between December 31, 2008 and December 31, 2009 by spinning below $ 19 billion. Is notable, the objective was to decrease to $ 10 billion and was double that has been repaid. As a result, net debt of the company melted 45 end 2008 to 29 a year later. At the same time, its net cash availability are passed less $ 507 million to $ 3.1 billion again with Rio Tinto with a real capacity for manoeuvre. The good news does not stop there. In contrast to BHP Billiton, the company made a significant effort to shareholders reverting with the distribution of dividends (45 cents per share, for $ 882 million). Rio Tinto has not ceased to capitalize on the growth of its operations in 2009 by dedicating $ 5.4 billion, 1.4 billion more than what was initially planned. The productive machine of Rio Tinto has not been misfiring. Its operating margin adjusted (within the meaning of the Ebitda) emerged to 30. In hindsight, of course, from 2008 (37), but it must be borne in mind that the beginning of the past year has been extremely difficult markets and raw materials, 2008, on the other hand, had historic peaks of the price until the summer. The strong relief of minerals and metals of the second half of the year passed courses allowed Rio Tinto Alcan with profits (Ebitda $ 1 billion). It is the high price of Alcan acquisition, end of 2007, which had destabilized the balance of the group. Activities in the copper have also benefited from an environment of price became very favourable in the last six months of the year. Their operational result (Ebitda) of close to $ 2.5 billion has approached that of the first half of 2008. With an Ebitda tutoyant $ 1.5 billion, assets in coal were almost equal game with their performance of the first half of 2009 and have been better than in the first half of 2008.

Joint venture with BHP Billiton

Those in iron ore, their operational benefit substantially exceeded that of the first half of 2009, approaching $ 4 billion. Rio Tinto expects the continued growth of long-term demand for this vital resource of steel. The group put on his union in Australia with BHP Billiton. The joint venture training should generate more than 10 billion dollars of synergies. Only point mixed of its rough diamonds and titanium operations. The division which is dedicated found difficult market conditions throughout 2009 for the second, and only a small thrill of those of the first to the last quarter. The conclusion must be drawn from this battery of figures is that Rio Tinto is in running order to take full advantage of the continuation of the long Bull cycle of raw. In London, the action was yesterday of 2.44.