Australia-based miner Rio Tinto has announced its financial results for 2021, posting a net profit of $21.09 billion for the year, reflecting higher prices, compared to $9.77 billion in the previous year. In 2021, the company’s consolidated sales revenues increased by 42.3 percent to $63.49 billion compared to 2020. The company’s underlying EBITDA in the given period totaled $37.72 billion, increasing by 57.8 percent year on year.
The company expects its capital expenditure which came to $7.4 billion in 2021 to be between $9-10 billion in both 2022 and 2023. Rio Tinto’s Pilbara iron ore shipment guidance for 2022 is in the range of 320-335 million mt. The Pilbara shipments guidance remains subject to commissioning and ramp-up of new mines.
“With the launch of our new strategy, we have set a new direction for Rio Tinto to thrive in a decarbonising world. We have a portfolio that is well positioned, and are targeting disciplined investment in commodities that will see strong demand in the coming decades,” Jakob Stausholm, Rio Tinto chief executive, said.