Rio Tinto's West Angelas iron ore mine in Pilbara, Australia, has benefited from rising Chinese demand for the commodity, which has driven up prices this yearRio Tinto will pay a record $9.1 billion in half-year dividends after surging Chinese demand for iron ore sent prices to all-time highs and helped the mining group to generate bumper profits. The Anglo-Australian company reported record interim net profits of $12.3 billion, up from $3.3 billion a year earlier and more than its profits for 2020. It declared a $6.1 billion ordinary dividend and $3 billion special payout. SponsoredRio is one of the world’s biggest producers of iron ore and derives most of its income from mining the steelmaking ingredient in the Pilbara region of Western Australia. It also mines commodities including copper and aluminium and this week said that it had committed $2.4 billion to building Europe’s largest lithium mine at Jadar in

Source: The Times July 28, 2021 14:03 UTC