Rio Tinto Beats Full-Year Profit Estimate

Rio Tinto (RIO) - Get Report posted stronger-than-expected full-year earnings on Wednesday and boosted its annual divided as the world's second-largest miner took full advantage of rising commodity prices.

Full-year net profit came in at $5.1 billion, the company said, up from a loss of $866 million in 2015 and ahead of analysts' forecasts of $4.87 billion. The group will pay a full-year dividend of $1.70 per share, down from 2015's $2.15 payout, but firmly ahead of the higher end of market forecasts. It will also buy back $500 million worth of shares.