Rio Tinto Group says its dividend is safe even as collapsing prices for iron ore, its biggest moneymaker, erode profits and more rivals are forced to cancel payouts to shareholders.
“We are well positioned — the strongest balance sheet, the least debt of any of the majors,” Sam Walsh, chief executive officer of the second-biggest mining company, said in a Bloomberg Television interview in London. “It puts the dividend in a strong position.”
Anglo American, Glencore and Vedanta have scrapped payouts in recent months as they battle a slump in prices for industrial metals to a six-year low. Rio Tinto and BHP Billiton are the only major miners still vowing to pay higher dividends each year, a policy viewed by some analysts as unsustainable given the ups and downs of the industry.
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