(MENAFN) As commodity prices continue to slump, Rio Tinto Group, the British-Australian multinational metals and Mining Corporation, has scrapped its progressive dividend policy amid logging a 51pct loss in full-year incomes.
Upon a global plummet that struck the mining industry, the group's underlying profit declined to USD4.54 billion in 2015 from a much better USD9.3 billion tallied in 2014, reporting a gross loss of a staggering USD866 million.
Accordingly, the USD1.8 billion in write-downs mainly relating to its Samandou iron ore project in Guinea, Energy Resources Australia (ERA) and the Roughrider uranium project, where the main driver behind the overall loss.
"With the continuing uncertain outlook, the board believes that maintaining the current progressive dividend policy would constrain the business and act against shareholders long-term interests," stated Rio Tinto's chairman.
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