Rio Tinto Limited
(ASX:RIO) has reported a 51 per cent dive in profit to $4.54 billion.
The tumbling iron ore price has hit the mining giant hard however lower productions costs and higher volumes have kept it competitive.
CEO Sam Walsh says the company has significantly strengthened its balance sheet over the past 12 months and that lower operating costs and reduced capital expenditure leave it robustly positioned through the downturn.
The board announced a final dividend of 107.5 US cents per share matching the 2014 full year dividend of 215 cents per share.
However the board also confirmed that they were ending the progressive dividend policy for a more flexible approach.
