Bengaluru: Global miner Rio Tinto said on Wednesday its first-half profit rose 12 per cent, just below expectations, but raised its interim dividend and earmarked an additional $1 billion (Dh3.67 billion) to buy back London-listed shares.

Underlying earnings for the six months to June 30 grew to $4.42 billion as higher iron ore output overcame lower prices.

That was below forecasts of $4.53 billion, according to estimates in an independent survey of 15 analysts, but above $3.94 billion in the same period a year ago.

Rio declared a half-year dividend of $1.27 a share, equivalent to $2.2 billion, up from $1.10 a share a year ago.