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Australia’s third biggest miner Rio Tinto (ASX:RIO) reported a resilient report card after the market closed last night, here’s what you need to know.

Well their earnings results beat expectations despite mostly weaker commodity prices from COVID-19 dampening metal demand.

RIO announced half your profit fell to US$3.3 billion, that’s a 20% drop compared to the same time last year.

Underlying earnings (EBITDA) fell 6% to US$9.6 billion, the result was impacted by US$1 billion in one-off charges and impairments ranging from falls in aluminium and copper prices, a fall in the U.S. dollar, a fire in the Pilbara and COVID-19 costs like roster changes, temporary relocation and hygiene.

Although earnings fell, the result was better than UBS expectations of US$4.5 billion and US$400 million above market expectations.

What was really interesting was revenue fell 7%, but total revenue from China grew from 50% to 55%.

RIO declared a half year dividend of US$1.55 per share to be paid next month, equating to US$2.5 billion, that’s also a 3% rise compared to the same time last year and a 53% cash return.

RIO targets longer term cash payouts of 40% to 60% and RIO maintained its full-year production guidance.

RIO shares have already gained 45% from its COVID-19 lows and are up 96% in the past five years.

Citi, UBS and Goldman Sachs have RIO as a hold.