Feb 12 (Reuters) - Rio Tinto (L:RIO) Ltd RIO.AX :
* Rio Tinto 2015 full year results RIO.AX
* FY underlying earnings $4.5 billion versus $9.31 billion a year ago
* Final dividend of 107.5 US cents per share
* Capital expenditure expected to be around $4.0 billion in 2016
* Continuing to target 20 to 30 per cent gearing ratio through the cycle.
* Underlying effective tax rate of approximately 27 to 30 per cent expected in 2016.
* Operating cash cost improvements (including exploration and evaluation savings) of $1 billion (pre-tax) expected in 2016
* Production guidance is unchanged from the fourth quarter operations review.
* Operating cash cost improvements additional goal of $1 billion (pre-tax) in 2017
* Net debt as at December 31, 2015 $13.78 billion versus $12.5 billion a year ago
* FY net loss $866 million versus net earnings of $6.53 billion a year ago
* Sees underlying effective tax rate of approximately 27 to 30 per cent expected in 2016
* Says "for 2016, we intend that the full year dividend will not be less than 110 US cents per share"
* Believes that maintaining the current progressive dividend policy would constrain the business
* Expects total cash returns to shareholders over longer term to be in range of 40 to 60 percent of underlying earnings in aggregate through the cycle
* Believes maintaining the current progressive dividend policy would act against shareholders' long-term interests
* Replacing the progressive dividend policy with a more flexible approach
* Low capital paths being pursued with spend focused around silvergrass and Oyu
Tolgoi underground
* Source text for Eikon ID:nASXbG4d76