Global miner Rio Tinto on Wednesday reported its first-half profit more than doubled from a year earlier following a rebound in iron ore prices and announced an additional $1 billion share buyback.

Underlying earnings for the six months to June 30 rose to $3.94 billion from $1.56 billion a year earlier, missing Thomson Reuters analysts’ forecast of $4.19 billion.

Rio Tinto declared a half-year dividend of 110 cents a share, from 45 cents a share a year ago.

The stock was down 2.2 percent in early deals Wednesday.

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