Income-seeking investors are known to have a love affair with ASX shares that offer high-paying dividends.
This can be particularly handy to know given the recent volatility on the ASX.
As we officially enter earnings seasons today, here's a look at which two companies currently have some of the highest dividend yields.
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Fortescue Metals Group Ltd (ASX: FMG)
One of the world's largest iron ore producers, Fortescue has grown from a small mining outfit to a dominant player in the industry. Fortescue's core assets are located in the Pilbara region of Western Australia.
Last week, the company reported record iron ore exports along with higher average revenue realised for Q4 FY22. This bumper performance is expected to flow onto FY23 on the back of China's insatiable demand for iron ore.
The Fortescue board declared an interim dividend of 86 cents in the first half of FY22, and is anticipated to announce its final dividend later this month.
According to Goldman Sachs, the company is projected to payout a fully franked dividend of around $1.17 per share.
Based on the current share price of $18.15, this equates to an astonishing 11.17% dividend yield.
Rio Tinto Ltd (ASX: RIO)
Not far behind is another mining giant, Rio Tinto.
Based in 35 countries, the global mining company produces a number of important materials that are needed for everyday purposes. This ranges from iron ore, copper, aluminium, diamonds, titanium dioxide, and even lithium.
Last Wednesday, Rio Tinto delivered its half-year results for the 2022 financial year.
While the company registered a drop across key metrics when compared to FY21, investors shrugged off the disappointing news.
Its shares lost around 2% on the day which has since been recovered. At the time of writing, the Rio Tinto share price is $98.50, 0.68% higher than Friday's closing price.
The company's board, however, did slash the interim dividend by a considerable amount – namely 52% to $3.837 per share.
Even with the significant cut, Rio Tinto still boasts one of the highest dividend yields.
Goldman is forecasting the miner to pay a full-year dividend of $7.28 per share.
This means that based on its current share price, Rio Tinto has a dividend yield of 7.36%.
