Rio Tinto profit up 80 per cent

MINING giant Rio Tinto has recorded a half-year profit of $US3.75 billion, 80 per cent higher than the corresponding period in 2005. The record profit was fuelled by rising commodity prices and strong demand, with many of the company’s operations achieving record production for the period. Industry-wide cost pressures reduced underlying earnings by $US513 million, adjusted for inflation. Continuing investment in the growth of the business was reflected in record capital expenditure of $US1.75 million in the first half.

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