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Demand from China drives record profit at Rio Tinto.
(From Lloyds List)
ENERGY and mining concern Rio Tinto has reported a record half-year profit of $993m ($1.42bn), driven by strong Chinese demand for iron ore and coal and higher commodity prices, reports Lloyd's List DCN in Sydney.
Higher volumes from increased production, including a new iron ore project at Eastern Rangers and coking coal at Hail Creek, drove earnings up by $119m.
Increased costs and lower volumes due to material slippage at the Grasberg mine reduced earnings by $166m but the output from the mine is now showing signs of recovery.
Reduced iron ore operations in Western Australia caused by tropical cyclone Monty also lowered this figure, although production there has now effectively returned to normal.
Higher prices caused by stronger markets drove up the price of copper, aluminium ...
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