Tuesday, August 26, 2008

Rio Tinto profits more than double

Rio Tinto Ltd. profits were up 113% to $6.91 billion, for the first six months of the year over last year, compared to $3.25 million for the same period a year earlier. Revenue also more than doubled to $27.19 billion from $12.06 billion. The company attributed much of the rise to increased prices for iron ore and aluminum.

Rio Tinto is majority owner of the Resolution Copper project near Superior [right, credit Rio Tinto]. Rio Tinto and partner BHP Billiton are investing $652 million in feasibility studies on the proposed mine. [left, geologist examines cores at Resolution mine. Credit, Rio Tinto]

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