Record first half underlying earnings1 of $7.8 billion, 35 per cent above 2010 first half Record first half net earnings1 of $7.6 billion, 30 per cent above 2010 first half Record first half underlying EBITDA1 of $14.3 billion, 27 per cent above 2010 first half Record first half cash flow from operations up 31 per cent to $12.9 billion Capital expenditure of $5.1 billion in 2011 first half, compared with…

The Australian reported that Rio Tinto Alcan remains cautious about the short term outlook for aluminum although demand should continue rising in the long term and contribute to a doubling of the company's profit margin. Ms Jacynthe Cote CEO of Rio Tinto Alcan said that "We remain cautious of the short term outlook for aluminum. The physical market remains tight but inventories remain at high levels.…

Mr Jan du Plessis chairman of Rio Tinto Plc has warned shareholders that world markets remain fragile, despite many economies having recovered from the financial crisis. However the mining giant had enjoyed an outstanding 2010 with record underlying earnings and was well placed for growth as emerging markets urbanize. He said that as far as the near-term outlook for the business is concerned, world…

Rio Tinto has completed the sale of its Corumbá iron ore mine in Brazil and the associated river logistics operations to Vale SA for a cash consideration of USD 750 million. The Corumbá divestment, which was announced on January 30th 2009 was part of a larger transaction that included the Potasio Rio Colorado potash project in Argentina and the Regina exploration assets in Canada. The potash transaction…

Reuters reported that financing to expand the USD 13 billion Oyu Tolgoi copper mine in Mongolia is likely to be locked in by the end of the year. Investment in Oyu Tolgoi helped drive growth in the central Asian country to 16.7% in the Q1 of 2012 and may already account for more than a third of Mongolia's economy. Mr Cameron McRae Mongolia country manager for Rio Tinto and CEO of Oyu Tolgoi LLC said that…

Rio Tinto has agreed to sell its first iron ore to India, marking a strategic sales breakthrough in the Asian country. Mr Sam Walsh CEO of Rio Tinto said that "There will be a shipment arriving there (India) in December, so one is due to leave shortly.” Mr Walsh said that the cargo from Rio's Pilbara operations in Western Australia is destined for Essar Steel. He told PTI that “This is only one shipment at…

Bloomberg reported that Rio Tinto Group, the world’s third largest mining company planned to build its relationship with China, even as four of its employees face charges of obtaining trade secrets and bribery. Mr Guy Elliott CFO of Rio Tinto said “We would like to build relationships with China and I think that can take place over a number of different areas.” He said that “It is therefore in both the…

Rio Tinto has received a binding offer for its specialty aluminas business from HIG. A period of exclusivity has been agreed to with HIG and Rio Tinto will respond to the binding offer following consultation with the relevant European works councils. The terms of the binding offer are confidential. Mr Guy Elliott chief financial officer of Rio Tinto said that "The potential sale is in line with our strategy…

In its 2007 annual report Rio Tinto said it is premature to assert that prices for its metals products had peaked, despite the threat of a U.S. recession. Global miner Rio Tinto Ltd/Plc downplayed the impact of mounting U.S. economic turmoil on its businesses, forecasting strong demand for its main revenue earners led by a commodities boom in China. In its 2007 annual report, Rio also reiterated its…

Reuters reported that Rio Tinto may replace the USD 7.2 billion convertible bond part of its tie up plan with Chinalco with a capital raising underwritten by the Chinese firm. The Australian newspaper, without citing sources, said that Rio is believed to have told Chinalco that talks with Rio shareholders have brought demands for changes to the planned USD 19.5 billion tie up. The report is the latest in a…