Referenced Stocks

Rio Tinto to Go Ahead with $15B Expansion Plan Despite 22% Dip in Profit

By International Business Times,  August 08, 2012, 07:01:23 PM EDT

Mining giant Rio Tinto ( RIO ) announced on Wednesday that it will push through with its $15-billion expansion plans despite a 22 per cent dip in its half-year profit and weak commodity prices.

Rio reported that its six-month profit is down to $5.6 billion and underlying profit fell by 34 per cent to $5.2 billion. The firm's profit mainly came from its production of iron ore which grew 4 per cent of 3.6 million tonnes more compared to the same period in 2011 when Rio produced a total of 94.3 million tonnes of iron ore.

Read More on International Business Times




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

Referenced Stocks: RIO



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