Rio Tinto doubles mining profits
Updated
Anglo-Australian mining company Rio Tinto has more than doubled its earnings to post a record half year profit.
Our reporter Lexi Metherell says Rio's delivered net earnings for the six months to the end of June of $US 6.9 billion dollars.
That's 113 percent higher than the first half of last year.
The surge in profits has been driven by its acquisition of the Canadian aluminium firm, Alcan, and what its Chief Executive Tom Albanese has described as an "unprecedented demand for minerals and metals".
While the company says it's seen some easing in global growth rates due to the credit crunch, Mr Albanese appears to be upbeat about future commodity prices, saying rapid demand and supply challenges will continue.
Last week Rio's predator BHP Billiton delivered a June half profit of $US 9.35 billion.
Rio shares closed up one-point-four-per-cent at 124-dollars-and-six-cents ahead of its profit announcement.
