Rio’s First-Half Profit Drops 22% On Weaker Iron-Ore Prices

“Rio Tinto Group (RIO), the world’s third- largest mining company, said first-half profit dropped 22 percent after prices for iron ore, copper and aluminum fell and costs at its operations gained.

Net income declined to $5.9 billion from $7.6 billion a year earlier, London-based Rio said today in a statement. That compares with the $5.04 billion average of 11 analyst estimates compiled by Bloomberg. Profit was boosted by a deferred tax asset of $1 billion after the introduction ofAustralia’s Mineral Resource Rent Tax on July 1.”

Full report