Source: Mineweb.com                        Date: 06 August, 2010

Rio Tinto reported a record first-half profit on Thursday, more than double a year earlier as metals prices recovered and its mines ran close to full throttle supplying China. The company said it was focusing on growth now after solving its debt woes, committing to increase its spending on new projects, including on its Oyu Tolgoi copper and gold project in Mongolia. "We expect second half capital expenditure to rebound significantly," Chief Executive Tom Albanese said in a statement.

Underlying earnings before one-offs for January-June rose to USD5.8 billion from USD2.6 billion a year earlier, beating analysts' forecasts of USD5.5 billion, according to a consensus compiled by the company. Rio's strongest profit growth in at least 10 years follows strong results from Brazil's Vale, the world's biggest iron ore miner, and Anglo American, recovering from a demand slump last year.