Australian iron ore giant Rio Tinto has announced its financial results for the first half of the current year, posting a net profit of US$3.3 billion for the given period, increasing from a net profit of US$1.71 billion in the same period of 2016. In the first half this year, Rio Tinto’s consolidated sales revenues amounted to US$19.32 billion, up 24.6 percent year on year, primarily due to higher average commodity prices.
Rio Tinto's net profit from its iron ore unit in the first half amounted to US$3.25 billion, up 87 percent year on year due to higher prices, which were up 42 percent on average, and further cash cost savings.
The company expects to ship around 330 million mt of iron ore from the Pilbara region of Western Australia in the current year, subject to weather conditions.