On August 4, Australian iron ore giant Rio Tinto announced its financial results for the first half of 2011, posting a net profit of US$7.6 billion, up 30 percent compared to the net profit of US$5.9 billion in the same period of 2010.
Rio Tinto's gross sales revenues increased 21 percent in the first half this year to US$31.76 billion from US$26.24 billion in the first half of 2010, due to improved prices of most commodities of Rio Tinto. In the given period, Rio Tinto's underlying earnings before interest, taxes, depreciation and amortization (EBITDA) increased to US$14.3 billion, up 27 percent year on year.
Rio Tinto stated that the positive outcome encouraged the company to continue investing in disciplined growth projects. The company plans to increase output in the Pilbara region of Western Australia to 333 million mt a year in by 2015. As well as completing the acquisition of Australian Africa-focused miner Riversdale on August 1, Rio Tinto has increased its investment in Canada-headquartered Ivanhoe Mines to 46.5 percent.