Rio Tinto half year profit plummets 71% on weak commodity prices
Rio Tinto’s (RIO) H1 underlying earnings fell 18% to $4.23 billion and net profit collapsed 71% to $1.72 billion on weak commodity prices.
CEO Sam Walsh says although Chinese growth is not expected to recover in H2, Rio won’t suffer a hard landing.
Whether or not an additional $5 billion will be invested into the iron ore division will be decided at the end of 2013.
Rio shares in early Thursday London trading were up 1.35%.
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