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 Rio Tinto Limited (RIO) posted
net earnings of US$6.9 billion for the first half of 2008, up 113% over
the same period last year. Much of the success was attributed
to record breaking production of commodities including iron ore
and aluminum.
Tom Albanese, chief executive,
said Rio Tinto's earnings performance in the first half of 2008 easily
eclipsed the same period in 2007.
"There is no question
that we are living in an era of unprecedented demand for minerals and
metals, and we believe rapid demand growth and supply side challenges
will be maintained," he said.
Further, Albanese continues
to remain optimistic about Mongolia’s Oyu Tolgoi mine, which may be
the world’s largest gold and copper mine, still awaiting government
approval to be mined.
"In Mongolia, we are making
progress with negotiations with the new government to develop the significant
Oyu Tolgoi copper/gold deposit."
Chairman Paul Skinner said
the company continued to perform strongly and that the outlook remained
positive.
"The driver of demand
for our products is urbanisation and industrialisation in heavily populated
countries like China and India, and these economies continue to grow
strongly."
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