Rio Tinto has reported a record first-half profit for the
first six months of 2010, 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. “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.