Rio Tinto lifts underlying earnings sharply in H1

By Amber Plum

Cost reductions in the second half will slow to $250 million, before accelerating to $750m in 2015, compared to 2014, Rio said. "We are confident Rio Tinto’s low cost, diversified portfolio will continue to generate strong and sustainable cash flows over the coming years," Mr Walsh said. "This solid foundation for growth will result in materially increased cash returns to shareholders, underscoring our commitment to deliver greater value.

Mining giant Rio Tinto has posted a strong lift in underlying earnings for first half of 2014, helped by record iron ore volumes, as it continues to decrease net debt and reduce costs across its operations.

For the six months to June 30, the world’s second-largest miner reported underlying earnings of $US5. 1 billion, up 21 per cent from the previous corresponding period.

Read more here: Business Spectator

    

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