Global mining giant Rio Tinto has reported a nine percent rise in profits for the second half of 2007, due in part to record iron-ore production.
The company's July-December underlying profit increased to US$3.91bn from US$3.59bn, while profit for the whole year rose by one percent to US$7.44bn, above analyst forecasts.
Full-year net profit fell two percent from 2006 to US$7.3bn.
Rio's new investments exceeded figures announced last year by US$8bn, including the Yarwun alumina expansion, two new iron ore mines in the Pilbara, Western Australia, and the Cape Lambert port expansion.
Rio is pushing its iron ore business further by expanding its 24 million tonne per annum Dampier port while aiming to have first production from Hope Downs mined three months ahead of schedule, says the company.
Rio recently rejected a second all-share takeover bid from rival mining giant BHP Billiton, saying there was "clear water" between the US$147bn offer and its fair value.
By Ozge Ibrahim
