Rio Tinto maintains spending plan despite earnings drop

Aug 08, 2012 | 01:35 PM |

Tags  Rio Tinto, copper, alumina, aluminum, iron ore, Tom Albanese, uranium, output forecast capital expenditures

SINGAPORE — Rio Tinto Plc is holding the line on its 2012 capital expenditure forecast even as weak commodity prices weighed on the company’s first-half financial results.

Rio Tinto’s net income for the six months ended June 30 totaled $5.89 billion, down 22.4 percent from $7.59 billion, on consolidated revenue from continuing operations that fell 12.8 percent to $25.34 billion from $29.06 billion. Underlying earnings before interest, taxes, depreciation and amortization (Ebitda) totaled $10.08 billion, down 29.3 percent from $14.25 billion in the same comparison.....

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