Rio Tinto reports higher H1 profits
During January-June, the company's consolidated sales revenue totalled $26.8 billion, higher by 1% on year, while its underlying earnings also increased by 1% from the same period last year to reach $5.8 billion, it noted in the report, attributing the growth to "disciplined investment" and project progress.
Though the vast iron-ore mining operations Rio Tinto operates in northwest Australia were the major source of its profits, during January-June the miner's underlying earnings generated from iron ore products had dropped by 11% from the prior year to $5.2 billion.
Weakening iron ore prices amid growing supplies were cited as the main reason for the decline. Specifically, the average Platts index for 62% iron fines on a FOB basis in the 2024 first half was 3% lower compared with the 2023 first half, the company said.
Rio Tinto also pointed out in the report that its Simandou high grade iron ore project in southern Guinea has been advancing at pace, with the company spending another $400 million on the project during the first six months through June. Rio Tinto's total investment in the project is estimated at $6.2 billion, Mysteel Global learned.
Excluding the expenses on Simandou, Rio Tinto's ongoing exploration and evaluation spending totalled $500 million in H1, and the forecast for the full year is around $1 billion, according to the report.
Written by Irene Zhuang, zhuangailing@mysteel.com
Edited by Russ McCulloch, russ.mcculloch@mysteel.com
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