RIO has Record 1st half profit 2010 as Iron Ore Blitzes
|The Star.com 6 August|
THIS IS A SURPRISE,the poor miners have it tough.
Iron ore prices drastically exceeded expectations. Group underlying profit rose 125% to $5.8 billion. Iron ore revenue came in at $9.7 billion, implying an average price around $112 per tonne. Theoretically the first half captured the final quarter of last year's $63 per tonne annual benchmark and the first quarter of indexed pricing, around $106 per tonne. Rio must have pushed a very substantial portion of product into much higher spot prices to achieve that revenue.
They can definitely afford the new tax.
7 Aug 2010
$9.7 billion revenue. $5.8 billion profit"Can't afford new tax"
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