7 Aug 2010

$9.7 billion revenue. $5.8 billion profit"Can't afford new tax"

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.

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