Analysts Predict $8 Billion Profit for Rio Tinto

Rio Tinto is likely to post a net profit for its first half in the region of $8 billion. The profits have been bolstered by the hike in prices of iron ore, aluminium, and copper.

As per analysts the mining giant is likely to see a 39.1% jump in first half profits compared to the same time period last year. The first half underlying profits last year were $5.77 billion.

Economic analysts have estimated that the strong commodity process will give the company a hike up to $114 per share from its last closing price of $80.05 after the announcement is made. In the last financial year the company has reported a net profit of $14.9 billion.

The multinational is the second largest producer of iron ore in the world. Thanks to the steady demand for iron ore from China to feed its steel mills and the consistently rising prices the company is confident that its expansion plans in the Pilbara region will pay rich dividends. They have begun a $676 million worth expansion program in the Western Australia region.

Fat Prophets analyst David Lennox said that the spotty production results so far this year will be reflected in the announcement, but may be overshadowed if the company bumps up its share buyback program as anticipated.

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.


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