Rio’s First-Half Profit Drops 22% on Weaker Iron-Ore Prices

Rio Tinto Group, the world’s third-largest mining company, said first-half profit dropped 22 percent after prices for iron ore, copper and aluminum fell and costs at its operations gained.

Net income declined to $5.9 billion from $7.6 billion a year earlier, London-based Rio said today in a statement. That compares with the $5.04 billion average of 11 analyst estimates compiled by Bloomberg. Net income was boosted by a $1 billion so-called deferred tax benefit after Australia introduced its Mineral Resource Rent Tax on July 1.