 Rio Tinto is the world's second largest mining company |
Anglo-Australian mining giant Rio Tinto has posted record full-year profits, driven by surging commodity prices and strong demand from China. The world's biggest iron ore producer said net profit for 2006 jumped 42.6% to $7.44bn (�5.74bn).
Commodity price rises boosted profits by $3bn, helping to outweigh a drop in sales volumes.
Looking ahead, the firm warned it expected growth to slow slightly, but demand from China to remain strong.
"Growth in China, which is critical to the demand outlook for any of our products, remains strong and well-balanced," chairman Paul Skinner said.
But the London-listed company continues to face a "challenging" operating environment with shortages of key mining supplies and skilled workers driving up costs, Mr Skinner added.
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