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Rio Tinto set for strong profit lift

Mining giant Rio Tinto is set to post a sharp lift in profitability at its half-year results on Wednesday, helped by better commodity prices during the period.

The world's second-biggest iron ore exporter is expected to report underlying net profit in the range of $US4.0 billion to $US4.2 billion ($A5.0 billion and $A5.2 billion) for the six months to June 30, according to analyst forecasts.

That compares to a half year underlying profit of $US1.56 billion a year ago.

The main driver for the growth would be a surge in prices for iron ore, Rio's main revenue earner, for part of the period.

Iron ore prices peaked at nearly $US95 a tonne in February but moderated amid concerns of oversupply and a slowing Chinese economy and currently trade around $US73 a tonne.

Austrlaian Associated PressBack to Breaking News

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