Home | Business News | Browse by Publication | M | Mining Journal

Rio Tinto brightens gloom.

Publication: Mining Journal
Publication Date: 01-FEB-02 		Format: Online - approximately 897 words
Delivery: Immediate Online Access
Full Article Title: Rio Tinto brightens gloom.(sees 10 percent increase in attributable earnings to $1.66 billion)(Brief Article)(Statistical Data Included)

Article Excerpt
A combination of recent acquisitions, favourable exchange-rate movements and higher prices for bulk commodities helped Rio Tinto to overcome lower prices for base metals last year, resulting in a 10% increase in attributable earnings to US$1.66 billion. Rio Tinto's chairman, Sir Robert Wilson, described the strong result as pleasing and even "surprising", given the unfavourable background of the weaker world economy. However, the lower base metals prices did hit Rio Tinto's bottom line in another way: the net result included a US$583 million, non-cash write-down, mainly related to a reduction in long-term assumptions for copper and gold prices with respect to the group's Kennecott Utah copper operations in the US. This reduced net earnings for the year to December 31, 2001 to US$1.08 billion, a 28% fall.

The Kennecott Utah operations have not...

View this article FREE - Now for a Limited Time, try Goliath Business News
Free for 3 Days!



More articles from Mining Journal
Enron metals unit sold.(Sempra Energy buys Enron Metals Ltd.)(Brief Ar..., February 01, 2002
Tough decisions. (Comment).(Anglo American to cease investment in Konk..., February 01, 2002
Leading indicators. (Comment).(share indices, commodity prices)(Brief ..., February 01, 2002
Tara restart under consideration. (Mining Week).(Outokumpu Oyj)(Brief ..., February 01, 2002
Yandi lump product approved. (Mining Week).(BHP Billiton)(Brief Articl..., February 01, 2002

Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.