UK-Australian miner Rio Tinto reported a near fourfold increase in net earnings from its coal operations. But the performance was overshadowed by a 50pc drop in group earnings and a $19.5 billion strategic alliance with Chinese resources group Chinalco, to bolster the company's financial position. Rio Tinto said sales from its US and Australian coal operations rose by 82pc to $7.01 billion and net earnings from these operations rose almost fourfold to $1.8 billion in the quarter. Group net earnings fell by 50pc to $3.7 billion, which included an $8.4 billion charge related to its aluminum business after the acquisition of Alcan in 2007. “Given the current uncertain economic conditions and the unprecedented rate of deterioration in our markets and prices, we are now focusing our efforts on maximizing and conserving cash generation and paying down debt,” Rio Tinto said.
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