Rio Tinto (RIO), Australia's 2nd biggest mining company & one of the world's leading iron ore producers delivered a 17.9% fall in its 1H13 underlying profit to $US$4.2 billion. The result (out after market close) was in-line with consensus; however held back by weaker iron ore prices. Its cost cutting and productivity improving measures continue - US$1.5 billion in cost reduction and a reigning in of capital expenditure. RIO reiterated its guidance for iron ore and copper (two of its most profitable commodities) for 2013. A AU$0.93 per share dividend was announced, payable to eligible shareholders on September 12. Watch here. (VIEW LINK)


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James Marlay

Could be well positioned for a strong second half after the release of today's China iron import figures.