Anglo-Australian mining giant Rio Tinto yesterday posted a 125 percent jump in its first-half earnings to US$5.8 billion, citing recovery in its key markets.
Chief executive Tom Albanese said the results were a first-half record.
“We’ve reaped the benefits of the cost reduction efforts implemented in 2009 and we have been pushing our production hard to benefit from a strong pricing environment, leading to record first-half cash flows,” he said in a statement.
Rio said its relationship with China was a critical one, but warned that despite predictions of global economic growth this year and next, the economy “will be volatile.”
“Developing our relationship with China is a key priority for Rio Tinto,” chairman Jan du Plessis said.
He said the “outstanding” first-half performance was because of higher commodity prices, which added US$3.77 billion to underlying earnings compared with the same period last year. Du Plessis also attributed the results to cost reduction efforts, which slashed Rio Tinto’s net debt to US$12 billion from US$39 billion in June last year.
Rio said it had renewed its focus on growth, with US$3 billion approved since January for projects including the expansion of Western Australia iron ore operations and a joint venture with Chinalco at the Simandou iron project in Guinea.
“Growth is the first priority for our cash flows,” said Albanese, noting expansions or development underway in Canada, the US and Mongolia.
Chinese growth is tipped to be 9 percent, with “positive implications for metals and minerals markets,” but Albanese warned that “economic conditions on a global scale will be volatile” for the next 18 months.
“Our longer-term view remains that industrialization and urbanization, followed by India, will drive robust commodity demand growth,” Albanese said.
The Taiwanese passport ranked 33rd in a global listing of passports by convenience this month, rising three places from last month’s ranking, but matching its position in January last year. The Henley Passport Index, an international ranking of passports by the number of designations its holder can travel to without a visa, showed that the Taiwan passport enables holders to travel to 139 countries and territories without a visa. Singapore’s passport was ranked the most powerful with visa-free access to 192 destinations out of 227, according to the index published on Tuesday by UK-based migration investment consultancy firm Henley and Partners. Japan’s and
NATIONAL SECURITY THREAT: An official said that Guan Guan’s comments had gone beyond the threshold of free speech, as she advocated for the destruction of the ROC China-born media influencer Guan Guan’s (關關) residency permit has been revoked for repeatedly posting pro-China content that threatens national security, the National Immigration Agency said yesterday. Guan Guan has said many controversial things in her videos posted to Douyin (抖音), including “the red flag will soon be painted all over Taiwan” and “Taiwan is an inseparable part of China,” while expressing hope for expedited “reunification.” The agency received multiple reports alleging that Guan Guan had advocated for armed reunification last year. After investigating, the agency last month issued a notice requiring her to appear and account for her actions. Guan Guan appeared as required,
Japan and the Philippines yesterday signed a defense pact that would allow the tax-free provision of ammunition, fuel, food and other necessities when their forces stage joint training to boost deterrence against China’s growing aggression in the region and to bolster their preparation for natural disasters. Japan has faced increasing political, trade and security tensions with China, which was angered by Japanese Prime Minister Sanae Takaichi’s remark that a Chinese attack on Taiwan would be a survival-threatening situation for Japan, triggering a military response. Japan and the Philippines have also had separate territorial conflicts with Beijing in the East and South China
A strong cold air mass is expected to arrive tonight, bringing a change in weather and a drop in temperature, the Central Weather Administration (CWA) said. The coldest time would be early on Thursday morning, with temperatures in some areas dipping as low as 8°C, it said. Daytime highs yesterday were 22°C to 24°C in northern and eastern Taiwan, and about 25°C to 28°C in the central and southern regions, it said. However, nighttime lows would dip to about 15°C to 16°C in central and northern Taiwan as well as the northeast, and 17°C to 19°C elsewhere, it said. Tropical Storm Nokaen, currently
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