Rio Tinto copper profits boosts

Rising copper prices of 18% helped push mining firm Rio Tinto profits up to £1.5 billion in 2004.

The Australian mining company enjoyed rapid market growth in China and also the US, resulting in an overall rise in profits of 86%.

According to the BBC report Copper boosts Rio Tinto profits:

Every cent increase in copper prices adds about $13m to Rio Tinto’s net profits from its mines in Indonesia, Chile and the US.

The company said it would use its strong financial position to reward shareholders with share buybacks totalling $1.5bn over the next two years.