Mining giant Rio Tinto has reported a sharp fall in profits for the first six months of 2009.
Results released today show profits fell to $2.66 billion (£1.6bn) for the first half of the year, down 63.7 per cent from $7.33 billion a (£4.45 billion) a year ago.
The world's second-largest miner has been forced to sell off shares and assets in an attempt to cut debt this year.
Falling metal and mineral prices as a result of the global economic downturn have been blamed for the drop in profits.
Rio claims it is confident about the future though, after cutting 16,000 jobs, paying off nearly 40 per cent of its debts, and cutting production at its higher cost operations.
Chief executive Tom Albanese said: 'Despite difficult markets, our businesses are running smoothly.'
The Reuters news agency also quotes Tim Schroeders, from Pengana Capital, as saying: 'The worst is definitely over, just from where their debt position has come from and where it is today... and where commodity prices have moved.
'The group has a lot more flexibility in being able to adjust to whatever market conditions confront it in the future.'
Results released today show profits fell to $2.66 billion (£1.6bn) for the first half of the year, down 63.7 per cent from $7.33 billion a (£4.45 billion) a year ago.
The world's second-largest miner has been forced to sell off shares and assets in an attempt to cut debt this year.
Falling metal and mineral prices as a result of the global economic downturn have been blamed for the drop in profits.
Rio claims it is confident about the future though, after cutting 16,000 jobs, paying off nearly 40 per cent of its debts, and cutting production at its higher cost operations.
Chief executive Tom Albanese said: 'Despite difficult markets, our businesses are running smoothly.'
The Reuters news agency also quotes Tim Schroeders, from Pengana Capital, as saying: 'The worst is definitely over, just from where their debt position has come from and where it is today... and where commodity prices have moved.
'The group has a lot more flexibility in being able to adjust to whatever market conditions confront it in the future.'
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