Rio Tinto posts $7.1b half-year profit.
http://www.abc.net.au/news/2011-08-04/rio-tinto-posts-record-profit/2824810
Thats 7.1 billion dollars profit for half a year. And people say we won't have a mining industry because of the Carbon tax and the Resources tax.
More Labor Lies. Rio Tinto is a global operator. The 7.1 billion doesnt refer to Australian production only. Labor is full of spin and full of crap. Labor is trying to stuff up a decent industry that is keeping Australia economically strong. What a joke.
rubbish
and I quote from the same article (similar info can be found on the Rio Tinto site)
http://www.riotintoironore.com/ENG/media/38_media_releases_2243.asp "The company says it is continuing to rapidly expand its operations, with capital expenditure of $4.8 billion, much of it going towards an expansion of its Pilbara iron ore production to 283 million tonnes a year."
This multi-national has enough faith in Australia that it going to spend most (their words "much of") $4.8 billion expanding their operations in the Pilbara.
The predictions of doom for our mining sector are blatant lies by Abbott and his negativity goons.
Wake up and smell the coffee FFS.