Rio Tinto posts record profits

The global miner reported a 55 per cent increase in underlying earnings in the first half of the year, helped by buoyant commodity prices. The record increase helps its case as it rejects a hostile takeover from BHP Billiton, claiming it undervalues the company. BHP is awaiting clearance from the European Commission, as well as Australia’s competition watchdog, due in December and October respectively, before it can launch its offer for the miner.