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Rio Tinto unveils $7.44bn profit Rio Tinto unveils $7.44bn profit
(about 1 hour later)
Takeover target Rio Tinto has unveiled a $7.44bn (£3.8bn) profit for 2007 - 1% higher than a year before - on the back of surging commodity prices.Takeover target Rio Tinto has unveiled a $7.44bn (£3.8bn) profit for 2007 - 1% higher than a year before - on the back of surging commodity prices.
Analysts say the results leave the mining firm well placed as it fends off a hostile bid from rival BHP Billiton.Analysts say the results leave the mining firm well placed as it fends off a hostile bid from rival BHP Billiton.
Anglo-Australian giant Rio last week rejected a $147bn (£74.8bn) takeover offer from BHP.Anglo-Australian giant Rio last week rejected a $147bn (£74.8bn) takeover offer from BHP.
Demand for raw materials such as copper and coal from nations such as China is driving consolidation in the sector.Demand for raw materials such as copper and coal from nations such as China is driving consolidation in the sector.
The results included a 9% rise in profits in the second half of the year.
'Value''Value'
Annual production of aluminium, iron ore, bauxite, refined gold and refined copper were at record levels, the firm said, adding that commodity prices were expected to remain high.Annual production of aluminium, iron ore, bauxite, refined gold and refined copper were at record levels, the firm said, adding that commodity prices were expected to remain high.
Announcing the results, the chief executive of Rio's iron ore business, Sam Walsh, said that BHP Billiton needed to raise its offer "considerably" before the firm would enter talks.Announcing the results, the chief executive of Rio's iron ore business, Sam Walsh, said that BHP Billiton needed to raise its offer "considerably" before the firm would enter talks.
"In reality, BHP Billiton hasn't offered the value that we believe is in the business," he said."In reality, BHP Billiton hasn't offered the value that we believe is in the business," he said.
BHP's bid for Rio offered 3.4 of its shares for each Rio share.BHP's bid for Rio offered 3.4 of its shares for each Rio share.
This was higher than its previous informal three-for-one proposal, worth $130bn, that was first announced in December of last year.This was higher than its previous informal three-for-one proposal, worth $130bn, that was first announced in December of last year.
BHP has warned Rio that it is not willing to sweeten its offer any further.BHP has warned Rio that it is not willing to sweeten its offer any further.