Rio Tinto has released its yearly review, outlining its jump in profits and increased safety on site.
In the review, the miner outlined an operating profit of US$ 19.6 billion for the year ending 31 December, an increase of nearly 62% from US$ 7.5 billion in the previous corresponding period.
It recorded a profit before tax of US$ 20.6 billion, which dropped to a total profit of US$ 15.18 billion.
A major driver of this was Rio’s iron ore division, which accounted for 68% of the miner’s cash flow, bringing in US$24 billion over the year.
The iron ore division itself saw gross sales revenues increase by close to 50% year on year as the demand for hematite form China grew.
Rio also recommended an increase in salary for its directors for 2011, the first in two years.
On site, the miner saw an 18% drop in its injury frequency rate as compared with 2009, as well as 56% reduction in new cases of occupational illnesses as compared with 2008.