The world's second largest mining company, British-Australian Rio Tinto, increased its revenue 21 percent to USD 5.1 billion and shipped record-high volumes of iron ore in the first six months of 2014, compared to USD 4.1 billion in the same period 2013.
Rio Tinto, led by CEO Sam Walsh, who took the reins in January 2013, has reduced its costs by USD 3 billion as part of a turnaround of the company's assets following a period fraught with impairments, failed acquisitions and lower metal prices. The mining company has also performed divestments as part of the efforts to reduce debt and comply with stakeholders' calls for increased returns.
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