Rio Tinto quadruples its profit

Mining group Rio Tinto Zimbabwe’s net profit nearly quadrupled from $57.8 million in 1997 to $208.2 million last year, largely because of the devaluation of the Zimbabwe dollar but the company says the short term outlook for the gold price remains poor with international prices likely to continue around current levels and the local price likely to weaken as measures implemented to reduce imports bring a degree of revaluation to the dollar.