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Rio Tinto profits hit $65bn

Sydney - Anglo-Australian mining group Rio Tinto Thursday posted a full-year net profit of $6.5bn for 2014, up over 80% compared to the previous year.

The increase from 2013's net profit of $3.6bn came despite falling iron ore and coal prices.

"Our continued financial and operating discipline enabled us to offset much of the impact of lower commodity prices in 2014," CEO Sam Walsh said.

The company achieved underlying earnings of $9.3bn by increasing volumes and reducing costs, he said.

The price of iron ore plunged by half amid a reported oversupply by Rio Tinto and other leading producers.

Rio Tinto also announced a 12% increase in full-year dividend and a $2bn share buy-back.

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