Rio Tinto profits up 87%

Mining giant Rio Tinto posted a 87% hike in annual profits to $2.81bn (£1.49bn / €2.1bn) today after surging demand in China boosted product prices.

London-based Rio said it planned to return up to $1.5bn (£796m / €1.1bn) to investors through share buybacks after unveiling the record net earnings, which were in line with market hopes.