**Anglo-Australian mining company Rio Tinto has reported a pre-tax profit of $7.86bn (£5.02bn) for 2009, down 14% on the $9.18bn it made in 2008.**Despite efforts to reduce operating costs, lower commodity prices in 2009 hit overall profits, the company said.
On Wednesday, four Rio Tinto were indicted in China on charges of bribery and violating commercial secrets.
“We are very concerned about the nature of these charges,” said Sam Walsh, chief executive of Rio Tinto Iron Ore.
‘Tough market’
Prices declined for nearly all of Rio Tinto’s major commodities, the company said, with average copper prices down 28% and aluminium prices 35% lower.
The company said it had made $2.6bn of cost cuts in 2009, £1bn of which came within aluminium production.
Rio Tinto chief executive Tom Albanese told the BBC that it had been a “tough market and economy” in 2009, but the company had emerged “stronger and fitter” and was able to look at further growth opportunities.
Responding to reports by the Chinese state news agency Xinhua, Mr Albanese confirmed that the case against the Rio employees would go to trial but said it would be “inappropriate” for Rio Tinto to comment further on the case.
Australian citizen Stern Hu, Rio Tinto’s lead iron ore negotiator in China, and Chinese nationals Liu Caikui, Ge Minqiang and Wang Yon have been in detention since July last year.
If convicted, they could each face up to 27 years in prison.
A month before the arrests, Rio scrapped a $19.5bn (£12.5bn) deal with China’s state-owned Chinalco in favour of a tie-up with rival giant BHP Billiton, which angered some in Beijing.