Rio Tinto pays billions in tax

Mining giant Rio Tinto’s tax bill has increased to $A6.2 billion despite plummeting iron ore prices.

Most of the company’s earnings are generated from iron ore, and it has continued to increase production of the steel making ingredient in Western Australia despite weaker prices and an oversupply in China.

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A total of 80 per cent of the company’s $US7.1 billion global tax and royalty contribution in 2014 went to Australian state and federal government coffers.
 That included a record $A2 billion to the Western Australian government because of increased iron ore production.

Rio paid $A5.8 billion to Australian governments in 2013.

“Rio Tinto continues to be a major contributor to the economies of its host nations, but most particularly in Australia,” chief financial officer Chris Lynch said.

The company made a profit of $US6.5 billion in 2014.

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