Rio Tinto has tripled its full-year profit to a record $US14.3 billion.
The company benefited from soaring commodity prices such as copper, which jumped 47% in the period, and iron ore, which is negotiated on a quarterly basis.
The increases were driven by rising demand for Rio Tinto's exports from emerging markets such as China.
Chief executive Tom Albanese says in the long term he is expecting across-the-board demand for commodities to double but in the short term he does see some risks.
Because it is generating so much money, Rio Tinto has announced a $5 billion share buyback.
