Global miner Rio Tinto (RIO.AX:) reported a record first-half profit on Thursday, more than double a year earlier as metals prices recovered and its mines ran close to full throttle supplying China.

Rio Tinto (RIO.L:) said it was focusing on growth now after solving its debt woes, committing to increase its spending on new projects, including on its Oyu Tolgoi copper and gold project in Mongolia and investments in aluminium and alumina.

"We expect second half capital expenditure to rebound significantly," Chief Executive Tom Albanese said in a statement.

Underlying earnings before one-offs for January-June rose to $5.8 billion from $2.6 billion a year earlier, beating analysts' forecasts of $5.5 billion, according to a consensus compiled by the company.

Rio's strongest profit growth in at least 10 years follows strong results from Brazil's Vale (VALE5.SA :), the world's biggest iron ore miner, and Anglo American (AAL.L :), recovering from a demand slump last year.

Rio Tinto successfully worked with rivals BHP Billiton (BHP.AX :)( BLT.L :) and Xstrata (XTA.L :) last month to get Australia's Labor government to lighten a new tax on mines. The tax, which Rio called its biggest sovereign risk, will be scrapped if the opposition Coalition wins Australia's election on Aug. 21.

Rio's Australian-listed shares have fallen 2.5 percent so far this year versus a 6.2 percent decline for the benchmark S&P/ASX 200 Index.

Eoin Treacy's view Industrial resources miners, particularly iron-ore and coal, have been among some of the better stock market performers over the last year. They pulled back sharply from April, with industrial metal prices, as fears of global double dip recession mounted. However, this week's impressive earnings from Rio Tinto and Xstrata indicate that business is booming and the gloomy attitude towards the sector's upside potential may be a contrary indicator.

BHP Billiton found support in the region of the 200-day MA following a somewhat larger pullback from the high near 2350p. It has since rallied back above 2000p and a sustained move below 1700p would be required to question potential for further higher to lateral ranging.

Rio Tinto, CVRD, Xstrata all have different absolute returns from their respective lows but have relatively similar patterns. They all pulled back sharply and have rallied back above their 200-day MAs. Anglo American is also relatively similar. Such is the commonality across the sector that a significant correction is unlikely to manifest itself without a downward dynamic occurring concurrently across these shares.