Last year Rio achieved an increase of 10 per cent in adjusted earnings to a record $US1.66 billion ($A3.1 billion) and its operating cashflow grew to $US3.4 billion. The group's arch-rival, BHP Billiton, was able to match Rio. Both relied heavily on strong earnings from their Australian iron ore and coal operations to offset weakness elsewhere. Sir Robert had a bit of a dig at BHP Billiton in his address by noting that 85 per cent of Rio's operating assets were in Australasia or North America.