Rio Tinto reported underlying earnings of $13.3-billion for 2022, compared with a record $21.4-billion in 2021, missing a Refinitiv estimate of $13.8-billion
more than halved its dividend on Wednesday after posting a 38 per cent drop in annual profit, hurt by weaker iron ore prices as demand from China slowed, higher labour and material costs.
China, the world’s second-biggest economy, in January reopened its borders and eased quarantine requirements for travellers after three years of tight controls, and is putting in place policies to boost its sagging economy. On Tuesday, rival BHP Group reported a steeper-than-expected 32 per cent fall in first-half profit but also flagged a brightening outlook in China.
Despite the vast volumes of copper, lithium, nickel and cobalt needed for the transition to a lower carbon economy, major mining companies have limited plans to develop mines that take several years to turn a profit.
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