Rio Tinto profit dives as weaker iron ore prices bite

Rio Tinto, the nation’s largest iron ore miner, says it has grown increasingly confident that China will be a stabilising force in demand for the key steel-making material in 2023 after COVID-19 curbs pummeled commodity prices last year.

The Anglo-Australian mining giant on Wednesday reported a steep fall in full-year profit on the back of soaring inflation and softer prices for iron ore, its biggest cash earner, during 2022. It told shareholders its underlying profit had fallen 41 per cent across the 12 months to December 31 to $US12.4 billion ($18.1 billion).