Rio Tinto warns of ‘high volatility’ as COVID clouds gather in China

Rio Tinto, the largest Australian iron ore miner, is bracing for a volatile start to 2023 as the end of China’s “zero-COVID” policy raises the risk of new waves of infections pummelling demand across its biggest customer base.

The mining giant on Tuesday reported it had shipped 87.3 million tonnes of iron ore, the key ingredient needed to make steel, from its mines in Western Australia’s Pilbara during the December quarter. The result marked an increase of 4 per cent from the same time last year and was slightly ahead of most analysts’ expectations.