Rio Tinto’s 2022 profit dropped as prices for the company’s main commodities fell from record highs a year earlier and the cost of mining surpassed its expectations WSJWhatsNow
PLC reported a 41% fall in net profit for 2022 and cut its payout to shareholders, reflecting a downswing in iron ore and copper prices from elevated levels a year earlier.
Directors of Rio Tinto declared a final dividend of $2.25 a share, taking the total payout for the year to $4.92 a share. That compared with a record payout of $10.40 for the year prior. Prices for the steel ingredient tumbled to a three-year low late last year amid concerns about the state of China’s property market and the outlook for the global economy.
BHP sounded an optimistic tone on the impact China’s reopening would have on the global economy in the year ahead. The U.S. economy and energy markets in Europe are in better shape than might have been expected a few months ago, too, he said. “We want to be super efficient on unit cost, but I’m not going to cut maintenance and things like that for the sake of achieving a unit-cost target,” said Mr. Stausholm.
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