Rio Tinto , posted a 37.9% drop in annual profit and more than halved its dividend on Wednesday, hurt by weaker iron ore prices due to slowing demand from top consumer China, while higher labour and material costs also ate into earnings.
32% fall in first-half profit owing to a drop in iron ore prices, but flagged a brightening outlook in China, its biggest customer.
Rio Tinto last year earned an average realised price of just $106.1 per dry metric tonne of iron ore, compared with $143.8 per dmt in 2021. Apart from higher wages due to skilled labour shortages, the Anglo-American miner had to pay more for fuel and raw materials. The company, one of the world's top iron ore producers, reported underlying earnings of $13.3 billion for 2022, compared with a record $21.4 billion in 2021 and missing a Refinitiv estimate of $13.8 billion.
Additional investments to ramp up production at the Gudai-Darri mine in Pilbara, along with higher diesel prices and labour costs, resulted in Pilbara unit cash costs rising to $21.3 per tonne in 2022, Rio said.of $10.40 per share, and maintained its production and unit cost guidance for 2023.Our Standards:
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