Rio Tinto’s Half-Year Profit Edges Higher Despite China Woes
- Lower iron ore and aluminum prices offset by stronger copper
- Growth ‘inflection point’ as giant Simandou project on track
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Rio Tinto Group’s first-half profit edged higher from the year before — although it narrowly missed estimates — as the world’s biggest iron ore miner proved resilient to China’s economic slowdown.
An ongoing property crisis and disappointing post-pandemic recovery in China, the biggest metals-consuming nation, has put downward pressure on demand for most industrial commodities. However, Rio kept full-year production guidance for its metals unchanged, with Chief Executive Officer Jakob Stausholm saying on the earnings call that the company sees fairly robust and stable demand from Asia’s largest economy.