Rio Tinto Group reported a drop in first-half profit and cut its dividend again as China’s economic slowdown continues to dampen earnings for the world’s biggest mining companies.
Rio reported underlying earnings of $5.7 billion in the first half, down from $8.7 billion last year. It will pay a $2.9 billion dividend compared with $4.3 billion it returned in the same period in 2021.
Despite the lower profits and returns, profitability for the biggest miners remains strong by historical standards. Yet there are growing concerns about China’s crucial property sector, and a wider global slowdown, that’s driving metal prices lower.
