Anglo-Australian mining corporation Rio Tinto reported a 41 percent drop in net earnings Wednesday, citing a dip in commodity prices and higher energy costs.
After posting a record 2021, profit after tax fell to US$12.4 billion last year, the multinational said in its annual report.
Earnings from iron ore, aluminium and copper all sank, reports BSS.
The loss “reflected the movement in commodity prices, the impact of higher energy and raw materials prices on our operations and higher rates of inflation” the company said.
Sales to China — by far Rio’s largest market — fell slightly as a proportion of the company’s business.
Sales to China were worth $32 billion last year, versus $38 billion the year before.
“Despite challenging market conditions, we remain resilient because of the quality of our assets, our great people and the strength of our balance sheet,” said chief executive Jakob Stausholm.
