Rio Tinto Slashes Dividend as Weak China Demand Hits Profits

(Bloomberg) — Rio Tinto Group reported lower-than-expected profits and slashed its dividend on weak demand for iron ore, aluminum and copper from a lockdown-hit China.

The result added to a so-far disappointing season for the world’s biggest mining companies as they grappled with lower metals prices and rising energy and labor costs. Like its rival BHP Group, which was also hurt by the slump in China, Rio is optimistic about a turnaround in its biggest market after the end of “zero Covid.”