Rio Tinto has reported a 28 per cent drop in first-half earnings as the miner faces falling commodity prices and rising costs.
However, the world’s biggest iron ore producer said it would pay a $4.3bn interim dividend — its second largest on record — as it ended the half year with a net cash position of $300mn.
A rebound in raw material prices from coronavirus pandemic-induced lows boosted profits and shareholder returns at big miners last year, but tighter monetary policy and a deepening downturn in China’s property market have weighed on commodity prices.
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