How are energy investors positioned?
Investing.com-- Sydney-listed Rio Tinto (ASX:RIO) shares fell on Thursday after the world’s largest iron ore miner reported its smallest first‑half underlying profit since 2020, as iron ore prices slumped and production costs rose.
The group on Wednesday posted underlying earnings of $4.81 billion for the six months ended June 30, a 16% drop from $5.75 billion a year earlier.
Weakness was driven by a decline in iron ore prices amid oversupply and softer demand from China. Robust prices in copper, aluminium, bauxite, and gold helped soften the blow.
Shares of the company fell as much as 3.3% to A$112.01 in early trading on Thursday.
Rio also announced a reduced interim dividend of $1.48 per share, down from $1.77, marking its lowest payout in seven years.