Rio Tinto 2024 profit rises, but weaker China iron-ore demand hurts underlying earnings

Rio Tinto has mines around the world. (Image: Rio Tinto)

Thu, 20 Feb 2025

By Rhiannon Hoyle Rio Tinto is reporting a 15% rise in annual net profit, but has pared its dividend as weaker iron-ore prices weigh on underlying earnings.The world’s second-biggest miner by market value recorded a net profit of US$11.55 billion (NZ$20.25b) in 2024, up from US$10.06b in 2023. Its bottom line benefited from asset sales and lower impairment charges against its Australian alumina refineries.Underlying earnings – a closely watched measure that strips out some one-time charges – totalled US$10.87b, down...

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