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26 Jul

Rio Tinto earnings fall on cheaper iron ore

Global miner Rio Tinto's earnings for the first half of 2023 fell to their lowest in three years, as lower iron ore prices dragged on profit, Kallanish notes. The group posted underlying earnings of $5.1 billion, tumbling from $8.7 billion a year ago. It saw lower prices, in general, for its commodities, in line with slowing global demand, with the Chinese recovery predominantly led by the service sector. Movements in commodity prices resulted in a $3.3 …
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