Rio Tinto underlying profit falls on weaker iron ore prices

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The Rio Tinto alumina refinery in Gove, also known as Nhulunbuy, east of Darwin in Australia's Northern Territory: Higher aluminum prices helped offset lower earnings from iron mining. © Reuters

SHAUN TURTON

February 20, 2025 12:20 JST

CANBERRA -- Mining giant Rio Tinto's underlying earnings fell last year, the company said Thursday, due to waning prices for iron ore.

The company, a major iron ore and aluminum producer, reported its underlying earnings slipped 7% to $10.9 billion for 2024, although its net earnings, which factor in impairments and asset disposals, came to $11.6 billion, up 14% compared with 2023.