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The London-listed group, which is a leading iron ore and aluminium producer, said underlying earnings fell 7 per cent to $10.9bn during 2024. However, net earnings, which take into account impairments and asset disposals, rose 14 per cent compared with the previous year to hit $11.6bn.

The giant Tomago aluminium smelter near Newcastle faces the threat of closure in 2029 with a planned move to a new energy contract costing double the current coal-based power contract, raising fears over the future of more than 1000 workers at the site.

Japanese trading house Mitsui & Co said on Wednesday it would acquire a 40% stake in the Rio Tinto-operated Rhodes Ridge iron ore project in Western Australia for $5.34 billion, to strengthen its long-term earnings base.

Underlying earnings totaled $10.87 billion, down 7.6% year over year. Analysts expected underlying earnings of $11 billion

Rio Tinto Ltd (ASX:RIO) has today declared that, despite a weaker iron ore price, its financials for the year ended December 31 were strong. The heavyweight mining company has reported an underlying profit after tax of US$10.

Rio Tinto reported its smallest full-year underlying earnings in five years on Wednesday that also came in below expectations, as lower prices for iron ore outweighed growth in its copper and aluminium businesses.