Full-year profit at Rio Tinto slumped over 40% in 2022 on the back of weaker demand for iron ore and other commodities from a lockdown-hit China.
However, the world’s second-largest miner said it was “quietly confident” about a turnaround in its biggest market after the end of the country’s Covid-19 restrictions.
The easing of the China’s zero-Covid policy has driven a recovery in the iron ore price since November.
