Mining giant Rio Tinto's net earnings down 41% in 2022 due to 'challenging' market conditions RioTinto
- Global mining giant Rio Tinto today announced $12.4 billion in net earnings for 2022, 41% lower than 2021, reflecting the movement in commodity prices, the impact of higher energy and raw materials prices on its operations, and higher rates of inflation on operating costs and closure liabilities.
The company reported $4.2 billion of net debt at year end, compared with net cash of $1.6 billion at the start of the year, primarily reflected the free cash flow of $9.0 billion, offset by $11.7 billion of cash returns to shareholders and $3.8 billion for the acquisitions of Turquoise Hill Resources and Rincon Lithium Project.
CEO Jakob Stausholm commented,"Despite challenging market conditions, we remain resilient because of the quality of our assets, our great people and the strength of our balance sheet. That is why we delivered strong financial results with underlying EBITDA of $26.3 billion, free cash flow of $9.0 billion and underlying earnings of $13.3 billion, after taxes and government royalties of $8.4 billion.
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