Rio Tinto Group has set what's likely to be the tone for the world's biggest miners: lower profits and dividends as China's wobbling economy casts a shadow over the entire sector.
Just two years ago the mining industry was on a tear. The boom in demand as the world emerged from the pandemic combined with supply bottlenecks to create a bonanza for the industry, with nearly every major commodity hitting all-time highs. That meant record profits and returns for the companies mining the raw materials that keep the world running.
Behind that plunge are concerns about China's wider economic fortunes and more specifically its property sector. China's output grew more slowly than expected last quarter and other data is flashing warning signs on everything from consumption to trade. Top Chinese leaders have signaled a more “dovish” stance on policy going forward, but are still likely to hold off on massive stimulus.
“We are deeply ingrained in the Chinese economy, it's our biggest market,” Stausholm said. “The Chinese have quite an impressive ability to manage the economy. For sure they have some challenges, but in the past they have had that and managed it well.”Growth Drive
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