Rio Tinto is sticking to plans to plough $16bn into development projects this year on hopes of a pick-up in Chinese growth, even as falling prices for key commodities such as iron ore depressed first-half earnings.
Tom Albanese, chief executive, said the miner expected stimulus measures for China’s economy to take effect by year’s end with 500 infrastructure projects scheduled to start this year and next, adding that the group’s order books were full.
Rio’s dependence on Australian iron ore, which generates 80 per cent of its earnings, means its fortunes are more closely aligned to China’s growth trajectory than some peers, with the entire sector struggling to maintain profitability as prices fall but costs continue to rise.
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