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

Rio Tinto’s earnings fell last year due to weaker iron ore prices and inflationary pressures, the Anglo-Australian mining group said on Wednesday. The London-listed group, which is a leading iron ore and aluminium producer,

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.

Rio Tinto Group became the latest mining major to post a slide in annual profit as the industry grapples with weaker demand from its top customer China.