A plunge in the price of iron ore as a result of a glut in the market and a slowing of demand from China has hit the profits of Rio Tinto.
The global mining company’s interim results revealed an annual drop of more than 80 percent.
The figures showed net earnings of 4.4 billion US dollars had tumbled to 806 million for the same time period this year.
Spot iron ore prices hit a record low of just over 44 dollars a tonne in early July after plunging through the first half of the year.
Even with what has been described as a ‘modest recovery’ to almost 57 dollars a tonne they are still down more than 22 percent this year.