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Rio appears to be doing a pretty good job of controlling those costs, and there are new opportunities in terms of improving operational efficiency, including the first ore from the vital new Gudai-Darri mine. But it’s hard to shake off concerns that Australia’s big iron ore miners are facing worrying pressure, with falling demand and rising costs conspiring to stifle profitability. That’s important for investors – Rio’s shares fell 2.6 percent on Friday, picking up losses since their recent peak last month to 21 percent, while BHP fell 24 percent over the same period – but also for Australia’s state and federal governments, for which royalties and strong iron ore taxes have been a boon over the last few years. The supply side is not an issue here, given that large iron ore miners have strong cost discipline and keep volumes under control. But the demand picture is deteriorating as China’s economy continues to suffer. China’s economy is treading...

The Australian stock market lost more than 1 percent of its value in early trade and Rio Tinto announced a weaker economic outlook from Russia’s invasion of Ukraine and China’s COVID-19 lockdown. Key points: The Dow Jones index fell 0.5% to 30,630, the S&P500 fell 0.3% to 3,791, while the Nasdaq Composite index was steady at 11,251. The FTSE 100 index fell 1.6 percent to 7,040, Germany’s DAX fell 1.9 percent to 12,520 and Paris’ CAC 40 fell 1.4 percent to 5,915. Australian stock market is down more than 1 percent in early trading, pulled in by big miners In the first half hour of trading, the All Ordinaries index was down 1.2 percent, or 89 points, to 6,764, and the ASX 200 index was down 1.3 percent, to 6,565. Sectors of interest to the market include miners, energy companies, banks and real estate. Big miners fell as iron ore prices plunged 4.8 percent to 104.96 dollars a tonne on recession fears. The Australian dollar fell to 67.42 US cents after surging ...