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By Sameer Manekar and Shashwat Awasthi
(Reuters) - Australian iron ore miners Rio Tinto and Fortescue Metals Group Ltd are unlikely to see a repeat of record profits booked in recent years as they face soaring costs, falling prices and a tight labour market.
Rio Tinto, the world's biggest iron ore producer, may see its first-half earnings drop by about a third, while Fortescue could report up to a 40% drop in annual profit, according to Refinitiv estimates.
A persistent downward trend in iron...
>>> Read more: Rio Tinto, Fortescue record profits near end on price view, dim demand
(Reuters) - Australian iron ore miners Rio Tinto and Fortescue Metals Group Ltd are unlikely to see a repeat of record profits booked in recent years as they face soaring costs, falling prices and a tight labour market.
Rio Tinto, the world's biggest iron ore producer, may see its first-half earnings drop by about a third, while Fortescue could report up to a 40% drop in annual profit, according to Refinitiv estimates.
A persistent downward trend in iron...
>>> Read more: Rio Tinto, Fortescue record profits near end on price view, dim demand
