Underlying earnings totaled $13.28 billion, in comparison with $21.38 billion the 12 months earlier, as costs for iron ore–which accounts for many of Rio Tinto’s income–and copper fell. Analysts had anticipated underlying earnings of roughly $13.39 billion, in accordance with 15 estimates compiled by Seen Alpha.

Administrators of Rio Tinto declared a remaining dividend of $2.25 a share, taking the entire payout for the 12 months to $4.92 a share.

“Regardless of difficult market circumstances, we stay resilient,” mentioned Jakob Stausholm, Rio Tinto’s chief govt.

BHP Group Ltd., the world’s largest miner, on Tuesday reported a 32% fall in its personal first-half web revenue, and pared its interim dividend from a record-high degree, largely due to weaker iron ore and copper costs.

Rio Tinto makes most of its cash from the huge iron-ore mining operations it operates in distant northwest Australia. Whereas shipments from these operations had been flat in 2022 versus the 12 months prior, the typical value Rio Tinto was paid for its ore was 26% decrease year-on-year.

Costs for the metal ingredient tumbled to a three-year low late final 12 months amid considerations in regards to the state of China’s property market and the outlook for the worldwide financial system.

Rio Tinto mentioned the worth it received for its copper, an industrial steel utilized in building and manufacturing, was additionally 5.0% under 2021 ranges.

The mining large, which additionally produces bauxite, aluminum and diamonds, has been grappling with value inflation pressures all through its companies, too.

It mentioned the price of mining at its Australian iron-ore pits surpassed its expectations in 2022, in huge half due to increased diesel costs and labor bills. So-called unit money prices for that enterprise totaled $21.30 a metric ton, in comparison with the corporate’s forecast of $19.50-$21.00 a ton.

Write Rhiannon Hoyle at rhiannon.hoyle@wsj.com