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Rio Tinto Posts Worst Profit Since 2004 as New CEO Starts

  • Iron ore, aluminum average prices dropped 14% in first half
  • Jacques took CEO role in July after steering Rio’s copper unit

Rio Tinto Group reported its worst profit since 2004 as depressed prices for iron ore, aluminum and copper eroded earnings at the world’s second-biggest mining company.

Underlying profit fell 47 percent to $1.56 billion in the six months through June, compared with $2.92 billion a year earlier, London-based Rio said in a statement on Wednesday. That matched the $1.56 billion average estimate from seven analysts surveyed by Bloomberg. The dividend fell 58 percent to 45 cents a share, reflecting a new policy that ties the payment to earnings.

Jean-Sebastien Jacques Photographer: Simon Dawson/Bloomberg

The 143-year-old mining giant has cut costs, reined in spending and sold underperforming assets in a bid to weather the commodities...