mining giant rio tinto reported a 43 drop in firsthalf net profit and pared its payout to shareholders reflecting a fall in commodity prices as chinas economic recovery faltered the worlds secondbiggest miner by market value on wednesday said it made a net profit of 512 billion in the six months through june down from 894 billion a year earlier underlying earnings totaled 572 billion compared with 866 billion in the first half of 2022 as prices of aluminum copper and most importantly iron ore  which accounts for most of rio tintos profitsdeclined analysts had expected underlying earnings of roughly 585 billion according to 11 forecasts compiled by visible alpha directors of rio tinto declared an interim dividend of 177 a share which the miner said was equal to 50 of underlying earnings in line with its policy and typical midyear payouts in recent years a year ago rio tinto paid out 267 a share also 50 of underlying earnings a postpandemic surge in chinese metals demand predicted by some miners and traders hasnt materialized as consumers refrain from spending and exports slump an ongoing downturn in the countrys property sector a big buyer of industrial metals has weighed on the economy which barely grew in the second quarter from the first quarter earlier this week one of chinas top decisionmaking bodies signaled plans to boost the ailing sector helping to drive up prices of metals and stocks of miners including rio tinto the angloaustralian miner makes most of its money from the vast ironore mining operations it runs in remote northwest australia as steels main ingredient iron ore is one of the worlds mosttraded commodities and rio tinto is the top producer alongside brazils vale while shipments from those australian operations were 7 higher in the first half versus a year earlier the average price rio tinto was paid for that iron ore was 11 lower year over year in addition to chinas sluggish economic growth global exports of iron ore have been strong with shipments from dominant global suppliers australia and brazil recently estimated to be at or close to alltime highs rio tinto said last week weaker aluminum prices outweighed rio tintos increased output of that commodity too while the company produced 9 more aluminum during the period year over year it was paid 25 less per metric ton