Rio Tinto reported a 22% fall in first-half profit and pared its interim dividend, as weaker iron-ore prices weighed on the mining giant’s earnings. The world’s second-biggest miner by market value said Wednesday that it made a net profit of $4.53 billion in the six months through June, down from $5.81 billion a year earlier.

Rio Tinto logged its smallest first-half underlying profit in five years and announced its lowest interim dividend in seven years on Wednesday due to falling iron ore prices, as it flagged rising costs at its Pilbara sites.