Mining giant Rio Tinto reported its weakest first‑half underlying profit in five years, at $4.81 billion for the six months ended June 30, 2025—missing analyst expectations of $5.05 billion and down from $5.75 billion a year earlier. The decline was largely due to iron ore prices falling amid oversupply from Australia, Brazil, and South Africa, and soft demand from China. Rising unit costs at its Pilbara operations—from $23.2 to $24.3 per wet metric ton—also weighed on earnings. Despite better results from the copper segment, the interim dividend dropped to $1.48 per share, down from $1.77 a year ago. Rio Tinto continues targeting full‑year iron ore shipment guidance of 323–338 million tonnes, though expected to the lower end. Analysts foresee a potential rebound in iron ore prices toward $100 per ton toward year‑end, contingent on restocking and production curbs in China.