1231 GMT - Rio Tinto is among the most mentioned companies across news items over the past six hours, according to Factiva data, after the miner cut its dividend on the back of a lower profit due to a drop in aluminum and copper prices. However the price falls were offset by a slight rise in iron ore, which accounts for most of the company's income, it said. Net profit fell to $10.06 billion in 2023 from $12.39 billion a year earlier and the dividend has been cut to $4.35 a share from $4.92. On a call with reporters, Chief Financial Officer Peter Cunningham said a fall in prices, especially for aluminum, was the biggest driver of reduced profits in 2023. However, Citi analyst Ephrem Ravi says that iron ore continues to deliver for Rio Tinto, with the miner's full-year results showing a "steady ship." He highlights that iron ore contributed 84% of 2023 Ebitda and essentially all its free cashflow. Shares in London were down 0.5% at 5,204.0 pence. They are down 16% over the past 12 months. Dow Jones & Co. owns Factiva. (ian.walker@wsj.com.)

(END) Dow Jones Newswires

02-21-24 0749ET