The company's half-year results were down year-on-year across the board, with underlying EBITDA falling 26% to US$15.6 billion.

Rio's dominant iron ore division accounted for $10.4 billion of EBITDA, down 35% year-on-year.

EBITDA for all divisions fell, except for aluminium, which was up 49% to $2.9 billion.

Net earnings were down 28% to $8.9 billion, while free cashflow was down 30% to $7.1 billion.

The results were all lower than last year but CEO Jakob Stausholm was quick to point out the company was in an "extreme situation" this time last year with the iron ore price trading at a record level of more than $200 per tonne.

The half-year results were better than the same period of 2020.

Rio declared an interim ordinary dividend of $2.67 per share, down 52% on last year's combined ordinary and special dividend $5.61.

Stausholm noted the 50% payout ratio was below previous dividends but in line with the company's policy.

"$4.3 billion is staggering amount," he told reporters this afternoon.

He said the dividend was prudent in the current market.

"The short-term outlook remains truly unpredictable," Stausholm said.

"It's worth noting China isn't experiencing the same inflationary pressures seen in the Western world."

While Chinese growth has been crunched due to recent lockdowns and issues in the country's property market, Stausholm said the issues were short-term.

"They still have a lot ahead of them," he said of Chinese growth.

"It's not impairing long-term prosperity."

Stausholm reiterated that while the price environment was challenging, the demand side remained positive.

Rio ended the half in a net cash position of $291 million.

The company approved $190 million funding for the newly acquired Rincon lithium project in Argentina to develop a small starter battery grade lithium carbonate plant to produce 3000 tonnes per annum by 2024.