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"value": "\u2013 under the historical cost convention, as modified by the revaluation of certain financial instruments, the impact of fair value hedge accounting on the hedged items and the accounting for post- employment assets and obligations; \u2013 on a going concern basis - Management has prepared detailed cash flow forecasts for at least 12 months and has updated life-of- mine plan models with longer-term cash flow projections which demonstrate that we will have sufficient cash, other liquid resources and undrawn credit facilities to enable us to meet our obligations as they fall due; \u2013 to meet UK-adopted international accounting standards, applicable UK law (Companies Act 2006) and Australian law (Australian Corporations Act 2001) as amended by the ASIC class order; \u2013 to meet international accounting standards as issued by the International Accounting Standards Board (IASB) and interpretations issued from time to time by the IFRS Interpretations Committee (IFRS IC) which are mandatory at 31 December 2022. The above accounting standards and interpretations are collectively referred to as \u201cIFRS\u201d in this report and contain the principles we use to create our accounting policies. Where necessary, adjustments are made to the locally reported assets, liabilities, and results of subsidiaries, joint arrangements and associates to bring their accounting policies in line with ours for consistent reporting. b. The basis of consolidation The financial statements consolidate the accounts of Rio Tinto plc and Rio Tinto Limited (together \u201cthe Companies\u201d) and their respective subsidiaries (together \u201cthe Group\u201d, \u201cwe\u201d, \u201cour\u201d) and include the Group\u2019s share of joint arrangements and associates. We consolidate subsidiaries where either of the companies controls the entity. Control exists where either of the companies has: power over the entities, that is, existing rights that give it the current ability to direct the relevant activities of the entities (those that significantly affect the companies\u2019 returns); exposure, or rights, to variable returns from its involvement with the entities; and the ability to use its power to affect those returns. A list of principal subsidiaries is shown in note 30. A joint arrangement is an arrangement in which two or more parties have joint control. Joint control is the contractually agreed sharing of control such that decisions about the relevant activities of the arrangement (those that significantly affect the companies\u2019 returns) require the unanimous consent of the parties sharing control. We have two types of joint arrangements - joint operations (JOs) and joint ventures (JVs). A JO is a joint arrangement in which the parties that share joint control have rights to the assets, and obligations for the liabilities, relating to the arrangement. This includes situations where the parties benefit from the joint activity through a share of the output, rather than by receiving a share of the results of trading. For our JOs, shown in note 31, we recognise: our share of assets and liabilities; revenue from the sale of our share of the output and our share of any revenue generated from the sale of the output by the JO; and its share of expenses. All such amounts are measured in accordance with the terms of the arrangement, which is usually in proportion to our interest in the JO. These amounts are recorded in our financial statements on the appropriate lines. A JV is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement. JVs are accounted for using the equity accounting method. An associate is an entity over which we have significant influence. Significant influence is presumed to exist where there is neither control nor joint control and the Group has over 20% of the voting rights, unless it can be clearly demonstrated that this is not the case. Significant influence can arise where we hold less than 20% of the voting rights if we have the power to participate in the financial and operating policy decisions affecting the entity. It also includes situations of collective control. We use the term \u201cequity accounted units\u201d (EAUs) to refer to associates and JVs collectively. Under the equity accounting method, the investment is recorded initially at cost to the Group, including any goodwill on acquisition. In subsequent periods the carrying amount of the investment is adjusted to reflect the Group\u2019s share of the EAUs\u2019 retained post-acquisition profit or loss and other comprehensive income. Our principal JVs and associates are shown in note 32. In some cases, we participate in unincorporated arrangements and have rights to our share of the assets and obligations for our share of the liabilities of the arrangement rather than a right to a net return, but do not share joint control. In such cases, we account for these arrangements in the same way as our joint operations with all such amounts measured in accordance with the terms of the arrangement, which is usually in proportion to our interest in the arrangement. All intragroup transactions and balances are eliminated on consolidation. Corporate information About Rio Tinto In 1995, Rio Tinto plc, incorporated in the UK and listed on the London and New York Stock Exchanges, and Rio Tinto Limited, incorporated in Australia and listed on the Australian Securities Exchange, formed a dual listed companies structure (\u201cDLC\u201d). Under the DLC, Rio Tinto plc and Rio Tinto Limited are viewed as a single economic enterprise, with common boards of directors, and the shareholders of both companies have a common economic interest in the DLC. For further information on the DLC structure see page 338 in the additional information section of the annual report. IFRS-compliant consolidated financial statements of the Rio Tinto Group are prepared on this basis, with interests of shareholders of both companies presented as the equity interests of shareholders in the Rio Tinto Group. This is in accordance with the principles and requirements of International Financial Reporting Standards and in accordance with an order, under section 340 of the Australian Corporations Act 2001, issued by the Australian Securities and Investments Commission (ASIC) on 16 July 2021 (\u2018ASIC order\u2019). For further details of the ASIC Class Order relief see page 249. Rio Tinto\u2019s business is finding, mining, and processing mineral resources. Major products are iron ore, aluminium, copper, industrial minerals (borates, titanium dioxide and salt) and diamonds. Activities span the world and are strongly represented in Australia and North America, with significant businesses in Asia, Europe, Africa and South America. Rio Tinto plc\u2019s registered office is at 6 St James\u2019s Square, London SW1Y 4AD, UK . Rio Tinto Limited\u2019s registered office is at Level 43, 120 Collins Street, Melbourne VIC 3000, Australia . About the presentation of our financial statements In the current year we have reviewed our notes to the financial statements taking into account materiality (as described below). We have also re-organised the notes into logical groupings to help users find and understand relevant information. Where possible, related information, such as accounting policies, has been provided in the same section as the relevant note. All financial statement values are presented in US dollars and rounded to the nearest million (US$m) unless otherwise stated. Where applicable, comparatives have been adjusted to measure or present them on the same basis as current period figures. Our financial statements for the year ended 31 December 2022 were authorised for issue in accordance with a directors\u2019 resolution on 22 February 2023. a. The basis of preparation The financial information included in the financial statements for the year ended 31 December 2022, and for the related comparative periods, has been prepared: Information on other relevant judgments to help understand the financial statements has been incorporated into the relevant accounting policy
sections of each note. We have summarised how these judgments have changed since prior year below:
Other relevant judgments 2022 2021 Reason for change
Identification of functional currencies (f below)
a a
No change to the judgment
Exclusions from underlying EBITDA (note 1)
a a
No change to the judgment
Determination of cash-generating units (CGUs) (note 4)
a a
No change to the judgment
Uncertain tax positions (note 10)
a 0
In 2022 the judgment we have taken on our uncertain tax
positions is less significant than in the prior year given the
settlement with the Australian Taxation Office (ATO).
Where the amount of tax payable or recoverable is
uncertain, judgment is required in evaluating the most likely
amount of liability or recovery. Where there is a wide range
of possible outcomes, judgment is required in evaluating a
provision using the probability weighted average
approach. See note 10 for further details.
Assessment of indefinite-lived water rights in Quebec (note 12)
a a
No change to the judgment
Recoverability of potential deferred tax assets (note 15)
a 0
Given the progress towards sustainable underground
production at Oyu Tolgoi and the write down of Federal
deferred tax assets in the United States due to the
introduction of the Corporate Alternative Minimum Tax
regime the recoverability of deferred tax assets is not a key
judgment in 2022. Judgment is required regarding the
extent to which certain risk factors are likely to affect the
recovery of deferred tax assets. These risk factors include
the risk of expiry of losses prior to utilisation, the impact of
other legislation or tax regimes, such as minimum taxes,
and consideration of factors that lead to the generation of
losses or other deferred tax assets.
Accounting for the funding amounts relating to Oyu Tolgoi non-
controlling interest (note 30)
0 a
The funding balances arising from a carry account loan
with Erdenes Oyu Tolgoi were forgiven in 2022. This means
the judgment over the accounting for these amounts is no
longer applicable.
Accounting for the Pilbara Iron Arrangements (note 31)
a a
No change to the judgment
Basis of consolidation of Queensland Alumina Limited (note 31)
a a
The judgment taken on how we consolidate Queensland
Alumina Limited (\u2018QAL\u2019) was reassessed and confirmed in
the current year. Following the Australian governments\u2019s
imposition of Trade Sanctions against Russia, QAL
considered that they were no longer able to process
bauxite on behalf of RUSAL and therefore enacted the
\u201cstep-in\u201d clause of the shareholders agreement that
enabled Rio Tinto to contribute additional bauxite tonnes to
ensure that 100% of production capacity was maintained.
We continue to account for QAL as a joint operation.
Accounting for Minera Escondida Ltda (note 32)
a a
No change to the judgment
Provisions for onerous contracts (note 36)
0 a
We reviewed our onerous contract population and noted
the significance of this judgment had diminished.
Recognition of contingencies (note 37)
a a
No change to the judgment
Financial statements continued
150 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com150
Information on other relevant judgments to help understand the financial statements has been incorporated into the relevant accounting policy sections of each note. We have summarised how these judgments have changed since prior year below: Other relevant judgments 2022 2021 Reason for change Identification of functional currencies (f below) a a No change to the judgment Exclusions from underlying EBITDA (note 1) a a No change to the judgment Determination of cash-generating units (CGUs) (note 4) a a No change to the judgment Uncertain tax positions (note 10) a 0 In 2022 the judgment we have taken on our uncertain tax positions is less significant than in the prior year given the settlement with the Australian Taxation Office (ATO). Where the amount of tax payable or recoverable is uncertain, judgment is required in evaluating the most likely amount of liability or recovery. Where there is a wide range of possible outcomes, judgment is required in evaluating a provision using the probability weighted average approach. See note 10 for further details. Assessment of indefinite-lived water rights in Quebec (note 12) a a No change to the judgment Recoverability of potential deferred tax assets (note 15) a 0 Given the progress towards sustainable underground production at Oyu Tolgoi and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax regime the recoverability of deferred tax assets is not a key judgment in 2022. Judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of deferred tax assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. Accounting for the funding amounts relating to Oyu Tolgoi non- controlling interest (note 30) 0 a The funding balances arising from a carry account loan with Erdenes Oyu Tolgoi were forgiven in 2022. This means the judgment over the accounting for these amounts is no longer applicable. Accounting for the Pilbara Iron Arrangements (note 31) a a No change to the judgment Basis of consolidation of Queensland Alumina Limited (note 31) a a The judgment taken on how we consolidate Queensland Alumina Limited (\u2018QAL\u2019) was reassessed and confirmed in the current year. Following the Australian governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. We continue to account for QAL as a joint operation. Accounting for Minera Escondida Ltda (note 32) a a No change to the judgment Provisions for onerous contracts (note 36) 0 a We reviewed our onerous contract population and noted the significance of this judgment had diminished. Recognition of contingencies (note 37) a a No change to the judgment Financial statements continued 150 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com150 Information on other relevant judgments to help understand the financial statements has been incorporated into the relevant accounting policy sections of each note. We have summarised how these judgments have changed since prior year below: Other relevant judgments 2022 2021 Reason for change Identification of functional currencies (f below) a a No change to the judgment Exclusions from underlying EBITDA (note 1) a a No change to the judgment Determination of cash-generating units (CGUs) (note 4) a a No change to the judgment Uncertain tax positions (note 10) a 0 In 2022 the judgment we have taken on our uncertain tax positions is less significant than in the prior year given the settlement with the Australian Taxation Office (ATO). Where the amount of tax payable or recoverable is uncertain, judgment is required in evaluating the most likely amount of liability or recovery. Where there is a wide range of possible outcomes, judgment is required in evaluating a provision using the probability weighted average approach. See note 10 for further details. Assessment of indefinite-lived water rights in Quebec (note 12) a a No change to the judgment Recoverability of potential deferred tax assets (note 15) a 0 Given the progress towards sustainable underground production at Oyu Tolgoi and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax regime the recoverability of deferred tax assets is not a key judgment in 2022. Judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of deferred tax assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. Accounting for the funding amounts relating to Oyu Tolgoi non- controlling interest (note 30) 0 a The funding balances arising from a carry account loan with Erdenes Oyu Tolgoi were forgiven in 2022. This means the judgment over the accounting for these amounts is no longer applicable. Accounting for the Pilbara Iron Arrangements (note 31) a a No change to the judgment Basis of consolidation of Queensland Alumina Limited (note 31) a a The judgment taken on how we consolidate Queensland Alumina Limited (\u2018QAL\u2019) was reassessed and confirmed in the current year. Following the Australian governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. We continue to account for QAL as a joint operation. Accounting for Minera Escondida Ltda (note 32) a a No change to the judgment Provisions for onerous contracts (note 36) 0 a We reviewed our onerous contract population and noted the significance of this judgment had diminished. Recognition of contingencies (note 37) a a No change to the judgment Financial statements continued 150 Annual Report 2022\u2000|\u2000riotinto.com e. Key sources of estimation uncertainty We define key sources of estimation uncertainty as accounting estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Summarised below are what we consider to be the key accounting estimates in 2022 compared to those of 2021 and the reason for any changes. Relevant sensitivities are disclosed within the relevant financial statement notes. Key accounting estimates 2022 2021 Reason for change Estimation of the close-down, restoration and environmental cost obligations (note 14) a a No change Estimation of the cash flow forecasts to support the recognition of deferred tax assets 0 a In 2021 the cash flow forecast used to support the recognition of deferred tax assets in the United States, Mongolia and Australia was considered to be a key estimate. Given the write down of deferred tax assets in the United States as a result of the Corporate Alternative Minimum Tax under the Inflation Reduction Act 2022, and the progress towards sustainable underground production at Oyu Tolgoi reducing the risk of losses expiring prior to utilisation, cash flow forecasts used to support deferred tax recoverability are no longer considered a key estimate in 2022. Estimation of obligations for post-employment costs (note 28) a a No change f. Currency Other relevant judgments - Identification of functional currency We present our financial statements in US dollars, as that presentation currency most reliably reflects the global business performance of the Group as a whole. The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the primary economic environment in which it operates. For businesses that reside in developed economies the functional currency is generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an emerging economy, the US dollar is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods and services, are agreed and paid in US dollars, in common with other international investors. Determination of functional currency involves judgment, and other companies may make different judgments based on similar facts. The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income statement and in equity. We also apply judgment in determining whether settlement of certain intragroup loans is neither planned nor likely in the foreseeable future and therefore whether the associated exchange gains and losses can be taken to equity. During 2022, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. On consolidation, income statement items for each entity are translated from the functional currency into US dollars at the full-year average rate of exchange, except for material one-off transactions, which are translated at the rate prevailing on the transaction date. Balance sheet items are translated into US dollars at period-end exchange rates. Exchange differences arising on the translation of the net assets of entities with functional currencies other than the US dollar are recognised directl y in the currency translation reserve. These translation differences are shown in the statement of comprehensive income, with the exception of the translation adjustment relating to Rio Tinto Limited\u2019s share capital, which is shown in the statement of changes in equity. Where an intragroup balance is, in substance, part of the Group\u2019s net investment in an entity, exchange gains and losses on that balance are taken t o the currency translation reserve. Except as noted above, or where exchange differences are deferred as part of a cash flow hedge, all other differences are charged or credited to th e income statement in the year in which they arise. The principal exchange rates used in the preparation of the financial statements were: Full-year average Year-end One unit of local currency buys the following number of US dollars 2022 2021 2020 2022 2021 2020 Pound sterling 1.24 1.38 1.28 1.21 1.35 1.36 Australian dollar 0.69 0.75 0.69 0.68 0.73 0.77 Canadian dollar 0.77 0.80 0.75 0.74 0.78 0.78 Euro 1.05 1.18 1.14 1.07 1.13 1.23 South African rand 0.061 0.068 0.061 0.059 0.063 0.068 Financial statements Annual Report 2022 | riotinto.com 151 151Annual Report 2022 | riotinto.com Financial statements g. Ore Reserves and Mineral Resources A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth\u2019s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. An Ore Reserve is the economically mineable part of a measured or indicated Mineral Resource. The estimation of Ore Reserves and Mineral Resources requires judgment to interpret available geological data and subsequently to select an appropriate mining method and then to establish an extraction schedule. At least annually, the Competent Persons of the Group (according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)), estimate Ore Reserves and Mineral Resources using assumptions such as: \u2013 Available geological data; \u2013 Expected future commodity price and demand; \u2013 Exchange rates; \u2013 Production costs; \u2013 Transport costs; \u2013 Close-down and restoration costs; \u2013 Recovery rates; \u2013 Discount rates; and \u2013 Renewal of mining licences . With regard to our future commodity price assumptions, to calculate our Ore Reserves and Mineral Resources for our filing on the Australian Securities Exchange and London Stock Exchange, we use prices generated by our Strategy and Economics team (refer to the Climate change section for further details about our pricing methodology). For our Annual Report on Form 20-F, filed with the Securities Exchange Commission (\u2018SEC\u2019), we use consensus price or historical pricing and comply with subpart 1300 of Regulation S-K (Regulation S-K), instead of with the JORC code. We use judgment as to when to include Mineral Resources in accounting estimates, for example, the use of Mineral Resources in our depreciation policy as described in note 13 and in the determination of the date of closure as described in note 14. There are many uncertainties in the estimation process and assumptions that are valid at the time of estimation may change significantly when new information becomes available. New geological or economic data, or unforeseen operational issues may change estimates of Ore Reserves and Mineral Resources. This could cause material adjustments in our financial statements to: \u2013 Depreciation and amortisation rates; \u2013 Carrying values of intangible assets and property, plant and equipment; \u2013 Deferred stripping costs; \u2013 Provisions for close-down and restoration costs; and \u2013 Recovery of deferred tax assets. To deliver our climate targets, we expect to make capital investment of US$7.5 billion in decarbonisation projects over the period to 2030, including around US$1.5 billion in the next three years, mainly relating to the repowering of the Pilbara. Progress towards our Scope 1 and 2 emissions targets is reflected within executive remuneration. In 2022, we delivered the first 34MW of renewable power at Gudai-Darri and announced our plan to invest US$600 million in 200MWh of solar power facilities and 200MWh of battery storage in the Pilbara by 2026. We agreed to test at least four battery-powered locomotives, and pilot battery-powered trucks in the Pilbara in 2024. By 2030, we aim to phase out the purchase of diesel haulage trucks and\u2006locomotives across our operations. At the Queensland Alumina refinery we are working to develop an energy efficient digestion process at an estimated cost of US$240 million. In 2022, we continued to work with the Queensland Government and energy providers to design a renewable energy solution for Boyne Smelter. Similarly, in 2022, Tomago Aluminium Company released an expression of interest to work towards a green repowering solution for the Tomago smelter. In addition, we have signed a 130MW solar power purchase agreement for Richards Bay Minerals (RBM) in South Africa. We also intend to decarbonise our shipping fleet and aim to have net zero vessels in our portfolio by 2030. To achieve this, in 2022 we successfully completed a trial of fuel blend with biofuels and in 2023-2024 we plan to incorporate nine LNG dual-fuel chartered vessels into our fleet. Decarbonisation projects are expected to accelerate beyond 2025, which we expect to include further decarbonisation of the Pilbara electricity system (estimated at US$3 billion out of the US$7.5 billion total spend by 2030) and other abatement projects. We are also stepping up our focus on Scope 3 goals, which are explicitly linked to executive remuneration. Over 90% of our Scope 3 emissions are from the downstream processing of iron ore, bauxite and other products by our customers. We have not set an overall quantitative Scope 3 emissions target, but instead engage with our customers to optimise their current operations toward low-emitting, higher efficiency processes; and foster partnerships with them, which we believe are more effective ways to advance actions. The shift toward green steel is underway and we are working on options to beneficiate our Pilbara ores to be better suited to green steel technologies and are exploring DRI pathways using sustainable resources such as hydrogen and biomass. We expect that our annual incremental operating expenditure on building new teams and energy efficiency initiatives will be around US$200 million, in addition to R&D investment. Our ambition is to increase our growth capital expenditure to around US$2 billion in 2023 and up to US$3 billion per year in 2024-2025 to capture new growth opportunities with a focus on materials that are expected to see strong demand growth from the low carbon transition. This includes investment in future production of lithium at Rincon, copper at Oyu Tolgoi and Winu and high-grade iron ore from Simandou. Our budget for central greenfield exploration remains at approximately US$250 million annually, mainly focused on copper with a growing battery minerals programme. For internal capital allocation purposes for major projects, a notional carbon price of US$75/t CO 2 e is used to incentivise investment in low carbon abatement options. The US$75/t CO 2 e price is derived from our analysis of the carbon mitigation options across our assets that are needed to achieve our emissions targets. This is unrelated to the different carbon prices we use in our core scenarios which are based on our assessment of climate policy ambition. The impact of climate change and the execution of our climate change strategy on our financial statements is discussed below: Climate change scenarios Our strategy and approach to climate change are informed by an analysis of the interplay of global megatrends, explored through the lens of plausible global scenarios. These set the context for our industry and underpin our commodity price outlooks, portfolio and capital allocation choices and how we operate as a business. There are many plausible scenarios for global energy transition, all with different impacts on future Financial statements continued The unaudited statement of ore reserves is included on page 284 and of mineral resources on page 296. h. Impact of climate change on the Group Strategy and approach to climate change Over a year ago, we put the low-carbon transition at the heart of our new strategy, setting a clear pathway to deliver long-term value as well as ambitious targets to decarbonise our business. In 2022, our shareholders supported our Climate Action Plan in a non-binding advisory vote on the Group\u2019s ambitions, emissions targets and actions to achieve them. Further detail of our approach is provided in the front half of our Annual Report and in our 2022 Climate Change Report. Our Scope 1 and 2 emissions reduction targets of 15% by 2025, 50% by 2030 (both relative to our 2018 equity baseline) and the aim to achieve net zero emissions by 2050 are aligned with 1.5\u00b0C \u2013 the stretch goal of the Paris Agreement. We have set up six large abatement programmes focused on renewables, Pacific aluminium operations, ELYSIS TM technology, process heat, minerals processing and diesel alternatives. 152 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com152 g. Ore Reserves and Mineral Resources
A Mineral Resource is a concentration or occurrence of solid material of
economic interest in or on the Earth\u2019s crust in such form, grade (or
quality), and quantity that there are reasonable prospects for eventual
economic extraction. An Ore Reserve is the economically mineable part
of a measured or indicated Mineral Resource.
The estimation of Ore Reserves and Mineral Resources requires
judgment to interpret available geological data and subsequently to
select an appropriate mining method and then to establish an extraction
schedule. At least annually, the Competent Persons of the Group
(according to the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the JORC Code)),
estimate Ore Reserves and Mineral Resources using assumptions such
as:
\u2013 Available geological data;
\u2013 Expected future commodity price and demand;
\u2013 Exchange rates;
\u2013 Production costs;
\u2013 Transport costs;
\u2013 Close-down and restoration costs;
\u2013 Recovery rates;
\u2013 Discount rates; and
\u2013 Renewal of mining licences.
With regard to our future commodity price assumptions, to calculate our
Ore Reserves and Mineral Resources for our filing on the Australian
Securities Exchange and London Stock Exchange, we use prices
generated by our Strategy and Economics team (refer to the Climate
change section for further details about our pricing methodology). For
our Annual Report on Form 20-F, filed with the Securities Exchange
Commission (\u2018SEC\u2019), we use consensus price or historical pricing and
comply with subpart 1300 of Regulation S-K (Regulation S-K), instead of
with the JORC code.
We use judgment as to when to include Mineral Resources in
accounting estimates, for example, the use of Mineral Resources in our
depreciation policy as described in note 13 and in the determination of
the date of closure as described in note 14.
There are many uncertainties in the estimation process and assumptions
that are valid at the time of estimation may change significantly when
new information becomes available. New geological or economic data,
or unforeseen operational issues may change estimates of Ore Reserves
and Mineral Resources. This could cause material adjustments in our
financial statements to:
\u2013 Depreciation and amortisation rates;
\u2013 Carrying values of intangible assets and property, plant and
equipment;
\u2013 Deferred stripping costs;
\u2013 Provisions for close-down and restoration costs; and
\u2013 Recovery of deferred tax assets.
To deliver our climate targets, we expect to make capital investment of
US$7.5 billion in decarbonisation projects over the period to 2030,
including around US$1.5 billion in the next three years, mainly relating to
the repowering of the Pilbara. Progress towards our Scope 1 and 2
emissions targets is reflected within executive remuneration.
In 2022, we delivered the first 34MW of renewable power at Gudai-Darri
and announced our plan to invest US$600 million in 200MWh of solar
power facilities and 200MWh of battery storage in the Pilbara by 2026.
We agreed to test at least four battery-powered locomotives, and pilot
battery-powered trucks in the Pilbara in 2024. By 2030, we aim to phase
out the purchase of diesel haulage trucks and\u2006locomotives across our
operations. At the Queensland Alumina refinery we are working to
develop an energy efficient digestion process at an estimated cost of
US$240 million. In 2022, we continued to work with the Queensland
Government and energy providers to design a renewable energy
solution for Boyne Smelter. Similarly, in 2022, Tomago Aluminium
Company released an expression of interest to work towards a green
repowering solution for the Tomago smelter. In addition, we have signed
a 130MW solar power purchase agreement for Richards Bay Minerals
(RBM) in South Africa. We also intend to decarbonise our shipping fleet
and aim to have net zero vessels in our portfolio by 2030. To achieve
this, in 2022 we successfully completed a trial of fuel blend with biofuels
and in 2023-2024 we plan to incorporate nine LNG dual-fuel chartered
vessels into our fleet. Decarbonisation projects are expected to
accelerate beyond 2025, which we expect to include further
decarbonisation of the Pilbara electricity system (estimated at US$3
billion out of the US$7.5 billion total spend by 2030) and other
abatement projects.
We are also stepping up our focus on Scope 3 goals, which are explicitly
linked to executive remuneration. Over 90% of our Scope 3 emissions
are from the downstream processing of iron ore, bauxite and other
products by our customers. We have not set an overall quantitative
Scope 3 emissions target, but instead engage with our customers to
optimise their current operations toward low-emitting, higher efficiency
processes; and foster partnerships with them, which we believe are
more effective ways to advance actions. The shift toward green steel is
underway and we are working on options to beneficiate our Pilbara ores
to be better suited to green steel technologies and are exploring DRI
pathways using sustainable resources such as hydrogen and biomass.
We expect that our annual incremental operating expenditure on
building new teams and energy efficiency initiatives will be around
US$200 million, in addition to R&D investment.
Our ambition is to increase our growth capital expenditure to around
US$2 billion in 2023 and up to US$3 billion per year in 2024-2025 to
capture new growth opportunities with a focus on materials that are
expected to see strong demand growth from the low carbon transition.
This includes investment in future production of lithium at Rincon,
copper at Oyu Tolgoi and Winu and high-grade iron ore from Simandou.
Our budget for central greenfield exploration remains at approximately
US$250 million annually, mainly focused on copper with a growing
battery minerals programme.
For internal capital allocation purposes for major projects, a notional
carbon price of US$75/t CO
2
e is used to incentivise investment in low
carbon abatement options. The US$75/t CO
2
e price is derived from our
analysis of the carbon mitigation options across our assets that are
needed to achieve our emissions targets. This is unrelated to the
different carbon prices we use in our core scenarios which are based on
our assessment of climate policy ambition.
The impact of climate change and the execution of our climate change
strategy on our financial statements is discussed below:
Climate change scenarios
Our strategy and approach to climate change are informed by an
analysis of the interplay of global megatrends, explored through the lens
of plausible global scenarios. These set the context for our industry and
underpin our commodity price outlooks, portfolio and capital allocation
choices and how we operate as a business. There are many plausible
scenarios for global energy transition, all with different impacts on future
Financial statements continued
The unaudited statement of ore reserves is included on page 284 and of
mineral resources on page 296.
h. Impact of climate change on the Group
Strategy and approach to climate change
Over a year ago, we put the low-carbon transition at the heart of our new
strategy, setting a clear pathway to deliver long-term value as well as
ambitious targets to decarbonise our business. In 2022, our
shareholders supported our Climate Action Plan in a non-binding
advisory vote on the Group\u2019s ambitions, emissions targets and actions to
achieve them. Further detail of our approach is provided in the front half
of our Annual Report and in our 2022 Climate Change Report.
Our Scope 1 and 2 emissions reduction targets of 15% by 2025, 50% by
2030 (both relative to our 2018 equity baseline) and the aim to achieve
net zero emissions by 2050 are aligned with 1.5\u00b0C \u2013 the stretch goal of
the Paris Agreement. We have set up six large abatement programmes
focused on renewables, Pacific aluminium operations, ELYSIS
TM
technology, process heat, minerals processing and diesel alternatives.
152 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com152
g. Ore Reserves and Mineral Resources
A Mineral Resource is a concentration or occurrence of solid material of
economic interest in or on the Earth\u2019s crust in such form, grade (or
quality), and quantity that there are reasonable prospects for eventual
economic extraction. An Ore Reserve is the economically mineable part
of a measured or indicated Mineral Resource.
The estimation of Ore Reserves and Mineral Resources requires
judgment to interpret available geological data and subsequently to
select an appropriate mining method and then to establish an extraction
schedule. At least annually, the Competent Persons of the Group
(according to the Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves (the JORC Code)),
estimate Ore Reserves and Mineral Resources using assumptions such
as:
\u2013 Available geological data;
\u2013 Expected future commodity price and demand;
\u2013 Exchange rates;
\u2013 Production costs;
\u2013 Transport costs;
\u2013 Close-down and restoration costs;
\u2013 Recovery rates;
\u2013 Discount rates; and
\u2013 Renewal of mining licences.
With regard to our future commodity price assumptions, to calculate our
Ore Reserves and Mineral Resources for our filing on the Australian
Securities Exchange and London Stock Exchange, we use prices
generated by our Strategy and Economics team (refer to the Climate
change section for further details about our pricing methodology). For
our Annual Report on Form 20-F, filed with the Securities Exchange
Commission (\u2018SEC\u2019), we use consensus price or historical pricing and
comply with subpart 1300 of Regulation S-K (Regulation S-K), instead of
with the JORC code.
We use judgment as to when to include Mineral Resources in
accounting estimates, for example, the use of Mineral Resources in our
depreciation policy as described in note 13 and in the determination of
the date of closure as described in note 14.
There are many uncertainties in the estimation process and assumptions
that are valid at the time of estimation may change significantly when
new information becomes available. New geological or economic data,
or unforeseen operational issues may change estimates of Ore Reserves
and Mineral Resources. This could cause material adjustments in our
financial statements to:
\u2013 Depreciation and amortisation rates;
\u2013 Carrying values of intangible assets and property, plant and
equipment;
\u2013 Deferred stripping costs;
\u2013 Provisions for close-down and restoration costs; and
\u2013 Recovery of deferred tax assets.
To deliver our climate targets, we expect to make capital investment of
US$7.5 billion in decarbonisation projects over the period to 2030,
including around US$1.5 billion in the next three years, mainly relating to
the repowering of the Pilbara. Progress towards our Scope 1 and 2
emissions targets is reflected within executive remuneration.
In 2022, we delivered the first 34MW of renewable power at Gudai-Darri
and announced our plan to invest US$600 million in 200MWh of solar
power facilities and 200MWh of battery storage in the Pilbara by 2026.
We agreed to test at least four battery-powered locomotives, and pilot
battery-powered trucks in the Pilbara in 2024. By 2030, we aim to phase
out the purchase of diesel haulage trucks and\u2006locomotives across our
operations. At the Queensland Alumina refinery we are working to
develop an energy efficient digestion process at an estimated cost of
US$240 million. In 2022, we continued to work with the Queensland
Government and energy providers to design a renewable energy
solution for Boyne Smelter. Similarly, in 2022, Tomago Aluminium
Company released an expression of interest to work towards a green
repowering solution for the Tomago smelter. In addition, we have signed
a 130MW solar power purchase agreement for Richards Bay Minerals
(RBM) in South Africa. We also intend to decarbonise our shipping fleet
and aim to have net zero vessels in our portfolio by 2030. To achieve
this, in 2022 we successfully completed a trial of fuel blend with biofuels
and in 2023-2024 we plan to incorporate nine LNG dual-fuel chartered
vessels into our fleet. Decarbonisation projects are expected to
accelerate beyond 2025, which we expect to include further
decarbonisation of the Pilbara electricity system (estimated at US$3
billion out of the US$7.5 billion total spend by 2030) and other
abatement projects.
We are also stepping up our focus on Scope 3 goals, which are explicitly
linked to executive remuneration. Over 90% of our Scope 3 emissions
are from the downstream processing of iron ore, bauxite and other
products by our customers. We have not set an overall quantitative
Scope 3 emissions target, but instead engage with our customers to
optimise their current operations toward low-emitting, higher efficiency
processes; and foster partnerships with them, which we believe are
more effective ways to advance actions. The shift toward green steel is
underway and we are working on options to beneficiate our Pilbara ores
to be better suited to green steel technologies and are exploring DRI
pathways using sustainable resources such as hydrogen and biomass.
We expect that our annual incremental operating expenditure on
building new teams and energy efficiency initiatives will be around
US$200 million, in addition to R&D investment.
Our ambition is to increase our growth capital expenditure to around
US$2 billion in 2023 and up to US$3 billion per year in 2024-2025 to
capture new growth opportunities with a focus on materials that are
expected to see strong demand growth from the low carbon transition.
This includes investment in future production of lithium at Rincon,
copper at Oyu Tolgoi and Winu and high-grade iron ore from Simandou.
Our budget for central greenfield exploration remains at approximately
US$250 million annually, mainly focused on copper with a growing
battery minerals programme.
For internal capital allocation purposes for major projects, a notional
carbon price of US$75/t CO
2
e is used to incentivise investment in low
carbon abatement options. The US$75/t CO
2
e price is derived from our
analysis of the carbon mitigation options across our assets that are
needed to achieve our emissions targets. This is unrelated to the
different carbon prices we use in our core scenarios which are based on
our assessment of climate policy ambition.
The impact of climate change and the execution of our climate change
strategy on our financial statements is discussed below:
Climate change scenarios
Our strategy and approach to climate change are informed by an
analysis of the interplay of global megatrends, explored through the lens
of plausible global scenarios. These set the context for our industry and
underpin our commodity price outlooks, portfolio and capital allocation
choices and how we operate as a business. There are many plausible
scenarios for global energy transition, all with different impacts on future
Financial statements continued
The unaudited statement of ore reserves is included on page 284 and of
mineral resources on page 296.
h. Impact of climate change on the Group
Strategy and approach to climate change
Over a year ago, we put the low-carbon transition at the heart of our new
strategy, setting a clear pathway to deliver long-term value as well as
ambitious targets to decarbonise our business. In 2022, our
shareholders supported our Climate Action Plan in a non-binding
advisory vote on the Group\u2019s ambitions, emissions targets and actions to
achieve them. Further detail of our approach is provided in the front half
of our Annual Report and in our 2022 Climate Change Report.
Our Scope 1 and 2 emissions reduction targets of 15% by 2025, 50% by
2030 (both relative to our 2018 equity baseline) and the aim to achieve
net zero emissions by 2050 are aligned with 1.5\u00b0C \u2013 the stretch goal of
the Paris Agreement. We have set up six large abatement programmes
focused on renewables, Pacific aluminium operations, ELYSIS
TM
technology, process heat, minerals processing and diesel alternatives.
152 Annual Report 2022\u2000|\u2000riotinto.com
commodity price outcomes. As part of our 2022 strategy process, we
replaced our three scenarios described in the 2021 Annual Report and
now focus on two core scenarios. These are used to generate a single
central Reference Case for use in commodity pricing forecasts,
valuation models and reserves and resources determination, as was the
case in the prior year. These changes in scenarios represent an
evolution of our interpretation and estimations in the current year, not a
change in accounting policy, and as such we have not restated
comparative information. Our two core scenarios are:
\u2013 Competitive Leadership scenario, limiting global warming to
approximately 2\u00b0C by 2100, reflects a rapidly developing world of
high growth and strong climate action post-2030 with change
driven by policy and competitive innovation. As a result, we expect
that countries achieve their Glasgow Climate Pact commitments.
Global weighted average carbon prices are forecast to rise rapidly
at an average of 8% per year over the next three decades, reaching
US$42/tCO
2
e in 2030, and rising rapidly post-2030 to incentivise
significant mitigation in industrial sectors post-2030.
\u2013 Fragmented Leadership scenario, with global warming exceeding
2.5\u00b0C by 2100, is characterised by limited progress on policy reform
with volatile low growth. We expect that nations eventually achieve
their 2030 Nationally Determined Contributions as agreed in Paris in
2015 but fail to progress towards long term carbon goals agreed at
the UN Climate Summit COP26 Glasgow. Global weighted average
carbon prices are forecast to rise slowly, at an average of 2.9% per
year over the period to 2050, reaching US$42 in 2030; but remain
too low post-2030 to incentivise significant mitigation in industrial
sectors resulting in flat global emissions post-2030.
At the UN Climate Summit in late 2022 (COP27), there was broad
recognition that the pace of decarbonisation across the global economy
is too slow to limit warming to 1.5\u00b0C and that current climate policies in
many countries are not yet aligned with their stated ambitions.
Consequently, neither of our two core scenarios is consistent with the
expectation of climate policies required to accelerate the global
transition to meet the stretch goal of the Paris Agreement. Although our
operational emissions reduction targets align with the goals of the Paris
Agreement, our two core scenarios do not. Consequently, we also
assess our sensitivity and test the economic performance of our
business against a scenario we have developed to reflect our view of the
global actions required to meet the stretch goal of the Paris Agreement.
We refer to this Paris-aligned scenario as the Aspirational Leadership
scenario.
Importantly none of our three scenarios are considered a definitive
representation for our assessment of the future impact of climate
change on the Group. Scenario modelling has inherent limitations and
by its nature allows a range of possible outcomes to be considered
where it is impossible to predict which outcome is likely.
The Aspirational Leadership scenario reflects a world of high growth,
significant social change and accelerated climate action. Global
weighted average carbon prices rise rapidly \u2013 at an average of 9.3% per
year over the next three decades \u2013 reaching $59/tCO2e in 2030 and
incentivise rapid and deep reductions in industrial emissions post-2030.
Despite geopolitical differences, major economies work together
through multilateral frameworks and proactively work towards limiting
temperature change to 1.5\u00b0C by 2050. The Aspirational Leadership
scenario is a commodity sales price and carbon tax sensitivity, with all
other inputs remaining equal to our Reference Case; and is built by
design to reach net-zero emissions globally by 2050 and help us better
understand the pathways to meet the Paris Agreement goal, and what
this could mean for our business. It is used for strategy and risk
discussions, including analysis of sensitivity to our view of a Paris-
aligned pathway and comparison of relative economic performance to
our core scenarios.
We do not publish the commodity price forecasts associated with these
scenarios as to do so would weaken our position in commercial
negotiations and might give rise to concerns from other market
participants.
Impacts of climate change pricing scenarios on our portfolio,
low-carbon transition risks and opportunities
Through our strategy process we compare the economic performance
of our portfolio under our two core scenarios and the Aspirational
Leadership scenario and this indicates that overall the economic
performance of our portfolio would be stronger in scenarios with
proactive climate action, particularly in relation to aluminium, copper
and higher-grade iron ore.
We anticipate that all our commodities are needed in the low-carbon
transition, but estimate that the demand varies significantly between our
scenarios. We expect that copper demand will rise from a 2020 base by
65-150% by 2050 across the three scenarios to support a rapid rise in
renewable generation while lithium is expected to be a fundamental
ingredient in electric vehicle batteries and grid-firming energy storage
solutions. Demand for aluminium is expected to grow for use in energy-
efficient lightweight vehicles with demand for aluminium semi-
fabricated products more than doubling in the period 2021-50 in
Aspirational Leadership and Competitive Leadership scenarios, with
moderate demand growth in Fragmented Leadership. Our access to
self-generated hydro power is a source of competitive advantage for
our aluminium business in Canada.
We forecast that global iron ore demand will remain strong with a
premium on higher grade ore needed for the production of green steel,
such as that from our IOC products and the planned investment in
Simandou, which increases in our Aspirational Leadership and
Competitive Leadership scenarios. In our Aspirational Leadership
scenario, accelerated switching to green steel and increasing scrap use
reduces the relative value of low-grade iron ore in the Pilbara.
We will need to carefully monitor and manage transition risks linked to
our operational Scope 1 and 2 emissions and value-chain Scope 3
emissions. In particular, we expect the decarbonisation of our assets to
benefit from the implementation of new technologies. The pace of
technological development is uncertain, which could delay or increase
the cost of our decarbonisation efforts.
Our Aspirational Leadership scenario predicts the Group's overall
economic performance would fall between the Fragmented Leadership
and Competitive Leadership scenarios. This reflects higher estimated
economic performance for our copper and aluminium businesses in the
Aspirational Leadership scenario, based on their higher price profiles,
offset by higher expected carbon penalties across our operating
jurisdictions, and lower prices for lower grade iron ore products. Refer
below for our assessment of the accounting implications of forecast
commodity pricing in the Aspirational Leadership scenario.
Physical risk
In 2022, we launched the Physical Resilience Programme across the
Group. During the year we commenced a physical risk and resilience
assessment across prioritised risk areas: the entire Pilbara iron ore
operation and the Saguenay aluminium operations focused on Lac
Saint-Jean. Our ongoing review processes, including impairment
assessments, have not identified any material accounting impacts to
date. For example, in 2022, no write-offs are necessary in the Pilbara,
where certain infrastructure assets, such as transmission lines, that have
reached the end of their natural lives are being replaced with climate
resilient infrastructure. In addition, we do not foresee the renewal of our
contractual water rights in Canada that have been classified as
indefinite-lived intangible assets to be at risk from climate change (note
12). Further, closure planning considers future climate change
projections at each step of the process to support safe and appropriate
final landform design. In 2023, we will progress a Group-wide top-down
assessment to further understand the risks and opportunities associated
with physical climate change and to quantify any financial impacts, in
addition to the site-specific bottom-up assessments, which will continue
in the foreseeable future.
Financial statements
Annual Report 2022 | riotinto.com 153
153Annual Report 2022 | riotinto.com
Financial statements
Accounting judgments and estimates
Global decarbonisation and the world\u2019s energy transition continues to
evolve, with the potential to materially impact our future financial results
as our significant accounting judgments and key estimates are updated
to reflect prevailing circumstances. In response, carrying values of
assets and liabilities could be materially affected in future periods. Our
current strategy and approach to decarbonise our operations and
achieve our scope 1 and 2 emissions targets is considered in our
significant judgments and key estimates reflected in these financial
results.
Impacts from executing our climate change strategy - accounting for
capital expenditure and operating costs underpinning our Climate
Action Plan
Given the significant investment we are making to abate our carbon
emissions, we have considered the potential for asset obsolescence,
with a particular focus on our Pilbara operations where we are
prioritising investment in renewables to switch away from natural gas
power generation. No material changes to accounting estimates to
useful economic lives have been necessary due to the anticipated use
of these assets for firming support in the transition (note 13). As the
renewable projects progress, it is possible that such adjustments may
be identified in the future. The renewable assets in the Pilbara are our
own built and operated arrangements and follow normal rules on
capitalisation of directly attributable costs. The solar power purchase
agreement for RBM is accounted for on an accrual basis as energy is
produced.
There are no accounting impacts to date from the programme to
develop renewable energy solutions for our Queensland aluminium
assets as the work has not been completed and commercial terms have
not been agreed. Large scale renewable power off-take arrangements
may, in the future, require complex derivative measurement or lease
accounting depending on contractual terms.
No adjustments to useful lives of the existing fleet have been identified
to date as a result of planned fleet electrification in the Pilbara and the
purchase of battery-powered locomotives. The solutions are still in
development or pilot stages and the gradual fleet replacement is
intended to be part of the normal lifecycle renewal of trucks. Depending
on technological development, which is highly uncertain, this could lead
to accelerated depreciation in the future. Similarly, our target to have net
zero vessels in our portfolio by 2030 has not given rise to accounting
adjustments to date, as the replacement is planned as part of the
lifecycle renewal. The energy efficiency digestion project at
Queensland Alumina refinery does not reduce the economic lives of the
underlying alumina assets but could lower operating costs and improve
margins. The expenditure on our own carbon abatement projects and
technology advancements follows existing accounting policies on cost
capitalisation, research and development costs.
Use of sensitivities to Paris aligned accounting
The forecast commodity prices (including carbon prices) informed by a
blend of our two scenarios are used pervasively in our financial
processes from budgeting, forecasting, capital allocation and project
evaluation to the determination of ore reserves. In turn, these prices are
used to derive critical accounting estimates included as inputs to
impairment testing, estimation of remaining economic life for units of
production depreciation and discounting closure and rehabilitation
provisions. These prices represent our best estimate of actual market
outcomes based on the range of future economic conditions regarding
matters largely outside our control, as required by IFRS. As neither of our
core scenarios represents the Group\u2019s view of the goals of the Paris
Agreement, our commodity price assumptions used in accounting
estimates are not consistent with the expectation of climate policies
required to accelerate the global transition to meet the goals of the Paris
Agreement. As described above, we use our Aspirational Leadership
scenario to understand the sensitivity of these estimates to Paris aligned
assumptions.
Under the Aspirational Leadership scenario, which is not used in the
preparation of these financial statements, nor for budgeting purposes,
the economic performance of copper and aluminium is expected to be
stronger under supply and demand forward pricing curves which we
believe will be consistent with the Paris Agreement. It is possible
therefore, under the right conditions, that historical impairments
associated with these assets could reverse. We recognised an
impairment of US$202 million during the year for the Boyne smelter
cash-generating unit, triggered by economic and operating
performance of the smelter (note 4). When measuring the recoverable
amount for this cash-generating unit we utilised net present value of
cash flows to the end of the existing joint venture agreements in 2029,
which also coincides with the Group\u2019s targeted carbon emission
reductions by 2030. The Group continues to evaluate lower emission
power solutions for the smelter that could extend its life to at least 2040.
In such circumstances, the net present value of forecast future cash
flows could support the reversal of past impairments. Both the recorded
outcome and the sensitivity represent a reduction in emissions that we
considered to be Paris-aligned.
In the Aspirational Leadership scenario the prices for lower-grade iron
ore are supported in the medium term by an assumed underlying
increase in GDP-driven demand. However, in the longer term we assume
the pricing for lower grade iron ore to be weaker than in our core
scenarios. This will depend on the development of low-emissions steel
technology, the pace of which is uncertain, but is expected to be offset
by higher prices for higher-grade iron ore. This is unlikely to give rise to
impairment triggers for 2022 or in the foreseeable future due to the high
returns on capital employed in the Pilbara.
We completed the divestments of our coal businesses in 2018 and no
longer mine coal, but retained a contingent royalty from these
divestments. Recent favourable coal prices exceeded contractual
benchmark levels and resulted in the cash royalty receipt of US$36
million during 2022. We also carry royalty receivables of US$209 million
on our balance sheet at 31 December 2022, measured at fair value (note
24). The fair value of this balance may be adversely impacted in the
future by a faster pace of transition to a low carbon economy, but this
impact is not expected to be material.
Closure dates and cost of closure are also sensitive to climate
assumptions, but no material changes have been identified in the year
specific to climate change that would require a material revision to the
provisions in 2022. For those commodities with higher forward price
curves under the Aspirational Leadership scenario, it may be
economical to mine lower mineral grades, which could result in the
conversion of additional Mineral Resources to Ore Reserves and
therefore longer dated closure.
Overall, based on the Aspirational Leadership scenario pricing
outcomes, and with all other assumptions remaining consistent with
those applied to our 2022 financial statements, we do not currently
envisage a material adverse impact of the 1.5\u00b0C Paris-aligned sensitivity
on asset carrying values, remaining useful life, or closure and
rehabilitation provisions for the Group. It is possible that other factors
may arise in the future, which are not known today, that may impact this
assessment.
Additional commentary on the impact of climate change on our business
is included in the following notes:
Financial statements continued
154 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com154
Accounting judgments and estimates Global decarbonisation and the world\u2019s energy transition continues to evolve, with the potential to materially impact our future financial results as our significant accounting judgments and key estimates are updated to reflect prevailing circumstances. In response, carrying values of assets and liabilities could be materially affected in future periods. Our current strategy and approach to decarbonise our operations and achieve our scope 1 and 2 emissions targets is considered in our significant judgments and key estimates reflected in these financial results. Impacts from executing our climate change strategy - accounting for capital expenditure and operating costs underpinning our Climate Action Plan Given the significant investment we are making to abate our carbon emissions, we have considered the potential for asset obsolescence, with a particular focus on our Pilbara operations where we are prioritising investment in renewables to switch away from natural gas power generation. No material changes to accounting estimates to useful economic lives have been necessary due to the anticipated use of these assets for firming support in the transition (note 13). As the renewable projects progress, it is possible that such adjustments may be identified in the future. The renewable assets in the Pilbara are our own built and operated arrangements and follow normal rules on capitalisation of directly attributable costs. The solar power purchase agreement for RBM is accounted for on an accrual basis as energy is produced. There are no accounting impacts to date from the programme to develop renewable energy solutions for our Queensland aluminium assets as the work has not been completed and commercial terms have not been agreed. Large scale renewable power off-take arrangements may, in the future, require complex derivative measurement or lease accounting depending on contractual terms. No adjustments to useful lives of the existing fleet have been identified to date as a result of planned fleet electrification in the Pilbara and the purchase of battery-powered locomotives. The solutions are still in development or pilot stages and the gradual fleet replacement is intended to be part of the normal lifecycle renewal of trucks. Depending on technological development, which is highly uncertain, this could lead to accelerated depreciation in the future. Similarly, our target to have net zero vessels in our portfolio by 2030 has not given rise to accounting adjustments to date, as the replacement is planned as part of the lifecycle renewal. The energy efficiency digestion project at Queensland Alumina refinery does not reduce the economic lives of the underlying alumina assets but could lower operating costs and improve margins. The expenditure on our own carbon abatement projects and technology advancements follows existing accounting policies on cost capitalisation, research and development costs. Use of sensitivities to Paris aligned accounting The forecast commodity prices (including carbon prices) informed by a blend of our two scenarios are used pervasively in our financial processes from budgeting, forecasting, capital allocation and project evaluation to the determination of ore reserves. In turn, these prices are used to derive critical accounting estimates included as inputs to impairment testing, estimation of remaining economic life for units of production depreciation and discounting closure and rehabilitation provisions. These prices represent our best estimate of actual market outcomes based on the range of future economic conditions regarding matters largely outside our control, as required by IFRS. As neither of our core scenarios represents the Group\u2019s view of the goals of the Paris Agreement, our commodity price assumptions used in accounting estimates are not consistent with the expectation of climate policies required to accelerate the global transition to meet the goals of the Paris Agreement. As described above, we use our Aspirational Leadership scenario to understand the sensitivity of these estimates to Paris aligned assumptions. Under the Aspirational Leadership scenario, which is not used in the preparation of these financial statements, nor for budgeting purposes, the economic performance of copper and aluminium is expected to be stronger under supply and demand forward pricing curves which we believe will be consistent with the Paris Agreement. It is possible therefore, under the right conditions, that historical impairments associated with these assets could reverse. We recognised an impairment of US$202 million during the year for the Boyne smelter cash-generating unit, triggered by economic and operating performance of the smelter (note 4). When measuring the recoverable amount for this cash-generating unit we utilised net present value of cash flows to the end of the existing joint venture agreements in 2029, which also coincides with the Group\u2019s targeted carbon emission reductions by 2030. The Group continues to evaluate lower emission power solutions for the smelter that could extend its life to at least 2040. In such circumstances, the net present value of forecast future cash flows could support the reversal of past impairments. Both the recorded outcome and the sensitivity represent a reduction in emissions that we considered to be Paris-aligned. In the Aspirational Leadership scenario the prices for lower-grade iron ore are supported in the medium term by an assumed underlying increase in GDP-driven demand. However, in the longer term we assume the pricing for lower grade iron ore to be weaker than in our core scenarios. This will depend on the development of low-emissions steel technology, the pace of which is uncertain, but is expected to be offset by higher prices for higher-grade iron ore. This is unlikely to give rise to impairment triggers for 2022 or in the foreseeable future due to the high returns on capital employed in the Pilbara. We completed the divestments of our coal businesses in 2018 and no longer mine coal, but retained a contingent royalty from these divestments. Recent favourable coal prices exceeded contractual benchmark levels and resulted in the cash royalty receipt of US$36 million during 2022. We also carry royalty receivables of US$209 million on our balance sheet at 31 December 2022, measured at fair value (note 24). The fair value of this balance may be adversely impacted in the future by a faster pace of transition to a low carbon economy, but this impact is not expected to be material. Closure dates and cost of closure are also sensitive to climate assumptions, but no material changes have been identified in the year specific to climate change that would require a material revision to the provisions in 2022. For those commodities with higher forward price curves under the Aspirational Leadership scenario, it may be economical to mine lower mineral grades, which could result in the conversion of additional Mineral Resources to Ore Reserves and therefore longer dated closure. Overall, based on the Aspirational Leadership scenario pricing outcomes, and with all other assumptions remaining consistent with those applied to our 2022 financial statements, we do not currently envisage a material adverse impact of the 1.5\u00b0C Paris-aligned sensitivity on asset carrying values, remaining useful life, or closure and rehabilitation provisions for the Group. It is possible that other factors may arise in the future, which are not known today, that may impact this assessment. Additional commentary on the impact of climate change on our business is included in the following notes: Financial statements continued 154 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com154 Accounting judgments and estimates Global decarbonisation and the world\u2019s energy transition continues to evolve, with the potential to materially impact our future financial results as our significant accounting judgments and key estimates are updated to reflect prevailing circumstances. In response, carrying values of assets and liabilities could be materially affected in future periods. Our current strategy and approach to decarbonise our operations and achieve our scope 1 and 2 emissions targets is considered in our significant judgments and key estimates reflected in these financial results. Impacts from executing our climate change strategy - accounting for capital expenditure and operating costs underpinning our Climate Action Plan Given the significant investment we are making to abate our carbon emissions, we have considered the potential for asset obsolescence, with a particular focus on our Pilbara operations where we are prioritising investment in renewables to switch away from natural gas power generation. No material changes to accounting estimates to useful economic lives have been necessary due to the anticipated use of these assets for firming support in the transition (note 13). As the renewable projects progress, it is possible that such adjustments may be identified in the future. The renewable assets in the Pilbara are our own built and operated arrangements and follow normal rules on capitalisation of directly attributable costs. The solar power purchase agreement for RBM is accounted for on an accrual basis as energy is produced. There are no accounting impacts to date from the programme to develop renewable energy solutions for our Queensland aluminium assets as the work has not been completed and commercial terms have not been agreed. Large scale renewable power off-take arrangements may, in the future, require complex derivative measurement or lease accounting depending on contractual terms. No adjustments to useful lives of the existing fleet have been identified to date as a result of planned fleet electrification in the Pilbara and the purchase of battery-powered locomotives. The solutions are still in development or pilot stages and the gradual fleet replacement is intended to be part of the normal lifecycle renewal of trucks. Depending on technological development, which is highly uncertain, this could lead to accelerated depreciation in the future. Similarly, our target to have net zero vessels in our portfolio by 2030 has not given rise to accounting adjustments to date, as the replacement is planned as part of the lifecycle renewal. The energy efficiency digestion project at Queensland Alumina refinery does not reduce the economic lives of the underlying alumina assets but could lower operating costs and improve margins. The expenditure on our own carbon abatement projects and technology advancements follows existing accounting policies on cost capitalisation, research and development costs. Use of sensitivities to Paris aligned accounting The forecast commodity prices (including carbon prices) informed by a blend of our two scenarios are used pervasively in our financial processes from budgeting, forecasting, capital allocation and project evaluation to the determination of ore reserves. In turn, these prices are used to derive critical accounting estimates included as inputs to impairment testing, estimation of remaining economic life for units of production depreciation and discounting closure and rehabilitation provisions. These prices represent our best estimate of actual market outcomes based on the range of future economic conditions regarding matters largely outside our control, as required by IFRS. As neither of our core scenarios represents the Group\u2019s view of the goals of the Paris Agreement, our commodity price assumptions used in accounting estimates are not consistent with the expectation of climate policies required to accelerate the global transition to meet the goals of the Paris Agreement. As described above, we use our Aspirational Leadership scenario to understand the sensitivity of these estimates to Paris aligned assumptions. Under the Aspirational Leadership scenario, which is not used in the preparation of these financial statements, nor for budgeting purposes, the economic performance of copper and aluminium is expected to be stronger under supply and demand forward pricing curves which we believe will be consistent with the Paris Agreement. It is possible therefore, under the right conditions, that historical impairments associated with these assets could reverse. We recognised an impairment of US$202 million during the year for the Boyne smelter cash-generating unit, triggered by economic and operating performance of the smelter (note 4). When measuring the recoverable amount for this cash-generating unit we utilised net present value of cash flows to the end of the existing joint venture agreements in 2029, which also coincides with the Group\u2019s targeted carbon emission reductions by 2030. The Group continues to evaluate lower emission power solutions for the smelter that could extend its life to at least 2040. In such circumstances, the net present value of forecast future cash flows could support the reversal of past impairments. Both the recorded outcome and the sensitivity represent a reduction in emissions that we considered to be Paris-aligned. In the Aspirational Leadership scenario the prices for lower-grade iron ore are supported in the medium term by an assumed underlying increase in GDP-driven demand. However, in the longer term we assume the pricing for lower grade iron ore to be weaker than in our core scenarios. This will depend on the development of low-emissions steel technology, the pace of which is uncertain, but is expected to be offset by higher prices for higher-grade iron ore. This is unlikely to give rise to impairment triggers for 2022 or in the foreseeable future due to the high returns on capital employed in the Pilbara. We completed the divestments of our coal businesses in 2018 and no longer mine coal, but retained a contingent royalty from these divestments. Recent favourable coal prices exceeded contractual benchmark levels and resulted in the cash royalty receipt of US$36 million during 2022. We also carry royalty receivables of US$209 million on our balance sheet at 31 December 2022, measured at fair value (note 24). The fair value of this balance may be adversely impacted in the future by a faster pace of transition to a low carbon economy, but this impact is not expected to be material. Closure dates and cost of closure are also sensitive to climate assumptions, but no material changes have been identified in the year specific to climate change that would require a material revision to the provisions in 2022. For those commodities with higher forward price curves under the Aspirational Leadership scenario, it may be economical to mine lower mineral grades, which could result in the conversion of additional Mineral Resources to Ore Reserves and therefore longer dated closure. Overall, based on the Aspirational Leadership scenario pricing outcomes, and with all other assumptions remaining consistent with those applied to our 2022 financial statements, we do not currently envisage a material adverse impact of the 1.5\u00b0C Paris-aligned sensitivity on asset carrying values, remaining useful life, or closure and rehabilitation provisions for the Group. It is possible that other factors may arise in the future, which are not known today, that may impact this assessment. Additional commentary on the impact of climate change on our business is included in the following notes: Financial statements continued 154 Annual Report 2022\u2000|\u2000riotinto.com Financial reporting considerations and sensitivities related to climate change Page Recoverable value of our assets, asset obsolescence, impairment and use of sensitivities (note 4) 168 Operating expenditure spend on decarbonisation (note 7 - footnote (h)) 171 Water rights - climate impact on indefinite life (note 12) 177 Estimation of asset lives (note 13) 179 Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) 181 Useful economic lives of power generating assets (note 13) 181 Close-down, restoration and environmental cost (note 14) 185 Coal royalty receivables (note 24) 200 i. New standards issued and effective in the current year Our financial statements have been prepared on the basis of accounting policies consistent with those applied in the financial statements for the year ended 31 December 2021, except for the accounting requirements set out below, effective as at 1 January 2022. These did not have a significant impact on our financial statements. Proceeds before Intended Use (Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d) We adopted Proceeds before Intended Use (Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d) at 1 January 2022. The amendment prohibits the deduction, from the cost of major project construction work in progress, of proceeds (net of additional processing costs) from selling items before the related item of property, plant and equipment is available for use. Under the amendment, proceeds from selling items before the related item of property, plant and equipment is available for use are recognised within \u201cConsolidated sales revenue\u201d in the income statement along with the costs of producing those items within \u201cNet operating costs (excluding items disclosed separately)\u201d. We apportion development expenditure in the period to derive the cost associated with pre-production revenue, based on the tonnes produced in the period as a percentage of the total expected production (estimated total ore reserve). During 2021 we completed a review of the impact of these amendments and concluded that adjustments to retained earnings as at 1 January 2020, and restatement of the 2020 and 2021 Group Income Statement and Balance Sheet upon adoption of the amendments, were insignificant and as a result no restatements were made to comparative periods. During the year ended 31 December 2022 we recognised in the income statement pre-production revenue of US$511 million and related costs of US$30 million in relation to Gudai Darri and Oyu Tolgoi. Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d) We adopted Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d) at 1 January 2022. The amendments specify that the costs an entity includes in determining whether a contract is onerous are made up of all directly related costs, including both incremental amounts and an allocation of other directly related expenditure. Previously, we made provision for onerous contracts when the assets dedicated to the contract were fully impaired or the contract became stranded as a result of a business decision. From 2022, we record a provision if a contract is found to be loss-making on a stand-alone basis following allocation of all directly related costs as required by the amendments to IAS 37. We have applied the amendments without revision to comparative amounts. We have increased other provisions and reduced our retained earnings as at 1 January 2022 by US$17 million. j. Reconciliation with Australian Accounting Standards Our financial statements have been prepared in accordance with IFRS, as defined in the \u2018Basis of preparation\u2019 on page 148, which differs in certain respects from the version of International Financial Reporting Standards that is applicable in Australia, referred to as Australian Accounting Standards (AAS). We are required to disclose the effect of the adjustments to our consolidated income statement, consolidated total comprehensive income/(loss) and consolidated shareholders\u2019 funds if our accounts were prepared under the version of IFRS that is applicable in Australia. This is in order to satisfy the obligations of Rio Tinto Limited to prepare consolidated accounts under Australian company law, as amended by an order issued by the Australian Securities and Investments Commission on 16 July 2021. Prior to 1 January 2004, our financial statements were prepared in accordance with UK GAAP. Under IFRS, goodwill on acquisitions prior t o 1998, which was eliminated directly against equity in the Group\u2019s UK GAAP financial statements, has not been reinstated. This was permitted under the rules governing the transition to IFRS set out in IFRS 1. The equivalent Australian Standard, AASB 1, does not provide for the netting of goodwill against equity. As a consequence, shareholders\u2019 funds under AAS include the residue of such goodwill, which amounted to US$380 million at 31 December 2022 (2021: US$377 million). Save for the exception described above, the Group\u2019s financial statements prepared in accordance with IFRS are consistent with the requirements of AAS. Financial statements Annual Report 2022 | riotinto.com 155 155Annual Report 2022 | riotinto.com Financial statements Year ended 31 December 2022 Attributable to owners of Rio Tinto Share capital (note 34) US$m Share premium account US$m Other reserves (note 35) US$m Retained earnings (note 35) US$m Total US$m Non- controlling interests US$m Total equity US$m Opening balance 3,777 4,320 9,998 33,337 51,432 5,158 56,590 Adjustment for transition to new accounting pronouncements \u2014 \u2014 \u2014 (17) (17) \u2014 (17) Revised opening balance 3,777 4,320 9,998 33,320 51,415 5,158 56,573 Total comprehensive income for the year (a) \u2014 \u2014 (2,165) 12,870 10,705 502 11,207 Currency translation arising on Rio Tinto Limited's share capital (240) \u2014 \u2014 \u2014 (240) \u2014 (240) Dividends (note 3) \u2014 \u2014 \u2014 (11,716) (11,716) (421) (12,137) Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees \u2014 \u2014 (84) (16) (100) \u2014 (100) Change in equity interest held by Rio Tinto (note 5) \u2014 \u2014 \u2014 701 701 (3,907) (3,206) Treasury shares reissued and other movements \u2014 2 \u2014 \u2014 2 \u2014 2 Equity issued to holders of non-controlling interests (note 30) \u2014 \u2014 \u2014 (711) (711) 797 86 Employee share awards charged to the income statement \u2014 \u2014 56 63 119 \u2014 119 Transfers and other movements \u2014 \u2014 \u2014 \u2014 \u2014 (30) (30) Closing balance 3,537 4,322 7,805 34,511 50,175 2,099 52,274 Year ended 31 December 2021 Attributable to owners of Rio Tinto Share capital (note 34) US$m Share premium account US$m Other reserves (note 35) US$m Retained earnings (note 35) US$m Total US$m Non- controlling interests US$m Total equity US$m Opening balance 3,988 4,314 11,960 26,792 47,054 4,849 51,903 Total comprehensive income for the year (a) \u2014 \u2014 (1,916) 21,812 19,896 1,409 21,305 Currency translation arising on Rio Tinto Limited's share capital (211) \u2014 \u2014 \u2014 (211) \u2014 (211) Dividends (note 3) \u2014 \u2014 \u2014 (15,385) (15,385) (1,090) (16,475) Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees \u2014 \u2014 (95) (18) (113) \u2014 (113) Change in equity interest held by Rio Tinto \u2014 \u2014 \u2014 76 76 (76) \u2014 Treasury shares reissued and other movements \u2014 6 \u2014 \u2014 6 \u2014 6 Equity issued to holders of non-controlling interests \u2014 \u2014 \u2014 \u2014 \u2014 66 66 Employee share awards charged to the income statement \u2014 \u2014 49 60 109 \u2014 109 Closing balance 3,777 4,320 9,998 33,337 51,432 5,158 56,590 Year ended 31 December 2020 Attributable to owners of Rio Tinto Share capital (note 34) US$m Share premium account US$m Other reserves (note 35) US$m Retained earnings (note 35) US$m Total US$m Non- controlling interests US$m Total equity US$m Opening balance 3,655 4,313 9,177 23,387 40,532 4,710 45,242 Total comprehensive income for the year (a) \u2014 \u2014 2,798 9,403 12,201 783 12,984 Currency translation arising on Rio Tinto Limited's share capital 333 \u2014 \u2014 \u2014 333 \u2014 333 Dividends (note 3) \u2014 \u2014 \u2014 (6,132) (6,132) (689) (6,821) Share buy-back \u2014 \u2014 \u2014 (1) (1) \u2014 (1) Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees \u2014 \u2014 (76) (31) (107) \u2014 (107) Change in equity interest held by Rio Tinto \u2014 \u2014 \u2014 84 84 (84) \u2014 Treasury shares reissued and other movements \u2014 1 \u2014 \u2014 1 \u2014 1 Equity issued to holders of non-controlling interests \u2014 \u2014 \u2014 \u2014 \u2014 129 129 Employee share awards charged to the income statement \u2014 \u2014 61 82 143 \u2014 143 Closing balance 3,988 4,314 11,960 26,792 47,054 4,849 51,903 The notes on pages 148 to 155 and pages 161 to 242 are an integral part of these consolidated financial statements. (a) Refer to the Group statement of comprehensive income for further details. Adjustments to other reserves include currency translation attributable to owners of Rio Tinto, other than that arising on Rio Tinto Limited\u2019s share capital. Financial statements continued Group Statement of Changes in Equity 160 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com160 Year ended 31 December 2022 Attributable to owners of Rio Tinto Share capital (note 34) US$m Share premium account US$m Other reserves (note 35) US$m Retained earnings (note 35) US$m Total US$m Non- controlling interests US$m Total equity US$m Opening balance 3,777 4,320 9,998 33,337 51,432 5,158 56,590 Adjustment for transition to new accounting pronouncements \u2014 \u2014 \u2014 (17) (17) \u2014 (17) Revised opening balance 3,777 4,320 9,998 33,320 51,415 5,158 56,573 Total comprehensive income for the year (a) \u2014 \u2014 (2,165) 12,870 10,705 502 11,207 Currency translation arising on Rio Tinto Limited's share capital (240) \u2014 \u2014 \u2014 (240) \u2014 (240) Dividends (note 3) \u2014 \u2014 \u2014 (11,716) (11,716) (421) (12,137) Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees \u2014 \u2014 (84) (16) (100) \u2014 (100) Change in equity interest held by Rio Tinto (note 5) \u2014 \u2014 \u2014 701 701 (3,907) (3,206) Treasury shares reissued and other movements \u2014 2 \u2014 \u2014 2 \u2014 2 Equity issued to holders of non-controlling interests (note 30) \u2014 \u2014 \u2014 (711) (711) 797 86 Employee share awards charged to the income statement \u2014 \u2014 56 63 119 \u2014 119 Transfers and other movements \u2014 \u2014 \u2014 \u2014 \u2014 (30) (30) Closing balance 3,537 4,322 7,805 34,511 50,175 2,099 52,274 Year ended 31 December 2021 Attributable to owners of Rio Tinto Share capital (note 34) US$m Share premium account US$m Other reserves (note 35) US$m Retained earnings (note 35) US$m Total US$m Non- controlling interests US$m Total equity US$m Opening balance 3,988 4,314 11,960 26,792 47,054 4,849 51,903 Total comprehensive income for the year (a) \u2014 \u2014 (1,916) 21,812 19,896 1,409 21,305 Currency translation arising on Rio Tinto Limited's share capital (211) \u2014 \u2014 \u2014 (211) \u2014 (211) Dividends (note 3) \u2014 \u2014 \u2014 (15,385) (15,385) (1,090) (16,475) Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees \u2014 \u2014 (95) (18) (113) \u2014 (113) Change in equity interest held by Rio Tinto \u2014 \u2014 \u2014 76 76 (76) \u2014 Treasury shares reissued and other movements \u2014 6 \u2014 \u2014 6 \u2014 6 Equity issued to holders of non-controlling interests \u2014 \u2014 \u2014 \u2014 \u2014 66 66 Employee share awards charged to the income statement \u2014 \u2014 49 60 109 \u2014 109 Closing balance 3,777 4,320 9,998 33,337 51,432 5,158 56,590 Year ended 31 December 2020 Attributable to owners of Rio Tinto Share capital (note 34) US$m Share premium account US$m Other reserves (note 35) US$m Retained earnings (note 35) US$m Total US$m Non- controlling interests US$m Total equity US$m Opening balance 3,655 4,313 9,177 23,387 40,532 4,710 45,242 Total comprehensive income for the year (a) \u2014 \u2014 2,798 9,403 12,201 783 12,984 Currency translation arising on Rio Tinto Limited's share capital 333 \u2014 \u2014 \u2014 333 \u2014 333 Dividends (note 3) \u2014 \u2014 \u2014 (6,132) (6,132) (689) (6,821) Share buy-back \u2014 \u2014 \u2014 (1) (1) \u2014 (1) Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees \u2014 \u2014 (76) (31) (107) \u2014 (107) Change in equity interest held by Rio Tinto \u2014 \u2014 \u2014 84 84 (84) \u2014 Treasury shares reissued and other movements \u2014 1 \u2014 \u2014 1 \u2014 1 Equity issued to holders of non-controlling interests \u2014 \u2014 \u2014 \u2014 \u2014 129 129 Employee share awards charged to the income statement \u2014 \u2014 61 82 143 \u2014 143 Closing balance 3,988 4,314 11,960 26,792 47,054 4,849 51,903 The notes on pages 148 to 155 and pages 161 to 242 are an integral part of these consolidated financial statements. (a) Refer to the Group statement of comprehensive income for further details. Adjustments to other reserves include currency translation attributable to owners of Rio Tinto, other than that arising on Rio Tinto Limited\u2019s share capital. Financial statements continued Group Statement of Changes in Equity 160 Annual Report 2022\u2000|\u2000riotinto.com Our financial performance We use a number of measures, including segmental revenue, underlying EBITDA, and capital expenditure to provide us with a greater understanding of our operations\u2019 underlying business performance including revenue generation, productivity and cost management, on a comparable basis between reporting years. 1 Our financial performance by segment Our management structure is based on principal product groups (PG) together with global support functions whose leaders make up the Executive Committee. The Executive Committee members each report directly to our Chief Executive who is the chief operating decision maker (CODM) and is responsible for allocating resources and assessing performance of the operating segments. The CODM\u2019s primary measure of profit is underlying EBITDA. Finance costs and net debt are managed on a Group-wide basis and are therefore excluded from the segmental results. Our reportable segments are as follows: Reportable segment Principal activities Iron Ore Iron ore mining and salt and gypsum production in Western Australia. Aluminium Bauxite mining; alumina refining; aluminium smelting. Copper Mining and refining of copper, gold, silver, molybdenum and other by-products; exploration activities together with the Simandou iron ore project, which was the responsibility of the Copper product group chief executive during 2022. Minerals Includes businesses with products such as borates, titanium dioxide feedstock together with the Iron Ore Company of Canada (iron ore mining and iron concentrate/pellet production). Also includes diamond mining, sorting and marketing. Year ended 31 December 2022 Segmental revenue US$m Underlying EBITDA US$m Capital expenditure (a) US$m Iron Ore 30,906 18,612 2,940 Aluminium 14,109 3,672 1,377 Copper 6,699 2,376 1,622 Minerals 6,754 2,419 679 Reportable segments total 58,468 27,079 6,618 Other Operations 192 (16) 53 Inter-segment transactions (256) 24 Share of equity accounted units (b) (2,850) Central pension costs, share-based payments, insurance and derivatives 377 Restructuring, project and one-off costs (173) Central costs (766) Central exploration and evaluation expenditures (253) Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 55,554 6,750 Underlying EBITDA (page 163) 26,272 Financial statements Notes to the 2022 financial statements Annual Report 2022 | riotinto.com 161 161Annual Report 2022 | riotinto.com Financial statements 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com162 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com162 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Underlying EBITDA Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of items, which do not reflect the underlying performance of our reportable segments. Other relevant judgments - Exclusions from underlying EBITDA Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from profit after tax in arriving at underlying EBITDA in each year irrespective of materiality: \u2013 Depreciation and amortisation in subsidiaries and equity accounted units; \u2013 Taxation and finance items in equity accounted units; \u2013 Taxation and finance items relating to subsidiaries; \u2013 Unrealised gains/(losses) on embedded derivatives not qualifying for hedge accounting; \u2013 Net gains/(losses) on disposal of interests in subsidiaries; \u2013 Impairment charges net of reversals; \u2013 The underlying EBITDA of discontinued operations; \u2013 Adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period. In addition, there is a final judgmental category which includes, where applicable, other credits and charges that, individually or in aggregate i f of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In 2022 this category included the gain recognised by Kitimat relating to LNG Canada's project and the gain recognised upon sale of the Corte z royalty. In 2021 the category included the changes in closure estimates at Energy Resources of Australia and Gove Refinery. 2022 US$m 2021 US$m 2020 US$m Profit after tax for the year 13,076 22,575 10,400 Taxation 5,586 8,258 4,991 Profit before taxation 18,662 30,833 15,391 Depreciation and amortisation in subsidiaries excluding capitalised depreciation (a) 4,871 4,525 4,074 Depreciation and amortisation in equity accounted units 470 497 576 Finance items in subsidiaries 1,846 26 1,751 Taxation and finance items in equity accounted units 640 759 443 (Gains)/Losses on embedded commodity derivatives not qualifying for hedge accounting (including foreign exchange) (6) 51 (6) Impairment charges net of reversals (b) 52 269 1,272 Gain recognised by Kitimat relating to LNG Canada's project (c) (116) (336) \u2014 Change in closure estimates (non-operating and fully impaired sites) (d) 180 1,096 401 Loss on disposal of interests in subsidiary (b) 105 \u2014 \u2014 Gain on sale of the Cortez Royalty (e) (432) \u2014 \u2014 Underlying EBITDA 26,272 37,720 23,902 (a) Depreciation and amortisation in subsidiaries for the year ended 31 December 2022 is net of capitalised depreciation of US$139 million (31 December 2021: US$172 million; 31 December 2020: US$205 million). (b) Refer to note 4 (c) During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulting gain has been excluded from underlying EBITDA consistent with prior years as it is part of a series of transactions that together were material. On 3 December 2021 we gained control over a new wharf at Kitimat, Canada that was built and paid for by LNG Canada. The gain on recognition was excluded from underlying EBITDA on the grounds of individual magnitude and consistency with the associated impairment charge in 2021, refer to note 4. (d) In 2022 the charge relates to re-estimates of underlying closure cash flows for legacy sites where the environmental damage preceded ownership by Rio Tinto. On 2 February 2022, Energy Resources of Australia released preliminary findings from its reforecast of the total undiscounted cost schedule for the Ranger rehabilitation project. Information available from this study resulted in the Group recording an increase to the closure provision of US$510 million at 31 December 2021. Other increases to closure estimates charged to the income statement in 2021 relate to Diavik, Gove refinery, and a number of the Group's legacy sites where the environmental damage preceded ownership by Rio Tinto. The adjustments at Energy Resources Australia and Gove refinery were recognised in the income statement as these are non-operating sites, and excluded from underlying earnings due to the magnitude of the individual updates and materiality when aggregated. In 2020 we recognised an increase in the Diavik closure provision based on preliminary Pre-Feasibility Study findings. On completion of the study in 2021 a true-up was recorded in the income statement and excluded from underlying earnings in line with the treatment of the initial increase in 2020, which was excluded from underlying EBITDA as Diavik was fully impaired during the year. Other closure costs excluded in 2020 were the increase in the Gove refinery closure provision offset by a decrease in the Argyle mine closure provision on completion of Pre- Feasibility Studies at each site. The 2020 comparative also included the underlying EBITDA impact (US$138 million loss) in respect of increases to Closure provisions in legacy and non- operating sites following a reduction to the closure discount rate to 1.5%. (e) On 2 August 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty has been excluded from underlying EBITDA on the grounds of individual magnitude. Financial statements Annual Report 2022 | riotinto.com 163 163Annual Report 2022 | riotinto.com Financial statements 2 Earnings per ordinary share Basic earnings per share 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,619.8 1,618.4 1,617.4 Basic earnings per ordinary share (cents) 766.8 1,303.4 604.0 (a) The weighted average number of shares is calculated as the average number of Rio Tinto plc shares outstanding not held as treasury shares of 1,248.9 million (2021: 1,247.4 million; 2020: 1,246.5 million) plus the average number of Rio Tinto Limited shares outstanding of 370.9 million (2021: 371.0 million; 2020: 370.9 million) over the relevant period. There were no cross holdings of shares between Rio Tinto Limited and Rio Tinto plc at 31 December 2022 (2021: nil; 2020: nil). Diluted earnings per share For the purposes of calculating diluted earnings per share, the effect of dilutive securities of 9.8 million shares in 2022 (2021: 10.5 million; 2020: 11.2 million) is added to the weighted average number of shares described in (a) above. This effect is calculated under the treasury stock method, in accordance with IAS 33 \u201cEarnings per Share\u201d. Our only potential dilutive ordinary shares are share awards for which terms and conditions are described in note 27. 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,629.6 1,628.9 1,628.6 Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents) 762.1 1,295.0 599.8 3 Dividends Our directors have announced a final dividend of 225.0 cents per share on 22 February 2023. This is expected to result in payments of US$3.7 billion. The dividend will be paid on 20 April 2023 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of business on 09 March 2023. Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Ordinary dividends per share: announced with the results for the year (a) 225.0 c 417.0 c 309.0 c Special dividends per share: announced with the results for the year (a) \u2014 c 62.0 c 93.0 c (a) Dividends are determined in US dollars, which is our functional currency, and declared in British pounds for Rio Tinto Plc and Australian Dollar for Rio Tinto Limited. The applicable currency exchange rate to convert the US dollar dividend into British pounds and Australian dollars is determined with reference to the WMR 4pm (UK) fixings on the day prior to the announcement of our results for the period. Ordinary shareholders of Rio Tinto Limited and Rio Tinto Plc are paid equal cash dividends on a per share basis in line with the terms of the dual listed structure. Total dividends per share paid in the year Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Previous year final - paid during the year (US cents) 417.0 c 309.0 c 231.0 c Previous year special - paid during the year (US cents) 62.0 c 93.0 c \u2014 Interim - paid during the year (US cents) 267.0 c 376.0 c 155.0 c Interim special - paid during the year (US cents) \u2014 185.0 c \u2014 Total paid during the year (US cents) 746.0 c 963.0 c 386.0 c Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Rio Tinto plc previous year final (pence) 306.7 p 221.9 p 177.5 p Rio Tinto plc previous year special (pence) 45.6 p 66.8 p \u2014 Rio Tinto plc interim (pence) 221.6 p 270.8 p 119.7 p Rio Tinto plc interim special (pence) \u2014 133.3 p \u2014 Total paid during the year 573.9 p 692.8 p 297.2 p Rio Tinto Limited previous year final \u2013 fully franked at 30% (Australian cents) 577.0 c 397.5 c 349.7 c Rio Tinto Limited previous year special \u2013 fully franked at 30% (Australian cents) 85.8 c 119.6 c \u2014 Rio Tinto Limited interim \u2013 fully franked at 30% (Australian cents) 383.7 c 509.4 c 216.5 c Rio Tinto Limited interim special \u2013 fully franked at 30% (Australian cents) \u2014 250.6 c \u2014 Total paid during the year 1,046.5 c 1,277.1 c 566.2 c The franking credits available to the Group as at 31 December 2022, after allowing for Australian tax payable in respect of the current and prior reporting period\u2019s profit, are estimated to be US$7,246 million (2021: US$6,611 million; 2020 US$6,812 million). The proposed Rio Tinto Limited dividend will be fully franked based on a tax rate of 30%, and reduce the franking account balance by US$358 million. Financial statements continued 164 Annual Report 2022\u2000|\u2000riotinto.com 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com164 2 Earnings per ordinary share Basic earnings per share 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,619.8 1,618.4 1,617.4 Basic earnings per ordinary share (cents) 766.8 1,303.4 604.0 (a) The weighted average number of shares is calculated as the average number of Rio Tinto plc shares outstanding not held as treasury shares of 1,248.9 million (2021: 1,247.4 million; 2020: 1,246.5 million) plus the average number of Rio Tinto Limited shares outstanding of 370.9 million (2021: 371.0 million; 2020: 370.9 million) over the relevant period. There were no cross holdings of shares between Rio Tinto Limited and Rio Tinto plc at 31 December 2022 (2021: nil; 2020: nil). Diluted earnings per share For the purposes of calculating diluted earnings per share, the effect of dilutive securities of 9.8 million shares in 2022 (2021: 10.5 million; 2020: 11.2 million) is added to the weighted average number of shares described in (a) above. This effect is calculated under the treasury stock method, in accordance with IAS 33 \u201cEarnings per Share\u201d. Our only potential dilutive ordinary shares are share awards for which terms and conditions are described in note 27. 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,629.6 1,628.9 1,628.6 Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents) 762.1 1,295.0 599.8 3 Dividends Our directors have announced a final dividend of 225.0 cents per share on 22 February 2023. This is expected to result in payments of US$3.7 billion. The dividend will be paid on 20 April 2023 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of business on 09 March 2023. Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Ordinary dividends per share: announced with the results for the year (a) 225.0 c 417.0 c 309.0 c Special dividends per share: announced with the results for the year (a) \u2014 c 62.0 c 93.0 c (a) Dividends are determined in US dollars, which is our functional currency, and declared in British pounds for Rio Tinto Plc and Australian Dollar for Rio Tinto Limited. The applicable currency exchange rate to convert the US dollar dividend into British pounds and Australian dollars is determined with reference to the WMR 4pm (UK) fixings on the day prior to the announcement of our results for the period. Ordinary shareholders of Rio Tinto Limited and Rio Tinto Plc are paid equal cash dividends on a per share basis in line with the terms of the dual listed structure. Total dividends per share paid in the year Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Previous year final - paid during the year (US cents) 417.0 c 309.0 c 231.0 c Previous year special - paid during the year (US cents) 62.0 c 93.0 c \u2014 Interim - paid during the year (US cents) 267.0 c 376.0 c 155.0 c Interim special - paid during the year (US cents) \u2014 185.0 c \u2014 Total paid during the year (US cents) 746.0 c 963.0 c 386.0 c Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Rio Tinto plc previous year final (pence) 306.7 p 221.9 p 177.5 p Rio Tinto plc previous year special (pence) 45.6 p 66.8 p \u2014 Rio Tinto plc interim (pence) 221.6 p 270.8 p 119.7 p Rio Tinto plc interim special (pence) \u2014 133.3 p \u2014 Total paid during the year 573.9 p 692.8 p 297.2 p Rio Tinto Limited previous year final \u2013 fully franked at 30% (Australian cents) 577.0 c 397.5 c 349.7 c Rio Tinto Limited previous year special \u2013 fully franked at 30% (Australian cents) 85.8 c 119.6 c \u2014 Rio Tinto Limited interim \u2013 fully franked at 30% (Australian cents) 383.7 c 509.4 c 216.5 c Rio Tinto Limited interim special \u2013 fully franked at 30% (Australian cents) \u2014 250.6 c \u2014 Total paid during the year 1,046.5 c 1,277.1 c 566.2 c The franking credits available to the Group as at 31 December 2022, after allowing for Australian tax payable in respect of the current and prior reporting period\u2019s profit, are estimated to be US$7,246 million (2021: US$6,611 million; 2020 US$6,812 million). The proposed Rio Tinto Limited dividend will be fully franked based on a tax rate of 30%, and reduce the franking account balance by US$358 million. Financial statements continued 164 Annual Report 2022\u2000|\u2000riotinto.com 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com164 2 Earnings per ordinary share Basic earnings per share 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,619.8 1,618.4 1,617.4 Basic earnings per ordinary share (cents) 766.8 1,303.4 604.0 (a) The weighted average number of shares is calculated as the average number of Rio Tinto plc shares outstanding not held as treasury shares of 1,248.9 million (2021: 1,247.4 million; 2020: 1,246.5 million) plus the average number of Rio Tinto Limited shares outstanding of 370.9 million (2021: 371.0 million; 2020: 370.9 million) over the relevant period. There were no cross holdings of shares between Rio Tinto Limited and Rio Tinto plc at 31 December 2022 (2021: nil; 2020: nil). Diluted earnings per share For the purposes of calculating diluted earnings per share, the effect of dilutive securities of 9.8 million shares in 2022 (2021: 10.5 million; 2020: 11.2 million) is added to the weighted average number of shares described in (a) above. This effect is calculated under the treasury stock method, in accordance with IAS 33 \u201cEarnings per Share\u201d. Our only potential dilutive ordinary shares are share awards for which terms and conditions are described in note 27. 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,629.6 1,628.9 1,628.6 Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents) 762.1 1,295.0 599.8 3 Dividends Our directors have announced a final dividend of 225.0 cents per share on 22 February 2023. This is expected to result in payments of US$3.7 billion. The dividend will be paid on 20 April 2023 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of business on 09 March 2023. Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Ordinary dividends per share: announced with the results for the year (a) 225.0 c 417.0 c 309.0 c Special dividends per share: announced with the results for the year (a) \u2014 c 62.0 c 93.0 c (a) Dividends are determined in US dollars, which is our functional currency, and declared in British pounds for Rio Tinto Plc and Australian Dollar for Rio Tinto Limited. The applicable currency exchange rate to convert the US dollar dividend into British pounds and Australian dollars is determined with reference to the WMR 4pm (UK) fixings on the day prior to the announcement of our results for the period. Ordinary shareholders of Rio Tinto Limited and Rio Tinto Plc are paid equal cash dividends on a per share basis in line with the terms of the dual listed structure. Total dividends per share paid in the year Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Previous year final - paid during the year (US cents) 417.0 c 309.0 c 231.0 c Previous year special - paid during the year (US cents) 62.0 c 93.0 c \u2014 Interim - paid during the year (US cents) 267.0 c 376.0 c 155.0 c Interim special - paid during the year (US cents) \u2014 185.0 c \u2014 Total paid during the year (US cents) 746.0 c 963.0 c 386.0 c Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Rio Tinto plc previous year final (pence) 306.7 p 221.9 p 177.5 p Rio Tinto plc previous year special (pence) 45.6 p 66.8 p \u2014 Rio Tinto plc interim (pence) 221.6 p 270.8 p 119.7 p Rio Tinto plc interim special (pence) \u2014 133.3 p \u2014 Total paid during the year 573.9 p 692.8 p 297.2 p Rio Tinto Limited previous year final \u2013 fully franked at 30% (Australian cents) 577.0 c 397.5 c 349.7 c Rio Tinto Limited previous year special \u2013 fully franked at 30% (Australian cents) 85.8 c 119.6 c \u2014 Rio Tinto Limited interim \u2013 fully franked at 30% (Australian cents) 383.7 c 509.4 c 216.5 c Rio Tinto Limited interim special \u2013 fully franked at 30% (Australian cents) \u2014 250.6 c \u2014 Total paid during the year 1,046.5 c 1,277.1 c 566.2 c The franking credits available to the Group as at 31 December 2022, after allowing for Australian tax payable in respect of the current and prior reporting period\u2019s profit, are estimated to be US$7,246 million (2021: US$6,611 million; 2020 US$6,812 million). The proposed Rio Tinto Limited dividend will be fully franked based on a tax rate of 30%, and reduce the franking account balance by US$358 million. Financial statements continued 164 Annual Report 2022\u2000|\u2000riotinto.com Reconciliation of dividend declared to dividend paid 2022 US$m 2021 US$m 2020 US$m Rio Tinto plc previous year final dividend payable 5,024 3,809 2,783 Rio Tinto plc previous year special dividend payable 747 1,146 \u2014 Rio Tinto plc interim dividend payable 3,162 4,627 1,937 Rio Tinto plc interim special dividend payable \u2014 2,276 \u2014 Rio Tinto Limited previous year final dividend payable 1,597 1,138 857 Rio Tinto Limited previous year special dividend payable 237 343 \u2014 Rio Tinto Limited interim dividend payable 949 1,372 555 Rio Tinto Limited interim special dividend payable \u2014 674 \u2014 Dividends payable during the year 11,716 15,385 6,132 Net movement of unclaimed dividends in the year 11 (28) \u2014 Dividends paid during the year (b) 11,727 15,357 6,132 (b) We economically hedge the dividend cash flows from the announcement date to the payment date in order to reduce our foreign exchange exposure on these cash flows. The realised impact of these hedges is shown within \u2018Other items\u2019 in the Cash flows from consolidated operations and is not included in the above. 4 Impairment charges net of reversals Recognition and measurement Impairment charges and reversals are assessed at the level of cash-generating units which, in accordance with IAS 36, are identified as the smallest identifiable asset or group of assets that generate cash inflows which are largely independent of the cash inflows from other assets. Separate cash- generating units are identified where an active market exists for intermediate products, even if the majority of those products are further processed internally. In some cases, individual business units consist of several operations with independent cash-generating streams which constitute separate cash- generating units. Goodwill acquired through business combinations is allocated to the cash-generating unit or groups of cash-generating units that are expected to benefit from the related business combination, and tested for impairment at the lowest level within the Group at which goodwill is monitored for internal management purposes. All cash-generating units containing goodwill (note 11), indefinite-lived intangible assets and intangible assets that are not ready for use (note 12) are tested annually for impairment as at 30 September, regardless of whether there has been an impairment trigger, or more frequently if events or changes in circumstances indicate a potential impairment. Other relevant judgments - determination of CGUs Judgment is applied to identify the Group\u2019s CGUs, particularly when assets belong to integrated operations, and changes in CGUs could impact impairment charges and reversals. The most significant judgment continues to relate to the continued grouping of Rio Tinto Iron an d Titanium Quebec Operations, Canada and QIT Madagascar Minerals (QMM), Madagascar as a single CGU on the basis that they are vertically integrated operations and there is no active market for ilmenite. During the year we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit; refer to page 168 for more information. The carrying values for undeveloped properties are reviewed at each reporting date in accordance with IFRS 6. The indicators of impairment differ from the tests in accordance with IAS 36 \u201cImpairment of Assets\u201d in recognition of the subjectivity of estimating future cash flows for mineral interests under evaluation. Potential indicators of impairment include: expiry of the right to explore, substantive expenditure is no longer planned, commercially viable quantities of mineral resources have not been discovered and exploration activities will be discontinued, or sufficient data exists to indicate a future development would be unlikely to recover the carrying amount in full. When such impairment indicators have been identified, the recoverable amount and impairment charge are measured under IAS 36. Impairment reversals for undeveloped properties are not subject to special conditions within IFRS 6 and are therefore subject to the same monitoring for indicators of impairment reversal as other cash-generating units. Property, plant and equipment, including right of use assets and intangible assets with finite lives are reviewed for impairment if there is an indication that the carrying amount may not be recoverable. This review starts with an appraisal of the perimeter of cash-generating units to consider changes in the business or strategic direction. Following this, an assessment of internal and external indicators is performed. Internal sources of information considered includes assessment of the financial performance of the CGU and changes in mine plans. External sources of information, include changes in forecast commodity prices, costs and other market factors. Non-current assets (excluding goodwill) that have suffered impairment are reviewed using the same basis for valuation as explained above whenever events or changes in circumstances indicate that the impairment loss may no longer exist, or may have decreased. If appropriate, an impairment reversal will be recognised. The carrying amount of the cash-generating unit after reversal must be the lower of (a) the recoverable amount, as calculated above, and (b) the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the cash-generating unit in prior periods. If events or changes in circumstances indicate a potential impairment or impairment reversal, assessments are performed more frequently than just annually. In 2022, we identified indicators of impairment at the Boyne Smelter in the aluminium segment and indicators of impairment reversal at the Roughrider uranium undeveloped project. Financial statements Annual Report 2022 | riotinto.com 165 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com 165Annual Report 2022 | riotinto.com Financial statements 4 Impairment charges net of reversals continued Key judgment - Indicators of impairment and impairment reversals at Oyu Tolgoi and Kitimat The Oyu Tolgoi and Kitimat cash-generating units have both been impaired in previous years and are therefore monitored closely for indicators of further impairment or impairment reversal as such adjustments would likely be material to our results. At the time of their impairment, the carrying value and fair value for these cash-generating units were equal, making the cash-generating units sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to inflation and the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi cash-generating unit for internal sources of information that could indicate impairment by reference to the operational performance of the mine and development progress for the underground operation. For external sources of information that could indicate impairment, we considered current and projected commodity prices and noted the transaction with Turquoise Hill minority shareholders. Whilst the value imputed by extrapolating that transaction price is less than the carrying value of the cash-generating unit, we noted this reflected funding and liquidity risks associated with minority shareholdings rather than information relevant to the underlying assets. Accordingly we concluded that there were no indicators of impairment or impairment reversal. Kitimat The Kitimat smelter was impaired in 2013 and 2014 during the construction phase as cost overruns were not expected to be recovered through economic performance. The plant was further impaired in 2021 (refer to the section below) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. The ramp-up of operations continuing into 2022 following the strike was anticipated in the determination of the 2021 recoverable amount. In 2022 the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment. As highlighted in the climate change section, the economic performance of assets in the aluminium segment has the potential to perform more strongly as the world transitions to a lower carbon future; however, our assessment of external sources of information did not indicate that this had yet been priced into asset valuations. We concluded that there were no indicators of impairment or impairment reversal. Where indication of impairment or impairment reversal exists then an impairment review is undertaken; the recoverable amount is assessed by reference to the higher of value in use (being the net present value of expected future cash flows of the relevant cash-generating unit in its current condition) and fair value less costs of disposal (FVLCD). When the recoverable amount of the cash-generating unit is measured by reference to FVLCD, this amount is further classified in accordance with the fair value hierarchy for observable market data that is consistent with the unit of account for the cash-generating unit being tested. The Group considers that the best evidence of FVLCD is the value obtained from an active market or binding sale agreement and, in this case, the recoverable amount is classified in the fair value hierarchy as level 1. When FVLCD is based on quoted prices for equity instruments but adjusted to reflect factors such as a lack of liquidity in the market, the recoverable amount is classified as level 2 in the fair value hierarchy. No cash-generating units are currently assessed for impairment by reference to a recoverable amount based on FVLCD classified as level 1 or level 2. Where unobservable inputs are material to the measurement of the recoverable amount, FVLCD is based on the best information available to reflect the amount the Group could receive for the cash-generating unit in an orderly transaction between market participants at the measurement date. This is often estimated using discounted cash flow techniques and is classified as level 3 in the fair value hierarchy. Where the recoverable amount is assessed using FVLCD based on discounted cash flow techniques, the resulting estimates are based on detailed life-of-mine and long-term production plans. These may include anticipated expansions which are at the evaluation stage of study. The cash flow forecasts for FVLCD purposes are based on management\u2019s best estimates of expected future revenues and costs, including the future cash costs of production, capital expenditure, and closure, restoration and environmental costs. For the purposes of determining FVLCD from a market participant\u2019s perspective, the cash flows incorporate management\u2019s price and cost assumptions in the short and medium term. In the longer term, operating margins are assumed to remain constant where appropriate, as it is considered unlikely that a market participant would prepare detailed forecasts over a longer term. The cash flow forecasts may include net cash flows expected to be realised from the extraction, processing and sale of material that does not currently qualify for inclusion in ore reserves. Suc h non-reserve material is only included when there is a high degree of confidence in its economic extraction. This expectation is usually based on preliminary drilling and sampling of areas of mineralisation that are contiguous with existing ore reserves. Typically, the additional evaluation required to achieve reserves status for such material has not yet been done because this would involve incurring evaluation costs earlier than is required for the efficient planning and operation of the mine. As noted above, cost levels incorporated in the cash flow forecasts for FVLCD purposes are based on the current life-of-mine plan or long- term production plan for the cash-generating unit. This differs from value in use which requires future cash flows to be estimated for the asset in its current condition and therefore does not include future cash flows associated with improving or enhancing an asset\u2019s performance. Anticipated enhancements to assets may be included in FVLCD calculations and, therefore, generally result in a higher value. Where the recoverable amount of a cash-generating unit is dependent on the life of its associated orebody, expected future cash flows reflect the current life of mine and long-term production plans, which are based on detailed research, analysis and iterative modelling to optimise the level of return from investment, output and sequence of extraction. The mine plan takes account of all relevant characteristics of the orebody, including waste-to-ore ratios, ore grades, haul distances, chemical and metallurgical properties of the ore impacting process recoveries and capacities of processing equipment that can be used. The life-of-mine plan and long-term production plans are, therefore, the basis for forecasting production output and production costs in each future year. Forecast cash flows for ore reserve estimation for JORC purposes are generally based on Rio Tinto\u2019s commodity price forecasts, which assume short-term market prices will revert to the Group\u2019s assessment of the long-term price, generally over a period of three to five years. For most commodities, these forecast commodity prices are derived from a combination of analyses of the marginal costs of the producers and the incentive price of these commodities. These assessments often differ from current price levels and are updated periodically. The Group does not believe that published medium- and long-term forward prices necessarily provide a good indication of future levels because they tend to be strongly influenced by spot prices. The price forecasts used for ore reserve estimation are generally consistent with those used for Financial statements continued 166 Annual Report 2022\u2000|\u2000riotinto.com 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com166 4 Impairment charges net of reversals continued Key judgment - Indicators of impairment and impairment reversals at Oyu Tolgoi and Kitimat The Oyu Tolgoi and Kitimat cash-generating units have both been impaired in previous years and are therefore monitored closely for indicators of further impairment or impairment reversal as such adjustments would likely be material to our results. At the time of their impairment, the carrying value and fair value for these cash-generating units were equal, making the cash-generating units sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to inflation and the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi cash-generating unit for internal sources of information that could indicate impairment by reference to the operational performance of the mine and development progress for the underground operation. For external sources of information that could indicate impairment, we considered current and projected commodity prices and noted the transaction with Turquoise Hill minority shareholders. Whilst the value imputed by extrapolating that transaction price is less than the carrying value of the cash-generating unit, we noted this reflected funding and liquidity risks associated with minority shareholdings rather than information relevant to the underlying assets. Accordingly we concluded that there were no indicators of impairment or impairment reversal. Kitimat The Kitimat smelter was impaired in 2013 and 2014 during the construction phase as cost overruns were not expected to be recovered through economic performance. The plant was further impaired in 2021 (refer to the section below) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. The ramp-up of operations continuing into 2022 following the strike was anticipated in the determination of the 2021 recoverable amount. In 2022 the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment. As highlighted in the climate change section, the economic performance of assets in the aluminium segment has the potential to perform more strongly as the world transitions to a lower carbon future; however, our assessment of external sources of information did not indicate that this had yet been priced into asset valuations. We concluded that there were no indicators of impairment or impairment reversal. Where indication of impairment or impairment reversal exists then an impairment review is undertaken; the recoverable amount is assessed by reference to the higher of value in use (being the net present value of expected future cash flows of the relevant cash-generating unit in its current condition) and fair value less costs of disposal (FVLCD). When the recoverable amount of the cash-generating unit is measured by reference to FVLCD, this amount is further classified in accordance with the fair value hierarchy for observable market data that is consistent with the unit of account for the cash-generating unit being tested. The Group considers that the best evidence of FVLCD is the value obtained from an active market or binding sale agreement and, in this case, the recoverable amount is classified in the fair value hierarchy as level 1. When FVLCD is based on quoted prices for equity instruments but adjusted to reflect factors such as a lack of liquidity in the market, the recoverable amount is classified as level 2 in the fair value hierarchy. No cash-generating units are currently assessed for impairment by reference to a recoverable amount based on FVLCD classified as level 1 or level 2. Where unobservable inputs are material to the measurement of the recoverable amount, FVLCD is based on the best information available to reflect the amount the Group could receive for the cash-generating unit in an orderly transaction between market participants at the measurement date. This is often estimated using discounted cash flow techniques and is classified as level 3 in the fair value hierarchy. Where the recoverable amount is assessed using FVLCD based on discounted cash flow techniques, the resulting estimates are based on detailed life-of-mine and long-term production plans. These may include anticipated expansions which are at the evaluation stage of study. The cash flow forecasts for FVLCD purposes are based on management\u2019s best estimates of expected future revenues and costs, including the future cash costs of production, capital expenditure, and closure, restoration and environmental costs. For the purposes of determining FVLCD from a market participant\u2019s perspective, the cash flows incorporate management\u2019s price and cost assumptions in the short and medium term. In the longer term, operating margins are assumed to remain constant where appropriate, as it is considered unlikely that a market participant would prepare detailed forecasts over a longer term. The cash flow forecasts may include net cash flows expected to be realised from the extraction, processing and sale of material that does not currently qualify for inclusion in ore reserves. Such non-reserve material is only included when there is a high degree of confidence in its economic extraction. This expectation is usually based on preliminary drilling and sampling of areas of mineralisation that are contiguous with existing ore reserves. Typically, the additional evaluation required to achieve reserves status for such material has not yet been done because this would involve incurring evaluation costs earlier than is required for the efficient planning and operation of the mine. As noted above, cost levels incorporated in the cash flow forecasts for FVLCD purposes are based on the current life-of-mine plan or long- term production plan for the cash-generating unit. This differs from value in use which requires future cash flows to be estimated for the asset in its current condition and therefore does not include future cash flows associated with improving or enhancing an asset\u2019s performance. Anticipated enhancements to assets may be included in FVLCD calculations and, therefore, generally result in a higher value. Where the recoverable amount of a cash-generating unit is dependent on the life of its associated orebody, expected future cash flows reflect the current life of mine and long-term production plans, which are based on detailed research, analysis and iterative modelling to optimise the level of return from investment, output and sequence of extraction. The mine plan takes account of all relevant characteristics of the orebody, including waste-to-ore ratios, ore grades, haul distances, chemical and metallurgical properties of the ore impacting process recoveries and capacities of processing equipment that can be used. The life-of-mine plan and long-term production plans are, therefore, the basis for forecasting production output and production costs in each future year. Forecast cash flows for ore reserve estimation for JORC purposes are generally based on Rio Tinto\u2019s commodity price forecasts, which assume short-term market prices will revert to the Group\u2019s assessment of the long-term price, generally over a period of three to five years. For most commodities, these forecast commodity prices are derived from a combination of analyses of the marginal costs of the producers and the incentive price of these commodities. These assessments often differ from current price levels and are updated periodically. The Group does not believe that published medium- and long-term forward prices necessarily provide a good indication of future levels because they tend to be strongly influenced by spot prices. The price forecasts used for ore reserve estimation are generally consistent with those used for Financial statements continued 166 Annual Report 2022\u2000|\u2000riotinto.com 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com166 4 Impairment charges net of reversals continued Key judgment - Indicators of impairment and impairment reversals at Oyu Tolgoi and Kitimat The Oyu Tolgoi and Kitimat cash-generating units have both been impaired in previous years and are therefore monitored closely for indicators of further impairment or impairment reversal as such adjustments would likely be material to our results. At the time of their impairment, the carrying value and fair value for these cash-generating units were equal, making the cash-generating units sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to inflation and the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi cash-generating unit for internal sources of information that could indicate impairment by reference to the operational performance of the mine and development progress for the underground operation. For external sources of information that could indicate impairment, we considered current and projected commodity prices and noted the transaction with Turquoise Hill minority shareholders. Whilst the value imputed by extrapolating that transaction price is less than the carrying value of the cash-generating unit, we noted this reflected funding and liquidity risks associated with minority shareholdings rather than information relevant to the underlying assets. Accordingly we concluded that there were no indicators of impairment or impairment reversal. Kitimat The Kitimat smelter was impaired in 2013 and 2014 during the construction phase as cost overruns were not expected to be recovered through economic performance. The plant was further impaired in 2021 (refer to the section below) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. The ramp-up of operations continuing into 2022 following the strike was anticipated in the determination of the 2021 recoverable amount. In 2022 the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment. As highlighted in the climate change section, the economic performance of assets in the aluminium segment has the potential to perform more strongly as the world transitions to a lower carbon future; however, our assessment of external sources of information did not indicate that this had yet been priced into asset valuations. We concluded that there were no indicators of impairment or impairment reversal. Where indication of impairment or impairment reversal exists then an impairment review is undertaken; the recoverable amount is assessed by reference to the higher of value in use (being the net present value of expected future cash flows of the relevant cash-generating unit in its current condition) and fair value less costs of disposal (FVLCD). When the recoverable amount of the cash-generating unit is measured by reference to FVLCD, this amount is further classified in accordance with the fair value hierarchy for observable market data that is consistent with the unit of account for the cash-generating unit being tested. The Group considers that the best evidence of FVLCD is the value obtained from an active market or binding sale agreement and, in this case, the recoverable amount is classified in the fair value hierarchy as level 1. When FVLCD is based on quoted prices for equity instruments but adjusted to reflect factors such as a lack of liquidity in the market, the recoverable amount is classified as level 2 in the fair value hierarchy. No cash-generating units are currently assessed for impairment by reference to a recoverable amount based on FVLCD classified as level 1 or level 2. Where unobservable inputs are material to the measurement of the recoverable amount, FVLCD is based on the best information available to reflect the amount the Group could receive for the cash-generating unit in an orderly transaction between market participants at the measurement date. This is often estimated using discounted cash flow techniques and is classified as level 3 in the fair value hierarchy. Where the recoverable amount is assessed using FVLCD based on discounted cash flow techniques, the resulting estimates are based on detailed life-of-mine and long-term production plans. These may include anticipated expansions which are at the evaluation stage of study. The cash flow forecasts for FVLCD purposes are based on management\u2019s best estimates of expected future revenues and costs, including the future cash costs of production, capital expenditure, and closure, restoration and environmental costs. For the purposes of determining FVLCD from a market participant\u2019s perspective, the cash flows incorporate management\u2019s price and cost assumptions in the short and medium term. In the longer term, operating margins are assumed to remain constant where appropriate, as it is considered unlikely that a market participant would prepare detailed forecasts over a longer term. The cash flow forecasts may include net cash flows expected to be realised from the extraction, processing and sale of material that does not currently qualify for inclusion in ore reserves. Such non-reserve material is only included when there is a high degree of confidence in its economic extraction. This expectation is usually based on preliminary drilling and sampling of areas of mineralisation that are contiguous with existing ore reserves. Typically, the additional evaluation required to achieve reserves status for such material has not yet been done because this would involve incurring evaluation costs earlier than is required for the efficient planning and operation of the mine. As noted above, cost levels incorporated in the cash flow forecasts for FVLCD purposes are based on the current life-of-mine plan or long- term production plan for the cash-generating unit. This differs from value in use which requires future cash flows to be estimated for the asset in its current condition and therefore does not include future cash flows associated with improving or enhancing an asset\u2019s performance. Anticipated enhancements to assets may be included in FVLCD calculations and, therefore, generally result in a higher value. Where the recoverable amount of a cash-generating unit is dependent on the life of its associated orebody, expected future cash flows reflect the current life of mine and long-term production plans, which are based on detailed research, analysis and iterative modelling to optimise the level of return from investment, output and sequence of extraction. The mine plan takes account of all relevant characteristics of the orebody, including waste-to-ore ratios, ore grades, haul distances, chemical and metallurgical properties of the ore impacting process recoveries and capacities of processing equipment that can be used. The life-of-mine plan and long-term production plans are, therefore, the basis for forecasting production output and production costs in each future year. Forecast cash flows for ore reserve estimation for JORC purposes are generally based on Rio Tinto\u2019s commodity price forecasts, which assume short-term market prices will revert to the Group\u2019s assessment of the long-term price, generally over a period of three to five years. For most commodities, these forecast commodity prices are derived from a combination of analyses of the marginal costs of the producers and the incentive price of these commodities. These assessments often differ from current price levels and are updated periodically. The Group does not believe that published medium- and long-term forward prices necessarily provide a good indication of future levels because they tend to be strongly influenced by spot prices. The price forecasts used for ore reserve estimation are generally consistent with those used for Financial statements continued 166 Annual Report 2022\u2000|\u2000riotinto.com impairment testing unless management deems that in certain economic environments a market participant would not assume Rio Tinto\u2019s view on prices, in which case in preparing FVLCD impairment calculations management estimates the assumptions that a market participant would be expected to use. Forecast future cash flows of a cash-generating unit take into account the sales prices under existing sales contracts. The discount rates applied to the future cash flow forecasts represent an estimate of the rate the market participant would apply having regard to the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The Group\u2019s weighted average cost of capital is generally used as a starting point for determining the discount rates, with appropriate adjustments for the risk profile of the countries in which the individual cash-generating units operate. For final feasibility studies and ore reserve estimation, internal hurdle rates, which are generally higher than the Group\u2019s weighted average cost of capital, are used. For developments funded with project finance, the debt component of the weighted average cost of capital may be calculated by reference to the specific interest rate of the project finance and anticipated leverage of the project. For operations with a functional currency other than the US dollar, the impairment review is undertaken in the relevant functional currency. In estimating FVLCD, internal forecasts of exchange rates take into account spot exchange rates, historical data and external forecasts, and are kept constant in real terms after five years. The great majority of the Group\u2019s sales are based on prices denominated in US dollars. To the extent that the currencies of countries in which the Group produces commodities strengthen against the US dollar without an increase in commodity prices, cash flows and, therefore, net present values are reduced. Management considers that, over the long term, there is a tendency for movements in commodity prices to compensate to some extent for movements in the value of the US dollar, particularly against the Australian dollar and Canadian dollar, and vice versa. However, suc h compensating changes are not synchronised and do not fully offset each other. In estimating value in use, the present value of future cash flows in foreign currencies is translated at the spot exchange rate on the testing date. Generally, discounted cash flow models are used to determine the recoverable amount of CGUs. In this case, significant judgment is required to determine the appropriate estimates and assumptions used and there is significant estimation uncertainty. In particular, for fair value less costs of disposal valuations, judgment is required to determine the estimates a market participant would use. The discounted cash flow models are most sensitive to the following estimates: the timing of project expansions; the cost to complete assets under construction; long-term commodity prices; production timing and recovery rates; exchange rates; operating costs; reserve and resource estimates; closure costs; discount rates; allocation of long-term contract revenues between CGUs; and, in some instances, the renewal of mining licences. Some of these variables are unique to an individual CGU. Future changes in these variables may differ from management\u2019s expectations and may materially alter the recoverable amounts of the CGUs. Note Pre-tax amount 2022 US$m Taxation 2022 US$m Non- controlling interest 2022 US$m Net amount 2022 US$m Pre-tax amount 2021 US$m Pre-tax amount 2020 US$m Other operations - Roughrider 150 \u2014 \u2014 150 \u2014 \u2014 Aluminium \u2013 Pacific Aluminium (202) \u2014 \u2014 (202) \u2014 (489) Aluminium \u2013 Kitimat \u2014 \u2014 \u2014 \u2014 (269) \u2014 Aluminium \u2013 Sohar \u2014 \u2014 \u2014 \u2014 \u2014 (220) Aluminium \u2013 ISAL \u2014 \u2014 \u2014 \u2014 \u2014 (93) Minerals \u2013 Diavik \u2014 \u2014 \u2014 \u2014 \u2014 (441) Total impairment charges net of reversals (52) \u2014 \u2014 (52) (269) (1,243) Allocated as: Intangible assets 12 150 \u2014 (4) Property, plant and equipment 13 \u2014 (269) (900) Investment in equity accounted units (\u201cEAUs\u201d) (202) \u2014 (339) Total impairment charges net of reversals (52) (269) (1,243) Comprising: Impairment reversal/(charges net of reversal) of consolidated balances 150 (269) (904) Impairment charges related to EAUs (pre-tax) (202) \u2014 (368) Total impairment charges net of reversals in the financial information by business unit (page 270) (52) (269) (1,272) Taxation (including related to EAUs) \u2014 72 157 Total impairment charges net of reversals in the income statement (52) (197) (1,115) 2022 Other operations - Roughrider, Canada On 17 October 2022, we completed the sale of the Roughrider uranium undeveloped project located in the Athabasca Basin in Saskatchewan, Canada for US$150 million (US$80 million in cash and US$70 million in shares of Uranium Energy Corp.). The project was fully impaired during the year ended 31 December 2017 due to significant uncertainty over whether commercially viable quantities of mineral resources could be identified at a future date. The sale therefore led to an impairment reversal in the current year. It also led to a loss on disposal being recognised of US$105 million arising from the recycling of the currency translation reserve to the income statement. Financial statements Annual Report 2022 | riotinto.com 167 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com 167Annual Report 2022 | riotinto.com Financial statements 4 Impairment charges net of reversals continued Aluminium - Pacific Aluminium, Australia and New Zealand The operating and economic performance of the Boyne Smelter in Queensland, Australia was below our expectations in 2022. The plant operated with reduced capacity and the economic performance suffered due to the high cost of energy from the coal-fired Gladstone Power Station. These conditions have been identified as an impairment trigger. We have calculated a recoverable amount for the cash-generating unit based on post-tax cash flows, expressed in real terms and discounted using a post-tax rate of 6.6% over the period to 2029. This date was chosen as it coincides with both the remaining term of the Boyne Smelter joint venture agreements and the Group\u2019s Paris-aligned commitment to reduce carbon emissions by 50% by 2030 relative to the 2018 baseline. Despite the recent implementation of temporary energy price caps by the Australian Government, this resulted in an impairment charge of US$202 million, representing a full impairment of the carrying value of the Boyne Smelter investment in equity accounted unit. Impact of climate change on our business - Boyne Smelter We are committed to the repowering of our aluminium smelter in Queensland with firmed renewable energy by 2030. For this reason, along with the coal price cap noted above, we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit. As a sensitivity we have considered the impact of a potential repowering of the smelter using commodity and energy price assumptions from our Aspirational Leadership scenario, with all other assumptions being unchanged. This would result in improved cash flows, including an extension of operations at the Boyne Smelter beyond current joint venture agreements through to 2040. The potential value uplift under this sensitivity is not part of our base valuation as it is dependent upon commercial agreements that are not currently in place, but could support the reversal of past impairments. Both the recorded outcome and the sensitivity, as described in \u201cImpact of climate change on the Group\u201d section on pages 152 to 155, are considered to be Paris-aligned. 2021 Aluminium \u2013 Kitimat, Canada On 3 December 2021, we announced completion of the newly- constructed wharf at Kitimat. Construction spend was incurred by LNG Canada and therefore a gain of US$336 million representing the estimated fair value of the cost of construction was recorded and the carrying value of the Kitimat cash-generating unit (CGU) increased accordingly. Output from the smelter was reduced to 25% as a result of a workforce strike in mid-2021 and ramp-up to full capacity was expected to extend through into 2022. As a previously impaired CGU, and therefore carrying limited headroom, these factors were identified as conditions that could indicate that the uplifted carrying value may not be supportable and therefore the CGU was tested for impairment. Using the fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a post-tax impairment charge of US$197 million (pre-tax US$269 million) representing the difference between the recoverable amount (US$3,126 million) and the carrying value (US$3,323 million). 2020 Aluminium \u2013 Pacific Aluminium, Australia and New Zealand On 9 July 2020, we announced the conclusion of the NZAS strategic review and gave Meridian Energy 14 months' notice for the termination of the power contract. As a result of the decision to wind down operations, an impairment trigger was identified. The net present value of post-tax cash flows over the remaining life for this CGU was negative and therefore the non-current assets of the smelter were fully impaired. High operating costs and challenging outlook for the aluminium industry also resulted in impairment triggers being identified at the Bell Bay aluminium smelter in Tasmania, Australia and at Boyne Smelter in Queensland, Australia at 30 June 2020. The forecast net present value of cash flows over the period to anticipated expiry in 2025 of a power contract with Hydro Tasmania was negative taking into account market conditions at the time. The property, plant and equipment of the Bell Bay smelter was therefore fully impaired. We determined the recoverable amount for our share of the Boyne Smelter CGU, which also included the Gladstone Power Station, as US$273 million based on post-tax cash flows expressed in real terms and discounted at 6.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$119 million (US$148 million pre-tax) related to the smelter and US$26 million (US$36 million pre-tax) related to the power station. Aluminium \u2013 Sohar, Oman In 2020, the challenging outlook for the Middle Eastern aluminium industry was identified as an impairment trigger at the Sohar aluminium smelter in Oman, an equity accounted unit of the Group. At 30 September 2020, we determined the recoverable amount for our share of the Sohar CGU to be US$258 million based on post-tax cash flows expressed in real terms and discounted at 7.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$220 million. Aluminium \u2013 ISAL smelter, Iceland Our announcement in February 2020 of a strategic review of the ISAL smelter in Iceland, combined with challenging market conditions, was identified as an impairment trigger at 30 June 2020. Subsequent restoration of smelter competitiveness resulting from improved power delivery terms represented an indicator of partial impairment reversal at 31 December 2020. We calculated a post-tax recoverable amount for the CGU of US$139 million at 31 December 2020 based on FVLCD, discounted using a post-tax rate of 6.6%. As a consequence, with full impairment of the CGU and a pre-tax impairment charge of US$204 million in the first half of 2020, followed by reversal of US$111 million to previously recorded pre-tax impairment in the second half of 2020, the full-year results for the year ended 31 December 2020 included a net pre-tax impairment charge of US$93 million. Minerals \u2013 Diavik, Canada The COVID-19 pandemic significantly disrupted global demand for diamonds, and in April 2020 our then joint venture partner in the Diavik Diamond Mine filed for creditor protection and defaulted on cash calls. These circumstances were identified as an impairment trigger. The net present value of post-tax cash flows projected over the remaining life of the Diavik \u2018Diamond Mine\u2019 to 2025 did not support retaining any carrying value. This resulted in the Group's 60% interest in plant and equipment and intangible assets of the CGU being fully impaired at 30 June 2020. Financial statements continued 168 Annual Report 2022\u2000|\u2000riotinto.com 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com168 4 Impairment charges net of reversals continued Aluminium - Pacific Aluminium, Australia and New Zealand The operating and economic performance of the Boyne Smelter in Queensland, Australia was below our expectations in 2022. The plant operated with reduced capacity and the economic performance suffered due to the high cost of energy from the coal-fired Gladstone Power Station. These conditions have been identified as an impairment trigger. We have calculated a recoverable amount for the cash-generating unit based on post-tax cash flows, expressed in real terms and discounted using a post-tax rate of 6.6% over the period to 2029. This date was chosen as it coincides with both the remaining term of the Boyne Smelter joint venture agreements and the Group\u2019s Paris-aligned commitment to reduce carbon emissions by 50% by 2030 relative to the 2018 baseline. Despite the recent implementation of temporary energy price caps by the Australian Government, this resulted in an impairment charge of US$202 million, representing a full impairment of the carrying value of the Boyne Smelter investment in equity accounted unit. Impact of climate change on our business - Boyne Smelter We are committed to the repowering of our aluminium smelter in Queensland with firmed renewable energy by 2030. For this reason, along with the coal price cap noted above, we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit. As a sensitivity we have considered the impact of a potential repowering of the smelter using commodity and energy price assumptions from our Aspirational Leadership scenario, with all other assumptions being unchanged. This would result in improved cash flows, including an extension of operations at the Boyne Smelter beyond current joint venture agreements through to 2040. The potential value uplift under this sensitivity is not part of our base valuation as it is dependent upon commercial agreements that are not currently in place, but could support the reversal of past impairments. Both the recorded outcome and the sensitivity, as described in \u201cImpact of climate change on the Group\u201d section on pages 152 to 155, are considered to be Paris-aligned. 2021 Aluminium \u2013 Kitimat, Canada On 3 December 2021, we announced completion of the newly- constructed wharf at Kitimat. Construction spend was incurred by LNG Canada and therefore a gain of US$336 million representing the estimated fair value of the cost of construction was recorded and the carrying value of the Kitimat cash-generating unit (CGU) increased accordingly. Output from the smelter was reduced to 25% as a result of a workforce strike in mid-2021 and ramp-up to full capacity was expected to extend through into 2022. As a previously impaired CGU, and therefore carrying limited headroom, these factors were identified as conditions that could indicate that the uplifted carrying value may not be supportable and therefore the CGU was tested for impairment. Using the fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a post-tax impairment charge of US$197 million (pre-tax US$269 million) representing the difference between the recoverable amount (US$3,126 million) and the carrying value (US$3,323 million). 2020 Aluminium \u2013 Pacific Aluminium, Australia and New Zealand On 9 July 2020, we announced the conclusion of the NZAS strategic review and gave Meridian Energy 14 months' notice for the termination of the power contract. As a result of the decision to wind down operations, an impairment trigger was identified. The net present value of post-tax cash flows over the remaining life for this CGU was negative and therefore the non-current assets of the smelter were fully impaired. High operating costs and challenging outlook for the aluminium industry also resulted in impairment triggers being identified at the Bell Bay aluminium smelter in Tasmania, Australia and at Boyne Smelter in Queensland, Australia at 30 June 2020. The forecast net present value of cash flows over the period to anticipated expiry in 2025 of a power contract with Hydro Tasmania was negative taking into account market conditions at the time. The property, plant and equipment of the Bell Bay smelter was therefore fully impaired. We determined the recoverable amount for our share of the Boyne Smelter CGU, which also included the Gladstone Power Station, as US$273 million based on post-tax cash flows expressed in real terms and discounted at 6.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$119 million (US$148 million pre-tax) related to the smelter and US$26 million (US$36 million pre-tax) related to the power station. Aluminium \u2013 Sohar, Oman In 2020, the challenging outlook for the Middle Eastern aluminium industry was identified as an impairment trigger at the Sohar aluminium smelter in Oman, an equity accounted unit of the Group. At 30 September 2020, we determined the recoverable amount for our share of the Sohar CGU to be US$258 million based on post-tax cash flows expressed in real terms and discounted at 7.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$220 million. Aluminium \u2013 ISAL smelter, Iceland Our announcement in February 2020 of a strategic review of the ISAL smelter in Iceland, combined with challenging market conditions, was identified as an impairment trigger at 30 June 2020. Subsequent restoration of smelter competitiveness resulting from improved power delivery terms represented an indicator of partial impairment reversal at 31 December 2020. We calculated a post-tax recoverable amount for the CGU of US$139 million at 31 December 2020 based on FVLCD, discounted using a post-tax rate of 6.6%. As a consequence, with full impairment of the CGU and a pre-tax impairment charge of US$204 million in the first half of 2020, followed by reversal of US$111 million to previously recorded pre-tax impairment in the second half of 2020, the full-year results for the year ended 31 December 2020 included a net pre-tax impairment charge of US$93 million. Minerals \u2013 Diavik, Canada The COVID-19 pandemic significantly disrupted global demand for diamonds, and in April 2020 our then joint venture partner in the Diavik Diamond Mine filed for creditor protection and defaulted on cash calls. These circumstances were identified as an impairment trigger. The net present value of post-tax cash flows projected over the remaining life of the Diavik \u2018Diamond Mine\u2019 to 2025 did not support retaining any carrying value. This resulted in the Group's 60% interest in plant and equipment and intangible assets of the CGU being fully impaired at 30 June 2020. Financial statements continued 168 Annual Report 2022\u2000|\u2000riotinto.com 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com168 4 Impairment charges net of reversals continued Aluminium - Pacific Aluminium, Australia and New Zealand The operating and economic performance of the Boyne Smelter in Queensland, Australia was below our expectations in 2022. The plant operated with reduced capacity and the economic performance suffered due to the high cost of energy from the coal-fired Gladstone Power Station. These conditions have been identified as an impairment trigger. We have calculated a recoverable amount for the cash-generating unit based on post-tax cash flows, expressed in real terms and discounted using a post-tax rate of 6.6% over the period to 2029. This date was chosen as it coincides with both the remaining term of the Boyne Smelter joint venture agreements and the Group\u2019s Paris-aligned commitment to reduce carbon emissions by 50% by 2030 relative to the 2018 baseline. Despite the recent implementation of temporary energy price caps by the Australian Government, this resulted in an impairment charge of US$202 million, representing a full impairment of the carrying value of the Boyne Smelter investment in equity accounted unit. Impact of climate change on our business - Boyne Smelter We are committed to the repowering of our aluminium smelter in Queensland with firmed renewable energy by 2030. For this reason, along with the coal price cap noted above, we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit. As a sensitivity we have considered the impact of a potential repowering of the smelter using commodity and energy price assumptions from our Aspirational Leadership scenario, with all other assumptions being unchanged. This would result in improved cash flows, including an extension of operations at the Boyne Smelter beyond current joint venture agreements through to 2040. The potential value uplift under this sensitivity is not part of our base valuation as it is dependent upon commercial agreements that are not currently in place, but could support the reversal of past impairments. Both the recorded outcome and the sensitivity, as described in \u201cImpact of climate change on the Group\u201d section on pages 152 to 155, are considered to be Paris-aligned. 2021 Aluminium \u2013 Kitimat, Canada On 3 December 2021, we announced completion of the newly- constructed wharf at Kitimat. Construction spend was incurred by LNG Canada and therefore a gain of US$336 million representing the estimated fair value of the cost of construction was recorded and the carrying value of the Kitimat cash-generating unit (CGU) increased accordingly. Output from the smelter was reduced to 25% as a result of a workforce strike in mid-2021 and ramp-up to full capacity was expected to extend through into 2022. As a previously impaired CGU, and therefore carrying limited headroom, these factors were identified as conditions that could indicate that the uplifted carrying value may not be supportable and therefore the CGU was tested for impairment. Using the fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a post-tax impairment charge of US$197 million (pre-tax US$269 million) representing the difference between the recoverable amount (US$3,126 million) and the carrying value (US$3,323 million). 2020 Aluminium \u2013 Pacific Aluminium, Australia and New Zealand On 9 July 2020, we announced the conclusion of the NZAS strategic review and gave Meridian Energy 14 months' notice for the termination of the power contract. As a result of the decision to wind down operations, an impairment trigger was identified. The net present value of post-tax cash flows over the remaining life for this CGU was negative and therefore the non-current assets of the smelter were fully impaired. High operating costs and challenging outlook for the aluminium industry also resulted in impairment triggers being identified at the Bell Bay aluminium smelter in Tasmania, Australia and at Boyne Smelter in Queensland, Australia at 30 June 2020. The forecast net present value of cash flows over the period to anticipated expiry in 2025 of a power contract with Hydro Tasmania was negative taking into account market conditions at the time. The property, plant and equipment of the Bell Bay smelter was therefore fully impaired. We determined the recoverable amount for our share of the Boyne Smelter CGU, which also included the Gladstone Power Station, as US$273 million based on post-tax cash flows expressed in real terms and discounted at 6.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$119 million (US$148 million pre-tax) related to the smelter and US$26 million (US$36 million pre-tax) related to the power station. Aluminium \u2013 Sohar, Oman In 2020, the challenging outlook for the Middle Eastern aluminium industry was identified as an impairment trigger at the Sohar aluminium smelter in Oman, an equity accounted unit of the Group. At 30 September 2020, we determined the recoverable amount for our share of the Sohar CGU to be US$258 million based on post-tax cash flows expressed in real terms and discounted at 7.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$220 million. Aluminium \u2013 ISAL smelter, Iceland Our announcement in February 2020 of a strategic review of the ISAL smelter in Iceland, combined with challenging market conditions, was identified as an impairment trigger at 30 June 2020. Subsequent restoration of smelter competitiveness resulting from improved power delivery terms represented an indicator of partial impairment reversal at 31 December 2020. We calculated a post-tax recoverable amount for the CGU of US$139 million at 31 December 2020 based on FVLCD, discounted using a post-tax rate of 6.6%. As a consequence, with full impairment of the CGU and a pre-tax impairment charge of US$204 million in the first half of 2020, followed by reversal of US$111 million to previously recorded pre-tax impairment in the second half of 2020, the full-year results for the year ended 31 December 2020 included a net pre-tax impairment charge of US$93 million. Minerals \u2013 Diavik, Canada The COVID-19 pandemic significantly disrupted global demand for diamonds, and in April 2020 our then joint venture partner in the Diavik Diamond Mine filed for creditor protection and defaulted on cash calls. These circumstances were identified as an impairment trigger. The net present value of post-tax cash flows projected over the remaining life of the Diavik \u2018Diamond Mine\u2019 to 2025 did not support retaining any carrying value. This resulted in the Group's 60% interest in plant and equipment and intangible assets of the CGU being fully impaired at 30 June 2020. Financial statements continued 168 Annual Report 2022\u2000|\u2000riotinto.com 5 Acquisitions and disposals Acquisitions Recognition and measurement In determining whether a particular set of activities is a business, an acquired arrangement has to have an input and substantive process which together significantly contribute to the ability to create outputs. Where an acquisition does not meet the definition of a business as defined by IFRS 3 \u201cBusiness Combinations\u201d each asset is recognised on the balance sheet at fair value. In the Group cash flow statement we assess, based on the substance of the transaction, whether to allocate the cash consideration for these transactions either to \u201cPurchases of property, plant and equipment and intangible assets\u201d or to \u201cAcquisitions of subsidiaries, joint ventures and associates\u201d depending on the type of assets purchased. For undeveloped mining projects which have arisen through acquisition, the allocation of the purchase price consideration may result in undeveloped properties being recognised at an earlier stage of project evaluation compared with projects arising from the Group\u2019s exploration and evaluation programme. Subsequent expenditure on acquired undeveloped projects is only capitalised if it meets the high degree of confidence threshold discussed in note 12. Where we increase our ownership interest in a subsidiary, the difference between the purchase price and the carrying value of the share of net assets acquired is recorded in equity. The cash cost of such purchases is included within \u201cfinancing activities\u201d in the cash flow statement. 2022 Following approval from Australia\u2019s Foreign Investment Review Board (FIRB), on 29 March 2022 we completed the acquisition of Rincon Mining Pty Limited, the owner of a lithium project in Argentina. Total cash consideration was US$825 million. In determining whether Rincon\u2019s set of activities is a business, we have assessed whether it has inputs and substantive processes which together significantly contribute to the ability to create outputs. Based on this assessment, we have concluded that Rincon does not meet the definition of a business as defined by IFRS 3 \"Business Combinations\" and therefore no goodwill has been recorded. The transaction has therefore been treated as an asset purchase with US$822 million of capitalised exploration and evaluation recorded for the principal economic resource. The balance of total consideration has been allocated to property, plant & equipment and other assets/liabilities. For the Group cash flow statement we determined that, since Rincon constitutes a group of companies, it is appropriate to present the cash outflow as \u201cAcquisitions of subsidiaries, joint ventures and associates\u201d rather than as separate asset purchases even though it did not meet the definition of a business combination. On 31 August 2022 we made a US$25 million investment in McEwen Copper Inc. through our copper leaching technology venture, Nuton. We accounted for our holding in McEwen Copper Inc as an investment in associate, given our representation on the board. On 16 December 2022 we acquired the remaining 49% share of Turquoise Hill Resources for expected consideration of US$3.2 billion, inclusive of transaction costs. This transaction was not classified as a business combination as it related to the purchase of non-controlling interests in an entity already consolidated as a subsidiary. Accordingly the transaction did not result in the remeasurement of assets or liabilities and has been accounted for in the statement of equity as an adjustment to non-controlling interests and retained earnings. At 31 December 2022 consideration paid amounted to US$2,961 million (including US$33 million of transaction costs, with further transaction costs of US$41 million expected to be paid in 2023). Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration depending on the outcome and timing of dissent proceedings. We have included within other provisions (note 36) US$21 1 million for additional consideration to be paid to the dissenting shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders. 2021 On 18 November 2021, we announced that we had completed the acquisition of the 40% share in the Diavik Diamond Mine in the Northwest Territories of Canada held by Dominion Diamond Mines, becoming the sole owner as a result. The transaction did not meet the definition of a business combination and therefore the incremental assets and liabilities were treated as an asset purchase. Prior to purchase, we recognised our existing 60% share of assets, revenues and expenses, with liabilities recognised according to its contractual obligations, and a corresponding 40% receivable or contingent asset representing the co-owner\u2019s share where applicable. Receivables relating to the co-owner\u2019s share were de-recognised and treated as part of the net purchase consideration on completion. Disposals Recognition and measurement If a group of assets and liabilities (\u201cDisposal group\u201d) is sold the carrying value of the disposal group is de-recognised with the difference between the carrying amount and the consideration received recognised in the income statement. Certain amounts previously recognised in other comprehensive income in respect of the entity disposed of may be recycled to the income statement. The cash proceeds of disposals are included within \u201cInvesting activities\u201d in the cash flow statement. As summarised in note 4, we sold our Roughrider uranium undeveloped project on 17 October 2022 for consideration of US$150 million (US$80 million in cash and US$70 million in shares of Uranium Energy Corp). There were no other material disposals in 2022, 2021 or 2020. 6 Revenue by destination and product Recognition and measurement We recognise sales revenue related to the transfer of promised goods or services when control of the goods or services passes to the customer. The amount of revenue recognised reflects the consideration to which the Group is or expects to be entitled in exchange for those goods or services. Sales revenue is recognised on individual sales when control transfers to the customer. In most instances, control passes and sales revenue is recognised when the product is delivered to the vessel or vehicle on which it will be transported once loaded, the destination port or the customer\u2019s premises. There may be circumstances when judgment is required based on the five indicators of control below: \u2013 The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service. \u2013 The customer has a present obligation to pay in accordance with the terms of the sales contract. For shipments under the Incoterms Cost, Insurance and Freight (CIF)/Carriage Paid to (CPT)/Cost and Freight (CFR) this is generally when the ship is loaded, at which time the obligation for payment is for both product and freight. \u2013 The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to the terms specified in the sales contract but this does not impact the passing of control. Assay and specification adjustments have been immaterial historically. \u2013 The customer has legal title to the asset. The Group usually retains legal title until payment is received for credit risk purposes only. \u2013 The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an asset prior to obtaining physical possession, which may be the case for goods in transit. Financial statements Annual Report 2022 | riotinto.com 169 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Financial statements continued Notes to the 2022 financial statements 162 Annual Report 2022\u2000|\u2000riotinto.com 169Annual Report 2022 | riotinto.com Financial statements 6 Revenue by destination and product continued Revenue is principally derived from sale of commodities. We sell the majority of our products on CFR or CIF Incoterms. This means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at which control of goods passes to the customer at the loading port. The Group, therefore, has separate performance obligations for freight and insurance services that are provided solely to facilitate sale of the products it produces. Other Incoterms commonly used by the Group are Free on Board (FOB), where the Group has no responsibility for freight or insurance once control of the goods has passed at the loading port, and Delivered at Place (DAP), where control of the goods passes when the product is delivered to the agreed destination. For these Incoterms there is only one performance obligation, being the provision of product at the point where control passes. Within each sales contract, each unit of product shipped is a separate performance obligation. Revenue is generally recognised at the contracted price as this reflects the stand-alone selling price. Sales revenue excludes any applicable sales taxes. Sales of copper concentrate are stated net of the treatment and refining charges which will be required to convert it to an end product. The Group\u2019s products are sold to customers under contracts which vary in tenure and pricing mechanisms, including some volumes sold on the spot market. Pricing for iron ore is on a range of terms, the majority being either monthly or quarterly average pricing mechanisms, with a smaller proportion of iron ore volumes being sold on the spot market. Certain of the Group\u2019s products may be provisionally priced at the date revenue is recognised and a provisional invoice issued; however, substantially all iron ore and aluminium sales are reflected at final prices in the results for the period. Provisionally priced receivables are subsequently measured at fair value through the income statement under IFRS 9 \u201cFinancial Instruments\u201d as described in note 24. The final selling price for all provisionally priced products is based on the price for the quotational period stipulated in the contract. Final prices for copper concentrate are normally determined between 30 and 120 days after delivery to the customer. The change in value of the provisionally priced receivable is based on relevant forward market prices and is included in sales revenue; refer to \u201cOther revenue\u201d within the sales by product disclosure below. Revenues from the sale of significant by-products, such as gold, are included in sales revenue. Third-party commodity swap arrangements principally for delivery and receipt of smelter-grade alumina are offset within operating costs. Sundry revenue incidental to the main revenue- generating activities of the operations is treated as a credit to operating costs. Typically, the Group has a right to payment before or at the point that control of the goods passes including a right, where applicable, to payment for provisionally priced products and unperformed freight and insurance services. Cash received before control passes is recognised as a contract liability. The amount of consideration does not contain a significant financing component as payment terms are less than one year. We have a number of long-term contracts to supply products to customers in future periods. Generally, revenue is recognised on an invoice basis, as each unit sold is a separate performance obligation and therefore the right to consideration from a customer corresponds directly with our performance completed to date. We do not disclose sales revenue from freight and insurance services separately as we do not consider that this is necessary in order to understand the impact of economic factors on the Group. Our Chief Executive, the chief operating decision maker as defined under IFRS 8 \u201cOperating Segments\u201d, does not review information specifically relating to these sources of revenue in order to evaluate the performance of business segments and Group information on these sources of revenue is not provided externally. We do provide information on freight revenue for the iron ore and bauxite businesses on pages 37 and 39 to help stakeholders understand FOB operating margins for those products. We apply the practical expedient in paragraph 121 of IFRS 15 and do not include information on the transaction price allocated to performance obligations that are unsatisfied. Consolidated sales revenue by destination (a) Adjusted (b) Adjusted (b) Adjusted (b) Adjusted (b) 2022 % 2021 % 2020 % 2022 US$m 2021 US$m 2020 US$m Greater China (b) 54.3 59.7 60.4 30,172 37,878 26,951 United States of America 15.9 12.6 10.9 8,823 8,012 4,867 Asia (excluding Greater China and Japan) 7.1 6.9 7.9 3,937 4,415 3,525 Japan 7.4 7.9 7.5 4,091 5,012 3,354 Europe (excluding UK) 6.5 5.2 5.9 3,618 3,271 2,623 Canada 3.1 2.6 2.9 1,743 1,677 1,289 Australia 1.9 1.8 1.7 1,047 1,122 745 UK 0.3 0.4 0.5 182 243 242 Other countries 3.5 2.9 2.3 1,941 1,865 1,015 Consolidated sales revenue 100 100 100 55,554 63,495 44,611 (a) Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia. (b) Consolidated sales revenue by destination has been adjusted to classify Taiwan and China together as \u2018Greater China\u2019; previously Taiwan was included in Asia (excluding Greater China and Japan). This change has resulted in a decrease in 2021 revenue attributable to Asia (excluding Greater China and Japan) of: 2.5% and US$1,570 million (2020: 2.3% and US$1,011 million) . Financial statements continued Notes to the 2022 financial statements 170 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com170 6 Revenue by destination and product continued Revenue is principally derived from sale of commodities. We sell the majority of our products on CFR or CIF Incoterms. This means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at which control of goods passes to the customer at the loading port. The Group, therefore, has separate performance obligations for freight and insurance services that are provided solely to facilitate sale of the products it produces. Other Incoterms commonly used by the Group are Free on Board (FOB), where the Group has no responsibility for freight or insurance once control of the goods has passed at the loading port, and Delivered at Place (DAP), where control of the goods passes when the product is delivered to the agreed destination. For these Incoterms there is only one performance obligation, being the provision of product at the point where control passes. Within each sales contract, each unit of product shipped is a separate performance obligation. Revenue is generally recognised at the contracted price as this reflects the stand-alone selling price. Sales revenue excludes any applicable sales taxes. Sales of copper concentrate are stated net of the treatment and refining charges which will be required to convert it to an end product. The Group\u2019s products are sold to customers under contracts which vary in tenure and pricing mechanisms, including some volumes sold on the spot market. Pricing for iron ore is on a range of terms, the majority being either monthly or quarterly average pricing mechanisms, with a smaller proportion of iron ore volumes being sold on the spot market. Certain of the Group\u2019s products may be provisionally priced at the date revenue is recognised and a provisional invoice issued; however, substantially all iron ore and aluminium sales are reflected at final prices in the results for the period. Provisionally priced receivables are subsequently measured at fair value through the income statement under IFRS 9 \u201cFinancial Instruments\u201d as described in note 24. The final selling price for all provisionally priced products is based on the price for the quotational period stipulated in the contract. Final prices for copper concentrate are normally determined between 30 and 120 days after delivery to the customer. The change in value of the provisionally priced receivable is based on relevant forward market prices and is included in sales revenue; refer to \u201cOther revenue\u201d within the sales by product disclosure below. Revenues from the sale of significant by-products, such as gold, are included in sales revenue. Third-party commodity swap arrangements principally for delivery and receipt of smelter-grade alumina are offset within operating costs. Sundry revenue incidental to the main revenue- generating activities of the operations is treated as a credit to operating costs. Typically, the Group has a right to payment before or at the point that control of the goods passes including a right, where applicable, to payment for provisionally priced products and unperformed freight and insurance services. Cash received before control passes is recognised as a contract liability. The amount of consideration does not contain a significant financing component as payment terms are less than one year. We have a number of long-term contracts to supply products to customers in future periods. Generally, revenue is recognised on an invoice basis, as each unit sold is a separate performance obligation and therefore the right to consideration from a customer corresponds directly with our performance completed to date. We do not disclose sales revenue from freight and insurance services separately as we do not consider that this is necessary in order to understand the impact of economic factors on the Group. Our Chief Executive, the chief operating decision maker as defined under IFRS 8 \u201cOperating Segments\u201d, does not review information specifically relating to these sources of revenue in order to evaluate the performance of business segments and Group information on these sources of revenue is not provided externally. We do provide information on freight revenue for the iron ore and bauxite businesses on pages 37 and 39 to help stakeholders understand FOB operating margins for those products. We apply the practical expedient in paragraph 121 of IFRS 15 and do not include information on the transaction price allocated to performance obligations that are unsatisfied. Consolidated sales revenue by destination (a) Adjusted (b) Adjusted (b) Adjusted (b) Adjusted (b) 2022 % 2021 % 2020 % 2022 US$m 2021 US$m 2020 US$m Greater China (b) 54.3 59.7 60.4 30,172 37,878 26,951 United States of America 15.9 12.6 10.9 8,823 8,012 4,867 Asia (excluding Greater China and Japan) 7.1 6.9 7.9 3,937 4,415 3,525 Japan 7.4 7.9 7.5 4,091 5,012 3,354 Europe (excluding UK) 6.5 5.2 5.9 3,618 3,271 2,623 Canada 3.1 2.6 2.9 1,743 1,677 1,289 Australia 1.9 1.8 1.7 1,047 1,122 745 UK 0.3 0.4 0.5 182 243 242 Other countries 3.5 2.9 2.3 1,941 1,865 1,015 Consolidated sales revenue 100 100 100 55,554 63,495 44,611 (a) Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia. (b) Consolidated sales revenue by destination has been adjusted to classify Taiwan and China together as \u2018Greater China\u2019; previously Taiwan was included in Asia (excluding Greater China and Japan). This change has resulted in a decrease in 2021 revenue attributable to Asia (excluding Greater China and Japan) of: 2.5% and US$1,570 million (2020: 2.3% and US$1,011 million). Financial statements continued Notes to the 2022 financial statements 170 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com170 6 Revenue by destination and product continued Revenue is principally derived from sale of commodities. We sell the majority of our products on CFR or CIF Incoterms. This means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at which control of goods passes to the customer at the loading port. The Group, therefore, has separate performance obligations for freight and insurance services that are provided solely to facilitate sale of the products it produces. Other Incoterms commonly used by the Group are Free on Board (FOB), where the Group has no responsibility for freight or insurance once control of the goods has passed at the loading port, and Delivered at Place (DAP), where control of the goods passes when the product is delivered to the agreed destination. For these Incoterms there is only one performance obligation, being the provision of product at the point where control passes. Within each sales contract, each unit of product shipped is a separate performance obligation. Revenue is generally recognised at the contracted price as this reflects the stand-alone selling price. Sales revenue excludes any applicable sales taxes. Sales of copper concentrate are stated net of the treatment and refining charges which will be required to convert it to an end product. The Group\u2019s products are sold to customers under contracts which vary in tenure and pricing mechanisms, including some volumes sold on the spot market. Pricing for iron ore is on a range of terms, the majority being either monthly or quarterly average pricing mechanisms, with a smaller proportion of iron ore volumes being sold on the spot market. Certain of the Group\u2019s products may be provisionally priced at the date revenue is recognised and a provisional invoice issued; however, substantially all iron ore and aluminium sales are reflected at final prices in the results for the period. Provisionally priced receivables are subsequently measured at fair value through the income statement under IFRS 9 \u201cFinancial Instruments\u201d as described in note 24. The final selling price for all provisionally priced products is based on the price for the quotational period stipulated in the contract. Final prices for copper concentrate are normally determined between 30 and 120 days after delivery to the customer. The change in value of the provisionally priced receivable is based on relevant forward market prices and is included in sales revenue; refer to \u201cOther revenue\u201d within the sales by product disclosure below. Revenues from the sale of significant by-products, such as gold, are included in sales revenue. Third-party commodity swap arrangements principally for delivery and receipt of smelter-grade alumina are offset within operating costs. Sundry revenue incidental to the main revenue- generating activities of the operations is treated as a credit to operating costs. Typically, the Group has a right to payment before or at the point that control of the goods passes including a right, where applicable, to payment for provisionally priced products and unperformed freight and insurance services. Cash received before control passes is recognised as a contract liability. The amount of consideration does not contain a significant financing component as payment terms are less than one year. We have a number of long-term contracts to supply products to customers in future periods. Generally, revenue is recognised on an invoice basis, as each unit sold is a separate performance obligation and therefore the right to consideration from a customer corresponds directly with our performance completed to date. We do not disclose sales revenue from freight and insurance services separately as we do not consider that this is necessary in order to understand the impact of economic factors on the Group. Our Chief Executive, the chief operating decision maker as defined under IFRS 8 \u201cOperating Segments\u201d, does not review information specifically relating to these sources of revenue in order to evaluate the performance of business segments and Group information on these sources of revenue is not provided externally. We do provide information on freight revenue for the iron ore and bauxite businesses on pages 37 and 39 to help stakeholders understand FOB operating margins for those products. We apply the practical expedient in paragraph 121 of IFRS 15 and do not include information on the transaction price allocated to performance obligations that are unsatisfied. Consolidated sales revenue by destination (a) Adjusted (b) Adjusted (b) Adjusted (b) Adjusted (b) 2022 % 2021 % 2020 % 2022 US$m 2021 US$m 2020 US$m Greater China (b) 54.3 59.7 60.4 30,172 37,878 26,951 United States of America 15.9 12.6 10.9 8,823 8,012 4,867 Asia (excluding Greater China and Japan) 7.1 6.9 7.9 3,937 4,415 3,525 Japan 7.4 7.9 7.5 4,091 5,012 3,354 Europe (excluding UK) 6.5 5.2 5.9 3,618 3,271 2,623 Canada 3.1 2.6 2.9 1,743 1,677 1,289 Australia 1.9 1.8 1.7 1,047 1,122 745 UK 0.3 0.4 0.5 182 243 242 Other countries 3.5 2.9 2.3 1,941 1,865 1,015 Consolidated sales revenue 100 100 100 55,554 63,495 44,611 (a) Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia. (b) Consolidated sales revenue by destination has been adjusted to classify Taiwan and China together as \u2018Greater China\u2019; previously Taiwan was included in Asia (excluding Greater China and Japan). This change has resulted in a decrease in 2021 revenue attributable to Asia (excluding Greater China and Japan) of: 2.5% and US$1,570 million (2020: 2.3% and US$1,011 million). Financial statements continued Notes to the 2022 financial statements 170 Annual Report 2022\u2000|\u2000riotinto.com Consolidated sales revenue by product We have sold the following products to external customers during the year: Revenue from contracts with customers 2022 US$m Other revenue (a) 2022 US$m Consolidated sales revenue 2022 US$m Iron ore 33,068 (267) 32,801 Aluminium, alumina and bauxite 13,955 (165) 13,790 Copper 3,276 (80) 3,196 Industrial minerals (comprising titanium dioxide slag, borates and salt) 2,685 (16) 2,669 Gold 564 9 573 Diamonds 816 \u2014 816 Other products (b) 1,710 (1) 1,709 Consolidated sales revenue 56,074 (520) 55,554 Revenue from contracts with customers 2021 US$m Other revenue (a) 2021 US$m Consolidated sales revenue 2021 US$m Revenue from contracts with customers 2020 US$m Other revenue (a) 2020 US$m Consolidated sales revenu e 2020 US$m Iron ore 42,992 (796) 42,196 28,202 1,000 29,202 Aluminium, alumina and bauxite 12,336 103 12,439 9,092 54 9,146 Copper 3,229 96 3,325 1,721 64 1,785 Industrial minerals (comprising titanium dioxide slag, borates and salt) 2,114 3 2,117 2,054 (3) 2,051 Gold 1,075 2 1,077 471 6 477 Diamonds 501 \u2014 501 459 \u2014 459 Other products (b) 1,837 3 1,840 1,493 (2) 1,491 Consolidated sales revenue 64,084 (589) 63,495 43,492 1,119 44,611 (a) Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15, and subsequent movements in provisionally priced receivables, accounted for under IFRS 9, and included in \u201cother revenue\u201d above. (b) \u201cOther products\u201d includes metallic co-products, molybdenum, silver and other commodities. Individually the revenue from each of these products is less than 15% of the total Other products category. 7 Net operating costs (excluding items disclosed separately) Note 2022 US$m 2021 US$m 2020 US$m Raw materials, consumables, repairs and maintenance 12,477 9,957 8,490 Amortisation of intangible assets 12 159 178 161 Depreciation of property, plant and equipment 13 4,851 4,519 4,118 Employment costs 26 6,002 5,513 4,770 Shipping and other freight costs 3,146 3,275 2,088 Decrease/(increase) in finished goods and work in progress (a) 803 29 (47) Royalties 2,994 3,878 2,763 Amounts charged by equity accounted units (b) 1,429 1,160 958 Net foreign exchange (gains)/losses (42) 14 300 (Gains)/losses on sale of property, plant and equipment (93) 53 50 Gain on sale of the Cortez Royalty (c) (432) \u2014 \u2014 Gains recognised by Kitimat relating to LNG Canada\u2019s project (d) (116) (336) \u2014 Provisions (including exchange differences on provisions) 1,006 1,906 894 Research and development 76 65 45 Other external costs (e) 4,254 4,018 3,083 Costs included above capitalised or shown on a separate line item (f) (722) (646) (708) Other operating income (g) (1,022) (893) (711) Net operating costs (excluding items disclosed separately) (h) 34,770 32,690 26,254 (a) Includes purchases of third-party material to satisfy sales contracts. (b) Amounts charged by equity accounted units relate to toll processing and also include purchases from equity accounted units of bauxite, aluminium and copper concentrate which are then processed by the product group or sold to third parties. (c) On 2 August 2022, we completed the sale for US$525 million of a gold royalty which was retained following the disposal of the Cortez mine in 2008. (d) During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. On 3 December 2021 we recognised a new wharf at Kitimat, Canada within Property, plant and equipment that was built and paid for by LNG Canada. (e) In 2022, other external costs include US$465 million (2021: US$502 million, 2020: US$314 million) of short-term lease costs and US$50 million (2021: US$34 million, 2020 US$30 million) of variable lease costs recognised in the income statement in accordance with IFRS 16 \u201cLeases\u201d. Refer to note 21. (f) In 2022, US$485 million (2021: US$445 million; 2020: US$537 million) of operating costs were capitalised, US$190 million (2021: US$154 million; 2020: US$125 million) of costs were shown separately within \u201cExploration and evaluation costs\u201d in the Group income statement, and US$47 million (2021: $47 million; 2020: US$46 million) of costs were shown within operating costs as \u201cResearch and development\u201d. (g) Other operating income includes sundry revenue incidental to the main revenue-generating activities of the operations. (h) In 2022, \u201cNet operating costs (excluding items disclosed separately)\u201d includes US$138 million of decarbonisation spend. Financial statements Annual Report 2022 | riotinto.com 171 171Annual Report 2022 | riotinto.com Financial statements 8 Exploration and evaluation expenditure Exploration and evaluation expenditure includes costs that are directly attributable to: \u2013 Researching and analysing existing exploration data; \u2013 Conducting geological studies, exploratory drilling and sampling; \u2013 Examining and testing extraction and treatment methods; and/or \u2013 Compiling various studies (order of magnitude, pre-feasibility and feasibility). Exploration expenditure relates to the initial search for deposits with economic potential. Expenditure on exploration activity undertaken by the Group is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. These costs are also expensed until the business case for the project is sufficiently advanced. For greenfield projects, expensing typically continues to a later phase of study compared with brownfield expansions. The charge for the year and the net amount of intangible assets capitalised during the year are as follows: 2022 US$m 2021 US$m 2020 US$m Expenditure in the year (inclusive of cash proceeds of US$1 million (2021: US$7 million; 2020: US$1 million) on disposal of undeveloped projects) (1,097) (852) (711) Non-cash movements and non-cash proceeds on disposal of undeveloped projects (6) 23 \u2014 Amount capitalised during the year 207 110 87 Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) per income statement (896) (719) (624) 9 Finance income and finance costs Note 2022 US$m 2021 US$m 2020 US$m Finance income from equity accounted units 3 2 4 Other finance income (including bank deposits, net investment in leases, and other financial assets) 176 62 137 Total finance income 179 64 141 Interest on: \u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives (713) (489) (561) \u2013 Lease liabilities (49) (47) (50) Fair value movements: \u2013 Bonds designated as hedged items in fair value hedges (a) 526 246 (284) \u2013 Derivatives designated as hedging instruments in fair value hedges (a) (515) (242) 287 Loss on early redemption of bonds \u2014 (69) \u2014 Amounts capitalised (b) 13 416 358 340 Total finance costs (335) (243) (268) (a) The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and changes in the credit risk of parties to the hedging relationships. (b) We capitalise interest based on the Group or relevant subsidiary\u2019s cost of borrowing, refer to note 13, or at the rate of project-specific debt (where applicable). 10 Taxation Recognition and measurement The taxation charge contains both current and deferred tax. Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is uncertain, we establish provisions based on either: the Group\u2019s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. Deferred tax is calculated in accordance with IAS 12 using rates that have been enacted or substantively enacted at the balance sheet date. Where the recognition of an asset and liability from a single transaction gives rise to equal and off-setting temporary differences, we apply the Initial Recognition Exemption allowed by IAS 12, and consequently recognise neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences. Primarily this occurs with new lease arrangements and changes in closure cost estimates for assets in operation. Under the amendment to IAS 12, deferred tax assets and liabilities will be required to be recognised in respect of such temporary differences (Refer to note 40 on page 222). Financial statements continued Notes to the 2022 financial statements 172 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com172 8 Exploration and evaluation expenditure Exploration and evaluation expenditure includes costs that are directly attributable to: \u2013 Researching and analysing existing exploration data; \u2013 Conducting geological studies, exploratory drilling and sampling; \u2013 Examining and testing extraction and treatment methods; and/or \u2013 Compiling various studies (order of magnitude, pre-feasibility and feasibility). Exploration expenditure relates to the initial search for deposits with economic potential. Expenditure on exploration activity undertaken by the Group is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. These costs are also expensed until the business case for the project is sufficiently advanced. For greenfield projects, expensing typically continues to a later phase of study compared with brownfield expansions. The charge for the year and the net amount of intangible assets capitalised during the year are as follows: 2022 US$m 2021 US$m 2020 US$m Expenditure in the year (inclusive of cash proceeds of US$1 million (2021: US$7 million; 2020: US$1 million) on disposal of undeveloped projects) (1,097) (852) (711) Non-cash movements and non-cash proceeds on disposal of undeveloped projects (6) 23 \u2014 Amount capitalised during the year 207 110 87 Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) per income statement (896) (719) (624) 9 Finance income and finance costs Note 2022 US$m 2021 US$m 2020 US$m Finance income from equity accounted units 3 2 4 Other finance income (including bank deposits, net investment in leases, and other financial assets) 176 62 137 Total finance income 179 64 141 Interest on: \u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives (713) (489) (561) \u2013 Lease liabilities (49) (47) (50) Fair value movements: \u2013 Bonds designated as hedged items in fair value hedges (a) 526 246 (284) \u2013 Derivatives designated as hedging instruments in fair value hedges (a) (515) (242) 287 Loss on early redemption of bonds \u2014 (69) \u2014 Amounts capitalised (b) 13 416 358 340 Total finance costs (335) (243) (268) (a) The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and changes in the credit risk of parties to the hedging relationships. (b) We capitalise interest based on the Group or relevant subsidiary\u2019s cost of borrowing, refer to note 13, or at the rate of project-specific debt (where applicable). 10 Taxation Recognition and measurement The taxation charge contains both current and deferred tax. Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is uncertain, we establish provisions based on either: the Group\u2019s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. Deferred tax is calculated in accordance with IAS 12 using rates that have been enacted or substantively enacted at the balance sheet date. Where the recognition of an asset and liability from a single transaction gives rise to equal and off-setting temporary differences, we apply the Initial Recognition Exemption allowed by IAS 12, and consequently recognise neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences. Primarily this occurs with new lease arrangements and changes in closure cost estimates for assets in operation. Under the amendment to IAS 12, deferred tax assets and liabilities will be required to be recognised in respect of such temporary differences (Refer to note 40 on page 222). Financial statements continued Notes to the 2022 financial statements 172 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com172 8 Exploration and evaluation expenditure Exploration and evaluation expenditure includes costs that are directly attributable to: \u2013 Researching and analysing existing exploration data; \u2013 Conducting geological studies, exploratory drilling and sampling; \u2013 Examining and testing extraction and treatment methods; and/or \u2013 Compiling various studies (order of magnitude, pre-feasibility and feasibility). Exploration expenditure relates to the initial search for deposits with economic potential. Expenditure on exploration activity undertaken by the Group is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. These costs are also expensed until the business case for the project is sufficiently advanced. For greenfield projects, expensing typically continues to a later phase of study compared with brownfield expansions. The charge for the year and the net amount of intangible assets capitalised during the year are as follows: 2022 US$m 2021 US$m 2020 US$m Expenditure in the year (inclusive of cash proceeds of US$1 million (2021: US$7 million; 2020: US$1 million) on disposal of undeveloped projects) (1,097) (852) (711) Non-cash movements and non-cash proceeds on disposal of undeveloped projects (6) 23 \u2014 Amount capitalised during the year 207 110 87 Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) per income statement (896) (719) (624) 9 Finance income and finance costs Note 2022 US$m 2021 US$m 2020 US$m Finance income from equity accounted units 3 2 4 Other finance income (including bank deposits, net investment in leases, and other financial assets) 176 62 137 Total finance income 179 64 141 Interest on: \u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives (713) (489) (561) \u2013 Lease liabilities (49) (47) (50) Fair value movements: \u2013 Bonds designated as hedged items in fair value hedges (a) 526 246 (284) \u2013 Derivatives designated as hedging instruments in fair value hedges (a) (515) (242) 287 Loss on early redemption of bonds \u2014 (69) \u2014 Amounts capitalised (b) 13 416 358 340 Total finance costs (335) (243) (268) (a) The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and changes in the credit risk of parties to the hedging relationships. (b) We capitalise interest based on the Group or relevant subsidiary\u2019s cost of borrowing, refer to note 13, or at the rate of project-specific debt (where applicable). 10 Taxation Recognition and measurement The taxation charge contains both current and deferred tax. Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is uncertain, we establish provisions based on either: the Group\u2019s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. Deferred tax is calculated in accordance with IAS 12 using rates that have been enacted or substantively enacted at the balance sheet date. Where the recognition of an asset and liability from a single transaction gives rise to equal and off-setting temporary differences, we apply the Initial Recognition Exemption allowed by IAS 12, and consequently recognise neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences. Primarily this occurs with new lease arrangements and changes in closure cost estimates for assets in operation. Under the amendment to IAS 12, deferred tax assets and liabilities will be required to be recognised in respect of such temporary differences (Refer to note 40 on page 222). Financial statements continued Notes to the 2022 financial statements 172 Annual Report 2022\u2000|\u2000riotinto.com Other relevant judgments - Uncertain tax positions The Group operates across a large number of jurisdictions and is subject to review and challenge by local tax authorities on a range of tax matters. Where the amount of tax payable or recoverable is uncertain, whether due to the local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgment is required to assess the probability that the adopted treatment will be accepted. In accordance with IFRIC 23, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions for all matters worldwide based on the Group\u2019s judgment of the most likely amount of the liability or recovery, or where there is a wide range of possible outcomes, using a probability weighted average approach. Uncertain tax provisions include any related interest and penalties. In July 2022 we reached agreement with the Australian Tax Office (ATO) on all tax matters in dispute. We also reached agreement with the Inland Revenue Authority of Singapore in relation to transfer pricing for the same historical years (2010 to 2021). Taxation charge Note 2022 US$m 2021 US$m 2020 US$m \u2013 Current 4,851 8,144 5,169 \u2013 Deferred 15 735 114 (178) Total taxation charge 5,586 8,258 4,991 Prima facie tax reconciliation 2022 US$m 2021 US$m Adjusted (i) 2020 US$m Adjusted (i) Profit before taxation (a) 18,662 30,833 15,391 Prima facie tax payable at UK rate of 19% (2021: 19%; 2020: 19%) (b) 3,546 5,858 2,924 Higher rate of taxation of 30% on Australian earnings (2021: 30%; 2020: 30%) 1,550 2,598 1,748 Other tax rates applicable outside the UK and Australia (17) 103 (181) Tax effect of profit from equity accounted units, related impairments and expenses (a) (109) (198) (59) Impact of changes in tax rates (11) \u2014 \u2014 Resource depletion allowances (40) (52) (34) Recognition of previously unrecognised deferred tax assets (c) (261) (212) (182) Write-down of previously recognised deferred tax assets (d) 820 \u2014 237 Utilisation of previously unrecognised deferred tax assets (e) (37) (200) (15) Unrecognised current year operating losses (f) 212 107 328 Adjustments in respect of prior periods (g) (222) 40 9 Other items (h) 155 214 216 Total taxation charge 5,586 8,258 4,991 (a) The Group profit before tax includes profit after tax of equity accounted units. Consequently, the tax effect on the profit from equity accounted units is included as a separate reconciling item in this prima facie tax reconciliation. (b) As a UK headquartered and listed Group, the reconciliation of expected tax on accounting profit to tax charge uses the UK corporation tax rate to calculate the prima facie tax payable. Rio Tinto is also listed in Australia, and the reconciliation includes the impact of the higher tax rate in Australia where a significant proportion of the Group's profits are currently earned. The impact of othe r tax rates applicable outside the UK and Australia is also included. The weighted average statutory corporate tax rate on profit before tax is approximately 29% (2021: 29% 2020: 30%). (c) The recognition of previously unrecognised deferred tax assets relates primarily to Oyu Tolgoi where ongoing progress towards sustainable underground production in the current and comparative periods reduces the risk of tax losses that expire if not recovered against taxable profits within eight years. In the comparative period to 31 December 2021 the recognition of previously unrecognised deferred tax assets also included the recognition of prior year deferred tax assets in our Australian Aluminium business. (d) The write-down of previously recognised deferred tax assets relates to deferred tax assets of our US businesses. The enactment of the US Inflation Reduction Act of 2022 in August included a new Corporate Alternative Minimum Tax (CAMT) regime which applies a minimum tax rate of 15% on accounting profits. As a result of the new legislation, which does not give relief for some Federal deferred tax assets, the deferred tax assets previously recognised have been written down. In the comparative period to 31 December 2020 the write-down of previously recognised deferred tax assets relates primarily to the partial de-recognition of deferred tax assets in our Australian Aluminium business. (e) In 2021, the utilisation of previously unrecognised deferred tax assets arose due to higher than forecast profits in the year at Oyu Tolgoi. (f) Unrecognised current year operating losses include tax losses around the Group for which no tax benefit is currently recognised due to uncertainty regarding whether suitable taxable profits wil l be earned in future to obtain value for the tax losses. In 2020, unrecognised current year operating losses included allowable foreign exchange losses in the UK for which no tax benefit was recognised. (g) In the year to 31 December 2022, adjustments in respect of prior periods includes amounts related to the settlement of all tax disputes with the Australian Tax Office for the years 2010 to 2021. (h) Other items include non-deductible costs and withholding taxes, and various adjustments to provisions for taxation, the most significant of which relate to transfer pricing matters, including issues previously under discussion with the Australian Tax Office. (i) The presentation of the prima facie tax reconciliation comparatives has been revised. We have allocated the tax relating to exclusions (historically shown separately in the financial statements) t o the appropriate tax line items above. The presentation of the impact of including profit after tax from equity accounted units within the Group profit before tax has also been revised as describe d in note (a) above. Financial statements Annual Report 2022 | riotinto.com 173 173Annual Report 2022 | riotinto.com Financial statements 10 Taxation continued
2022
US$m
2021
US$m
2020
US$m
Tax on fair value movements:
\u2013 Cash flow hedge fair value gains 21 62 3
Tax (charge)/credit on re-measurement gains/(losses) on pension and post-retirement healthcare plans (123) (305) 112
Deferred tax relating to components of other comprehensive income for the year (note 15) (102) (243) 115
Future tax developments
We continue to monitor the Organisation for Economic Co-operation and Development\u2019s (OECD) Two Pillar Solution to address the Tax Challenges
Arising from the Digitalisation of the Economy. Pillar Two of those proposals seeks to apply a 15% global minimum tax and is expected to be enacted
in 2023 with application to the Group from 1 January 2024. We note the release in July by the UK Government of draft legislation to implement a
\"Multinational Top-up Tax\" on a country-by-country basis in line with Pillar Two.
We are in the process of evaluating the cash tax and accounting implications of the Pillar Two global minimum tax rules under IAS 12. Recognition of
any impact will only occur once legislation has been substantively enacted.
Financial statements continued
Notes to the 2022 financial statements
174 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com174
10 Taxation continued 2022 US$m 2021 US$m 2020 US$m Tax on fair value movements: \u2013 Cash flow hedge fair value gains 21 62 3 Tax (charge)/credit on re-measurement gains/(losses) on pension and post-retirement healthcare plans (123) (305) 112 Deferred tax relating to components of other comprehensive income for the year (note 15) (102) (243) 115 Future tax developments We continue to monitor the Organisation for Economic Co-operation and Development\u2019s (OECD) Two Pillar Solution to address the Tax Challenges Arising from the Digitalisation of the Economy. Pillar Two of those proposals seeks to apply a 15% global minimum tax and is expected to be enacted in 2023 with application to the Group from 1 January 2024. We note the release in July by the UK Government of draft legislation to implement a \"Multinational Top-up Tax\" on a country-by-country basis in line with Pillar Two. We are in the process of evaluating the cash tax and accounting implications of the Pillar Two global minimum tax rules under IAS 12. Recognition of any impact will only occur once legislation has been substantively enacted. Financial statements continued Notes to the 2022 financial statements 174 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com174 10 Taxation continued 2022 US$m 2021 US$m 2020 US$m Tax on fair value movements: \u2013 Cash flow hedge fair value gains 21 62 3 Tax (charge)/credit on re-measurement gains/(losses) on pension and post-retirement healthcare plans (123) (305) 112 Deferred tax relating to components of other comprehensive income for the year (note 15) (102) (243) 115 Future tax developments We continue to monitor the Organisation for Economic Co-operation and Development\u2019s (OECD) Two Pillar Solution to address the Tax Challenges Arising from the Digitalisation of the Economy. Pillar Two of those proposals seeks to apply a 15% global minimum tax and is expected to be enacted in 2023 with application to the Group from 1 January 2024. We note the release in July by the UK Government of draft legislation to implement a \"Multinational Top-up Tax\" on a country-by-country basis in line with Pillar Two. We are in the process of evaluating the cash tax and accounting implications of the Pillar Two global minimum tax rules under IAS 12. Recognition of any impact will only occur once legislation has been substantively enacted. Financial statements continued Notes to the 2022 financial statements 174 Annual Report 2022\u2000|\u2000riotinto.com Our operating assets We are a diversified mining operation with the majority of our assets being located in Organization for Economic Cooperation and Development (OECD) countries. Non-current assets other than excluded items (a) The total of non-current assets other than excluded items is shown by location below. 2022 US$m 2021 US$m Australia 31,674 32,807 Canada 14,472 15,139 Mongolia 12,872 11,653 United States of America 6,441 6,141 Africa 2,945 3,080 South America 3,317 2,451 Europe (excluding UK) 245 246 UK 136 111 Other countries 1,159 1,197 Total non-current assets other than excluded items 73,261 72,825 Non-current assets excluded from analysis above: Deferred tax assets 2,766 3,37 5 Other financial assets 406 528 Quasi-equity loans to equity accounted units (b) \u2014 97 Tax recoverable \u2014 29 Receivables and other assets 1,338 1,610 Total non-current assets per balance sheet 77,771 78,464 (a) Allocation of non-current assets by country is based on the location of the business units holding the assets. It includes investments in equity accounted units totalling US$3,298 million (2021: US$3,407 million) which represents the Group\u2019s share of net assets excluding quasi-equity loans shown separately above. (b) As part of the impairment of the Boyne Smelter the quasi-equity loan was fully impaired in 2022 (2021: US$97 million). 11 Goodwill Recognition and measurement Goodwill is not amortised; it is tested annually at 30 September for impairment or more frequently if events or changes in circumstances indicate a potential impairment, refer to note 4 for further information . 2022 US$m 2021 US$m Net book value At 1 January 879 946 Adjustment on currency translation (53) (67) At 31 December 826 879 \u2013 cost 15,974 16,987 \u2013 accumulated impairment (15,148) (16,108) At 1 January \u2013 cost 16,987 17,341 \u2013 accumulated impairment (16,108) (16,395) At 31 December, goodwill has been allocated as follows: 2022 US$m 2021 US$m Net book value Richards Bay Minerals 405 428 Pilbara 337 362 Dampier Salt 84 89 826 879 Financial statements Annual Report 2022 | riotinto.com 175 175Annual Report 2022 | riotinto.com Financial statements 11 Goodwill continued Impairment tests for goodwill Richards Bay Minerals Richards Bay Minerals\u2019 annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 8.6% (2021: 8.6%) has been applied to the post-tax cash flows expressed in real terms. The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD are set out below: 2022 US$m 5% increase in the titanium slag price 207 1% increase in the discount rate applied to post-tax cash flows (140 ) 10% strengthening of the South African rand 263 Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant. 12 Intangible assets Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight lin e or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready fo r use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the projec t. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the cas e, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refinerie s are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine th e development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. Other relevant judgments - Assessment of indefinite-lived water rights in Quebec, Canada We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets. The remaining carrying value of the water rights of US$1,693 million (included in contract based assets) as at 31 December 2022 (31 December 2021: US$1,796 million) relates wholly to the Quebec smelters cash-generating unit (CGU). The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2021: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. Financial statements continued Notes to the 2022 financial statements 176 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com176 11 Goodwill continued Impairment tests for goodwill Richards Bay Minerals Richards Bay Minerals\u2019 annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 8.6% (2021: 8.6%) has been applied to the post-tax cash flows expressed in real terms. The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD are set out below: 2022 US$m 5% increase in the titanium slag price 207 1% increase in the discount rate applied to post-tax cash flows (140) 10% strengthening of the South African rand 263 Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant. 12 Intangible assets Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight line or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready for use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the project. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the case, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refineries are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine the development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. Other relevant judgments - Assessment of indefinite-lived water rights in Quebec, Canada We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets. The remaining carrying value of the water rights of US$1,693 million (included in contract based assets) as at 31 December 2022 (31 December 2021: US$1,796 million) relates wholly to the Quebec smelters cash-generating unit (CGU). The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2021: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. Financial statements continued Notes to the 2022 financial statements 176 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com176 11 Goodwill continued Impairment tests for goodwill Richards Bay Minerals Richards Bay Minerals\u2019 annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 8.6% (2021: 8.6%) has been applied to the post-tax cash flows expressed in real terms. The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD are set out below: 2022 US$m 5% increase in the titanium slag price 207 1% increase in the discount rate applied to post-tax cash flows (140) 10% strengthening of the South African rand 263 Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant. 12 Intangible assets Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight line or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready for use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the project. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the case, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refineries are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine the development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. Other relevant judgments - Assessment of indefinite-lived water rights in Quebec, Canada We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets. The remaining carrying value of the water rights of US$1,693 million (included in contract based assets) as at 31 December 2022 (31 December 2021: US$1,796 million) relates wholly to the Quebec smelters cash-generating unit (CGU). The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2021: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. Financial statements continued Notes to the 2022 financial statements 176 Annual Report 2022\u2000|\u2000riotinto.com Impact of climate change on our business - Water rights To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather scenarios on a daily basis. We monitor the water resource available to us along with the impact our operation is having on the water quality and quantity and on the environment when we return the water following use. Based on our analysis to date we do not consider the renewal of our contractual water rights to be at risk from climate change for the foreseeable future. Year ended 31 December 2022 Exploration and evaluation US$m Trademarks, patented and non-patented technology US$m Contract-based intangible assets US$m Other intangible assets US$m Total US$m Net book value At 1 January 2022 363 22 2,008 439 2,832 Adjustment on currency translation (22) (2) (114) (24) (162) Expenditure during the year 207 5 \u2014 106 318 Amortisation for the year \u2014 (13) (9) (137) (159) Impairment reversal (a) 150 \u2014 \u2014 \u2014 150 Subsidiaries no longer consolidated (a) (150) \u2014 \u2014 \u2014 (150) Newly consolidated operations (b) 822 \u2014 \u2014 \u2014 822 Disposals, transfers and other movements (2) \u2014 (10) 6 (6) At 31 December 2022 1,368 12 1,875 390 3,645 \u2013 cost 3,030 211 2,908 1,732 7,881 \u2013 accumulated amortisation and impairment (1,662) (199) (1,033) (1,342) (4,236) Year ended 31 December 2021 Exploration and evaluation US$m Trademarks, patented and non-patented technology US$m Contract-based intangible assets US$m Other intangible assets US$m Total US$m Net book value At 1 January 2021 271 33 1,994 457 2,755 Adjustment on currency translation (14) (2) (11) (21) (48) Expenditure during the year 110 5 \u2014 110 225 Amortisation for the year \u2014 (14) (10) (154) (178) Disposals, transfers and other movements (4) \u2014 35 47 78 At 31 December 2021 363 22 2,008 439 2,832 \u2013 cost 2,513 220 3,089 1,725 7,547 \u2013 accumulated amortisation and impairment (2,150) (198) (1,081) (1,286) (4,715) (a) The impairment reversal and disposal relates to our sale of the Roughrider uranium development project, refer to note 4. (b) The acquisition relates to our purchase of Rincon, a lithium project in Argentina, refer to note 5. Where amortisation is calculated on a straight line basis, the following useful lives have been determined: Trademarks, patented and non-patented technology Contract-based intangible assets Other intangible assets Type of intangible Trademarks Patented and non-patented technology Power contracts/water rights Other purchase and customer contracts Internally generated intangible assets and computer software Other intangible assets Amortisation profile 14 to 20 years 10 to 20 years 2 to 45 years 5 to 15 years 2 to 5 years 2 to 20 years Financial statements Annual Report 2022 | riotinto.com 177 177Annual Report 2022 | riotinto.com Financial statements 13 Property, plant and equipment Recognition and measurement Property, plant and equipment is stated at cost, as defined in IAS 16, less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and restoration costs associated with the asset. Property, plant and equipment includes right of use assets arising from leasing arrangements, shown separately from owned and leasehold assets. Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, expenditure other than that on land, buildings, plant, equipment and capital work in progress is capitalised under \u201cMining properties and leases\u201d together with any amount transferred from \u201cExploration and evaluation\u201d. Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalised unless associated with pre-production revenue (refer to page 155). Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary\u2019s cost of borrowing if not. This is performed until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a subsidiary\u2019s cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary. Depreciation of non-current assets Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine, smelter or refinery if that is shorter and there is no reasonable alternative use for the asset by the Group. Depreciation commences when an asset is available for use. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight line basis as follows: Type of Property, plant and equipment Land and Buildings Plant and equipment Capital work in progress Land Buildings Power assets Other plant and equipment Depreciation profile Not depreciated 5 to 50 years See Power note below 3 to 50 years Not depreciated The useful lives and residual values for material assets and categories of assets are reviewed annually and changes are reflected prospectively. Units of production basis For mining properties and leases and certain mining equipment, consumption of the economic benefits of the asset is linked to production. Except as noted below, these assets are depreciated on the units of production basis. In applying the units of production method, depreciation is normally calculated based on production in the period as a percentage of total expected production in current and future periods based on ore reserves and, for some mines, other mineral resources. Other mineral resources may be included in the calculations of total expected production in limited circumstances where there are very large areas of contiguous mineralisation, for which the economic viability is not sensitive to likely variations in grade, as may be the case for certain iron ore, bauxite and industrial mineral deposits, and where there is a high degree of confidence that the other mineral resources can be extracted economically. This would be the case when the other mineral resources do not yet have the status of ore reserves merely because the necessary detailed evaluation work has not yet been performed and the responsible technical personnel agree that inclusion of a proportion of measured and indicated resources in the calculation of total expected production is appropriate based on historical reserve conversion rates. The required level of confidence is unlikely to exist for minerals that are typically found in low-grade ore (as compared with the above), such as copper or gold. In these cases, specific areas of mineralisation have to be evaluated in detail before their economic status can be predicted with confidence. Sometimes the calculation of depreciation for infrastructure assets, primarily rail and port, considers measured and indicated resources. This is because the asset can benefit current and future mines. The measured and indicated resource may relate to mines which are currently in production or to mines where there is a high degree of confidence that they will be brought into production in the future. The quantum of mineral resources is determined taking into account future capital costs as required by the JORC code. The depreciation calculation, however, applies to current mines only and does not take into account future development costs for mines which are not yet in production. Measured and indicated resources are currently incorporated into depreciation calculations in the Group\u2019s Australian iron ore business. Key judgment - Estimation of asset lives The useful lives of the major assets of a cash-generating unit are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life of the orebody. The life of the orebody, in turn, is estimated on the basis of the life-of-mine plan. Where the major assets of a cash-generating unit are not dependent on the life of a related orebody, management applies judgment in estimating the remaining service potential of long-lived assets. Factors affecting the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced from the Group, or in some cases from local governments permitting electricity generation from hydro-power stations. Financial statements continued Notes to the 2022 financial statements 178 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com178 13 Property, plant and equipment Recognition and measurement Property, plant and equipment is stated at cost, as defined in IAS 16, less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and restoration costs associated with the asset. Property, plant and equipment includes right of use assets arising from leasing arrangements, shown separately from owned and leasehold assets. Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, expenditure other than that on land, buildings, plant, equipment and capital work in progress is capitalised under \u201cMining properties and leases\u201d together with any amount transferred from \u201cExploration and evaluation\u201d. Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalised unless associated with pre-production revenue (refer to page 155). Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary\u2019s cost of borrowing if not. This is performed until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a subsidiary\u2019s cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary. Depreciation of non-current assets Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine, smelter or refinery if that is shorter and there is no reasonable alternative use for the asset by the Group. Depreciation commences when an asset is available for use. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight line basis as follows: Type of Property, plant and equipment Land and Buildings Plant and equipment Capital work in progress Land Buildings Power assets Other plant and equipment Depreciation profile Not depreciated 5 to 50 years See Power note below 3 to 50 years Not depreciated The useful lives and residual values for material assets and categories of assets are reviewed annually and changes are reflected prospectively. Units of production basis For mining properties and leases and certain mining equipment, consumption of the economic benefits of the asset is linked to production. Except as noted below, these assets are depreciated on the units of production basis. In applying the units of production method, depreciation is normally calculated based on production in the period as a percentage of total expected production in current and future periods based on ore reserves and, for some mines, other mineral resources. Other mineral resources may be included in the calculations of total expected production in limited circumstances where there are very large areas of contiguous mineralisation, for which the economic viability is not sensitive to likely variations in grade, as may be the case for certain iron ore, bauxite and industrial mineral deposits, and where there is a high degree of confidence that the other mineral resources can be extracted economically. This would be the case when the other mineral resources do not yet have the status of ore reserves merely because the necessary detailed evaluation work has not yet been performed and the responsible technical personnel agree that inclusion of a proportion of measured and indicated resources in the calculation of total expected production is appropriate based on historical reserve conversion rates. The required level of confidence is unlikely to exist for minerals that are typically found in low-grade ore (as compared with the above), such as copper or gold. In these cases, specific areas of mineralisation have to be evaluated in detail before their economic status can be predicted with confidence. Sometimes the calculation of depreciation for infrastructure assets, primarily rail and port, considers measured and indicated resources. This is because the asset can benefit current and future mines. The measured and indicated resource may relate to mines which are currently in production or to mines where there is a high degree of confidence that they will be brought into production in the future. The quantum of mineral resources is determined taking into account future capital costs as required by the JORC code. The depreciation calculation, however, applies to current mines only and does not take into account future development costs for mines which are not yet in production. Measured and indicated resources are currently incorporated into depreciation calculations in the Group\u2019s Australian iron ore business. Key judgment - Estimation of asset lives The useful lives of the major assets of a cash-generating unit are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life of the orebody. The life of the orebody, in turn, is estimated on the basis of the life-of-mine plan. Where the major assets of a cash-generating unit are not dependent on the life of a related orebody, management applies judgment in estimating the remaining service potential of long-lived assets. Factors affecting the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced from the Group, or in some cases from local governments permitting electricity generation from hydro-power stations. Financial statements continued Notes to the 2022 financial statements 178 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com178 13 Property, plant and equipment Recognition and measurement Property, plant and equipment is stated at cost, as defined in IAS 16, less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and restoration costs associated with the asset. Property, plant and equipment includes right of use assets arising from leasing arrangements, shown separately from owned and leasehold assets. Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, expenditure other than that on land, buildings, plant, equipment and capital work in progress is capitalised under \u201cMining properties and leases\u201d together with any amount transferred from \u201cExploration and evaluation\u201d. Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalised unless associated with pre-production revenue (refer to page 155). Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary\u2019s cost of borrowing if not. This is performed until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a subsidiary\u2019s cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary. Depreciation of non-current assets Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine, smelter or refinery if that is shorter and there is no reasonable alternative use for the asset by the Group. Depreciation commences when an asset is available for use. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight line basis as follows: Type of Property, plant and equipment Land and Buildings Plant and equipment Capital work in progress Land Buildings Power assets Other plant and equipment Depreciation profile Not depreciated 5 to 50 years See Power note below 3 to 50 years Not depreciated The useful lives and residual values for material assets and categories of assets are reviewed annually and changes are reflected prospectively. Units of production basis For mining properties and leases and certain mining equipment, consumption of the economic benefits of the asset is linked to production. Except as noted below, these assets are depreciated on the units of production basis. In applying the units of production method, depreciation is normally calculated based on production in the period as a percentage of total expected production in current and future periods based on ore reserves and, for some mines, other mineral resources. Other mineral resources may be included in the calculations of total expected production in limited circumstances where there are very large areas of contiguous mineralisation, for which the economic viability is not sensitive to likely variations in grade, as may be the case for certain iron ore, bauxite and industrial mineral deposits, and where there is a high degree of confidence that the other mineral resources can be extracted economically. This would be the case when the other mineral resources do not yet have the status of ore reserves merely because the necessary detailed evaluation work has not yet been performed and the responsible technical personnel agree that inclusion of a proportion of measured and indicated resources in the calculation of total expected production is appropriate based on historical reserve conversion rates. The required level of confidence is unlikely to exist for minerals that are typically found in low-grade ore (as compared with the above), such as copper or gold. In these cases, specific areas of mineralisation have to be evaluated in detail before their economic status can be predicted with confidence. Sometimes the calculation of depreciation for infrastructure assets, primarily rail and port, considers measured and indicated resources. This is because the asset can benefit current and future mines. The measured and indicated resource may relate to mines which are currently in production or to mines where there is a high degree of confidence that they will be brought into production in the future. The quantum of mineral resources is determined taking into account future capital costs as required by the JORC code. The depreciation calculation, however, applies to current mines only and does not take into account future development costs for mines which are not yet in production. Measured and indicated resources are currently incorporated into depreciation calculations in the Group\u2019s Australian iron ore business. Key judgment - Estimation of asset lives The useful lives of the major assets of a cash-generating unit are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life of the orebody. The life of the orebody, in turn, is estimated on the basis of the life-of-mine plan. Where the major assets of a cash-generating unit are not dependent on the life of a related orebody, management applies judgment in estimating the remaining service potential of long-lived assets. Factors affecting the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced from the Group, or in some cases from local governments permitting electricity generation from hydro-power stations. Financial statements continued Notes to the 2022 financial statements 178 Annual Report 2022\u2000|\u2000riotinto.com Impact of climate change on our business - Estimation of asset lives We expect there to be a higher demand for copper, aluminium, lithium and high grade iron ore in order to meet demand for the minerals required to transition to a low carbon economic environment, consistent with the climate change commitments of the Paris Agreement. We expect this to exceed new supply to the market and therefore increase prices. Under the Aspirational Leadership scenario, the economic cut- off grade for our Ore Reserves is expected to be lower; in effect we would mine a greater volume of material before the mines are depleted. We cannot quantify the difference this would make without undue cost as it would require revised mine plans, but for property, plant and equipment this increased volume of material would reduce the depreciation charge for assets that use the \u2018Units of production\u2019 depreciation method. Straight line basis Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight line basis. Deferred stripping In open pit mining operations, overburden and other waste materials must be removed to access ore from which minerals can be extracted economically. The process of removing overburden and waste materials is referred to as stripping. During the development of a mine (or, in some instances, pit; see below), before production commences, stripping costs related to a component of an orebody are capitalised as part of the cost of construction of the mine (or pit). These are then amortised over the life of the mine (or pit) on a units of production basis. Where a mine operates several open pits that are regarded as separate operations for the purpose of mine planning, initial stripping costs are accounted for separately by reference to the ore from each separate pit. If, however, the pits are highly integrated for the purpose of mine planning, the second and subsequent pits are regarded as extensions of the first pit in accounting for stripping costs. In such cases, the initial stripping (such as overburden and other waste removal) of the second and subsequent pits is considered to be production phase stripping (see below). Key judgment - Deferral of stripping costs We apply judgment as to whether multiple pits at a mine are considered separate or integrated operations. This determines whether the stripping activities of a pit are classified as pre-production or production phase stripping and, therefore, the amortisation base for those costs. The analysis depends on each mine\u2019s specific circumstances and requires judgment: another mining company could make a different judgment even when the fact pattern appears to be similar. The following factors would point towards the initial stripping costs for the individual pits being accounted for separately: \u2013 If mining of the second and subsequent pits is conducted consecutively following that of the first pit, rather than concurrently; \u2013 If separate investment decisions are made to develop each pit, rather than a single investment decision being made at the outset; \u2013 If the pits are operated as separate units in terms of mine planning and the sequencing of overburden removal and ore mining, rather than as an integrated unit; \u2013 If expenditures for additional infrastructure to support the second and subsequent pits are relatively large; and \u2013 If the pits extract ore from separate and distinct orebodies, rather than from a single orebody. If the designs of the second and subsequent pits are significantly influenced by opportunities to optimise output from several pits combined, including the co-treatment or blending of the output from the pits, then this would point to treatment as an integrated operation for the purposes of accounting for initial stripping costs. The relative importance of each of the above factors is considered in each case. In order for production phase stripping costs to qualify for capitalisation as a stripping activity asset, three criteria must be met: \u2013 It must be probable that there will be an economic benefit in a future accounting period because the stripping activity has improved access to the orebody; \u2013 It must be possible to identify the \u201ccomponent\u201d of the orebody for which access has been improved; and \u2013 It must be possible to reliably measure the costs that relate to the stripping activity. A \u201ccomponent\u201d is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). Financial statements Annual Report 2022 | riotinto.com 179 179Annual Report 2022 | riotinto.com Financial statements 13 Property, plant and equipment continued Recognition and measurement Phase Development Phase Production Phase Stripping activity Overburden and other waste removal during the development of a mine before production commences. Production phase stripping can give access to two benefits: the extraction of ore in the current period and improved access to ore which will be extracted in future periods. Period of benefit After commissioning of the mine. Future periods after first phase is complete. Current and future benefit are indistinguishable. Capitalised to mining properties and leases in property, plant and equipment During the development of a mine, stripping costs relating to a component of an orebody are capitalised as part of the cost of construction of the mine. It may be the case that subsequent phases of stripping will access additional ore and that these subsequent phases are only possible after the first phase has taken place. Where applicable, the Group considers this on a mine-by-mine basis. Generally, the only ore attributed to the stripping activity asset for the purposes of calculating the life-of- component ratio is the ore to be extracted from the originally identified component. Stripping costs for the component are deferred to the extent that the current period ratio exceeds the life-of-component ratio. Allocation to inventory Not applicable Not applicable The stripping cost is allocated to inventory based on a relevant production measure using a life-of-component strip ratio. The ratio divides the tonnage of waste mined for the component for the period either by the quantity of ore mined for the component or by the quantity of minerals contained in the ore mined for the component. In some operations, the quantity of ore is a more appropriate basis for allocating costs, particularly when there are significant by- products. Component A \u201ccomponent\u201d is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). Life-of-component ratio The life-of-component ratios are based on the ore reserves of the mine (and for some mines, other mineral resources) and the annual mine plan; they are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other technical or economic parameters that impact the ore reserves (and for some mines, other mineral resources) may also have an impact on the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively. Depreciation basis Depreciated on a \u201cunits of production\u201d basis based on expected production of either ore or minerals contained in the ore over the life of the component unless another method is more appropriate. Property, plant and equipment includes both owned and leased assets. 2022 US$m 2021 US$m Property, plant and equipment \u2013 owned 63,731 63,793 Right of use assets \u2013 leased 1,003 1,134 Net book value 64,734 64,927 Property, plant and equipment \u2013 Owned Year ended 31 December 2022 Note Mining properties and leases (a) US$m Land and buildings US$m Plant and equipment US$m Capital works in progress US$m Total US$m Net book value At 1 January 2022 10,817 5,995 33,453 13,528 63,793 Adjustment on currency translation (b) (436) (344) (1,870) (311) (2,961) Adjustments to capitalised closure costs 14 520 \u2014 \u2014 \u2014 520 Interest capitalised (c) 9 \u2014 \u2014 \u2014 416 416 Additions (d) 360 304 1,111 4,732 6,507 Depreciation for the year (a) (891) (433) (3,171) \u2014 (4,495) Disposals (3) (1) (38) (4) (46 ) Newly consolidated operations (e) \u2014 1 \u2014 5 6 Transfers and other movements (f) 162 1,177 4,922 (6,270) (9) At 31 December 2022 10,529 6,699 34,407 12,096 63,731 \u2013 cost 25,263 12,805 74,562 13,118 125,748 \u2013 accumulated depreciation and impairment (14,734) (6,106) (40,155) (1,022) (62,017) Non-current assets pledged as security (g) 1,602 491 5,113 8,876 16,082 Financial statements continued Notes to the 2022 financial statements 180 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com180 13 Property, plant and equipment continued Recognition and measurement Phase Development Phase Production Phase Stripping activity Overburden and other waste removal during the development of a mine before production commences. Production phase stripping can give access to two benefits: the extraction of ore in the current period and improved access to ore which will be extracted in future periods. Period of benefit After commissioning of the mine. Future periods after first phase is complete. Current and future benefit are indistinguishable. Capitalised to mining properties and leases in property, plant and equipment During the development of a mine, stripping costs relating to a component of an orebody are capitalised as part of the cost of construction of the mine. It may be the case that subsequent phases of stripping will access additional ore and that these subsequent phases are only possible after the first phase has taken place. Where applicable, the Group considers this on a mine-by-mine basis. Generally, the only ore attributed to the stripping activity asset for the purposes of calculating the life-of- component ratio is the ore to be extracted from the originally identified component. Stripping costs for the component are deferred to the extent that the current period ratio exceeds the life-of-component ratio. Allocation to inventory Not applicable Not applicable The stripping cost is allocated to inventory based on a relevant production measure using a life-of-component strip ratio. The ratio divides the tonnage of waste mined for the component for the period either by the quantity of ore mined for the component or by the quantity of minerals contained in the ore mined for the component. In some operations, the quantity of ore is a more appropriate basis for allocating costs, particularly when there are significant by- products. Component A \u201ccomponent\u201d is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). Life-of-component ratio The life-of-component ratios are based on the ore reserves of the mine (and for some mines, other mineral resources) and the annual mine plan; they are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other technical or economic parameters that impact the ore reserves (and for some mines, other mineral resources) may also have an impact on the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively. Depreciation basis Depreciated on a \u201cunits of production\u201d basis based on expected production of either ore or minerals contained in the ore over the life of the component unless another method is more appropriate. Property, plant and equipment includes both owned and leased assets. 2022 US$m 2021 US$m Property, plant and equipment \u2013 owned 63,731 63,793 Right of use assets \u2013 leased 1,003 1,134 Net book value 64,734 64,927 Property, plant and equipment \u2013 Owned Year ended 31 December 2022 Note Mining properties and leases (a) US$m Land and buildings US$m Plant and equipment US$m Capital works in progress US$m Total US$m Net book value At 1 January 2022 10,817 5,995 33,453 13,528 63,793 Adjustment on currency translation (b) (436) (344) (1,870) (311) (2,961) Adjustments to capitalised closure costs 14 520 \u2014 \u2014 \u2014 520 Interest capitalised (c) 9 \u2014 \u2014 \u2014 416 416 Additions (d) 360 304 1,111 4,732 6,507 Depreciation for the year (a) (891) (433) (3,171) \u2014 (4,495) Disposals (3) (1) (38) (4) (46) Newly consolidated operations (e) \u2014 1 \u2014 5 6 Transfers and other movements (f) 162 1,177 4,922 (6,270) (9) At 31 December 2022 10,529 6,699 34,407 12,096 63,731 \u2013 cost 25,263 12,805 74,562 13,118 125,748 \u2013 accumulated depreciation and impairment (14,734) (6,106) (40,155) (1,022) (62,017) Non-current assets pledged as security (g) 1,602 491 5,113 8,876 16,082 Financial statements continued Notes to the 2022 financial statements 180 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com180 13 Property, plant and equipment continued Recognition and measurement Phase Development Phase Production Phase Stripping activity Overburden and other waste removal during the development of a mine before production commences. Production phase stripping can give access to two benefits: the extraction of ore in the current period and improved access to ore which will be extracted in future periods. Period of benefit After commissioning of the mine. Future periods after first phase is complete. Current and future benefit are indistinguishable. Capitalised to mining properties and leases in property, plant and equipment During the development of a mine, stripping costs relating to a component of an orebody are capitalised as part of the cost of construction of the mine. It may be the case that subsequent phases of stripping will access additional ore and that these subsequent phases are only possible after the first phase has taken place. Where applicable, the Group considers this on a mine-by-mine basis. Generally, the only ore attributed to the stripping activity asset for the purposes of calculating the life-of- component ratio is the ore to be extracted from the originally identified component. Stripping costs for the component are deferred to the extent that the current period ratio exceeds the life-of-component ratio. Allocation to inventory Not applicable Not applicable The stripping cost is allocated to inventory based on a relevant production measure using a life-of-component strip ratio. The ratio divides the tonnage of waste mined for the component for the period either by the quantity of ore mined for the component or by the quantity of minerals contained in the ore mined for the component. In some operations, the quantity of ore is a more appropriate basis for allocating costs, particularly when there are significant by- products. Component A \u201ccomponent\u201d is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). Life-of-component ratio The life-of-component ratios are based on the ore reserves of the mine (and for some mines, other mineral resources) and the annual mine plan; they are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other technical or economic parameters that impact the ore reserves (and for some mines, other mineral resources) may also have an impact on the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively. Depreciation basis Depreciated on a \u201cunits of production\u201d basis based on expected production of either ore or minerals contained in the ore over the life of the component unless another method is more appropriate. Property, plant and equipment includes both owned and leased assets. 2022 US$m 2021 US$m Property, plant and equipment \u2013 owned 63,731 63,793 Right of use assets \u2013 leased 1,003 1,134 Net book value 64,734 64,927 Property, plant and equipment \u2013 Owned Year ended 31 December 2022 Note Mining properties and leases (a) US$m Land and buildings US$m Plant and equipment US$m Capital works in progress US$m Total US$m Net book value At 1 January 2022 10,817 5,995 33,453 13,528 63,793 Adjustment on currency translation (b) (436) (344) (1,870) (311) (2,961) Adjustments to capitalised closure costs 14 520 \u2014 \u2014 \u2014 520 Interest capitalised (c) 9 \u2014 \u2014 \u2014 416 416 Additions (d) 360 304 1,111 4,732 6,507 Depreciation for the year (a) (891) (433) (3,171) \u2014 (4,495) Disposals (3) (1) (38) (4) (46) Newly consolidated operations (e) \u2014 1 \u2014 5 6 Transfers and other movements (f) 162 1,177 4,922 (6,270) (9) At 31 December 2022 10,529 6,699 34,407 12,096 63,731 \u2013 cost 25,263 12,805 74,562 13,118 125,748 \u2013 accumulated depreciation and impairment (14,734) (6,106) (40,155) (1,022) (62,017) Non-current assets pledged as security (g) 1,602 491 5,113 8,876 16,082 Financial statements continued Notes to the 2022 financial statements 180 Annual Report 2022\u2000|\u2000riotinto.com Year ended 31 December 2021 Note Mining properties and leases (a) US$m Land and buildings US$m Plant and equipment US$m Capital works in progress US$m Total US$m Net book value At 1 January 2021 11,173 6,369 32,754 11,711 62,007 Adjustment on currency translation (b) (385) (194) (1,097) (259) (1,935 ) Adjustments to capitalised closure costs 14 518 \u2014 \u2014 \u2014 518 Interest capitalised (c) 9 \u2014 \u2014 \u2014 358 358 Additions 227 70 1,841 5,337 7,475 Depreciation for the year (a) (736) (390) (3,061) \u2014 (4,187) Impairment charges (h) (2) (66) (195) (6) (269 ) Disposals (2) (18) (90) (7) (117) Transfers and other movements (f) 24 224 3,301 (3,606) (57) At 31 December 2021 10,817 5,995 33,453 13,528 63,793 \u2013 cost 25,114 12,031 73,415 14,661 125,221 \u2013 accumulated depreciation and impairment (14,297) (6,036) (39,962) (1,133) (61,428) Non-current assets pledged as security (g) 1,637 457 5,196 7,621 14,911 (a) At 31 December 2022, the net book value of capitalised production phase stripping costs totalled US$2,497 million, with US$2,038 million within \u201cProperty, plant and equipment\u201d and a further US$460 million within \u201cInvestments in equity accounted units\u201d (2021: total of US$2,432 million, with US$2,017 million in \u201cProperty, plant and equipment\u201d and a further US$415 million within \u201cInvestments in equity accounted units\u201d). During the year, capitalisation of US$411 million was partly offset by depreciation of US$331 million (including amounts recorded within equity accounted units). Depreciation of deferred stripping costs in respect of subsidiaries of US$246 million (2021: US$201 million; 2020: US$145 million) is included within \u201cDepreciation for the year\u201d. (b) Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the US dollar, recognised directly in the currency translation reserve. The adjustment in 2022 arose primarily from the weakening of the Australian dollar against the US dollar. (c) Our average borrowing rate, excluding any project finance, used for capitalisation of interest is 5.60% (2021: 3.40%). (d) US$0.1 billion of additions to \u201cProperty, plant and equipment\u201d relates to capital spend on carbon abatement in 2022. (e) In 2022, the acquisition relates to our purchase of Rincon, a lithium project in Argentina, refer to note 5. (f) \u201cTransfers and other movements\u201d includes reclassifications between categories. (g) Excludes assets held under capitalised lease arrangements. Non-current assets pledged as security represent amounts pledged as collateral against US$3,965 million (2021: US$4,403 million) of loans, which are included in note 20. (h) In 2021, the impairment charges related to our Kitimat smelter in Canada, refer to note 4. Impact of climate change on our business - Useful economic lives of our power generating assets The Group has committed to reducing scope 1 and scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to spend US$7.5 billion between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel- based power generating assets is 13 years (2021:14 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected. 2022 2021 Net book value Land and buildings US$m Plant and equipment US$m Land and buildings US$m Plant and equipment US$m Fossil fuels 25 882 26 952 Renewables (a) 198 2,352 195 1,541 (a) The increase of US$0.8 billion in renewable plant & equipment, is attributable to the Kemano T2 hydropower project, following the completion of a second tunnel to supply water to the Kemano hydropower facility in 2022. This project will ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. Financial statements Annual Report 2022 | riotinto.com 181 181Annual Report 2022 | riotinto.com Financial statements 13 Property, plant and equipment continued Right-of-use assets \u2013 Leased Land and buildings US$m Plant and equipment US$m Total US$m Net book value 31 December 2022 515 488 1,003 31 December 2021 549 585 1,134 Additions for the year 31 December 2022 49 254 303 31 December 2021 135 407 542 Depreciation for the year (included within operating costs) 31 December 2022 (61) (295) (356) 31 December 2021 (81) (251) (332) The leased assets of the Group include land and buildings (mainly office buildings) and plant and equipment, the majority of which are marine vessels. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Right of use assets are depreciated on a straight line basis over the life of the lease, taking into account any extensions that are likely to be enacted. 14 Close-down and restoration provisions Recognition and measurement The Group has provisions for close-down and restoration costs which include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas for mines and certain refineries and smelters. The obligation may occur during development or during the production phase of a facility. These provisions are based on all regulatory requirements and any other commitments made to stakeholders. The provision excludes the impact of future disturbance which is planned to occur during the life of mine, so that it represents only incurred disturbance as at the balance sheet date. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated, instead a contingent liability is disclosed, refer to note 37. This applies primarily to certain Canadian smelters which have indefinite-lived water rights from local governments permitting electricity generation from hydro-power stations. Close-down and restoration costs are a normal consequence of mining or production, and the majority of close-down and restoration expenditure is incurred in the years following closure of the mine, refinery or smelter. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their costs using current restoration standards, techniques and expected climate conditions. The costs are estimated on the basis of a closure plan, and are reviewed at each reporting period during the life of the operation to reflect known developments. The estimates are also subject to formal review, with appropriate external support, at regular intervals. The timing of closure and the rehabilitation plans for the site can be uncertain and dependent upon future capital allocation decisions which involve estimation of future economic circumstances and business cases. In such circumstances, the closure provision is estimated using probability weighting of the different remediation and closure scenarios. The initial close-down and restoration provision is capitalised within \u201cProperty, plant and equipment\u201d. Subsequent movements in the close- down and restoration provisions for ongoing operations are treated as an adjustment to cost within \u201cProperty, plant and equipment\u201d. This includes those resulting from new disturbance related to expansions or other activities qualifying for capitalisation; updated cost estimates; changes to the estimated lives of operations; changes to the timing of closure activities; and revisions to discount rates. Changes in closure provisions relating to closed operations are charged/credited to \u201cNet operating costs\u201d in the income statement. Where rehabilitation is conducted systematically over the life of the operation, rather than at the time of closure, provision is made for the estimated outstanding continuous rehabilitation work at each balance sheet date and the cost is charged to the income statement. The closure provision is represented by forecast future underlying cash flows expressed in real terms at the balance sheet date. These are discounted for the time value of money based on a long-term view of low-risk market yields which includes a review of historic trends plus risks and opportunities for which future cash flows have not been adjusted, namely potential improvements in closure practices between the reporting date and the point at which rehabilitation spend takes place. The real-terms discount rate used is 1.5% (2021: 1.5%) which is applied to all locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities co- ordinated by the Group's central closure team. To roll forward those real-terms cash flows between periods, we identify local rates of inflation based on Producer Price Inflation (PPI) indices and together with the real-terms discount rate unwind the discount through the line \u201camortisation of discount\u201d, shown within \u201cFinance items\u201d in the income statement. This nominal rate for cost escalation in the current financial year is estimated at the start of each half-year and applied systematically for six months. At the end of each half-year we update the underlying cash flows for the latest estimate of experienced inflation for the current financial year and record this as \u201cchanges to existing provisions\u201d. For operating sites this adjustment usually results in a corresponding adjustment to Property, Plant and Equipment and for closed and fully impaired sites the adjustment is charged or credited to the income statement. In some cases, our subsidiaries make a contribution to trust funds in order to meet or reimburse future environmental and decommissioning costs. Amounts due for reimbursement from trust funds are not offset against the corresponding closure provision unless payments into the fund have the effect of passing the closure obligation to the trust. Environmental costs result from environmental damage that was not a necessary consequence of operations, and may include remediation, compensation and penalties. Provision is made for the estimated present value of such costs at the balance sheet date. These costs are charged to \u201cNet operating costs\u201d, except for the unwinding of the discount which is shown within \u201cFinance items\u201d. Remediation procedures may commence soon after the time the disturbance, remediation process and estimated remediation costs become known, but can continue for many years depending on the nature of the disturbance and the remediation techniques used. Financial statements continued Notes to the 2022 financial statements 182 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com182 13 Property, plant and equipment continued Right-of-use assets \u2013 Leased Land and buildings US$m Plant and equipment US$m Total US$m Net book value 31 December 2022 515 488 1,003 31 December 2021 549 585 1,134 Additions for the year 31 December 2022 49 254 303 31 December 2021 135 407 542 Depreciation for the year (included within operating costs) 31 December 2022 (61) (295) (356) 31 December 2021 (81) (251) (332) The leased assets of the Group include land and buildings (mainly office buildings) and plant and equipment, the majority of which are marine vessels. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Right of use assets are depreciated on a straight line basis over the life of the lease, taking into account any extensions that are likely to be enacted. 14 Close-down and restoration provisions Recognition and measurement The Group has provisions for close-down and restoration costs which include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas for mines and certain refineries and smelters. The obligation may occur during development or during the production phase of a facility. These provisions are based on all regulatory requirements and any other commitments made to stakeholders. The provision excludes the impact of future disturbance which is planned to occur during the life of mine, so that it represents only incurred disturbance as at the balance sheet date. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated, instead a contingent liability is disclosed, refer to note 37. This applies primarily to certain Canadian smelters which have indefinite-lived water rights from local governments permitting electricity generation from hydro-power stations. Close-down and restoration costs are a normal consequence of mining or production, and the majority of close-down and restoration expenditure is incurred in the years following closure of the mine, refinery or smelter. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their costs using current restoration standards, techniques and expected climate conditions. The costs are estimated on the basis of a closure plan, and are reviewed at each reporting period during the life of the operation to reflect known developments. The estimates are also subject to formal review, with appropriate external support, at regular intervals. The timing of closure and the rehabilitation plans for the site can be uncertain and dependent upon future capital allocation decisions which involve estimation of future economic circumstances and business cases. In such circumstances, the closure provision is estimated using probability weighting of the different remediation and closure scenarios. The initial close-down and restoration provision is capitalised within \u201cProperty, plant and equipment\u201d. Subsequent movements in the close- down and restoration provisions for ongoing operations are treated as an adjustment to cost within \u201cProperty, plant and equipment\u201d. This includes those resulting from new disturbance related to expansions or other activities qualifying for capitalisation; updated cost estimates; changes to the estimated lives of operations; changes to the timing of closure activities; and revisions to discount rates. Changes in closure provisions relating to closed operations are charged/credited to \u201cNet operating costs\u201d in the income statement. Where rehabilitation is conducted systematically over the life of the operation, rather than at the time of closure, provision is made for the estimated outstanding continuous rehabilitation work at each balance sheet date and the cost is charged to the income statement. The closure provision is represented by forecast future underlying cash flows expressed in real terms at the balance sheet date. These are discounted for the time value of money based on a long-term view of low-risk market yields which includes a review of historic trends plus risks and opportunities for which future cash flows have not been adjusted, namely potential improvements in closure practices between the reporting date and the point at which rehabilitation spend takes place. The real-terms discount rate used is 1.5% (2021: 1.5%) which is applied to all locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities co- ordinated by the Group's central closure team. To roll forward those real-terms cash flows between periods, we identify local rates of inflation based on Producer Price Inflation (PPI) indices and together with the real-terms discount rate unwind the discount through the line \u201camortisation of discount\u201d, shown within \u201cFinance items\u201d in the income statement. This nominal rate for cost escalation in the current financial year is estimated at the start of each half-year and applied systematically for six months. At the end of each half-year we update the underlying cash flows for the latest estimate of experienced inflation for the current financial year and record this as \u201cchanges to existing provisions\u201d. For operating sites this adjustment usually results in a corresponding adjustment to Property, Plant and Equipment and for closed and fully impaired sites the adjustment is charged or credited to the income statement. In some cases, our subsidiaries make a contribution to trust funds in order to meet or reimburse future environmental and decommissioning costs. Amounts due for reimbursement from trust funds are not offset against the corresponding closure provision unless payments into the fund have the effect of passing the closure obligation to the trust. Environmental costs result from environmental damage that was not a necessary consequence of operations, and may include remediation, compensation and penalties. Provision is made for the estimated present value of such costs at the balance sheet date. These costs are charged to \u201cNet operating costs\u201d, except for the unwinding of the discount which is shown within \u201cFinance items\u201d. Remediation procedures may commence soon after the time the disturbance, remediation process and estimated remediation costs become known, but can continue for many years depending on the nature of the disturbance and the remediation techniques used. Financial statements continued Notes to the 2022 financial statements 182 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com182 13 Property, plant and equipment continued Right-of-use assets \u2013 Leased Land and buildings US$m Plant and equipment US$m Total US$m Net book value 31 December 2022 515 488 1,003 31 December 2021 549 585 1,134 Additions for the year 31 December 2022 49 254 303 31 December 2021 135 407 542 Depreciation for the year (included within operating costs) 31 December 2022 (61) (295) (356) 31 December 2021 (81) (251) (332) The leased assets of the Group include land and buildings (mainly office buildings) and plant and equipment, the majority of which are marine vessels. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Right of use assets are depreciated on a straight line basis over the life of the lease, taking into account any extensions that are likely to be enacted. 14 Close-down and restoration provisions Recognition and measurement The Group has provisions for close-down and restoration costs which include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas for mines and certain refineries and smelters. The obligation may occur during development or during the production phase of a facility. These provisions are based on all regulatory requirements and any other commitments made to stakeholders. The provision excludes the impact of future disturbance which is planned to occur during the life of mine, so that it represents only incurred disturbance as at the balance sheet date. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated, instead a contingent liability is disclosed, refer to note 37. This applies primarily to certain Canadian smelters which have indefinite-lived water rights from local governments permitting electricity generation from hydro-power stations. Close-down and restoration costs are a normal consequence of mining or production, and the majority of close-down and restoration expenditure is incurred in the years following closure of the mine, refinery or smelter. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their costs using current restoration standards, techniques and expected climate conditions. The costs are estimated on the basis of a closure plan, and are reviewed at each reporting period during the life of the operation to reflect known developments. The estimates are also subject to formal review, with appropriate external support, at regular intervals. The timing of closure and the rehabilitation plans for the site can be uncertain and dependent upon future capital allocation decisions which involve estimation of future economic circumstances and business cases. In such circumstances, the closure provision is estimated using probability weighting of the different remediation and closure scenarios. The initial close-down and restoration provision is capitalised within \u201cProperty, plant and equipment\u201d. Subsequent movements in the close- down and restoration provisions for ongoing operations are treated as an adjustment to cost within \u201cProperty, plant and equipment\u201d. This includes those resulting from new disturbance related to expansions or other activities qualifying for capitalisation; updated cost estimates; changes to the estimated lives of operations; changes to the timing of closure activities; and revisions to discount rates. Changes in closure provisions relating to closed operations are charged/credited to \u201cNet operating costs\u201d in the income statement. Where rehabilitation is conducted systematically over the life of the operation, rather than at the time of closure, provision is made for the estimated outstanding continuous rehabilitation work at each balance sheet date and the cost is charged to the income statement. The closure provision is represented by forecast future underlying cash flows expressed in real terms at the balance sheet date. These are discounted for the time value of money based on a long-term view of low-risk market yields which includes a review of historic trends plus risks and opportunities for which future cash flows have not been adjusted, namely potential improvements in closure practices between the reporting date and the point at which rehabilitation spend takes place. The real-terms discount rate used is 1.5% (2021: 1.5%) which is applied to all locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities co- ordinated by the Group's central closure team. To roll forward those real-terms cash flows between periods, we identify local rates of inflation based on Producer Price Inflation (PPI) indices and together with the real-terms discount rate unwind the discount through the line \u201camortisation of discount\u201d, shown within \u201cFinance items\u201d in the income statement. This nominal rate for cost escalation in the current financial year is estimated at the start of each half-year and applied systematically for six months. At the end of each half-year we update the underlying cash flows for the latest estimate of experienced inflation for the current financial year and record this as \u201cchanges to existing provisions\u201d. For operating sites this adjustment usually results in a corresponding adjustment to Property, Plant and Equipment and for closed and fully impaired sites the adjustment is charged or credited to the income statement. In some cases, our subsidiaries make a contribution to trust funds in order to meet or reimburse future environmental and decommissioning costs. Amounts due for reimbursement from trust funds are not offset against the corresponding closure provision unless payments into the fund have the effect of passing the closure obligation to the trust. Environmental costs result from environmental damage that was not a necessary consequence of operations, and may include remediation, compensation and penalties. Provision is made for the estimated present value of such costs at the balance sheet date. These costs are charged to \u201cNet operating costs\u201d, except for the unwinding of the discount which is shown within \u201cFinance items\u201d. Remediation procedures may commence soon after the time the disturbance, remediation process and estimated remediation costs become known, but can continue for many years depending on the nature of the disturbance and the remediation techniques used. Financial statements continued Notes to the 2022 financial statements 182 Annual Report 2022\u2000|\u2000riotinto.com Note 2022 US$m 202 1 US$ m At 1 January 14,542 13,335 Adjustment on currency translation (699) (48 3) Adjustments to mining properties/right of use assets: 13 \u2013 increases to existing and new provisions 520 518 Charged/(credited) to profit: \u2013 increases to existing and new provisions 541 1,475 \u2013 unused amounts reversed (72) (192 ) \u2013 exchange losses on provisions 17 23 \u2013 amortisation of discount 1,517 415 Utilised in year (609) (541 ) Transfers and other movements 2 (8 ) At 31 December (a) 15,759 14,542 Balance sheet analysis: Current 1,142 1,023 Non-current 14,617 13,519 Total 15,759 14,54 2 (a) Close-down, restoration and environmental liabilities at 31 December 2022 have not been adjusted for closure-related receivables amounting to US$351 million (2021: US$410 million) due fro m the ERA trust fund and other financial assets held for the purposes of meeting closure obligations. These are included within \u201cReceivables and other assets\u201d on the balance sheet. Key judgment - Close-down, restoration and environmental obligations We use our judgment and experience to determine the potential scope of closure rehabilitation work required to meet the Group\u2019s legal, statutory and constructive obligations, and any other commitments made to stakeholders, and the options and techniques available to meet those obligations and estimate the associated costs and the likely timing of those costs. Significant judgment is also required to determine both the costs associated with that work and the other assumptions used to calculate the provision. External experts support the cost estimation process where appropriate but there remains significant estimation uncertainty. The key judgment in applying this accounting policy is determining when an estimate is sufficiently reliable to make or adjust a closure provision. Adjustments are made to provisions when the range of possible outcomes becomes sufficiently narrow to permit reliable estimation. Depending on the materiality of the change, adjustments may require review and endorsement by the Group\u2019s Closure Steering Committee before the provision is updated. Cost estimates are updated throughout the life of the operation; generally cost estimates must comply with the Group\u2019s Capital Project Framework once the operation is ten years from expected closure. This means, for example, that where an Order of Magnitude (OoM) study is required for closure it must be of the same standard as an OoM study for a new mine, smelter or refinery. As at 31 December 2022, there are 16 operations with remaining lives of under 10 years before taking into account unapproved extensions. The largest closure study finalised during 2022 related to the Ranger Uranium mine operated by Energy Resources of Australia. In 2021 the preliminary information from this study resulted in an increase to closure liabilities of US$510 million; the finalisation of the study in 2022 did not result in a further significant change. In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, ground water treatment. In these cases the underlying cash flows for the provision may be restricted to a period for which the costs can be reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be predicted with confidence, this period may be shorter. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated. This applies primarily to certain Canadian smelters which have indefinite-lived water rights or power agreements for renewable power sources with local governments, refer to note 37. Financial statements Annual Report 2022 | riotinto.com 183 183Annual Report 2022 | riotinto.com Financial statements 2022
US$m
2021
US$m
Undiscounted close-down and environmental restoration obligations
Present closure obligation
Projected cash spend for the undiscounted close-down and restoration/environmental clean-up provision
Undiscounted close-down and environmental restoration cash flows
<1 year
US$m
1-3 years
US$m
3-5 years
US$m
> 5 years
US$m
Total
US$m
Remaining lives of operations and infrastructure range from one to over 50 years with an average for all sites, weighted by present closure obligation,
of around 15 years. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their respective costs based on current
restoration standards, techniques and expected climate conditions.
Key estimate - Close-down, restoration and environmental obligations
The most significant assumptions and estimates used in calculating the provision are:
\u2013 Closure timeframes. The weighted average remaining lives of operations is shown below. Some expenditure may be incurred before
closure while the operation as a whole is in production.
\u2013 The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative
commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental
remediation provision includes an allowance for ongoing monitoring and remediation costs, including ground water treatment, of
approximately US$0.7 billion.
\u2013 The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations
(Iron Ore) relating to infrastructure and incorporates the expectation that some infrastructure will be retained by the relevant State
authorities post closure. The assignment of probabilities to this scenario reduces the closure provision by US$0.7 billion.
\u2013 Appropriate sources on which to base the calculation of the discount rate. The discount rate by nature is subjective and therefore
sensitivities are shown below for how the provision balance, which at 31 December 2022 was US$15.8 billion, would change if discounted
at alternative discount rates.
There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many factors includin g:
\u2013 Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders;
\u2013 Review of remediation and relinquishment options;
\u2013 Additional remediation requirements identified during the rehabilitation;
\u2013 The emergence of new restoration techniques;
\u2013 Precipitation rates and climate change;
\u2013 Change in the expected closure date; and
\u2013 Change in the discount rate.
Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the
restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and
historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates.
The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to ore
reserves and mineral resources, production rates, renewal of operating licences or economic conditions.
Changes in closure estimates at the Group\u2019s ongoing operations could result in a material adjustment to assets and liabilities in the next 12
months and would also impact the depreciation and the unwind of discount in future years.
Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a
material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates for
these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may require a
material provision but cannot be predicted.
Project specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that the
obligation is fulfilled by the Group. These cash flows are then discounted using a discount rate specific to the class of obligations.
Financial statements continued
Notes to the 2022 financial statements
14 Close-down and restoration provisions continued
Analysis of close-down and restoration/environmental clean-up provisions
As at 31 December
184 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com184
2022 US$m 2021 US$m Undiscounted close-down and environmental restoration obligations 20,433 18,775 Impact of discounting (4,674) (4,233) Present closure obligation 15,759 14,542 Attributable to: Operating sites 11,598 10,727 Non-operating sites 4,161 3,815 Total 15,759 14,542 Projected cash spend for the undiscounted close-down and restoration/environmental clean-up provision Undiscounted close-down and environmental restoration cash flows <1 year US$m 1-3 years US$m 3-5 years US$m > 5 years US$m Total US$m At 31 December 2022 1,142 1,986 1,426 15,879 20,433 At 31 December 2021 1,023 1,652 1,680 14,420 18,775 Remaining lives of operations and infrastructure range from one to over 50 years with an average for all sites, weighted by present closure obligation, of around 15 years. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their respective costs based on current restoration standards, techniques and expected climate conditions. Key estimate - Close-down, restoration and environmental obligations The most significant assumptions and estimates used in calculating the provision are: \u2013 Closure timeframes. The weighted average remaining lives of operations is shown below. Some expenditure may be incurred before closure while the operation as a whole is in production. \u2013 The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental remediation provision includes an allowance for ongoing monitoring and remediation costs, including ground water treatment, of approximately US$0.7 billion. \u2013 The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations (Iron Ore) relating to infrastructure and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. The assignment of probabilities to this scenario reduces the closure provision by US$0.7 billion. \u2013 Appropriate sources on which to base the calculation of the discount rate. The discount rate by nature is subjective and therefore sensitivities are shown below for how the provision balance, which at 31 December 2022 was US$15.8 billion, would change if discounted at alternative discount rates. There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many factors including: \u2013 Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders; \u2013 Review of remediation and relinquishment options; \u2013 Additional remediation requirements identified during the rehabilitation; \u2013 The emergence of new restoration techniques; \u2013 Precipitation rates and climate change; \u2013 Change in the expected closure date; and \u2013 Change in the discount rate. Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates. The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to ore reserves and mineral resources, production rates, renewal of operating licences or economic conditions. Changes in closure estimates at the Group\u2019s ongoing operations could result in a material adjustment to assets and liabilities in the next 12 months and would also impact the depreciation and the unwind of discount in future years. Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may require a material provision but cannot be predicted. Project specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that the obligation is fulfilled by the Group. These cash flows are then discounted using a discount rate specific to the class of obligations. Financial statements continued Notes to the 2022 financial statements 14 Close-down and restoration provisions continued Analysis of close-down and restoration/environmental clean-up provisions As at 31 December 184 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com184 2022 US$m 2021 US$m Undiscounted close-down and environmental restoration obligations 20,433 18,775 Impact of discounting (4,674) (4,233) Present closure obligation 15,759 14,542 Attributable to: Operating sites 11,598 10,727 Non-operating sites 4,161 3,815 Total 15,759 14,542 Projected cash spend for the undiscounted close-down and restoration/environmental clean-up provision Undiscounted close-down and environmental restoration cash flows <1 year US$m 1-3 years US$m 3-5 years US$m > 5 years US$m Total US$m At 31 December 2022 1,142 1,986 1,426 15,879 20,433 At 31 December 2021 1,023 1,652 1,680 14,420 18,775 Remaining lives of operations and infrastructure range from one to over 50 years with an average for all sites, weighted by present closure obligation, of around 15 years. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their respective costs based on current restoration standards, techniques and expected climate conditions. Key estimate - Close-down, restoration and environmental obligations The most significant assumptions and estimates used in calculating the provision are: \u2013 Closure timeframes. The weighted average remaining lives of operations is shown below. Some expenditure may be incurred before closure while the operation as a whole is in production. \u2013 The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental remediation provision includes an allowance for ongoing monitoring and remediation costs, including ground water treatment, of approximately US$0.7 billion. \u2013 The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations (Iron Ore) relating to infrastructure and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. The assignment of probabilities to this scenario reduces the closure provision by US$0.7 billion. \u2013 Appropriate sources on which to base the calculation of the discount rate. The discount rate by nature is subjective and therefore sensitivities are shown below for how the provision balance, which at 31 December 2022 was US$15.8 billion, would change if discounted at alternative discount rates. There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many factors including: \u2013 Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders; \u2013 Review of remediation and relinquishment options; \u2013 Additional remediation requirements identified during the rehabilitation; \u2013 The emergence of new restoration techniques; \u2013 Precipitation rates and climate change; \u2013 Change in the expected closure date; and \u2013 Change in the discount rate. Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates. The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to ore reserves and mineral resources, production rates, renewal of operating licences or economic conditions. Changes in closure estimates at the Group\u2019s ongoing operations could result in a material adjustment to assets and liabilities in the next 12 months and would also impact the depreciation and the unwind of discount in future years. Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may require a material provision but cannot be predicted. Project specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that the obligation is fulfilled by the Group. These cash flows are then discounted using a discount rate specific to the class of obligations. Financial statements continued Notes to the 2022 financial statements 14 Close-down and restoration provisions continued Analysis of close-down and restoration/environmental clean-up provisions As at 31 December 184 Annual Report 2022\u2000|\u2000riotinto.com Provisions of US$15,759 million (2021: US$14,542 million) for close-down and restoration costs and environmental clean-up obligations are based on risk-adjusted cash flows. We re-assessed the closure discount rate in the current year and continue to consider that real rate of 1.5%, applied prospectively since 30 September 2020, is the most appropriate rate to use. This assumption is based on the currency in which we plan to fund the closures and our expectation of long-term interest rate and exchange rate parity in the locations of our operations. Prior to 30 September 2020 and in recent years, the close-down and restoration costs and environmental clean-up obligations were discounted at a real rate of 2.0%. To illustrate the sensitivity of the provision to discounting, if the discount rate at 31 December 2022 were decreased to 1.0% then the provision would be US$1.5 billion higher, of which approximately US$1.4 billion would be capitalised within \u201cProperty, plant and equipment\u201d at operating sites and US$0.1 billion would be charged to the income statement for non-operating and fully impaired sites. If the discount rate were increased to 3.0% then the provision would be US$3.0 billion lower, of which approximately US$2.7 billion would result in a decrease within \u201cProperty, plant and equipment\u201d at operating sites and US$0.3 billion would be credited to the income statement for non-operating and fully impaired sites. Impact of climate change on our business - Close-down, restoration and environmental cost The underlying costs for closure have been estimated with varying degrees of precision based on a function of the age of the underlying asset and proximity to closure. For assets within ten years of closure, closure plans and cost estimates are supported by detailed studies which are refined as the closure date approaches. These closure studies consider climate change and plan for resilience to expected climate conditions with a particular focus on precipitation rates. For new developments, consideration of climate change and ultimate closure conditions are an important part of the approval process. For longer-lived assets, closure provisions are typically based on conceptual level studies that are refreshed at least every five years; these are evolving to incorporate greater consideration of forecast climate conditions at closure. Closure cost composition as at 31 December 2022 US$m 2021 US$m Decommissioning, decontamination and demolition 3,386 3,343 Closure and rehabilitation earthworks (a) 4,760 4,125 Long-term water management costs (b) 1,092 967 Post closure monitoring and maintenance 1,846 1,676 Indirect costs, owners' costs and contingency (c) 4,675 4,431 Total 15,759 14,542 (a) A key component of earthworks rehabilitation involves re-landscaping the area disturbed by mining activities utilising largely diesel powered heavy mobile equipment. In developing low-carbon solutions for our mobile fleet, this may include electrification of the vehicles during the mine life. The forecast cash flows for the heavy mobile equipment in the closure cost estimate are based o n existing fuel sources. The cost incurred during closure could reduce if these activities are powered by renewable energy. (b) Long-term water management relates to the post-closure treatment of water due to acid rock drainage and other environmental commitments and is an area of research and development focus for our Closure team. The cost of this water processing can continue for many years after the bulk earthworks and demolition activities have completed and are therefore exposed to long-term climate change. This could materially affect rates of precipitation and therefore change the volume of water requiring processing. It is not currently possible to forecast accurately the impact this could have on the closure provision as some of our locations could experience drier conditions whereas others could experience greater rainfall. A further consideration relates to the alternative commercial use for the processed water, which could support ultimate transfer of these costs to a third party. (c) Indirect costs, owners' costs and contingency include adjustments to the underlying cash flows to align the closure provision with a central-case estimate. This excludes allowances for quantitative estimation uncertainties, which are allocated to the underlying cost driver and presented within the respective cost categories above. Geographic composition as at 31 December 2022 US$m 2021 US$m Australia 7,983 7,605 USA 4,680 4,057 Canada 1,730 1,662 Rest of World 1,366 1,218 Total 15,759 14,542 The geographic composition of the closure provision shows that our closure obligations are largely in countries with established levels of regulation in respect of mine and site closure. Financial statements Annual Report 2022 | riotinto.com 185 185Annual Report 2022 | riotinto.com Financial statements 15 Deferred taxation Other relevant judgments - Recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider whether taxable profits will be available against which deferred tax assets may be utilised. The enactment in the US of the Corporate Alternative Minimum Tax (CAMT) in the Inflation Reduction Act 2022 has resulted in a position where, whilst the utilisation of Federal deferred tax assets will reduce our Federal corporate tax liabilities, the CAMT legislation will result in the application of the minimum tax on the adjusted financial statement income. Accordingly, whilst our latest projections demonstrate that sufficient taxable profits will be earned in future periods to utilise the existing Federal deferred tax assets, the utilisation of those Federal deferred tax assets is not expected to yield any significant economic benefit due to the application of the minimum tax and the deferred tax assets have been written down. 2022 US$m 2021 US$m At 1 January \u2013 deferred tax (liabilities)/assets (128) 146 Adjustment on currency translation 124 61 (Charged)/credited to the income statement (735) (114) (Charged)/credited to statement of comprehensive income (a) (102) (243) Other movements (b) 6 22 At 31 December \u2013 deferred tax liabilities (835) (128) Comprising: \u2013 deferred tax assets (c)(d) 2,766 3,375 \u2013 deferred tax liabilities (e) (3,601) (3,503 ) Financial statements continued Notes to the 2022 financial statements 186 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com186 15 Deferred taxation Other relevant judgments - Recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider whether taxable profits will be available against which deferred tax assets may be utilised. The enactment in the US of the Corporate Alternative Minimum Tax (CAMT) in the Inflation Reduction Act 2022 has resulted in a position where, whilst the utilisation of Federal deferred tax assets will reduce our Federal corporate tax liabilities, the CAMT legislation will result in the application of the minimum tax on the adjusted financial statement income. Accordingly, whilst our latest projections demonstrate that sufficient taxable profits will be earned in future periods to utilise the existing Federal deferred tax assets, the utilisation of those Federal deferred tax assets is not expected to yield any significant economic benefit due to the application of the minimum tax and the deferred tax assets have been written down. 2022 US$m 2021 US$m At 1 January \u2013 deferred tax (liabilities)/assets (128) 146 Adjustment on currency translation 124 61 (Charged)/credited to the income statement (735) (114) (Charged)/credited to statement of comprehensive income (a) (102) (243) Other movements (b) 6 22 At 31 December \u2013 deferred tax liabilities (835) (128) Comprising: \u2013 deferred tax assets (c)(d) 2,766 3,375 \u2013 deferred tax liabilities (e) (3,601) (3,503) Financial statements continued Notes to the 2022 financial statements 186 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com186 15 Deferred taxation Other relevant judgments - Recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider whether taxable profits will be available against which deferred tax assets may be utilised. The enactment in the US of the Corporate Alternative Minimum Tax (CAMT) in the Inflation Reduction Act 2022 has resulted in a position where, whilst the utilisation of Federal deferred tax assets will reduce our Federal corporate tax liabilities, the CAMT legislation will result in the application of the minimum tax on the adjusted financial statement income. Accordingly, whilst our latest projections demonstrate that sufficient taxable profits will be earned in future periods to utilise the existing Federal deferred tax assets, the utilisation of those Federal deferred tax assets is not expected to yield any significant economic benefit due to the application of the minimum tax and the deferred tax assets have been written down. 2022 US$m 2021 US$m At 1 January \u2013 deferred tax (liabilities)/assets (128) 146 Adjustment on currency translation 124 61 (Charged)/credited to the income statement (735) (114) (Charged)/credited to statement of comprehensive income (a) (102) (243) Other movements (b) 6 22 At 31 December \u2013 deferred tax liabilities (835) (128) Comprising: \u2013 deferred tax assets (c)(d) 2,766 3,375 \u2013 deferred tax liabilities (e) (3,601) (3,503) Financial statements continued Notes to the 2022 financial statements 186 Annual Report 2022\u2000|\u2000riotinto.com Deferred tax balances for which there is a right of offset within the same tax jurisdiction are presented net on the face of the balance sheet as permitted by IAS 12. The closing deferred tax assets and liabilities, prior to this offsetting of balances, are shown below. Analysis of deferred tax 2022 US$m 2021 US$m Deferred tax assets arising from: Tax losses (c) 922 1,492 Provisions 2,051 2,165 Capital allowances 984 784 Post-retirement benefits 179 521 Unrealised exchange losses 189 188 Other temporary differences 1,265 1,356 Total 5,590 6,506 Deferred tax liabilities arising from: Capital allowances (4,873) (5,019) Unremitted earnings (e) (372) (366) Capitalised interest (330) (342) Post-retirement benefits (149) (327) Unrealised exchange gains (11) (3) Other temporary differences (690) (577) Total (6,425) (6,634) (Charged)/credited to the income statement Unrealised exchange losses 2 \u2014 Tax losses (525) (375) Provisions 14 216 Capital allowances 65 (42) Tax on unremitted earnings 3 (1) Post-retirement benefits (59) 21 Other temporary differences (235) 67 Total (735) (114) (a) The amounts (charged)/credited directly to the statement of comprehensive income include provisions for tax on cash flow hedges and on re-measurement gains/(losses) on pension schemes and on post-retirement healthcare plans. (b) \u201cOther movements\u201d include deferred tax relating to tax payable recognised by subsidiary holding companies on the profits of the equity accounted units to which it relates. (c) US$868 million (2021: US$1,152 million) of recognised deferred tax assets are subject to expiry if not recovered within certain time limits as specified in local tax legislation and investment agreements. US$nil (2021: US$nil) of those recognised assets would expire within one year if not used, US$105 million (2021: US$71 million) would expire within one to five years, and US$763 million (2021: US$1,081 million) would expire in more than five years. (d) Recognised and unrecognised deferred tax assets are shown in the table below and totalled US$7,850 million at 31 December 2022 (2021: US$7,024 million). Of this total, US$2,766 million has been recognised as deferred tax assets (2021: US$3,375 million), leaving US$5,084 million (2021: US$3,649 million) unrecognised, as recovery is not considered probable. (e) Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,730 million (2021: US$2,081 million) where the Group is able to control the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. If these earnings were remitted, tax of US$140 million (2021: US$103 million) would be payabl e. The recognised amounts in the table below do not include deferred tax assets that have been netted off against deferred tax liabilities. Analysis of deferred tax assets Recognised Unrecognised At 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m France \u2014 \u2014 1,204 1,222 Canada 457 545 580 538 US (a) 115 851 847 67 Australia 722 787 533 506 Mongolia (b) 1,213 954 257 406 Other 259 238 1,663 910 Total (c) 2,766 3,375 5,084 3,649 (a) As noted above, whilst our US group companies expect to generate sufficient taxable profits to utilise existing Federal deferred tax assets, the application of the new Corporate Alternative Minimum Tax rules has resulted in a position where no material future tax benefit will be derived from the utilisation of Federal deferred tax assets and consequently these deferred tax assets ar e included as 'unrecognised' in this table at 31 December 2022. (b) Deferred tax assets in Mongolia include US$73 million (2021: US$108 million) from tax losses that expire if not recovered against taxable profits within eight years. Tax losses have been calculated in accordance with the tax stability provisions of the Oyu Tolgoi Investment Agreement and Mongolian laws. The interpretation of the stabilised tax laws by the Mongolian Tax Authority has been, and is expected to continue to be, subject to dispute. Changes to agreements or their interpretation could have a material impact on the amount and period of recovery of deferred tax assets. (c) US$1,490 million (2021: US$705 million) of the unrecognised assets relate to realised or unrealised capital losses, the recovery of which depends on the existence of capital gains in future years. There are time limits, the shortest of which is one year, for the recovery of US$473 million of the unrecognised assets (2021: US$356 million). Financial statements Annual Report 2022 | riotinto.com 187 187Annual Report 2022 | riotinto.com Financial statements 16 Inventories Recognition and measurement Inventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 is valued on the same basis, jointly with our own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in opening inventory. The cost of raw materials and consumable stores is the purchase price. The cost of partly-processed and saleable products is generally the cost of production, including directly attributable labour costs, materials and contractor expenses, the depreciation of assets used in production and production overheads. Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is available for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore is expensed as mine d. If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets and net realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys and assays. Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data, and are periodically reassessed, taking into account technical analysis and historical performance. 2022 US$m 2021 US$m Raw materials and purchased components 1,235 870 Consumable stores 1,327 1,142 Work in progress 2,086 1,736 Finished goods and goods for resale 1,768 1,884 Total inventories 6,416 5,632 Comprising: Expected to be used within one year 6,213 5,436 Expected to be used after more than one year 203 196 Total inventories 6,416 5,632 During 2022, the Group recognised a net inventory write-off of US$55 million (2021:US$7 million write-back.) This included inventory write-offs of US$75 million (2021: US$18 million) offset by a write-back of previously written down inventory due to an increase in realisable values amounting to US$20 million (2021: US$25 million). At 31 December 2022, US$850 million (2021: US$754 million) of inventories were pledged as security for liabilities. 17 Receivables and other assets Recognition and measurement The business model for our receivables is primarily \u201chold to collect\u201d (where assets are held in order to collect contractual cash flows) except those subject to our factoring programme. For our financial instruments, including receivables, held under a hold to collect business model and which have cash flows that meet the solely payments of principal and interest (\u2018SPPI\u2019) criteria these are recognised at amortised cost. Where our receivables do not meet the SPPI criteria, for example our provisionally priced receivables, these are measured at fair value through profit or loss with subsequent fair value gains or losses are taken to the income statement. A portion of our receivables participate in receivable factoring and letter of credit discounting programmes. We take advantage of these programmes to balance the impact of extended payment terms requested by our customers with our own working capital objectives or where the acceleration of cash receipts is financially beneficial compared with the cost of borrowing at the operation. We have applied our judgment when considering the business model test as defined in IFRS 9 Financial Instruments and conclude that the business model for receivables under the letter of credit discounting programme has not changed. We continue to hold these receivables at amortised cost because the sale of the letter of credit is made close to maturity of receivables and the discounting costs are immaterial. The business model for receivables subject to the global factoring programme does not meet the \u201chold to collect\u201d model and therefore are classified as \u201cheld for sale\u201d. This means the receivables are held at fair value each reporting period with the remeasurements being recorded in the income statement. Where a portion of our factored receivable is subject to recourse, that part of the receivable is not derecognised from the balance sheet and the cash received in advance is classified as a borrowing. The cash flows relating to the borrowing are shown in financing cash flows. At 31 December 2022 US$457 million (2021: US$504 million) of receivables participated in the global factoring programme and US$430 million (2021: US$418 million) participated in the letter of credit discounting programme. Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Total 2021 US$m Trade receivables (a) \u2014 2,179 2,179 \u2014 2,241 2,241 Other financial receivables (a) 124 462 586 135 386 521 Other receivables (b) 383 382 765 392 418 810 Prepayment of tolling charges to jointly controlled entities (c) 218 \u2014 218 183 \u2014 183 Pension surpluses (note 28) 824 \u2014 824 1,070 \u2014 1,070 Other prepayments 344 455 799 414 529 943 Total (d) 1,893 3,478 5,371 2,194 3,574 5,768 (a) At 31 December 2022, trade and other financial receivables are stated net of allowances for expected credit losses of US$59 million (2021: US$57 million). We apply the \u201csimplified approach\u201d to trade receivables and receivables relating to net investment in finance leases and a \u201cgeneral approach\u201d to all other financial assets. (b) At 31 December 2022, other receivables include US$329 million (2021: US$388 million) related to Energy Resources of Australia Ltd (ERA's) deposit held in a trust fund which is controlled by the Government of Australia. ERA are entitled to reimbursement from the fund once specific phases of rehabilitation relating to the Ranger Project are completed. The fund is outside of the scope of IFRS 9 \u201cFinancial Instruments\u201d. (c) These prepayments will be charged to Group operating costs as tolling services are rendered and product processing occurs. (d) There is no material element of receivables and other assets that is interest-bearing or financing in nature. The fair value of current trade and other receivables and the majority of amounts classified as non-current trade and other receivables approximates to their carrying value. Financial statements continued Notes to the 2022 financial statements 188 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com188 16 Inventories Recognition and measurement Inventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 is valued on the same basis, jointly with our own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in opening inventory. The cost of raw materials and consumable stores is the purchase price. The cost of partly-processed and saleable products is generally the cost of production, including directly attributable labour costs, materials and contractor expenses, the depreciation of assets used in production and production overheads. Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is available for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore is expensed as mined. If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets and net realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys and assays. Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data, and are periodically reassessed, taking into account technical analysis and historical performance. 2022 US$m 2021 US$m Raw materials and purchased components 1,235 870 Consumable stores 1,327 1,142 Work in progress 2,086 1,736 Finished goods and goods for resale 1,768 1,884 Total inventories 6,416 5,632 Comprising: Expected to be used within one year 6,213 5,436 Expected to be used after more than one year 203 196 Total inventories 6,416 5,632 During 2022, the Group recognised a net inventory write-off of US$55 million (2021:US$7 million write-back.) This included inventory write-offs of US$75 million (2021: US$18 million) offset by a write-back of previously written down inventory due to an increase in realisable values amounting to US$20 million (2021: US$25 million). At 31 December 2022, US$850 million (2021: US$754 million) of inventories were pledged as security for liabilities. 17 Receivables and other assets Recognition and measurement The business model for our receivables is primarily \u201chold to collect\u201d (where assets are held in order to collect contractual cash flows) except those subject to our factoring programme. For our financial instruments, including receivables, held under a hold to collect business model and which have cash flows that meet the solely payments of principal and interest (\u2018SPPI\u2019) criteria these are recognised at amortised cost. Where our receivables do not meet the SPPI criteria, for example our provisionally priced receivables, these are measured at fair value through profit or loss with subsequent fair value gains or losses are taken to the income statement. A portion of our receivables participate in receivable factoring and letter of credit discounting programmes. We take advantage of these programmes to balance the impact of extended payment terms requested by our customers with our own working capital objectives or where the acceleration of cash receipts is financially beneficial compared with the cost of borrowing at the operation. We have applied our judgment when considering the business model test as defined in IFRS 9 Financial Instruments and conclude that the business model for receivables under the letter of credit discounting programme has not changed. We continue to hold these receivables at amortised cost because the sale of the letter of credit is made close to maturity of receivables and the discounting costs are immaterial. The business model for receivables subject to the global factoring programme does not meet the \u201chold to collect\u201d model and therefore are classified as \u201cheld for sale\u201d. This means the receivables are held at fair value each reporting period with the remeasurements being recorded in the income statement. Where a portion of our factored receivable is subject to recourse, that part of the receivable is not derecognised from the balance sheet and the cash received in advance is classified as a borrowing. The cash flows relating to the borrowing are shown in financing cash flows. At 31 December 2022 US$457 million (2021: US$504 million) of receivables participated in the global factoring programme and US$430 million (2021: US$418 million) participated in the letter of credit discounting programme. Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Total 2021 US$m Trade receivables (a) \u2014 2,179 2,179 \u2014 2,241 2,241 Other financial receivables (a) 124 462 586 135 386 521 Other receivables (b) 383 382 765 392 418 810 Prepayment of tolling charges to jointly controlled entities (c) 218 \u2014 218 183 \u2014 183 Pension surpluses (note 28) 824 \u2014 824 1,070 \u2014 1,070 Other prepayments 344 455 799 414 529 943 Total (d) 1,893 3,478 5,371 2,194 3,574 5,768 (a) At 31 December 2022, trade and other financial receivables are stated net of allowances for expected credit losses of US$59 million (2021: US$57 million). We apply the \u201csimplified approach\u201d to trade receivables and receivables relating to net investment in finance leases and a \u201cgeneral approach\u201d to all other financial assets. (b) At 31 December 2022, other receivables include US$329 million (2021: US$388 million) related to Energy Resources of Australia Ltd (ERA's) deposit held in a trust fund which is controlled by the Government of Australia. ERA are entitled to reimbursement from the fund once specific phases of rehabilitation relating to the Ranger Project are completed. The fund is outside of the scope of IFRS 9 \u201cFinancial Instruments\u201d. (c) These prepayments will be charged to Group operating costs as tolling services are rendered and product processing occurs. (d) There is no material element of receivables and other assets that is interest-bearing or financing in nature. The fair value of current trade and other receivables and the majority of amounts classified as non-current trade and other receivables approximates to their carrying value. Financial statements continued Notes to the 2022 financial statements 188 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com188 16 Inventories Recognition and measurement Inventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 is valued on the same basis, jointly with our own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in opening inventory. The cost of raw materials and consumable stores is the purchase price. The cost of partly-processed and saleable products is generally the cost of production, including directly attributable labour costs, materials and contractor expenses, the depreciation of assets used in production and production overheads. Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is available for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore is expensed as mined. If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets and net realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys and assays. Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data, and are periodically reassessed, taking into account technical analysis and historical performance. 2022 US$m 2021 US$m Raw materials and purchased components 1,235 870 Consumable stores 1,327 1,142 Work in progress 2,086 1,736 Finished goods and goods for resale 1,768 1,884 Total inventories 6,416 5,632 Comprising: Expected to be used within one year 6,213 5,436 Expected to be used after more than one year 203 196 Total inventories 6,416 5,632 During 2022, the Group recognised a net inventory write-off of US$55 million (2021:US$7 million write-back.) This included inventory write-offs of US$75 million (2021: US$18 million) offset by a write-back of previously written down inventory due to an increase in realisable values amounting to US$20 million (2021: US$25 million). At 31 December 2022, US$850 million (2021: US$754 million) of inventories were pledged as security for liabilities. 17 Receivables and other assets Recognition and measurement The business model for our receivables is primarily \u201chold to collect\u201d (where assets are held in order to collect contractual cash flows) except those subject to our factoring programme. For our financial instruments, including receivables, held under a hold to collect business model and which have cash flows that meet the solely payments of principal and interest (\u2018SPPI\u2019) criteria these are recognised at amortised cost. Where our receivables do not meet the SPPI criteria, for example our provisionally priced receivables, these are measured at fair value through profit or loss with subsequent fair value gains or losses are taken to the income statement. A portion of our receivables participate in receivable factoring and letter of credit discounting programmes. We take advantage of these programmes to balance the impact of extended payment terms requested by our customers with our own working capital objectives or where the acceleration of cash receipts is financially beneficial compared with the cost of borrowing at the operation. We have applied our judgment when considering the business model test as defined in IFRS 9 Financial Instruments and conclude that the business model for receivables under the letter of credit discounting programme has not changed. We continue to hold these receivables at amortised cost because the sale of the letter of credit is made close to maturity of receivables and the discounting costs are immaterial. The business model for receivables subject to the global factoring programme does not meet the \u201chold to collect\u201d model and therefore are classified as \u201cheld for sale\u201d. This means the receivables are held at fair value each reporting period with the remeasurements being recorded in the income statement. Where a portion of our factored receivable is subject to recourse, that part of the receivable is not derecognised from the balance sheet and the cash received in advance is classified as a borrowing. The cash flows relating to the borrowing are shown in financing cash flows. At 31 December 2022 US$457 million (2021: US$504 million) of receivables participated in the global factoring programme and US$430 million (2021: US$418 million) participated in the letter of credit discounting programme. Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Total 2021 US$m Trade receivables (a) \u2014 2,179 2,179 \u2014 2,241 2,241 Other financial receivables (a) 124 462 586 135 386 521 Other receivables (b) 383 382 765 392 418 810 Prepayment of tolling charges to jointly controlled entities (c) 218 \u2014 218 183 \u2014 183 Pension surpluses (note 28) 824 \u2014 824 1,070 \u2014 1,070 Other prepayments 344 455 799 414 529 943 Total (d) 1,893 3,478 5,371 2,194 3,574 5,768 (a) At 31 December 2022, trade and other financial receivables are stated net of allowances for expected credit losses of US$59 million (2021: US$57 million). We apply the \u201csimplified approach\u201d to trade receivables and receivables relating to net investment in finance leases and a \u201cgeneral approach\u201d to all other financial assets. (b) At 31 December 2022, other receivables include US$329 million (2021: US$388 million) related to Energy Resources of Australia Ltd (ERA's) deposit held in a trust fund which is controlled by the Government of Australia. ERA are entitled to reimbursement from the fund once specific phases of rehabilitation relating to the Ranger Project are completed. The fund is outside of the scope of IFRS 9 \u201cFinancial Instruments\u201d. (c) These prepayments will be charged to Group operating costs as tolling services are rendered and product processing occurs. (d) There is no material element of receivables and other assets that is interest-bearing or financing in nature. The fair value of current trade and other receivables and the majority of amounts classified as non-current trade and other receivables approximates to their carrying value. Financial statements continued Notes to the 2022 financial statements 188 Annual Report 2022\u2000|\u2000riotinto.com Credit risks related to receivables Our Commercial team manages customer credit risk subject to our established policy, procedures and controls. The team establishes credit limits for all of our customers. Where customers are rated by an independent credit rating agency, these ratings are used as a guide to set credit limits. Where there are no independent credit ratings available, we assess the credit quality of the customer through a credit rating model and assign appropriate credit limits. The Commercial team monitors outstanding customer receivables regularly and highlights any credit concerns to senior management. Receivables to high risk customers are often secured by letters of credit or other forms of credit enhancement. The expected credit loss on our trade receivable portfolio is insignificant. 18 Trade and other payables Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Adjusted (b) Current 2021 US$m Adjusted (b) Total 2021 US$m Adjusted (b) Trade payables 3 3,269 3,272 \u2014 3,410 3,410 Other financial payables 225 1,083 1,308 254 909 1,163 Other payables 63 131 194 82 110 192 Deferred income (a)(b) 114 333 447 205 404 609 Accruals \u2014 1,611 1,611 42 1,488 1,530 Employee entitlements \u2014 878 878 \u2014 798 798 Royalties and mining taxes 3 644 647 2 574 576 Amounts owed to equity accounted units 196 98 294 213 40 253 Total 604 8,047 8,651 798 7,733 8,531 (a) Deferred income includes contract liabilities of US$345 million (2021: US$383 million). (b) Deferred income includes government grants deferred. This was previously disclosed separately; however, it is no longer material. The fair value of trade payables and financial instruments within other financial payables approximates their carrying value. The Group participates in supply chain finance arrangements whereby vendors may elect to receive early payment of their invoice from a third-party bank by factoring their receivable from Rio Tinto. These arrangements do not modify the terms of the original liability with respect to either counterparty terms, settlement date or amount due. Utilisation of the early settlement facility is voluntary and at the vendors' discretion on an invoice- by-invoice basis. Financial liabilities subject to supply chain finance therefore continue to be classified as trade payables with the cash outflows showing in operating cash flows. At 31 December 2022, trade payables included US$819 million (2021: US$782 million) subject to early settlement election by vendors. Financial statements Annual Report 2022 | riotinto.com 189 189Annual Report 2022 | riotinto.com Financial statements Our capital and liquidity Our overriding objective when managing capital and liquidity is to safeguard the business as a going concern. Capital is allocated in a consistent an d disciplined manner. Essential capital remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our assets, high- returning replacement projects and decarbonisation investment. This is followed by ordinary dividends within our well-established returns policy. We then test investment in compelling growth projects against debt management and additional cash returns to shareholders. Our Board and senior management regularly review the capital structure and liquidity of the Group. They take into account our strategic priorities, the economic and business conditions, and any identified investment opportunities, along with the expected returns to shareholders. We expect total cash returns to shareholders over the longer term to be in a range of 40\u201360% of underlying earnings in aggregate through the commodity cycle. We consider various financial metrics when managing our risk, including net debt, gearing, the overall level of borrowings and their maturity profile, liquidity levels, total capital, future cash flows, underlying EBITDA and interest cover ratios. Our total capital as at 31 December was: Total capital Note 2022 US$m 2021 US$m Equity attributable to owners of Rio Tinto (see Group balance sheet) 50,175 51,432 Equity attributable to non-controlling interests (see Group balance sheet) 2,099 5,158 Net debt/(cash) 19 4,188 (1,576) Total capital 56,462 55,014 We have access to various forms of financing including our US Shelf Programme, European Debt Issuance Programme, Commercial Paper and credit facilities. In 2022, we exercised one of our options to extend the maturity of our US$7.5 billion multi-currency revolving credit facility. The facility now matures in November 2027. The facility remained undrawn throughout the year. Our credit ratings, as provided by Standard & Poor\u2019s and Moody\u2019s investor services, as at 31 December were: 2022 2021 Long-term rating A/A2 A/A2 Short-term rating A-1/P-1 A-1/P-1 Outlook Stable/Stable Stable/Stable Our unified credit status is maintained through cross guarantees, which mean the contractual obligations of Rio Tinto plc and Rio Tinto Limited are automatically guaranteed by the other. In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted payments. When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the end of the reporting period. This will therefore not necessarily agree with the amounts disclosed as the carrying value. 2022 2021 Financial liability analysis At 31 December (Outflows)/Inflows Within 1 year or on demand US$m Between 1 and 2 years US$m Between 2 and 5 years US$m After 5 years US$m Total US$m Within 1 year or on demand US$m Between 1 and 2 years US$m Between 2 and 5 years US$m After 5 years US$m Total US$m Non-derivative financial liabilities Trade and other financial payables (a) (5,971) (37) (57) (329) (6,394) (5,766) (31) (72) (406) (6,275) Expected lease liability payments (329) (235) (344) (606) (1,514) (361) (266) (400) (704) (1,731) Borrowings before swaps (937) (1,425) (1,839) (7,389) (11,590) (827) (746) (2,519) (8,112) (12,204) Expected future interest payments (a) (668) (603) (1,468) (3,141) (5,880) (511) (486) (1,313) (3,485) (5,795) Other financial liabilities \u2014 \u2014 \u2014 \u2014 \u2014 (20) \u2014 \u2014 \u2014 (20) Derivative financial liabilities (b) Derivatives related to net debt \u2013 net settled (92) (106) (47) (8) (253) \u2014 \u2014 \u2014 \u2014 \u2014 Derivatives related to net debt \u2013 gross settled (a) \u2013 gross inflows 37 481 72 651 1,241 41 41 560 756 1,398 \u2013 gross outflows (69) (615) (102) (875) (1,661) (44) (44) (658) (909) (1,655) Derivatives not related to net debt \u2013 net settled (78) (60) (129) (77) (344) (186) (77) (53) (37) (353) Derivatives not related to net debt \u2013 gross settled: \u2013 gross inflows 71 \u2014 \u2014 \u2014 71 1,302 \u2014 \u2014 \u2014 1,302 \u2013 gross outflows (71) \u2014 \u2014 \u2014 (71) (1,340) \u2014 \u2014 \u2014 (1,340) Total (8,107) (2,600) (3,914) (11,774) (26,395) (7,712) (1,609) (4,455) (12,897) (26,673) (a) The interest payable at year end was removed from trade and other financial payables and is shown within expected future interest payments and derivatives related to net debt. Interest payments have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are subject to change in line with market rates. (b) The maturity grouping is based on the earliest payment date. Our weighted average debt maturity including leases and derivatives related to debt was approximately 11 years (2021: 11 years ). Financial statements continued Notes to the 2022 financial statements 190 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com190 Our capital and liquidity
Our overriding objective when managing capital and liquidity is to safeguard the business as a going concern. Capital is allocated in a consistent and
disciplined manner. Essential capital remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our assets, high-
returning replacement projects and decarbonisation investment. This is followed by ordinary dividends within our well-established returns policy. We
then test investment in compelling growth projects against debt management and additional cash returns to shareholders.
Our Board and senior management regularly review the capital structure and liquidity of the Group. They take into account our strategic priorities, the
economic and business conditions, and any identified investment opportunities, along with the expected returns to shareholders. We expect total
cash returns to shareholders over the longer term to be in a range of 40\u201360% of underlying earnings in aggregate through the commodity cycle.
We consider various financial metrics when managing our risk, including net debt, gearing, the overall level of borrowings and their maturity profile,
liquidity levels, total capital, future cash flows, underlying EBITDA and interest cover ratios.
Our total capital as at 31 December was:
Total capital
Note
2022
US$m
2021
US$m
Equity attributable to owners of Rio Tinto (see Group balance sheet) 50,175 51,432
Equity attributable to non-controlling interests (see Group balance sheet) 2,099 5,158
Net debt/(cash) 19 4,188 (1,576)
Total capital 56,462 55,014
We have access to various forms of financing including our US Shelf Programme, European Debt Issuance Programme, Commercial Paper and credit
facilities.
In 2022, we exercised one of our options to extend the maturity of our US$7.5 billion multi-currency revolving credit facility. The facility now matures
in November 2027. The facility remained undrawn throughout the year.
Our credit ratings, as provided by Standard & Poor\u2019s and Moody\u2019s investor services, as at 31 December were:
2022 2021
Long-term rating A/A2 A/A2
Short-term rating A-1/P-1 A-1/P-1
Outlook Stable/Stable Stable/Stable
Our unified credit status is maintained through cross guarantees, which mean the contractual obligations of Rio Tinto plc and Rio Tinto Limited are
automatically guaranteed by the other.
In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted payments.
When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the end of the reporting period.
This will therefore not necessarily agree with the amounts disclosed as the carrying value.
2022 2021
Financial liability analysis
At 31 December
(Outflows)/Inflows
Within 1
year or on
demand
US$m
Between
1 and 2
years
US$m
Between
2 and 5
years
US$m
After
5 years
US$m
Total
US$m
Within 1
year or on
demand
US$m
Between
1 and 2
years
US$m
Between
2 and 5
years
US$m
After
5 years
US$m
Total
US$m
Non-derivative financial liabilities
Trade and other financial payables
(a)
(5,971) (37) (57) (329) (6,394) (5,766) (31) (72) (406) (6,275)
Expected lease liability payments (329) (235) (344) (606) (1,514) (361) (266) (400) (704) (1,731)
Borrowings before swaps (937) (1,425) (1,839) (7,389) (11,590) (827) (746) (2,519) (8,112) (12,204)
Expected future interest payments
(a)
(668) (603) (1,468) (3,141) (5,880) (511) (486) (1,313) (3,485) (5,795)
Other financial liabilities \u2014 \u2014 \u2014 \u2014 \u2014 (20) \u2014 \u2014 \u2014 (20)
Derivative financial liabilities
(b)
Derivatives related to net debt \u2013 net settled
(92) (106) (47) (8) (253) \u2014 \u2014 \u2014 \u2014 \u2014
Derivatives related to net debt
\u2013 gross settled
(a)
\u2013 gross inflows 37 481 72 651 1,241 41 41 560 756 1,398
\u2013 gross outflows (69) (615) (102) (875) (1,661) (44) (44) (658) (909) (1,655)
Derivatives not related to net debt
\u2013 net settled
(78) (60) (129) (77) (344) (186) (77) (53) (37) (353)
Derivatives not related to net debt
\u2013 gross settled:
\u2013 gross inflows 71 \u2014 \u2014 \u2014 71 1,302 \u2014 \u2014 \u2014 1,302
\u2013 gross outflows (71) \u2014 \u2014 \u2014 (71) (1,340) \u2014 \u2014 \u2014 (1,340)
Total (8,107) (2,600) (3,914) (11,774) (26,395) (7,712) (1,609) (4,455) (12,897) (26,673)
(a) The interest payable at year end was removed from trade and other financial payables and is shown within expected future interest payments and derivatives related to net debt. Interest
payments have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are subject to
change in line with market rates.
(b) The maturity grouping is based on the earliest payment date.
Our weighted average debt maturity including leases and derivatives related to debt was approximately 11 years (2021: 11 years).
Financial statements continued
Notes to the 2022 financial statements
190 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com190
Our capital and liquidity
Our overriding objective when managing capital and liquidity is to safeguard the business as a going concern. Capital is allocated in a consistent and
disciplined manner. Essential capital remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our assets, high-
returning replacement projects and decarbonisation investment. This is followed by ordinary dividends within our well-established returns policy. We
then test investment in compelling growth projects against debt management and additional cash returns to shareholders.
Our Board and senior management regularly review the capital structure and liquidity of the Group. They take into account our strategic priorities, the
economic and business conditions, and any identified investment opportunities, along with the expected returns to shareholders. We expect total
cash returns to shareholders over the longer term to be in a range of 40\u201360% of underlying earnings in aggregate through the commodity cycle.
We consider various financial metrics when managing our risk, including net debt, gearing, the overall level of borrowings and their maturity profile,
liquidity levels, total capital, future cash flows, underlying EBITDA and interest cover ratios.
Our total capital as at 31 December was:
Total capital
Note
2022
US$m
2021
US$m
Equity attributable to owners of Rio Tinto (see Group balance sheet) 50,175 51,432
Equity attributable to non-controlling interests (see Group balance sheet) 2,099 5,158
Net debt/(cash) 19 4,188 (1,576)
Total capital 56,462 55,014
We have access to various forms of financing including our US Shelf Programme, European Debt Issuance Programme, Commercial Paper and credit
facilities.
In 2022, we exercised one of our options to extend the maturity of our US$7.5 billion multi-currency revolving credit facility. The facility now matures
in November 2027. The facility remained undrawn throughout the year.
Our credit ratings, as provided by Standard & Poor\u2019s and Moody\u2019s investor services, as at 31 December were:
2022 2021
Long-term rating A/A2 A/A2
Short-term rating A-1/P-1 A-1/P-1
Outlook Stable/Stable Stable/Stable
Our unified credit status is maintained through cross guarantees, which mean the contractual obligations of Rio Tinto plc and Rio Tinto Limited are
automatically guaranteed by the other.
In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted payments.
When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the end of the reporting period.
This will therefore not necessarily agree with the amounts disclosed as the carrying value.
2022 2021
Financial liability analysis
At 31 December
(Outflows)/Inflows
Within 1
year or on
demand
US$m
Between
1 and 2
years
US$m
Between
2 and 5
years
US$m
After
5 years
US$m
Total
US$m
Within 1
year or on
demand
US$m
Between
1 and 2
years
US$m
Between
2 and 5
years
US$m
After
5 years
US$m
Total
US$m
Non-derivative financial liabilities
Trade and other financial payables
(a)
(5,971) (37) (57) (329) (6,394) (5,766) (31) (72) (406) (6,275)
Expected lease liability payments (329) (235) (344) (606) (1,514) (361) (266) (400) (704) (1,731)
Borrowings before swaps (937) (1,425) (1,839) (7,389) (11,590) (827) (746) (2,519) (8,112) (12,204)
Expected future interest payments
(a)
(668) (603) (1,468) (3,141) (5,880) (511) (486) (1,313) (3,485) (5,795)
Other financial liabilities \u2014 \u2014 \u2014 \u2014 \u2014 (20) \u2014 \u2014 \u2014 (20)
Derivative financial liabilities
(b)
Derivatives related to net debt \u2013 net settled
(92) (106) (47) (8) (253) \u2014 \u2014 \u2014 \u2014 \u2014
Derivatives related to net debt
\u2013 gross settled
(a)
\u2013 gross inflows 37 481 72 651 1,241 41 41 560 756 1,398
\u2013 gross outflows (69) (615) (102) (875) (1,661) (44) (44) (658) (909) (1,655)
Derivatives not related to net debt
\u2013 net settled
(78) (60) (129) (77) (344) (186) (77) (53) (37) (353)
Derivatives not related to net debt
\u2013 gross settled:
\u2013 gross inflows 71 \u2014 \u2014 \u2014 71 1,302 \u2014 \u2014 \u2014 1,302
\u2013 gross outflows (71) \u2014 \u2014 \u2014 (71) (1,340) \u2014 \u2014 \u2014 (1,340)
Total (8,107) (2,600) (3,914) (11,774) (26,395) (7,712) (1,609) (4,455) (12,897) (26,673)
(a) The interest payable at year end was removed from trade and other financial payables and is shown within expected future interest payments and derivatives related to net debt. Interest
payments have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are subject to
change in line with market rates.
(b) The maturity grouping is based on the earliest payment date.
Our weighted average debt maturity including leases and derivatives related to debt was approximately 11 years (2021: 11 years).
Financial statements continued
Notes to the 2022 financial statements
190 Annual Report 2022\u2000|\u2000riotinto.com
19 Consolidated net (debt)/cash
Financing liabilities Other assets
Year ended 31 December 2022
Borrowings
excluding
overdrafts
(a)
US$m
Lease
liabilities
(b)
US$m
Net debt
related
derivatives
(note 23)
(c)
US$m
Cash and cash
equivalents
including
overdrafts
(a)
US$m
Other
investments
(d)
US$m
Net (debt)/ cash
US$m
Analysis of changes in consolidated net (debt)/cash
Opening balance (12,166) (1,363) (101) 12,805 2,401 1,576
Foreign exchange adjustment 118 69 (92) 15 \u2014 110
Cash movements excluding exchange movements 470 374 (3) (6,046) (352) (5,557)
Other non-cash movements 508 (280) (494) \u2014 (51) (317)
Closing balance (11,070) (1,200) (690) 6,774 1,998 (4,188)
Year ended 31 December 2021
Financing liabilities Other assets
Borrowings
excluding
overdrafts
(a)
US$m
Lease
liabilities
(b)
US$m
Net debt related
derivatives
(note 23)
(c)
US$m
Cash and cash
equivalents
including
overdrafts
(a)
US$m
Other
investments
(d)
US$m
Net cash/(debt)
US$m
Analysis of changes in consolidated net cash/(debt)
Opening balance (12,653) (1,178) 248 10,381 2,538 (664)
Foreign exchange adjustment 67 30 (45) 100 \u2014 152
Cash movements excluding exchange movements 270 358 (51) 2,324 (107) 2,794
Other non-cash movements 150 (573) (253) \u2014 (30) (706)
Closing balance (12,166) (1,363) (101) 12,805 2,401 1,576
(a) Borrowings excluding overdrafts, of US$11,070 million (2021:US$12,166 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$1 million (2021: US$2 million)
which has been included in cash and cash equivalents for the net (debt)/cash reconciliation.
(b) Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the year.
(c) Included within \u201cNet debt related derivatives\u201d are interest rate and cross currency interest rate swaps that are in hedge relationships with the Group's debt.
(d) Other investments includes US$1,998 million (2021: US$2,401 million) of highly liquid financial assets held in managed investment funds classified as held for trading.
The table below summarises, by currency, our net (debt)/cash, after taking into account relevant cross currency interest rate swaps and foreign
exchange contracts:
Net (debt)/cash by currency
Total
borrowings
excluding
overdrafts
US$m
Lease liabilities
US$m
Derivatives
related to net
debt
US$m
Cash and
cash
equivalents
US$m
Other
investments
US$m
Net debt
2022
US$m
Net cash
2021
US$m
US dollar (10,680) (360) (690) 5,803 1,998 (3,929) 2,201
Australian dollar (225) (429) \u2014 199 \u2014 (455) (499)
Canadian dollar (165) (174) \u2014 181 \u2014 (158) (320)
South African rand \u2014 (2) \u2014 173 \u2014 171 115
Other \u2014 (235) \u2014 418 \u2014 183 79
Total (11,070) (1,200) (690) 6,774 1,998 (4,188) 1,576
Financial statements
Annual Report 2022 | riotinto.com 191
191Annual Report 2022 | riotinto.com
Financial statements
20 Borrowings
Recognition and measurement
Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Our policy is to
predominantly borrow in US dollars at floating interest rates, either directly or through the use of derivatives, as:
\u2013 the majority of our sales are in US dollars,
\u2013 historically a lower cost of borrowing has been observed from maintaining a floating rate exposure
\u2013 historically there is a correlation between interest rates and commodity prices.
For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate swaps is
sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate swaps mature, new
medium dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain fixed interest rates in certain
circumstances.
We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the respective
debt.
Where we borrow non-US denominated debt, we enter into cross currency interest rate swaps to convert the principal and fixed interest coupon to a
US dollar notional with a US dollar interest coupon.
The characteristics and carrying value of the Group\u2019s borrowings are summarised below:
Borrowings at 31 December
Carrying
value
2022
US$m
Carrying
value
2021
US$m
Nominal
value of
hedged item
2022
US$m
Nominal
value of
hedged item
2021
US$m
Weighted average
interest rate
after swaps (where
applicable)
Swap
maturity
(where
applicable)
Rio Tinto Finance plc Euro Bonds 2.875% due 2024
(a)(c)
429 497 546 546 3 month LIBOR +1.64% 2024
Rio Tinto Finance (USA) Limited Bonds 7.125% 2028
(a)
807 934 750 750 3 month LIBOR +3.27% 2028
Alcan Inc. Debentures 7.25% due 2028
(a)(b)
97 105 100 100 3 month SOFR +5.69% 2024
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029
(a)(c)(d)
553 682 807 807 3 month LIBOR +2.65% 2024
Alcan Inc. Debentures 7.25% due 2031
(a)
384 420 400 400 3 month LIBOR +5.72% 2025
Alcan Inc. Global Notes 6.125% due 2033
(a)
673 722 750 750 3 month LIBOR +5.67% 2025
Alcan Inc. Global Notes 5.75% due 2035
(a)
264 283 300 300 3 month LIBOR +5.18% 2025
Rio Tinto Finance (USA) Limited Bonds 5.2% 2040
(a)(e)
1,144 1,156 \u2014 1,150
Rio Tinto Finance (USA) plc Bonds 4.75% 2042
(a)
488 495 500 500 3 month LIBOR +3.42% 2023
Rio Tinto Finance (USA) plc Bonds 4.125% 2042
(a)
727 735 750 750 3 month LIBOR +2.83% 2023
Rio Tinto Finance (USA) Limited Bonds 2.75% 2051
(a)
1,065 1,225 1,250 1,250 6 month SOFR +1.57% 2028
Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027
(f)
597 673
Oyu Tolgoi LLC Commercial Banks \u201cB Loan\u201d LIBOR plus 3.4% due 2027
(f)
1,387 1,565
Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028
(f)
237 278
Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029
(f)
805 866
Oyu Tolgoi LLC International Financial Institutions \u201cA Loan\u201d LIBOR plus
3.78% due 2030
(f)
744 776
Other secured loans 194 246
Other unsecured loans 475 508
Bank overdrafts 1 2
Total borrowings
(g)
11,071 12,168
Current borrowings 923 812
Non-current borrowings 10,148 11,356
Total borrowings
(g)
11,071 12,168
(a) The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are summarised in note 9.
(b) In 2022, we transitioned the swaps associated to this bond from LIBOR + 5.43% to SOFR + 5.69%.
(c) Rio Tinto has a US$10 billion (2021: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.0 billion equivalent at 31 December 2022 (2021:
US$1.1 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.0 billion (2021: US$1.2 billion) in aggregate.
(d) We applied cash flow hedge accounting to this bond and the corresponding cross currency interest rate swap. The hedge is fully effective as the notional amount, maturity, payment and reset
dates match. Since 2019, we swapped the resulting fixed US dollar annual interest coupon payments to floating rates. Fair value hedge accounting has been applied to this relationship in
addition to the pre-existing cash flow hedge.
(e) On 2 November 2022 our interest rate swap, which converted our fixed coupon interest payments on this bond to 3 month LIBOR +3.79%, matured. Given market conditions, further interest rate
swaps were not transacted.
(f) These borrowings relate to the Oyu Tolgoi LLC project finance facility. The project finance facility provides for interest-only payments for the first five years from 2016 followed by minimum
repayments according to a stepped amortisation schedule for the remaining life of the facility. The due dates stated represent the final repayment date. The interest rates stated are pre-
completion and will increase by 1% post-completion.
(g) The Group\u2019s borrowings of US$11.1 billion (2021: US$12.2 billion) include US$4.0 billion (2021: US$4.4 billion) of subsidiary entity borrowings that are subject to various financial and general
covenants with which the respective borrowers were in compliance as at 31 December 2022.
Financial statements continued
Notes to the 2022 financial statements
192 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com192
20 Borrowings Recognition and measurement Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Our policy is to predominantly borrow in US dollars at floating interest rates, either directly or through the use of derivatives, as: \u2013 the majority of our sales are in US dollars, \u2013 historically a lower cost of borrowing has been observed from maintaining a floating rate exposure \u2013 historically there is a correlation between interest rates and commodity prices. For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate swaps is sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate swaps mature, new medium dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain fixed interest rates in certain circumstances. We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the respective debt. Where we borrow non-US denominated debt, we enter into cross currency interest rate swaps to convert the principal and fixed interest coupon to a US dollar notional with a US dollar interest coupon. The characteristics and carrying value of the Group\u2019s borrowings are summarised below: Borrowings at 31 December Carrying value 2022 US$m Carrying value 2021 US$m Nominal value of hedged item 2022 US$m Nominal value of hedged item 2021 US$m Weighted average interest rate after swaps (where applicable) Swap maturity (where applicable) Rio Tinto Finance plc Euro Bonds 2.875% due 2024 (a)(c) 429 497 546 546 3 month LIBOR +1.64% 2024 Rio Tinto Finance (USA) Limited Bonds 7.125% 2028 (a) 807 934 750 750 3 month LIBOR +3.27% 2028 Alcan Inc. Debentures 7.25% due 2028 (a)(b) 97 105 100 100 3 month SOFR +5.69% 2024 Rio Tinto Finance plc Sterling Bonds 4.0% due 2029 (a)(c)(d) 553 682 807 807 3 month LIBOR +2.65% 2024 Alcan Inc. Debentures 7.25% due 2031 (a) 384 420 400 400 3 month LIBOR +5.72% 2025 Alcan Inc. Global Notes 6.125% due 2033 (a) 673 722 750 750 3 month LIBOR +5.67% 2025 Alcan Inc. Global Notes 5.75% due 2035 (a) 264 283 300 300 3 month LIBOR +5.18% 2025 Rio Tinto Finance (USA) Limited Bonds 5.2% 2040 (a)(e) 1,144 1,156 \u2014 1,150 Rio Tinto Finance (USA) plc Bonds 4.75% 2042 (a) 488 495 500 500 3 month LIBOR +3.42% 2023 Rio Tinto Finance (USA) plc Bonds 4.125% 2042 (a) 727 735 750 750 3 month LIBOR +2.83% 2023 Rio Tinto Finance (USA) Limited Bonds 2.75% 2051 (a) 1,065 1,225 1,250 1,250 6 month SOFR +1.57% 2028 Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027 (f) 597 673 Oyu Tolgoi LLC Commercial Banks \u201cB Loan\u201d LIBOR plus 3.4% due 2027 (f) 1,387 1,565 Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028 (f) 237 278 Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029 (f) 805 866 Oyu Tolgoi LLC International Financial Institutions \u201cA Loan\u201d LIBOR plus 3.78% due 2030 (f) 744 776 Other secured loans 194 246 Other unsecured loans 475 508 Bank overdrafts 1 2 Total borrowings (g) 11,071 12,168 Current borrowings 923 812 Non-current borrowings 10,148 11,356 Total borrowings (g) 11,071 12,168 (a) The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are summarised in note 9. (b) In 2022, we transitioned the swaps associated to this bond from LIBOR + 5.43% to SOFR + 5.69%. (c) Rio Tinto has a US$10 billion (2021: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.0 billion equivalent at 31 December 2022 (2021: US$1.1 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.0 billion (2021: US$1.2 billion) in aggregate. (d) We applied cash flow hedge accounting to this bond and the corresponding cross currency interest rate swap. The hedge is fully effective as the notional amount, maturity, payment and reset dates match. Since 2019, we swapped the resulting fixed US dollar annual interest coupon payments to floating rates. Fair value hedge accounting has been applied to this relationship in addition to the pre-existing cash flow hedge. (e) On 2 November 2022 our interest rate swap, which converted our fixed coupon interest payments on this bond to 3 month LIBOR +3.79%, matured. Given market conditions, further interest rate swaps were not transacted. (f) These borrowings relate to the Oyu Tolgoi LLC project finance facility. The project finance facility provides for interest-only payments for the first five years from 2016 followed by minimum repayments according to a stepped amortisation schedule for the remaining life of the facility. The due dates stated represent the final repayment date. The interest rates stated are pre- completion and will increase by 1% post-completion. (g) The Group\u2019s borrowings of US$11.1 billion (2021: US$12.2 billion) include US$4.0 billion (2021: US$4.4 billion) of subsidiary entity borrowings that are subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2022. Financial statements continued Notes to the 2022 financial statements 192 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com192 20 Borrowings Recognition and measurement Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Our policy is to predominantly borrow in US dollars at floating interest rates, either directly or through the use of derivatives, as: \u2013 the majority of our sales are in US dollars, \u2013 historically a lower cost of borrowing has been observed from maintaining a floating rate exposure \u2013 historically there is a correlation between interest rates and commodity prices. For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate swaps is sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate swaps mature, new medium dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain fixed interest rates in certain circumstances. We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the respective debt. Where we borrow non-US denominated debt, we enter into cross currency interest rate swaps to convert the principal and fixed interest coupon to a US dollar notional with a US dollar interest coupon. The characteristics and carrying value of the Group\u2019s borrowings are summarised below: Borrowings at 31 December Carrying value 2022 US$m Carrying value 2021 US$m Nominal value of hedged item 2022 US$m Nominal value of hedged item 2021 US$m Weighted average interest rate after swaps (where applicable) Swap maturity (where applicable) Rio Tinto Finance plc Euro Bonds 2.875% due 2024 (a)(c) 429 497 546 546 3 month LIBOR +1.64% 2024 Rio Tinto Finance (USA) Limited Bonds 7.125% 2028 (a) 807 934 750 750 3 month LIBOR +3.27% 2028 Alcan Inc. Debentures 7.25% due 2028 (a)(b) 97 105 100 100 3 month SOFR +5.69% 2024 Rio Tinto Finance plc Sterling Bonds 4.0% due 2029 (a)(c)(d) 553 682 807 807 3 month LIBOR +2.65% 2024 Alcan Inc. Debentures 7.25% due 2031 (a) 384 420 400 400 3 month LIBOR +5.72% 2025 Alcan Inc. Global Notes 6.125% due 2033 (a) 673 722 750 750 3 month LIBOR +5.67% 2025 Alcan Inc. Global Notes 5.75% due 2035 (a) 264 283 300 300 3 month LIBOR +5.18% 2025 Rio Tinto Finance (USA) Limited Bonds 5.2% 2040 (a)(e) 1,144 1,156 \u2014 1,150 Rio Tinto Finance (USA) plc Bonds 4.75% 2042 (a) 488 495 500 500 3 month LIBOR +3.42% 2023 Rio Tinto Finance (USA) plc Bonds 4.125% 2042 (a) 727 735 750 750 3 month LIBOR +2.83% 2023 Rio Tinto Finance (USA) Limited Bonds 2.75% 2051 (a) 1,065 1,225 1,250 1,250 6 month SOFR +1.57% 2028 Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027 (f) 597 673 Oyu Tolgoi LLC Commercial Banks \u201cB Loan\u201d LIBOR plus 3.4% due 2027 (f) 1,387 1,565 Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028 (f) 237 278 Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029 (f) 805 866 Oyu Tolgoi LLC International Financial Institutions \u201cA Loan\u201d LIBOR plus 3.78% due 2030 (f) 744 776 Other secured loans 194 246 Other unsecured loans 475 508 Bank overdrafts 1 2 Total borrowings (g) 11,071 12,168 Current borrowings 923 812 Non-current borrowings 10,148 11,356 Total borrowings (g) 11,071 12,168 (a) The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are summarised in note 9. (b) In 2022, we transitioned the swaps associated to this bond from LIBOR + 5.43% to SOFR + 5.69%. (c) Rio Tinto has a US$10 billion (2021: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.0 billion equivalent at 31 December 2022 (2021: US$1.1 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.0 billion (2021: US$1.2 billion) in aggregate. (d) We applied cash flow hedge accounting to this bond and the corresponding cross currency interest rate swap. The hedge is fully effective as the notional amount, maturity, payment and reset dates match. Since 2019, we swapped the resulting fixed US dollar annual interest coupon payments to floating rates. Fair value hedge accounting has been applied to this relationship in addition to the pre-existing cash flow hedge. (e) On 2 November 2022 our interest rate swap, which converted our fixed coupon interest payments on this bond to 3 month LIBOR +3.79%, matured. Given market conditions, further interest rate swaps were not transacted. (f) These borrowings relate to the Oyu Tolgoi LLC project finance facility. The project finance facility provides for interest-only payments for the first five years from 2016 followed by minimum repayments according to a stepped amortisation schedule for the remaining life of the facility. The due dates stated represent the final repayment date. The interest rates stated are pre- completion and will increase by 1% post-completion. (g) The Group\u2019s borrowings of US$11.1 billion (2021: US$12.2 billion) include US$4.0 billion (2021: US$4.4 billion) of subsidiary entity borrowings that are subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2022. Financial statements continued Notes to the 2022 financial statements 192 Annual Report 2022\u2000|\u2000riotinto.com Update on interest rate benchmark reform We adopted, in prior periods, Interest Rate Benchmark Reform Amendments to IFRS 9 Financial Instruments (IFRS 9), IFRS 7 Financial Instruments: Disclosures (IFRS 7), IFRS 4 Insurance Contracts (IFRS 4) and IFRS 16 Leases (IFRS 16). The amendments address the financial reporting impact from reform of the London Interbank Offered Rate (LIBOR) and other benchmark interest rates (collectively \u201cIBOR reform\u201d). We have taken relevant practical reliefs from certain requirements relating to changes in the basis for determining contractual cash flows of financial assets, financial liabilities and hedge accounting, described below. Our hedging arrangements impacted by the reform of USD LIBOR are part of the International Swaps and Derivatives Association (ISDA) Fallbacks Protocol, which provides a global standardised mechanism for replacement of the current benchmark. During the year we transitioned the swaps, which hedge the Alcan Inc. Debentures, from the LIBOR to SOFR interest benchmark rates (refer to the table above) and applied the relief that preserved the existing hedge accounting. At 31 December 2022, we have interest rate risk exposure including US$4.8 billion nominal values of fixed-rate borrowings swapped to US dollar rates in fair value hedge relationships impacted by the reform. We expect the application of the reliefs to result in continuation of our pre-existing hedge accounting upon amendment of designated arrangements in response to the replacement of USD LIBOR which will occur immediately after 30 June 2023. In October 2022, as part of the extension of the term loan facility of Richards Bay Minerals, we transitioned from the LIBOR benchmark to an interest rate based on the SOFR reference rate. Our other arrangements which reference IBOR benchmarks and extend beyond 2022 include: third-party borrowings relating to the Oyu Tolgoi LLC project finance, shareholder loan facilities and certain commercial contracts. The amendments to IFRS 9 require that we account for a change in the basis for determining the cash flows of a financial asset or a financial liability measured at amortised cost, by updating their respective effective interest rates as required by the IBOR reform. As a result of the applicable IFRS 9 reliefs, we expect that no material gain or loss will arise from these updates. The accessible revolving lines of credit, which have been extended for a further one year in 2022, now refer to the SOFR and SONIA benchmark rates. 21 Leases Recognition and measurement IFRS 16 \u201cLeases\u201d applies to the recognition, measurement, presentation and disclosure of leases. Certain leases are exempt from the standard, including leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. We apply the scope exemptions in paragraphs 3(e) and 4 of IFRS 16 and do not apply IFRS 16 to leases of any assets which would otherwise fall within the scope of IAS 38 \u201cIntangible Assets\u201d. A significant proportion by value of our lease arrangements relate to dry bulk vessels and office properties. Other leases include land and non-mining rights, warehouses, ports, equipment and vehicles. We recognise all lease liabilities and corresponding right of use assets on balance sheet, with the exception of short-term (12 months or fewer) and low value leases, where payments are expensed as incurred. Lease liabilities are recorded at the present value of: fixed payments; variable lease payments that depend on an index or rate; amounts payable under residual value guarantees; and extension options expected to be exercised. Where a lease contains an extension option which we can exercise without negotiation, lease payments for the extension period are included in the liability if we are reasonably certain that we will exercise the option. Variable lease payments not dependent on an index or rate are excluded from the calculation of lease liabilities at initial recognition. Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be readily determined. For lease agreements relating to vessels, ports and properties, non-lease components are excluded from the projection of future lease payments and recorded separately within operating costs as services are being provided. The lease liability is measured at amortised cost using the effective interest method. The right of use asset arising from a lease arrangement at initial recognition reflects the lease liability, initial direct costs, lease payments made before the commencement date of the lease, and capitalised provision for dismantling and restoration, less any lease incentives. We recognise depreciation on right of use assets and interest on lease liabilities in the income statement over the lease term. Repayments of lease liabilities are separated into a principal portion (presented within financing activities) and an interest portion (which the Group presents in operating activities) in the cash flow statement. Payments made before the commencement date are included within financing activities unless they in substance represent investing cash flows, for example where pre-commencement cash flows are significant relative to aggregate cash flows of the leasing arrangement. Lessee arrangements We have made the following payments associated with leases: Description of payment 2022 US$m 2021 US$m Included within Principal lease payments 374 358 Cash flows from financing activities Interest payments on leases 47 48 Cash flows from operating activities Payments for short-term leases 465 502 Net operating costs Payments for variable lease components 50 34 Net operating costs Payments for low value leases (>12 months in duration) 1 2 Net operating costs Total lease payments 937 944 Financial statements Annual Report 2022 | riotinto.com 193 193Annual Report 2022 | riotinto.com Financial statements 21 Leases continued Lease liabilities The maturity profile of lease liabilities recognised at the balance sheet date is: 2022 US$m 2021 US$m Lease liabilities Due within 1 year 329 361 Between 1 and 3 years 388 440 Between 3 and 5 years 191 226 More than 5 years 606 704 Total undiscounted cash payments expected to be made 1,514 1,731 Effect of discounting (314) (368) Present value of minimum lease payments 1,200 1,363 Current lease liability per the balance sheet 292 324 Non-current lease liability per the balance sheet 908 1,039 Total lease liability 1,200 1,363 At 31 December 2022, commitments for leases not yet commenced were US$481 million (2021: US$476 million); commitments relating to short-term leases which had already commenced at 31 December 2022 were US$132 million (2021: US$165 million). 22 Cash and cash equivalents Recognition and measurement For the purpose of the balance sheet, cash and cash equivalents covers: cash on hand, deposits held with banks, and short-term, highly liquid investments (mainly money market funds) that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Bank overdrafts are shown as current liabilities on the balance sheet. For the purposes of the cash flow statement, cash and cash equivalents are shown net of overdrafts. 2022 US$m 2021 US$m Cash at bank and in hand 1,889 1,344 Money market funds, reverse repurchase agreements and other cash equivalents 4,886 11,463 Balance per Group balance sheet 6,775 12,807 Bank overdrafts repayable on demand (unsecured) 20 (1) (2) Balance per Group cash flow statement 6,774 12,805 Restricted cash and cash equivalent analysis Cash and cash equivalents of US$391 million (2021: US$235 million) are held in countries where there are restrictions on remittances. Of this balance, US$268 million (2021: US$165 million) could be used to repay subsidiaries\u2019 third-party borrowings. There are also restrictions on a further US$576 million (2021: US$981 million) of cash and cash equivalents, the majority of which is held by partially owned subsidiaries and is not available for use in the wider Group due to legal and contractual restrictions currently in place. Of this balance US$336 million (2021: US$752 million) could be used to repay these subsidiaries\u2019 third-party borrowings. Credit risk related to cash and cash equivalents Our Treasury team manages credit risk from our investing activities in accordance with credit risk framework which sets the risk appetite. We make investments of surplus funds only with approved investment grade (BBB- and above) counterparties who have been assigned specific credit limits. The limits are set to minimise the concentration of credit risk and therefore mitigate the potential for financial loss through counterparty failure. At 31 December 2022 we held US$850 million (2021: US$4,520 million) of reverse repurchase agreements, measured at amortised cost and reported within cash and cash equivalents as they are highly liquid products maturing within three months. We accepted collateral of investment grade quality in respect of these reverse repurchase agreements, with a fair value of US$892 million as at 31 December 2022 (2021: US$4,638 million). Collateral is not recognised on our balance sheet and if the counterparty were to default we would be able to sell it. Financial statements continued Notes to the 2022 financial statements 194 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com194 21 Leases continued Lease liabilities The maturity profile of lease liabilities recognised at the balance sheet date is: 2022 US$m 2021 US$m Lease liabilities Due within 1 year 329 361 Between 1 and 3 years 388 440 Between 3 and 5 years 191 226 More than 5 years 606 704 Total undiscounted cash payments expected to be made 1,514 1,731 Effect of discounting (314) (368) Present value of minimum lease payments 1,200 1,363 Current lease liability per the balance sheet 292 324 Non-current lease liability per the balance sheet 908 1,039 Total lease liability 1,200 1,363 At 31 December 2022, commitments for leases not yet commenced were US$481 million (2021: US$476 million); commitments relating to short-term leases which had already commenced at 31 December 2022 were US$132 million (2021: US$165 million). 22 Cash and cash equivalents Recognition and measurement For the purpose of the balance sheet, cash and cash equivalents covers: cash on hand, deposits held with banks, and short-term, highly liquid investments (mainly money market funds) that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Bank overdrafts are shown as current liabilities on the balance sheet. For the purposes of the cash flow statement, cash and cash equivalents are shown net of overdrafts. 2022 US$m 2021 US$m Cash at bank and in hand 1,889 1,344 Money market funds, reverse repurchase agreements and other cash equivalents 4,886 11,463 Balance per Group balance sheet 6,775 12,807 Bank overdrafts repayable on demand (unsecured) 20 (1) (2) Balance per Group cash flow statement 6,774 12,805 Restricted cash and cash equivalent analysis Cash and cash equivalents of US$391 million (2021: US$235 million) are held in countries where there are restrictions on remittances. Of this balance, US$268 million (2021: US$165 million) could be used to repay subsidiaries\u2019 third-party borrowings. There are also restrictions on a further US$576 million (2021: US$981 million) of cash and cash equivalents, the majority of which is held by partially owned subsidiaries and is not available for use in the wider Group due to legal and contractual restrictions currently in place. Of this balance US$336 million (2021: US$752 million) could be used to repay these subsidiaries\u2019 third-party borrowings. Credit risk related to cash and cash equivalents Our Treasury team manages credit risk from our investing activities in accordance with credit risk framework which sets the risk appetite. We make investments of surplus funds only with approved investment grade (BBB- and above) counterparties who have been assigned specific credit limits. The limits are set to minimise the concentration of credit risk and therefore mitigate the potential for financial loss through counterparty failure. At 31 December 2022 we held US$850 million (2021: US$4,520 million) of reverse repurchase agreements, measured at amortised cost and reported within cash and cash equivalents as they are highly liquid products maturing within three months. We accepted collateral of investment grade quality in respect of these reverse repurchase agreements, with a fair value of US$892 million as at 31 December 2022 (2021: US$4,638 million). Collateral is not recognised on our balance sheet and if the counterparty were to default we would be able to sell it. Financial statements continued Notes to the 2022 financial statements 194 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com194 21 Leases continued Lease liabilities The maturity profile of lease liabilities recognised at the balance sheet date is: 2022 US$m 2021 US$m Lease liabilities Due within 1 year 329 361 Between 1 and 3 years 388 440 Between 3 and 5 years 191 226 More than 5 years 606 704 Total undiscounted cash payments expected to be made 1,514 1,731 Effect of discounting (314) (368) Present value of minimum lease payments 1,200 1,363 Current lease liability per the balance sheet 292 324 Non-current lease liability per the balance sheet 908 1,039 Total lease liability 1,200 1,363 At 31 December 2022, commitments for leases not yet commenced were US$481 million (2021: US$476 million); commitments relating to short-term leases which had already commenced at 31 December 2022 were US$132 million (2021: US$165 million). 22 Cash and cash equivalents Recognition and measurement For the purpose of the balance sheet, cash and cash equivalents covers: cash on hand, deposits held with banks, and short-term, highly liquid investments (mainly money market funds) that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Bank overdrafts are shown as current liabilities on the balance sheet. For the purposes of the cash flow statement, cash and cash equivalents are shown net of overdrafts. 2022 US$m 2021 US$m Cash at bank and in hand 1,889 1,344 Money market funds, reverse repurchase agreements and other cash equivalents 4,886 11,463 Balance per Group balance sheet 6,775 12,807 Bank overdrafts repayable on demand (unsecured) 20 (1) (2) Balance per Group cash flow statement 6,774 12,805 Restricted cash and cash equivalent analysis Cash and cash equivalents of US$391 million (2021: US$235 million) are held in countries where there are restrictions on remittances. Of this balance, US$268 million (2021: US$165 million) could be used to repay subsidiaries\u2019 third-party borrowings. There are also restrictions on a further US$576 million (2021: US$981 million) of cash and cash equivalents, the majority of which is held by partially owned subsidiaries and is not available for use in the wider Group due to legal and contractual restrictions currently in place. Of this balance US$336 million (2021: US$752 million) could be used to repay these subsidiaries\u2019 third-party borrowings. Credit risk related to cash and cash equivalents Our Treasury team manages credit risk from our investing activities in accordance with credit risk framework which sets the risk appetite. We make investments of surplus funds only with approved investment grade (BBB- and above) counterparties who have been assigned specific credit limits. The limits are set to minimise the concentration of credit risk and therefore mitigate the potential for financial loss through counterparty failure. At 31 December 2022 we held US$850 million (2021: US$4,520 million) of reverse repurchase agreements, measured at amortised cost and reported within cash and cash equivalents as they are highly liquid products maturing within three months. We accepted collateral of investment grade quality in respect of these reverse repurchase agreements, with a fair value of US$892 million as at 31 December 2022 (2021: US$4,638 million). Collateral is not recognised on our balance sheet and if the counterparty were to default we would be able to sell it. Financial statements continued Notes to the 2022 financial statements 194 Annual Report 2022\u2000|\u2000riotinto.com 23 Other financial assets and liabilities Other financial assets Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Tota l 202 1 US$ m Derivatives not related to net debt 39 28 67 80 53 133 Derivatives related to net debt 2 \u2014 2 130 9 139 Equity shares and quoted funds 154 68 222 98 19 117 Other investments, including loans (a) 211 2,064 2,275 220 2,462 2,682 Total 406 2,160 2,566 528 2,543 3,071 (a) Current \u201cOther investments, including loans\u201d includes US$1,998 million (2021: US$2,401 million) of highly liquid financial assets held in managed investment funds classified as held for trading and included within our net (debt)/cash definition. Other financial liabilities Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Total 2021 US$m Derivatives not related to net debt 220 61 281 153 225 378 Derivatives related to net debt 684 8 692 240 \u2014 240 Other financial liabilities \u2014 \u2014 \u2014 \u2014 20 20 Total other financial liabilities 904 69 973 393 245 638 Offsetting and enforceable master netting agreements When we have a legally enforceable right to offset our financial assets and liabilities and an intention to settle on a net basis, or realise the asset and settle the liability simultaneously, we report the net amount in the consolidated balance sheet. Agreements with derivative counterparties are based on the International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related amounts to be set-off in certain circumstances. During the year, there were no material amounts offset in the balance sheet. 24 Financial instruments and risk management Recognition and measurement We classify our financial assets into those held at amortised cost and those to be measured at fair value either through the profit and loss (FVTPL) or through other comprehensive income (FVOCI) based on the business model for managing the financial assets and the contractual terms of the cas h flows. Classification of financial asset Amortised cost Fair value through profit and loss Fair value through other comprehensive income Recognition and measurement At initial recognition, trade receivables that do not have a significant financing component are recognised at their transaction price. Other financial assets are initially recognised at fair value plus related transaction costs. The asset is initially recognised at fair value with transaction costs immediately expensed to the income statement. The asset is initially recognised at fair value. Subsequent measurement Amortised cost using the effective interest method. Fair value movements are recognised in the income statement. Fair value gains or losses on revaluation of such equity investments, including any foreign exchange component, are recognised in other comprehensive income. Dividends are recognised in the income statement when the right to receive payment is established. Derecognition Any gain or loss on de-recognition or modification of a financial asset held at amortised cost is recognised in the income statement. Not applicable. When the equity investment is derecognised, there is no reclassification of fair value gains or losses previously recognised in other comprehensive income to the income statement. Borrowings and other financial liabilities (including trade payables but excluding derivative liabilities) are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Financial statements Annual Report 2022 | riotinto.com 195 195Annual Report 2022 | riotinto.com Financial statements 24 Financial instruments and risk management continued Financial risk management objectives Our financial risk management objectives are: \u2013 to have in place a robust capital structure to manage the organisation through the commodity cycle; and \u2013 to allow our financial exposures, mainly commodity price, foreign exchange and interest rates, to, in general, float with the market. Our Treasury and Commercial teams manage the following key economic risks generated from our operations: \u2013 Capital and Liquidity risk \u2013 Credit risk \u2013 Interest rate risk \u2013 Commodity price risk \u2013 Foreign exchange risk These teams operate under a strong control environment, within approved limits. (i) Capital and liquidity risk Our capital and liquidity risk arises from the possibility that we may not be able to settle or meet our obligations as they fall due. Refer to Our capital and liquidity section on page 190. (ii) Credit risk Credit risk is the risk that our customers, or institutions that we invest in, are unable to meet their contractual obligations. We are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include government securities (primarily US Government), corporate and asset-backed securities, reverse re-purchase agreements, money market funds, and balances with banks and financial institutions. Refer to note 17 Receivables and other assets, note 22 Cash and cash equivalents and note 23 Other financial assets and liabilities for an understanding of the size of balance. (iii) Interest rate risk Our interest rate management policy is generally to borrow and invest at floating interest rates. After the impact of hedging, 77% (2021: 85%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk refer to note 20. Sensitivity to interest rate changes Based on our floating rate financial instruments outstanding at 31 December 2022, the effect on our net earnings of a 100 basis point increase in US dollar LIBOR or SOFR (where applicable) interest rates, with all other variables held constant, would be an expense of US$26 million (2021: income of US$13 million). This reflects the net debt position in 2022 compared to a net cash position in prior year. We are also exposed to interest rate volatility within shareholders\u2019 equity. This is because we have designated some cross currency interest rate swaps to be in a cash flow hedge relationship with our 2029 GBP loan. As we receive fixed GBP interest and pay fixed USD interest any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative within shareholders\u2019 equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in isolation would impact equity, before tax, by a charge of US$35 million (2021: US$55 million charge) for sterling and a credit of US$48 million (2021: US$65 million credit) for US dollars. A 100 basis point decrease would have broadly the same impact in the opposite direction. (iv) Commodity price risk Our broad commodity base means our exposure to commodity prices is diversified. Our normal policy is to sell our products at prevailing market prices. For certain physical commodity transactions for which the price was fixed at the contract date, we enter into derivatives to achieve the prevailing market prices at the point of revenue recognition. We do not generally consider that using derivatives to fix commodity prices would provide a long-term benefit to our shareholders. Exceptions to this rule are subject to limits, and to defined market risk tolerances and internal controls. Substantially all iron ore and aluminium sales are reflected at final prices at each reporting period. Final prices for copper concentrate, however, are normally determined between 30 and 180 days after delivery to our customer. At 31 December 2022, we had 83 million pounds of copper sales (31 December 2021: 81 million pounds), that were provisionally priced at US 380 cents per pound (2021: US 440 cents per pound). The final price of these sales will be determined during the first half of 2023. A 10% change in the price of copper realised on the provisionally priced sales, all other factors held constant, would increase or reduce net earnings by US$19 million (2021: US$26 million). Power costs represent a significant portion of costs in our aluminium business and therefore we are exposed to fluctuations in power prices. To mitigate our exposure to changes in the relationship between aluminium prices and power prices, we have a number of electricity purchase contracts which are directly linked to the daily official LME cash ask price for high grade aluminium (\u201cLME price\u201d) and to the US Midwest Transaction Premium (\u201cMidwest premium\u201d). In accordance with IFRS 9, we apply hedge accounting to two embedded derivatives within our power contracts. The embedded derivatives (notional aluminium forward sales) have been designated as the hedging instrument. The forecast aluminium sales, priced using the LME price and the Midwest premium, represent the hedged item. The hedging ratio is 1:1, as the quantity of sales designated as being hedged matches the notional amount of the hedging instrument. The hedging instrument\u2019s notional amount, expressed in equivalent metric tonnes of aluminium, is derived from our expected electricity consumption under the power contracts as well as other relevant contract parameters. Financial statements continued Notes to the 2022 financial statements 196 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com196 24 Financial instruments and risk management continued Financial risk management objectives Our financial risk management objectives are: \u2013 to have in place a robust capital structure to manage the organisation through the commodity cycle; and \u2013 to allow our financial exposures, mainly commodity price, foreign exchange and interest rates, to, in general, float with the market. Our Treasury and Commercial teams manage the following key economic risks generated from our operations: \u2013 Capital and Liquidity risk \u2013 Credit risk \u2013 Interest rate risk \u2013 Commodity price risk \u2013 Foreign exchange risk These teams operate under a strong control environment, within approved limits. (i) Capital and liquidity risk Our capital and liquidity risk arises from the possibility that we may not be able to settle or meet our obligations as they fall due. Refer to Our capital and liquidity section on page 190. (ii) Credit risk Credit risk is the risk that our customers, or institutions that we invest in, are unable to meet their contractual obligations. We are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include government securities (primarily US Government), corporate and asset-backed securities, reverse re-purchase agreements, money market funds, and balances with banks and financial institutions. Refer to note 17 Receivables and other assets, note 22 Cash and cash equivalents and note 23 Other financial assets and liabilities for an understanding of the size of balance. (iii) Interest rate risk Our interest rate management policy is generally to borrow and invest at floating interest rates. After the impact of hedging, 77% (2021: 85%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk refer to note 20. Sensitivity to interest rate changes Based on our floating rate financial instruments outstanding at 31 December 2022, the effect on our net earnings of a 100 basis point increase in US dollar LIBOR or SOFR (where applicable) interest rates, with all other variables held constant, would be an expense of US$26 million (2021: income of US$13 million). This reflects the net debt position in 2022 compared to a net cash position in prior year. We are also exposed to interest rate volatility within shareholders\u2019 equity. This is because we have designated some cross currency interest rate swaps to be in a cash flow hedge relationship with our 2029 GBP loan. As we receive fixed GBP interest and pay fixed USD interest any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative within shareholders\u2019 equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in isolation would impact equity, before tax, by a charge of US$35 million (2021: US$55 million charge) for sterling and a credit of US$48 million (2021: US$65 million credit) for US dollars. A 100 basis point decrease would have broadly the same impact in the opposite direction. (iv) Commodity price risk Our broad commodity base means our exposure to commodity prices is diversified. Our normal policy is to sell our products at prevailing market prices. For certain physical commodity transactions for which the price was fixed at the contract date, we enter into derivatives to achieve the prevailing market prices at the point of revenue recognition. We do not generally consider that using derivatives to fix commodity prices would provide a long-term benefit to our shareholders. Exceptions to this rule are subject to limits, and to defined market risk tolerances and internal controls. Substantially all iron ore and aluminium sales are reflected at final prices at each reporting period. Final prices for copper concentrate, however, are normally determined between 30 and 180 days after delivery to our customer. At 31 December 2022, we had 83 million pounds of copper sales (31 December 2021: 81 million pounds), that were provisionally priced at US 380 cents per pound (2021: US 440 cents per pound). The final price of these sales will be determined during the first half of 2023. A 10% change in the price of copper realised on the provisionally priced sales, all other factors held constant, would increase or reduce net earnings by US$19 million (2021: US$26 million). Power costs represent a significant portion of costs in our aluminium business and therefore we are exposed to fluctuations in power prices. To mitigate our exposure to changes in the relationship between aluminium prices and power prices, we have a number of electricity purchase contracts which are directly linked to the daily official LME cash ask price for high grade aluminium (\u201cLME price\u201d) and to the US Midwest Transaction Premium (\u201cMidwest premium\u201d). In accordance with IFRS 9, we apply hedge accounting to two embedded derivatives within our power contracts. The embedded derivatives (notional aluminium forward sales) have been designated as the hedging instrument. The forecast aluminium sales, priced using the LME price and the Midwest premium, represent the hedged item. The hedging ratio is 1:1, as the quantity of sales designated as being hedged matches the notional amount of the hedging instrument. The hedging instrument\u2019s notional amount, expressed in equivalent metric tonnes of aluminium, is derived from our expected electricity consumption under the power contracts as well as other relevant contract parameters. Financial statements continued Notes to the 2022 financial statements 196 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com196 24 Financial instruments and risk management continued Financial risk management objectives Our financial risk management objectives are: \u2013 to have in place a robust capital structure to manage the organisation through the commodity cycle; and \u2013 to allow our financial exposures, mainly commodity price, foreign exchange and interest rates, to, in general, float with the market. Our Treasury and Commercial teams manage the following key economic risks generated from our operations: \u2013 Capital and Liquidity risk \u2013 Credit risk \u2013 Interest rate risk \u2013 Commodity price risk \u2013 Foreign exchange risk These teams operate under a strong control environment, within approved limits. (i) Capital and liquidity risk Our capital and liquidity risk arises from the possibility that we may not be able to settle or meet our obligations as they fall due. Refer to Our capital and liquidity section on page 190. (ii) Credit risk Credit risk is the risk that our customers, or institutions that we invest in, are unable to meet their contractual obligations. We are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include government securities (primarily US Government), corporate and asset-backed securities, reverse re-purchase agreements, money market funds, and balances with banks and financial institutions. Refer to note 17 Receivables and other assets, note 22 Cash and cash equivalents and note 23 Other financial assets and liabilities for an understanding of the size of balance. (iii) Interest rate risk Our interest rate management policy is generally to borrow and invest at floating interest rates. After the impact of hedging, 77% (2021: 85%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk refer to note 20. Sensitivity to interest rate changes Based on our floating rate financial instruments outstanding at 31 December 2022, the effect on our net earnings of a 100 basis point increase in US dollar LIBOR or SOFR (where applicable) interest rates, with all other variables held constant, would be an expense of US$26 million (2021: income of US$13 million). This reflects the net debt position in 2022 compared to a net cash position in prior year. We are also exposed to interest rate volatility within shareholders\u2019 equity. This is because we have designated some cross currency interest rate swaps to be in a cash flow hedge relationship with our 2029 GBP loan. As we receive fixed GBP interest and pay fixed USD interest any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative within shareholders\u2019 equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in isolation would impact equity, before tax, by a charge of US$35 million (2021: US$55 million charge) for sterling and a credit of US$48 million (2021: US$65 million credit) for US dollars. A 100 basis point decrease would have broadly the same impact in the opposite direction. (iv) Commodity price risk Our broad commodity base means our exposure to commodity prices is diversified. Our normal policy is to sell our products at prevailing market prices. For certain physical commodity transactions for which the price was fixed at the contract date, we enter into derivatives to achieve the prevailing market prices at the point of revenue recognition. We do not generally consider that using derivatives to fix commodity prices would provide a long-term benefit to our shareholders. Exceptions to this rule are subject to limits, and to defined market risk tolerances and internal controls. Substantially all iron ore and aluminium sales are reflected at final prices at each reporting period. Final prices for copper concentrate, however, are normally determined between 30 and 180 days after delivery to our customer. At 31 December 2022, we had 83 million pounds of copper sales (31 December 2021: 81 million pounds), that were provisionally priced at US 380 cents per pound (2021: US 440 cents per pound). The final price of these sales will be determined during the first half of 2023. A 10% change in the price of copper realised on the provisionally priced sales, all other factors held constant, would increase or reduce net earnings by US$19 million (2021: US$26 million). Power costs represent a significant portion of costs in our aluminium business and therefore we are exposed to fluctuations in power prices. To mitigate our exposure to changes in the relationship between aluminium prices and power prices, we have a number of electricity purchase contracts which are directly linked to the daily official LME cash ask price for high grade aluminium (\u201cLME price\u201d) and to the US Midwest Transaction Premium (\u201cMidwest premium\u201d). In accordance with IFRS 9, we apply hedge accounting to two embedded derivatives within our power contracts. The embedded derivatives (notional aluminium forward sales) have been designated as the hedging instrument. The forecast aluminium sales, priced using the LME price and the Midwest premium, represent the hedged item. The hedging ratio is 1:1, as the quantity of sales designated as being hedged matches the notional amount of the hedging instrument. The hedging instrument\u2019s notional amount, expressed in equivalent metric tonnes of aluminium, is derived from our expected electricity consumption under the power contracts as well as other relevant contract parameters. Financial statements continued Notes to the 2022 financial statements 196 Annual Report 2022\u2000|\u2000riotinto.com When we designate such embedded derivatives as the hedging instrument in a cash flow hedge, we recognise the effective portion of the change in the fair value of the hedging instrument in other comprehensive income, and it is accumulated in the cash flow hedge reserve. The amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the hedging instrument and the cumulative change in the fair value of the hedged item, in absolute terms. On realisation of the hedges, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. We recognise any ineffectiveness relating to the hedging relationship immediately in the income statement. Sources of ineffectiveness include: differences in the timing of the cash flows between the hedged item and the hedging instrument, non-zero initial fair value of the hedging instrument, the existence of a cap on the Midwest premium in the hedging instrument and counterparty credit risk. We held the following notional aluminium forward sales contracts embedded in the power contracts: At 31 December 2022 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 501,498 72,812 289,868 138,818 \u2014 Notional amount (in US$ millions) 1,216 166 697 353 \u2014 Average hedged rate (in US$ per tonne) 2,425 2,282 2,404 2,542 \u2014 At 31 December 2021 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 573,653 72,555 289,867 211,231 \u2014 Notional amount (in US$ millions) 1,377 162 683 532 \u2014 Average hedged rate (in US$ per tonne) 2,401 2,234 2,355 2,520 \u2014 The impact on our financial statements of these hedging instruments and hedging items are: Aluminium embedded derivatives separated from the power contract (Hedging instrument) (a) Highly probable forecast aluminium sales (Hedged item) Nominal US$m Carrying amount US$m Change in fair value in the period US$m Cash flow hedge reserve (b) US$m Change in fair value in the period US$m Total hedging losses recognised in reserves US$m Hedge ineffective- ness in the period gains/ (losses) (c) US$m Losses reclassified from reserves to income statement (d) US$m 2022 1,216 (189) (119) (87) 133 (110) (9) 34 2021 1,377 (124) (201) (11) 300 (211) 10 17 (a) Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. The carrying amount of US$189 million (2021: US$124 million) is shown within \u201cOther financial assets and liabilities\u201d. (b) The difference between this amount and the total cash flow hedge reserve of the Group (shown in note 35) relates to our cash flow hedge on the sterling bond (refer to interest rate risk section). (c) Hedge ineffectiveness is included in net operating costs (raw materials, consumables, repairs and maintenance) in the income statement. (d) On realisation of the hedge, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. There was no cost of hedging recognised in 2022 or 2021 relating to this hedge relationship. Sensitivities Our commodity derivatives are impacted by changes in market prices. The table below summarises the impact that changes in aluminium market prices have on aluminium forward and option contracts embedded in power supply agreements outstanding at 31 December 2022. Any change in price will result in an offsetting change in our future earnings. Change in market prices 2022 US$m 2021 US$m Effect on net earnings +10 % (57) (78) (10) % 83 73 Effect on equity +10 % (90) (98) (10) % 65 95 We exclude our \u201cown use contracts\u201d from this sensitivity analysis as they are outside the scope of IFRS 9. Our business units continue to hold these types of contracts to satisfy their expected purchase, sale or usage requirements. Financial statements Annual Report 2022 | riotinto.com 197 197Annual Report 2022 | riotinto.com Financial statements 24 Financial instruments and risk management continued (v) Foreign exchange risk The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders\u2019 equity are influenced by a wide variety of currencies. The majority of our sales are denominated in the US dollar. Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those currencies in which we buy imported equipment and services. The US dollar, the Australian dollar and the Canadian dollar are the most important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial results. A strengthening of the US dollar against the currencies in which our costs are partly denominated has a positive effect on our underlying earnings. However, a strengthening of the US dollar reduces the value of non-US dollar denominated net assets, and therefore total equity. In most cases our debt and other financial assets and liabilities, including intragroup balances, is held in the functional currency of the relevant subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on US dollar net debt and intragroup balances. On consolidation, these balances are retranslated to our US dollar presentation currency and there is a corresponding and offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity. Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency protection measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as acquisitions, disposals, tax and dividend cash flows may be economically hedged. Sensitivities The table below shows the estimated retranslation effect on financial assets and financial liabilities, including intragroup balances, of a 10% strengthening in the closing exchange rate of the US dollar against significant currencies. We deem 10% to be the annual exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and therefore an appropriate representation. At 31 December 2022 Losses associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 68 (319) (986) Canadian dollar 74 (219) \u2014 At 31 December 2021 Gains/(losses) associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 73 379 (1,044) Canadian dollar 78 (111) \u2014 We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into US dollars at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a particular currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore generally has no impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is expressed in terms of the effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based on financial assets and financial liabilities held at 31 December 2022, where balances are not denominated in the functional currency of the subsidiary or joint operation, and exclude financial assets and liabilities held by equity accounted units. These balances will not remain constant throughout 2023, and therefore the information should be used with care. Financial statements continued Notes to the 2022 financial statements 198 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com198 24 Financial instruments and risk management continued (v) Foreign exchange risk The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders\u2019 equity are influenced by a wide variety of currencies. The majority of our sales are denominated in the US dollar. Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those currencies in which we buy imported equipment and services. The US dollar, the Australian dollar and the Canadian dollar are the most important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial results. A strengthening of the US dollar against the currencies in which our costs are partly denominated has a positive effect on our underlying earnings. However, a strengthening of the US dollar reduces the value of non-US dollar denominated net assets, and therefore total equity. In most cases our debt and other financial assets and liabilities, including intragroup balances, is held in the functional currency of the relevant subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on US dollar net debt and intragroup balances. On consolidation, these balances are retranslated to our US dollar presentation currency and there is a corresponding and offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity. Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency protection measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as acquisitions, disposals, tax and dividend cash flows may be economically hedged. Sensitivities The table below shows the estimated retranslation effect on financial assets and financial liabilities, including intragroup balances, of a 10% strengthening in the closing exchange rate of the US dollar against significant currencies. We deem 10% to be the annual exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and therefore an appropriate representation. At 31 December 2022 Losses associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 68 (319) (986) Canadian dollar 74 (219) \u2014 At 31 December 2021 Gains/(losses) associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 73 379 (1,044) Canadian dollar 78 (111) \u2014 We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into US dollars at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a particular currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore generally has no impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is expressed in terms of the effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based on financial assets and financial liabilities held at 31 December 2022, where balances are not denominated in the functional currency of the subsidiary or joint operation, and exclude financial assets and liabilities held by equity accounted units. These balances will not remain constant throughout 2023, and therefore the information should be used with care. Financial statements continued Notes to the 2022 financial statements 198 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com198 24 Financial instruments and risk management continued (v) Foreign exchange risk The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders\u2019 equity are influenced by a wide variety of currencies. The majority of our sales are denominated in the US dollar. Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those currencies in which we buy imported equipment and services. The US dollar, the Australian dollar and the Canadian dollar are the most important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial results. A strengthening of the US dollar against the currencies in which our costs are partly denominated has a positive effect on our underlying earnings. However, a strengthening of the US dollar reduces the value of non-US dollar denominated net assets, and therefore total equity. In most cases our debt and other financial assets and liabilities, including intragroup balances, is held in the functional currency of the relevant subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on US dollar net debt and intragroup balances. On consolidation, these balances are retranslated to our US dollar presentation currency and there is a corresponding and offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity. Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency protection measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as acquisitions, disposals, tax and dividend cash flows may be economically hedged. Sensitivities The table below shows the estimated retranslation effect on financial assets and financial liabilities, including intragroup balances, of a 10% strengthening in the closing exchange rate of the US dollar against significant currencies. We deem 10% to be the annual exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and therefore an appropriate representation. At 31 December 2022 Losses associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 68 (319) (986) Canadian dollar 74 (219) \u2014 At 31 December 2021 Gains/(losses) associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 73 379 (1,044) Canadian dollar 78 (111) \u2014 We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into US dollars at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a particular currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore generally has no impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is expressed in terms of the effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based on financial assets and financial liabilities held at 31 December 2022, where balances are not denominated in the functional currency of the subsidiary or joint operation, and exclude financial assets and liabilities held by equity accounted units. These balances will not remain constant throughout 2023, and therefore the information should be used with care. Financial statements continued Notes to the 2022 financial statements 198 Annual Report 2022\u2000|\u2000riotinto.com Valuation hierarchy of financial instruments carried at fair value on a recurring basis The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 at 31 December 2022 and 31 December 2021. All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted. At 31 December 2022 At 31 December 2021 Held at fair value Held at fair value Note Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised cost US$m Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised costs US$m Assets Cash and cash equivalents (d) 22 6,775 2,725 \u2014 \u2014 4,050 12,807 4,138 \u2014 \u2014 8,669 Investments in equity shares and funds (e) 23 222 147 \u2014 75 \u2014 117 64 \u2014 53 \u2014 Other investments, including loans (f) 23 2,275 2,018 \u2014 229 28 2,682 2,422 \u2014 238 22 Trade and other financial receivables (g) 17 2,765 18 1,306 \u2014 1,441 2,762 1 1,163 \u2014 1,598 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 67 \u2014 16 51 \u2014 133 \u2014 48 85 \u2014 Derivatives related to net debt (i) 23 2 \u2014 2 \u2014 \u2014 139 \u2014 139 \u2014 \u2014 Liabilities Trade and other financial payables (j) 18 (6,485) \u2014 (30) \u2014 (6,455) (6,356) \u2014 (67) \u2014 (6,289) Forward, option and embedded derivatives contracts, designated as hedges (h) 23 (189) \u2014 \u2014 (189) \u2014 (125) \u2014 \u2014 (125) \u2014 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 (92) \u2014 (57) (35) \u2014 (253) \u2014 (179) (74) \u2014 Derivatives related to net debt (i) 23 (692) \u2014 (692) \u2014 \u2014 (240) \u2014 (240) \u2014 \u2014 (a) Valuation is based on unadjusted quoted prices in active markets for identical financial instruments. (b) Valuation is based on inputs that are observable for the financial instruments, which include quoted prices for similar instruments or identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data (c) Valuation is based on inputs that cannot be observed using market data (unobservable inputs). The change in valuation of our level 3 instruments for the year to 31 December 2022 is below: 2022 2021 Level 3 financial assets and liabilities US$m US$m Opening balance 177 395 Currency translation adjustments (4) (6) Total realised gains/(losses) included in: \u2013 consolidated sales revenue 16 27 \u2013 net operating costs 365 (50) Total unrealised gains included in: \u2013 net operating costs 124 68 Total unrealised losses transferred into other comprehensive income through cash flow hedges (110) (212) Additions to financial assets/(liabilities) 41 (21 ) Disposals/maturity of financial instruments (478) (6) Transfers \u2014 (18) Closing balance 131 177 Net gains included in the income statement for assets and liabilities held at year end 103 20 (d) Our \"cash and cash equivalents\" of US$6,775 million (31 December 2021:US$12,807 million), includes US$2,725 million (31 December 2021:US$4,138 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements going into finance income. (e) Investments in equity shares and funds include US$153 million (31 December 2021: US$98 million) of equity shares, not held for trading, where we have irrevocably elected to present fair value gains and losses on revaluation in other comprehensive income (FVOCI). The election is made at an individual investment level. (f) Other investments, including loans, covers: cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables. (g) Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with changes between the provisional price and the final price recorded separately within \u201cOther revenue\u201d. The selling price can be measured reliably for the Group's products, as it operates in active and freely traded commodity markets. At 31 December 2022, US$1,234 million (31 December 2021: US$1,114 million) of provisionally priced receivables were recognised. (h) Level 3 derivatives consist of derivatives embedded in electricity purchase contracts linked to the LME, midwest premium and billet premium with terms expiring between 2025 and 2036 (31 December 2021: 2025 and 2036). (i) Net debt derivatives include interest rate swaps and cross-currency swaps. (j) Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 18. There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the year ended 31 December 2022 or in the year ended 31 December 2021. Financial statements Annual Report 2022 | riotinto.com 199 199Annual Report 2022 | riotinto.com Financial statements 24 Financial instruments and risk management continued Valuation techniques and inputs The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: Description Fair Value US$m Valuation technique Significant Inputs Level 2 Interest rate swaps (356) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Cross currency interest rate swaps (334) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Market quoted FX rate Provisionally priced receivables 1,234 Closely related listed product Applicable forward quoted metal price Level 3 Derivatives embedded in electricity contracts (208) Option pricing model LME forward aluminium price Midwest premium and billet premium Royalty receivables 209 Discounted cash flows Forward commodity price Mine production Sensitivity analysis in respect of level 3 financial instruments For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated using a movement that we deem to be reasonably probable. To value the long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net liability of US$208 million at 31 December 2022 (31 December 2021: US$146 million). Impact of climate change on our business - Coal royalty receivables Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as \u201cOther investments, including loans\u201d within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). Fair values disclosure of financial instruments The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 31 December 2022 31 December 2021 Carrying value US$m Fair value US$m Carrying value US$m Fair value US$m Borrowings (including overdrafts) 11,071 11,192 12,168 13,904 Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy. Financial statements continued Notes to the 2022 financial statements 200 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com200 24 Financial instruments and risk management continued Valuation techniques and inputs The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: Description Fair Value US$m Valuation technique Significant Inputs Level 2 Interest rate swaps (356) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Cross currency interest rate swaps (334) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Market quoted FX rate Provisionally priced receivables 1,234 Closely related listed product Applicable forward quoted metal price Level 3 Derivatives embedded in electricity contracts (208) Option pricing model LME forward aluminium price Midwest premium and billet premium Royalty receivables 209 Discounted cash flows Forward commodity price Mine production Sensitivity analysis in respect of level 3 financial instruments For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated using a movement that we deem to be reasonably probable. To value the long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net liability of US$208 million at 31 December 2022 (31 December 2021: US$146 million). Impact of climate change on our business - Coal royalty receivables Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as \u201cOther investments, including loans\u201d within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). Fair values disclosure of financial instruments The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 31 December 2022 31 December 2021 Carrying value US$m Fair value US$m Carrying value US$m Fair value US$m Borrowings (including overdrafts) 11,071 11,192 12,168 13,904 Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy. Financial statements continued Notes to the 2022 financial statements 200 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com200 24 Financial instruments and risk management continued Valuation techniques and inputs The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: Description Fair Value US$m Valuation technique Significant Inputs Level 2 Interest rate swaps (356) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Cross currency interest rate swaps (334) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Market quoted FX rate Provisionally priced receivables 1,234 Closely related listed product Applicable forward quoted metal price Level 3 Derivatives embedded in electricity contracts (208) Option pricing model LME forward aluminium price Midwest premium and billet premium Royalty receivables 209 Discounted cash flows Forward commodity price Mine production Sensitivity analysis in respect of level 3 financial instruments For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated using a movement that we deem to be reasonably probable. To value the long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net liability of US$208 million at 31 December 2022 (31 December 2021: US$146 million). Impact of climate change on our business - Coal royalty receivables Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as \u201cOther investments, including loans\u201d within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). Fair values disclosure of financial instruments The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 31 December 2022 31 December 2021 Carrying value US$m Fair value US$m Carrying value US$m Fair value US$m Borrowings (including overdrafts) 11,071 11,192 12,168 13,904 Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy. Financial statements continued Notes to the 2022 financial statements 200 Annual Report 2022\u2000|\u2000riotinto.com Our people Summarised below are the key financial metrics relating to our people. 25 Average number of employees Subsidiaries and joint operations Equity accounted units (Rio Tinto share) Total 2022 2021 2020 2022 2021 2020 2022 2021 2020 Principal locations of employment: Australia and New Zealand 23,829 21,861 20,482 704 648 634 24,533 22,509 21,116 Canada 13,344 12,270 11,814 \u2014 \u2014 \u2014 13,344 12,270 11,814 UK 202 189 172 \u2014 \u2014 \u2014 202 189 172 Europe 994 1,003 1,020 \u2014 \u2014 \u2014 994 1,003 1,020 Africa 2,797 2,484 2,559 1,218 1,253 1,214 4,015 3,737 3,773 US 3,655 3,471 3,543 \u2014 \u2014 \u2014 3,655 3,471 3,543 Mongolia 4,175 3,513 3,465 \u2014 \u2014 \u2014 4,175 3,513 3,465 South America 286 213 220 1,383 1,353 1,293 1,669 1,566 1,513 India 396 354 324 \u2014 \u2014 \u2014 396 354 324 Singapore 454 450 456 \u2014 \u2014 \u2014 454 450 456 Other countries (a) 289 283 278 \u2014 \u2014 \u2014 289 283 278 Total 50,421 46,091 44,333 3,305 3,254 3,141 53,726 49,345 47,474 (a) \u201cOther countries\u201d primarily includes employees in the Middle East (excluding Oman which is included in Africa), and other countries in Asia which are not shown separately in the table above. Employee numbers, which represent the average for the year, include 100% of employees of subsidiary companies. Employee numbers for joint operations and equity accounted units are proportional to the Group\u2019s interest under contractual agreements. Average employee numbers include a part-year effect for companies acquired or disposed of during the year. Part-time employees are included on a full-time-equivalent basis. Temporary employees are included in employee numbers. People employed by contractors are not included. 26 Employment costs and provisions Note 2022 US$m 2021 US$m 2020 US$m Total employment costs \u2013 Wages and salaries 5,115 4,699 4,141 \u2013 Social security costs 425 386 330 \u2013 Net post-retirement charge 28 559 554 469 \u2013 Share-based payment charge 27 122 126 138 6,221 5,765 5,078 Less: charged within movement in provisions (see below) (219) (252) (308) Total employment costs 7 6,002 5,513 4,770 Pensions and post-retirement healthcare (a) US$m Other employee entitlements (b) US$m Total 2022 US$m Total 2021 US$m At 1 January 2,098 394 2,492 3,474 Adjustment on currency translation (73) (26) (99) (34) Charged/(credited) to profit: \u2013 increases to existing and new provisions 142 89 231 273 \u2013 unused amounts reversed \u2014 (12) (12) (21) Utilised in year (172) (82) (254) (231) Re-measurement gains recognised in other comprehensive income (701) \u2014 (701) (687) Transfers and other movements \u2014 1 1 (282) At 31 December 1,294 364 1,658 2,492 Balance sheet analysis: Current 62 291 353 383 Non-current 1,232 73 1,305 2,109 Total 1,294 364 1,658 2,492 (a) The main assumptions used to determine the provision for pensions and post-retirement healthcare, and other information, including the expected level of future funding payments in respect of those arrangements, are given in note 28. (b) The provision for other employee entitlements includes a provision for long service leave of US$271 million (2021: US$272 million), based on the relevant entitlements in certain Group operations, and includes US$32 million (2021: US$60 million) of provision for redundancy and severance payments. Financial statements Annual Report 2022 | riotinto.com 201 201Annual Report 2022 | riotinto.com Financial statements 27 Share-based payments The Rio Tinto plc and Rio Tinto Limited share-based incentive plans are as follows: UK Share Plan The fair values of Matching and Free Shares awards are the market value of the shares on the date of purchase. The awards are settled in equity. Equity Incentive Plan Since 2018, all long-term incentive awards have been granted under the 2018 Equity Incentive Plan which allows for awards in the form of Performance Share Awards (PSA), Management Share Awards (MSA) and Bonus Deferral Awards (BDA) to be granted. In general, these awards will be settled in equity, including the dividends accumulated from date of award to vesting and therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions. Performance Share Awards (Performance Share Plans prior to 2018) Participants are generally assigned shares in settlement of their PSA on vesting. Therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions, including the dividends accumulated from date of award to vesting. For the parts of awards with Total Shareholder Return (TSR) performance conditions, the fair value of the awards is calculated using a Monte Carlo simulation model taking into account the TSR performance conditions. One-third of the awards granted up to 2017 (inclusive) are subject to an earnings margin performance target relative to ten global mining comparators. As a non-market related performance condition, the fair value recognised is reviewed at each accounting date based on the prevailing expected outcome. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). For grants made from 2018, the earnings margin performance target applying to the PSA was removed. Since 2018, only the TSR performance conditions set out in the Remuneration Report apply to the PSA. Management Share Awards The vesting of these awards is dependent on service conditions being met; no performance conditions apply. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 7% per annum of outstanding awards (2021: 7% per annum). Bonus Deferral Awards BDAs provide for the mandatory deferral of 50% of the bonuses for executive directors and Executive Committee members . The vesting of these awards is dependent only on service conditions being met. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 3% per annum of outstanding awards (2021: 3% per annum). Global Employee Share Plans The Global Employee Share Plans were introduced in 2012 and re- approved by shareholders in 2021. Under these Plans, the companies provide a matching share award for each investment share purchased by a participant. The vesting of matching awards is dependent on service conditions being met and the continued holding of investment shares by the participant until vesting. These awards are settled in equity including the dividends accumulated from date of award to vesting. The fair value of each matching share on the day of grant is equal to the share price on the date of purchase less a deduction of 15% for estimated cancellations (caused by employees withdrawing their investment shares prior to vesting. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). The PSA, MSA, BDA and awards under the Global Employee Share Plans and UK Share Plan together represent 100% (2021: 100%) of the total IFRS 2 charge for Rio Tinto plc and Rio Tinto Limited plans in 2022. Recognition and measurement: These plans are accounted for in accordance with the fair value recognition provisions of IFRS 2 \u201cShare-based Payment\u201d. The fair value of the Group\u2019s share plans is recognised as an expense over the expected vesting period with an offset to retained earnings for Rio Tinto plc plans and to other reserves for Rio Tinto Limited plans. The Group uses fair values provided by independent actuaries calculated using a Monte Carlo simulation model. The terms of each plan are considered at the balance sheet date to determine whether the plan should be accounted for as equity-settled or cash-settled. The Group does not operate any material plans as cash-settled although certain awards can be settled in cash at the discretion of the directors or where settling a wards in equity is challenging or prohibited by local laws and regulations. The value of these awards is immaterial. The Group\u2019s equity-settled share plans are settled either by: the issuance of shares by the relevant parent company; the purchase of shares on market; or the use of shares held in treasury. If the cost of shares acquired to satisfy the plans differs from the expense charged, the difference is taken to retained earnings or other reserves, as appropriate. Financial statements continued Notes to the 2022 financial statements 202 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com202 27 Share-based payments The Rio Tinto plc and Rio Tinto Limited share-based incentive plans are as follows: UK Share Plan The fair values of Matching and Free Shares awards are the market value of the shares on the date of purchase. The awards are settled in equity. Equity Incentive Plan Since 2018, all long-term incentive awards have been granted under the 2018 Equity Incentive Plan which allows for awards in the form of Performance Share Awards (PSA), Management Share Awards (MSA) and Bonus Deferral Awards (BDA) to be granted. In general, these awards will be settled in equity, including the dividends accumulated from date of award to vesting and therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions. Performance Share Awards (Performance Share Plans prior to 2018) Participants are generally assigned shares in settlement of their PSA on vesting. Therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions, including the dividends accumulated from date of award to vesting. For the parts of awards with Total Shareholder Return (TSR) performance conditions, the fair value of the awards is calculated using a Monte Carlo simulation model taking into account the TSR performance conditions. One-third of the awards granted up to 2017 (inclusive) are subject to an earnings margin performance target relative to ten global mining comparators. As a non-market related performance condition, the fair value recognised is reviewed at each accounting date based on the prevailing expected outcome. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). For grants made from 2018, the earnings margin performance target applying to the PSA was removed. Since 2018, only the TSR performance conditions set out in the Remuneration Report apply to the PSA. Management Share Awards The vesting of these awards is dependent on service conditions being met; no performance conditions apply. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 7% per annum of outstanding awards (2021: 7% per annum). Bonus Deferral Awards BDAs provide for the mandatory deferral of 50% of the bonuses for executive directors and Executive Committee members . The vesting of these awards is dependent only on service conditions being met. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 3% per annum of outstanding awards (2021: 3% per annum). Global Employee Share Plans The Global Employee Share Plans were introduced in 2012 and re- approved by shareholders in 2021. Under these Plans, the companies provide a matching share award for each investment share purchased by a participant. The vesting of matching awards is dependent on service conditions being met and the continued holding of investment shares by the participant until vesting. These awards are settled in equity including the dividends accumulated from date of award to vesting. The fair value of each matching share on the day of grant is equal to the share price on the date of purchase less a deduction of 15% for estimated cancellations (caused by employees withdrawing their investment shares prior to vesting. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). The PSA, MSA, BDA and awards under the Global Employee Share Plans and UK Share Plan together represent 100% (2021: 100%) of the total IFRS 2 charge for Rio Tinto plc and Rio Tinto Limited plans in 2022. Recognition and measurement: These plans are accounted for in accordance with the fair value recognition provisions of IFRS 2 \u201cShare-based Payment\u201d. The fair value of the Group\u2019s share plans is recognised as an expense over the expected vesting period with an offset to retained earnings for Rio Tinto plc plans and to other reserves for Rio Tinto Limited plans. The Group uses fair values provided by independent actuaries calculated using a Monte Carlo simulation model. The terms of each plan are considered at the balance sheet date to determine whether the plan should be accounted for as equity-settled or cash-settled. The Group does not operate any material plans as cash-settled although certain awards can be settled in cash at the discretion of the directors or where settling awards in equity is challenging or prohibited by local laws and regulations. The value of these awards is immaterial. The Group\u2019s equity-settled share plans are settled either by: the issuance of shares by the relevant parent company; the purchase of shares on market; or the use of shares held in treasury. If the cost of shares acquired to satisfy the plans differs from the expense charged, the difference is taken to retained earnings or other reserves, as appropriate. Financial statements continued Notes to the 2022 financial statements 202 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com202 27 Share-based payments The Rio Tinto plc and Rio Tinto Limited share-based incentive plans are as follows: UK Share Plan The fair values of Matching and Free Shares awards are the market value of the shares on the date of purchase. The awards are settled in equity. Equity Incentive Plan Since 2018, all long-term incentive awards have been granted under the 2018 Equity Incentive Plan which allows for awards in the form of Performance Share Awards (PSA), Management Share Awards (MSA) and Bonus Deferral Awards (BDA) to be granted. In general, these awards will be settled in equity, including the dividends accumulated from date of award to vesting and therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions. Performance Share Awards (Performance Share Plans prior to 2018) Participants are generally assigned shares in settlement of their PSA on vesting. Therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions, including the dividends accumulated from date of award to vesting. For the parts of awards with Total Shareholder Return (TSR) performance conditions, the fair value of the awards is calculated using a Monte Carlo simulation model taking into account the TSR performance conditions. One-third of the awards granted up to 2017 (inclusive) are subject to an earnings margin performance target relative to ten global mining comparators. As a non-market related performance condition, the fair value recognised is reviewed at each accounting date based on the prevailing expected outcome. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). For grants made from 2018, the earnings margin performance target applying to the PSA was removed. Since 2018, only the TSR performance conditions set out in the Remuneration Report apply to the PSA. Management Share Awards The vesting of these awards is dependent on service conditions being met; no performance conditions apply. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 7% per annum of outstanding awards (2021: 7% per annum). Bonus Deferral Awards BDAs provide for the mandatory deferral of 50% of the bonuses for executive directors and Executive Committee members . The vesting of these awards is dependent only on service conditions being met. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 3% per annum of outstanding awards (2021: 3% per annum). Global Employee Share Plans The Global Employee Share Plans were introduced in 2012 and re- approved by shareholders in 2021. Under these Plans, the companies provide a matching share award for each investment share purchased by a participant. The vesting of matching awards is dependent on service conditions being met and the continued holding of investment shares by the participant until vesting. These awards are settled in equity including the dividends accumulated from date of award to vesting. The fair value of each matching share on the day of grant is equal to the share price on the date of purchase less a deduction of 15% for estimated cancellations (caused by employees withdrawing their investment shares prior to vesting. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). The PSA, MSA, BDA and awards under the Global Employee Share Plans and UK Share Plan together represent 100% (2021: 100%) of the total IFRS 2 charge for Rio Tinto plc and Rio Tinto Limited plans in 2022. Recognition and measurement: These plans are accounted for in accordance with the fair value recognition provisions of IFRS 2 \u201cShare-based Payment\u201d. The fair value of the Group\u2019s share plans is recognised as an expense over the expected vesting period with an offset to retained earnings for Rio Tinto plc plans and to other reserves for Rio Tinto Limited plans. The Group uses fair values provided by independent actuaries calculated using a Monte Carlo simulation model. The terms of each plan are considered at the balance sheet date to determine whether the plan should be accounted for as equity-settled or cash-settled. The Group does not operate any material plans as cash-settled although certain awards can be settled in cash at the discretion of the directors or where settling awards in equity is challenging or prohibited by local laws and regulations. The value of these awards is immaterial. The Group\u2019s equity-settled share plans are settled either by: the issuance of shares by the relevant parent company; the purchase of shares on market; or the use of shares held in treasury. If the cost of shares acquired to satisfy the plans differs from the expense charged, the difference is taken to retained earnings or other reserves, as appropriate. Financial statements continued Notes to the 2022 financial statements 202 Annual Report 2022\u2000|\u2000riotinto.com The charge that has been recognised in the income statement for Rio Tinto\u2019s share-based incentive plans, and the related liability (for cash-settled awards), is set out in the table below. Charge recognised for the year Liability at the end of the year 2022 US$m 2021 US$m 2020 US$m 2022 US$m 2021 US$m Equity-settled awards 117 122 131 \u2014 \u2014 Cash-settled awards 5 4 7 7 6 Total 122 126 138 7 6 Performance Share Awards (granted under either the Performance Share Plans or the Equity Incentive Plans) Rio Tinto plc awards Rio Tinto Limited awards 2022 number Weighted average fair value at grant date 2022 \u00a3 2021 number Weighted average fair value at grant date 2021 \u00a3 2022 number Weighted average fair value at grant date 2022 A$ 2021 number Weighted average fair value at grant date 2021 A$ Unvested awards at 1 January 3,376,072 24.26 3,778,041 21.01 1,276,694 50.46 1,391,373 44.40 Awarded 518,950 25.60 676,296 29.63 256,508 51.21 217,178 60.67 Forfeited (9,973) 31.68 (474,878) 20.85 (38,733) 51.09 (59,291) 46.42 Failed performance conditions (326,522) 32.83 (189,799) 19.43 (149,788) 61.40 (89,448) 44.07 Vested (655,078) 20.49 (413,588) 9.48 (304,441) 38.68 (183,118) 20.96 Unvested awards at 31 December 2,903,449 24.36 3,376,072 24.26 1,040,240 52.51 1,276,694 50.46 Rio Tinto plc awards Rio Tinto Limited awards 2022 number Weighted average share price at vesting 2022 \u00a3 2021 number Weighted average share price at vesting 2021 \u00a3 2022 number Weighted average share price at vesting 2022 A$ 2021 number Weighted average share price at vesting 2021 A$ Vested awards settled in shares during the year (including dividend shares applied on vesting) 632,533 54.96 431,682 62.63 247,216 115.25 184,876 127.37 Vested awards settled in cash during the year (including dividend shares applied on vesting) 230,006 54.67 63,144 62.35 140,479 115.35 29,737 127.5 In addition to the equity-settled awards shown above, there were 26,394 Rio Tinto plc and 23,917 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 20,548 Rio Tinto plc and 27,476 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$2 million (2021: US$2 million). Management Share Awards, Bonus Deferral Awards (granted under the Management Share Plans or Equity Incentive Plans), Global Employee Share Plans and UK Share Plan (combined) Rio Tinto plc awards (a) Rio Tinto Limited awards 2022 number Weighted average fair value at grant date 2022 \u00a3 2021 number Weighted average fair value at grant date 2021 \u00a3 2022 number Weighted average fair value at grant date 2022 A$ 2021 number Weighted average fair value at grant date 2021 A$ Unvested awards at 1 January (b) 2,493,826 43.55 2,650,861 37.50 2,164,568 92.31 2,216,734 82.52 Awarded 1,187,887 50.37 987,665 52.07 1,068,556 95.69 887,022 105.47 Forfeited (146,816) 56.66 (202,248) 23.84 (155,631) 96.46 (130,990) 90.01 Cancelled (65,267) 44.99 (42,812) 45.09 (46,300) 86.44 (46,624) 87.08 Vested (883,951) 39.69 (899,640) 39.44 (690,488) 86.96 (761,574) 79.86 Unvested awards at 31 December (b) 2,585,679 47.22 2,493,826 43.55 2,340,705 95.27 2,164,568 92.31 Comprising: \u2013 Management Share Awards 1,220,559 48.82 1,241,695 43.63 1,150,641 103.00 1,178,538 95.70 \u2013 Bonus Deferral Awards 139,782 55.96 158,572 42.31 60,862 113.13 46,660 96.08 \u2013 Global Employee Share Plan 1,191,738 44.51 1,060,394 43.49 1,129,202 86.43 939,370 87.86 \u2013 UK Share Plan 33,600 49.05 33,165 47.94 \u2014 \u2014 \u2014 \u2014 Financial statements Annual Report 2022 | riotinto.com 203 203Annual Report 2022 | riotinto.com Financial statements 27 Share-based payments continued 2022 number Weighted average share price at vesting 2022 \u00a3 2021 number Weighted average share price at vesting 2021 \u00a3 2022 number Weighted average share price at vesting 2022 A$ 2021 number Weighted average share price at vesting 2021 A$ Vested awards settled in shares during the year (including dividend shares applied on vesting): \u2013 Management Share Awards 529,054 54.59 547,487 60.74 486,587 113.18 550,161 122.89 \u2013 Bonus Deferral Awards 136,317 55.11 100,368 47.96 32,080 107.78 34,279 105.55 \u2013 Global Employee Share Plan 478,204 51.52 407,314 54.61 337,782 104.82 312,109 112.33 \u2013 UK Share Plan 12,176 55.20 20,111 57.15 \u2014 \u2014 \u2014 \u2014 Vested awards settled in cash during the year (including dividend shares applied on vesting): \u2013 Bonus Deferral Awards 23,611 55.98 23,371 46.12 12,699 113.23 19,607 93.5 (a) Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables. (b) These numbers are presented and calculated in accordance with IFRS 2 and represent awards for which an IFRS 2 charge continues to be accrued for. In addition to the equity-settled awards shown above, there were 90,748 Rio Tinto plc and 9,685 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 89,239 Rio Tinto plc and 12,217 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$5 million (2021: US$4 million). 28 Post-retirement benefits Description of plans The Group operates a number of pension and post-retirement healthcare plans which provide lump sums, pensions, medical benefits and life insurance to retirees. Some of these plans are defined contribution and some are defined benefit, with assets held in separate trusts, foundations and similar entities. Defined benefit pension and post-retirement healthcare plans expose the Group to a number of risks: Uncertainty in benefit payments The value of the Group\u2019s liabilities for post-retirement benefits will ultimately depend on the amount of benefits paid out. This in turn will depend on the level of future pay increases, the level of inflation (for those benefits that are subject to some form of inflation protection) and how long individuals live. Volatility in asset values The Group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments. Uncertainty in cash funding Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, although changes in the level of cash required can often be spread over a number of years. In some countries control over the rate of cash funding or over the investment policy for pension assets might rest to some extent with a trustee body or other body that is not under the Group\u2019s direct control. In addition the Group is also exposed to adverse changes in pension regulation. For these reasons the Group has a policy of moving away from defined benefit pension provisions and towards defined contribution arrangements instead. The defined benefit pension plans for salaried employees are closed to new entrants in almost all countries. For unionised employees, some plans remain open. The Group does not usually participate in multi-employer plans in which the risks are shared with other companies using those plans. The Group\u2019s participation in such plans is immaterial and therefore no detailed disclosures are provided in this note. Pension plans The majority of the Group\u2019s defined benefit pension obligations are in Canada, the UK, the US and Switzerland. In Canada the benefits for salaried staff are generally linked to final average pay and the plans are generally closed to new entrants. Benefits for unionised employees are reviewed in negotiation with unions and are typically linked either to final average pay or to a flat monetary amount per year of service. New employees join arrangements which are defined contribution from the Group\u2019s perspective, with any required additional funding being provided by employees. The plans are subject to the regulatory requirements that apply to Canadian pension plans in the relevant provinces and territories (predominantly Quebec). Pension Committees are responsible for ensuring that the plans operate in a manner that is compliant with the relevant regulations. The Pension Committees generally have a number of members appointed by the sponsor and a number appointed by the plan participants. In some cases, there is also an independent Committee member. The defined benefit sections of the UK arrangements are linked to final pay. New employees join the defined contribution sections. The plans are subject to the regulatory requirements that apply to UK pension plans. Trustees are responsible for ensuring that the plans operate in a manner that is compliant with UK regulations. The trustee board governing the main UK plans has a number of directors appointed by the sponsor, a number appointed by the plan participants and an independent trustee director. A defined benefit pension plan is sponsored by the US entities. Benefits for salaried staff are generally linked to final average pay. Benefits for unionised employees are reviewed in negotiation with unions and are typically a flat monetary amount per year of service. New employees are admitted to defined contribution plans. A Benefits Governance Committee is responsible for ensuring that the plans are compliant with US regulations. Members of that Committee are appointed by the sponsor. The Swiss plan provides benefits linked to final average pay. The Swiss plan is overseen by a Trustee board which is responsible for ensuring that the plan complies with Swiss regulations. Trustee board members are appointed by the plan sponsor, by employees and by retirees. Financial statements continued Notes to the 2022 financial statements 204 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com204 27 Share-based payments continued 2022 number Weighted average share price at vesting 2022 \u00a3 2021 number Weighted average share price at vesting 2021 \u00a3 2022 number Weighted average share price at vesting 2022 A$ 2021 number Weighted average share price at vesting 2021 A$ Vested awards settled in shares during the year (including dividend shares applied on vesting): \u2013 Management Share Awards 529,054 54.59 547,487 60.74 486,587 113.18 550,161 122.89 \u2013 Bonus Deferral Awards 136,317 55.11 100,368 47.96 32,080 107.78 34,279 105.55 \u2013 Global Employee Share Plan 478,204 51.52 407,314 54.61 337,782 104.82 312,109 112.33 \u2013 UK Share Plan 12,176 55.20 20,111 57.15 \u2014 \u2014 \u2014 \u2014 Vested awards settled in cash during the year (including dividend shares applied on vesting): \u2013 Bonus Deferral Awards 23,611 55.98 23,371 46.12 12,699 113.23 19,607 93.5 (a) Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables. (b) These numbers are presented and calculated in accordance with IFRS 2 and represent awards for which an IFRS 2 charge continues to be accrued for. In addition to the equity-settled awards shown above, there were 90,748 Rio Tinto plc and 9,685 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 89,239 Rio Tinto plc and 12,217 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$5 million (2021: US$4 million). 28 Post-retirement benefits Description of plans The Group operates a number of pension and post-retirement healthcare plans which provide lump sums, pensions, medical benefits and life insurance to retirees. Some of these plans are defined contribution and some are defined benefit, with assets held in separate trusts, foundations and similar entities. Defined benefit pension and post-retirement healthcare plans expose the Group to a number of risks: Uncertainty in benefit payments The value of the Group\u2019s liabilities for post-retirement benefits will ultimately depend on the amount of benefits paid out. This in turn will depend on the level of future pay increases, the level of inflation (for those benefits that are subject to some form of inflation protection) and how long individuals live. Volatility in asset values The Group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments. Uncertainty in cash funding Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, although changes in the level of cash required can often be spread over a number of years. In some countries control over the rate of cash funding or over the investment policy for pension assets might rest to some extent with a trustee body or other body that is not under the Group\u2019s direct control. In addition the Group is also exposed to adverse changes in pension regulation. For these reasons the Group has a policy of moving away from defined benefit pension provisions and towards defined contribution arrangements instead. The defined benefit pension plans for salaried employees are closed to new entrants in almost all countries. For unionised employees, some plans remain open. The Group does not usually participate in multi-employer plans in which the risks are shared with other companies using those plans. The Group\u2019s participation in such plans is immaterial and therefore no detailed disclosures are provided in this note. Pension plans The majority of the Group\u2019s defined benefit pension obligations are in Canada, the UK, the US and Switzerland. In Canada the benefits for salaried staff are generally linked to final average pay and the plans are generally closed to new entrants. Benefits for unionised employees are reviewed in negotiation with unions and are typically linked either to final average pay or to a flat monetary amount per year of service. New employees join arrangements which are defined contribution from the Group\u2019s perspective, with any required additional funding being provided by employees. The plans are subject to the regulatory requirements that apply to Canadian pension plans in the relevant provinces and territories (predominantly Quebec). Pension Committees are responsible for ensuring that the plans operate in a manner that is compliant with the relevant regulations. The Pension Committees generally have a number of members appointed by the sponsor and a number appointed by the plan participants. In some cases, there is also an independent Committee member. The defined benefit sections of the UK arrangements are linked to final pay. New employees join the defined contribution sections. The plans are subject to the regulatory requirements that apply to UK pension plans. Trustees are responsible for ensuring that the plans operate in a manner that is compliant with UK regulations. The trustee board governing the main UK plans has a number of directors appointed by the sponsor, a number appointed by the plan participants and an independent trustee director. A defined benefit pension plan is sponsored by the US entities. Benefits for salaried staff are generally linked to final average pay. Benefits for unionised employees are reviewed in negotiation with unions and are typically a flat monetary amount per year of service. New employees are admitted to defined contribution plans. A Benefits Governance Committee is responsible for ensuring that the plans are compliant with US regulations. Members of that Committee are appointed by the sponsor. The Swiss plan provides benefits linked to final average pay. The Swiss plan is overseen by a Trustee board which is responsible for ensuring that the plan complies with Swiss regulations. Trustee board members are appointed by the plan sponsor, by employees and by retirees. Financial statements continued Notes to the 2022 financial statements 204 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com204 27 Share-based payments continued 2022 number Weighted average share price at vesting 2022 \u00a3 2021 number Weighted average share price at vesting 2021 \u00a3 2022 number Weighted average share price at vesting 2022 A$ 2021 number Weighted average share price at vesting 2021 A$ Vested awards settled in shares during the year (including dividend shares applied on vesting): \u2013 Management Share Awards 529,054 54.59 547,487 60.74 486,587 113.18 550,161 122.89 \u2013 Bonus Deferral Awards 136,317 55.11 100,368 47.96 32,080 107.78 34,279 105.55 \u2013 Global Employee Share Plan 478,204 51.52 407,314 54.61 337,782 104.82 312,109 112.33 \u2013 UK Share Plan 12,176 55.20 20,111 57.15 \u2014 \u2014 \u2014 \u2014 Vested awards settled in cash during the year (including dividend shares applied on vesting): \u2013 Bonus Deferral Awards 23,611 55.98 23,371 46.12 12,699 113.23 19,607 93.5 (a) Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables. (b) These numbers are presented and calculated in accordance with IFRS 2 and represent awards for which an IFRS 2 charge continues to be accrued for. In addition to the equity-settled awards shown above, there were 90,748 Rio Tinto plc and 9,685 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 89,239 Rio Tinto plc and 12,217 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$5 million (2021: US$4 million). 28 Post-retirement benefits Description of plans The Group operates a number of pension and post-retirement healthcare plans which provide lump sums, pensions, medical benefits and life insurance to retirees. Some of these plans are defined contribution and some are defined benefit, with assets held in separate trusts, foundations and similar entities. Defined benefit pension and post-retirement healthcare plans expose the Group to a number of risks: Uncertainty in benefit payments The value of the Group\u2019s liabilities for post-retirement benefits will ultimately depend on the amount of benefits paid out. This in turn will depend on the level of future pay increases, the level of inflation (for those benefits that are subject to some form of inflation protection) and how long individuals live. Volatility in asset values The Group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments. Uncertainty in cash funding Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, although changes in the level of cash required can often be spread over a number of years. In some countries control over the rate of cash funding or over the investment policy for pension assets might rest to some extent with a trustee body or other body that is not under the Group\u2019s direct control. In addition the Group is also exposed to adverse changes in pension regulation. For these reasons the Group has a policy of moving away from defined benefit pension provisions and towards defined contribution arrangements instead. The defined benefit pension plans for salaried employees are closed to new entrants in almost all countries. For unionised employees, some plans remain open. The Group does not usually participate in multi-employer plans in which the risks are shared with other companies using those plans. The Group\u2019s participation in such plans is immaterial and therefore no detailed disclosures are provided in this note. Pension plans The majority of the Group\u2019s defined benefit pension obligations are in Canada, the UK, the US and Switzerland. In Canada the benefits for salaried staff are generally linked to final average pay and the plans are generally closed to new entrants. Benefits for unionised employees are reviewed in negotiation with unions and are typically linked either to final average pay or to a flat monetary amount per year of service. New employees join arrangements which are defined contribution from the Group\u2019s perspective, with any required additional funding being provided by employees. The plans are subject to the regulatory requirements that apply to Canadian pension plans in the relevant provinces and territories (predominantly Quebec). Pension Committees are responsible for ensuring that the plans operate in a manner that is compliant with the relevant regulations. The Pension Committees generally have a number of members appointed by the sponsor and a number appointed by the plan participants. In some cases, there is also an independent Committee member. The defined benefit sections of the UK arrangements are linked to final pay. New employees join the defined contribution sections. The plans are subject to the regulatory requirements that apply to UK pension plans. Trustees are responsible for ensuring that the plans operate in a manner that is compliant with UK regulations. The trustee board governing the main UK plans has a number of directors appointed by the sponsor, a number appointed by the plan participants and an independent trustee director. A defined benefit pension plan is sponsored by the US entities. Benefits for salaried staff are generally linked to final average pay. Benefits for unionised employees are reviewed in negotiation with unions and are typically a flat monetary amount per year of service. New employees are admitted to defined contribution plans. A Benefits Governance Committee is responsible for ensuring that the plans are compliant with US regulations. Members of that Committee are appointed by the sponsor. The Swiss plan provides benefits linked to final average pay. The Swiss plan is overseen by a Trustee board which is responsible for ensuring that the plan complies with Swiss regulations. Trustee board members are appointed by the plan sponsor, by employees and by retirees. Financial statements continued Notes to the 2022 financial statements 204 Annual Report 2022\u2000|\u2000riotinto.com In Australia, the main arrangements are principally defined contribution in nature but there are sections providing defined benefits linked to final pay, typically paid in lump sum form. These arrangements are managed by an independent financial institution, who are responsible for ensuring that the plans are operating in a manner that is compliant with local regulations. We may nominate candidates to be considered for appointment to the governing board, as may other employers. One third of the board positions are nominated by employers, with the remaining positions being filled by independent directors and directors nominated by participants. The Group also operates a number of unfunded defined benefit plans, which are included in the figures below. Post-retirement healthcare plans Certain subsidiaries of the Group, mainly in the US and Canada, provide healthcare and life insurance benefits to retired employees and in some cases to their beneficiaries and covered dependants. Eligibility for coverage is dependent upon certain age and service criteria. These arrangements are unfunded, and are included in the figures below. Recognition and measurement: For post-employment defined benefit schemes, in accordance with IAS 19 \u201cEmployee Benefits\u201d, local actuaries calculate the fair value of the plan assets and the present value of the plan obligations using a variety of valuation techniques dependent on the type of asset or liability. The difference is recognised as an asset or liability in the balance sheet. Where appropriate, the recognition of assets may be restricted to the present value of any amounts the Group expects to recover by way of refunds from the plan or reductions in future contributions. In determining the extent to which a refund will be available the Group considers whether any third party, such as a trustee or pension committee, has the power to enhance benefits or to wind up a pension plan without the Group\u2019s consent. The current service cost, any past service cost and the effect of any curtailment or settlements are recognised in the income statement. The interest cost less interest income on assets held in the plans is also charged to the income statement. All amounts charged to the income statement in respect of these plans are included within \u201cNet operating costs\u201d or in \u201cShare of profit after tax of equity accounted units\u201d, as appropriate. Actuarial gains/ losses and returns from assets are recognised in other comprehensive income. The Group\u2019s contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate. These are included within \u201cNet operating costs\u201d or in \u201cShare of profit after tax of equity accounted units\u201d, as appropriate . Plan assets The assets of the pension plans are invested predominantly in a diversified range of equities, bonds and property. Consequently, the funding level of the pension plans is affected by movements in the level of equity markets and also by movements in interest rates. The Group monitors its exposure to changes in interest rates and equity markets and also measures its balance sheet pension risk using a value at risk approach. These measures are considered when deciding whether significant changes in investment strategy are required. Investment strategy reviews are conducted on a periodic basis to determine the optimal investment mix. This is performed while bearing in mind the risk tolerance of the Group and local sponsor companies, and the views of the Pension Committees and trustee boards who are legally responsible for the plans\u2019 investments. The assets of the pension plans may also be invested in Qualifying Insurance Policies which provide a stream of payments to match the benefits being paid out by the plans. This would therefore remove the investment, inflation and longevity risks. In Canada, the UK and Switzerland, the Group works with the governing bodies to ensure that the investment policy adopted is consistent with the Group\u2019s tolerance for risk. In the US the Group has direct control over the investment policy, subject to local investment regulations. The proportions of the total fair value of assets in the pension plans for each asset class at the balance sheet date were: 2022 2021 Equities 18.0% 17.6% \u2013 Quoted 12.3% 13.4% \u2013 Private 5.7% 4.2% Bonds 58.1% 60.2% \u2013 Government fixed income 24.6% 23.2% \u2013 Government inflation-linked 5.0% 9.5% \u2013 Corporate and other publicly quoted 19.6% 20.6% \u2013 Private 8.9% 6.9% Property 10.0% 7.9% \u2013 Quoted property funds 2.9% 3.4% \u2013 Unquoted property funds 7.1% 4.5% Qualifying insurance policies 9.7% 10.5% Cash & other 4.2% 3.8% Total 100.0% 100.0% The assets of the plans are managed on a day-to-day basis by external specialist fund managers. These managers may invest in the Group\u2019s securities subject to limits imposed by the relevant fiduciary committees and local legislation. The approximate total holding of Group securities within the plans is US$2 million (2021: US$2 million). The holdings of quoted equities are invested in either pooled funds or segregated accounts held in the name of the relevant pension funds. These equity portfolios are well diversified in terms of the geographic distribution and market sectors. Financial statements Annual Report 2022 | riotinto.com 205 205Annual Report 2022 | riotinto.com Financial statements 28 Post-retirement benefits continued The holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated. Corporate and other quoted bonds are usually of investment grade. Private debt is mainly held in the North American and UK pension funds and is invested in North American and European companies. The property funds are invested in a diversified range of properties. The holdings of cash & other are predominantly cash and short-term money market instruments. Investments in private equity, private debt and property are less liquid than the other investment classes listed above and therefore the Group\u2019s investment in those asset classes is restricted to a level that does not endanger the liquidity of the pension plans. Qualifying insurance policies are held with insurance companies that are regulated by the relevant local authorities. The value of those policies is calculated by the local actuaries using assumptions consistent with those adopted for valuing the insured obligations. The Group makes limited use of futures, repurchase agreements and other instruments to manage the interest rate risk in some of its plans. Fund managers may also use derivatives to hedge currency movements within their portfolios and, in the case of bond managers, to take positions that could be taken using direct holdings of bonds but more efficiently. Exposure to these instruments is closely monitored and maintained at a level that does not endanger the liquidity of any pension plan. Maturity of defined benefit obligations An approximate analysis of the maturity of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Proportion relating to current employees 1 9 % 1 6 % 1 8 % 2 0 % 2 1 % Proportion relating to former employees not yet retired 9 % 0 % 9 % 11 % 11 % Proportion relating to retirees 7 2 % 8 4 % 73 % 69 % 6 8 % Total 100 % 100 % 100 % 100 % 100 % Average duration of obligations (years) 11.4 11.3 11.4 13.8 14.3 Most of the Group\u2019s defined benefit pension plans are closed to new entrants, therefore the carrying value of the Group\u2019s post-employment obligations is less sensitive to assumptions about future salary increases than to other assumptions such as future inflation. Geographical distribution of defined benefit obligations An approximate analysis of the geographic distribution of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Canada 59 % 4 8 % 5 8 % 55 % 5 3 % UK 25 % 1 % 24 % 2 8 % 2 8 % US 8 % 4 8 % 10 % 10 % 10 % Switzerland 6 % 0 % 6 % 5 % 5 % Other 2 % 3 % 2 % 2 % 4 % Total 100 % 100 % 100 % 100 % 100 % Total expense recognised in the income statement Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m 2020 Total US$m Current employer service cost for defined benefit plans (136) (7) (143) (167) (137) Past service cost \u2014 \u2014 \u2014 (2) (2) Settlement losses \u2014 \u2014 \u2014 (3) (1) Net interest on net defined benefit liability (12) (24) (36) (52) (49) Non-investment expenses paid from the plans (13) \u2014 (13) (15) (16) Total defined benefit expense (161) (31) (192) (239) (205) Current employer service cost for defined contribution and industry-wide plans (365) (2) (367) (315) (264) Total expense recognised in the income statement (526) (33) (559) (554) (469) The above expense amounts are included as an employee cost within net operating costs. No amounts have been excluded from underlying earnings in 2022, 2021 or 2020. The settlement loss in 2021 resulted from pension obligations in France being transferred to an external insurance company. A past service cost of US$1 million was recognised in 2020 in relation to the Lloyds Banking Group court judgment addressing the need to equalise historical transfer values in relation to Guaranteed Minimum Pensions. Financial statements continued Notes to the 2022 financial statements 206 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com206 28 Post-retirement benefits continued The holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated. Corporate and other quoted bonds are usually of investment grade. Private debt is mainly held in the North American and UK pension funds and is invested in North American and European companies. The property funds are invested in a diversified range of properties. The holdings of cash & other are predominantly cash and short-term money market instruments. Investments in private equity, private debt and property are less liquid than the other investment classes listed above and therefore the Group\u2019s investment in those asset classes is restricted to a level that does not endanger the liquidity of the pension plans. Qualifying insurance policies are held with insurance companies that are regulated by the relevant local authorities. The value of those policies is calculated by the local actuaries using assumptions consistent with those adopted for valuing the insured obligations. The Group makes limited use of futures, repurchase agreements and other instruments to manage the interest rate risk in some of its plans. Fund managers may also use derivatives to hedge currency movements within their portfolios and, in the case of bond managers, to take positions that could be taken using direct holdings of bonds but more efficiently. Exposure to these instruments is closely monitored and maintained at a level that does not endanger the liquidity of any pension plan. Maturity of defined benefit obligations An approximate analysis of the maturity of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Proportion relating to current employees 1 9 % 1 6 % 1 8 % 2 0 % 2 1 % Proportion relating to former employees not yet retired 9 % 0 % 9 % 11 % 11 % Proportion relating to retirees 7 2 % 8 4 % 73 % 69 % 6 8 % Total 100 % 100 % 100 % 100 % 100 % Average duration of obligations (years) 11.4 11.3 11.4 13.8 14.3 Most of the Group\u2019s defined benefit pension plans are closed to new entrants, therefore the carrying value of the Group\u2019s post-employment obligations is less sensitive to assumptions about future salary increases than to other assumptions such as future inflation. Geographical distribution of defined benefit obligations An approximate analysis of the geographic distribution of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Canada 59 % 4 8 % 5 8 % 55 % 5 3 % UK 25 % 1 % 24 % 2 8 % 2 8 % US 8 % 4 8 % 10 % 10 % 10 % Switzerland 6 % 0 % 6 % 5 % 5 % Other 2 % 3 % 2 % 2 % 4 % Total 100 % 100 % 100 % 100 % 100 % Total expense recognised in the income statement Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m 2020 Total US$m Current employer service cost for defined benefit plans (136) (7) (143) (167) (137) Past service cost \u2014 \u2014 \u2014 (2) (2) Settlement losses \u2014 \u2014 \u2014 (3) (1) Net interest on net defined benefit liability (12) (24) (36) (52) (49) Non-investment expenses paid from the plans (13) \u2014 (13) (15) (16) Total defined benefit expense (161) (31) (192) (239) (205) Current employer service cost for defined contribution and industry-wide plans (365) (2) (367) (315) (264) Total expense recognised in the income statement (526) (33) (559) (554) (469) The above expense amounts are included as an employee cost within net operating costs. No amounts have been excluded from underlying earnings in 2022, 2021 or 2020. The settlement loss in 2021 resulted from pension obligations in France being transferred to an external insurance company. A past service cost of US$1 million was recognised in 2020 in relation to the Lloyds Banking Group court judgment addressing the need to equalise historical transfer values in relation to Guaranteed Minimum Pensions. Financial statements continued Notes to the 2022 financial statements 206 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com206 28 Post-retirement benefits continued The holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated. Corporate and other quoted bonds are usually of investment grade. Private debt is mainly held in the North American and UK pension funds and is invested in North American and European companies. The property funds are invested in a diversified range of properties. The holdings of cash & other are predominantly cash and short-term money market instruments. Investments in private equity, private debt and property are less liquid than the other investment classes listed above and therefore the Group\u2019s investment in those asset classes is restricted to a level that does not endanger the liquidity of the pension plans. Qualifying insurance policies are held with insurance companies that are regulated by the relevant local authorities. The value of those policies is calculated by the local actuaries using assumptions consistent with those adopted for valuing the insured obligations. The Group makes limited use of futures, repurchase agreements and other instruments to manage the interest rate risk in some of its plans. Fund managers may also use derivatives to hedge currency movements within their portfolios and, in the case of bond managers, to take positions that could be taken using direct holdings of bonds but more efficiently. Exposure to these instruments is closely monitored and maintained at a level that does not endanger the liquidity of any pension plan. Maturity of defined benefit obligations An approximate analysis of the maturity of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Proportion relating to current employees 1 9 % 1 6 % 1 8 % 2 0 % 2 1 % Proportion relating to former employees not yet retired 9 % 0 % 9 % 11 % 11 % Proportion relating to retirees 7 2 % 8 4 % 73 % 69 % 6 8 % Total 100 % 100 % 100 % 100 % 100 % Average duration of obligations (years) 11.4 11.3 11.4 13.8 14.3 Most of the Group\u2019s defined benefit pension plans are closed to new entrants, therefore the carrying value of the Group\u2019s post-employment obligations is less sensitive to assumptions about future salary increases than to other assumptions such as future inflation. Geographical distribution of defined benefit obligations An approximate analysis of the geographic distribution of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Canada 59 % 4 8 % 5 8 % 55 % 5 3 % UK 25 % 1 % 24 % 2 8 % 2 8 % US 8 % 4 8 % 10 % 10 % 10 % Switzerland 6 % 0 % 6 % 5 % 5 % Other 2 % 3 % 2 % 2 % 4 % Total 100 % 100 % 100 % 100 % 100 % Total expense recognised in the income statement Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m 2020 Total US$m Current employer service cost for defined benefit plans (136) (7) (143) (167) (137) Past service cost \u2014 \u2014 \u2014 (2) (2) Settlement losses \u2014 \u2014 \u2014 (3) (1) Net interest on net defined benefit liability (12) (24) (36) (52) (49) Non-investment expenses paid from the plans (13) \u2014 (13) (15) (16) Total defined benefit expense (161) (31) (192) (239) (205) Current employer service cost for defined contribution and industry-wide plans (365) (2) (367) (315) (264) Total expense recognised in the income statement (526) (33) (559) (554) (469) The above expense amounts are included as an employee cost within net operating costs. No amounts have been excluded from underlying earnings in 2022, 2021 or 2020. The settlement loss in 2021 resulted from pension obligations in France being transferred to an external insurance company. A past service cost of US$1 million was recognised in 2020 in relation to the Lloyds Banking Group court judgment addressing the need to equalise historical transfer values in relation to Guaranteed Minimum Pensions. Financial statements continued Notes to the 2022 financial statements 206 Annual Report 2022\u2000|\u2000riotinto.com Total amount recognised in other comprehensive income before tax 2022 US$m 2021 US$m 2020 US$m Actuarial gains/(losses) 3,410 655 (1,242) Loss on application of asset ceiling (1) \u2014 \u2014 Return on assets, net of interest on assets (2,831) 371 768 Re-measurement gains/(losses) on pension and post-retirement healthcare plans 578 1,026 (474) Amounts recognised in the balance sheet The following amounts were measured in accordance with IAS 19 at 31 December: Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Total fair value of plan assets 10,708 \u2014 10,708 14,700 Present value of obligations \u2013 funded (10,226) \u2014 (10,226) (14,462) Present value of obligations \u2013 unfunded (329) (622) (951) (1,266) Present value of obligations \u2013 total (10,555) (622) (11,177) (15,728) Effect of asset ceiling (1) \u2014 (1) \u2014 Net surplus/(deficit) to be shown in the balance sheet 152 (622) (470) (1,028) Comprising: \u2013 Deficits (672) (622) (1,294) (2,098) \u2013 Surpluses 824 \u2014 824 1,070 Net surplus/(deficit) on pension plans 152 \u2014 152 (194) Unfunded post-retirement healthcare obligation \u2014 (622) (622) (834) The surplus amounts shown above are included in the balance sheet as \u201cReceivables and other assets\u201d. See note 17. Deficits are shown in the balance sheet within \u201cProvisions (including post-retirement benefits)\u201d. See note 26. Funding policy and contributions to plans The Group reviews the funding position of its pension plans on a regular basis and considers whether to provide funding above the minimum level required in each country. In Canada and the US the minimum level is prescribed by legislation. In the UK and Switzerland the minimum level is negotiated with the local trustee in accordance with the funding guidance issued by the local regulators. In deciding whether to provide funding above the minimum level, we consider other possible uses of cash elsewhere, the local sponsoring entity\u2019s tax situation and any strategic advantage we might obtain. The Group does not generally pre-fund post-retirement healthcare arrangements. Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m 2020 Total US$m Contributions to defined benefit plans 171 40 211 464 201 Contributions to defined contribution plans 361 2 363 311 261 Total 532 42 574 775 462 The level of surplus in the Rio Tinto Pension Fund in the UK is such that it may be used to pay for the employer contributions to the defined contribution section of that Fund, in accordance with the funding arrangements agreed with the Trustee of that Fund. Consequently, the cash paid to defined contribution plans is lower than the defined contribution service cost by US$4 million. Contributions to defined benefit pension plans are kept under regular review and actual contributions will be determined in line with the Group\u2019s wider financing strategy, taking into account relevant minimum funding requirements. In 2021 additional cash of US$294 million was paid in order to settle pension obligations in France. This amount was paid to an external insurer, along with the transfer of existing pension assets in order to transfer the obligations to that insurer. As contributions to many plans are reviewed on at least an annual basis, the contributions for 2023 and subsequent years cannot be determined precisely in advance. Most of the Group\u2019s largest pension funds are fully funded on their local funding basis and do not require long-term funding commitments at present. Contributions to defined benefit pension plans for 2023 are estimated to be around US$190 million but may be higher or lower than this depending on the evolution of financial markets and voluntary funding decisions taken by the Group. Contributions for subsequent years are expected to be at similar levels. Healthcare plans are generally unfunded and contributions for future years will be equal to benefit payments net of participant contributions. The Group\u2019s contributions in 2023 are expected to be similar to the amounts paid in 2022. Financial statements Annual Report 2022 | riotinto.com 207 207Annual Report 2022 | riotinto.com Financial statements 28 Post-retirement benefits continued Movements in the net defined benefit liability A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed analysis of the movements in the present value of the obligations and the fair value of assets. Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in the net defined benefit liability Net defined benefit liability at the start of the year (194) (834) (1,028) (2,273) Amounts recognised in income statement (161) (31) (192) (239) Amounts recognised in other comprehensive income 397 181 578 1,026 Employer contributions 171 40 211 464 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate (losses)/gains (57) 22 (35) (2) Net defined benefit surplus/(liability) at the end of the year 152 (622) (470) (1,028) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in present value of obligation Present value of obligation at the start of the year (14,894) (834) (15,728) (17,178) Current employer service costs (136) (7) (143) (167) Past service cost \u2014 \u2014 \u2014 (2) Settlements \u2014 \u2014 \u2014 380 Interest on obligation (346) (24) (370) (328) Contributions by plan participants (20) \u2014 (20) (22) Benefits paid 743 40 783 837 Experience (losses)/gains (177) 7 (170) 89 Changes in financial assumptions gains 3,390 173 3,563 521 Changes in demographic assumptions gains 16 1 17 45 Currency exchange rate gains 869 22 891 97 Present value of obligation at the end of the year (10,555) (622) (11,177) (15,728) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in plan assets Fair value of plan assets at the start of the year 14,700 \u2014 14,700 14,905 Settlements \u2014 \u2014 \u2014 (383) Interest on assets 334 \u2014 334 276 Contributions by plan participants 20 \u2014 20 22 Contributions by employer 171 40 211 464 Benefits paid (743) (40) (783) (837) Non-investment expenses (13) \u2014 (13) (15) Return on plan assets, net of interest on assets (2,831) \u2014 (2,831) 371 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate losses (926) \u2014 (926) (99) Fair value of plan assets at the end of the year 10,708 \u2014 10,708 14,700 The impact of higher interest rates on bonds and qualifying insurance policies explains the return on plan assets, net of interest on assets in 2022. The settlement amounts shown above for 2021 relate to France, where assets and obligations for pensions in payment were transferred to an insurance company. The resulting effect of applying an asset ceiling is a loss of US$1 million during the year. In determining the extent to which the asset ceiling has an effect, the Group considers the funding legislation in each country and the rules specific to each pension plan. The calculation takes into account any minimum funding requirements that may be applicable to the plan, whether any reduction in future Group contributions is available, and whether a refund of surplus may be available. In considering whether any refund of surplus is available, the Group considers the powers of trustee boards and similar bodies to augment benefits or wind up a plan. Where such powers are unilateral, the Group does not consider a refund to be available at the end of the life of a plan. Where the plan rules and legislation both permit the employer to take a refund of surplus, the asset ceiling may have no effect, although it may be the case that a refund will only be available many years in the future. Financial statements continued Notes to the 2022 financial statements 208 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com208 28 Post-retirement benefits continued Movements in the net defined benefit liability A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed analysis of the movements in the present value of the obligations and the fair value of assets. Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in the net defined benefit liability Net defined benefit liability at the start of the year (194) (834) (1,028) (2,273) Amounts recognised in income statement (161) (31) (192) (239) Amounts recognised in other comprehensive income 397 181 578 1,026 Employer contributions 171 40 211 464 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate (losses)/gains (57) 22 (35) (2) Net defined benefit surplus/(liability) at the end of the year 152 (622) (470) (1,028) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in present value of obligation Present value of obligation at the start of the year (14,894) (834) (15,728) (17,178) Current employer service costs (136) (7) (143) (167) Past service cost \u2014 \u2014 \u2014 (2) Settlements \u2014 \u2014 \u2014 380 Interest on obligation (346) (24) (370) (328) Contributions by plan participants (20) \u2014 (20) (22) Benefits paid 743 40 783 837 Experience (losses)/gains (177) 7 (170) 89 Changes in financial assumptions gains 3,390 173 3,563 521 Changes in demographic assumptions gains 16 1 17 45 Currency exchange rate gains 869 22 891 97 Present value of obligation at the end of the year (10,555) (622) (11,177) (15,728) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in plan assets Fair value of plan assets at the start of the year 14,700 \u2014 14,700 14,905 Settlements \u2014 \u2014 \u2014 (383) Interest on assets 334 \u2014 334 276 Contributions by plan participants 20 \u2014 20 22 Contributions by employer 171 40 211 464 Benefits paid (743) (40) (783) (837) Non-investment expenses (13) \u2014 (13) (15) Return on plan assets, net of interest on assets (2,831) \u2014 (2,831) 371 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate losses (926) \u2014 (926) (99) Fair value of plan assets at the end of the year 10,708 \u2014 10,708 14,700 The impact of higher interest rates on bonds and qualifying insurance policies explains the return on plan assets, net of interest on assets in 2022. The settlement amounts shown above for 2021 relate to France, where assets and obligations for pensions in payment were transferred to an insurance company. The resulting effect of applying an asset ceiling is a loss of US$1 million during the year. In determining the extent to which the asset ceiling has an effect, the Group considers the funding legislation in each country and the rules specific to each pension plan. The calculation takes into account any minimum funding requirements that may be applicable to the plan, whether any reduction in future Group contributions is available, and whether a refund of surplus may be available. In considering whether any refund of surplus is available, the Group considers the powers of trustee boards and similar bodies to augment benefits or wind up a plan. Where such powers are unilateral, the Group does not consider a refund to be available at the end of the life of a plan. Where the plan rules and legislation both permit the employer to take a refund of surplus, the asset ceiling may have no effect, although it may be the case that a refund will only be available many years in the future. Financial statements continued Notes to the 2022 financial statements 208 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com208 28 Post-retirement benefits continued Movements in the net defined benefit liability A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed analysis of the movements in the present value of the obligations and the fair value of assets. Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in the net defined benefit liability Net defined benefit liability at the start of the year (194) (834) (1,028) (2,273) Amounts recognised in income statement (161) (31) (192) (239) Amounts recognised in other comprehensive income 397 181 578 1,026 Employer contributions 171 40 211 464 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate (losses)/gains (57) 22 (35) (2) Net defined benefit surplus/(liability) at the end of the year 152 (622) (470) (1,028) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in present value of obligation Present value of obligation at the start of the year (14,894) (834) (15,728) (17,178) Current employer service costs (136) (7) (143) (167) Past service cost \u2014 \u2014 \u2014 (2) Settlements \u2014 \u2014 \u2014 380 Interest on obligation (346) (24) (370) (328) Contributions by plan participants (20) \u2014 (20) (22) Benefits paid 743 40 783 837 Experience (losses)/gains (177) 7 (170) 89 Changes in financial assumptions gains 3,390 173 3,563 521 Changes in demographic assumptions gains 16 1 17 45 Currency exchange rate gains 869 22 891 97 Present value of obligation at the end of the year (10,555) (622) (11,177) (15,728) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in plan assets Fair value of plan assets at the start of the year 14,700 \u2014 14,700 14,905 Settlements \u2014 \u2014 \u2014 (383) Interest on assets 334 \u2014 334 276 Contributions by plan participants 20 \u2014 20 22 Contributions by employer 171 40 211 464 Benefits paid (743) (40) (783) (837) Non-investment expenses (13) \u2014 (13) (15) Return on plan assets, net of interest on assets (2,831) \u2014 (2,831) 371 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate losses (926) \u2014 (926) (99) Fair value of plan assets at the end of the year 10,708 \u2014 10,708 14,700 The impact of higher interest rates on bonds and qualifying insurance policies explains the return on plan assets, net of interest on assets in 2022. The settlement amounts shown above for 2021 relate to France, where assets and obligations for pensions in payment were transferred to an insurance company. The resulting effect of applying an asset ceiling is a loss of US$1 million during the year. In determining the extent to which the asset ceiling has an effect, the Group considers the funding legislation in each country and the rules specific to each pension plan. The calculation takes into account any minimum funding requirements that may be applicable to the plan, whether any reduction in future Group contributions is available, and whether a refund of surplus may be available. In considering whether any refund of surplus is available, the Group considers the powers of trustee boards and similar bodies to augment benefits or wind up a plan. Where such powers are unilateral, the Group does not consider a refund to be available at the end of the life of a plan. Where the plan rules and legislation both permit the employer to take a refund of surplus, the asset ceiling may have no effect, although it may be the case that a refund will only be available many years in the future. Financial statements continued Notes to the 2022 financial statements 208 Annual Report 2022\u2000|\u2000riotinto.com Main assumptions (rates per annum) Key estimate - Estimation of obligations for post-employment costs The value of the Group\u2019s obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are: The discount rate - used to determine the net present value of the obligations, the interest cost on the obligations and the interest income on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is used. The long-term inflation rate - used to project increases in future benefit payments for those plans that have benefits linked to inflation. The assumption regarding future inflation is based on market yields on inflation linked instruments, where possible, combined with consensus views. The mortality rates - used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these rates to set its current mortality assumptions. It also uses its judgment with respect to allowances for future improvements in longevity having regard to standard improvement scales in each relevant country and after taking external actuarial advice. The weighted-average assumptions used for the valuation at year end are summarised below: Canada UK US Switzerland At 31 December 2022 Discount rate 5.0% 4.9% 5.3% 2.3% Long-term inflation (a) 2.1% 3.3% 2.4% 1.2% Rate of increase in pensions 0.5% 2.8% \u2014% 3.4% At 31 December 2021 Discount rate 2.9% 1.9% 2.8% 0.3% Long-term inflation (a) 1.9% 3.4% 2.4% 0.9% Rate of increase in pensions 0.3% 2.9% \u2014 % 1.8% (a) The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2022 was 2.7% (2021: 2.7%). The main financial assumptions used for the healthcare plans, which are predominantly in the US and Canada, were: discount rate: 5.4% (2021: 3.1%); medical trend rate: 7.1% reducing to 4.8% by the year 2031 broadly on a straight line basis (2021: 6.3%, reducing to 4.7% by the year 2031); claims costs based on individual company experience. For both the pension and healthcare arrangements, the post-retirement mortality assumptions allow for future improvements in longevity. The mortality tables used imply that a man aged 60 at the balance sheet date has a weighted average expected future lifetime of 27 years (2021: 27 years) and that a man aged 60 in 2041 would have a weighted average expected future lifetime of 28 years (2021: 28 years). The mortality tables are generally based upon the latest standard tables published in each country, adjusted appropriately to reflect the actual mortality experience of the plan participants where credible data is available. Adjustments have been made to some of our plans within the demographic assumptions for the impact of the Covid-19 pandemic based on the 2021 and 2020 experience. Sensitivity The values reported for the defined benefit obligations are sensitive to the actuarial assumptions used for projecting future benefit payments and discounting those payments. In order to estimate the sensitivity of the obligations to changes in assumptions, we calculate what the obligations would be if we were to make changes to each of the key assumptions in isolation. The difference between this figure and the figure calculated using our stated assumptions is an indication of the sensitivity to reasonably possible changes in each assumption. The results of this sensitivity analysis are summarised in the table below. Note that this approach is valid for small changes in the assumptions but will be less accurate for larger changes in the assumptions. The sensitivity to inflation includes the impact on pension increases, which are generally linked to inflation where they are granted. 2022 2021 Approximate (increase)/ decrease in obligations Approximate (increase)/ decrease in obligations Assumption Change in assumption Pensions US$m Other US$m Pensions US$m Other US$m Discount rate Increase of 0.5 percentage points 483 32 854 51 Decrease of 0.5 percentage points (510) (34) (915) (55) Long-term inflation Increase of 0.5 percentage points (174) (10) (393) (14) Decrease of 0.5 percentage points 168 9 374 13 Demographic \u2013 allowance for future improvements in longevity Participants assumed to have the mortality rates of individuals who are one year older 241 8 441 15 Participants assumed to have the mortality rates of individuals who are one year younger (241) (8) (441) (15) Financial statements Annual Report 2022 | riotinto.com 209 209Annual Report 2022 | riotinto.com Financial statements 29 Directors\u2019 and key management remuneration Aggregate remuneration, calculated in accordance with the UK Companies Act 2006, of the directors of the parent companies was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Emoluments 6,726 6,568 6,686 Long-term incentive plans 4,691 1,587 8,974 11,417 8,155 15,660 Pension contributions: defined contribution plans 10 9 29 The Group defines key management personnel as the directors and certain members of the Executive Committee, as described on page 118. The Executive Committee includes the executive directors, product group chief executive officers and Group executives. Details of the directors and members of the Executive Committee identified as key management are shown in the Directors' Report on pages 90 to 93. The aggregate remuneration including pension contributions incurred by Rio Tinto plc in respect of its directors was US$10,692,000 (2021: US$7,522,000; 2020: US$14,983,000). The aggregate pension contribution to defined contribution plans was US$10,000 (2021: US$9,000; 2020: US$29,000). The aggregate remuneration, including pension contributions and other retirement benefits, incurred by Rio Tinto Limited in respect of its directors was US$735,000 (2021: US$642,000; 2020: US$707,000). The aggregate pension contribution to defined contribution plans was US$nil (2021: US$nil; 2020: US$nil). During 2022, no director (2021: nil; 2020: nil) accrued retirement benefits under defined benefit arrangements, and two directors (2021: two; 2020: two) accrued retirement benefits under defined contribution arrangements. Emoluments included in the table above have been translated from local currency at the average exchange rate for the year with the exception of bonus payments, which have been translated at the year-end rate. Aggregate compensation, representing the expense recognised, under IFRS as defined in the \u201cBasis of preparation\u201d section, of the Group\u2019s key management, including directors, was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Short-term employee benefits and costs 14,258 18,184 21,685 Post-employment benefits 174 300 369 Employment termination benefits \u2014 \u2014 2,789 Share-based payments 10,846 10,303 34,954 Total 25,278 28,787 59,797 The figures shown above include employment costs which cover social security and accident premiums in Canada, the UK and payroll taxes in Australia paid by the employer as a direct additional cost of hire. In total, they amount to US$1,173,000 (2021: US$1,511,000; 2020: US$2,130,000) and, although disclosed here, are not included in table 1 of the Remuneration Report. Financial statements continued Notes to the 2022 financial statements 210 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com210 29 Directors\u2019 and key management remuneration Aggregate remuneration, calculated in accordance with the UK Companies Act 2006, of the directors of the parent companies was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Emoluments 6,726 6,568 6,686 Long-term incentive plans 4,691 1,587 8,974 11,417 8,155 15,660 Pension contributions: defined contribution plans 10 9 29 The Group defines key management personnel as the directors and certain members of the Executive Committee, as described on page 118. The Executive Committee includes the executive directors, product group chief executive officers and Group executives. Details of the directors and members of the Executive Committee identified as key management are shown in the Directors' Report on pages 90 to 93. The aggregate remuneration including pension contributions incurred by Rio Tinto plc in respect of its directors was US$10,692,000 (2021: US$7,522,000; 2020: US$14,983,000). The aggregate pension contribution to defined contribution plans was US$10,000 (2021: US$9,000; 2020: US$29,000). The aggregate remuneration, including pension contributions and other retirement benefits, incurred by Rio Tinto Limited in respect of its directors was US$735,000 (2021: US$642,000; 2020: US$707,000). The aggregate pension contribution to defined contribution plans was US$nil (2021: US$nil; 2020: US$nil). During 2022, no director (2021: nil; 2020: nil) accrued retirement benefits under defined benefit arrangements, and two directors (2021: two; 2020: two) accrued retirement benefits under defined contribution arrangements. Emoluments included in the table above have been translated from local currency at the average exchange rate for the year with the exception of bonus payments, which have been translated at the year-end rate. Aggregate compensation, representing the expense recognised, under IFRS as defined in the \u201cBasis of preparation\u201d section, of the Group\u2019s key management, including directors, was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Short-term employee benefits and costs 14,258 18,184 21,685 Post-employment benefits 174 300 369 Employment termination benefits \u2014 \u2014 2,789 Share-based payments 10,846 10,303 34,954 Total 25,278 28,787 59,797 The figures shown above include employment costs which cover social security and accident premiums in Canada, the UK and payroll taxes in Australia paid by the employer as a direct additional cost of hire. In total, they amount to US$1,173,000 (2021: US$1,511,000; 2020: US$2,130,000) and, although disclosed here, are not included in table 1 of the Remuneration Report. Financial statements continued Notes to the 2022 financial statements 210 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com210 29 Directors\u2019 and key management remuneration Aggregate remuneration, calculated in accordance with the UK Companies Act 2006, of the directors of the parent companies was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Emoluments 6,726 6,568 6,686 Long-term incentive plans 4,691 1,587 8,974 11,417 8,155 15,660 Pension contributions: defined contribution plans 10 9 29 The Group defines key management personnel as the directors and certain members of the Executive Committee, as described on page 118. The Executive Committee includes the executive directors, product group chief executive officers and Group executives. Details of the directors and members of the Executive Committee identified as key management are shown in the Directors' Report on pages 90 to 93. The aggregate remuneration including pension contributions incurred by Rio Tinto plc in respect of its directors was US$10,692,000 (2021: US$7,522,000; 2020: US$14,983,000). The aggregate pension contribution to defined contribution plans was US$10,000 (2021: US$9,000; 2020: US$29,000). The aggregate remuneration, including pension contributions and other retirement benefits, incurred by Rio Tinto Limited in respect of its directors was US$735,000 (2021: US$642,000; 2020: US$707,000). The aggregate pension contribution to defined contribution plans was US$nil (2021: US$nil; 2020: US$nil). During 2022, no director (2021: nil; 2020: nil) accrued retirement benefits under defined benefit arrangements, and two directors (2021: two; 2020: two) accrued retirement benefits under defined contribution arrangements. Emoluments included in the table above have been translated from local currency at the average exchange rate for the year with the exception of bonus payments, which have been translated at the year-end rate. Aggregate compensation, representing the expense recognised, under IFRS as defined in the \u201cBasis of preparation\u201d section, of the Group\u2019s key management, including directors, was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Short-term employee benefits and costs 14,258 18,184 21,685 Post-employment benefits 174 300 369 Employment termination benefits \u2014 \u2014 2,789 Share-based payments 10,846 10,303 34,954 Total 25,278 28,787 59,797 The figures shown above include employment costs which cover social security and accident premiums in Canada, the UK and payroll taxes in Australia paid by the employer as a direct additional cost of hire. In total, they amount to US$1,173,000 (2021: US$1,511,000; 2020: US$2,130,000) and, although disclosed here, are not included in table 1 of the Remuneration Report. Financial statements continued Notes to the 2022 financial statements 210 Annual Report 2022\u2000|\u2000riotinto.com Our Group structure The Group\u2019s principal subsidiaries (note 30), joint operations (note 31), joint ventures and associates (note 32) are in most cases held by intermediate holding companies and not directly by Rio Tinto plc or Rio Tinto Limited. This section of the notes only includes those companies that have a more significant impact on the profit or operating assets of the Group. Refer to note 42 for a complete list of related undertakings. 30 Principal subsidiaries At 31 December 2022 Company and country of incorporation/operation Principal activities Class of shares held Proportion of class held (%) Group interest (voting %) Other interest (voting %) Australia Argyle Diamonds Limited Mining and processing of diamonds (until November 2020) Class A 100 100 \u2014 Class B 100 Dampier Salt Limited Salt and gypsum production Ordinary 68.36 68.36 31.64 Energy Resources of Australia Ltd Uranium processing (until January 2021) Ordinary 86.33 86.33 13.67 Hamersley Iron Pty Limited Iron ore mining Ordinary 100 100 \u2014 North Mining Limited (a) Iron ore mining Ordinary 100 100 \u2014 Preference 100 Rio Tinto Aluminium (Holdings) Limited Bauxite mining; alumina production; primary aluminium smelting Ordinary 100 100 \u2014 Robe River Mining Co Pty Ltd (a) Iron ore mining Class A 4 0 73.61 26.39 Class B 76.36 Brazil Rio Tinto do Brasil Ltda. (b) Alumina production and bauxite mining Quota 100 100 \u2014 Canada Diavik Diamond Mines (2012) Inc. Diamond mining and processing Common 100 100 \u2014 Iron Ore Company of Canada (c) Iron ore mining; iron ore pellets production Series A 91.41 58.72 41.28 Series E 100 Series F 100 Rio Tinto Alcan Inc. Bauxite mining; alumina refining; aluminium smelting Common 100 100 \u2014 Rio Tinto Fer et Titane Inc. Titanium dioxide feedstock; high purity iron and steel production Common 100 100 \u2014 Class B preference 100 Preference 100 Guinea Simfer Jersey Limited (d) Iron ore project Ordinary 5 3 5 3 4 7 Madagascar QIT Madagascar Minerals SA (e) Ilmenite mining Common 84.20 79.98 20.02 Investment certificates 100 Mongolia Oyu Tolgoi LLC (f) Copper and gold mining Common 66 66 3 4 South Africa Richards Bay Titanium (Proprietary) Limited (g) Titanium dioxide; high purity iron production B Ordinary 100 73.97 26.03 B Preference 100 Parent Preference 100 Richards Bay Mining (Proprietary) Limited (g) Ilmenite, rutile and zircon mining B Ordinary 100 73.97 26.03 B Preference 100 Parent Preference 100 US Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) Copper and gold mining, smelting and refining and exploration activities Common 100 100 \u2014 U.S. Borax Inc. Mining, refining and marketing of borates Common 100 100 \u2014 (a) Robe River Mining Co Pty Ltd (which is 60% owned by the Group) holds a 30% economic interest in Robe River Iron Associates (Robe River). North Mining Ltd (which is wholly owned by the Group) holds a 35% economic interest in Robe River. Through these companies the Group recognises a 65% share of the assets, liabilities, revenues and expenses of Robe River, with a 12% non-controlling interest. The Group therefore has a 53% economic interest in Robe River. (b) Rio Tinto do Brasil Ltda holds the Group\u2019s 10% interest in Cons\u00f3rcio De Alum\u00ednio Do Maranh\u00e3o, a joint operation in which the Group participates but is not a joint operator. The Group recognises its share of assets, liabilities, revenues and expenses relating to this arrangement. (c) Iron Ore Company of Canada is incorporated in the US, but operates in Canada. (d) Simfer Jersey Limited, a company incorporated in Jersey in which the Group has a 53% interest, has an 85% interest in Simfer S.A., the company that operates the Simandou mining project in Guinea. The Group therefore has a 45.05% indirect interest in Simfer S.A. These entities are consolidated as subsidiaries and together referred to as the Simandou iron ore project. (e) The Group\u2019s shareholding in QIT Madagascar Minerals SA carries an 80% economic interest and 80% of the total voting rights; a further 5% economic interest is held through non-voting investment certificates to give an economic interest of 85%. The non-controlling interests have a 15% economic interest and 20% of the total voting rights. (f) On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. The Group now holds a 66% direct interest in Oyu Tolgoi LLC (OT). Up until December 2022 the Group had a 50.79% interest in Turquoise Hill Resources Ltd, which held a 66% interest in OT. The Group therefore had a 33.5% indirect interest in OT. (g) Additional classes of shares issued by Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited representing non-controlling interests are not shown. The Group\u2019s total legal and beneficial interest in Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited is 74%. Financial statements Annual Report 2022 | riotinto.com 211 211Annual Report 2022 | riotinto.com Financial statements 30 Principal subsidiaries continued Summary financial information for subsidiaries that have non-controlling interests that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries\u2019 financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments, and before intercompany eliminations. Income statement summary for the year ended 31 December Iron Ore Company of Canada 2022 US$m Iron Ore Company of Canada 2021 US$m Oyu Tolgoi LLC (h)(i)(j) 2022 US$m Oyu Tolgoi LLC (h)(i)(j) 2021 US$m Revenue 2,634 3,308 1,424 1,971 Profit/(loss) after tax 756 1,193 (224) 465 \u2013 attributable to non-controlling interests 312 493 (159) 285 \u2013 attributable to Rio Tinto 444 700 (65) 180 Other comprehensive (loss)/income (111) 39 \u2014 \u2014 Total comprehensive income/(loss) 645 1,232 (224) 465 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,963 2,974 13,662 12,199 Current assets 774 599 753 523 Current liabilities (499) (581) (4,253) (3,172) Non-current liabilities (974) (1,020) (10,731) (9,874) Net assets 2,264 1,972 (569) (324) \u2013 attributable to non-controlling interests 946 818 (210) (89) \u2013 attributable to Rio Tinto 1,318 1,154 (359) (235) Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,153 2,119 406 851 Dividends paid to non-controlling interests (142) (495) \u2014 \u2014 (h) On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. At 31 December 2022 cash consideration paid totalled US$2,961 million. Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration to be determined by an independent arbitrator. We have included within other provisions US$211 million for additional consideration to be paid to the dissenting shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders. As the transaction is with shareholders in their capacity as owners the transaction did not result in an income statement impact; however, re-measurement in future periods could result in an adjustment through the income statement. (i) Under the terms of the project finance facility held by Oyu Tolgoi LLC, there are certain restrictions on the ability of Oyu Tolgoi LLC to make shareholder distributions. (j) Refer to the note Oyu Tolgoi: approval for commencement of underground operations below regarding the treatment of funding balances. Income statement summary for the year ended 31 December Robe River Mining Co Pty 2022 US$m Robe River Mining Co Pty 2021 US$m Other companies and eliminations (k) 2022 US$m Other companies and eliminations (k) 2021 US$m Robe River 2022 US$m Robe River 2021 US$m Revenue 1,703 2,454 1,987 2,863 3,690 5,317 Profit after tax 802 1,352 875 1,518 1,677 2,870 \u2013 attributable to non-controlling interests 322 541 \u2014 \u2014 322 541 \u2013 attributable to Rio Tinto 480 811 875 1,518 1,355 2,329 Other comprehensive loss (206) (183) (111) (97) (317) (280) Total comprehensive income 596 1,169 764 1,421 1,360 2,590 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,846 3,472 3,975 4,166 6,821 7,638 Current assets 756 495 609 2,118 1,365 2,613 Current liabilities (112) (371) (2,724) (329) (2,836) (700) Non-current liabilities (422) (421) (564) (4,378) (986) (4,799) Net assets 3,068 3,175 1,296 1,577 4,364 4,752 \u2013 attributable to non-controlling interests 1,225 1,268 \u2014 \u2014 1,225 1,268 \u2013 attributable to Rio Tinto 1,843 1,907 1,296 1,577 3,139 3,484 Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,435 2,130 1,981 2,512 3,416 4,642 Dividends paid to non-controlling interests (278) (589) \u2014 \u2014 (278) (589) (k) \u201cOther companies and eliminations\u201d includes North Mining Limited (a wholly-owned subsidiary of the Group which accounts for its interest in Robe River) and goodwill of US$337 million (2021: US$362 million) that arose on the Group\u2019s acquisition of its interest in Robe River. Financial statements continued Notes to the 2022 financial statements 212 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com212 30 Principal subsidiaries continued Summary financial information for subsidiaries that have non-controlling interests that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries\u2019 financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments, and before intercompany eliminations. Income statement summary for the year ended 31 December Iron Ore Company of Canada 2022 US$m Iron Ore Company of Canada 2021 US$m Oyu Tolgoi LLC (h)(i)(j) 2022 US$m Oyu Tolgoi LLC (h)(i)(j) 2021 US$m Revenue 2,634 3,308 1,424 1,971 Profit/(loss) after tax 756 1,193 (224) 465 \u2013 attributable to non-controlling interests 312 493 (159) 285 \u2013 attributable to Rio Tinto 444 700 (65) 180 Other comprehensive (loss)/income (111) 39 \u2014 \u2014 Total comprehensive income/(loss) 645 1,232 (224) 465 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,963 2,974 13,662 12,199 Current assets 774 599 753 523 Current liabilities (499) (581) (4,253) (3,172) Non-current liabilities (974) (1,020) (10,731) (9,874) Net assets 2,264 1,972 (569) (324) \u2013 attributable to non-controlling interests 946 818 (210) (89) \u2013 attributable to Rio Tinto 1,318 1,154 (359) (235) Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,153 2,119 406 851 Dividends paid to non-controlling interests (142) (495) \u2014 \u2014 (h) On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. At 31 December 2022 cash consideration paid totalled US$2,961 million. Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration to be determined by an independent arbitrator. We have included within other provisions US$211 million for additional consideration to be paid to the dissenting shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders. As the transaction is with shareholders in their capacity as owners the transaction did not result in an income statement impact; however, re-measurement in future periods could result in an adjustment through the income statement. (i) Under the terms of the project finance facility held by Oyu Tolgoi LLC, there are certain restrictions on the ability of Oyu Tolgoi LLC to make shareholder distributions. (j) Refer to the note Oyu Tolgoi: approval for commencement of underground operations below regarding the treatment of funding balances. Income statement summary for the year ended 31 December Robe River Mining Co Pty 2022 US$m Robe River Mining Co Pty 2021 US$m Other companies and eliminations (k) 2022 US$m Other companies and eliminations (k) 2021 US$m Robe River 2022 US$m Robe River 2021 US$m Revenue 1,703 2,454 1,987 2,863 3,690 5,317 Profit after tax 802 1,352 875 1,518 1,677 2,870 \u2013 attributable to non-controlling interests 322 541 \u2014 \u2014 322 541 \u2013 attributable to Rio Tinto 480 811 875 1,518 1,355 2,329 Other comprehensive loss (206) (183) (111) (97) (317) (280) Total comprehensive income 596 1,169 764 1,421 1,360 2,590 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,846 3,472 3,975 4,166 6,821 7,638 Current assets 756 495 609 2,118 1,365 2,613 Current liabilities (112) (371) (2,724) (329) (2,836) (700) Non-current liabilities (422) (421) (564) (4,378) (986) (4,799) Net assets 3,068 3,175 1,296 1,577 4,364 4,752 \u2013 attributable to non-controlling interests 1,225 1,268 \u2014 \u2014 1,225 1,268 \u2013 attributable to Rio Tinto 1,843 1,907 1,296 1,577 3,139 3,484 Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,435 2,130 1,981 2,512 3,416 4,642 Dividends paid to non-controlling interests (278) (589) \u2014 \u2014 (278) (589) (k) \u201cOther companies and eliminations\u201d includes North Mining Limited (a wholly-owned subsidiary of the Group which accounts for its interest in Robe River) and goodwill of US$337 million (2021: US$362 million) that arose on the Group\u2019s acquisition of its interest in Robe River. Financial statements continued Notes to the 2022 financial statements 212 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com212 30 Principal subsidiaries continued Summary financial information for subsidiaries that have non-controlling interests that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries\u2019 financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments, and before intercompany eliminations. Income statement summary for the year ended 31 December Iron Ore Company of Canada 2022 US$m Iron Ore Company of Canada 2021 US$m Oyu Tolgoi LLC (h)(i)(j) 2022 US$m Oyu Tolgoi LLC (h)(i)(j) 2021 US$m Revenue 2,634 3,308 1,424 1,971 Profit/(loss) after tax 756 1,193 (224) 465 \u2013 attributable to non-controlling interests 312 493 (159) 285 \u2013 attributable to Rio Tinto 444 700 (65) 180 Other comprehensive (loss)/income (111) 39 \u2014 \u2014 Total comprehensive income/(loss) 645 1,232 (224) 465 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,963 2,974 13,662 12,199 Current assets 774 599 753 523 Current liabilities (499) (581) (4,253) (3,172) Non-current liabilities (974) (1,020) (10,731) (9,874) Net assets 2,264 1,972 (569) (324) \u2013 attributable to non-controlling interests 946 818 (210) (89) \u2013 attributable to Rio Tinto 1,318 1,154 (359) (235) Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,153 2,119 406 851 Dividends paid to non-controlling interests (142) (495) \u2014 \u2014 (h) On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. At 31 December 2022 cash consideration paid totalled US$2,961 million. Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration to be determined by an independent arbitrator. We have included within other provisions US$211 million for additional consideration to be paid to the dissenting shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders. As the transaction is with shareholders in their capacity as owners the transaction did not result in an income statement impact; however, re-measurement in future periods could result in an adjustment through the income statement. (i) Under the terms of the project finance facility held by Oyu Tolgoi LLC, there are certain restrictions on the ability of Oyu Tolgoi LLC to make shareholder distributions. (j) Refer to the note Oyu Tolgoi: approval for commencement of underground operations below regarding the treatment of funding balances. Income statement summary for the year ended 31 December Robe River Mining Co Pty 2022 US$m Robe River Mining Co Pty 2021 US$m Other companies and eliminations (k) 2022 US$m Other companies and eliminations (k) 2021 US$m Robe River 2022 US$m Robe River 2021 US$m Revenue 1,703 2,454 1,987 2,863 3,690 5,317 Profit after tax 802 1,352 875 1,518 1,677 2,870 \u2013 attributable to non-controlling interests 322 541 \u2014 \u2014 322 541 \u2013 attributable to Rio Tinto 480 811 875 1,518 1,355 2,329 Other comprehensive loss (206) (183) (111) (97) (317) (280) Total comprehensive income 596 1,169 764 1,421 1,360 2,590 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,846 3,472 3,975 4,166 6,821 7,638 Current assets 756 495 609 2,118 1,365 2,613 Current liabilities (112) (371) (2,724) (329) (2,836) (700) Non-current liabilities (422) (421) (564) (4,378) (986) (4,799) Net assets 3,068 3,175 1,296 1,577 4,364 4,752 \u2013 attributable to non-controlling interests 1,225 1,268 \u2014 \u2014 1,225 1,268 \u2013 attributable to Rio Tinto 1,843 1,907 1,296 1,577 3,139 3,484 Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,435 2,130 1,981 2,512 3,416 4,642 Dividends paid to non-controlling interests (278) (589) \u2014 \u2014 (278) (589) (k) \u201cOther companies and eliminations\u201d includes North Mining Limited (a wholly-owned subsidiary of the Group which accounts for its interest in Robe River) and goodwill of US$337 million (2021: US$362 million) that arose on the Group\u2019s acquisition of its interest in Robe River. Financial statements continued Notes to the 2022 financial statements 212 Annual Report 2022\u2000|\u2000riotinto.com Oyu Tolgoi: approval for commencement of underground operations On 25 January 2022, Rio Tinto, Turquoise Hill Resources Ltd (Turquoise Hill) and the Government of Mongolia announced their agreement, and unanimous approval by the Board of Oyu Tolgoi, to commence the underground operations. As part of a comprehensive project budget and funding package undertaken between the parties in reaching this agreement, Turquoise Hill agreed to waive in full, funding balances arising from a carry account loan with Erdenes Oyu Tolgoi (Erdenes) of US$2.4 billion. This comprised the amount of common share investments in Oyu Tolgoi LLC funded by Turquoise Hill on behalf of Erdenes to build the project to date, plus US$1.0 billion of accrued interest. The waiver took effect on 25 January 2022. Rio Tinto and Turquoise Hill also agreed a plan to deliver the funding required until sustainable underground production is reached. Prior to the waiver agreement, the funding balances owing from Erdenes to Turquoise Hill were expected to be repaid via a pledge over Erdenes\u2019 share of future Oyu Tolgoi common share dividends. For this reason, and because the arrangement was between Turquoise Hill and Erdenes rather than with Oyu Tolgoi LLC itself, both the principal and interest were treated as transactions with owners acting in their capacity as owners. Consequently, at 31 December 2021, related amounts were recorded as a reduction in the share of equity attributable to non-controlling interests, resulting in an increase to the effective interest in Oyu Tolgoi attributable to owners of Rio Tinto. Funding balances owing from Erdenes to Turquoise Hill were not classified as loan receivables in the Group Balance Sheet, and there was no interest income shown in the Group Income Statement. Accumulation of interest on the funding balances increased the share of retained earnings attributable to Rio Tinto as it accrued. Waiving the funding balances owing from Erdenes to Turquoise Hill increases Erdenes\u2019 economic share arising through entitlement to cash flows from future dividends of Oyu Tolgoi. In the 2022 Group results, there is no Income Statement charge for loan forgiveness or write-off as a result of the waiver, and net assets and liabilities for Oyu Tolgoi included in the Group Balance sheet remained unchanged as a result of this transaction. There was no exchange of cash or other financial assets between parties and there has been no change to the underlying free cash flows of the Oyu Tolgoi operations and development project. The waiver did not have an impact on the Group's assessment of impairment indicators for either 2021 or 2022, since it related to the project shareholders' funding arrangements rather than the economic capability of the Cash Generating Unit itself. A reallocation of the net asset value allocation between the owners of Oyu Tolgoi has been recorded in the Group Statement of Changes in Equity for 2022 by reducing equity attributable to owners of Rio Tinto and increasing equity attributable to non-controlling interests. 31 Principal joint operations At 31 December 2022 Company and country of incorporation/operation Principal activities Group interest (%) Australia Tomago Aluminium Joint Venture Aluminium smelting 51.6 Gladstone Power Station Joint Venture Power generation 42.1 Hope Downs Joint Venture Iron ore mining 50 Queensland Alumina Limited (a)(b) Alumina production 80 Pilbara Iron Arrangements Infrastructure, corporate and mining services See other relevant judgments call out box below New Zealand New Zealand Aluminium Smelters Limited (a)(b) Aluminium smelting 79.4 Canada Aluminerie Alouette Inc. Aluminium production 40 US Pechiney Reynolds Quebec Inc (b)(c) Aluminium smelting 50.2 (a) Although the Group has a 79.4% interest in New Zealand Aluminium Smelters Limited and an 80% interest in Queensland Alumina Limited, decisions about activities that significantly affect the returns that are generated require agreement of both parties to the arrangements, giving rise to joint control, refer to other relevant judgments below. (b) Queensland Alumina Limited, New Zealand Aluminium Smelters Limited and Pechiney Reynolds Quebec Inc. are joint arrangements that are primarily designed for the provision of output to the parties sharing joint control; this indicates that the parties have rights to substantially all the economic benefits of the assets. The liabilities of the arrangements are in substance satisfied by cash flows received from the parties; this dependence indicates that the parties in effect have obligations for the liabilities. It is these facts and circumstances that gives rise to the classification of these entities as joint operations. (c) Pechiney Reynolds Quebec Inc. has a 50.1% interest in the Aluminerie de B\u00e9cancour, Inc. aluminium smelter, which is located in Canada. As Rio Tinto owns 50.2% of Pechiney Reynolds Quebec Inc our effective ownership of the Becancour smelter is 25.1%. Financial statements Annual Report 2022 | riotinto.com 213 213Annual Report 2022 | riotinto.com Financial statements 31 Principal joint operations continued Other relevant judgments - Basis of consolidation of Queensland Alumina Limited (\u2018QAL\u2019) Judgment is sometimes required to assess whether, after considering all relevant factors, we have control or joint control. QAL is 80% owned by Rio Tinto and 20% owned by RUSAL. Typically such ownership interests would provide control; however, we have determined in this case that the shareholders\u2019 agreement, which requires unanimous agreement over certain relevant activities of QAL, means that this non-managed operation is jointly controlled. The entity operates the joint operation on a tolling basis, processing bauxite supplied by the shareholders into alumina, which they off-take in their respective ownership share. Following the Australian Governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders\u2019 agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. The decisions requiring unanimous consent referred to above are restricted during the step-in period. Due to the step-in, we have re-assessed whether our conclusion of having joint control is still valid, considering we own 80% of the entity but currently take all plant production. If this resulted in our control of QAL we would need to account for that change as a business combination. Based on the following facts: \u2013 RUSAL has commenced proceedings in the Australian Federal Court contending that the sanctions should not apply in these circumstances and therefore the step-in rights should not apply; and \u2013 the continued operation of the shareholders\u2019 agreement, incorporating the \u201cstep-in\u201d clause, we have concluded that we have joint control of the entity at 31 December 2022 and therefore continue to account for QAL as a joint operation. Other relevant judgments - Accounting for the Pilbara Iron Arrangements A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail and port infrastructure network. The requesting partner\u2019s (Asset User\u2019s) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge (Committed Use Charge \u2013 \u201cCUC\u201d) over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly owned subsidiaries: Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following assessment under the preceding standards IAS 17 \u201cLeases\u201d and IFRIC 4 \u201cDetermining whether an arrangement contains a lease\u201d, with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgment to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could have resulted in a gross presentation in the Group\u2019s balance sheet with an asset and a corresponding liability to reflect the present value of the CUC payments. The Asset User is a wholly owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$948 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. Financial statements continued Notes to the 2022 financial statements 214 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com214 31 Principal joint operations continued Other relevant judgments - Basis of consolidation of Queensland Alumina Limited (\u2018QAL\u2019) Judgment is sometimes required to assess whether, after considering all relevant factors, we have control or joint control. QAL is 80% owned by Rio Tinto and 20% owned by RUSAL. Typically such ownership interests would provide control; however, we have determined in this case that the shareholders\u2019 agreement, which requires unanimous agreement over certain relevant activities of QAL, means that this non-managed operation is jointly controlled. The entity operates the joint operation on a tolling basis, processing bauxite supplied by the shareholders into alumina, which they off-take in their respective ownership share. Following the Australian Governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders\u2019 agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. The decisions requiring unanimous consent referred to above are restricted during the step-in period. Due to the step-in, we have re-assessed whether our conclusion of having joint control is still valid, considering we own 80% of the entity but currently take all plant production. If this resulted in our control of QAL we would need to account for that change as a business combination. Based on the following facts: \u2013 RUSAL has commenced proceedings in the Australian Federal Court contending that the sanctions should not apply in these circumstances and therefore the step-in rights should not apply; and \u2013 the continued operation of the shareholders\u2019 agreement, incorporating the \u201cstep-in\u201d clause, we have concluded that we have joint control of the entity at 31 December 2022 and therefore continue to account for QAL as a joint operation. Other relevant judgments - Accounting for the Pilbara Iron Arrangements A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail and port infrastructure network. The requesting partner\u2019s (Asset User\u2019s) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge (Committed Use Charge \u2013 \u201cCUC\u201d) over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly owned subsidiaries: Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following assessment under the preceding standards IAS 17 \u201cLeases\u201d and IFRIC 4 \u201cDetermining whether an arrangement contains a lease\u201d, with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgment to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could have resulted in a gross presentation in the Group\u2019s balance sheet with an asset and a corresponding liability to reflect the present value of the CUC payments. The Asset User is a wholly owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$948 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. Financial statements continued Notes to the 2022 financial statements 214 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com214 31 Principal joint operations continued Other relevant judgments - Basis of consolidation of Queensland Alumina Limited (\u2018QAL\u2019) Judgment is sometimes required to assess whether, after considering all relevant factors, we have control or joint control. QAL is 80% owned by Rio Tinto and 20% owned by RUSAL. Typically such ownership interests would provide control; however, we have determined in this case that the shareholders\u2019 agreement, which requires unanimous agreement over certain relevant activities of QAL, means that this non-managed operation is jointly controlled. The entity operates the joint operation on a tolling basis, processing bauxite supplied by the shareholders into alumina, which they off-take in their respective ownership share. Following the Australian Governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders\u2019 agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. The decisions requiring unanimous consent referred to above are restricted during the step-in period. Due to the step-in, we have re-assessed whether our conclusion of having joint control is still valid, considering we own 80% of the entity but currently take all plant production. If this resulted in our control of QAL we would need to account for that change as a business combination. Based on the following facts: \u2013 RUSAL has commenced proceedings in the Australian Federal Court contending that the sanctions should not apply in these circumstances and therefore the step-in rights should not apply; and \u2013 the continued operation of the shareholders\u2019 agreement, incorporating the \u201cstep-in\u201d clause, we have concluded that we have joint control of the entity at 31 December 2022 and therefore continue to account for QAL as a joint operation. Other relevant judgments - Accounting for the Pilbara Iron Arrangements A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail and port infrastructure network. The requesting partner\u2019s (Asset User\u2019s) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge (Committed Use Charge \u2013 \u201cCUC\u201d) over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly owned subsidiaries: Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following assessment under the preceding standards IAS 17 \u201cLeases\u201d and IFRIC 4 \u201cDetermining whether an arrangement contains a lease\u201d, with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgment to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could have resulted in a gross presentation in the Group\u2019s balance sheet with an asset and a corresponding liability to reflect the present value of the CUC payments. The Asset User is a wholly owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$948 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. Financial statements continued Notes to the 2022 financial statements 214 Annual Report 2022\u2000|\u2000riotinto.com 32 Principal joint ventures and associates Principal joint ventures At 31 December 2022 Company and country of incorporation/operation Principal activities Number of shares held Class of shares held Proportion of class held (%) Group interest (%) Chile Minera Escondida Ltda (a) Copper mining and refining \u2014 \u2014 \u2014 30 Oman Sohar Aluminium Co. L.L.C. (b) Aluminium smelting; power generation 37,500 Ordinary 2 0 2 0 (a) The year-end of Minera Escondida Ltda is 30 June. The amounts included in the consolidated financial statements of Rio Tinto are, however, based on financial statements of Minera Escondida Limitada that are coterminous with those of the Group. The Company has no share class. (b) Although the Group holds a 20% interest in Sohar Aluminium Co. L.L.C, decisions about relevant activities that significantly affect the returns that are generated require agreement of all parties to the arrangement. It is therefore determined that Rio Tinto has joint control. Other relevant judgments - Accounting for Minera Escondida Ltda Judgment has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto\u2019s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgment by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. Summary information for joint ventures that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the joint ventures\u2019 financial statements prepare d in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto. Minera Escondida Ltda (c) 2022 US$m Minera Escondida Ltda (c) 2021 US$m Sohar Aluminium Co.L.L.C. (d) 2022 US$m Sohar Aluminium Co.L.L.C. (d) 2021 US$m Revenue 8,760 9,783 1,130 900 Depreciation and amortisation (1,100) (1,160) (120) (115) Other operating costs (3,280) (3,066) (685) (510) Operating profit 4,380 5,557 325 275 Finance expense (207) (134) (35) (30) Income tax (1,590) (2,133) (45) (35) Profit after tax 2,583 3,290 245 210 Other comprehensive profit 17 40 \u2014 \u2014 Total comprehensive income 2,600 3,330 245 210 Non-current assets 11,853 11,490 1,713 1,765 Current assets 2,563 2,857 389 360 Current liabilities (1,450) (2,017) (167) (175) Non-current liabilities (5,063) (4,633) (700) (730) Net assets 7,903 7,697 1,235 1,220 Assets and liabilities above include: \u2013 cash and cash equivalents 377 857 50 45 \u2013 current financial liabilities (340) (550) (25) (40) \u2013 non-current financial liabilities (3,060) (2,660) (530) (560) Dividends received from joint venture (Rio Tinto share) 813 1,374 46 47 Reconciliation of the above amounts to the investment recognised in the Group balance sheet Group interest 30 % 30 % 2 0 % 20 % Net assets 7,903 7,697 1,235 1,220 Group\u2019s ownership interest 2,371 2,309 247 244 Carrying value of Group\u2019s interest 2,371 2,309 247 244 (c) In addition to its \u201cInvestment in equity accounted units\u201d, the Group recognises deferred tax liabilities of US$328 million (2021: US$322 million) relating to tax on unremitted earnings of equity accounted units. (d) As part of financing agreements, there are certain restrictions on the ability of Sohar Aluminium Co. L.L.C to make shareholder distributions. Financial statements Annual Report 2022 | riotinto.com 215 215Annual Report 2022 | riotinto.com Financial statements Principal associates At 31 December 2022 Company and country of incorporation/operation Principal activities Number of shares held Class of shares held Proportion of class held (%) Group interest (%) Australia Boyne Smelters Limited (a) Aluminium smelting 153,679,560 Ordinary 59.4 59.4 Brazil Minera\u00e7\u00e3o Rio do Norte S.A. (b) Bauxite mining 25,000,000,000 Ordinary 12.5 1 2 47,000,000,000 Preferred 11.75 US Halco (Mining) Inc. (c) Bauxite mining 4,500 Common 45 45 (a) The parties that collectively control Boyne Smelters Limited do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the parties. Although each combination requires Rio Tinto\u2019s approval, this is not joint control as defined under IFRS 11 \u201cJoint Arrangements\u201d. Rio Tinto is therefore determined to have significant influence over this company. (b) Although the Group holds only 12% of Minera\u00e7\u00e3o Rio do Norte S.A., it has representation on its board of directors and a consequent ability to participate in the financial and operating policy decisions. It is therefore determined that Rio Tinto has significant influence. (c) Halco (Mining) Inc. has a 51% indirect interest in Compagnie des Bauxites de Guin\u00e9e, a bauxite mine, the core assets of which are located in Guinea. Summary information for joint ventures and associates that are not individually material to the Group 2022 US$m 2021 US$m Adjusted (b) Carrying value of Group's interest (a) 680 854 (Loss)/profit after tax (47) 13 Other comprehensive loss (27) (12) Total comprehensive (loss)/ income (74) 1 (a) The decrease in carrying value relates to the impairment of our investment in the Boyne Smelter in 2022, refer to note 4 for further details. (b) Following the impairment in the Boyne Smelter we no longer consider it a significant equity accounted unit of the Group. Therefore we have updated this disclosure and the 2021 comparatives in the current year. 33 Related-party transactions Information about material related-party transactions of the Rio Tinto Group is set out below. Subsidiary companies and joint operations Details of investments in principal subsidiary companies are disclosed in note 30. Information relating to joint operations can be found in note 31. Equity accounted units Transactions and balances with equity accounted units are summarised below. Purchases, trade and other receivables, and trade and other payables, relate largely to amounts charged by equity accounted units for toll processing of alumina and purchasing of bauxite and aluminium. Sale s relate largely to sales of alumina to equity accounted units for smelting into aluminium. 2022 US$m 2021 US$m 2020 US$m Income statement items Purchases from equity accounted units (1,429) (1,167) (960 ) Sales to equity accounted units 563 432 271 Cash flow statement items Dividends from equity accounted units 879 1,431 594 Net (funding of)/receipts from equity accounted units (75) 6 (43) Balance sheet items Investments in equity accounted units (a) 3,298 3,504 3,764 Loans to equity accounted units \u2014 \u2014 41 Trade and other receivables: amounts due from equity accounted units (b) 297 251 251 Trade and other payables: amounts due to equity accounted units (294) (253) (241) (a) Investments in equity accounted units include quasi-equity loans. Further information about investments in equity accounted units is set out in note 32. (b) This includes prepayments of tolling charges. Pension funds Information relating to pension fund arrangements is set out in note 28. Directors and key management Details of directors\u2019 and key management\u2019s remuneration are set out in note 29 and in the Remuneration Report on pages 110 to 135. Financial statements continued Notes to the 2022 financial statements 216 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com216 Principal associates At 31 December 2022 Company and country of incorporation/operation Principal activities Number of shares held Class of shares held Proportion of class held (%) Group interest (%) Australia Boyne Smelters Limited (a) Aluminium smelting 153,679,560 Ordinary 59.4 59.4 Brazil Minera\u00e7\u00e3o Rio do Norte S.A. (b) Bauxite mining 25,000,000,000 Ordinary 12.5 1 2 47,000,000,000 Preferred 11.75 US Halco (Mining) Inc. (c) Bauxite mining 4,500 Common 45 45 (a) The parties that collectively control Boyne Smelters Limited do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the parties. Although each combination requires Rio Tinto\u2019s approval, this is not joint control as defined under IFRS 11 \u201cJoint Arrangements\u201d. Rio Tinto is therefore determined to have significant influence over this company. (b) Although the Group holds only 12% of Minera\u00e7\u00e3o Rio do Norte S.A., it has representation on its board of directors and a consequent ability to participate in the financial and operating policy decisions. It is therefore determined that Rio Tinto has significant influence. (c) Halco (Mining) Inc. has a 51% indirect interest in Compagnie des Bauxites de Guin\u00e9e, a bauxite mine, the core assets of which are located in Guinea. Summary information for joint ventures and associates that are not individually material to the Group 2022 US$m 2021 US$m Adjusted (b) Carrying value of Group's interest (a) 680 854 (Loss)/profit after tax (47) 13 Other comprehensive loss (27) (12) Total comprehensive (loss)/ income (74) 1 (a) The decrease in carrying value relates to the impairment of our investment in the Boyne Smelter in 2022, refer to note 4 for further details. (b) Following the impairment in the Boyne Smelter we no longer consider it a significant equity accounted unit of the Group. Therefore we have updated this disclosure and the 2021 comparatives in the current year. 33 Related-party transactions Information about material related-party transactions of the Rio Tinto Group is set out below. Subsidiary companies and joint operations Details of investments in principal subsidiary companies are disclosed in note 30. Information relating to joint operations can be found in note 31. Equity accounted units Transactions and balances with equity accounted units are summarised below. Purchases, trade and other receivables, and trade and other payables, relate largely to amounts charged by equity accounted units for toll processing of alumina and purchasing of bauxite and aluminium. Sales relate largely to sales of alumina to equity accounted units for smelting into aluminium. 2022 US$m 2021 US$m 2020 US$m Income statement items Purchases from equity accounted units (1,429) (1,167) (960) Sales to equity accounted units 563 432 271 Cash flow statement items Dividends from equity accounted units 879 1,431 594 Net (funding of)/receipts from equity accounted units (75) 6 (43) Balance sheet items Investments in equity accounted units (a) 3,298 3,504 3,764 Loans to equity accounted units \u2014 \u2014 41 Trade and other receivables: amounts due from equity accounted units (b) 297 251 251 Trade and other payables: amounts due to equity accounted units (294) (253) (241) (a) Investments in equity accounted units include quasi-equity loans. Further information about investments in equity accounted units is set out in note 32. (b) This includes prepayments of tolling charges. Pension funds Information relating to pension fund arrangements is set out in note 28. Directors and key management Details of directors\u2019 and key management\u2019s remuneration are set out in note 29 and in the Remuneration Report on pages 110 to 135. Financial statements continued Notes to the 2022 financial statements 216 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com216 Principal associates At 31 December 2022 Company and country of incorporation/operation Principal activities Number of shares held Class of shares held Proportion of class held (%) Group interest (%) Australia Boyne Smelters Limited (a) Aluminium smelting 153,679,560 Ordinary 59.4 59.4 Brazil Minera\u00e7\u00e3o Rio do Norte S.A. (b) Bauxite mining 25,000,000,000 Ordinary 12.5 1 2 47,000,000,000 Preferred 11.75 US Halco (Mining) Inc. (c) Bauxite mining 4,500 Common 45 45 (a) The parties that collectively control Boyne Smelters Limited do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the parties. Although each combination requires Rio Tinto\u2019s approval, this is not joint control as defined under IFRS 11 \u201cJoint Arrangements\u201d. Rio Tinto is therefore determined to have significant influence over this company. (b) Although the Group holds only 12% of Minera\u00e7\u00e3o Rio do Norte S.A., it has representation on its board of directors and a consequent ability to participate in the financial and operating policy decisions. It is therefore determined that Rio Tinto has significant influence. (c) Halco (Mining) Inc. has a 51% indirect interest in Compagnie des Bauxites de Guin\u00e9e, a bauxite mine, the core assets of which are located in Guinea. Summary information for joint ventures and associates that are not individually material to the Group 2022 US$m 2021 US$m Adjusted (b) Carrying value of Group's interest (a) 680 854 (Loss)/profit after tax (47) 13 Other comprehensive loss (27) (12) Total comprehensive (loss)/ income (74) 1 (a) The decrease in carrying value relates to the impairment of our investment in the Boyne Smelter in 2022, refer to note 4 for further details. (b) Following the impairment in the Boyne Smelter we no longer consider it a significant equity accounted unit of the Group. Therefore we have updated this disclosure and the 2021 comparatives in the current year. 33 Related-party transactions Information about material related-party transactions of the Rio Tinto Group is set out below. Subsidiary companies and joint operations Details of investments in principal subsidiary companies are disclosed in note 30. Information relating to joint operations can be found in note 31. Equity accounted units Transactions and balances with equity accounted units are summarised below. Purchases, trade and other receivables, and trade and other payables, relate largely to amounts charged by equity accounted units for toll processing of alumina and purchasing of bauxite and aluminium. Sales relate largely to sales of alumina to equity accounted units for smelting into aluminium. 2022 US$m 2021 US$m 2020 US$m Income statement items Purchases from equity accounted units (1,429) (1,167) (960) Sales to equity accounted units 563 432 271 Cash flow statement items Dividends from equity accounted units 879 1,431 594 Net (funding of)/receipts from equity accounted units (75) 6 (43) Balance sheet items Investments in equity accounted units (a) 3,298 3,504 3,764 Loans to equity accounted units \u2014 \u2014 41 Trade and other receivables: amounts due from equity accounted units (b) 297 251 251 Trade and other payables: amounts due to equity accounted units (294) (253) (241) (a) Investments in equity accounted units include quasi-equity loans. Further information about investments in equity accounted units is set out in note 32. (b) This includes prepayments of tolling charges. Pension funds Information relating to pension fund arrangements is set out in note 28. Directors and key management Details of directors\u2019 and key management\u2019s remuneration are set out in note 29 and in the Remuneration Report on pages 110 to 135. Financial statements continued Notes to the 2022 financial statements 216 Annual Report 2022\u2000|\u2000riotinto.com Our equity 34 Share capital Recognition and measurement: Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Group\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to owners of Rio Tinto. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental costs and the related income tax effects, is included in equity attributable to owners of Rio Tinto. If purchased Rio Tinto plc shares are cancelled, an amount equal to the nominal value of the cancelled share is credited to the capital redemption reserve. Rio Tinto plc 2022 Number (million) 2021 Number (million) 2020 Number (million) 2022 US$m 2021 US$m 2020 US$m Issued and fully paid up share capital of 10p each At 1 January 1,255.795 1,255.756 1,259.345 207 207 207 Ordinary shares issued under the Global Employee Share plan (GESP) 0.050 0.039 0.039 \u2014 \u2014 \u2014 Shares purchased and cancelled (a) \u2014 \u2014 (3.628) \u2014 \u2014 \u2014 At 31 December 1,255.845 1,255.795 1,255.756 207 207 207 Shares held by public At 1 January 1,248.141 1,246.904 1,249.924 Shares reissued from treasury under the GESP 1.464 1.198 0.569 Ordinary shares issued under the GESP 0.050 0.039 0.039 Shares purchased and cancelled (a) \u2014 \u2014 (3.628) At 31 December 1,249.655 1,248.141 1,246.904 Shares held in treasury 6.190 7.654 8.852 Shares held by public 1,249.655 1,248.141 1,246.904 Total share capital 1,255.845 1,255.795 1,255.756 Other share classes Special Voting Share of 10p each (b) 1 only 1 only 1 only DLC Dividend Share of 10p each (b) 1 only 1 only 1 only (a) The authority for the company to buy back its ordinary shares was renewed at the 2021 annual general meeting. No shares were bought back and cancelled in 2022 or 2021 under the on-market buy-back programme. 3,627,568 shares were bought back in 2020 under the on-market buy-back programme. (b) The \u201cSpecial Voting Share\u201d was issued to facilitate the joint voting by shareholders of Rio Tinto plc and Rio Tinto Limited on Joint Decisions, following the DLC Merger. The \u201cDLC Dividend Share\u201d was issued to a subsidiary of Rio Tinto Limited to facilitate the efficient management of funds within the DLC structure. In addition, an Equalisation Share is authorised but not issued and is governed by the terms of the DLC Merger Sharing Agreement. During 2022, US$16 million of shares and ADRs (2021: US$18 million; 2020: US$31 million) were purchased by employee share ownership trusts on behalf of Rio Tinto plc to satisfy employee share awards on vesting. At 31 December 2022, 232,621 shares and 49,777 ADRs were held in the employee share ownership trusts on behalf of Rio Tinto plc. Rio Tinto Limited 2022 Number (million) 2021 Number (million) 2020 Number (million) 2022 US$m 2021 US$m 2020 US$m Issued and fully paid up share capital At 1 January 371.21 371.21 371.21 3,570 3,781 3,448 Adjustment on currency translation (240) (211) 333 At 31 December 371.21 371.21 371.21 3,330 3,570 3,781 \u2013 Special Voting Share (a) 1 only 1 only 1 only \u2013 DLC Dividend Share (a) 1 only 1 only 1 only Total share capital 371.21 371.21 371.21 (a) The \u201cSpecial Voting Share\u201d was issued to facilitate the joint voting by shareholders of Rio Tinto Limited and Rio Tinto plc on Joint Decisions following the DLC Merger. The \u201cDLC Dividend Share\u201d was issued to facilitate the efficient management of funds within the DLC structure. Directors have the ability to issue an Equalisation Share if that is required under the terms of the DLC Merger Sharing Agreement. During 2022, US$84 million of shares (2021: US$95 million; 2020: US$76 million) were purchased by employee share ownership trusts on behalf of Rio Tinto Limited to satisfy employee share awards on vesting. At 31 December 2022, 979,495 shares were held in the employee share ownership trusts on behalf of Rio Tinto Limited. Information relating to share-based incentive schemes is given in note 27. Financial statements Annual Report 2022 | riotinto.com 217 217Annual Report 2022 | riotinto.com Financial statements 35 Other reserves and retained earnings 2022 US$m 2021 US$m 2020 US$m Capital redemption reserve (a) At 1 January and 31 December 51 51 51 Cash flow hedge reserve At 1 January (11) 124 160 Cash flow hedge (losses)/gains (167) (211) 24 Cash flow hedge losses/(gains) transferred to the income statement 106 14 (63 ) Tax on the above 21 62 3 At 31 December (51) (11) 124 Fair value through other comprehensive income reserve At 1 January 2 (2) (11 ) Gains on equity investments \u2014 4 9 At 31 December 2 2 (2) Cost of hedging reserve At 1 January (21) (3) (10 ) Cost of hedging deferred to reserves during the year 4 (18) 7 At 31 December (17) (21) (3 ) Other reserves (b) At 1 January 11,582 11,628 11,643 Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards (84) (95) (76 ) Employee share options: value of services 56 55 60 Deferred tax on share options \u2014 (6) 1 At 31 December 11,554 11,582 11,628 Foreign currency translation reserve (c) At 1 January (1,605) 162 (2,656 ) Parent and subsidiaries' currency translation and exchange adjustments (2,207) (1,755) 2,814 Equity accounted units currency translation adjustments (27) (12) 4 Currency translation reclassified on disposal (d) 105 \u2014 \u2014 At 31 December (3,734) (1,605) 162 Total other reserves per balance sheet 7,805 9,998 11,960 2022 US$m 2021 US$m 2020 US$m Retained earnings (e) At 1 January 33,337 26,792 23,387 Adjustment for transition to new accounting pronouncements (f) (17) \u2014 \u2014 Revised 1 January 33,320 26,792 23,387 Parent and subsidiaries' profit for the year 11,845 20,052 9,456 Equity accounted units' profit after tax for the year 575 1,042 313 Re-measurement gains/(losses) on pension and post-retirement healthcare plans (g) 568 1,015 (482) Tax relating to components of other comprehensive income (118) (297) 116 Total comprehensive income for the year 12,870 21,812 9,403 Share buy-back programme \u2014 \u2014 (1 ) Dividends paid (11,716) (15,385) (6,132) Change in equity interest held by Rio Tinto (h) 701 76 84 Own shares purchased/treasury shares reissued for share awards and other movements (16) (18) (31 ) Equity issued to holders of non-controlling interests (h) (711) \u2014 \u2014 Employee share options and other IFRS 2 charges taken to the income statement 63 60 82 At 31 December 34,511 33,337 26,792 (a) The capital redemption reserve was set up to comply with section 733 of the UK Companies Act 2006 (previously section 170 of the UK Companies Act 1985) when shares of a company are redeemed or purchased wholly out of the company\u2019s profits. Balances reflect the amount by which the company\u2019s issued share capital is diminished in accordance with this section. (b) Other reserves includes US$11,936 million which represents the difference between the nominal value and issue price of the shares issued arising from Rio Tinto plc\u2019s rights issue completed in July 2009. No share premium was recorded in the Rio Tinto plc financial statements through the operation of the merger relief provisions of the UK Companies Act 1985. Other reserves also include the cumulative amount recognised under IFRS 2 \u201cShare Based Payment\u201d in respect of awards granted but not exercised to acquire shares in Rio Tinto Limited, less, where applicable, the cost of shares purchased to satisfy share awards exercised. The cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio Tinto plc is recorded in retained earnings. (c) Exchange differences arising on the translation of the Group\u2019s net investment in foreign controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. (d) The sale of our Roughrider undeveloped project led to us recycling the currency translation reserve loss of US$105 million relating to the entity that incorporated the project. (e) Retained earnings and movements in reserves of subsidiaries include those arising from the Group\u2019s share of joint operations. (f) The impact of adopting Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d on 1 January 2022. (g) There were US$5 million re-measurement gains relating to equity accounted units in 2022 (31 December 2021: US$12 million gains, 31 December 2020: US$11 million losses). (h) Refer to note 5 and 30 for further information regarding the forgiveness by Turquoise Hill Resources Ltd of the accrued interest and funding balances from Erdenes Oyu Tolgoi and the purchas e of the non-controlling interest of Turquoise Hill Resources Ltd. Financial statements continued Notes to the 2022 financial statements 218 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com218 35 Other reserves and retained earnings 2022 US$m 2021 US$m 2020 US$m Capital redemption reserve (a) At 1 January and 31 December 51 51 51 Cash flow hedge reserve At 1 January (11) 124 160 Cash flow hedge (losses)/gains (167) (211) 24 Cash flow hedge losses/(gains) transferred to the income statement 106 14 (63) Tax on the above 21 62 3 At 31 December (51) (11) 124 Fair value through other comprehensive income reserve At 1 January 2 (2) (11) Gains on equity investments \u2014 4 9 At 31 December 2 2 (2) Cost of hedging reserve At 1 January (21) (3) (10) Cost of hedging deferred to reserves during the year 4 (18) 7 At 31 December (17) (21) (3) Other reserves (b) At 1 January 11,582 11,628 11,643 Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards (84) (95) (76) Employee share options: value of services 56 55 60 Deferred tax on share options \u2014 (6) 1 At 31 December 11,554 11,582 11,628 Foreign currency translation reserve (c) At 1 January (1,605) 162 (2,656) Parent and subsidiaries' currency translation and exchange adjustments (2,207) (1,755) 2,814 Equity accounted units currency translation adjustments (27) (12) 4 Currency translation reclassified on disposal (d) 105 \u2014 \u2014 At 31 December (3,734) (1,605) 162 Total other reserves per balance sheet 7,805 9,998 11,960 2022 US$m 2021 US$m 2020 US$m Retained earnings (e) At 1 January 33,337 26,792 23,387 Adjustment for transition to new accounting pronouncements (f) (17) \u2014 \u2014 Revised 1 January 33,320 26,792 23,387 Parent and subsidiaries' profit for the year 11,845 20,052 9,456 Equity accounted units' profit after tax for the year 575 1,042 313 Re-measurement gains/(losses) on pension and post-retirement healthcare plans (g) 568 1,015 (482) Tax relating to components of other comprehensive income (118) (297) 116 Total comprehensive income for the year 12,870 21,812 9,403 Share buy-back programme \u2014 \u2014 (1) Dividends paid (11,716) (15,385) (6,132) Change in equity interest held by Rio Tinto (h) 701 76 84 Own shares purchased/treasury shares reissued for share awards and other movements (16) (18) (31) Equity issued to holders of non-controlling interests (h) (711) \u2014 \u2014 Employee share options and other IFRS 2 charges taken to the income statement 63 60 82 At 31 December 34,511 33,337 26,792 (a) The capital redemption reserve was set up to comply with section 733 of the UK Companies Act 2006 (previously section 170 of the UK Companies Act 1985) when shares of a company are redeemed or purchased wholly out of the company\u2019s profits. Balances reflect the amount by which the company\u2019s issued share capital is diminished in accordance with this section. (b) Other reserves includes US$11,936 million which represents the difference between the nominal value and issue price of the shares issued arising from Rio Tinto plc\u2019s rights issue completed in July 2009. No share premium was recorded in the Rio Tinto plc financial statements through the operation of the merger relief provisions of the UK Companies Act 1985. Other reserves also include the cumulative amount recognised under IFRS 2 \u201cShare Based Payment\u201d in respect of awards granted but not exercised to acquire shares in Rio Tinto Limited, less, where applicable, the cost of shares purchased to satisfy share awards exercised. The cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio Tinto plc is recorded in retained earnings. (c) Exchange differences arising on the translation of the Group\u2019s net investment in foreign controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. (d) The sale of our Roughrider undeveloped project led to us recycling the currency translation reserve loss of US$105 million relating to the entity that incorporated the project. (e) Retained earnings and movements in reserves of subsidiaries include those arising from the Group\u2019s share of joint operations. (f) The impact of adopting Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d on 1 January 2022. (g) There were US$5 million re-measurement gains relating to equity accounted units in 2022 (31 December 2021: US$12 million gains, 31 December 2020: US$11 million losses). (h) Refer to note 5 and 30 for further information regarding the forgiveness by Turquoise Hill Resources Ltd of the accrued interest and funding balances from Erdenes Oyu Tolgoi and the purchase of the non-controlling interest of Turquoise Hill Resources Ltd. Financial statements continued Notes to the 2022 financial statements 218 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com218 35 Other reserves and retained earnings 2022 US$m 2021 US$m 2020 US$m Capital redemption reserve (a) At 1 January and 31 December 51 51 51 Cash flow hedge reserve At 1 January (11) 124 160 Cash flow hedge (losses)/gains (167) (211) 24 Cash flow hedge losses/(gains) transferred to the income statement 106 14 (63) Tax on the above 21 62 3 At 31 December (51) (11) 124 Fair value through other comprehensive income reserve At 1 January 2 (2) (11) Gains on equity investments \u2014 4 9 At 31 December 2 2 (2) Cost of hedging reserve At 1 January (21) (3) (10) Cost of hedging deferred to reserves during the year 4 (18) 7 At 31 December (17) (21) (3) Other reserves (b) At 1 January 11,582 11,628 11,643 Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards (84) (95) (76) Employee share options: value of services 56 55 60 Deferred tax on share options \u2014 (6) 1 At 31 December 11,554 11,582 11,628 Foreign currency translation reserve (c) At 1 January (1,605) 162 (2,656) Parent and subsidiaries' currency translation and exchange adjustments (2,207) (1,755) 2,814 Equity accounted units currency translation adjustments (27) (12) 4 Currency translation reclassified on disposal (d) 105 \u2014 \u2014 At 31 December (3,734) (1,605) 162 Total other reserves per balance sheet 7,805 9,998 11,960 2022 US$m 2021 US$m 2020 US$m Retained earnings (e) At 1 January 33,337 26,792 23,387 Adjustment for transition to new accounting pronouncements (f) (17) \u2014 \u2014 Revised 1 January 33,320 26,792 23,387 Parent and subsidiaries' profit for the year 11,845 20,052 9,456 Equity accounted units' profit after tax for the year 575 1,042 313 Re-measurement gains/(losses) on pension and post-retirement healthcare plans (g) 568 1,015 (482) Tax relating to components of other comprehensive income (118) (297) 116 Total comprehensive income for the year 12,870 21,812 9,403 Share buy-back programme \u2014 \u2014 (1) Dividends paid (11,716) (15,385) (6,132) Change in equity interest held by Rio Tinto (h) 701 76 84 Own shares purchased/treasury shares reissued for share awards and other movements (16) (18) (31) Equity issued to holders of non-controlling interests (h) (711) \u2014 \u2014 Employee share options and other IFRS 2 charges taken to the income statement 63 60 82 At 31 December 34,511 33,337 26,792 (a) The capital redemption reserve was set up to comply with section 733 of the UK Companies Act 2006 (previously section 170 of the UK Companies Act 1985) when shares of a company are redeemed or purchased wholly out of the company\u2019s profits. Balances reflect the amount by which the company\u2019s issued share capital is diminished in accordance with this section. (b) Other reserves includes US$11,936 million which represents the difference between the nominal value and issue price of the shares issued arising from Rio Tinto plc\u2019s rights issue completed in July 2009. No share premium was recorded in the Rio Tinto plc financial statements through the operation of the merger relief provisions of the UK Companies Act 1985. Other reserves also include the cumulative amount recognised under IFRS 2 \u201cShare Based Payment\u201d in respect of awards granted but not exercised to acquire shares in Rio Tinto Limited, less, where applicable, the cost of shares purchased to satisfy share awards exercised. The cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio Tinto plc is recorded in retained earnings. (c) Exchange differences arising on the translation of the Group\u2019s net investment in foreign controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. (d) The sale of our Roughrider undeveloped project led to us recycling the currency translation reserve loss of US$105 million relating to the entity that incorporated the project. (e) Retained earnings and movements in reserves of subsidiaries include those arising from the Group\u2019s share of joint operations. (f) The impact of adopting Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d on 1 January 2022. (g) There were US$5 million re-measurement gains relating to equity accounted units in 2022 (31 December 2021: US$12 million gains, 31 December 2020: US$11 million losses). (h) Refer to note 5 and 30 for further information regarding the forgiveness by Turquoise Hill Resources Ltd of the accrued interest and funding balances from Erdenes Oyu Tolgoi and the purchase of the non-controlling interest of Turquoise Hill Resources Ltd. Financial statements continued Notes to the 2022 financial statements 218 Annual Report 2022\u2000|\u2000riotinto.com Other notes 36 Other provisions Recognition and measurement Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the balance sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and new legislation) we reflect this in the amounts recognised. 2022 US$m 2021 US$m At 1 January 1,002 856 Adjustment to opening balance on transition to new accounting standard (refer to page 155) 17 \u2014 Restated opening balance 1,019 856 Adjustment on currency translation (43) (29) Adjustments to mining properties/right of use assets: \u2013 increases to existing and new provisions 4 3 Charged/(credited) to profit: \u2013 increases to existing and new provisions 365 382 \u2013 unused amounts reversed (66) (37) \u2013 amortisation of discount 2 3 Utilised in year (176) (128) Transfers and other movements (a) 193 (48) At 31 December 1,298 1,002 Balance sheet analysis: Current 554 700 Non-current 744 302 Total 1,298 1,002 (a) Transfers and other movements includes US$211 million for additional consideration to be paid to the dissenting shareholders of the Turquoise Hill Resources transaction. It represents the difference between their initial consideration of C$34.4 per share and C$43 per share paid to all other shareholders, with the final amount and timing to be determined by dissent proceedings. As a transaction with shareholders of a subsidiary in their capacity as owners, this adjustment has been made through equity. 37 Contingencies and commitments Recognition and measurement Contingent liabilities, indemnities and other performance guarantees represent the potential outflow of funds from the Group for the satisfaction of obligations including those under contractual arrangements (for example undertakings related to supplier agreements) not provided for in the balance sheet, where the likelihood of the contingent liabilities, guarantees or indemnities being called is assessed as possible rather than probable or remote. Contingent liabilities (subsidiaries, joint operations, joint ventures and associates) Other relevant judgments - Contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgment and legal advice. These are quantified unless, in our judgment, the amount cannot be reliably estimated. The unit of account for claims is the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential exposure in excess of that already provided. We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgments may at times occur. The Group may in the future incur judgments or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position. 2022 US$m 2021 US$m Contingent liabilities, indemnities and other performance guarantees (a) 498 441 (a) There were no material contingent liabilities arising in relation to the Group\u2019s joint ventures and associates. Financial statements Annual Report 2022 | riotinto.com 219 219Annual Report 2022 | riotinto.com Financial statements 37 Contingencies and commitments continued Contingent liabilities - not quantifiable The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is: Litigation disputes Litigation matter Latest update Timing of the impairment of Rio Tinto Coal Mozambique (US securities and exchange commission) In October 2017, Rio Tinto announced that it had been notified by the U.S. Securities and Exchange Commission (SEC) that the SEC had filed a complaint in relation to Rio Tinto\u2019s disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto\u2019s 2012 year-end accounts. The SEC alleges that Rio Tinto, a former chief executive, Tom Albanese, and a former chief financial officer, Guy Elliott, committed violations of the anti-fraud, reporting, books and records, and internal control provisions of the federal securities law by not accurately disclosing the value of RTCM and not impairing it when Rio Tinto published its 2011 year-end accounts in February 2012 or its 2012 interim results in August 2012. In June 2019, the trial court dismissed an associated US class action on behalf of securities holders. In August 2020, the appeals court partially overturned the court\u2019s dismissal and the trial court dismissed the case again in 2022. The securities holders have appealed further to reinstate their claims, and the court has requested briefing in 2023. No provision has been recognised for this case. 2011 Contractual payments in Guinea Rio Tinto continues to co-operate fully with relevant authorities in connection with their investigations in relation to contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011 on the Simandou project in Guinea. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders. No provision has been recognised for this case. At 31 December 2022, the outcomes of the matters remain uncertain, but they could ultimately expose the Group to material financial cost. We believe these cases are unwarranted and will defend the allegations vigorously. A dedicated Board committee continues to monitor the progress of these matters, as appropriate. On 6 March 2022 we reached a settlement with ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto\u2019s 2012 year-end accounts. This was previously disclosed as a contingent liability at 31 December 2021. As part of the court approved settlement, we paid a A$750,000 penalty for a single contravention of our continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto. The case against Tom Albanese and Guy Elliott brought by ASIC has been wholly dismissed. Other contingent liabilities We are modernising agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions, within \u201cOther provisions\u201d, based on our best estimate of historical claims; however, the process is incomplete and it is possible that further claims could arise relating to past events. Close-down and restoration provisions are not recognised for those operations that have no known restrictions on their lives as the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent upon a specific orebody and have access to indefinite-lived power from owned hydro-power stations with water rights permitted by local governments. In these instances, a closure obligation may exist at the reporting date; however, due to the indefinite nature of asset lives it is not possible to arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down and restoration provisions are recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the demolition and removal of fixed structures after a pre-determined period. Any contingent liability for these assets will crystallise into a closure provision if and when a decision is taken to cease operations. Contingent assets The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once the insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is received. Capital commitments Our capital commitments include open purchase orders for managed operations and expenditure on major projects already authorised by our Investment Committee for non-managed operations. It does not include the estimated incremental capital expenditure relating to decarbonisation projects of US$7.5 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$1.0 billion (2021: US$1.1 billion) as many of the contracts relating to the Group\u2019s projects have various cancellation clauses. Financial statements continued Notes to the 2022 financial statements 220 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com220 37 Contingencies and commitments continued Contingent liabilities - not quantifiable The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is: Litigation disputes Litigation matter Latest update Timing of the impairment of Rio Tinto Coal Mozambique (US securities and exchange commission) In October 2017, Rio Tinto announced that it had been notified by the U.S. Securities and Exchange Commission (SEC) that the SEC had filed a complaint in relation to Rio Tinto\u2019s disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto\u2019s 2012 year-end accounts. The SEC alleges that Rio Tinto, a former chief executive, Tom Albanese, and a former chief financial officer, Guy Elliott, committed violations of the anti-fraud, reporting, books and records, and internal control provisions of the federal securities law by not accurately disclosing the value of RTCM and not impairing it when Rio Tinto published its 2011 year-end accounts in February 2012 or its 2012 interim results in August 2012. In June 2019, the trial court dismissed an associated US class action on behalf of securities holders. In August 2020, the appeals court partially overturned the court\u2019s dismissal and the trial court dismissed the case again in 2022. The securities holders have appealed further to reinstate their claims, and the court has requested briefing in 2023. No provision has been recognised for this case. 2011 Contractual payments in Guinea Rio Tinto continues to co-operate fully with relevant authorities in connection with their investigations in relation to contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011 on the Simandou project in Guinea. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders. No provision has been recognised for this case. At 31 December 2022, the outcomes of the matters remain uncertain, but they could ultimately expose the Group to material financial cost. We believe these cases are unwarranted and will defend the allegations vigorously. A dedicated Board committee continues to monitor the progress of these matters, as appropriate. On 6 March 2022 we reached a settlement with ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto\u2019s 2012 year-end accounts. This was previously disclosed as a contingent liability at 31 December 2021. As part of the court approved settlement, we paid a A$750,000 penalty for a single contravention of our continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto. The case against Tom Albanese and Guy Elliott brought by ASIC has been wholly dismissed. Other contingent liabilities We are modernising agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions, within \u201cOther provisions\u201d, based on our best estimate of historical claims; however, the process is incomplete and it is possible that further claims could arise relating to past events. Close-down and restoration provisions are not recognised for those operations that have no known restrictions on their lives as the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent upon a specific orebody and have access to indefinite-lived power from owned hydro-power stations with water rights permitted by local governments. In these instances, a closure obligation may exist at the reporting date; however, due to the indefinite nature of asset lives it is not possible to arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down and restoration provisions are recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the demolition and removal of fixed structures after a pre-determined period. Any contingent liability for these assets will crystallise into a closure provision if and when a decision is taken to cease operations. Contingent assets The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once the insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is received. Capital commitments Our capital commitments include open purchase orders for managed operations and expenditure on major projects already authorised by our Investment Committee for non-managed operations. It does not include the estimated incremental capital expenditure relating to decarbonisation projects of US$7.5 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$1.0 billion (2021: US$1.1 billion) as many of the contracts relating to the Group\u2019s projects have various cancellation clauses. Financial statements continued Notes to the 2022 financial statements 220 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com220 37 Contingencies and commitments continued Contingent liabilities - not quantifiable The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is: Litigation disputes Litigation matter Latest update Timing of the impairment of Rio Tinto Coal Mozambique (US securities and exchange commission) In October 2017, Rio Tinto announced that it had been notified by the U.S. Securities and Exchange Commission (SEC) that the SEC had filed a complaint in relation to Rio Tinto\u2019s disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto\u2019s 2012 year-end accounts. The SEC alleges that Rio Tinto, a former chief executive, Tom Albanese, and a former chief financial officer, Guy Elliott, committed violations of the anti-fraud, reporting, books and records, and internal control provisions of the federal securities law by not accurately disclosing the value of RTCM and not impairing it when Rio Tinto published its 2011 year-end accounts in February 2012 or its 2012 interim results in August 2012. In June 2019, the trial court dismissed an associated US class action on behalf of securities holders. In August 2020, the appeals court partially overturned the court\u2019s dismissal and the trial court dismissed the case again in 2022. The securities holders have appealed further to reinstate their claims, and the court has requested briefing in 2023. No provision has been recognised for this case. 2011 Contractual payments in Guinea Rio Tinto continues to co-operate fully with relevant authorities in connection with their investigations in relation to contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011 on the Simandou project in Guinea. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders. No provision has been recognised for this case. At 31 December 2022, the outcomes of the matters remain uncertain, but they could ultimately expose the Group to material financial cost. We believe these cases are unwarranted and will defend the allegations vigorously. A dedicated Board committee continues to monitor the progress of these matters, as appropriate. On 6 March 2022 we reached a settlement with ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto\u2019s 2012 year-end accounts. This was previously disclosed as a contingent liability at 31 December 2021. As part of the court approved settlement, we paid a A$750,000 penalty for a single contravention of our continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto. The case against Tom Albanese and Guy Elliott brought by ASIC has been wholly dismissed. Other contingent liabilities We are modernising agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions, within \u201cOther provisions\u201d, based on our best estimate of historical claims; however, the process is incomplete and it is possible that further claims could arise relating to past events. Close-down and restoration provisions are not recognised for those operations that have no known restrictions on their lives as the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent upon a specific orebody and have access to indefinite-lived power from owned hydro-power stations with water rights permitted by local governments. In these instances, a closure obligation may exist at the reporting date; however, due to the indefinite nature of asset lives it is not possible to arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down and restoration provisions are recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the demolition and removal of fixed structures after a pre-determined period. Any contingent liability for these assets will crystallise into a closure provision if and when a decision is taken to cease operations. Contingent assets The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once the insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is received. Capital commitments Our capital commitments include open purchase orders for managed operations and expenditure on major projects already authorised by our Investment Committee for non-managed operations. It does not include the estimated incremental capital expenditure relating to decarbonisation projects of US$7.5 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$1.0 billion (2021: US$1.1 billion) as many of the contracts relating to the Group\u2019s projects have various cancellation clauses. Financial statements continued Notes to the 2022 financial statements 220 Annual Report 2022\u2000|\u2000riotinto.com 2022 US$m 2021 US$m Capital commitments excluding the Group's share of joint venture capital commitments Within 1 year 2,313 2,324 Between 1 and 3 years 866 116 Between 3 and 5 years 86 38 After 5 years 89 73 Total 3,354 2,551 Group's share of joint venture capital commitments Within 1 year 15 11 Between 1 and 3 years \u2014 \u2014 Total 15 11 Unrecognised commitments to contribute funding or resources to joint ventures We have a commitment to purchase and market a portion (in excess of the Group\u2019s ownership interest) of the output of Sohar Aluminium Company L.L.C., an aluminium smelter in which the Group is a joint venture partner. The Group immediately sells the purchased products to third parties; in an active market, and therefore does not recognise the purchase obligation. Along with the other joint venture partners, we have commitments to provide emergency funding (such as funding required to preserve the life or assets of the company or to comply with applicable laws) if required by Sohar Aluminium Company L.L.C., subject to approved thresholds. At 31 December 2022, Minera Escondida Ltda held an undrawn shareholder line of credit for US$225 million (Rio Tinto share) (31 December 2021: US$225 million). The current facility has been extended during the year and will now mature in September 2023. Purchase obligations Purchase obligations are enforceable and legally binding agreements to buy goods or services. They specify all significant terms, including: fixed or minimum quantities to be purchased or consumed; fixed, minimum or variable price provisions; and the approximate timing of the transactions. Purchase obligations for goods mainly relate to purchases of raw materials and consumables, and purchase obligations for services mainly relate to charges for the use of infrastructure, commitments to purchase power and freight contracts. These goods and services are expected to be used in the business. To the extent that this changes, a provision for onerous obligations may be made. Purchases from joint arrangements or associates are included if the quantity to be purchased is in excess of our ownership interest in the entity. However, purchase obligations exclude contracted purchases of bauxite, alumina and aluminium from joint arrangements and associates and contracted purchases of alumina from third parties. This is because these purchases are made for commercial reasons and the Group is, overall, a ne t seller of these commodities. The aggregate amount of future payment commitments under purchase obligations outstanding at 31 December was: 2022 US$m 2021 US$m Within 1 year 3,618 3,483 Between 1 and 2 years 2,091 1,660 Between 2 and 3 years 1,632 1,345 Between 3 and 4 years 1,309 1,080 Between 4 and 5 years 907 1,020 After 5 years 6,574 7,125 Total 16,131 15,713 Guarantees by parent companies Rio Tinto plc and Rio Tinto Limited have, jointly and severally, fully and unconditionally guaranteed the following securities issued by the following 100% owned finance subsidiaries: US$4.4 billion (31 December 2021: US$4.4 billion) Rio Tinto Finance (USA) Limited and Rio Tinto Finance (USA) plc bonds with maturity dates up to 2051; and US$1 billion (31 December 2021: US$1.1 billion) on the European Debt Issuance Programme. In addition, Ri o Tinto Finance plc and Rio Tinto Finance Limited have entered into undrawn facility arrangements for an aggregate amount of US$7.5 billion (31 December 2021: US$7.5 billion). The facilities are guaranteed by Rio Tinto plc and Rio Tinto Limited. Rio Tinto plc has provided a guarantee, known as the completion support undertaking (CSU), in favour of the Oyu Tolgoi LLC project finance lenders . At 31 December 2022, US$3.9 billion of project finance debt was outstanding under this facility (2021: US$4.3 billion). Rio Tinto plc, through its subsidiaries, owns 66% of Oyu Tolgoi LLC, with the remaining share owned by Erdenes Oyu Tolgoi LLC (34%), which is controlled by the Government of Mongolia. The project finance has been raised for development of the underground mine and the CSU will terminate on the completion of the underground mine according to a set of completion tests set out in the project finance facility. The Rio Tinto guarantee applies to the extent that Turquoise Hill Resources Ltd cannot satisfy Oyu Tolgoi LLC\u2019s project finance debt servicing obligations under its own guarantee to the lenders, called the sponsor debt service undertaking (DSU). Both the CSU and DSU contain a carve-out fo r certain political risk events. Financial statements Annual Report 2022 | riotinto.com 221 221Annual Report 2022 | riotinto.com Financial statements 38 Auditors\u2019 remuneration Group auditors\u2019 remuneration (a) 2022 US$m 2021 US$m 2020 US$m Audit of the Group 17.3 13.7 11.0 Audit of subsidiaries 8.4 7.5 6.3 Total audit 25.7 21.2 17.3 Audit-related assurance service 1.0 1.0 0.8 Other assurance services (b) 2.3 2.7 1.4 Total assurance services 3.3 3.7 2.2 Tax compliance \u2014 \u2014 \u2014 Other non-audit services not covered above 0.3 0.2 0.1 Total non-audit services 3.6 3.9 2.3 Total Group auditors\u2019 remuneration 29.3 25.1 19.6 Audit fees payable to other accounting firms Audit of the financial statements of the Group\u2019s subsidiaries 0.2 0.3 0.6 Fees in respect of pension scheme audits 0.1 0.1 0.1 Total audit fees payable to other accounting firms 0.3 0.4 0.7 (a) The remuneration payable to KPMG, the Group auditors, is approved by the Audit Committee. The Committee sets the policy for the award of non-audit work to the auditors and approves the nature and extent of such work, and the amount of the related fees, to ensure that independence is maintained. The fees disclosed above consolidate all payments, including overruns, made to member firms of KPMG by the companies and their subsidiaries, along with fees in respect of joint operations paid for by the Group. Non-audit services arise largely from assurance and regulation related work. (b) Other assurance services relates to the review of non-statutory financial information including sustainability reporting. Under SEC regulations, the remuneration to KPMG firms and associates of US$29.3 million (2021: US$25.1 million; 2020: US$19.6 million) is required to be presented as follows: audit fees US$27.0 million (2021: US$22.6 million; 2020: US$18.0 million), audit-related fees US$2.0 million (2021: US$2.3 million; 2020: US$1.6 million), Tax fees US$nil (2021: US$nil; 2020: US$nil) and all other fees US$0.3 million (2021: US$0.2 million; 2020: US$nil) 39 Events after the balance sheet date On 16 February 2023, we re-financed the US$3.9 billion Oyu Tolgoi project finance facility with a syndicate of international financial institutions, export credit agencies and commercial lenders. The lenders have agreed to a deferral of the principal repayments by three years to June 2026 and to an extension of the final maturity date by five years from 2030 to 2035. The terms and conditions are broadly unchanged and lenders continue to benefit from the Debt Service Undertaking from Turquoise Hill Resources Limited and the Completion Support Undertaking from Rio Tinto plc. There were no other significant events after the balance sheet date requiring disclosure. 40 New standards issued but not yet effective We have not early adopted any new accounting standards or amendments that have been issued but are not yet effective. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes, mandatory in 2023 and endorsed by the UK) The Group will adopt, from January 2023 (the transition date), the narrow-scope amendments to IAS 12, which introduce an exclusion to the initial recognition exemption application for transactions that give rise to equal and offsetting taxable and deductible temporary differences. Our existing accounting policy states that \u201cwhere the recognition of an asset and liability from a single transaction gives rise to equal and offsetting temporary differences, Rio Tinto applies the initial recognition exemption allowed by IAS 12, and consequently recognises neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences\u201d. Under the amendments, deferred tax assets and liabilities are required to be recognised in respect of such temporary differences from the transition date, with restatement of comparatives for 2022 and 2021. The most significant impact of implementing these amendments is expected to be from temporary differences related to the Group's provisions for close-down and restoration (note 14), and lease obligations (note 21) and corresponding capitalised closure costs and right of use assets (note 13). Adjustments to deferred tax assets and liabilities related to these balances will be recognised as at 1 January 2021, being the beginning of the earliest comparative period presented in 2023 financial statements, with the cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For other transactions the amendments apply only to those taking place on or after 1 January 2021. The impact of restatement as at 31 December 2022 is that the Group will recognise additional gross deferred tax liabilities of US$922 million and gross deferred tax assets of US$1.4 billion in relation to close-down and restoration obligations and related capitalised closure costs. The Group will also recognise additional gross deferred tax liabilities of US$140 million and gross deferred tax assets of US$149 million in relation to lease liabilities and related right of use assets (note 15). After the required offsetting within the same tax jurisdiction, these adjustments result in the Group recognising additional net deferred tax assets of US$30 million and a reduction in net deferred tax liabilities of US$437 million (note 15) with the resulting cumulative impact increasing retained earnings (inclusive of income statement adjustments described below) by US$459 million.\u2006 As at 1 January 2021 and 31 December 2021, the restatement of gross and net deferred tax balances does not differ materially from the impact as at 31 December 2022. Financial statements continued Notes to the 2022 financial statements 222 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com222 38 Auditors\u2019 remuneration Group auditors\u2019 remuneration (a) 2022 US$m 2021 US$m 2020 US$m Audit of the Group 17.3 13.7 11.0 Audit of subsidiaries 8.4 7.5 6.3 Total audit 25.7 21.2 17.3 Audit-related assurance service 1.0 1.0 0.8 Other assurance services (b) 2.3 2.7 1.4 Total assurance services 3.3 3.7 2.2 Tax compliance \u2014 \u2014 \u2014 Other non-audit services not covered above 0.3 0.2 0.1 Total non-audit services 3.6 3.9 2.3 Total Group auditors\u2019 remuneration 29.3 25.1 19.6 Audit fees payable to other accounting firms Audit of the financial statements of the Group\u2019s subsidiaries 0.2 0.3 0.6 Fees in respect of pension scheme audits 0.1 0.1 0.1 Total audit fees payable to other accounting firms 0.3 0.4 0.7 (a) The remuneration payable to KPMG, the Group auditors, is approved by the Audit Committee. The Committee sets the policy for the award of non-audit work to the auditors and approves the nature and extent of such work, and the amount of the related fees, to ensure that independence is maintained. The fees disclosed above consolidate all payments, including overruns, made to member firms of KPMG by the companies and their subsidiaries, along with fees in respect of joint operations paid for by the Group. Non-audit services arise largely from assurance and regulation related work. (b) Other assurance services relates to the review of non-statutory financial information including sustainability reporting. Under SEC regulations, the remuneration to KPMG firms and associates of US$29.3 million (2021: US$25.1 million; 2020: US$19.6 million) is required to be presented as follows: audit fees US$27.0 million (2021: US$22.6 million; 2020: US$18.0 million), audit-related fees US$2.0 million (2021: US$2.3 million; 2020: US$1.6 million), Tax fees US$nil (2021: US$nil; 2020: US$nil) and all other fees US$0.3 million (2021: US$0.2 million; 2020: US$nil) 39 Events after the balance sheet date On 16 February 2023, we re-financed the US$3.9 billion Oyu Tolgoi project finance facility with a syndicate of international financial institutions, export credit agencies and commercial lenders. The lenders have agreed to a deferral of the principal repayments by three years to June 2026 and to an extension of the final maturity date by five years from 2030 to 2035. The terms and conditions are broadly unchanged and lenders continue to benefit from the Debt Service Undertaking from Turquoise Hill Resources Limited and the Completion Support Undertaking from Rio Tinto plc. There were no other significant events after the balance sheet date requiring disclosure. 40 New standards issued but not yet effective We have not early adopted any new accounting standards or amendments that have been issued but are not yet effective. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes, mandatory in 2023 and endorsed by the UK) The Group will adopt, from January 2023 (the transition date), the narrow-scope amendments to IAS 12, which introduce an exclusion to the initial recognition exemption application for transactions that give rise to equal and offsetting taxable and deductible temporary differences. Our existing accounting policy states that \u201cwhere the recognition of an asset and liability from a single transaction gives rise to equal and offsetting temporary differences, Rio Tinto applies the initial recognition exemption allowed by IAS 12, and consequently recognises neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences\u201d. Under the amendments, deferred tax assets and liabilities are required to be recognised in respect of such temporary differences from the transition date, with restatement of comparatives for 2022 and 2021. The most significant impact of implementing these amendments is expected to be from temporary differences related to the Group's provisions for close-down and restoration (note 14), and lease obligations (note 21) and corresponding capitalised closure costs and right of use assets (note 13). Adjustments to deferred tax assets and liabilities related to these balances will be recognised as at 1 January 2021, being the beginning of the earliest comparative period presented in 2023 financial statements, with the cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For other transactions the amendments apply only to those taking place on or after 1 January 2021. The impact of restatement as at 31 December 2022 is that the Group will recognise additional gross deferred tax liabilities of US$922 million and gross deferred tax assets of US$1.4 billion in relation to close-down and restoration obligations and related capitalised closure costs. The Group will also recognise additional gross deferred tax liabilities of US$140 million and gross deferred tax assets of US$149 million in relation to lease liabilities and related right of use assets (note 15). After the required offsetting within the same tax jurisdiction, these adjustments result in the Group recognising additional net deferred tax assets of US$30 million and a reduction in net deferred tax liabilities of US$437 million (note 15) with the resulting cumulative impact increasing retained earnings (inclusive of income statement adjustments described below) by US$459 million.\u2006 As at 1 January 2021 and 31 December 2021, the restatement of gross and net deferred tax balances does not differ materially from the impact as at 31 December 2022. Financial statements continued Notes to the 2022 financial statements 222 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com222 38 Auditors\u2019 remuneration Group auditors\u2019 remuneration (a) 2022 US$m 2021 US$m 2020 US$m Audit of the Group 17.3 13.7 11.0 Audit of subsidiaries 8.4 7.5 6.3 Total audit 25.7 21.2 17.3 Audit-related assurance service 1.0 1.0 0.8 Other assurance services (b) 2.3 2.7 1.4 Total assurance services 3.3 3.7 2.2 Tax compliance \u2014 \u2014 \u2014 Other non-audit services not covered above 0.3 0.2 0.1 Total non-audit services 3.6 3.9 2.3 Total Group auditors\u2019 remuneration 29.3 25.1 19.6 Audit fees payable to other accounting firms Audit of the financial statements of the Group\u2019s subsidiaries 0.2 0.3 0.6 Fees in respect of pension scheme audits 0.1 0.1 0.1 Total audit fees payable to other accounting firms 0.3 0.4 0.7 (a) The remuneration payable to KPMG, the Group auditors, is approved by the Audit Committee. The Committee sets the policy for the award of non-audit work to the auditors and approves the nature and extent of such work, and the amount of the related fees, to ensure that independence is maintained. The fees disclosed above consolidate all payments, including overruns, made to member firms of KPMG by the companies and their subsidiaries, along with fees in respect of joint operations paid for by the Group. Non-audit services arise largely from assurance and regulation related work. (b) Other assurance services relates to the review of non-statutory financial information including sustainability reporting. Under SEC regulations, the remuneration to KPMG firms and associates of US$29.3 million (2021: US$25.1 million; 2020: US$19.6 million) is required to be presented as follows: audit fees US$27.0 million (2021: US$22.6 million; 2020: US$18.0 million), audit-related fees US$2.0 million (2021: US$2.3 million; 2020: US$1.6 million), Tax fees US$nil (2021: US$nil; 2020: US$nil) and all other fees US$0.3 million (2021: US$0.2 million; 2020: US$nil) 39 Events after the balance sheet date On 16 February 2023, we re-financed the US$3.9 billion Oyu Tolgoi project finance facility with a syndicate of international financial institutions, export credit agencies and commercial lenders. The lenders have agreed to a deferral of the principal repayments by three years to June 2026 and to an extension of the final maturity date by five years from 2030 to 2035. The terms and conditions are broadly unchanged and lenders continue to benefit from the Debt Service Undertaking from Turquoise Hill Resources Limited and the Completion Support Undertaking from Rio Tinto plc. There were no other significant events after the balance sheet date requiring disclosure. 40 New standards issued but not yet effective We have not early adopted any new accounting standards or amendments that have been issued but are not yet effective. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes, mandatory in 2023 and endorsed by the UK) The Group will adopt, from January 2023 (the transition date), the narrow-scope amendments to IAS 12, which introduce an exclusion to the initial recognition exemption application for transactions that give rise to equal and offsetting taxable and deductible temporary differences. Our existing accounting policy states that \u201cwhere the recognition of an asset and liability from a single transaction gives rise to equal and offsetting temporary differences, Rio Tinto applies the initial recognition exemption allowed by IAS 12, and consequently recognises neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences\u201d. Under the amendments, deferred tax assets and liabilities are required to be recognised in respect of such temporary differences from the transition date, with restatement of comparatives for 2022 and 2021. The most significant impact of implementing these amendments is expected to be from temporary differences related to the Group's provisions for close-down and restoration (note 14), and lease obligations (note 21) and corresponding capitalised closure costs and right of use assets (note 13). Adjustments to deferred tax assets and liabilities related to these balances will be recognised as at 1 January 2021, being the beginning of the earliest comparative period presented in 2023 financial statements, with the cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For other transactions the amendments apply only to those taking place on or after 1 January 2021. The impact of restatement as at 31 December 2022 is that the Group will recognise additional gross deferred tax liabilities of US$922 million and gross deferred tax assets of US$1.4 billion in relation to close-down and restoration obligations and related capitalised closure costs. The Group will also recognise additional gross deferred tax liabilities of US$140 million and gross deferred tax assets of US$149 million in relation to lease liabilities and related right of use assets (note 15). After the required offsetting within the same tax jurisdiction, these adjustments result in the Group recognising additional net deferred tax assets of US$30 million and a reduction in net deferred tax liabilities of US$437 million (note 15) with the resulting cumulative impact increasing retained earnings (inclusive of income statement adjustments described below) by US$459 million.\u2006 As at 1 January 2021 and 31 December 2021, the restatement of gross and net deferred tax balances does not differ materially from the impact as at 31 December 2022. Financial statements continued Notes to the 2022 financial statements 222 Annual Report 2022\u2000|\u2000riotinto.com The impact of restatement on net earnings for the year ended 2022 is a net charge of US$28 million, comprising a US$84 million credit (2021:US$22 million) related to depreciation of closure and right of use assets, and settlement of closure and lease liabilities, offset by a US$112 million charge (2021: US$nil) related to the derecognition of deferred tax assets as a result of the recently enacted Corporate Alternative Minimum Tax regime in the USA referred to in note 10 on page 172. There will be no impact on tax cash flows or amounts recognised on the balance sheet as tax recoverable or payable as a result of implementing these amendments. IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts (mandatory in 2023 and endorsed by the UK) The standard provides consistent principles for all aspects of accounting for insurance contracts. We are finalising our assessment and have not identified a material impact to date, particularly in areas of judgment related to reinsurance contracts with EAUs and in substance self-insurance arrangements. Other amendments The assessment is ongoing in relation to other amendments, but no material impact has been identified to date. These are listed below: \u2013 Amendments to IAS 1 Presentation of Financial Statements: disclosure of accounting policies (mandatory in 2023 and endorsed by the UK); \u2013 Amendments to IAS 8 Accounting policies, changes in accounting estimates and errors: definition of accounting estimates (mandatory in 2023 and endorsed by the UK) \u2013 Amendments to IAS 1 Presentation of Financial Statements: classification of liabilities (mandatory in 2024 and not yet endorsed by the UK) . 41 Rio Tinto Limited parent company disclosures As at 31 December 2022 A$m 2021 A$m Assets Current assets 11,712 13,935 Non-current assets 2,646 3,413 Total assets 14,358 17,348 Liabilities Current liabilities (616) (2,296) Non-current liabilities (36) (806) Total liabilities (652) (3,102) Net assets 13,706 14,246 Shareholders\u2019 equity Share capital 3,504 3,504 Other reserves 301 309 Retained earnings 9,901 10,433 Total equity 13,706 14,246 Profit of the parent company 11,355 24,037 Total comprehensive income of the parent company 11,355 24,037 Prepared under Australian Accounting Standards (AAS) and in accordance with Australian Corporations Act (see page 249). In relation to Rio Tinto Limited there are no significant measurement differences between AAS and IFRS as defined on page 148. Rio Tinto Limited guarantees Rio Tinto Limited provides a number of guarantees in respect of Group companies. Rio Tinto plc and Rio Tinto Limited have jointly guaranteed the Group\u2019s external listed debt under the US Shelf Programme, European Debt Issuance Programme and Commercial Paper Programme. At 31 December 2022 this totalled A$8.1 billion (31 December 2021: A$7.6 billion). These entities also jointly guarantee the Group\u2019s undrawn credit facility, A$11.1 billion at 31 December 2022 (31 December 2021: A$10.3 billion). Rio Tinto Limited has guaranteed other external debt held by Rio Tinto Group entities which totalled A$0.1 billion at 31 December 2022 (31 December 2021: A$0.1 billion). In addition, Rio Tinto Limited has provided a guarantee of all third-party obligations, including contingent obligations, of Rio Tinto Finance Limited, a wholly owned subsidiary. Pursuant to the DLC Merger, both Rio Tinto plc and Rio Tinto Limited issued deed poll guarantees by which each company guaranteed contractual obligations incurred by the other or guaranteed by the other. Financial statements Annual Report 2022 | riotinto.com 223 223Annual Report 2022 | riotinto.com Financial statements Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
1043802 Ontario Ltd Canada
CAD Ordinary
shares
100 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
10676276 Canada Inc. Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
1109723 B.C. Ltd. Canada
CAD Common
shares
100 100
1800-510 West Georgia Street, Vancouver BC V6B
0M3, Canada
46106 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
46117 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
535630 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
AGM Holding Company Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Alcan Asia Limited Hong Kong
HKD Ordinary
shares
100 100
6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai,
Hong Kong
Alcan Betriebs-
und Verwaltungsgesellschaft GmbH
Germany
\u20ac51.13 Ordinary
shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
Alcan Chemicals Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Alcan Composites Brasil Ltda Brazil
BRL0.01 Ordinary
shares
100 100
Avenida das Na\u00e7\u00f5es Unidas, 12 551 - 19th floor - Suite
1.911, S\u00e3o Paulo, SP, 04578-00, Brazil
Alcan Corporation United States
US$0.01 Ordinary
shares
100 100
211 East 7th Street, Suite 620, Austin TX 78701-3218,
United States
Alcan Farms Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Alcan Gove Development Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Alcan Holdings Australia Pty Limited Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Ordinary
shares
100
Alcan Holdings Europe B.V.
Netherlands
\u20ac4,570,000,000.00
Common shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Alcan Holdings Nederland B.V. Netherlands
\u20ac4,555.00
Ordinary shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Financial statements continued
Notes to the 2022 financial statements
42 Related undertakings
In accordance with section 409 of the UK Companies Act 2006, disclosed below is a full list of related undertakings of the Group. Related
undertakings include \u201csubsidiaries\u201d, \u201cassociated undertakings\u201d, and \u201csignificant holdings in undertakings other than subsidiary companies\u201d. The
registered office address, country of incorporation, classes of shares and the effective percentage of equity owned by the Group calculated by
reference to voting rights, are disclosed as at 31 December 2022.
The definition of a subsidiary undertaking in accordance with the UK Companies Act 2006 is different from the definition under IFRS. As a result, the
related undertakings included within this list may not be the same as the related undertakings consolidated in the Group IFRS financial statements.
Unless otherwise disclosed, all undertakings with an effective equity holding of greater than 50% are considered subsidiary undertakings for the
purpose of this note.
Refer to the \u201cBasis of consolidation\u201d on page 148 for further information on accounting policies, basis of consolidation, principal subsidiaries, joint
operations, joint ventures and associates.
An explanation of the dual listed companies structure of Rio Tinto plc and Rio Tinto Limited can be found on pages 338 to 339. For completeness,
the effective ownership by the Group relates to effective holdings by both entities either together or individually.
Wholly owned subsidiary undertakings
224 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com224
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
1043802 Ontario Ltd Canada
CAD Ordinary
shares
100 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
10676276 Canada Inc. Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
1109723 B.C. Ltd. Canada
CAD Common
shares
100 100
1800-510 West Georgia Street, Vancouver BC V6B
0M3, Canada
46106 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
46117 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
535630 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
AGM Holding Company Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Alcan Asia Limited Hong Kong
HKD Ordinary
shares
100 100
6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai,
Hong Kong
Alcan Betriebs-
und Verwaltungsgesellschaft GmbH
Germany
\u20ac51.13 Ordinary
shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
Alcan Chemicals Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Alcan Composites Brasil Ltda Brazil
BRL0.01 Ordinary
shares
100 100
Avenida das Na\u00e7\u00f5es Unidas, 12 551 - 19th floor - Suite
1.911, S\u00e3o Paulo, SP, 04578-00, Brazil
Alcan Corporation United States
US$0.01 Ordinary
shares
100 100
211 East 7th Street, Suite 620, Austin TX 78701-3218,
United States
Alcan Farms Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Alcan Gove Development Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Alcan Holdings Australia Pty Limited Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Ordinary
shares
100
Alcan Holdings Europe B.V.
Netherlands
\u20ac4,570,000,000.00
Common shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Alcan Holdings Nederland B.V. Netherlands
\u20ac4,555.00
Ordinary shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Financial statements continued
Notes to the 2022 financial statements
42 Related undertakings
In accordance with section 409 of the UK Companies Act 2006, disclosed below is a full list of related undertakings of the Group. Related
undertakings include \u201csubsidiaries\u201d, \u201cassociated undertakings\u201d, and \u201csignificant holdings in undertakings other than subsidiary companies\u201d. The
registered office address, country of incorporation, classes of shares and the effective percentage of equity owned by the Group calculated by
reference to voting rights, are disclosed as at 31 December 2022.
The definition of a subsidiary undertaking in accordance with the UK Companies Act 2006 is different from the definition under IFRS. As a result, the
related undertakings included within this list may not be the same as the related undertakings consolidated in the Group IFRS financial statements.
Unless otherwise disclosed, all undertakings with an effective equity holding of greater than 50% are considered subsidiary undertakings for the
purpose of this note.
Refer to the \u201cBasis of consolidation\u201d on page 148 for further information on accounting policies, basis of consolidation, principal subsidiaries, joint
operations, joint ventures and associates.
An explanation of the dual listed companies structure of Rio Tinto plc and Rio Tinto Limited can be found on pages 338 to 339. For completeness,
the effective ownership by the Group relates to effective holdings by both entities either together or individually.
Wholly owned subsidiary undertakings
224 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com224
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
1043802 Ontario Ltd Canada
CAD Ordinary
shares
100 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
10676276 Canada Inc. Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
1109723 B.C. Ltd. Canada
CAD Common
shares
100 100
1800-510 West Georgia Street, Vancouver BC V6B
0M3, Canada
46106 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
46117 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
535630 YUKON INC. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 3T2,
Canada
AGM Holding Company Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Alcan Asia Limited Hong Kong
HKD Ordinary
shares
100 100
6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai,
Hong Kong
Alcan Betriebs-
und Verwaltungsgesellschaft GmbH
Germany
\u20ac51.13 Ordinary
shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
Alcan Chemicals Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Alcan Composites Brasil Ltda Brazil
BRL0.01 Ordinary
shares
100 100
Avenida das Na\u00e7\u00f5es Unidas, 12 551 - 19th floor - Suite
1.911, S\u00e3o Paulo, SP, 04578-00, Brazil
Alcan Corporation United States
US$0.01 Ordinary
shares
100 100
211 East 7th Street, Suite 620, Austin TX 78701-3218,
United States
Alcan Farms Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Alcan Gove Development Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Alcan Holdings Australia Pty Limited Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Ordinary
shares
100
Alcan Holdings Europe B.V.
Netherlands
\u20ac4,570,000,000.00
Common shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Alcan Holdings Nederland B.V. Netherlands
\u20ac4,555.00
Ordinary shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Financial statements continued
Notes to the 2022 financial statements
42 Related undertakings
In accordance with section 409 of the UK Companies Act 2006, disclosed below is a full list of related undertakings of the Group. Related
undertakings include \u201csubsidiaries\u201d, \u201cassociated undertakings\u201d, and \u201csignificant holdings in undertakings other than subsidiary companies\u201d. The
registered office address, country of incorporation, classes of shares and the effective percentage of equity owned by the Group calculated by
reference to voting rights, are disclosed as at 31 December 2022.
The definition of a subsidiary undertaking in accordance with the UK Companies Act 2006 is different from the definition under IFRS. As a result, the
related undertakings included within this list may not be the same as the related undertakings consolidated in the Group IFRS financial statements.
Unless otherwise disclosed, all undertakings with an effective equity holding of greater than 50% are considered subsidiary undertakings for the
purpose of this note.
Refer to the \u201cBasis of consolidation\u201d on page 148 for further information on accounting policies, basis of consolidation, principal subsidiaries, joint
operations, joint ventures and associates.
An explanation of the dual listed companies structure of Rio Tinto plc and Rio Tinto Limited can be found on pages 338 to 339. For completeness,
the effective ownership by the Group relates to effective holdings by both entities either together or individually.
Wholly owned subsidiary undertakings
224 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Alcan Holdings Switzerland AG (SA/Ltd.) Switzerland
CHF0.01
Registered shares
100 100 Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland
Alcan International Network U.S.A. Inc. United States
US$ Ordinary
shares
100 100 80 State Street, Albany NY 12207-2543, United States
Alcan Lebensmittelverpackungen GmbH Germany
\u20ac51.12918
Ordinary shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
Alcan Management Services (Shanghai) Co.,
Ltd.
(d)
China
US$1.00 Ordinary
shares
100 100
Unit E, 40F Wheelock Square, No. 1717 West Nanjing
Road, Jing'an District, Shanghai, 200040, China
Alcan Management Services Canada Limite
d / Societe de Services de Gestion Alcan Ca
nada Limitee
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Alcan Northern Territory Alumina Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Alcan Packaging M\u00fchltal Gmbh & Co. KG Germany
\u20ac51.129188
Ordinary shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
Alcan Primary Metal Australia Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Alcan Primary Products Company LLC United States US$ Unit shares 100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Alcan Primary Products Corporation United States
US$0.01 Ordinary
shares
100 100
211 East 7th Street, Suite 620, Austin TX 78701-3218,
United States
Alcan Realty Limited /
Societe Immobiliere Alcan Limitee
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Alcan South Pacific Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Alcan Trading AG (SA/Ltd.) Switzerland
CHF1,000.00
Registered shares
100 100 Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland
AML Properties Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Anglesey Aluminium Metal Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
AP Service France
\u20ac15.00 Ordinary
shares
100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France
Argyle Diamond Mines Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Argyle Diamonds Limited
(a)
Australia
100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Ashton Mining Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Ashton Nominees Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Asia Gold Mongolia LLC Mongolia
MNT1,250.00
Common shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19, Khoroo
1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia
Asia Naran Bulag LLC Mongolia
MNT1,000.00
Common shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19, Khoroo
1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia
Australian Coal Holdings Pty. Limited
(a)
Australia
A$ A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Ordinary
shares
100
Australian Mining & Smelting Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Borax Espa\u00f1a, S.A. Spain
\u20ac150.00 Ordinary
shares
100 100 CN 340, Km 954, 12520 NULES, Castellon, Spain
Borax Europe Limited United Kingdom
\u00a30.25 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Financial statements
Annual Report 2022 | riotinto.com 225
225Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Borax Francais France
\u20ac2.75 Ordinary
shares
100 100
89 Route de Bourbourg, 59210, Coudekerque-Branche,
France
Borax Malaysia Sdn Bhd Malaysia
RM1.00 Ordinary
shares
100 100
Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan
Tun Razak, 50400 Kuala Kumpur, Malaysia
Borax Rotterdam BV Netherlands
\u20ac375.00 Ordinary
shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
British Alcan Aluminium Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Canning Resources Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Capricorn Diamonds Investments Pty
Limited
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Cathjoh Holdings Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Channar Management Services Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Channar Mining Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
CIA. Inmobiliaria e Inversiones Cosmos
S.A.C.
Peru
PEN1,000.00
Ordinary shares
100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru
Compania de Transmision Sierraoriente
S.A.C.
Peru
PEN1,000.00
Ordinary shares
100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru
CRA Investments Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
CRA Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Cuprum Metals Pte. Ltd. Singapore
US$ Common shar
es
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Daybreak Development LLC United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Daybreak Property Holdings LLC
(c)
United States - - 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Daybreak Secondary Water Distribution
Company
United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Daybreak Water Holding LLC United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
DB Medical I LLC United States US$ Unit shares 100 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
DBVC1 LLC
(c)
United States - - 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Diavik Diamond Mines (2012) Inc. Canada
CAD Common
shares
100 100
300-5201 50th Avenue, Yellowknife NT X1A 2P8,
Canada
Eastland Management Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Electric Power Generation Limited
(a)
New Zealand
NZD1.00 Ordinary
shares
100 100
1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New
Zealand
Element North 21 GP Inc. / Element Nord 21
GP Inc.
Canada
CAD1.00
Common shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Element North 21 Limited Partnership /
El\u00e9ment Nord 21 Soci\u00e9t\u00e9 en Commandite
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Financial statements continued
Notes to the 2022 financial statements
226 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com226
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Borax Francais France
\u20ac2.75 Ordinary
shares
100 100
89 Route de Bourbourg, 59210, Coudekerque-Branche,
France
Borax Malaysia Sdn Bhd Malaysia
RM1.00 Ordinary
shares
100 100
Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan
Tun Razak, 50400 Kuala Kumpur, Malaysia
Borax Rotterdam BV Netherlands
\u20ac375.00 Ordinary
shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
British Alcan Aluminium Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Canning Resources Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Capricorn Diamonds Investments Pty
Limited
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Cathjoh Holdings Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Channar Management Services Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Channar Mining Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
CIA. Inmobiliaria e Inversiones Cosmos
S.A.C.
Peru
PEN1,000.00
Ordinary shares
100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru
Compania de Transmision Sierraoriente
S.A.C.
Peru
PEN1,000.00
Ordinary shares
100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru
CRA Investments Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
CRA Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Cuprum Metals Pte. Ltd. Singapore
US$ Common shar
es
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Daybreak Development LLC United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Daybreak Property Holdings LLC
(c)
United States - - 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Daybreak Secondary Water Distribution
Company
United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Daybreak Water Holding LLC United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
DB Medical I LLC United States US$ Unit shares 100 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
DBVC1 LLC
(c)
United States - - 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Diavik Diamond Mines (2012) Inc. Canada
CAD Common
shares
100 100
300-5201 50th Avenue, Yellowknife NT X1A 2P8,
Canada
Eastland Management Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Electric Power Generation Limited
(a)
New Zealand
NZD1.00 Ordinary
shares
100 100
1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New
Zealand
Element North 21 GP Inc. / Element Nord 21
GP Inc.
Canada
CAD1.00
Common shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Element North 21 Limited Partnership /
El\u00e9ment Nord 21 Soci\u00e9t\u00e9 en Commandite
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Financial statements continued
Notes to the 2022 financial statements
226 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com226
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Borax Francais France
\u20ac2.75 Ordinary
shares
100 100
89 Route de Bourbourg, 59210, Coudekerque-Branche,
France
Borax Malaysia Sdn Bhd Malaysia
RM1.00 Ordinary
shares
100 100
Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan
Tun Razak, 50400 Kuala Kumpur, Malaysia
Borax Rotterdam BV Netherlands
\u20ac375.00 Ordinary
shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
British Alcan Aluminium Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Canning Resources Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Capricorn Diamonds Investments Pty
Limited
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Cathjoh Holdings Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Channar Management Services Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Channar Mining Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
CIA. Inmobiliaria e Inversiones Cosmos
S.A.C.
Peru
PEN1,000.00
Ordinary shares
100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru
Compania de Transmision Sierraoriente
S.A.C.
Peru
PEN1,000.00
Ordinary shares
100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru
CRA Investments Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
CRA Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Cuprum Metals Pte. Ltd. Singapore
US$ Common shar
es
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Daybreak Development LLC United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Daybreak Property Holdings LLC
(c)
United States - - 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Daybreak Secondary Water Distribution
Company
United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Daybreak Water Holding LLC United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
DB Medical I LLC United States US$ Unit shares 100 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
DBVC1 LLC
(c)
United States - - 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Diavik Diamond Mines (2012) Inc. Canada
CAD Common
shares
100 100
300-5201 50th Avenue, Yellowknife NT X1A 2P8,
Canada
Eastland Management Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Electric Power Generation Limited
(a)
New Zealand
NZD1.00 Ordinary
shares
100 100
1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New
Zealand
Element North 21 GP Inc. / Element Nord 21
GP Inc.
Canada
CAD1.00
Common shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Element North 21 Limited Partnership /
El\u00e9ment Nord 21 Soci\u00e9t\u00e9 en Commandite
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Financial statements continued
Notes to the 2022 financial statements
226 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Empresa de Mineracao Finesa Ltda. Brazil
BRL Quotas
shares
100 100
SIG, QUADRA 04, Lote 75, Sala 109 Parte C, Edificio
Capital Financial Center, Brasilia DF, CEP, 71.610-440,
Brazil
Flambeau Mining Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Fondation Rio Tinto
(c)
Guinea - - 100
Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de
Guin\u00e9e, Guinea
Fundsprops Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000, Austr
alia
Gladstone Infrastructure Pty Ltd Australia
A$ Class G
redeemable
preference shares
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Ordinary
shares
100
Gove Aluminium Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
GPS Energy Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
GPS Nominee Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
GPS Power Pty. Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Hamersley Exploration Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Hamersley HMS Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Hamersley Holdings Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Hamersley Iron - Yandi Pty Limited
(a)
Australia
A$ Class B shares 100
100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
A$ Class C
shares
100
A$ Ordinary
shares
100
Hamersley Iron Pty. Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Hamersley Resources Limited Australia
A$ Ordinary
shares
100
100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
A$ Z Class
Ordinary shares
100
Hamersley WA Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Henlopen Manufacturing Co., Inc. United States
US$100.00
Ordinary shares
100 100 80 State Street, Albany NY 12207-2543, United States
Heruga Exploration LLC Mongolia
MNT12,500.00
Common shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19, Khoroo
1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia
High Purity Iron Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
HIsmelt Corporation Pty Limited
(a)
Australia A$ A Class shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Hunter Valley Resources Pty Ltd Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Class B shares 100
IAL Holdings Singapore Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
IEA Coal Research Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
International Centre for Sustainable Carbon, 27 Old
Gloucester Street, London, England, WC1N 3AX, United
Kingdom
Financial statements
Annual Report 2022 | riotinto.com 227
227Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
IEA Environmental Projects Limited United Kingdom \u00a31.00 Ordinary shares 100 100
Pure Offices Cheltenham Office Park, Hatherley
Lane, Cheltenham, GL51 6SH, United Kingdom
Integrity Land and Cattle LLC United States US$ Unit shares 100 100
8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021,
United States
IOC Sales Limited United Kingdom \u00a31.00 Ordinary shares 100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Jadar Free Zone Management Company
DOO Beograd - Novi Beograd
Serbia
RSD1.00 Ordinary
shares
100 100
Bulevar Milutina Milankovica 1i, 5th Floor, Novi
Beograd, 11070, Serbia
Johcath Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Juna Station Pty Ltd Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Kalimantan Gold Pty Limited Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Kelian Pty. Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Kembla Coal & Coke Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Kennecott Barneys Canyon Mining
Company
United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Exploration Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Exploration Mexico, S.A. de C.V.
(d)
Mexico
MXN1,000.00
Ordinary shares
100 100
Felix Berenguer 125 - 4, Col. Lomas Virreyes,
Distrito Federal, 11000, Mexico
Kennecott Holdings Corporation United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Land Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Land Investment Company LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Molybdenum Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Nevada Copper Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Ridgeway Mining Company United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Royalty Company United States
US$100.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Services Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Uranium Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Utah Copper LLC United States US$ Unit shares 100 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Kennecott Water Distribution LLC United States US$ Ordinary shares 100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Financial statements continued
Notes to the 2022 financial statements
228 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com228
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
IEA Environmental Projects Limited United Kingdom \u00a31.00 Ordinary shares 100 100
Pure Offices Cheltenham Office Park, Hatherley
Lane, Cheltenham, GL51 6SH, United Kingdom
Integrity Land and Cattle LLC United States US$ Unit shares 100 100
8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021,
United States
IOC Sales Limited United Kingdom \u00a31.00 Ordinary shares 100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Jadar Free Zone Management Company
DOO Beograd - Novi Beograd
Serbia
RSD1.00 Ordinary
shares
100 100
Bulevar Milutina Milankovica 1i, 5th Floor, Novi
Beograd, 11070, Serbia
Johcath Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Juna Station Pty Ltd Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Kalimantan Gold Pty Limited Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Kelian Pty. Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Kembla Coal & Coke Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Kennecott Barneys Canyon Mining
Company
United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Exploration Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Exploration Mexico, S.A. de C.V.
(d)
Mexico
MXN1,000.00
Ordinary shares
100 100
Felix Berenguer 125 - 4, Col. Lomas Virreyes,
Distrito Federal, 11000, Mexico
Kennecott Holdings Corporation United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Land Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Land Investment Company LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Molybdenum Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Nevada Copper Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Ridgeway Mining Company United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Royalty Company United States
US$100.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Services Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Uranium Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Utah Copper LLC United States US$ Unit shares 100 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Kennecott Water Distribution LLC United States US$ Ordinary shares 100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Financial statements continued
Notes to the 2022 financial statements
228 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com228
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
IEA Environmental Projects Limited United Kingdom \u00a31.00 Ordinary shares 100 100
Pure Offices Cheltenham Office Park, Hatherley
Lane, Cheltenham, GL51 6SH, United Kingdom
Integrity Land and Cattle LLC United States US$ Unit shares 100 100
8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021,
United States
IOC Sales Limited United Kingdom \u00a31.00 Ordinary shares 100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Jadar Free Zone Management Company
DOO Beograd - Novi Beograd
Serbia
RSD1.00 Ordinary
shares
100 100
Bulevar Milutina Milankovica 1i, 5th Floor, Novi
Beograd, 11070, Serbia
Johcath Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Juna Station Pty Ltd Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Kalimantan Gold Pty Limited Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Kelian Pty. Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Kembla Coal & Coke Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Kennecott Barneys Canyon Mining
Company
United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Exploration Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Exploration Mexico, S.A. de C.V.
(d)
Mexico
MXN1,000.00
Ordinary shares
100 100
Felix Berenguer 125 - 4, Col. Lomas Virreyes,
Distrito Federal, 11000, Mexico
Kennecott Holdings Corporation United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Land Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Land Investment Company LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Molybdenum Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Nevada Copper Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Ridgeway Mining Company United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Royalty Company United States
US$100.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Services Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Uranium Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Kennecott Utah Copper LLC United States US$ Unit shares 100 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Kennecott Water Distribution LLC United States US$ Ordinary shares 100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Financial statements continued
Notes to the 2022 financial statements
228 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Kutaibar Holdings Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Lao Sanxai Minerals Sole Company Limited
Lao People's
Democratic
Republic
US$1.00 Ordinary
shares
100 100
5th Floor, AGL Building, 33 Lane Xang Avenue, Hatsady
Village, Chanthaboury District, Vientiane Capital, Lao
People's Democratic Republic
Lawson Mardon Flexible Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Lawson Mardon Smith Brothers Ltd. United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Lithium Extraction Technologies (Australia)
Pty Ltd
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Metallwerke Refonda AG Switzerland
CHF125.00
Registered shares
100 100 Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland
Metals & Minerals Insurance Pte. Limited Singapore
SGD Ordinary
shares
100
100
50 Raffles Place, #19-00 Singapore Land Tower,
048623, Singapore
SGD Redeemable
preference shares
100
Minera Kennecott, S.A. de C.V.
(d)
Mexico
MXN1.00 Series
\"B\" shares
100 100
Florencia 57, Piso 3, Col. Juarez, Delegacion
Cuauhtemoc, Mexico, D.F., 06600, Mexico
Mineracao Tabuleiro Ltda Brazil
BRL Quotas
shares
100 100
SIG, QUADRA 04, Lote 75, Sala 109 Parte D, Edificio
Capital Financial Center, Brasilia DF, CEP, 71.610-440,
Brazil
MineSmith Australasia Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Mitchell Plateau Bauxite Co. Pty. Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Mount Bruce Mining Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Mount Pleasant Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Mutamba Mineral Sands S.A. Mozambique
MZN100.00
Ordinary shares
100 100
Av. da Marginal N\u00ba 4985, 1\u00ba andar \u2013 Pr\u00e9dio ZEN,
Maputo, Mozambique
NBH Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Nhulunbuy Corporation Limited
(c)
Australia - - 100 19 Westal Street, Nhulunbuy NT 0880, Australia
Norgold Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
North Gold (W.A.) Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
North Insurances Pty. Ltd. Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
North IOC (Bermuda) Holdings Limited Bermuda
US$1.00 Ordinary
shares
100 100
Park Place, 55 Par La Ville Road, Third Floor, Hamilton,
HM11, Bermuda
North IOC (Bermuda) Limited Bermuda
US$143.64 Class
A Ordinary shares
100
100
Park Place, 55 Par La Ville Road, Third Floor, Hamilton,
HM11, Bermuda
US$1.00 Ordinary
shares
100
US$100,000.00
Preferred shares
100
North IOC Holdings Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Financial statements
Annual Report 2022 | riotinto.com 229
229Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
North Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
North Mining Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Nuton LLC
(c)
United States
-
- 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Oyu Tolgoi Netherlands BV Netherlands
\u20ac100.00 Ordinary
shares
100 100
Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam,
Netherlands
Pacific Aluminium (New Zealand) Limited New Zealand
NZD1.00 Ordinary
shares
100
100
1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New
Zealand
NZD2.00
Ordinary shares
100
Pacific Aluminium Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Pacific Coast Mines, Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Aviatube Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Pechiney B\u00e2timent France
\u20ac15.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
Pechiney B\u00e9cancour, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Cast Plate, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Consolidated Australia Pty Limited Australia
US$1.00 Ordinary
shares
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
US$1.00
Preference shares
100
Pechiney Holdings, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Metals LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Philippines Inc.
(d)
Philippines
PHP10.00
Ordinary shares
100 100
Room 306, ITC Building, 337 Sen Gil Puyat Avenue,
Markati, Metro Manila, Philippines
Pechiney Plastic Packaging, Inc. United States
US$ Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Sales Corporation United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Peko Exploration Pty Ltd. Australia
A$ Ordinary
shares
100 100 37 Belmont Avenue, Belmont WA 6104, Australia
Peko-Wallsend Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Pilbara Iron Company (Services) Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Pilbara Iron Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Project Generation Group Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
QIT Madagascar Minerals Ltd Bermuda
US$1.00 Ordinary
shares
100 100
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, 10,
Bermuda
Financial statements continued
Notes to the 2022 financial statements
230 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com230
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
North Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
North Mining Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Nuton LLC
(c)
United States
-
- 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Oyu Tolgoi Netherlands BV Netherlands
\u20ac100.00 Ordinary
shares
100 100
Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam,
Netherlands
Pacific Aluminium (New Zealand) Limited New Zealand
NZD1.00 Ordinary
shares
100
100
1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New
Zealand
NZD2.00
Ordinary shares
100
Pacific Aluminium Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Pacific Coast Mines, Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Aviatube Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Pechiney B\u00e2timent France
\u20ac15.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
Pechiney B\u00e9cancour, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Cast Plate, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Consolidated Australia Pty Limited Australia
US$1.00 Ordinary
shares
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
US$1.00
Preference shares
100
Pechiney Holdings, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Metals LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Philippines Inc.
(d)
Philippines
PHP10.00
Ordinary shares
100 100
Room 306, ITC Building, 337 Sen Gil Puyat Avenue,
Markati, Metro Manila, Philippines
Pechiney Plastic Packaging, Inc. United States
US$ Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Sales Corporation United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Peko Exploration Pty Ltd. Australia
A$ Ordinary
shares
100 100 37 Belmont Avenue, Belmont WA 6104, Australia
Peko-Wallsend Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Pilbara Iron Company (Services) Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Pilbara Iron Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Project Generation Group Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
QIT Madagascar Minerals Ltd Bermuda
US$1.00 Ordinary
shares
100 100
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, 10,
Bermuda
Financial statements continued
Notes to the 2022 financial statements
230 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com230
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
North Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
North Mining Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Nuton LLC
(c)
United States
-
- 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Oyu Tolgoi Netherlands BV Netherlands
\u20ac100.00 Ordinary
shares
100 100
Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam,
Netherlands
Pacific Aluminium (New Zealand) Limited New Zealand
NZD1.00 Ordinary
shares
100
100
1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New
Zealand
NZD2.00
Ordinary shares
100
Pacific Aluminium Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Pacific Coast Mines, Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Aviatube Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Pechiney B\u00e2timent France
\u20ac15.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
Pechiney B\u00e9cancour, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Cast Plate, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Consolidated Australia Pty Limited Australia
US$1.00 Ordinary
shares
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
US$1.00
Preference shares
100
Pechiney Holdings, Inc. United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Metals LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Philippines Inc.
(d)
Philippines
PHP10.00
Ordinary shares
100 100
Room 306, ITC Building, 337 Sen Gil Puyat Avenue,
Markati, Metro Manila, Philippines
Pechiney Plastic Packaging, Inc. United States
US$ Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Pechiney Sales Corporation United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Peko Exploration Pty Ltd. Australia
A$ Ordinary
shares
100 100 37 Belmont Avenue, Belmont WA 6104, Australia
Peko-Wallsend Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Pilbara Iron Company (Services) Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Pilbara Iron Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Project Generation Group Pty Ltd
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
QIT Madagascar Minerals Ltd Bermuda
US$1.00 Ordinary
shares
100 100
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, 10,
Bermuda
Financial statements continued
Notes to the 2022 financial statements
230 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Queensland Coal Pty. Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Qu\u00edmica e Metal\u00fargica Mequital Ltda. Brazil
BRL Ordinary
shares
100 100
Av. das Na\u00e7\u00f5es Unida, 12551 19o, andar, CJ 1911,
04578-000, S\u00e3o Paulo, SP, Brazil
Ranges Management Company Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Ranges Mining Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Resolution Copper Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rhodes Ridge Account Manager Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rhodes Ridge Management Services Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Richards Bay Mining Holdings (Proprietary)
Limited
South Africa
ZAR1.00 A
Ordinary shares
100
100
The Farm RBM, Number 16317, KwaZulu-Natal, 3900,
South Africa
ZAR1.00 B
Ordinary shares
100
Richards Bay Titanium Holdings (Proprietary)
Limited
South Africa
ZAR1.00 A
Ordinary shares
100
100
The Farm RBM, Number 16317, KwaZulu-Natal, 3900,
South Africa
ZAR1.00 B
Ordinary shares
100
Rincon Mining Pty Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio de Contas Desenvolvimentos Minerais
Ltda
Brazil BRL Quota shares 100 100
Rua Coronel Durval Matos, S/N Centro, Municipio de
Jaguaquara, Estado da Bahia, CEP, 45345-000, Brazil
Rio Santa Rita Empreenimentos e-
Particiacoes Ltda
Brazil BRL Quota shares 100 100
SIG, QUADRA 04, Lote 75, Sala 109 Parte E, Edificio
Capital Financial Center, Brasilia DF, CEP, 71.610-440,
Brazil
Rio Sava Exploration DOO Serbia
US$ Founder's
shares
100 100
Bulevar Milutina Milankovica 1i, 5th Floor, Novi Beograd,
11070, Serbia
Rio Tinto (Commercial Paper) Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Advisory Services Pty Limited Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Alcan Fund Inc. Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Rio Tinto Alcan Inc. Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Rio Tinto Alcan International Ltd. / Rio Tinto
Alcan International Ltee
Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Rio Tinto Alcan Technology Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Aluminium (Bell Bay) Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Aluminium (Holdings) Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Aluminium Bell Bay Sales Pty
Limited
Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Aluminium Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Financial statements
Annual Report 2022 | riotinto.com 231
231Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto Aluminium Pechiney France
\u20ac10.00 Ordinary
shares
100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France
Rio Tinto Aluminium Services Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto America Holdings Inc. United States
US$0.01 Class A
Common shares
100
100
251 Little Falls Drive, Wilmington DE 19808, United
States
US$100.00 Series
A Preferred
shares
100
Rio Tinto America Inc. United States
US$100.00
Common shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Angola (SU), LDA. Angola
AOK Common
shares
100 100
Edificio Kilamba, 20. andar, Avenida 4 de Fevereiro,
Marginal de Luanda, Luanda, Angola
Rio Tinto Asia Ltd Hong Kong
HKD Ordinary
shares
100 100
6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai,
Hong Kong
Rio Tinto Asia Pty. Limited
(a)
Australia
A$ Class A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ Ordinary
shares
100
Rio Tinto AuM Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Australian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$0.3218
Ordinary shares
100
Rio Tinto Bahia Holdings Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Brazilian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Brazilian Investments Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Canada Finance Limited
(e)
United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Canada Inc Canada
CAD Class B
shares
100
100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
CAD Class C
shares
100
CAD Class D
shares
100
CAD Class J
shares
100
Rio Tinto Canada Management Inc./ Rio
Tinto Gestion Canada Inc.
Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Financial statements continued
Notes to the 2022 financial statements
232 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com232
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto Aluminium Pechiney France
\u20ac10.00 Ordinary
shares
100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France
Rio Tinto Aluminium Services Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto America Holdings Inc. United States
US$0.01 Class A
Common shares
100
100
251 Little Falls Drive, Wilmington DE 19808, United
States
US$100.00 Series
A Preferred
shares
100
Rio Tinto America Inc. United States
US$100.00
Common shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Angola (SU), LDA. Angola
AOK Common
shares
100 100
Edificio Kilamba, 20. andar, Avenida 4 de Fevereiro,
Marginal de Luanda, Luanda, Angola
Rio Tinto Asia Ltd Hong Kong
HKD Ordinary
shares
100 100
6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai,
Hong Kong
Rio Tinto Asia Pty. Limited
(a)
Australia
A$ Class A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ Ordinary
shares
100
Rio Tinto AuM Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Australian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$0.3218
Ordinary shares
100
Rio Tinto Bahia Holdings Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Brazilian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Brazilian Investments Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Canada Finance Limited
(e)
United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Canada Inc Canada
CAD Class B
shares
100
100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
CAD Class C
shares
100
CAD Class D
shares
100
CAD Class J
shares
100
Rio Tinto Canada Management Inc./ Rio
Tinto Gestion Canada Inc.
Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Financial statements continued
Notes to the 2022 financial statements
232 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com232
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto Aluminium Pechiney France
\u20ac10.00 Ordinary
shares
100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France
Rio Tinto Aluminium Services Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto America Holdings Inc. United States
US$0.01 Class A
Common shares
100
100
251 Little Falls Drive, Wilmington DE 19808, United
States
US$100.00 Series
A Preferred
shares
100
Rio Tinto America Inc. United States
US$100.00
Common shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Angola (SU), LDA. Angola
AOK Common
shares
100 100
Edificio Kilamba, 20. andar, Avenida 4 de Fevereiro,
Marginal de Luanda, Luanda, Angola
Rio Tinto Asia Ltd Hong Kong
HKD Ordinary
shares
100 100
6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai,
Hong Kong
Rio Tinto Asia Pty. Limited
(a)
Australia
A$ Class A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ Ordinary
shares
100
Rio Tinto AuM Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Australian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$0.3218
Ordinary shares
100
Rio Tinto Bahia Holdings Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Brazilian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Brazilian Investments Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Canada Finance Limited
(e)
United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Canada Inc Canada
CAD Class B
shares
100
100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
CAD Class C
shares
100
CAD Class D
shares
100
CAD Class J
shares
100
Rio Tinto Canada Management Inc./ Rio
Tinto Gestion Canada Inc.
Canada
CAD Common
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Financial statements continued
Notes to the 2022 financial statements
232 Annual Report 2022\u2000|\u2000riotinto.com
Rio Tinto Chile SpA Chile
US$1.00 Ordinary
shares
100 100
Av. Presidente Riesco 5435, Of. 1302, Las Condes,
Santiago, Chile
Rio Tinto Closure Pty Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Coal (Clermont) Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Coal Australia Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Coal Investments Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Coal NSW Holdings Limited
(a)
Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Rio Tinto Commercial Americas Inc. United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Commercial GmbH Germany
\u20ac1.00 Common
shares
100 100
Alfred-Herrhausen-Allee 3-5, 65760, Eschborn,
Germany
Rio Tinto Commercial Pte. Ltd. Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3,
018982, Singapore
Rio Tinto Copper Holdings Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Desenvolvimentos Minerais Ltda. Brazil BRL Quotas shares 100 100
SIG Quadra 04, Lote 175, Torre A, Salas 106 a 109,
Edificio Capital Financial Center, Brasilia, CEP
70610-440, Brazil
Rio Tinto Diamonds Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Diamonds Netherlands B.V. Netherlands
\u20ac500.00 Ordinary
shares
100 100
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Rio Tinto Diamonds NV Belgium \u20ac Ordinary shares 100 100 Hoveniersstraat 53, 2018 Antwerp, Belgium, Belgium
Rio Tinto do Brasil Ltda. Brazil
BRL1.00 Quota
shares
100 100
Avenida Engenheiro Emiliano Macieira, 1 - km 18,
Pedrinhas, Sao Luis, MA, 65095-603, Brazil
Rio Tinto Eastern Investments B.V. Netherlands
US$12,510,234,217.
00 Ordinary shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Energy America Inc. United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Energy Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Escondida Limited Bermuda
US$1.00 Common
shares
100 100
22 Canon\u2019s Court, Victoria Street, Hamilton, HM 12,
Bermuda
Rio Tinto European Holdings Limited
(b)
United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Exploration (Asia) Holdings Pte.
Ltd.
Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3,
018982, Singapore
Rio Tinto Exploration (PNG) Limited(a) Papua New Guinea
PGK1.00 Ordinary
shares
100 100
Section 15, Lot 15, Bernal Street, National Capital
District, Port Moresby, Papua New Guinea
Rio Tinto Exploration Canada Inc. Canada
CAD Class B
shares
100
100
1212-1175 Douglas Street, Victoria BC V8W 2E1,
Canada
CAD Class C
shares
100
CAD Class D
shares
100
Rio Tinto Exploration Dunav d.o.o. Beograd -
Novi Beograd
(c)
Serbia - - 100
1i Bulevar Milutina Milankovica, Belgrade, 11000,
Serbia
Rio Tinto Exploration Finland OY Finland \u20ac Ordinary shares 100 100 PL 18, Helsinki, 00271, Finland
Rio Tinto Exploration India Private Limited
(d)
India
INR10.00 Ordinary
shares
100 100
21st Floor, DLF Building No. 5, Tower A, DLF Cyber
City Phase III, Gurgaon, Haryana, 122002, India
Rio Tinto Exploration Kazakhstan LLP
(c)
Kazakhstan - - 100 Dostyk 310/G, Almaty, 050020, Kazakhstan
Rio Tinto Exploration Pty Limited
(a)
Australia
A$ Class B shares 100
100 37 Belmont Avenue, Belmont WA 6104, Australia
A$ Class C shares 100
A$ Ordinary shares 100
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Financial statements
Annual Report 2022 | riotinto.com 233
233Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
by Group
companies
Group %
ownership Registered office address
Rio Tinto Exploration Zambia Limited Zambia
ZMW1.00 Ordinary
shares
100 100
Suit FF08, No.4 Bishops Road, Kabulonga, Lusaka,
Zambia
Rio Tinto FalCon Diamonds Inc. Canada
CAD1,000.00
Common shares
100 100
300-815 West Hastings Street, Vancouver BC V6C
1B4, Canada
Rio Tinto Fer et Titane Inc. Canada
CAD Common
shares
100 100
1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6,
Canada
Rio Tinto Finance (Rhodes Ridge) Pty Ltd Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance (USA) Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Finance (USA) Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance (USA) plc United Kingdom
\u00a31.00 Ordinary
Shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Finance Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance plc United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto France S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
Rio Tinto Global Employment Company Pte.
Ltd.
Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3,
018982, Singapore
Rio Tinto Guin\u00e9e S.A. Guinea
GNF100,000.00
Ordinary shares
100 100
Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de
Guin\u00e9e, Guinea
Rio Tinto Holding PNG Limited Papua New Guinea
PGK1.00 Ordinary
shares
100 100
C/- Bdo, Section 15, Lot 15, Bernal Street, Port
Moresby, National Capital District, Papua New
Guinea
Rio Tinto Holdings LLC Mongolia
MNT20,000.00
Ordinary shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19,
Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241,
Mongolia
Rio Tinto Hydrogen Energy LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Iceland Ltd. Iceland
ISK1.00 Registered
shares
100 100 P.O. Box 244, IS-222, Hafnarfj\u00f6rdur, Iceland
Rio Tinto India Private Limited India
INR10.00 Ordinary
shares
100 100
21st Floor, DLF Building No. 5, Tower A, DLF Cyber
City, Phase-III, Gurugram, Haryana, 122022, India
Rio Tinto Indonesian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto International Holdings Limited
(b)
United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Investments One Pty Limited Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio Tinto Investments Two Pty Limited Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Financial statements continued
Notes to the 2022 financial statements
234 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com234
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
Group %
ownership Registered office address
Rio Tinto Exploration Zambia Limited Zambia
ZMW1.00 Ordinary
shares
100 100
Suit FF08, No.4 Bishops Road, Kabulonga, Lusaka,
Zambia
Rio Tinto FalCon Diamonds Inc. Canada
CAD1,000.00
Common shares
100 100
300-815 West Hastings Street, Vancouver BC V6C
1B4, Canada
Rio Tinto Fer et Titane Inc. Canada
CAD Common
shares
100 100
1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6,
Canada
Rio Tinto Finance (Rhodes Ridge) Pty Ltd Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance (USA) Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Finance (USA) Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance (USA) plc United Kingdom
\u00a31.00 Ordinary
Shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Finance Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance plc United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto France S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
Rio Tinto Global Employment Company Pte.
Ltd.
Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3,
018982, Singapore
Rio Tinto Guin\u00e9e S.A. Guinea
GNF100,000.00
Ordinary shares
100 100
Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de
Guin\u00e9e, Guinea
Rio Tinto Holding PNG Limited Papua New Guinea
PGK1.00 Ordinary
shares
100 100
C/- Bdo, Section 15, Lot 15, Bernal Street, Port
Moresby, National Capital District, Papua New
Guinea
Rio Tinto Holdings LLC Mongolia
MNT20,000.00
Ordinary shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19,
Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241,
Mongolia
Rio Tinto Hydrogen Energy LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Iceland Ltd. Iceland
ISK1.00 Registered
shares
100 100 P.O. Box 244, IS-222, Hafnarfj\u00f6rdur, Iceland
Rio Tinto India Private Limited India
INR10.00 Ordinary
shares
100 100
21st Floor, DLF Building No. 5, Tower A, DLF Cyber
City, Phase-III, Gurugram, Haryana, 122022, India
Rio Tinto Indonesian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto International Holdings Limited
(b)
United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Investments One Pty Limited Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio Tinto Investments Two Pty Limited Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Financial statements continued
Notes to the 2022 financial statements
234 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com234
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
class held
by Group
companies
Effective
Group %
ownership
Registered office address
Rio Tinto Exploration Zambia Limited Zambia
ZMW1.00 Ordinary
shares
100 100
Suit FF08, No.4 Bishops Road, Kabulonga, Lusaka,
Zambia
Rio Tinto FalCon Diamonds Inc. Canada
CAD1,000.00
Common shares
100 100
300-815 West Hastings Street, Vancouver BC V6C
1B4, Canada
Rio Tinto Fer et Titane Inc. Canada
CAD Common
shares
100 100
1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6,
Canada
Rio Tinto Finance (Rhodes Ridge) Pty Ltd Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance (USA) Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Finance (USA) Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance (USA) plc United Kingdom
\u00a31.00 Ordinary
Shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Finance Limited
(a)
Australia A$ Ordinary shares 100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Finance plc United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto France S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
Rio Tinto Global Employment Company Pte.
Ltd.
Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3,
018982, Singapore
Rio Tinto Guin\u00e9e S.A. Guinea
GNF100,000.00
Ordinary shares
100 100
Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de
Guin\u00e9e, Guinea
Rio Tinto Holding PNG Limited Papua New Guinea
PGK1.00 Ordinary
shares
100 100
C/- Bdo, Section 15, Lot 15, Bernal Street, Port
Moresby, National Capital District, Papua New
Guinea
Rio Tinto Holdings LLC Mongolia
MNT20,000.00
Ordinary shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19,
Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241,
Mongolia
Rio Tinto Hydrogen Energy LLC
(c)
United States - - 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Iceland Ltd. Iceland
ISK1.00 Registered
shares
100 100 P.O. Box 244, IS-222, Hafnarfj\u00f6rdur, Iceland
Rio Tinto India Private Limited India
INR10.00 Ordinary
shares
100 100
21st Floor, DLF Building No. 5, Tower A, DLF Cyber
City, Phase-III, Gurugram, Haryana, 122022, India
Rio Tinto Indonesian Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto International Holdings Limited
(b)
United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Investments One Pty Limited Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio Tinto Investments Two Pty Limited Australia A$ Ordinary shares 100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Financial statements continued
Notes to the 2022 financial statements
234 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto Iron & Titanium (Suzhou) Co., Ltd China
US$1.00 Ordinary
shares
100 100
418 Nanshi Street, Suzhou Industrial Park, Suzhou,
215021, China
Rio Tinto Iron & Titanium GmbH
(c)
Germany - - 100
Alfred-Herrhausen-Allee 3-5, 65760, Eschborn,
Germany
Rio Tinto Iron & Titanium Holdings GmbH
(c)
Germany - - 100
Alfred-Herrhausen-Allee 3-5, 65760, Eschborn,
Germany
Rio Tinto Iron & Titanium Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Iron and Titanium Canada Inc. / Rio
Tinto Fer et Titane Canada Inc.
Canada
CAD Common
shares
100 100
1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6,
Canada
Rio Tinto Iron Ore (Pilbara) Sales Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio Tinto Iron Ore Atlantic Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Iron Ore Europe S.A.S. France
\u20ac100.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
Rio Tinto Iron Ore Trading China Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Japan Ltd Japan
JPY500.00
Ordinary shares
100 100
8th Floor, Kojimachi Diamond Building, 1 Kojimachi 4-
chome, Chiyoda-ku, Tokyo 102-0083, Japan
Rio Tinto Jersey Holdings 2010 Limited Jersey
US$ Ordinary
shares
100 100 3rd Floor, IFC 5, Castle Street, St Helier, JE2 3BY, Jersey
Rio Tinto Korea Ltd Korea, Republic of
KRW10,000.00
Ordinary shares
100 100
2nd Floor, JS Tower, 6 Teheran-ro 79-gil, Gangnam-
Gu, Seoul, 06158, Korea
Rio Tinto London Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Management Services South Africa
(Proprietary) Ltd
South Africa
ZAR2.00 Ordinary
shares
100 100 1 Harries Road, Illovo, Sandton, 2196, South Africa
Rio Tinto Marketing Pte. Ltd. Singapore
SGD1.00 Ordinary
shares
100
100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$1.00 Ordinary
shares
100
Rio Tinto Marketing Services Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Medical Plan Trustees Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Metals Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Minera Peru Limitada SAC Peru
PEN100.00
Ordinary shares
100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru
Rio Tinto Mineracao do Brasil Ltda Brazil
BRL1.00 Quotas
shares
100 100
SIG Quadra 04, Lote 75, Torre A Sala, 109 Parte B,
Edificio Capital Financial Center, Brasilia, CEP,
70610-440, Brazil
Rio Tinto Minerals Asia Pte Ltd Singapore
SGD1.00 Ordinary
shares
100
100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$1.00 Ordinary
shares
100
Rio Tinto Minerals Development Limited United Kingdom
\u00a30.25 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Minerals Exploration (Beijing) Co.,
Ltd
China
US$1.00 Ordinary
shares
100 100
Units 15 - 16, 18/F, China World Office Building 2, No. 1
Jianguomenwai Dajie, Chaoyang District, Beijing, China
Rio Tinto Minerals Inc.
United States
US$0.01 Common
shares
100 100
15 West South Temple, Suite 600, Salt Lake City UT
84101, United States
Rio Tinto Minerals Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Financial statements
Annual Report 2022 | riotinto.com 235
235Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto Mining and Exploration Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Mining and Exploration Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Mining and Exploration S.A.C. Peru
PEN0.50 Ordinary
shares
100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru
Rio Tinto Mining Commercial (Shanghai)
Co., Ltd.
China
CNY1.00 Ordinary
shares
100 100
Room 328, 3rd Floor, Unit 2, 231 Shibocun Road,
Shanghai, Pilot Free Trade Zone, 200125 , China
Rio Tinto Mongolia LLC Mongolia
MNT1,240.00
Common shares
100 100
Level 17, Shangri-La Center , Olympic Street 19A,
Sukhbaatar District, Ulaanbaatar, 14214, Mongolia
Rio Tinto Nominees Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto OT Management Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Overseas Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto PACE Australia Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio Tinto PACE Canada Inc. / Gestion Rio
Tinto PACE Canada Inc.
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Rio Tinto Peru Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Potash Management Inc. / Rio Tinto
Potasse Management Inc.
Canada
CAD Common
shares
100 100
300-815 West Hastings Street, Vancouver BC V6C 1B4,
Canada
Rio Tinto Procurement (Singapore) Pte Ltd Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Pte Ltd Singapore
SGD1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Saskatchewan Management Inc. Canada
CAD Common
shares
100 100
300-815 West Hastings Street, Vancouver BC V6C 1B4,
Canada
Rio Tinto Saskatchewan Potash Holdings
General Partner Inc.
Canada
CAD Common
shares
100 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
Rio Tinto Saskatchewan Potash Holdings
Limited Partnership
(c)
Canada - - 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
Rio Tinto Secretariat Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Services Inc. United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Services Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Shared Services Pty Limited Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Shipping (Asia) Pte. Ltd. Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Shipping Pty. Limited.
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Simfer UK Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Singapore Holdings Pte Ltd Singapore
SGD1.00 Ordinary
shares
100
100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$ Ordinary
shares
100
Financial statements continued
Notes to the 2022 financial statements
236 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com236
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto Mining and Exploration Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Mining and Exploration Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Mining and Exploration S.A.C. Peru
PEN0.50 Ordinary
shares
100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru
Rio Tinto Mining Commercial (Shanghai)
Co., Ltd.
China
CNY1.00 Ordinary
shares
100 100
Room 328, 3rd Floor, Unit 2, 231 Shibocun Road,
Shanghai, Pilot Free Trade Zone, 200125 , China
Rio Tinto Mongolia LLC Mongolia
MNT1,240.00
Common shares
100 100
Level 17, Shangri-La Center , Olympic Street 19A,
Sukhbaatar District, Ulaanbaatar, 14214, Mongolia
Rio Tinto Nominees Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto OT Management Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Overseas Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto PACE Australia Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio Tinto PACE Canada Inc. / Gestion Rio
Tinto PACE Canada Inc.
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Rio Tinto Peru Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Potash Management Inc. / Rio Tinto
Potasse Management Inc.
Canada
CAD Common
shares
100 100
300-815 West Hastings Street, Vancouver BC V6C 1B4,
Canada
Rio Tinto Procurement (Singapore) Pte Ltd Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Pte Ltd Singapore
SGD1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Saskatchewan Management Inc. Canada
CAD Common
shares
100 100
300-815 West Hastings Street, Vancouver BC V6C 1B4,
Canada
Rio Tinto Saskatchewan Potash Holdings
General Partner Inc.
Canada
CAD Common
shares
100 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
Rio Tinto Saskatchewan Potash Holdings
Limited Partnership
(c)
Canada - - 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
Rio Tinto Secretariat Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Services Inc. United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Services Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Shared Services Pty Limited Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Shipping (Asia) Pte. Ltd. Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Shipping Pty. Limited.
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Simfer UK Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Singapore Holdings Pte Ltd Singapore
SGD1.00 Ordinary
shares
100
100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$ Ordinary
shares
100
Financial statements continued
Notes to the 2022 financial statements
236 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com236
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto Mining and Exploration Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Mining and Exploration Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Mining and Exploration S.A.C. Peru
PEN0.50 Ordinary
shares
100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru
Rio Tinto Mining Commercial (Shanghai)
Co., Ltd.
China
CNY1.00 Ordinary
shares
100 100
Room 328, 3rd Floor, Unit 2, 231 Shibocun Road,
Shanghai, Pilot Free Trade Zone, 200125 , China
Rio Tinto Mongolia LLC Mongolia
MNT1,240.00
Common shares
100 100
Level 17, Shangri-La Center , Olympic Street 19A,
Sukhbaatar District, Ulaanbaatar, 14214, Mongolia
Rio Tinto Nominees Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto OT Management Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Overseas Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto PACE Australia Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rio Tinto PACE Canada Inc. / Gestion Rio
Tinto PACE Canada Inc.
Canada
CAD Ordinary
shares
100 100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Rio Tinto Peru Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Potash Management Inc. / Rio Tinto
Potasse Management Inc.
Canada
CAD Common
shares
100 100
300-815 West Hastings Street, Vancouver BC V6C 1B4,
Canada
Rio Tinto Procurement (Singapore) Pte Ltd Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Pte Ltd Singapore
SGD1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Saskatchewan Management Inc. Canada
CAD Common
shares
100 100
300-815 West Hastings Street, Vancouver BC V6C 1B4,
Canada
Rio Tinto Saskatchewan Potash Holdings
General Partner Inc.
Canada
CAD Common
shares
100 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
Rio Tinto Saskatchewan Potash Holdings
Limited Partnership
(c)
Canada - - 100
5300-66 Wellington Street West, Toronto ON M5K 1E6,
Canada
Rio Tinto Secretariat Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Services Inc. United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Services Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Shared Services Pty Limited Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Shipping (Asia) Pte. Ltd. Singapore
US$1.00 Ordinary
shares
100 100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
Rio Tinto Shipping Pty. Limited.
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Simfer UK Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Singapore Holdings Pte Ltd Singapore
SGD1.00 Ordinary
shares
100
100
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$ Ordinary
shares
100
Financial statements continued
Notes to the 2022 financial statements
236 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Rio Tinto South East Asia Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Staff Fund (Retired) Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Sulawesi Holdings Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Technological Resources Inc. United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto Technological Resources UK
Limited
United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Technology Holdings Corporation United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Rio Tinto THR Inc. Canada
CAD Common
shares
100 100
200-204 Lambert Street, Whitehorse YT Y1A 1Z4,
Canada
Rio Tinto Trading (Shanghai) Co., Ltd. China
US$1.00 Ordinary
shares
100 100
41/F Wheelock Square, No. 1717 West Nanjing Road,
Jing\u2019 an District, Shanghai, 200040, China
Rio Tinto Uranium Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Rio Tinto Western Holdings Limited United Kingdom
\u00a31.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$1.00 Ordinary
shares
100
Rio Tinto Winu Pty Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Riversdale Connections (Proprietary) Ltd South Africa
ZAR1.00 Ordinary
shares
100 100
Ground Floor-Cypress Place North, Woodmead
Business Park, 140/142 Western Service Road,
Woodmead, 2191, South Africa
Robe River Limited Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Rocklea Station Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
RTA AAL Australia Limited Australia
A$ Ordinary
shares
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Ordinary 1
shares
100
RTA Boyne Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Gove Pty Limited Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Class B shares 100
RTA Holdco 1 Limited United Kingdom
US$0.0001
Ordinary shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
RTA Holdco 4 Limited United Kingdom
US$1.00 Ordinary
shares
100
100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
US$0.732815
Ordinary shares
100
RTA Holdco 7 Limited United Kingdom
US$0.001 Class A
Preference shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
RTA Holdco 8 Limited United Kingdom
US$1.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
RTA Holdco Australia 1 Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Holdco Australia 3 Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Holdco Australia 5 Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Holdco Australia 6 Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Financial statements
Annual Report 2022 | riotinto.com 237
237Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
RTA HOLDCO FRANCE 1 S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
RTA HOLDCO FRANCE 2 S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
RTA Pacific Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Sales Pty Ltd Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Class B shares 100
RTA Smelter Development Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Weipa Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Yarwun Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTAlcan 2 LLC United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
RTAlcan 3 LLC United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
RTLDS Aus Pty Ltd(a) Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
RTLDS UK Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
RTPDS Aus Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Scheuch Unterstuetzungskasse GmbH Germany
\u20ac51.129 Ordinary
shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
SGLS LLC Mongolia
MNT10,000.00
Common shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19, Khoroo
1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia
Sharp Strategic Funding Pte. Ltd. Singapore
US$ Common
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Singapore Metals Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Skymont Corporation United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Sohio Western Mining Company United States
US$100.00
Common shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Solwezi Metals Exploration Limited Zambia
100 100
Block A, Suites GF05-GF08, 4 Bishops Office Park,
Bishops Road, Kabulonga, Lusaka, Zambia
Southern Copper Pty. Limited Australia
A$ A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ B shares 100
A$ Ordinary
shares
100
Swift Current Land & Cattle LLC
(c)
United States - - 100
8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021,
United States
Swiss Aluminium Australia Limited Australia
A$ Ordinary
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Stock Unit A
shares
100
A$ Stock Unit B
100
A$ Stock Unit C
100
TBAC Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Technological Resources Pty. Limited
(a)
Australia
A$ A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ B shares 100
The Kelian Community and Forest Protection
Trust
(c)
Singapore - - 100
10 Collyer Quay, #10-01 Ocean Financial Centre,
049315, Singapore
Financial statements continued
Notes to the 2022 financial statements
238 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com238
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
RTA HOLDCO FRANCE 1 S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
RTA HOLDCO FRANCE 2 S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
RTA Pacific Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Sales Pty Ltd Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Class B shares 100
RTA Smelter Development Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Weipa Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Yarwun Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTAlcan 2 LLC United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
RTAlcan 3 LLC United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
RTLDS Aus Pty Ltd(a) Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
RTLDS UK Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
RTPDS Aus Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Scheuch Unterstuetzungskasse GmbH Germany
\u20ac51.129 Ordinary
shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
SGLS LLC Mongolia
MNT10,000.00
Common shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19, Khoroo
1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia
Sharp Strategic Funding Pte. Ltd. Singapore
US$ Common
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Singapore Metals Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Skymont Corporation United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Sohio Western Mining Company United States
US$100.00
Common shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Solwezi Metals Exploration Limited Zambia
100 100
Block A, Suites GF05-GF08, 4 Bishops Office Park,
Bishops Road, Kabulonga, Lusaka, Zambia
Southern Copper Pty. Limited Australia
A$ A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ B shares 100
A$ Ordinary
shares
100
Swift Current Land & Cattle LLC
(c)
United States - - 100
8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021,
United States
Swiss Aluminium Australia Limited Australia
A$ Ordinary
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Stock Unit A
shares
100
A$ Stock Unit B
100
TBAC Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Technological Resources Pty. Limited
(a)
Australia
A$ A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ B shares 100
The Kelian Community and Forest Protection
Trust
(c)
Singapore - - 100
10 Collyer Quay, #10-01 Ocean Financial Centre,
049315, Singapore
Financial statements continued
Notes to the 2022 financial statements
238 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com238
42 Related undertakings continued
Wholly owned subsidiary undertakings continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
RTA HOLDCO FRANCE 1 S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
RTA HOLDCO FRANCE 2 S.A.S. France
\u20ac10.00 Ordinary
shares
100 100
60 Avenue Charles de Gaulle, 92200, Neuilly-Sur-
Seine, France
RTA Pacific Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Sales Pty Ltd Australia
A$ Class A shares 100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Class B shares 100
RTA Smelter Development Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Weipa Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTA Yarwun Pty Ltd Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
RTAlcan 2 LLC United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
RTAlcan 3 LLC United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
RTLDS Aus Pty Ltd(a) Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
RTLDS UK Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
RTPDS Aus Pty Ltd Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Scheuch Unterstuetzungskasse GmbH Germany
\u20ac51.129 Ordinary
shares
100 100 Alusingenplatz 1, D-78221, Singen, Germany
SGLS LLC Mongolia
MNT10,000.00
Common shares
100 100
Floor 17, Shangri-La Center, Olympic Street-19, Khoroo
1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia
Sharp Strategic Funding Pte. Ltd. Singapore
US$ Common
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Singapore Metals Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
Skymont Corporation United States
US$ Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Sohio Western Mining Company United States
US$100.00
Common shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Solwezi Metals Exploration Limited Zambia
100 100
Block A, Suites GF05-GF08, 4 Bishops Office Park,
Bishops Road, Kabulonga, Lusaka, Zambia
Southern Copper Pty. Limited Australia
A$ A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ B shares 100
A$ Ordinary
shares
100
Swift Current Land & Cattle LLC
(c)
United States - - 100
8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021,
United States
Swiss Aluminium Australia Limited Australia
100
100 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ Stock Unit A
shares
100
100
TBAC Limited United Kingdom
\u00a31.00 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Technological Resources Pty. Limited
(a)
Australia
A$ A shares 100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ B shares 100
The Kelian Community and Forest Protection
Trust
(c)
Singapore - - 100
10 Collyer Quay, #10-01 Ocean Financial Centre,
049315, Singapore
Financial statements continued
Notes to the 2022 financial statements
238 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
The Pyrites Company, Inc. United States
US$1.00 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
The Roberval and Saguenay Railway
Company/ La Compagnie du Chemin de Fer
Roberval Saguenay
Canada
CAD100.00
Ordinary shares
100
100
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
CAD100.00
Preference shares
6% Non-
Cumulative
100
The Zinc Corporation Pty Ltd Australia
A$ Ordinary
shares
100
100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
A$ Z Class
Ordinary shares
100
Thos. W. Ward Limited United Kingdom
\u00a30.25 Ordinary
shares
100 100
6 St James's Square, London, SW1Y 4AD, United
Kingdom
THR Aruba Holdings LLC A.V.V. Aruba
US$1.00 Common
shares
100 100 Caya Dr. J.E.M. (Loy) Arends, 18-A, Oranjestad, Aruba
THR Delaware Holdings, LLC
(c)
United States - - 100
615 South DePont Highway, Kent County, Dover DE
19901, United States
THR Kharmagtai Pte. Ltd. Singapore
US$ Ordinary
shares
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Singapore
THR MINES (BC) LTD. Canada
CAD Common
100 100
1800-510 West Georgia Street, Vancouver BC V6B
0M3, Canada
US$ Common
shares
THR Mines Services Co. Ltd. Canada
CAD Common
shares
100 100
301-303 Alexander Street, Whitehorse YT Y1A 2L5,
Canada
THR OYU TOLGOI LTD.
Virgin Islands,
British
US$1.00 Ordinary
shares
100 100 Road Town, Tortolla, VG1110, Virgin Islands, British
THR Ulaan Pte. Ltd. Singapore
US$ Ordinary
100 100
77 Robinson Road #13-00, Robinson 77, 068896,
Three Crowns Insurance Company United States
US$2.00
Common shares
100 100
1108 E. South Union Avenue, Midvale UT 84047, United
States
Tinto Holdings Australia Pty. Limited Australia
A$ Ordinary
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Trans Territory Pipeline Pty Limited Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
TRQ Australia Pty. Ltd. Australia
A$ Ordinary
shares
100 100
Level 25, Suite 2, 100 Miller Street, North Sydney NSW
2060, Australia
Turquoise Hill (Beijing) Services Company
Ltd
(c)
China - - 100
Unit 304-21, 3rd Floor, Building B, Workers Stadium
North Road, Chaoyang District, Beijing, JIA NO. 2,
China
Turquoise Hill Netherlands Cooperatief U.A.
(c)
Netherlands - - 100
Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam ,
Netherlands
Turquoise Hill Resources Ltd. Canada
CAD Common
shares
100 100
301-303 Alexander Street, Whitehorse YT Y1A 2L5,
Canada
Turquoise Hill Resources Singapore Pte Ltd.
(d)
Singapore
SGD1.00
Common shares
100 100
2 Venture Drive, #24-01, Vision Exchange, 608526,
Singapore
U.S. Borax Inc. United States
US$0.10 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Victoria Technology Inc.
(a)
United States
US$1.00 Ordinary
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Waste Solutions and Recycling LLC United States US$ Unit shares 100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
West Kutai Foundation Limited
(c)
Singapore - - 100
10 Collyer Quay, #10-01 Ocean Financial Centre,
049315, Singapore
Wimmera Industrial Minerals Pty. Limited
(a)
Australia
A$ Ordinary
shares
100 100
Level 43, 120 Collins Street, Melbourne VIC 3000,
Australia
Winchester South Development Company
Proprietary Limited
Australia
A$ Ordinary
shares
100 100 155 Charlotte Street, Brisbane QLD 4000, Australia
Wyoming Coal Resources Company United States
US$0.01 Common
shares
100 100
251 Little Falls Drive, Wilmington DE 19808, United
States
Financial statements
Annual Report 2022 | riotinto.com 239
239Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued
Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and
significant holdings in undertakings other than subsidiary companies
201 Logistics Center, LLC
(c)
United States - - 50
1209 Orange Street, Wilmington DE 19801, United
States
7600 West Center, LLC
(c)
United States - - 50
9090 S. Sandy Parkway, Sandy UT 84070, United
States
Alufluor AB Sweden
SEK1,000.00
Ordinary shares
50 50
Industrigatan 70, Box 902, S-25109, Helsingborg,
Sweden
Aluminerie Alouette Inc. Canada
CAD Ordinary
shares
40 40
400, Chemin de la Pointe-Noire, C.P. 1650, Sept-\u00celes,
Qu\u00e9bec G4R 5M9, Canada
Aluminerie De B\u00e9cancour, Inc. Canada
CAD1.00 Ordinary
shares
50.1 25.2
5555 Pierre Thibault Street, PO 30, B\u00e9cancour, Quebec
G0X 1B, Canada
Aluminium & Chemie Rotterdam B.V. Netherlands
shares
65.8 65.8
Oude Maasweg 80, NL-3197 KJ, Botlek, Rotterdam,
Netherlands
Balkhash Saryshagan LLP
(c)
Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan
Bektau B.V. Netherlands
\u20ac200.00 Ordinary
shares
75 75
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Bok\u00e9 Investment Company United States
US$100.00
Ordinary shares
100 45
251 Little Falls Drive, Wilmington DE 19808, United
States
Boke Personnel Limited Guernsey
US$1.00 Ordinary
shares
100 45
P.O. Box 186, 1 Le Marchant Street, St. Peter Port,
Channel Islands, GY1 4HP, Guernsey
Bok\u00e9 Services Company SA Belgium
US$68,296.00
Ordinary shares
100 45
187 Chauss\u00e9e de la Hulpe, B-01170 Brussels, Brussels,
Belgium
Bok\u00e9 Services Management, Inc. United States
US$ Ordinary
shares
100 45
323 North Shore Drive, Suite 510, Pittsburgh PA 15212,
United States
Bok\u00e9 Trading Inc. United States
US$1,000.00
Ordinary shares
100 45
323 North Shore Drive, Suite 510, Pittsburgh PA 15212,
United States
Boyne Smelters Limited Australia
A$ A1 Class shares 100
59.4 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ A2 Class shares 100
A$ B1 Class shares 100
CanPacific Potash Inc.
(c)
Canada - - 32
374 Third Avenue South, Saskatoon SK S7K 1M5,
Canada
Chlor Alkali Unit Pte Ltd Singapore
SGD1.00 Ordinary
shares
100
68.4
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$1.00 Ordinary
shares
68.4
Compagnie des Bauxites de Guin\u00e9e United States
US$20.00 Common
Stock shares
51 23
251 Little Falls Drive, Wilmington DE 19808, United
States
Dampier Salt Limited Australia A$ Ordinary shares 68.4 68.4
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Electralith Pty Ltd Australia A$ Ordinary shares 30.8 30.8
IP Group Australia, Level 35, 360 Elizabeth Street,
Melbourne VIC 3000, Australia
Elysis Limited Partnership / Elysis Societe en
Commandite
Canada
US$1,000.00 Class
B shares
100 48.2
2323-1, Place Ville Marie, Montr\u00e9al QC H3B 5M5,
Canada
Enarotali Gold Project Limited Jersey
\u00a30.001 Ordinary
shares
25 25 IFC 5, St Helier, JE1 1ST, Jersey
Energy Resources of Australia Ltd Australia
A$ A Class
Ordinary shares
86.3 86.3
Level 5 NICTA Building B, 7 London Circuit, Canberra
City ACT 2601, Australia
Fabrica De Plasticos Mycsa, S.A.
(d)
Venezuela,
Bolivarian
Republic of
VEF1.00 Common
shares
49 49
Urbanizaci\u00f3n Industrial San Ignacio, parcela 2-A, v\u00eda
San Pedro, Los Teques, Estado Miranda, Venezuela
Foundation for Australia-Japan Studies
(c)
Australia - - 33.3 25 St James Park Drive, Brighton VIC 3186, Australia
Global Hubco BV Netherlands
\u20ac1.00 Ordinary
shares
33.3 33.3
Luna Arena, Herikerbergweg 238, 1101, CM,
Amsterdam Zuidoost, Netherlands
Gulf Power Company / La Compagnie Gulf
Power
Canada
CAD100.00
Ordinary shares
100 58.7
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Halco (Mining) Inc. United States
US$100.00
Ordinary shares
45 45
30 Isabella Street, 3rd Floor, Pittsburgh, PA, 15212,
United States
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Financial statements continued
Notes to the 2022 financial statements
240 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com240
42 Related undertakings continued
Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and
significant holdings in undertakings other than subsidiary companies
201 Logistics Center, LLC
(c)
United States - - 50
1209 Orange Street, Wilmington DE 19801, United
States
7600 West Center, LLC
(c)
United States - - 50
9090 S. Sandy Parkway, Sandy UT 84070, United
States
Alufluor AB Sweden
SEK1,000.00
Ordinary shares
50 50
Industrigatan 70, Box 902, S-25109, Helsingborg,
Sweden
Aluminerie Alouette Inc. Canada
CAD Ordinary
shares
40 40
400, Chemin de la Pointe-Noire, C.P. 1650, Sept-\u00celes,
Qu\u00e9bec G4R 5M9, Canada
Aluminerie De B\u00e9cancour, Inc. Canada
CAD1.00 Ordinary
shares
50.1 25.2
5555 Pierre Thibault Street, PO 30, B\u00e9cancour, Quebec
G0X 1B, Canada
Aluminium & Chemie Rotterdam B.V. Netherlands
shares
65.8 65.8
Oude Maasweg 80, NL-3197 KJ, Botlek, Rotterdam,
Netherlands
Balkhash Saryshagan LLP
(c)
Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan
Bektau B.V. Netherlands
\u20ac200.00 Ordinary
shares
75 75
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Bok\u00e9 Investment Company United States
US$100.00
Ordinary shares
100 45
251 Little Falls Drive, Wilmington DE 19808, United
States
Boke Personnel Limited Guernsey
US$1.00 Ordinary
shares
100 45
P.O. Box 186, 1 Le Marchant Street, St. Peter Port,
Channel Islands, GY1 4HP, Guernsey
Bok\u00e9 Services Company SA Belgium
US$68,296.00
Ordinary shares
100 45
187 Chauss\u00e9e de la Hulpe, B-01170 Brussels, Brussels,
Belgium
Bok\u00e9 Services Management, Inc. United States
US$ Ordinary
shares
100 45
323 North Shore Drive, Suite 510, Pittsburgh PA 15212,
United States
Bok\u00e9 Trading Inc. United States
US$1,000.00
Ordinary shares
100 45
323 North Shore Drive, Suite 510, Pittsburgh PA 15212,
United States
Boyne Smelters Limited Australia
A$ A1 Class shares 100
59.4 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ A2 Class shares 100
A$ B1 Class shares 100
CanPacific Potash Inc.
(c)
Canada - - 32
374 Third Avenue South, Saskatoon SK S7K 1M5,
Canada
Chlor Alkali Unit Pte Ltd Singapore
SGD1.00 Ordinary
shares
100
68.4
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$1.00 Ordinary
shares
68.4
Compagnie des Bauxites de Guin\u00e9e United States
US$20.00 Common
Stock shares
51 23
251 Little Falls Drive, Wilmington DE 19808, United
States
Dampier Salt Limited Australia A$ Ordinary shares 68.4 68.4
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Electralith Pty Ltd Australia A$ Ordinary shares 30.8 30.8
IP Group Australia, Level 35, 360 Elizabeth Street,
Melbourne VIC 3000, Australia
Elysis Limited Partnership / Elysis Societe en
Commandite
Canada
US$1,000.00 Class
B shares
100 48.2
2323-1, Place Ville Marie, Montr\u00e9al QC H3B 5M5,
Canada
Enarotali Gold Project Limited Jersey
\u00a30.001 Ordinary
shares
25 25 IFC 5, St Helier, JE1 1ST, Jersey
Energy Resources of Australia Ltd Australia
A$ A Class
Ordinary shares
86.3 86.3
Level 5 NICTA Building B, 7 London Circuit, Canberra
City ACT 2601, Australia
Fabrica De Plasticos Mycsa, S.A.
(d)
Venezuela,
Bolivarian
Republic of
VEF1.00 Common
shares
49 49
Urbanizaci\u00f3n Industrial San Ignacio, parcela 2-A, v\u00eda
San Pedro, Los Teques, Estado Miranda, Venezuela
Foundation for Australia-Japan Studies
(c)
Australia - - 33.3 25 St James Park Drive, Brighton VIC 3186, Australia
Global Hubco BV Netherlands
\u20ac1.00 Ordinary
shares
33.3 33.3
Luna Arena, Herikerbergweg 238, 1101, CM,
Amsterdam Zuidoost, Netherlands
Gulf Power Company / La Compagnie Gulf
Power
Canada
CAD100.00
Ordinary shares
100 58.7
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Halco (Mining) Inc. United States
US$100.00
Ordinary shares
45 45
30 Isabella Street, 3rd Floor, Pittsburgh, PA, 15212,
United States
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Financial statements continued
Notes to the 2022 financial statements
240 Annual Report 2022\u2000|\u2000riotinto.com
Annual Report 2022 | riotinto.com240
42 Related undertakings continued
Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and
significant holdings in undertakings other than subsidiary companies
201 Logistics Center, LLC
(c)
United States - - 50
1209 Orange Street, Wilmington DE 19801, United
States
7600 West Center, LLC
(c)
United States - - 50
9090 S. Sandy Parkway, Sandy UT 84070, United
States
Alufluor AB Sweden
SEK1,000.00
Ordinary shares
50 50
Industrigatan 70, Box 902, S-25109, Helsingborg,
Sweden
Aluminerie Alouette Inc. Canada
CAD Ordinary
shares
40 40
400, Chemin de la Pointe-Noire, C.P. 1650, Sept-\u00celes,
Qu\u00e9bec G4R 5M9, Canada
Aluminerie De B\u00e9cancour, Inc. Canada
CAD1.00 Ordinary
shares
50.1 25.2
5555 Pierre Thibault Street, PO 30, B\u00e9cancour, Quebec
G0X 1B, Canada
Aluminium & Chemie Rotterdam B.V. Netherlands
\u20ac4,555.00 Ordinary
shares
65.8 65.8
Oude Maasweg 80, NL-3197 KJ, Botlek, Rotterdam,
Netherlands
Balkhash Saryshagan LLP
(c)
Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan
Bektau B.V. Netherlands
\u20ac200.00 Ordinary
shares
75 75
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Bok\u00e9 Investment Company United States
US$100.00
Ordinary shares
100 45
251 Little Falls Drive, Wilmington DE 19808, United
States
Boke Personnel Limited Guernsey
US$1.00 Ordinary
shares
100 45
P.O. Box 186, 1 Le Marchant Street, St. Peter Port,
Channel Islands, GY1 4HP, Guernsey
Bok\u00e9 Services Company SA Belgium
US$68,296.00
Ordinary shares
100 45
187 Chauss\u00e9e de la Hulpe, B-01170 Brussels, Brussels,
Belgium
Bok\u00e9 Services Management, Inc. United States
US$ Ordinary
shares
100 45
323 North Shore Drive, Suite 510, Pittsburgh PA 15212,
United States
Bok\u00e9 Trading Inc. United States
US$1,000.00
Ordinary shares
100 45
323 North Shore Drive, Suite 510, Pittsburgh PA 15212,
United States
Boyne Smelters Limited Australia
A$ A1 Class shares 100
59.4 155 Charlotte Street, Brisbane QLD 4000, Australia
A$ A2 Class shares 100
A$ B1 Class shares 100
CanPacific Potash Inc.
(c)
Canada - - 32
374 Third Avenue South, Saskatoon SK S7K 1M5,
Canada
Chlor Alkali Unit Pte Ltd Singapore
SGD1.00 Ordinary
shares
100
68.4
12 Marina Boulevard, #20-01 MBFC Tower 3, 018982,
Singapore
US$1.00 Ordinary
shares
68.4
Compagnie des Bauxites de Guin\u00e9e United States
US$20.00 Common
Stock shares
51 23
251 Little Falls Drive, Wilmington DE 19808, United
States
Dampier Salt Limited Australia A$ Ordinary shares 68.4 68.4
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Electralith Pty Ltd Australia A$ Ordinary shares 30.8 30.8
IP Group Australia, Level 35, 360 Elizabeth Street,
Melbourne VIC 3000, Australia
Elysis Limited Partnership / Elysis Societe en
Commandite
Canada
US$1,000.00 Class
B shares
100 48.2
2323-1, Place Ville Marie, Montr\u00e9al QC H3B 5M5,
Canada
Enarotali Gold Project Limited Jersey
\u00a30.001 Ordinary
shares
25 25 IFC 5, St Helier, JE1 1ST, Jersey
Energy Resources of Australia Ltd Australia
A$ A Class
Ordinary shares
86.3 86.3
Level 5 NICTA Building B, 7 London Circuit, Canberra
City ACT 2601, Australia
Fabrica De Plasticos Mycsa, S.A.
(d)
Venezuela,
Bolivarian
Republic of
VEF1.00 Common
shares
49 49
Urbanizaci\u00f3n Industrial San Ignacio, parcela 2-A, v\u00eda
San Pedro, Los Teques, Estado Miranda, Venezuela
Foundation for Australia-Japan Studies
(c)
Australia - - 33.3 25 St James Park Drive, Brighton VIC 3186, Australia
Global Hubco BV Netherlands
\u20ac1.00 Ordinary
shares
33.3 33.3
Luna Arena, Herikerbergweg 238, 1101, CM,
Amsterdam Zuidoost, Netherlands
Gulf Power Company / La Compagnie Gulf
Power
Canada
CAD100.00
Ordinary shares
100 58.7
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Halco (Mining) Inc. United States
US$100.00
Ordinary shares
45 45
30 Isabella Street, 3rd Floor, Pittsburgh, PA, 15212,
United States
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Financial statements continued
Notes to the 2022 financial statements
240 Annual Report 2022\u2000|\u2000riotinto.com
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Hope Downs Marketing Company Pty Ltd Australia A$ A Class shares 100 50
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Iron Ore Company of Canada United States
US$1,000.00
Series A shares
91.4
58.7
1209 Orange Street, Wilmington DE 19801, United
States
US$1,000.00
Series E shares
100
US$1,000.00
Series F shares
100
(c)
Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan
La Compagnie DU Transguineen SAS Guinea 42.5 22.5
Magma Arizona Railroad Company United States
US$100.00
Common shares
100 55
8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021,
United States
Minera Escondida Ltda
(c)
Chile - - 30 Cerro el Plomo 6000, Piso 15, Santiago, 7560623, Chile
Minmetals Rio Tinto Exploration Company
Limited
China
CNY1.00 Ordinary
shares
50 50
422-2, 4th Floor, Building #1 of Yongyou Industrial Park,
Yazhou Bay Science & Technology City, Yazhou
District, Sanya City, Hainan Province, China
New Zealand Aluminium Smelters Ltd New Zealand
NZD1.00 Class A
Ordinary shares
100 79.4
1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New
Zealand
NZAS Retirement Fund Trustee Limited New Zealand
NZD Ordinary
shares
100 79.4
Level 2, 20 Customhouse Quay, Wellington, 6011, New
Zealand
Oyu Tolgoi Catalyst Fund for Khanbogd
Development
(c)
Mongolia - - 66
3rd Bagh, Dalanzadgad Soum, Ummugovi Aimag,
Mongolia
Oyu Tolgoi LLC
(e)
Mongolia
MNT10,000.00
Common shares
66 66
Level 12 Monnis Tower, Chinggis Avenue-15, 1st
khoroo, Sukhbaatar District, Ulaanbaatar, 14240,
Mongolia
Panguna Legacy Assessment Company
Limited
(c)
Australia \u2014 33.3 Level 10 , 12 Creek Street, Brisbane QLD 4000, Australia
Pechiney Reynolds Quebec, Inc. United States
US$10.00
Common shares
50
50.2
233 South 13th Street, Suite 1900, Lincoln NE 68508,
United States
US$100.00
Preferred shares
100
Port d'Ehoala S.A. Madagascar
US$100.00
Ordinary shares
100 80
Immeuble ASSIST, Ivandry, Lot N\u00b035, 5\u00e8me \u00e9tage,
Antananarivo, 101 , Madagascar
Procivis Savoie France
\u20ac19.00 Ordinary
shares
22.1 22.1 116 Quai Charles Roissard, 73000, Chamb\u00e9ry, France
PT Hutan Lindung Kelian Lestari Indonesia
IDR9,803.00
Ordinary shares
99 99 Kelian Mine Site, West Kutai, East Kalimantan, Indonesia
PT Kelian Equatorial Mining Indonesia
IDR1,080.00
Ordinary shares
90 90
Sampoerna Strategic Square, South Tower, Level 30, Jl.
Jenderal Sudirman Kav. 45-46, Jakarta, 12930,
Indonesia
QIT Madagascar Minerals SA Madagascar
US$10.00
Common shares
84.2 80
Immeuble ASSIST, Ivandry, Lot N\u00b035, 5\u00e8me \u00e9tage,
Antananarivo, 101 , Madagascar
Quebec North Shore and Labrador Railway
Company / Compagnie de Chemin de Fer
du Littoral Nord de Quebec et du Labrador
Inc.
Canada
CAD27.59
Ordinary shares
100 58.7
400-1190 Avenue des Canadiens-de-Montr\u00e9al,
Montr\u00e9al QC H3B 0E3, Canada
Queensland Alumina Limited Australia
A$ Class B shares 100
80
Plant Operations Building, Parsons Point, Gladstone
QLD 4680, Australia
A$ Class C shares 100
A$ Class D shares 100
Regeneration Enterprises, Inc. United States
US$ Class A
shares
25 25
2657 Windmill Parkway #302, Henderson NV 89074,
United States
Resolution Copper Mining LLC
(c)
United States - - 55
251 Little Falls Drive, Wilmington DE 19808, United
States
Financial statements
Annual Report 2022 | riotinto.com 241
241Annual Report 2022 | riotinto.com
Financial statements
42 Related undertakings continued Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and significant holdings in undertakings other than subsidiary companies continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Richards Bay Mining (Proprietary) Limited South Africa ZAR0.01 B Ordinary shares 100 74 The Farm RBM, Number 16317, KwaZulu-Natal, 3900, South Africa Richards Bay Titanium (Proprietary) Limited South Africa ZAR0.01 B Ordinary shares 100 74 The Farm RBM, Number 16317, KwaZulu-Natal, 3900, South Africa Rightship Pty Ltd Australia A$ Ordinary shares 33.3 33.3 Level 20, 500 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Orissa Mining Private Ltd India INR100.00 Ordinary shares 51 51 220, 2nd Floor, DLF Cyber City, Chandaka Industrial Area, Patia, Bhubneshwar, Odisha, 751024, India Rio Tinto Sohar Logistics LLC (d) Oman OMR1.00 Ordinary shares 70 70 P.O. Box 686, Ruwi, 112, Oman Robe River Mining Co. Pty. Ltd. Australia A$ Class A shares40 73.6 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia A$ Class B shares76.4 Robe River Ore Sales Pty. Ltd. Australia A$ Ordinary shares 65 57.1 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Saryarka B.V. Netherlands \u20ac200.00 Ordinary shares 75 75 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Simfer InfraCo Ltd United Kingdom US$1.00 Ordinary shares 100 53 6 St James's Square, London, SW1Y 4AD, United Kingdom Simfer Jersey Limited Jersey US$ Ordinary shares 53 53 PO Box 536, 13-14 Esplanade, St Helier, JE4 5UR, Jersey Simfer Jersey Nominee Limited United Kingdom \u00a31.00 Ordinary shares 100 53 6 St James's Square, London, SW1Y 4AD, United Kingdom SIMFER S.A. (e) Guinea GNF100,000.00 Ordinary shares 85 45 Immeuble Camayenne, Corniche Nord , Commune de Dixinn, BP 848, Conakry, R\u00e9publique de Guin\u00e9e, Guinea Soci\u00e9t\u00e9 Mini\u00e8re Et De Participations Guin\u00e9e- Alusuisse (c) Guinea - - 50 Tougue, Guinea Sohar Aluminium Co. L.L.C. Oman OMR1.00 Ordinary shares 20 20 Sohar Industrial Estate, P.O. Box 80, PC 327, Sohar, Sultanate of Oman Tomago Aluminium Company Pty Limited Australia A$ Ordinary shares 51.6 51.6 638 Tomago Road, Tomago NSW 2322, Australia Yalleen Pastoral Co. Pty. Ltd. Australia A$ Ordinary shares 65.7 57.4 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia In addition, the Group participates in the following unincorporated arrangements: Name of undertaking and country of incorporation Country of incorporation Interest % owned by the Group Address or principal place of business Bao-HI Ranges Joint Venture Australia 54 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Cape Bougainville Joint Venture Australia 67.5 155 Charlotte Street, Brisbane QLD 4000, Australia Channar Mining Joint Venture Australia 60 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia FalCon Project Joint Venture Canada 75.7 1212-1175 Douglas Street, Victoria BC V8W 2E1, Canada Gladstone Power Station Joint Venture Australia 42.1 NRG Gladstone Operating Service, Power Station, Gladstone QLD 4680, Australia Green Mountain Mining Venture United States 100 251 Little Falls Drive, Wilmington DE 19808, United States Hope Downs Joint Venture Australia 50 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Mitchell Plateau Joint Venture Australia 65.6 155 Charlotte Street, Brisbane QLD 4000, Australia Rhodes Ridge Joint Venture Australia 50 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Robe River Iron Associates Joint Venture Australia 57.1 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Tomago Aluminium Joint Venture Australia 51.6 638 Tomago Road, Tomago NSW 2322, Australia Winter Road Joint Venture Canada 33.3 300-5201 50th Avenue, Yellowknife NT X1A 2P9, Canada Yarraloola Pastoral Co Australia 57.1 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia (a) Directly held by Rio Tinto Limited. (b) Directly held by Rio Tinto plc. (c) Group ownership is held through an interest in capital. The entity has no classes of shares. (d) In liquidation or application for dissolution filed. (e) Classed as a subsidiary in accordance with section 1162 (4)(a) of the UK Companies Act 2006 on the grounds of dominant influence. Notes to the 2022 financial statements c. Materiality Our directors consider information to be material if correcting a misstatement, omission or obscuring could, in the light of surrounding circumstances, reasonably be expected to change the judgment of a reasonable person relying on the financial statements. The Group considers both quantitative and qualitative factors in determining whether information is material; the concept of materiality is therefore not driven purely by numerical values. When considering the potential materiality of information, management makes an initial quantitative assessment using thresholds based on estimates of profit before taxation; for the years ended 31 December 2022 and 31 December 2021 the quantitative threshold was US$700 million. However, other considerations can result in a determination that lower values are material or, occasionally, that higher values are immaterial. These considerations include whether a misstatement, omission or obscuring: masks a change or trend in key performance indicators; causes reported key metrics to change from a positive to a negative values or vice-versa; affects compliance with regulatory requirements or other contractual requirements; could result in an increase to management\u2019s compensation; or might conceal an unlawful transaction. In assessing materiality, management also applies judgment based on its understanding of the business and its internal and external financial statement users. The assessment will consider user expectations of numerical and narrative reporting. Sources used in making this assessment would include, for example: published analyst consensus measures, experience gained in formal and informal dialogue with users (including regulatory correspondence), and peer group benchmarking . d. Summary of key judgments or other relevant judgments made in applying the accounting policies The preparation of the financial statements requires management to use judgment in applying accounting policies and in making critical accounting estimates. These judgments and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the financial statements. Areas of judgment in the application of accounting policies that have the most significant effect on the amounts recognised in the financial statements and key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are noted below and further information is contained in the accounting policies and/or the notes to the financial statements. Summarised below are the key judgments which we have taken in the application of the Group\u2019s accounting policies for 2022 and how they compare to the prior year. Taking a different judgment over these matters would lead to a material impact on the 2022 financial statements. More detail on the judgment can be found in the respective notes",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-681": {
"value": "\u2013 under the historical cost convention, as modified by the revaluation of certain financial instruments, the impact of fair value hedge accounting on the hedged items and the accounting for post- employment assets and obligations; \u2013 on a going concern basis - Management has prepared detailed cash flow forecasts for at least 12 months and has updated life-of- mine plan models with longer-term cash flow projections which demonstrate that we will have sufficient cash, other liquid resources and undrawn credit facilities to enable us to meet our obligations as they fall due; \u2013 to meet UK-adopted international accounting standards, applicable UK law (Companies Act 2006) and Australian law (Australian Corporations Act 2001) as amended by the ASIC class order; \u2013 to meet international accounting standards as issued by the International Accounting Standards Board (IASB) and interpretations issued from time to time by the IFRS Interpretations Committee (IFRS IC) which are mandatory at 31 December 2022. About the presentation of our financial statements In the current year we have reviewed our notes to the financial statements taking into account materiality (as described below). We have also re-organised the notes into logical groupings to help users find and understand relevant information. Where possible, related information, such as accounting policies, has been provided in the same section as the relevant note. All financial statement values are presented in US dollars and rounded to the nearest million (US$m) unless otherwise stated. Where applicable, comparatives have been adjusted to measure or present them on the same basis as current period figures. Our financial statements for the year ended 31 December 2022 were authorised for issue in accordance with a directors\u2019 resolution on 22 February 2023. a. The basis of preparation The financial information included in the financial statements for the year ended 31 December 2022, and for the related comparative periods, has been prepared: The above accounting standards and interpretations are collectively
referred to as \u201cIFRS\u201d in this report and contain the principles we use to
create our accounting policies. Where necessary, adjustments are made
to the locally reported assets, liabilities, and results of subsidiaries, joint
arrangements and associates to bring their accounting policies in line
with ours for consistent reporting.
b. The basis of consolidation
The financial statements consolidate the accounts of Rio Tinto plc and
Rio Tinto Limited (together \u201cthe Companies\u201d) and their respective
subsidiaries (together \u201cthe Group\u201d, \u201cwe\u201d, \u201cour\u201d) and include the Group\u2019s
share of joint arrangements and associates.
We consolidate subsidiaries where either of the companies controls the
entity. Control exists where either of the companies has: power over the
entities, that is, existing rights that give it the current ability to direct the
relevant activities of the entities (those that significantly affect the
companies\u2019 returns); exposure, or rights, to variable returns from its
involvement with the entities; and the ability to use its power to affect
those returns. A list of principal subsidiaries is shown in note 30.
A joint arrangement is an arrangement in which two or more parties have
joint control. Joint control is the contractually agreed sharing of control
such that decisions about the relevant activities of the arrangement
(those that significantly affect the companies\u2019 returns) require the
unanimous consent of the parties sharing control. We have two types of
joint arrangements - joint operations (JOs) and joint ventures (JVs). A JO
is a joint arrangement in which the parties that share joint control have
rights to the assets, and obligations for the liabilities, relating to the
arrangement. This includes situations where the parties benefit from the
joint activity through a share of the output, rather than by receiving a
share of the results of trading. For our JOs, shown in note 31, we
recognise: our share of assets and liabilities; revenue from the sale of our
share of the output and our share of any revenue generated from the
sale of the output by the JO; and its share of expenses. All such amounts
are measured in accordance with the terms of the arrangement, which is
usually in proportion to our interest in the JO. These amounts are
recorded in our financial statements on the appropriate lines. A JV is a
joint arrangement in which the parties that share joint control have rights
to the net assets of the arrangement. JVs are accounted for using the
equity accounting method.
An associate is an entity over which we have significant influence.
Significant influence is presumed to exist where there is neither control
nor joint control and the Group has over 20% of the voting rights, unless
it can be clearly demonstrated that this is not the case. Significant
influence can arise where we hold less than 20% of the voting rights if
we have the power to participate in the financial and operating policy
decisions affecting the entity. It also includes situations of collective
control.
We use the term \u201cequity accounted units\u201d (EAUs) to refer to associates
and JVs collectively. Under the equity accounting method, the
investment is recorded initially at cost to the Group, including any
goodwill on acquisition. In subsequent periods the carrying amount of
the investment is adjusted to reflect the Group\u2019s share of the EAUs\u2019
retained post-acquisition profit or loss and other comprehensive
income. Our principal JVs and associates are shown in note 32.
In some cases, we participate in unincorporated arrangements and have
rights to our share of the assets and obligations for our share of the
liabilities of the arrangement rather than a right to a net return, but do not
share joint control. In such cases, we account for these arrangements in
the same way as our joint operations with all such amounts measured in
accordance with the terms of the arrangement, which is usually in
proportion to our interest in the arrangement.
All intragroup transactions and balances are eliminated
on consolidation.
Information on other relevant judgments to help understand the financial statements has been incorporated into the relevant accounting policy sections of each note. We have summarised how these judgments have changed since prior year below: Other relevant judgments 2022 2021 Reason for change Identification of functional currencies (f below) a a No change to the judgment Exclusions from underlying EBITDA (note 1) a a No change to the judgment Determination of cash-generating units (CGUs) (note 4) a a No change to the judgment Uncertain tax positions (note 10) a 0 In 2022 the judgment we have taken on our uncertain tax positions is less significant than in the prior year given the settlement with the Australian Taxation Office (ATO). Where the amount of tax payable or recoverable is uncertain, judgment is required in evaluating the most likely amount of liability or recovery. Where there is a wide range of possible outcomes, judgment is required in evaluating a provision using the probability weighted average approach. See note 10 for further details. Assessment of indefinite-lived water rights in Quebec (note 12) a a No change to the judgment Recoverability of potential deferred tax assets (note 15) a 0 Given the progress towards sustainable underground production at Oyu Tolgoi and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax regime the recoverability of deferred tax assets is not a key judgment in 2022. Judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of deferred tax assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. Accounting for the funding amounts relating to Oyu Tolgoi non- controlling interest (note 30) 0 a The funding balances arising from a carry account loan with Erdenes Oyu Tolgoi were forgiven in 2022. This means the judgment over the accounting for these amounts is no longer applicable. Accounting for the Pilbara Iron Arrangements (note 31) a a No change to the judgment Basis of consolidation of Queensland Alumina Limited (note 31) a a The judgment taken on how we consolidate Queensland Alumina Limited (\u2018QAL\u2019) was reassessed and confirmed in the current year. Following the Australian governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. We continue to account for QAL as a joint operation. Accounting for Minera Escondida Ltda (note 32) a a No change to the judgment Provisions for onerous contracts (note 36) 0 a We reviewed our onerous contract population and noted the significance of this judgment had diminished. Recognition of contingencies (note 37) a a No change to the judgment e. Key sources of estimation uncertainty We define key sources of estimation uncertainty as accounting estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Summarised below are what we consider to be the key accounting estimates in 2022 compared to those of 2021 and the reason for any changes. Relevant sensitivities are disclosed within the relevant financial statement notes. Key accounting estimates 2022 2021 Reason for change Estimation of the close-down, restoration and environmental cost obligations (note 14) a a No change Estimation of the cash flow forecasts to support the recognition of deferred tax assets 0 a In 2021 the cash flow forecast used to support the recognition of deferred tax assets in the United States, Mongolia and Australia was considered to be a key estimate. Given the write down of deferred tax assets in the United States as a result of the Corporate Alternative Minimum Tax under the Inflation Reduction Act 2022, and the progress towards sustainable underground production at Oyu Tolgoi reducing the risk of losses expiring prior to utilisation, cash flow forecasts used to support deferred tax recoverability are no longer considered a key estimate in 2022. Estimation of obligations for post-employment costs (note 28) a a No change f. Currency Other relevant judgments - Identification of functional currency We present our financial statements in US dollars, as that presentation currency most reliably reflects the global business performance of the Group as a whole. The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the primary economic environment in which it operates. For businesses that reside in developed economies the functional currency is generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an emerging economy, the US dollar is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods and services, are agreed and paid in US dollars, in common with other international investors. Determination of functional currency involves judgment, and other companies may make different judgments based on similar facts. The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income statement and in equity. We also apply judgment in determining whether settlement of certain intragroup loans is neither planned nor likely in the foreseeable future and therefore whether the associated exchange gains and losses can be taken to equity. During 2022, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. On consolidation, income statement items for each entity are translated from the functional currency into US dollars at the full-year average rate of exchange, except for material one-off transactions, which are translated at the rate prevailing on the transaction date. Balance sheet items are translated into US dollars at period-end exchange rates. Exchange differences arising on the translation of the net assets of entities with functional currencies other than the US dollar are recognised directl y in the currency translation reserve. These translation differences are shown in the statement of comprehensive income, with the exception of the translation adjustment relating to Rio Tinto Limited\u2019s share capital, which is shown in the statement of changes in equity. Where an intragroup balance is, in substance, part of the Group\u2019s net investment in an entity, exchange gains and losses on that balance are taken t o the currency translation reserve. Except as noted above, or where exchange differences are deferred as part of a cash flow hedge, all other differences are charged or credited to th e income statement in the year in which they arise. The principal exchange rates used in the preparation of the financial statements were: Full-year average Year-end One unit of local currency buys the following number of US dollars 2022 2021 2020 2022 2021 2020 Pound sterling 1.24 1.38 1.28 1.21 1.35 1.36 Australian dollar 0.69 0.75 0.69 0.68 0.73 0.77 Canadian dollar 0.77 0.80 0.75 0.74 0.78 0.78 Euro 1.05 1.18 1.14 1.07 1.13 1.23 South African rand 0.061 0.068 0.061 0.059 0.063 0.068 g. Ore Reserves and Mineral Resources A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth\u2019s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. An Ore Reserve is the economically mineable part of a measured or indicated Mineral Resource. The estimation of Ore Reserves and Mineral Resources requires judgment to interpret available geological data and subsequently to select an appropriate mining method and then to establish an extraction schedule. At least annually, the Competent Persons of the Group (according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)), estimate Ore Reserves and Mineral Resources using assumptions such as: \u2013 Available geological data; \u2013 Expected future commodity price and demand; \u2013 Exchange rates; \u2013 Production costs; \u2013 Transport costs; \u2013 Close-down and restoration costs; \u2013 Recovery rates; \u2013 Discount rates; and \u2013 Renewal of mining licences . With regard to our future commodity price assumptions, to calculate our Ore Reserves and Mineral Resources for our filing on the Australian Securities Exchange and London Stock Exchange, we use prices generated by our Strategy and Economics team (refer to the Climate change section for further details about our pricing methodology). For our Annual Report on Form 20-F, filed with the Securities Exchange Commission (\u2018SEC\u2019), we use consensus price or historical pricing and comply with subpart 1300 of Regulation S-K (Regulation S-K), instead of with the JORC code. We use judgment as to when to include Mineral Resources in accounting estimates, for example, the use of Mineral Resources in our depreciation policy as described in note 13 and in the determination of the date of closure as described in note 14. There are many uncertainties in the estimation process and assumptions that are valid at the time of estimation may change significantly when new information becomes available. New geological or economic data, or unforeseen operational issues may change estimates of Ore Reserves and Mineral Resources. This could cause material adjustments in our financial statements to: \u2013 Depreciation and amortisation rates; \u2013 Carrying values of intangible assets and property, plant and equipment; \u2013 Deferred stripping costs; \u2013 Provisions for close-down and restoration costs; and \u2013 Recovery of deferred tax assets. To deliver our climate targets, we expect to make capital investment of US$7.5 billion in decarbonisation projects over the period to 2030, including around US$1.5 billion in the next three years, mainly relating to the repowering of the Pilbara. Progress towards our Scope 1 and 2 emissions targets is reflected within executive remuneration. In 2022, we delivered the first 34MW of renewable power at Gudai-Darri and announced our plan to invest US$600 million in 200MWh of solar power facilities and 200MWh of battery storage in the Pilbara by 2026. We agreed to test at least four battery-powered locomotives, and pilot battery-powered trucks in the Pilbara in 2024. By 2030, we aim to phase out the purchase of diesel haulage trucks and\u2006locomotives across our operations. At the Queensland Alumina refinery we are working to develop an energy efficient digestion process at an estimated cost of US$240 million. In 2022, we continued to work with the Queensland Government and energy providers to design a renewable energy solution for Boyne Smelter. Similarly, in 2022, Tomago Aluminium Company released an expression of interest to work towards a green repowering solution for the Tomago smelter. In addition, we have signed a 130MW solar power purchase agreement for Richards Bay Minerals (RBM) in South Africa. We also intend to decarbonise our shipping fleet and aim to have net zero vessels in our portfolio by 2030. To achieve this, in 2022 we successfully completed a trial of fuel blend with biofuels and in 2023-2024 we plan to incorporate nine LNG dual-fuel chartered vessels into our fleet. Decarbonisation projects are expected to accelerate beyond 2025, which we expect to include further decarbonisation of the Pilbara electricity system (estimated at US$3 billion out of the US$7.5 billion total spend by 2030) and other abatement projects. We are also stepping up our focus on Scope 3 goals, which are explicitly linked to executive remuneration. Over 90% of our Scope 3 emissions are from the downstream processing of iron ore, bauxite and other products by our customers. We have not set an overall quantitative Scope 3 emissions target, but instead engage with our customers to optimise their current operations toward low-emitting, higher efficiency processes; and foster partnerships with them, which we believe are more effective ways to advance actions. The shift toward green steel is underway and we are working on options to beneficiate our Pilbara ores to be better suited to green steel technologies and are exploring DRI pathways using sustainable resources such as hydrogen and biomass. We expect that our annual incremental operating expenditure on building new teams and energy efficiency initiatives will be around US$200 million, in addition to R&D investment. Our ambition is to increase our growth capital expenditure to around US$2 billion in 2023 and up to US$3 billion per year in 2024-2025 to capture new growth opportunities with a focus on materials that are expected to see strong demand growth from the low carbon transition. This includes investment in future production of lithium at Rincon, copper at Oyu Tolgoi and Winu and high-grade iron ore from Simandou. Our budget for central greenfield exploration remains at approximately US$250 million annually, mainly focused on copper with a growing battery minerals programme. For internal capital allocation purposes for major projects, a notional carbon price of US$75/t CO 2 e is used to incentivise investment in low carbon abatement options. The US$75/t CO 2 e price is derived from our analysis of the carbon mitigation options across our assets that are needed to achieve our emissions targets. This is unrelated to the different carbon prices we use in our core scenarios which are based on our assessment of climate policy ambition. The impact of climate change and the execution of our climate change strategy on our financial statements is discussed below: Climate change scenarios Our strategy and approach to climate change are informed by an analysis of the interplay of global megatrends, explored through the lens of plausible global scenarios. These set the context for our industry and underpin our commodity price outlooks, portfolio and capital allocation choices and how we operate as a business. There are many plausible scenarios for global energy transition, all with different impacts on future The unaudited statement of ore reserves is included on page 284 and of mineral resources on page 296. h. Impact of climate change on the Group Strategy and approach to climate change Over a year ago, we put the low-carbon transition at the heart of our new strategy, setting a clear pathway to deliver long-term value as well as ambitious targets to decarbonise our business. In 2022, our shareholders supported our Climate Action Plan in a non-binding advisory vote on the Group\u2019s ambitions, emissions targets and actions to achieve them. Further detail of our approach is provided in the front half of our Annual Report and in our 2022 Climate Change Report. Our Scope 1 and 2 emissions reduction targets of 15% by 2025, 50% by 2030 (both relative to our 2018 equity baseline) and the aim to achieve net zero emissions by 2050 are aligned with 1.5\u00b0C \u2013 the stretch goal of the Paris Agreement. We have set up six large abatement programmes focused on renewables, Pacific aluminium operations, ELYSIS TM technology, process heat, minerals processing and diesel alternatives. commodity price outcomes. As part of our 2022 strategy process, we replaced our three scenarios described in the 2021 Annual Report and now focus on two core scenarios. These are used to generate a single central Reference Case for use in commodity pricing forecasts, valuation models and reserves and resources determination, as was the case in the prior year. These changes in scenarios represent an evolution of our interpretation and estimations in the current year, not a change in accounting policy, and as such we have not restated comparative information. Our two core scenarios are: \u2013 Competitive Leadership scenario, limiting global warming to approximately 2\u00b0C by 2100, reflects a rapidly developing world of high growth and strong climate action post-2030 with change driven by policy and competitive innovation. As a result, we expect that countries achieve their Glasgow Climate Pact commitments. Global weighted average carbon prices are forecast to rise rapidly at an average of 8% per year over the next three decades, reaching US$42/tCO 2e in 2030, and rising rapidly post-2030 to incentivise significant mitigation in industrial sectors post-2030. \u2013 Fragmented Leadership scenario, with global warming exceeding 2.5\u00b0C by 2100, is characterised by limited progress on policy reform with volatile low growth. We expect that nations eventually achieve their 2030 Nationally Determined Contributions as agreed in Paris in 2015 but fail to progress towards long term carbon goals agreed at the UN Climate Summit COP26 Glasgow. Global weighted average carbon prices are forecast to rise slowly, at an average of 2.9% per year over the period to 2050, reaching US$42 in 2030; but remain too low post-2030 to incentivise significant mitigation in industrial sectors resulting in flat global emissions post-2030. At the UN Climate Summit in late 2022 (COP27), there was broad recognition that the pace of decarbonisation across the global economy is too slow to limit warming to 1.5\u00b0C and that current climate policies in many countries are not yet aligned with their stated ambitions. Consequently, neither of our two core scenarios is consistent with the expectation of climate policies required to accelerate the global transition to meet the stretch goal of the Paris Agreement. Although our operational emissions reduction targets align with the goals of the Paris Agreement, our two core scenarios do not. Consequently, we also assess our sensitivity and test the economic performance of our business against a scenario we have developed to reflect our view of the global actions required to meet the stretch goal of the Paris Agreement. We refer to this Paris-aligned scenario as the Aspirational Leadership scenario. Importantly none of our three scenarios are considered a definitive representation for our assessment of the future impact of climate change on the Group. Scenario modelling has inherent limitations and by its nature allows a range of possible outcomes to be considered where it is impossible to predict which outcome is likely. The Aspirational Leadership scenario reflects a world of high growth, significant social change and accelerated climate action. Global weighted average carbon prices rise rapidly \u2013 at an average of 9.3% per year over the next three decades \u2013 reaching $59/tCO2e in 2030 and incentivise rapid and deep reductions in industrial emissions post-2030. Despite geopolitical differences, major economies work together through multilateral frameworks and proactively work towards limiting temperature change to 1.5\u00b0C by 2050. The Aspirational Leadership scenario is a commodity sales price and carbon tax sensitivity, with all other inputs remaining equal to our Reference Case; and is built by design to reach net-zero emissions globally by 2050 and help us better understand the pathways to meet the Paris Agreement goal, and what this could mean for our business. It is used for strategy and risk discussions, including analysis of sensitivity to our view of a Paris- aligned pathway and comparison of relative economic performance to our core scenarios. We do not publish the commodity price forecasts associated with these scenarios as to do so would weaken our position in commercial negotiations and might give rise to concerns from other market participants. Impacts of climate change pricing scenarios on our portfolio, low-carbon transition risks and opportunities Through our strategy process we compare the economic performance of our portfolio under our two core scenarios and the Aspirational Leadership scenario and this indicates that overall the economic performance of our portfolio would be stronger in scenarios with proactive climate action, particularly in relation to aluminium, copper and higher-grade iron ore. We anticipate that all our commodities are needed in the low-carbon transition, but estimate that the demand varies significantly between our scenarios. We expect that copper demand will rise from a 2020 base by 65-150% by 2050 across the three scenarios to support a rapid rise in renewable generation while lithium is expected to be a fundamental ingredient in electric vehicle batteries and grid-firming energy storage solutions. Demand for aluminium is expected to grow for use in energy- efficient lightweight vehicles with demand for aluminium semi- fabricated products more than doubling in the period 2021-50 in Aspirational Leadership and Competitive Leadership scenarios, with moderate demand growth in Fragmented Leadership. Our access to self-generated hydro power is a source of competitive advantage for our aluminium business in Canada. We forecast that global iron ore demand will remain strong with a premium on higher grade ore needed for the production of green steel, such as that from our IOC products and the planned investment in Simandou, which increases in our Aspirational Leadership and Competitive Leadership scenarios. In our Aspirational Leadership scenario, accelerated switching to green steel and increasing scrap use reduces the relative value of low-grade iron ore in the Pilbara. We will need to carefully monitor and manage transition risks linked to our operational Scope 1 and 2 emissions and value-chain Scope 3 emissions. In particular, we expect the decarbonisation of our assets to benefit from the implementation of new technologies. The pace of technological development is uncertain, which could delay or increase the cost of our decarbonisation efforts. Our Aspirational Leadership scenario predicts the Group's overall economic performance would fall between the Fragmented Leadership and Competitive Leadership scenarios. This reflects higher estimated economic performance for our copper and aluminium businesses in the Aspirational Leadership scenario, based on their higher price profiles, offset by higher expected carbon penalties across our operating jurisdictions, and lower prices for lower grade iron ore products. Refer below for our assessment of the accounting implications of forecast commodity pricing in the Aspirational Leadership scenario. Physical risk In 2022, we launched the Physical Resilience Programme across the Group. During the year we commenced a physical risk and resilience assessment across prioritised risk areas: the entire Pilbara iron ore operation and the Saguenay aluminium operations focused on Lac Saint-Jean. Our ongoing review processes, including impairment assessments, have not identified any material accounting impacts to date. For example, in 2022, no write-offs are necessary in the Pilbara, where certain infrastructure assets, such as transmission lines, that have reached the end of their natural lives are being replaced with climate resilient infrastructure. In addition, we do not foresee the renewal of our contractual water rights in Canada that have been classified as indefinite-lived intangible assets to be at risk from climate change (note 12). Further, closure planning considers future climate change projections at each step of the process to support safe and appropriate final landform design. In 2023, we will progress a Group-wide top-down assessment to further understand the risks and opportunities associated with physical climate change and to quantify any financial impacts, in addition to the site-specific bottom-up assessments, which will continue in the foreseeable future. Accounting judgments and estimates Global decarbonisation and the world\u2019s energy transition continues to evolve, with the potential to materially impact our future financial results as our significant accounting judgments and key estimates are updated to reflect prevailing circumstances. In response, carrying values of assets and liabilities could be materially affected in future periods. Our current strategy and approach to decarbonise our operations and achieve our scope 1 and 2 emissions targets is considered in our significant judgments and key estimates reflected in these financial results. Impacts from executing our climate change strategy - accounting for capital expenditure and operating costs underpinning our Climate Action Plan Given the significant investment we are making to abate our carbon emissions, we have considered the potential for asset obsolescence, with a particular focus on our Pilbara operations where we are prioritising investment in renewables to switch away from natural gas power generation. No material changes to accounting estimates to useful economic lives have been necessary due to the anticipated use of these assets for firming support in the transition (note 13). As the renewable projects progress, it is possible that such adjustments may be identified in the future. The renewable assets in the Pilbara are our own built and operated arrangements and follow normal rules on capitalisation of directly attributable costs. The solar power purchase agreement for RBM is accounted for on an accrual basis as energy is produced. There are no accounting impacts to date from the programme to develop renewable energy solutions for our Queensland aluminium assets as the work has not been completed and commercial terms have not been agreed. Large scale renewable power off-take arrangements may, in the future, require complex derivative measurement or lease accounting depending on contractual terms. No adjustments to useful lives of the existing fleet have been identified to date as a result of planned fleet electrification in the Pilbara and the purchase of battery-powered locomotives. The solutions are still in development or pilot stages and the gradual fleet replacement is intended to be part of the normal lifecycle renewal of trucks. Depending on technological development, which is highly uncertain, this could lead to accelerated depreciation in the future. Similarly, our target to have net zero vessels in our portfolio by 2030 has not given rise to accounting adjustments to date, as the replacement is planned as part of the lifecycle renewal. The energy efficiency digestion project at Queensland Alumina refinery does not reduce the economic lives of the underlying alumina assets but could lower operating costs and improve margins. The expenditure on our own carbon abatement projects and technology advancements follows existing accounting policies on cost capitalisation, research and development costs. Use of sensitivities to Paris aligned accounting The forecast commodity prices (including carbon prices) informed by a blend of our two scenarios are used pervasively in our financial processes from budgeting, forecasting, capital allocation and project evaluation to the determination of ore reserves. In turn, these prices are used to derive critical accounting estimates included as inputs to impairment testing, estimation of remaining economic life for units of production depreciation and discounting closure and rehabilitation provisions. These prices represent our best estimate of actual market outcomes based on the range of future economic conditions regarding matters largely outside our control, as required by IFRS. As neither of our core scenarios represents the Group\u2019s view of the goals of the Paris Agreement, our commodity price assumptions used in accounting estimates are not consistent with the expectation of climate policies required to accelerate the global transition to meet the goals of the Paris Agreement. As described above, we use our Aspirational Leadership scenario to understand the sensitivity of these estimates to Paris aligned assumptions. Under the Aspirational Leadership scenario, which is not used in the preparation of these financial statements, nor for budgeting purposes, the economic performance of copper and aluminium is expected to be stronger under supply and demand forward pricing curves which we believe will be consistent with the Paris Agreement. It is possible therefore, under the right conditions, that historical impairments associated with these assets could reverse. We recognised an impairment of US$202 million during the year for the Boyne smelter cash-generating unit, triggered by economic and operating performance of the smelter (note 4). When measuring the recoverable amount for this cash-generating unit we utilised net present value of cash flows to the end of the existing joint venture agreements in 2029, which also coincides with the Group\u2019s targeted carbon emission reductions by 2030. The Group continues to evaluate lower emission power solutions for the smelter that could extend its life to at least 2040. In such circumstances, the net present value of forecast future cash flows could support the reversal of past impairments. Both the recorded outcome and the sensitivity represent a reduction in emissions that we considered to be Paris-aligned. In the Aspirational Leadership scenario the prices for lower-grade iron ore are supported in the medium term by an assumed underlying increase in GDP-driven demand. However, in the longer term we assume the pricing for lower grade iron ore to be weaker than in our core scenarios. This will depend on the development of low-emissions steel technology, the pace of which is uncertain, but is expected to be offset by higher prices for higher-grade iron ore. This is unlikely to give rise to impairment triggers for 2022 or in the foreseeable future due to the high returns on capital employed in the Pilbara. We completed the divestments of our coal businesses in 2018 and no longer mine coal, but retained a contingent royalty from these divestments. Recent favourable coal prices exceeded contractual benchmark levels and resulted in the cash royalty receipt of US$36 million during 2022. We also carry royalty receivables of US$209 million on our balance sheet at 31 December 2022, measured at fair value (note 24). The fair value of this balance may be adversely impacted in the future by a faster pace of transition to a low carbon economy, but this impact is not expected to be material. Closure dates and cost of closure are also sensitive to climate assumptions, but no material changes have been identified in the year specific to climate change that would require a material revision to the provisions in 2022. For those commodities with higher forward price curves under the Aspirational Leadership scenario, it may be economical to mine lower mineral grades, which could result in the conversion of additional Mineral Resources to Ore Reserves and therefore longer dated closure. Overall, based on the Aspirational Leadership scenario pricing outcomes, and with all other assumptions remaining consistent with those applied to our 2022 financial statements, we do not currently envisage a material adverse impact of the 1.5\u00b0C Paris-aligned sensitivity on asset carrying values, remaining useful life, or closure and rehabilitation provisions for the Group. It is possible that other factors may arise in the future, which are not known today, that may impact this assessment. Additional commentary on the impact of climate change on our business is included in the following notes: Financial reporting considerations and sensitivities related to climate change Page Recoverable value of our assets, asset obsolescence, impairment and use of sensitivities (note 4) 168 Operating expenditure spend on decarbonisation (note 7 - footnote (h)) 171 Water rights - climate impact on indefinite life (note 12) 177 Estimation of asset lives (note 13) 179 Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) 181 Useful economic lives of power generating assets (note 13) 181 Close-down, restoration and environmental cost (note 14) 185 Coal royalty receivables (note 24) 200 i. New standards issued and effective in the current year Our financial statements have been prepared on the basis of accounting policies consistent with those applied in the financial statements for the year ended 31 December 2021, except for the accounting requirements set out below, effective as at 1 January 2022. These did not have a significant impact on our financial statements. Proceeds before Intended Use (Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d) We adopted Proceeds before Intended Use (Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d) at 1 January 2022. The amendment prohibits the deduction, from the cost of major project construction work in progress, of proceeds (net of additional processing costs) from selling items before the related item of property, plant and equipment is available for use. Under the amendment, proceeds from selling items before the related item of property, plant and equipment is available for use are recognised within \u201cConsolidated sales revenue\u201d in the income statement along with the costs of producing those items within \u201cNet operating costs (excluding items disclosed separately)\u201d. We apportion development expenditure in the period to derive the cost associated with pre-production revenue, based on the tonnes produced in the period as a percentage of the total expected production (estimated total ore reserve). During 2021 we completed a review of the impact of these amendments and concluded that adjustments to retained earnings as at 1 January 2020, and restatement of the 2020 and 2021 Group Income Statement and Balance Sheet upon adoption of the amendments, were insignificant and as a result no restatements were made to comparative periods. During the year ended 31 December 2022 we recognised in the income statement pre-production revenue of US$511 million and related costs of US$30 million in relation to Gudai Darri and Oyu Tolgoi. Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d) We adopted Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d) at 1 January 2022. The amendments specify that the costs an entity includes in determining whether a contract is onerous are made up of all directly related costs, including both incremental amounts and an allocation of other directly related expenditure. Previously, we made provision for onerous contracts when the assets dedicated to the contract were fully impaired or the contract became stranded as a result of a business decision. From 2022, we record a provision if a contract is found to be loss-making on a stand-alone basis following allocation of all directly related costs as required by the amendments to IAS 37. We have applied the amendments without revision to comparative amounts. We have increased other provisions and reduced our retained earnings as at 1 January 2022 by US$17 million. j. Reconciliation with Australian Accounting Standards Our financial statements have been prepared in accordance with IFRS, as defined in the \u2018Basis of preparation\u2019 on page 148, which differs in certain respects from the version of International Financial Reporting Standards that is applicable in Australia, referred to as Australian Accounting Standards (AAS). We are required to disclose the effect of the adjustments to our consolidated income statement, consolidated total comprehensive income/(loss) and consolidated shareholders\u2019 funds if our accounts were prepared under the version of IFRS that is applicable in Australia. This is in order to satisfy the obligations of Rio Tinto Limited to prepare consolidated accounts under Australian company law, as amended by an order issued by the Australian Securities and Investments Commission on 16 July 2021. Prior to 1 January 2004, our financial statements were prepared in accordance with UK GAAP. Under IFRS, goodwill on acquisitions prior t 1998, which was eliminated directly against equity in the Group\u2019s UK GAAP financial statements, has not been reinstated. This was permitted under the rules governing the transition to IFRS set out in IFRS 1. The equivalent Australian Standard, AASB 1, does not provide for the netting of goodwill against equity. As a consequence, shareholders\u2019 funds under AAS include the residue of such goodwill, which amounted to US$380 million at 31 December 2022 (2021: US$377 million). Save for the exception described above, the Group\u2019s financial statements prepared in accordance with IFRS are consistent with the requirements of AAS. c. Materiality Our directors consider information to be material if correcting a misstatement, omission or obscuring could, in the light of surrounding circumstances, reasonably be expected to change the judgment of a reasonable person relying on the financial statements. The Group considers both quantitative and qualitative factors in determining whether information is material; the concept of materiality is therefore not driven purely by numerical values. When considering the potential materiality of information, management makes an initial quantitative assessment using thresholds based on estimates of profit before taxation; for the years ended 31 December 2022 and 31 December 2021 the quantitative threshold was US$700 million. However, other considerations can result in a determination that lower values are material or, occasionally, that higher values are immaterial. These considerations include whether a misstatement, omission or obscuring: masks a change or trend in key performance indicators; causes reported key metrics to change from a positive to a negative values or vice-versa; affects compliance with regulatory requirements or other contractual requirements; could result in an increase to management\u2019s compensation; or might conceal an unlawful transaction. In assessing materiality, management also applies judgment based on its understanding of the business and its internal and external financial statement users. The assessment will consider user expectations of numerical and narrative reporting. Sources used in making this assessment would include, for example: published analyst consensus measures, experience gained in formal and informal dialogue with users (including regulatory correspondence), and peer group benchmarking . d. Summary of key judgments or other relevant judgments made in applying the accounting policies The preparation of the financial statements requires management to use judgment in applying accounting policies and in making critical accounting estimates. These judgments and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the financial statements. Areas of judgment in the application of accounting policies that have the most significant effect on the amounts recognised in the financial statements and key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are noted below and further information is contained in the accounting policies and/or the notes to the financial statements. Summarised below are the key judgments which we have taken in the application of the Group\u2019s accounting policies for 2022 and how they compare to the prior year. Taking a different judgment over these matters would lead to a material impact on the 2022 financial statements. More detail on the judgment can be found in the respective notes. Key judgments 2022 2021 Reason for change Indicators of impairment and impairment reversals (note 4) a a No change to the judgment Uncertain tax positions (note 10) 0 a The settlement in 2022 with the Australian Taxation Office (ATO) has reduced the balance over which judgment is exercised. There have been no material changes in the Group's remaining uncertain tax positions. Therefore uncertain tax positions are not a key judgment in 2022. Deferral of stripping costs (note 13) a a No change to the judgment Estimation of asset lives (note 13) a a No change to the judgment Close-down, restoration and environmental obligations (note 14) a a No change to the judgment Recoverability of potential deferred tax assets (note 15) 0 a In 2021 the key judgment related to the recoverability of significant deferred tax asset balances in the United States, Mongolia and Australia. Given the progress towards sustainable underground production at Oyu Tolgoi reducing the risk of tax losses expiring prior to utilisation, and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax under the Inflation Reduction Act, the recoverability of deferred tax assets is not a key judgment in 2022. 6 Revenue by destination and product Recognition and measurement We recognise sales revenue related to the transfer of promised goods or services when control of the goods or services passes to the customer. The amount of revenue recognised reflects the consideration to which the Group is or expects to be entitled in exchange for those goods or services. Sales revenue is recognised on individual sales when control transfers to the customer. In most instances, control passes and sales revenue is recognised when the product is delivered to the vessel or vehicle on which it will be transported once loaded, the destination port or the customer\u2019s premises. There may be circumstances when judgment is required based on the five indicators of control below: \u2013 The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service. \u2013 The customer has a present obligation to pay in accordance with the terms of the sales contract. For shipments under the Incoterms Cost, Insurance and Freight (CIF)/Carriage Paid to (CPT)/Cost and Freight (CFR) this is generally when the ship is loaded, at which time the obligation for payment is for both product and freight. \u2013 The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to the terms specified in the sales contract but this does not impact the passing of control. Assay and specification adjustments have been immaterial historically. \u2013 The customer has legal title to the asset. The Group usually retains legal title until payment is received for credit risk purposes only. \u2013 The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an asset prior to obtaining physical possession, which may be the case for goods in transit. 6 Revenue by destination and product continued Revenue is principally derived from sale of commodities. We sell the majority of our products on CFR or CIF Incoterms. This means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at which control of goods passes to the customer at the loading port. The Group, therefore, has separate performance obligations for freight and insurance services that are provided solely to facilitate sale of the products it produces. Other Incoterms commonly used by the Group are Free on Board (FOB), where the Group has no responsibility for freight or insurance once control of the goods has passed at the loading port, and Delivered at Place (DAP), where control of the goods passes when the product is delivered to the agreed destination. For these Incoterms there is only one performance obligation, being the provision of product at the point where control passes. Within each sales contract, each unit of product shipped is a separate performance obligation. Revenue is generally recognised at the contracted price as this reflects the stand-alone selling price. Sales revenue excludes any applicable sales taxes. Sales of copper concentrate are stated net of the treatment and refining charges which will be required to convert it to an end product. The Group\u2019s products are sold to customers under contracts which vary in tenure and pricing mechanisms, including some volumes sold on the spot market. Pricing for iron ore is on a range of terms, the majority being either monthly or quarterly average pricing mechanisms, with a smaller proportion of iron ore volumes being sold on the spot market. Certain of the Group\u2019s products may be provisionally priced at the date revenue is recognised and a provisional invoice issued; however, substantially all iron ore and aluminium sales are reflected at final prices in the results for the period. Provisionally priced receivables are subsequently measured at fair value through the income statement under IFRS 9 \u201cFinancial Instruments\u201d as described in note 24. The final selling price for all provisionally priced products is based on the price for the quotational period stipulated in the contract. Final prices for copper concentrate are normally determined between 30 and 120 days after delivery to the customer. The change in value of the provisionally priced receivable is based on relevant forward market prices and is included in sales revenue; refer to \u201cOther revenue\u201d within the sales by product disclosure below. Revenues from the sale of significant by-products, such as gold, are included in sales revenue. Third-party commodity swap arrangements principally for delivery and receipt of smelter-grade alumina are offset within operating costs. Sundry revenue incidental to the main revenue- generating activities of the operations is treated as a credit to operating costs. Typically, the Group has a right to payment before or at the point that control of the goods passes including a right, where applicable, to payment for provisionally priced products and unperformed freight and insurance services. Cash received before control passes is recognised as a contract liability. The amount of consideration does not contain a significant financing component as payment terms are less than one year. We have a number of long-term contracts to supply products to customers in future periods. Generally, revenue is recognised on an invoice basis, as each unit sold is a separate performance obligation and therefore the right to consideration from a customer corresponds directly with our performance completed to date. We do not disclose sales revenue from freight and insurance services separately as we do not consider that this is necessary in order to understand the impact of economic factors on the Group. Our Chief Executive, the chief operating decision maker as defined under IFRS 8 \u201cOperating Segments\u201d, does not review information specifically relating to these sources of revenue in order to evaluate the performance of business segments and Group information on these sources of revenue is not provided externally. We do provide information on freight revenue for the iron ore and bauxite businesses on pages 37 and 39 to help stakeholders understand FOB operating margins for those products. We apply the practical expedient in paragraph 121 of IFRS 15 and do not include information on the transaction price allocated to performance obligations that are unsatisfied. Consolidated sales revenue by destination (a) Adjusted (b) Adjusted (b) Adjusted (b) Adjusted (b) 2022 % 2021 % 2020 % 2022 US$m 2021 US$m 2020 US$m Greater China (b) 54.3 59.7 60.4 30,172 37,878 26,951 United States of America 15.9 12.6 10.9 8,823 8,012 4,867 Asia (excluding Greater China and Japan) 7.1 6.9 7.9 3,937 4,415 3,525 Japan 7.4 7.9 7.5 4,091 5,012 3,354 Europe (excluding UK) 6.5 5.2 5.9 3,618 3,271 2,623 Canada 3.1 2.6 2.9 1,743 1,677 1,289 Australia 1.9 1.8 1.7 1,047 1,122 745 UK 0.3 0.4 0.5 182 243 242 Other countries 3.5 2.9 2.3 1,941 1,865 1,015 Consolidated sales revenue 100 100 100 55,554 63,495 44,611 (a) Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia. (b) Consolidated sales revenue by destination has been adjusted to classify Taiwan and China together as \u2018Greater China\u2019; previously Taiwan was included in Asia (excluding Greater China and Japan). This change has resulted in a decrease in 2021 revenue attributable to Asia (excluding Greater China and Japan) of: 2.5% and US$1,570 million (2020: 2.3% and US$1,011 million) Recognition and measurement The taxation charge contains both current and deferred tax. Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is uncertain, we establish provisions based on either: the Group\u2019s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. Deferred tax is calculated in accordance with IAS 12 using rates that have been enacted or substantively enacted at the balance sheet date. Where the recognition of an asset and liability from a single transaction gives rise to equal and off-setting temporary differences, we apply the Initial Recognition Exemption allowed by IAS 12, and consequently recognise neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences. Primarily this occurs with new lease arrangements and changes in closure cost estimates for assets in operation. Under the amendment to IAS 12, deferred tax assets and liabilities will be required to be recognised in respect of such temporary differences (Refer to note 40 on page 222). Recognition and measurement Goodwill is not amortised; it is tested annually at 30 September for impairment or more frequently if events or changes in circumstances indicate a potential impairment, refer to note 4 for further information Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight lin e or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready fo r use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the projec t. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the cas e, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refinerie s are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine th e development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. Recognition and measurement Property, plant and equipment is stated at cost, as defined in IAS 16, less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and restoration costs associated with the asset. Property, plant and equipment includes right of use assets arising from leasing arrangements, shown separately from owned and leasehold assets. Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, expenditure other than that on land, buildings, plant, equipment and capital work in progress is capitalised under \u201cMining properties and leases\u201d together with any amount transferred from \u201cExploration and evaluation\u201d. Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalised unless associated with pre-production revenue (refer to page 155). Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary\u2019s cost of borrowing if not. This is performed until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a subsidiary\u2019s cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary. Recognition and measurement
The Group has provisions for close-down and restoration costs which
include the dismantling and demolition of infrastructure, the removal of
residual materials and the remediation of disturbed areas for mines and
certain refineries and smelters. The obligation may occur during
development or during the production phase of a facility. These
provisions are based on all regulatory requirements and any other
commitments made to stakeholders. The provision excludes the impact
of future disturbance which is planned to occur during the life of mine,
so that it represents only incurred disturbance as at the balance sheet
date.
Closure provisions are not made for those operations that have no
known restrictions on their lives as the closure dates cannot be reliably
estimated, instead a contingent liability is disclosed, refer to note 37.
This applies primarily to certain Canadian smelters which have
indefinite-lived water rights from local governments permitting
electricity generation from hydro-power stations.
Close-down and restoration costs are a normal consequence of mining
or production, and the majority of close-down and restoration
expenditure is incurred in the years following closure of the mine,
refinery or smelter. Although the ultimate cost to be incurred is
uncertain, the Group\u2019s businesses estimate their costs using current
restoration standards, techniques and expected climate conditions. The
costs are estimated on the basis of a closure plan, and are reviewed at
each reporting period during the life of the operation to reflect known
developments. The estimates are also subject to formal review, with
appropriate external support, at regular intervals.
The timing of closure and the rehabilitation plans for the site can be
uncertain and dependent upon future capital allocation decisions which
involve estimation of future economic circumstances and business
cases. In such circumstances, the closure provision is estimated using
probability weighting of the different remediation and closure scenarios.
The initial close-down and restoration provision is capitalised within
\u201cProperty, plant and equipment\u201d. Subsequent movements in the close-
down and restoration provisions for ongoing operations are treated as
an adjustment to cost within \u201cProperty, plant and equipment\u201d. This
includes those resulting from new disturbance related to expansions or
other activities qualifying for capitalisation; updated cost estimates;
changes to the estimated lives of operations; changes to the timing of
closure activities; and revisions to discount rates.
Changes in closure provisions relating to closed operations are
charged/credited to \u201cNet operating costs\u201d in the income statement.
Where rehabilitation is conducted systematically over the life of the
operation, rather than at the time of closure, provision is made for the
estimated outstanding continuous rehabilitation work at each balance
sheet date and the cost is charged to the income statement.
The closure provision is represented by forecast future underlying cash
flows expressed in real terms at the balance sheet date. These are
discounted for the time value of money based on a long-term view of
low-risk market yields which includes a review of historic trends plus
risks and opportunities for which future cash flows have not been
adjusted, namely potential improvements in closure practices between
the reporting date and the point at which rehabilitation spend takes
place. The real-terms discount rate used is 1.5% (2021: 1.5%) which is
applied to all locations since we expect to meet closure cash flows
principally from US dollar revenues and financing, with activities co-
ordinated by the Group's central closure team.
To roll forward those real-terms cash flows between periods, we identify
local rates of inflation based on Producer Price Inflation (PPI) indices and
together with the real-terms discount rate unwind the discount through
the line \u201camortisation of discount\u201d, shown within \u201cFinance items\u201d in the
income statement. This nominal rate for cost escalation in the current
financial year is estimated at the start of each half-year and applied
systematically for six months. At the end of each half-year we update
the underlying cash flows for the latest estimate of experienced inflation
for the current financial year and record this as \u201cchanges to existing
provisions\u201d. For operating sites this adjustment usually results in a
corresponding adjustment to Property, Plant and Equipment and for
closed and fully impaired sites the adjustment is charged or credited to
the income statement.
In some cases, our subsidiaries make a contribution to trust funds in
order to meet or reimburse future environmental and decommissioning
costs. Amounts due for reimbursement from trust funds are not offset
against the corresponding closure provision unless payments into the
fund have the effect of passing the closure obligation to the trust.
Environmental costs result from environmental damage that was not a
necessary consequence of operations, and may include remediation,
compensation and penalties. Provision is made for the estimated
present value of such costs at the balance sheet date. These costs are
charged to \u201cNet operating costs\u201d, except for the unwinding of the
discount which is shown within \u201cFinance items\u201d.
Remediation procedures may commence soon after the time the
disturbance, remediation process and estimated remediation costs
become known, but can continue for many years depending on the
nature of the disturbance and the remediation techniques used.
Recognition and measurement Inventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 is valued on the same basis, jointly with our own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in opening inventory. The cost of raw materials and consumable stores is the purchase price. The cost of partly-processed and saleable products is generally the cost of production, including directly attributable labour costs, materials and contractor expenses, the depreciation of assets used in production and production overheads. Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is available for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore is expensed as mine d. If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets and net realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys and assays. Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data, and are periodically reassessed, taking into account technical analysis and historical performance. Recognition and measurement The business model for our receivables is primarily \u201chold to collect\u201d (where assets are held in order to collect contractual cash flows) except those subject to our factoring programme. For our financial instruments, including receivables, held under a hold to collect business model and which have cash flows that meet the solely payments of principal and interest (\u2018SPPI\u2019) criteria these are recognised at amortised cost. Where our receivables do not meet the SPPI criteria, for example our provisionally priced receivables, these are measured at fair value through profit or loss with subsequent fair value gains or losses are taken to the income statement. A portion of our receivables participate in receivable factoring and letter of credit discounting programmes. We take advantage of these programmes to balance the impact of extended payment terms requested by our customers with our own working capital objectives or where the acceleration of cash receipts is financially beneficial compared with the cost of borrowing at the operation. We have applied our judgment when considering the business model test as defined in IFRS 9 Financial Instruments and conclude that the business model for receivables under the letter of credit discounting programme has not changed. We continue to hold these receivables at amortised cost because the sale of the letter of credit is made close to maturity of receivables and the discounting costs are immaterial. The business model for receivables subject to the global factoring programme does not meet the \u201chold to collect\u201d model and therefore are classified as \u201cheld for sale\u201d. This means the receivables are held at fair value each reporting period with the remeasurements being recorded in the income statement. Where a portion of our factored receivable is subject to recourse, that part of the receivable is not derecognised from the balance sheet and the cash received in advance is classified as a borrowing. The cash flows relating to the borrowing are shown in financing cash flows. At 31 December 2022 US$457 million (2021: US$504 million) of receivables participated in the global factoring programme and US$430 million (2021: US$418 million) participated in the letter of credit discounting programme. Recognition and measurement Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Our policy is to predominantly borrow in US dollars at floating interest rates, either directly or through the use of derivatives, as: \u2013 the majority of our sales are in US dollars, \u2013 historically a lower cost of borrowing has been observed from maintaining a floating rate exposure \u2013 historically there is a correlation between interest rates and commodity prices. For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate swaps is sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate swaps mature, new medium dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain fixed interest rates in certain circumstances. We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the respective debt. Where we borrow non-US denominated debt, we enter into cross currency interest rate swaps to convert the principal and fixed interest coupon to a US dollar notional with a US dollar interest coupon. Recognition and measurement IFRS 16 \u201cLeases\u201d applies to the recognition, measurement, presentation and disclosure of leases. Certain leases are exempt from the standard, including leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. We apply the scope exemptions in paragraphs 3(e) and 4 of IFRS 16 and do not apply IFRS 16 to leases of any assets which would otherwise fall within the scope of IAS 38 \u201cIntangible Assets\u201d. A significant proportion by value of our lease arrangements relate to dry bulk vessels and office properties. Other leases include land and non-mining rights, warehouses, ports, equipment and vehicles. We recognise all lease liabilities and corresponding right of use assets on balance sheet, with the exception of short-term (12 months or fewer) and low value leases, where payments are expensed as incurred. Lease liabilities are recorded at the present value of: fixed payments; variable lease payments that depend on an index or rate; amounts payable under residual value guarantees; and extension options expected to be exercised. Where a lease contains an extension option which we can exercise without negotiation, lease payments for the extension period are included in the liability if we are reasonably certain that we will exercise the option. Variable lease payments not dependent on an index or rate are excluded from the calculation of lease liabilities at initial recognition. Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be readily determined. For lease agreements relating to vessels, ports and properties, non-lease components are excluded from the projection of future lease payments and recorded separately within operating costs as services are being provided. The lease liability is measured at amortised cost using the effective interest method. The right of use asset arising from a lease arrangement at initial recognition reflects the lease liability, initial direct costs, lease payments made before the commencement date of the lease, and capitalised provision for dismantling and restoration, less any lease incentives. We recognise depreciation on right of use assets and interest on lease liabilities in the income statement over the lease term. Repayments of lease liabilities are separated into a principal portion (presented within financing activities) and an interest portion (which the Group presents in operating activities) in the cash flow statement. Payments made before the commencement date are included within financing activities unless they in substance represent investing cash flows, for example where pre-commencement cash flows are significant relative to aggregate cash flows of the leasing arrangement. Recognition and measurement Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the balance sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and new legislation) we reflect this in the amounts recognised. ",
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"value": "\u2013 under the historical cost convention, as modified by the revaluation of certain financial instruments, the impact of fair value hedge accounting on the hedged items and the accounting for post- employment assets and obligations; \u2013 on a going concern basis - Management has prepared detailed cash flow forecasts for at least 12 months and has updated life-of- mine plan models with longer-term cash flow projections which demonstrate that we will have sufficient cash, other liquid resources and undrawn credit facilities to enable us to meet our obligations as they fall due; \u2013 to meet UK-adopted international accounting standards, applicable UK law (Companies Act 2006) and Australian law (Australian Corporations Act 2001) as amended by the ASIC class order; \u2013 to meet international accounting standards as issued by the International Accounting Standards Board (IASB) and interpretations issued from time to time by the IFRS Interpretations Committee (IFRS IC) which are mandatory at 31 December 2022. a. The basis of preparation The financial information included in the financial statements for the year ended 31 December 2022, and for the related comparative periods, has been prepared: The above accounting standards and interpretations are collectively referred to as \u201cIFRS\u201d in this report and contain the principles we use to create our accounting policies. Where necessary, adjustments are made to the locally reported assets, liabilities, and results of subsidiaries, joint arrangements and associates to bring their accounting policies in line with ours for consistent reporting. ",
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"fact-680": {
"value": "About Rio Tinto In 1995, Rio Tinto plc, incorporated in the UK and listed on the London and New York Stock Exchanges, and Rio Tinto Limited, incorporated in Australia and listed on the Australian Securities Exchange, formed a dual listed companies structure (\u201cDLC\u201d). Under the DLC, Rio Tinto plc and Rio Tinto Limited are viewed as a single economic enterprise, with common boards of directors, and the shareholders of both companies have a common economic interest in the DLC. For further information on the DLC structure see page 338 in the additional information section of the annual report. IFRS-compliant consolidated financial statements of the Rio Tinto Group are prepared on this basis, with interests of shareholders of both companies presented as the equity interests of shareholders in the Rio Tinto Group. This is in accordance with the principles and requirements of International Financial Reporting Standards and in accordance with an order, under section 340 of the Australian Corporations Act 2001, issued by the Australian Securities and Investments Commission (ASIC) on 16 July 2021 (\u2018ASIC order\u2019). For further details of the ASIC Class Order relief see page 249. Rio Tinto\u2019s business is finding, mining, and processing mineral resources. Major products are iron ore, aluminium, copper, industrial minerals (borates, titanium dioxide and salt) and diamonds. Activities span the world and are strongly represented in Australia and North America, with significant businesses in Asia, Europe, Africa and South America. Rio Tinto plc\u2019s registered office is at 6 St James\u2019s Square, London SW1Y 4AD, UK . Rio Tinto Limited\u2019s registered office is at Level 43, 120 Collins Street, Melbourne VIC 3000, Australia ",
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"value": "Rio Tinto plc",
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"fact-614": {
"value": "UK",
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"value": "plc",
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"fact-616": {
"value": "Rio Tinto\u2019s business is finding, mining, and processing mineral resources. Major products are iron ore, aluminium, copper, industrial minerals (borates, titanium dioxide and salt) and diamonds. Activities span the world and are strongly represented in Australia and North America, with significant businesses in Asia, Europe, Africa and South America",
"dimensions": {
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"entity": "scheme:213800YOEO5OQ72G2R82",
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},
"fact-617": {
"value": "6 St James\u2019s Square, London SW1Y 4AD, UK ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
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"value": "c. Materiality Our directors consider information to be material if correcting a misstatement, omission or obscuring could, in the light of surrounding circumstances, reasonably be expected to change the judgment of a reasonable person relying on the financial statements. The Group considers both quantitative and qualitative factors in determining whether information is material; the concept of materiality is therefore not driven purely by numerical values. When considering the potential materiality of information, management makes an initial quantitative assessment using thresholds based on estimates of profit before taxation; for the years ended 31 December 2022 and 31 December 2021 the quantitative threshold was US$700 million. However, other considerations can result in a determination that lower values are material or, occasionally, that higher values are immaterial. These considerations include whether a misstatement, omission or obscuring: masks a change or trend in key performance indicators; causes reported key metrics to change from a positive to a negative values or vice-versa; affects compliance with regulatory requirements or other contractual requirements; could result in an increase to management\u2019s compensation; or might conceal an unlawful transaction. In assessing materiality, management also applies judgment based on its understanding of the business and its internal and external financial statement users. The assessment will consider user expectations of numerical and narrative reporting. Sources used in making this assessment would include, for example: published analyst consensus measures, experience gained in formal and informal dialogue with users (including regulatory correspondence), and peer group benchmarking ",
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"value": "d. Summary of key judgments or other relevant judgments made in applying the accounting policies The preparation of the financial statements requires management to use judgment in applying accounting policies and in making critical accounting estimates. These judgments and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the financial statements. Areas of judgment in the application of accounting policies that have the most significant effect on the amounts recognised in the financial statements and key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are noted below and further information is contained in the accounting policies and/or the notes to the financial statements. Summarised below are the key judgments which we have taken in the application of the Group\u2019s accounting policies for 2022 and how they compare to the prior year. Taking a different judgment over these matters would lead to a material impact on the 2022 financial statements. More detail on the judgment can be found in the respective notes. Key judgments 2022 2021 Reason for change Indicators of impairment and impairment reversals (note 4) a a No change to the judgment Uncertain tax positions (note 10) 0 a The settlement in 2022 with the Australian Taxation Office (ATO) has reduced the balance over which judgment is exercised. There have been no material changes in the Group's remaining uncertain tax positions. Therefore uncertain tax positions are not a key judgment in 2022. Deferral of stripping costs (note 13) a a No change to the judgment Estimation of asset lives (note 13) a a No change to the judgment Close-down, restoration and environmental obligations (note 14) a a No change to the judgment Recoverability of potential deferred tax assets (note 15) 0 a In 2021 the key judgment related to the recoverability of significant deferred tax asset balances in the United States, Mongolia and Australia. Given the progress towards sustainable underground production at Oyu Tolgoi reducing the risk of tax losses expiring prior to utilisation, and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax under the Inflation Reduction Act, the recoverability of deferred tax assets is not a key judgment in 2022. Information on other relevant judgments to help understand the financial statements has been incorporated into the relevant accounting policy sections of each note. We have summarised how these judgments have changed since prior year below: Other relevant judgments 2022 2021 Reason for change Identification of functional currencies (f below) a a No change to the judgment Exclusions from underlying EBITDA (note 1) a a No change to the judgment Determination of cash-generating units (CGUs) (note 4) a a No change to the judgment Uncertain tax positions (note 10) a 0 In 2022 the judgment we have taken on our uncertain tax positions is less significant than in the prior year given the settlement with the Australian Taxation Office (ATO). Where the amount of tax payable or recoverable is uncertain, judgment is required in evaluating the most likely amount of liability or recovery. Where there is a wide range of possible outcomes, judgment is required in evaluating a provision using the probability weighted average approach. See note 10 for further details. Assessment of indefinite-lived water rights in Quebec (note 12) a a No change to the judgment Recoverability of potential deferred tax assets (note 15) a 0 Given the progress towards sustainable underground production at Oyu Tolgoi and the write down of Federal deferred tax assets in the United States due to the introduction of the Corporate Alternative Minimum Tax regime the recoverability of deferred tax assets is not a key judgment in 2022. Judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of deferred tax assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. Accounting for the funding amounts relating to Oyu Tolgoi non- controlling interest (note 30) 0 a The funding balances arising from a carry account loan with Erdenes Oyu Tolgoi were forgiven in 2022. This means the judgment over the accounting for these amounts is no longer applicable. Accounting for the Pilbara Iron Arrangements (note 31) a a No change to the judgment Basis of consolidation of Queensland Alumina Limited (note 31) a a The judgment taken on how we consolidate Queensland Alumina Limited (\u2018QAL\u2019) was reassessed and confirmed in the current year. Following the Australian governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. We continue to account for QAL as a joint operation. Accounting for Minera Escondida Ltda (note 32) a a No change to the judgment Provisions for onerous contracts (note 36) 0 a We reviewed our onerous contract population and noted the significance of this judgment had diminished. Recognition of contingencies (note 37) a a No change to the judgment e. Key sources of estimation uncertainty We define key sources of estimation uncertainty as accounting estimates that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. Summarised below are what we consider to be the key accounting estimates in 2022 compared to those of 2021 and the reason for any changes. Relevant sensitivities are disclosed within the relevant financial statement notes. Key accounting estimates 2022 2021 Reason for change Estimation of the close-down, restoration and environmental cost obligations (note 14) a a No change Estimation of the cash flow forecasts to support the recognition of deferred tax assets 0 a In 2021 the cash flow forecast used to support the recognition of deferred tax assets in the United States, Mongolia and Australia was considered to be a key estimate. Given the write down of deferred tax assets in the United States as a result of the Corporate Alternative Minimum Tax under the Inflation Reduction Act 2022, and the progress towards sustainable underground production at Oyu Tolgoi reducing the risk of losses expiring prior to utilisation, cash flow forecasts used to support deferred tax recoverability are no longer considered a key estimate in 2022. Estimation of obligations for post-employment costs (note 28) a a No change f. Currency Other relevant judgments - Identification of functional currency We present our financial statements in US dollars, as that presentation currency most reliably reflects the global business performance of the Group as a whole. The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the primary economic environment in which it operates. For businesses that reside in developed economies the functional currency is generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an emerging economy, the US dollar is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods and services, are agreed and paid in US dollars, in common with other international investors. Determination of functional currency involves judgment, and other companies may make different judgments based on similar facts. The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income statement and in equity. We also apply judgment in determining whether settlement of certain intragroup loans is neither planned nor likely in the foreseeable future and therefore whether the associated exchange gains and losses can be taken to equity. During 2022, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. The estimation of Ore Reserves and Mineral Resources requires judgment to interpret available geological data and subsequently to select an appropriate mining method and then to establish an extraction schedule. At least annually, the Competent Persons of the Group (according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)), estimate Ore Reserves and Mineral Resources using assumptions such as: \u2013 Available geological data; \u2013 Expected future commodity price and demand; \u2013 Exchange rates; \u2013 Production costs; \u2013 Transport costs; \u2013 Close-down and restoration costs; \u2013 Recovery rates; \u2013 Discount rates; and \u2013 Renewal of mining licences Other relevant judgments - Exclusions from underlying EBITDA Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from profit after tax in arriving at underlying EBITDA in each year irrespective of materiality: \u2013 Depreciation and amortisation in subsidiaries and equity accounted units; \u2013 Taxation and finance items in equity accounted units; \u2013 Taxation and finance items relating to subsidiaries; \u2013 Unrealised gains/(losses) on embedded derivatives not qualifying for hedge accounting; \u2013 Net gains/(losses) on disposal of interests in subsidiaries; \u2013 Impairment charges net of reversals; \u2013 The underlying EBITDA of discontinued operations; \u2013 Adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period. In addition, there is a final judgmental category which includes, where applicable, other credits and charges that, individually or in aggregate i of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In 2022 this category included the gain recognised by Kitimat relating to LNG Canada's project and the gain recognised upon sale of the Corte royalty. In 2021 the category included the changes in closure estimates at Energy Resources of Australia and Gove Refinery. Other relevant judgments - determination of CGUs Judgment is applied to identify the Group\u2019s CGUs, particularly when assets belong to integrated operations, and changes in CGUs could impact impairment charges and reversals. The most significant judgment continues to relate to the continued grouping of Rio Tinto Iron an Titanium Quebec Operations, Canada and QIT Madagascar Minerals (QMM), Madagascar as a single CGU on the basis that they are vertically integrated operations and there is no active market for ilmenite. During the year we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit; refer to page 168 for more information. Other relevant judgments - Uncertain tax positions The Group operates across a large number of jurisdictions and is subject to review and challenge by local tax authorities on a range of tax matters. Where the amount of tax payable or recoverable is uncertain, whether due to the local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgment is required to assess the probability that the adopted treatment will be accepted. In accordance with IFRIC 23, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions for all matters worldwide based on the Group\u2019s judgment of the most likely amount of the liability or recovery, or where there is a wide range of possible outcomes, using a probability weighted average approach. Uncertain tax provisions include any related interest and penalties. In July 2022 we reached agreement with the Australian Tax Office (ATO) on all tax matters in dispute. We also reached agreement with the Inland Revenue Authority of Singapore in relation to transfer pricing for the same historical years (2010 to 2021). Other relevant judgments - Assessment of indefinite-lived water rights in Quebec, Canada We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets. The remaining carrying value of the water rights of US$1,693 million (included in contract based assets) as at 31 December 2022 (31 December 2021: US$1,796 million) relates wholly to the Quebec smelters cash-generating unit (CGU). The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2021: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. Impact of climate change on our business - Estimation of asset lives We expect there to be a higher demand for copper, aluminium, lithium and high grade iron ore in order to meet demand for the minerals required to transition to a low carbon economic environment, consistent with the climate change commitments of the Paris Agreement. We expect this to exceed new supply to the market and therefore increase prices. Under the Aspirational Leadership scenario, the economic cut- off grade for our Ore Reserves is expected to be lower; in effect we would mine a greater volume of material before the mines are depleted. We cannot quantify the difference this would make without undue cost as it would require revised mine plans, but for property, plant and equipment this increased volume of material would reduce the depreciation charge for assets that use the \u2018Units of production\u2019 depreciation method. Key judgment - Deferral of stripping costs We apply judgment as to whether multiple pits at a mine are considered separate or integrated operations. This determines whether the stripping activities of a pit are classified as pre-production or production phase stripping and, therefore, the amortisation base for those costs. The analysis depends on each mine\u2019s specific circumstances and requires judgment: another mining company could make a different judgment even when the fact pattern appears to be similar. The following factors would point towards the initial stripping costs for the individual pits being accounted for separately: \u2013 If mining of the second and subsequent pits is conducted consecutively following that of the first pit, rather than concurrently; \u2013 If separate investment decisions are made to develop each pit, rather than a single investment decision being made at the outset; \u2013 If the pits are operated as separate units in terms of mine planning and the sequencing of overburden removal and ore mining, rather than as an integrated unit; \u2013 If expenditures for additional infrastructure to support the second and subsequent pits are relatively large; and \u2013 If the pits extract ore from separate and distinct orebodies, rather than from a single orebody. If the designs of the second and subsequent pits are significantly influenced by opportunities to optimise output from several pits combined, including the co-treatment or blending of the output from the pits, then this would point to treatment as an integrated operation for the purposes of accounting for initial stripping costs. The relative importance of each of the above factors is considered in each case. In order for production phase stripping costs to qualify for capitalisation as a stripping activity asset, three criteria must be met: \u2013 It must be probable that there will be an economic benefit in a future accounting period because the stripping activity has improved access to the orebody; \u2013 It must be possible to identify the \u201ccomponent\u201d of the orebody for which access has been improved; and \u2013 It must be possible to reliably measure the costs that relate to the stripping activity. A \u201ccomponent\u201d is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). Key judgment - Close-down, restoration and environmental obligations We use our judgment and experience to determine the potential scope of closure rehabilitation work required to meet the Group\u2019s legal, statutory and constructive obligations, and any other commitments made to stakeholders, and the options and techniques available to meet those obligations and estimate the associated costs and the likely timing of those costs. Significant judgment is also required to determine both the costs associated with that work and the other assumptions used to calculate the provision. External experts support the cost estimation process where appropriate but there remains significant estimation uncertainty. The key judgment in applying this accounting policy is determining when an estimate is sufficiently reliable to make or adjust a closure provision. Adjustments are made to provisions when the range of possible outcomes becomes sufficiently narrow to permit reliable estimation. Depending on the materiality of the change, adjustments may require review and endorsement by the Group\u2019s Closure Steering Committee before the provision is updated. Cost estimates are updated throughout the life of the operation; generally cost estimates must comply with the Group\u2019s Capital Project Framework once the operation is ten years from expected closure. This means, for example, that where an Order of Magnitude (OoM) study is required for closure it must be of the same standard as an OoM study for a new mine, smelter or refinery. As at 31 December 2022, there are 16 operations with remaining lives of under 10 years before taking into account unapproved extensions. The largest closure study finalised during 2022 related to the Ranger Uranium mine operated by Energy Resources of Australia. In 2021 the preliminary information from this study resulted in an increase to closure liabilities of US$510 million; the finalisation of the study in 2022 did not result in a further significant change. In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, ground water treatment. In these cases the underlying cash flows for the provision may be restricted to a period for which the costs can be reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be predicted with confidence, this period may be shorter. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated. This applies primarily to certain Canadian smelters which have indefinite-lived water rights or power agreements for renewable power sources with local governments, refer to note 37. Key estimate - Close-down, restoration and environmental obligations The most significant assumptions and estimates used in calculating the provision are: \u2013 Closure timeframes. The weighted average remaining lives of operations is shown below. Some expenditure may be incurred before closure while the operation as a whole is in production. \u2013 The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental remediation provision includes an allowance for ongoing monitoring and remediation costs, including ground water treatment, of approximately US$0.7 billion. \u2013 The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations (Iron Ore) relating to infrastructure and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. The assignment of probabilities to this scenario reduces the closure provision by US$0.7 billion. \u2013 Appropriate sources on which to base the calculation of the discount rate. The discount rate by nature is subjective and therefore sensitivities are shown below for how the provision balance, which at 31 December 2022 was US$15.8 billion, would change if discounted at alternative discount rates. There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many factors includin \u2013 Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders; \u2013 Review of remediation and relinquishment options; \u2013 Additional remediation requirements identified during the rehabilitation; \u2013 The emergence of new restoration techniques; \u2013 Precipitation rates and climate change; \u2013 Change in the expected closure date; and \u2013 Change in the discount rate. Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates. The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to ore reserves and mineral resources, production rates, renewal of operating licences or economic conditions. Changes in closure estimates at the Group\u2019s ongoing operations could result in a material adjustment to assets and liabilities in the next 12 months and would also impact the depreciation and the unwind of discount in future years. Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may require a material provision but cannot be predicted. Project specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that the obligation is fulfilled by the Group. These cash flows are then discounted using a discount rate specific to the class of obligations. Other relevant judgments - Recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider whether taxable profits will be available against which deferred tax assets may be utilised. The enactment in the US of the Corporate Alternative Minimum Tax (CAMT) in the Inflation Reduction Act 2022 has resulted in a position where, whilst the utilisation of Federal deferred tax assets will reduce our Federal corporate tax liabilities, the CAMT legislation will result in the application of the minimum tax on the adjusted financial statement income. Accordingly, whilst our latest projections demonstrate that sufficient taxable profits will be earned in future periods to utilise the existing Federal deferred tax assets, the utilisation of those Federal deferred tax assets is not expected to yield any significant economic benefit due to the application of the minimum tax and the deferred tax assets have been written down. Key estimate - Estimation of obligations for post-employment costs The value of the Group\u2019s obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are: The discount rate - used to determine the net present value of the obligations, the interest cost on the obligations and the interest income on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is used. The long-term inflation rate - used to project increases in future benefit payments for those plans that have benefits linked to inflation. The assumption regarding future inflation is based on market yields on inflation linked instruments, where possible, combined with consensus views. The mortality rates - used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these rates to set its current mortality assumptions. It also uses its judgment with respect to allowances for future improvements in longevity having regard to standard improvement scales in each relevant country and after taking external actuarial advice. The weighted-average assumptions used for the valuation at year end are summarised below: Other relevant judgments - Basis of consolidation of Queensland Alumina Limited (\u2018QAL\u2019) Judgment is sometimes required to assess whether, after considering all relevant factors, we have control or joint control. QAL is 80% owned by Rio Tinto and 20% owned by RUSAL. Typically such ownership interests would provide control; however, we have determined in this case that the shareholders\u2019 agreement, which requires unanimous agreement over certain relevant activities of QAL, means that this non-managed operation is jointly controlled. The entity operates the joint operation on a tolling basis, processing bauxite supplied by the shareholders into alumina, which they off-take in their respective ownership share. Following the Australian Governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders\u2019 agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. The decisions requiring unanimous consent referred to above are restricted during the step-in period. Due to the step-in, we have re-assessed whether our conclusion of having joint control is still valid, considering we own 80% of the entity but currently take all plant production. If this resulted in our control of QAL we would need to account for that change as a business combination. Based on the following facts: \u2013 RUSAL has commenced proceedings in the Australian Federal Court contending that the sanctions should not apply in these circumstances and therefore the step-in rights should not apply; and \u2013 the continued operation of the shareholders\u2019 agreement, incorporating the \u201cstep-in\u201d clause, we have concluded that we have joint control of the entity at 31 December 2022 and therefore continue to account for QAL as a joint operation. Other relevant judgments - Accounting for the Pilbara Iron Arrangements A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail and port infrastructure network. The requesting partner\u2019s (Asset User\u2019s) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge (Committed Use Charge \u2013 \u201cCUC\u201d) over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly owned subsidiaries: Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following assessment under the preceding standards IAS 17 \u201cLeases\u201d and IFRIC 4 \u201cDetermining whether an arrangement contains a lease\u201d, with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgment to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could have resulted in a gross presentation in the Group\u2019s balance sheet with an asset and a corresponding liability to reflect the present value of the CUC payments. The Asset User is a wholly owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$948 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. Other relevant judgments - Accounting for Minera Escondida Ltda Judgment has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto\u2019s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgment by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. Other relevant judgments - Contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgment and legal advice. These are quantified unless, in our judgment, the amount cannot be reliably estimated. The unit of account for claims is the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential exposure in excess of that already provided. We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgments may at times occur. The Group may in the future incur judgments or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position. ",
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"value": "f. Currency Other relevant judgments - Identification of functional currency We present our financial statements in US dollars, as that presentation currency most reliably reflects the global business performance of the Group as a whole. The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the primary economic environment in which it operates. For businesses that reside in developed economies the functional currency is generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an emerging economy, the US dollar is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods and services, are agreed and paid in US dollars, in common with other international investors. Determination of functional currency involves judgment, and other companies may make different judgments based on similar facts. The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income statement and in equity. We also apply judgment in determining whether settlement of certain intragroup loans is neither planned nor likely in the foreseeable future and therefore whether the associated exchange gains and losses can be taken to equity. During 2022, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. On consolidation, income statement items for each entity are translated from the functional currency into US dollars at the full-year average rate of exchange, except for material one-off transactions, which are translated at the rate prevailing on the transaction date. Balance sheet items are translated into US dollars at period-end exchange rates. Exchange differences arising on the translation of the net assets of entities with functional currencies other than the US dollar are recognised directl in the currency translation reserve. These translation differences are shown in the statement of comprehensive income, with the exception of the translation adjustment relating to Rio Tinto Limited\u2019s share capital, which is shown in the statement of changes in equity. Where an intragroup balance is, in substance, part of the Group\u2019s net investment in an entity, exchange gains and losses on that balance are taken t the currency translation reserve. Except as noted above, or where exchange differences are deferred as part of a cash flow hedge, all other differences are charged or credited to th income statement in the year in which they arise. The principal exchange rates used in the preparation of the financial statements were: Full-year average Year-end One unit of local currency buys the following number of US dollars 2022 2021 2020 2022 2021 2020 Pound sterling 1.24 1.38 1.28 1.21 1.35 1.36 Australian dollar 0.69 0.75 0.69 0.68 0.73 0.77 Canadian dollar 0.77 0.80 0.75 0.74 0.78 0.78 Euro 1.05 1.18 1.14 1.07 1.13 1.23 South African rand 0.061 0.068 0.061 0.059 0.063 0.068 ",
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"fact-700": {
"value": "f. Currency Other relevant judgments - Identification of functional currency We present our financial statements in US dollars, as that presentation currency most reliably reflects the global business performance of the Group as a whole. The functional currency for each subsidiary, unincorporated arrangement, joint operation and equity accounted unit is the currency of the primary economic environment in which it operates. For businesses that reside in developed economies the functional currency is generally the currency of the country in which it operates because of the dominance of locally incurred costs. If the business resides in an emerging economy, the US dollar is generally identified to be the functional currency as a higher proportion of costs, particularly imported goods and services, are agreed and paid in US dollars, in common with other international investors. Determination of functional currency involves judgment, and other companies may make different judgments based on similar facts. The determination of functional currency affects the measurement of non-current assets included in the balance sheet and, as a consequence, the depreciation and amortisation of those assets included in the income statement. It also impacts exchange gains and losses included in the income statement and in equity. We also apply judgment in determining whether settlement of certain intragroup loans is neither planned nor likely in the foreseeable future and therefore whether the associated exchange gains and losses can be taken to equity. During 2022, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. On consolidation, income statement items for each entity are translated from the functional currency into US dollars at the full-year average rate of exchange, except for material one-off transactions, which are translated at the rate prevailing on the transaction date. Balance sheet items are translated into US dollars at period-end exchange rates. Exchange differences arising on the translation of the net assets of entities with functional currencies other than the US dollar are recognised directl y in the currency translation reserve. These translation differences are shown in the statement of comprehensive income, with the exception of the translation adjustment relating to Rio Tinto Limited\u2019s share capital, which is shown in the statement of changes in equity. Where an intragroup balance is, in substance, part of the Group\u2019s net investment in an entity, exchange gains and losses on that balance are taken t o the currency translation reserve. Except as noted above, or where exchange differences are deferred as part of a cash flow hedge, all other differences are charged or credited to th e income statement in the year in which they arise. The principal exchange rates used in the preparation of the financial statements were: Full-year average Year-end One unit of local currency buys the following number of US dollars 2022 2021 2020 2022 2021 2020 Pound sterling 1.24 1.38 1.28 1.21 1.35 1.36 Australian dollar 0.69 0.75 0.69 0.68 0.73 0.77 Canadian dollar 0.77 0.80 0.75 0.74 0.78 0.78 Euro 1.05 1.18 1.14 1.07 1.13 1.23 South African rand 0.061 0.068 0.061 0.059 0.063 0.068 ",
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"fact-686": {
"value": "g. Ore Reserves and Mineral Resources A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth\u2019s crust in such form, grade (or quality), and quantity that there are reasonable prospects for eventual economic extraction. An Ore Reserve is the economically mineable part of a measured or indicated Mineral Resource. The estimation of Ore Reserves and Mineral Resources requires judgment to interpret available geological data and subsequently to select an appropriate mining method and then to establish an extraction schedule. At least annually, the Competent Persons of the Group (according to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code)), estimate Ore Reserves and Mineral Resources using assumptions such as: \u2013 Available geological data; \u2013 Expected future commodity price and demand; \u2013 Exchange rates; \u2013 Production costs; \u2013 Transport costs; \u2013 Close-down and restoration costs; \u2013 Recovery rates; \u2013 Discount rates; and \u2013 Renewal of mining licences . With regard to our future commodity price assumptions, to calculate our Ore Reserves and Mineral Resources for our filing on the Australian Securities Exchange and London Stock Exchange, we use prices generated by our Strategy and Economics team (refer to the Climate change section for further details about our pricing methodology). For our Annual Report on Form 20-F, filed with the Securities Exchange Commission (\u2018SEC\u2019), we use consensus price or historical pricing and comply with subpart 1300 of Regulation S-K (Regulation S-K), instead of with the JORC code. We use judgment as to when to include Mineral Resources in accounting estimates, for example, the use of Mineral Resources in our depreciation policy as described in note 13 and in the determination of the date of closure as described in note 14. There are many uncertainties in the estimation process and assumptions that are valid at the time of estimation may change significantly when new information becomes available. New geological or economic data, or unforeseen operational issues may change estimates of Ore Reserves and Mineral Resources. This could cause material adjustments in our financial statements to: \u2013 Depreciation and amortisation rates; \u2013 Carrying values of intangible assets and property, plant and equipment; \u2013 Deferred stripping costs; \u2013 Provisions for close-down and restoration costs; and \u2013 Recovery of deferred tax assets. The unaudited statement of ore reserves is included on page 284 and of mineral resources on page 296. ",
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"fact-687": {
"value": "h. Impact of climate change on the Group
Strategy and approach to climate change
Over a year ago, we put the low-carbon transition at the heart of our new
strategy, setting a clear pathway to deliver long-term value as well as
ambitious targets to decarbonise our business. In 2022, our
shareholders supported our Climate Action Plan in a non-binding
advisory vote on the Group\u2019s ambitions, emissions targets and actions to
achieve them. Further detail of our approach is provided in the front half
of our Annual Report and in our 2022 Climate Change Report.
Our Scope 1 and 2 emissions reduction targets of 15% by 2025, 50% by
2030 (both relative to our 2018 equity baseline) and the aim to achieve
net zero emissions by 2050 are aligned with 1.5\u00b0C \u2013 the stretch goal of
the Paris Agreement. We have set up six large abatement programmes
focused on renewables, Pacific aluminium operations, ELYSIS
TM
technology, process heat, minerals processing and diesel alternatives.
To deliver our climate targets, we expect to make capital investment of
US$7.5 billion in decarbonisation projects over the period to 2030,
including around US$1.5 billion in the next three years, mainly relating to
the repowering of the Pilbara. Progress towards our Scope 1 and 2
emissions targets is reflected within executive remuneration.
In 2022, we delivered the first 34MW of renewable power at Gudai-Darri
and announced our plan to invest US$600 million in 200MWh of solar
power facilities and 200MWh of battery storage in the Pilbara by 2026.
We agreed to test at least four battery-powered locomotives, and pilot
battery-powered trucks in the Pilbara in 2024. By 2030, we aim to phase
out the purchase of diesel haulage trucks and\u2006locomotives across our
operations. At the Queensland Alumina refinery we are working to
develop an energy efficient digestion process at an estimated cost of
US$240 million. In 2022, we continued to work with the Queensland
Government and energy providers to design a renewable energy
solution for Boyne Smelter. Similarly, in 2022, Tomago Aluminium
Company released an expression of interest to work towards a green
repowering solution for the Tomago smelter. In addition, we have signed
a 130MW solar power purchase agreement for Richards Bay Minerals
(RBM) in South Africa. We also intend to decarbonise our shipping fleet
and aim to have net zero vessels in our portfolio by 2030. To achieve
this, in 2022 we successfully completed a trial of fuel blend with biofuels
and in 2023-2024 we plan to incorporate nine LNG dual-fuel chartered
vessels into our fleet. Decarbonisation projects are expected to
accelerate beyond 2025, which we expect to include further
decarbonisation of the Pilbara electricity system (estimated at US$3
billion out of the US$7.5 billion total spend by 2030) and other
abatement projects.
We are also stepping up our focus on Scope 3 goals, which are explicitly
linked to executive remuneration. Over 90% of our Scope 3 emissions
are from the downstream processing of iron ore, bauxite and other
products by our customers. We have not set an overall quantitative
Scope 3 emissions target, but instead engage with our customers to
optimise their current operations toward low-emitting, higher efficiency
processes; and foster partnerships with them, which we believe are
more effective ways to advance actions. The shift toward green steel is
underway and we are working on options to beneficiate our Pilbara ores
to be better suited to green steel technologies and are exploring DRI
pathways using sustainable resources such as hydrogen and biomass.
We expect that our annual incremental operating expenditure on
building new teams and energy efficiency initiatives will be around
US$200 million, in addition to R&D investment.
Our ambition is to increase our growth capital expenditure to around
US$2 billion in 2023 and up to US$3 billion per year in 2024-2025 to
capture new growth opportunities with a focus on materials that are
expected to see strong demand growth from the low carbon transition.
This includes investment in future production of lithium at Rincon,
copper at Oyu Tolgoi and Winu and high-grade iron ore from Simandou.
Our budget for central greenfield exploration remains at approximately
US$250 million annually, mainly focused on copper with a growing
battery minerals programme.
For internal capital allocation purposes for major projects, a notional
carbon price of US$75/t CO
2
e is used to incentivise investment in low
carbon abatement options. The US$75/t CO
2
e price is derived from our
analysis of the carbon mitigation options across our assets that are
needed to achieve our emissions targets. This is unrelated to the
different carbon prices we use in our core scenarios which are based on
our assessment of climate policy ambition.
The impact of climate change and the execution of our climate change
strategy on our financial statements is discussed below:
Climate change scenarios
Our strategy and approach to climate change are informed by an
analysis of the interplay of global megatrends, explored through the lens
of plausible global scenarios. These set the context for our industry and
underpin our commodity price outlooks, portfolio and capital allocation
choices and how we operate as a business. There are many plausible
scenarios for global energy transition, all with different impacts on future
commodity price outcomes. As part of our 2022 strategy process, we replaced our three scenarios described in the 2021 Annual Report and now focus on two core scenarios. These are used to generate a single central Reference Case for use in commodity pricing forecasts, valuation models and reserves and resources determination, as was the case in the prior year. These changes in scenarios represent an evolution of our interpretation and estimations in the current year, not a change in accounting policy, and as such we have not restated comparative information. Our two core scenarios are: \u2013 Competitive Leadership scenario, limiting global warming to approximately 2\u00b0C by 2100, reflects a rapidly developing world of high growth and strong climate action post-2030 with change driven by policy and competitive innovation. As a result, we expect that countries achieve their Glasgow Climate Pact commitments. Global weighted average carbon prices are forecast to rise rapidly at an average of 8% per year over the next three decades, reaching US$42/tCO 2e in 2030, and rising rapidly post-2030 to incentivise significant mitigation in industrial sectors post-2030. \u2013 Fragmented Leadership scenario, with global warming exceeding 2.5\u00b0C by 2100, is characterised by limited progress on policy reform with volatile low growth. We expect that nations eventually achieve their 2030 Nationally Determined Contributions as agreed in Paris in 2015 but fail to progress towards long term carbon goals agreed at the UN Climate Summit COP26 Glasgow. Global weighted average carbon prices are forecast to rise slowly, at an average of 2.9% per year over the period to 2050, reaching US$42 in 2030; but remain too low post-2030 to incentivise significant mitigation in industrial sectors resulting in flat global emissions post-2030. At the UN Climate Summit in late 2022 (COP27), there was broad recognition that the pace of decarbonisation across the global economy is too slow to limit warming to 1.5\u00b0C and that current climate policies in many countries are not yet aligned with their stated ambitions. Consequently, neither of our two core scenarios is consistent with the expectation of climate policies required to accelerate the global transition to meet the stretch goal of the Paris Agreement. Although our operational emissions reduction targets align with the goals of the Paris Agreement, our two core scenarios do not. Consequently, we also assess our sensitivity and test the economic performance of our business against a scenario we have developed to reflect our view of the global actions required to meet the stretch goal of the Paris Agreement. We refer to this Paris-aligned scenario as the Aspirational Leadership scenario. Importantly none of our three scenarios are considered a definitive representation for our assessment of the future impact of climate change on the Group. Scenario modelling has inherent limitations and by its nature allows a range of possible outcomes to be considered where it is impossible to predict which outcome is likely. The Aspirational Leadership scenario reflects a world of high growth, significant social change and accelerated climate action. Global weighted average carbon prices rise rapidly \u2013 at an average of 9.3% per year over the next three decades \u2013 reaching $59/tCO2e in 2030 and incentivise rapid and deep reductions in industrial emissions post-2030. Despite geopolitical differences, major economies work together through multilateral frameworks and proactively work towards limiting temperature change to 1.5\u00b0C by 2050. The Aspirational Leadership scenario is a commodity sales price and carbon tax sensitivity, with all other inputs remaining equal to our Reference Case; and is built by design to reach net-zero emissions globally by 2050 and help us better understand the pathways to meet the Paris Agreement goal, and what this could mean for our business. It is used for strategy and risk discussions, including analysis of sensitivity to our view of a Paris- aligned pathway and comparison of relative economic performance to our core scenarios. We do not publish the commodity price forecasts associated with these scenarios as to do so would weaken our position in commercial negotiations and might give rise to concerns from other market participants. Impacts of climate change pricing scenarios on our portfolio, low-carbon transition risks and opportunities Through our strategy process we compare the economic performance of our portfolio under our two core scenarios and the Aspirational Leadership scenario and this indicates that overall the economic performance of our portfolio would be stronger in scenarios with proactive climate action, particularly in relation to aluminium, copper and higher-grade iron ore. We anticipate that all our commodities are needed in the low-carbon transition, but estimate that the demand varies significantly between our scenarios. We expect that copper demand will rise from a 2020 base by 65-150% by 2050 across the three scenarios to support a rapid rise in renewable generation while lithium is expected to be a fundamental ingredient in electric vehicle batteries and grid-firming energy storage solutions. Demand for aluminium is expected to grow for use in energy- efficient lightweight vehicles with demand for aluminium semi- fabricated products more than doubling in the period 2021-50 in Aspirational Leadership and Competitive Leadership scenarios, with moderate demand growth in Fragmented Leadership. Our access to self-generated hydro power is a source of competitive advantage for our aluminium business in Canada. We forecast that global iron ore demand will remain strong with a premium on higher grade ore needed for the production of green steel, such as that from our IOC products and the planned investment in Simandou, which increases in our Aspirational Leadership and Competitive Leadership scenarios. In our Aspirational Leadership scenario, accelerated switching to green steel and increasing scrap use reduces the relative value of low-grade iron ore in the Pilbara. We will need to carefully monitor and manage transition risks linked to our operational Scope 1 and 2 emissions and value-chain Scope 3 emissions. In particular, we expect the decarbonisation of our assets to benefit from the implementation of new technologies. The pace of technological development is uncertain, which could delay or increase the cost of our decarbonisation efforts. Our Aspirational Leadership scenario predicts the Group's overall economic performance would fall between the Fragmented Leadership and Competitive Leadership scenarios. This reflects higher estimated economic performance for our copper and aluminium businesses in the Aspirational Leadership scenario, based on their higher price profiles, offset by higher expected carbon penalties across our operating jurisdictions, and lower prices for lower grade iron ore products. Refer below for our assessment of the accounting implications of forecast commodity pricing in the Aspirational Leadership scenario. Physical risk In 2022, we launched the Physical Resilience Programme across the Group. During the year we commenced a physical risk and resilience assessment across prioritised risk areas: the entire Pilbara iron ore operation and the Saguenay aluminium operations focused on Lac Saint-Jean. Our ongoing review processes, including impairment assessments, have not identified any material accounting impacts to date. For example, in 2022, no write-offs are necessary in the Pilbara, where certain infrastructure assets, such as transmission lines, that have reached the end of their natural lives are being replaced with climate resilient infrastructure. In addition, we do not foresee the renewal of our contractual water rights in Canada that have been classified as indefinite-lived intangible assets to be at risk from climate change (note 12). Further, closure planning considers future climate change projections at each step of the process to support safe and appropriate final landform design. In 2023, we will progress a Group-wide top-down assessment to further understand the risks and opportunities associated with physical climate change and to quantify any financial impacts, in addition to the site-specific bottom-up assessments, which will continue in the foreseeable future. Accounting judgments and estimates Global decarbonisation and the world\u2019s energy transition continues to evolve, with the potential to materially impact our future financial results as our significant accounting judgments and key estimates are updated to reflect prevailing circumstances. In response, carrying values of assets and liabilities could be materially affected in future periods. Our current strategy and approach to decarbonise our operations and achieve our scope 1 and 2 emissions targets is considered in our significant judgments and key estimates reflected in these financial results. Impacts from executing our climate change strategy - accounting for capital expenditure and operating costs underpinning our Climate Action Plan Given the significant investment we are making to abate our carbon emissions, we have considered the potential for asset obsolescence, with a particular focus on our Pilbara operations where we are prioritising investment in renewables to switch away from natural gas power generation. No material changes to accounting estimates to useful economic lives have been necessary due to the anticipated use of these assets for firming support in the transition (note 13). As the renewable projects progress, it is possible that such adjustments may be identified in the future. The renewable assets in the Pilbara are our own built and operated arrangements and follow normal rules on capitalisation of directly attributable costs. The solar power purchase agreement for RBM is accounted for on an accrual basis as energy is produced. There are no accounting impacts to date from the programme to develop renewable energy solutions for our Queensland aluminium assets as the work has not been completed and commercial terms have not been agreed. Large scale renewable power off-take arrangements may, in the future, require complex derivative measurement or lease accounting depending on contractual terms. No adjustments to useful lives of the existing fleet have been identified to date as a result of planned fleet electrification in the Pilbara and the purchase of battery-powered locomotives. The solutions are still in development or pilot stages and the gradual fleet replacement is intended to be part of the normal lifecycle renewal of trucks. Depending on technological development, which is highly uncertain, this could lead to accelerated depreciation in the future. Similarly, our target to have net zero vessels in our portfolio by 2030 has not given rise to accounting adjustments to date, as the replacement is planned as part of the lifecycle renewal. The energy efficiency digestion project at Queensland Alumina refinery does not reduce the economic lives of the underlying alumina assets but could lower operating costs and improve margins. The expenditure on our own carbon abatement projects and technology advancements follows existing accounting policies on cost capitalisation, research and development costs. Use of sensitivities to Paris aligned accounting The forecast commodity prices (including carbon prices) informed by a blend of our two scenarios are used pervasively in our financial processes from budgeting, forecasting, capital allocation and project evaluation to the determination of ore reserves. In turn, these prices are used to derive critical accounting estimates included as inputs to impairment testing, estimation of remaining economic life for units of production depreciation and discounting closure and rehabilitation provisions. These prices represent our best estimate of actual market outcomes based on the range of future economic conditions regarding matters largely outside our control, as required by IFRS. As neither of our core scenarios represents the Group\u2019s view of the goals of the Paris Agreement, our commodity price assumptions used in accounting estimates are not consistent with the expectation of climate policies required to accelerate the global transition to meet the goals of the Paris Agreement. As described above, we use our Aspirational Leadership scenario to understand the sensitivity of these estimates to Paris aligned assumptions. Under the Aspirational Leadership scenario, which is not used in the preparation of these financial statements, nor for budgeting purposes, the economic performance of copper and aluminium is expected to be stronger under supply and demand forward pricing curves which we believe will be consistent with the Paris Agreement. It is possible therefore, under the right conditions, that historical impairments associated with these assets could reverse. We recognised an impairment of US$202 million during the year for the Boyne smelter cash-generating unit, triggered by economic and operating performance of the smelter (note 4). When measuring the recoverable amount for this cash-generating unit we utilised net present value of cash flows to the end of the existing joint venture agreements in 2029, which also coincides with the Group\u2019s targeted carbon emission reductions by 2030. The Group continues to evaluate lower emission power solutions for the smelter that could extend its life to at least 2040. In such circumstances, the net present value of forecast future cash flows could support the reversal of past impairments. Both the recorded outcome and the sensitivity represent a reduction in emissions that we considered to be Paris-aligned. In the Aspirational Leadership scenario the prices for lower-grade iron ore are supported in the medium term by an assumed underlying increase in GDP-driven demand. However, in the longer term we assume the pricing for lower grade iron ore to be weaker than in our core scenarios. This will depend on the development of low-emissions steel technology, the pace of which is uncertain, but is expected to be offset by higher prices for higher-grade iron ore. This is unlikely to give rise to impairment triggers for 2022 or in the foreseeable future due to the high returns on capital employed in the Pilbara. We completed the divestments of our coal businesses in 2018 and no longer mine coal, but retained a contingent royalty from these divestments. Recent favourable coal prices exceeded contractual benchmark levels and resulted in the cash royalty receipt of US$36 million during 2022. We also carry royalty receivables of US$209 million on our balance sheet at 31 December 2022, measured at fair value (note 24). The fair value of this balance may be adversely impacted in the future by a faster pace of transition to a low carbon economy, but this impact is not expected to be material. Closure dates and cost of closure are also sensitive to climate assumptions, but no material changes have been identified in the year specific to climate change that would require a material revision to the provisions in 2022. For those commodities with higher forward price curves under the Aspirational Leadership scenario, it may be economical to mine lower mineral grades, which could result in the conversion of additional Mineral Resources to Ore Reserves and therefore longer dated closure. Overall, based on the Aspirational Leadership scenario pricing outcomes, and with all other assumptions remaining consistent with those applied to our 2022 financial statements, we do not currently envisage a material adverse impact of the 1.5\u00b0C Paris-aligned sensitivity on asset carrying values, remaining useful life, or closure and rehabilitation provisions for the Group. It is possible that other factors may arise in the future, which are not known today, that may impact this assessment. Additional commentary on the impact of climate change on our business is included in the following notes: Financial reporting considerations and sensitivities related to climate change Page
Recoverable value of our assets, asset obsolescence, impairment and use of sensitivities (note 4) 168
Operating expenditure spend on decarbonisation (note 7 - footnote (h)) 171
Water rights - climate impact on indefinite life (note 12) 177
Estimation of asset lives (note 13) 179
Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) 181
Useful economic lives of power generating assets (note 13) 181
Close-down, restoration and environmental cost (note 14) 185
Coal royalty receivables (note 24) 200
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"fact-701": {
"value": "i. New standards issued and effective in the current year Our financial statements have been prepared on the basis of accounting policies consistent with those applied in the financial statements for the year ended 31 December 2021, except for the accounting requirements set out below, effective as at 1 January 2022. These did not have a significant impact on our financial statements. Proceeds before Intended Use (Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d) We adopted Proceeds before Intended Use (Amendments to IAS 16 \u201cProperty, Plant and Equipment\u201d) at 1 January 2022. The amendment prohibits the deduction, from the cost of major project construction work in progress, of proceeds (net of additional processing costs) from selling items before the related item of property, plant and equipment is available for use. Under the amendment, proceeds from selling items before the related item of property, plant and equipment is available for use are recognised within \u201cConsolidated sales revenue\u201d in the income statement along with the costs of producing those items within \u201cNet operating costs (excluding items disclosed separately)\u201d. We apportion development expenditure in the period to derive the cost associated with pre-production revenue, based on the tonnes produced in the period as a percentage of the total expected production (estimated total ore reserve). During 2021 we completed a review of the impact of these amendments and concluded that adjustments to retained earnings as at 1 January 2020, and restatement of the 2020 and 2021 Group Income Statement and Balance Sheet upon adoption of the amendments, were insignificant and as a result no restatements were made to comparative periods. During the year ended 31 December 2022 we recognised in the income statement pre-production revenue of US$511 million and related costs of US$30 million in relation to Gudai Darri and Oyu Tolgoi. Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d) We adopted Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d) at 1 January 2022. The amendments specify that the costs an entity includes in determining whether a contract is onerous are made up of all directly related costs, including both incremental amounts and an allocation of other directly related expenditure. Previously, we made provision for onerous contracts when the assets dedicated to the contract were fully impaired or the contract became stranded as a result of a business decision. From 2022, we record a provision if a contract is found to be loss-making on a stand-alone basis following allocation of all directly related costs as required by the amendments to IAS 37. We have applied the amendments without revision to comparative amounts. We have increased other provisions and reduced our retained earnings as at 1 January 2022 by US$17 million. 40 New standards issued but not yet effective We have not early adopted any new accounting standards or amendments that have been issued but are not yet effective. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes, mandatory in 2023 and endorsed by the UK) The Group will adopt, from January 2023 (the transition date), the narrow-scope amendments to IAS 12, which introduce an exclusion to the initial recognition exemption application for transactions that give rise to equal and offsetting taxable and deductible temporary differences. Our existing accounting policy states that \u201cwhere the recognition of an asset and liability from a single transaction gives rise to equal and offsetting temporary differences, Rio Tinto applies the initial recognition exemption allowed by IAS 12, and consequently recognises neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences\u201d. Under the amendments, deferred tax assets and liabilities are required to be recognised in respect of such temporary differences from the transition date, with restatement of comparatives for 2022 and 2021. The most significant impact of implementing these amendments is expected to be from temporary differences related to the Group's provisions for close-down and restoration (note 14), and lease obligations (note 21) and corresponding capitalised closure costs and right of use assets (note 13). Adjustments to deferred tax assets and liabilities related to these balances will be recognised as at 1 January 2021, being the beginning of the earliest comparative period presented in 2023 financial statements, with the cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For other transactions the amendments apply only to those taking place on or after 1 January 2021. The impact of restatement as at 31 December 2022 is that the Group will recognise additional gross deferred tax liabilities of US$922 million and gross deferred tax assets of US$1.4 billion in relation to close-down and restoration obligations and related capitalised closure costs. The Group will also recognise additional gross deferred tax liabilities of US$140 million and gross deferred tax assets of US$149 million in relation to lease liabilities and related right of use assets (note 15). After the required offsetting within the same tax jurisdiction, these adjustments result in the Group recognising additional net deferred tax assets of US$30 million and a reduction in net deferred tax liabilities of US$437 million (note 15) with the resulting cumulative impact increasing retained earnings (inclusive of income statement adjustments described below) by US$459 million.\u2006 As at 1 January 2021 and 31 December 2021, the restatement of gross and net deferred tax balances does not differ materially from the impact as at 31 December 2022. The impact of restatement on net earnings for the year ended 2022 is a net charge of US$28 million, comprising a US$84 million credit (2021:US$22 million) related to depreciation of closure and right of use assets, and settlement of closure and lease liabilities, offset by a US$112 million charge (2021: US$nil) related to the derecognition of deferred tax assets as a result of the recently enacted Corporate Alternative Minimum Tax regime in the USA referred to in note 10 on page 172. There will be no impact on tax cash flows or amounts recognised on the balance sheet as tax recoverable or payable as a result of implementing these amendments. IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts (mandatory in 2023 and endorsed by the UK) The standard provides consistent principles for all aspects of accounting for insurance contracts. We are finalising our assessment and have not identified a material impact to date, particularly in areas of judgment related to reinsurance contracts with EAUs and in substance self-insurance arrangements. Other amendments The assessment is ongoing in relation to other amendments, but no material impact has been identified to date. These are listed below: \u2013 Amendments to IAS 1 Presentation of Financial Statements: disclosure of accounting policies (mandatory in 2023 and endorsed by the UK); \u2013 Amendments to IAS 8 Accounting policies, changes in accounting estimates and errors: definition of accounting estimates (mandatory in 2023 and endorsed by the UK) \u2013 Amendments to IAS 1 Presentation of Financial Statements: classification of liabilities (mandatory in 2024 and not yet endorsed by the UK) . ",
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"value": "j. Reconciliation with Australian Accounting Standards Our financial statements have been prepared in accordance with IFRS, as defined in the \u2018Basis of preparation\u2019 on page 148, which differs in certain respects from the version of International Financial Reporting Standards that is applicable in Australia, referred to as Australian Accounting Standards (AAS). We are required to disclose the effect of the adjustments to our consolidated income statement, consolidated total comprehensive income/(loss) and consolidated shareholders\u2019 funds if our accounts were prepared under the version of IFRS that is applicable in Australia. This is in order to satisfy the obligations of Rio Tinto Limited to prepare consolidated accounts under Australian company law, as amended by an order issued by the Australian Securities and Investments Commission on 16 July 2021. Prior to 1 January 2004, our financial statements were prepared in accordance with UK GAAP. Under IFRS, goodwill on acquisitions prior t o 1998, which was eliminated directly against equity in the Group\u2019s UK GAAP financial statements, has not been reinstated. This was permitted under the rules governing the transition to IFRS set out in IFRS 1. The equivalent Australian Standard, AASB 1, does not provide for the netting of goodwill against equity. As a consequence, shareholders\u2019 funds under AAS include the residue of such goodwill, which amounted to US$380 million at 31 December 2022 (2021: US$377 million). Save for the exception described above, the Group\u2019s financial statements prepared in accordance with IFRS are consistent with the requirements of AAS. ",
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"value": "1 Our financial performance by segment Our management structure is based on principal product groups (PG) together with global support functions whose leaders make up the Executive Committee. The Executive Committee members each report directly to our Chief Executive who is the chief operating decision maker (CODM) and is responsible for allocating resources and assessing performance of the operating segments. The CODM\u2019s primary measure of profit is underlying EBITDA. Finance costs and net debt are managed on a Group-wide basis and are therefore excluded from the segmental results. Our reportable segments are as follows: Reportable segment Principal activities Iron Ore Iron ore mining and salt and gypsum production in Western Australia. Aluminium Bauxite mining; alumina refining; aluminium smelting. Copper Mining and refining of copper, gold, silver, molybdenum and other by-products; exploration activities together with the Simandou iron ore project, which was the responsibility of the Copper product group chief executive during 2022. Minerals Includes businesses with products such as borates, titanium dioxide feedstock together with the Iron Ore Company of Canada (iron ore mining and iron concentrate/pellet production). Also includes diamond mining, sorting and marketing. Year ended 31 December 2022 Segmental revenue US$m Underlying EBITDA US$m Capital expenditure (a) US$m Iron Ore 30,906 18,612 2,940 Aluminium 14,109 3,672 1,377 Copper 6,699 2,376 1,622 Minerals 6,754 2,419 679 Reportable segments total 58,468 27,079 6,618 Other Operations 192 (16) 53 Inter-segment transactions (256) 24 Share of equity accounted units (b) (2,850) Central pension costs, share-based payments, insurance and derivatives 377 Restructuring, project and one-off costs (173) Central costs (766) Central exploration and evaluation expenditures (253) Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 55,554 6,750 Underlying EBITDA (page 163) 26,272 1 Our financial performance by segment continued Year ended 31 December 2021 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 39,582 27,592 3,947 Aluminium 12,695 4,382 1,300 Copper 7,827 3,969 1,328 Minerals 6,481 2,603 644 Reportable segments total 66,585 38,546 7,219 Other Operations 251 (28) (13) Inter-segment transactions (268) 42 Share of equity accounted units (b) (3,073) Central pension costs, share-based payments, insurance and derivatives 110 Restructuring, project and one-off costs (80) Central costs (613) Central exploration and evaluation expenditures (257) Proceeds from disposal of property, plant and equipment 61 Other items 117 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 63,495 7,384 Underlying EBITDA (page 163) 37,720 Year ended 31 December 2020 Segmental revenue US$m Underlying EBITDA US$m Adjusted Capital expenditure (a) US$m Iron Ore 27,508 18,837 2,941 Aluminium 9,314 2,152 1,009 Copper 4,969 2,084 1,659 Minerals 5,170 1,710 455 Reportable segments total 46,961 24,783 6,064 Other Operations 321 24 1 Inter-segment transactions (264) (94) Share of equity accounted units (b) (2,407) Central pension costs, share-based payments, insurance and derivatives 117 Restructuring, project and one-off costs (133) Central costs (545) Central exploration and evaluation expenditures (250) Proceeds from disposal of property, plant and equipment 45 Other items 79 Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets 44,611 6,189 Underlying EBITDA (page 163) 23,902 (a) Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries\u2019 capital expenditure and Rio Tinto\u2019s share of the capital expenditure of joint operations. In 2022, we have excluded capitalised expenditure relating to equity accounted units and have adjusted prior year comparatives for this change in definition. (b) Consolidated sales revenue includes subsidiary sales of US$50 million (2021: US$44 million; 2020: US$34 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group\u2019s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$2,900 million (2021: US$3,117 million; 2020: US$2,441 million) which are not included in consolidated sales revenue. Segmental revenue Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units in proportion to our equity interest (after adjusting for sales to/from subsidiaries). Segmental revenue measures revenue on a basis that is comparable to our underlying EBITDA metric. Other segmental reporting For further information relating to Revenue by destination and product and Non-operating assets by geography refer to note 6 on page 170 and Our operating assets section on page 175 respectively. Underlying EBITDA Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of items, which do not reflect the underlying performance of our reportable segments. Other relevant judgments - Exclusions from underlying EBITDA Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from profit after tax in arriving at underlying EBITDA in each year irrespective of materiality: \u2013 Depreciation and amortisation in subsidiaries and equity accounted units; \u2013 Taxation and finance items in equity accounted units; \u2013 Taxation and finance items relating to subsidiaries; \u2013 Unrealised gains/(losses) on embedded derivatives not qualifying for hedge accounting; \u2013 Net gains/(losses) on disposal of interests in subsidiaries; \u2013 Impairment charges net of reversals; \u2013 The underlying EBITDA of discontinued operations; \u2013 Adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period. In addition, there is a final judgmental category which includes, where applicable, other credits and charges that, individually or in aggregate i f of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In 2022 this category included the gain recognised by Kitimat relating to LNG Canada's project and the gain recognised upon sale of the Corte z royalty. In 2021 the category included the changes in closure estimates at Energy Resources of Australia and Gove Refinery. 2022 US$m 2021 US$m 2020 US$m Profit after tax for the year 13,076 22,575 10,400 Taxation 5,586 8,258 4,991 Profit before taxation 18,662 30,833 15,391 Depreciation and amortisation in subsidiaries excluding capitalised depreciation (a) 4,871 4,525 4,074 Depreciation and amortisation in equity accounted units 470 497 576 Finance items in subsidiaries 1,846 26 1,751 Taxation and finance items in equity accounted units 640 759 443 (Gains)/Losses on embedded commodity derivatives not qualifying for hedge accounting (including foreign exchange) (6) 51 (6) Impairment charges net of reversals (b) 52 269 1,272 Gain recognised by Kitimat relating to LNG Canada's project (c) (116) (336) \u2014 Change in closure estimates (non-operating and fully impaired sites) (d) 180 1,096 401 Loss on disposal of interests in subsidiary (b) 105 \u2014 \u2014 Gain on sale of the Cortez Royalty (e) (432) \u2014 \u2014 Underlying EBITDA 26,272 37,720 23,902 (a) Depreciation and amortisation in subsidiaries for the year ended 31 December 2022 is net of capitalised depreciation of US$139 million (31 December 2021: US$172 million; 31 December 2020: US$205 million). (b) Refer to note 4 (c) During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulting gain has been excluded from underlying EBITDA consistent with prior years as it is part of a series of transactions that together were material. On 3 December 2021 we gained control over a new wharf at Kitimat, Canada that was built and paid for by LNG Canada. The gain on recognition was excluded from underlying EBITDA on the grounds of individual magnitude and consistency with the associated impairment charge in 2021, refer to note 4. (d) In 2022 the charge relates to re-estimates of underlying closure cash flows for legacy sites where the environmental damage preceded ownership by Rio Tinto. On 2 February 2022, Energy Resources of Australia released preliminary findings from its reforecast of the total undiscounted cost schedule for the Ranger rehabilitation project. Information available from this study resulted in the Group recording an increase to the closure provision of US$510 million at 31 December 2021. Other increases to closure estimates charged to the income statement in 2021 relate to Diavik, Gove refinery, and a number of the Group's legacy sites where the environmental damage preceded ownership by Rio Tinto. The adjustments at Energy Resources Australia and Gove refinery were recognised in the income statement as these are non-operating sites, and excluded from underlying earnings due to the magnitude of the individual updates and materiality when aggregated. In 2020 we recognised an increase in the Diavik closure provision based on preliminary Pre-Feasibility Study findings. On completion of the study in 2021 a true-up was recorded in the income statement and excluded from underlying earnings in line with the treatment of the initial increase in 2020, which was excluded from underlying EBITDA as Diavik was fully impaired during the year. Other closure costs excluded in 2020 were the increase in the Gove refinery closure provision offset by a decrease in the Argyle mine closure provision on completion of Pre- Feasibility Studies at each site. The 2020 comparative also included the underlying EBITDA impact (US$138 million loss) in respect of increases to Closure provisions in legacy and non- operating sites following a reduction to the closure discount rate to 1.5%. (e) On 2 August 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty has been excluded from underlying EBITDA on the grounds of individual magnitude. ",
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"value": "2 Earnings per ordinary share Basic earnings per share 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,619.8 1,618.4 1,617.4 Basic earnings per ordinary share (cents) 766.8 1,303.4 604.0 (a) The weighted average number of shares is calculated as the average number of Rio Tinto plc shares outstanding not held as treasury shares of 1,248.9 million (2021: 1,247.4 million; 2020: 1,246.5 million) plus the average number of Rio Tinto Limited shares outstanding of 370.9 million (2021: 371.0 million; 2020: 370.9 million) over the relevant period. There were no cross holdings of shares between Rio Tinto Limited and Rio Tinto plc at 31 December 2022 (2021: nil; 2020: nil). Diluted earnings per share For the purposes of calculating diluted earnings per share, the effect of dilutive securities of 9.8 million shares in 2022 (2021: 10.5 million; 2020: 11.2 million) is added to the weighted average number of shares described in (a) above. This effect is calculated under the treasury stock method, in accordance with IAS 33 \u201cEarnings per Share\u201d. Our only potential dilutive ordinary shares are share awards for which terms and conditions are described in note 27. 2022 2021 2020 Net earnings attributable to owners of Rio Tinto (US$ million) 12,420 21,094 9,769 Weighted average number of shares (millions) (a) 1,629.6 1,628.9 1,628.6 Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents) 762.1 1,295.0 599.8 ",
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"fact-621": {
"value": "3 Dividends Our directors have announced a final dividend of 225.0 cents per share on 22 February 2023. This is expected to result in payments of US$3.7 billion. The dividend will be paid on 20 April 2023 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of business on 09 March 2023. Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Ordinary dividends per share: announced with the results for the year (a) 225.0 c 417.0 c 309.0 c Special dividends per share: announced with the results for the year (a) \u2014 c 62.0 c 93.0 c (a) Dividends are determined in US dollars, which is our functional currency, and declared in British pounds for Rio Tinto Plc and Australian Dollar for Rio Tinto Limited. The applicable currency exchange rate to convert the US dollar dividend into British pounds and Australian dollars is determined with reference to the WMR 4pm (UK) fixings on the day prior to the announcement of our results for the period. Ordinary shareholders of Rio Tinto Limited and Rio Tinto Plc are paid equal cash dividends on a per share basis in line with the terms of the dual listed structure. Total dividends per share paid in the year Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Previous year final - paid during the year (US cents) 417.0 c 309.0 c 231.0 c Previous year special - paid during the year (US cents) 62.0 c 93.0 c \u2014 Interim - paid during the year (US cents) 267.0 c 376.0 c 155.0 c Interim special - paid during the year (US cents) \u2014 185.0 c \u2014 Total paid during the year (US cents) 746.0 c 963.0 c 386.0 c Dividends per share 2022 Dividends per share 2021 Dividends per share 2020 Rio Tinto plc previous year final (pence) 306.7 p 221.9 p 177.5 p Rio Tinto plc previous year special (pence) 45.6 p 66.8 p \u2014 Rio Tinto plc interim (pence) 221.6 p 270.8 p 119.7 p Rio Tinto plc interim special (pence) \u2014 133.3 p \u2014 Total paid during the year 573.9 p 692.8 p 297.2 p Rio Tinto Limited previous year final \u2013 fully franked at 30% (Australian cents) 577.0 c 397.5 c 349.7 c Rio Tinto Limited previous year special \u2013 fully franked at 30% (Australian cents) 85.8 c 119.6 c \u2014 Rio Tinto Limited interim \u2013 fully franked at 30% (Australian cents) 383.7 c 509.4 c 216.5 c Rio Tinto Limited interim special \u2013 fully franked at 30% (Australian cents) \u2014 250.6 c \u2014 Total paid during the year 1,046.5 c 1,277.1 c 566.2 c The franking credits available to the Group as at 31 December 2022, after allowing for Australian tax payable in respect of the current and prior reporting period\u2019s profit, are estimated to be US$7,246 million (2021: US$6,611 million; 2020 US$6,812 million). The proposed Rio Tinto Limited dividend will be fully franked based on a tax rate of 30%, and reduce the franking account balance by US$358 million. Reconciliation of dividend declared to dividend paid 2022 US$m 2021 US$m 2020 US$m Rio Tinto plc previous year final dividend payable 5,024 3,809 2,783 Rio Tinto plc previous year special dividend payable 747 1,146 \u2014 Rio Tinto plc interim dividend payable 3,162 4,627 1,937 Rio Tinto plc interim special dividend payable \u2014 2,276 \u2014 Rio Tinto Limited previous year final dividend payable 1,597 1,138 857 Rio Tinto Limited previous year special dividend payable 237 343 \u2014 Rio Tinto Limited interim dividend payable 949 1,372 555 Rio Tinto Limited interim special dividend payable \u2014 674 \u2014 Dividends payable during the year 11,716 15,385 6,132 Net movement of unclaimed dividends in the year 11 (28) \u2014 Dividends paid during the year (b) 11,727 15,357 6,132 (b) We economically hedge the dividend cash flows from the announcement date to the payment date in order to reduce our foreign exchange exposure on these cash flows. The realised impact of these hedges is shown within \u2018Other items\u2019 in the Cash flows from consolidated operations and is not included in the above. ",
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"fact-622": {
"value": "4 Impairment charges net of reversals Recognition and measurement Impairment charges and reversals are assessed at the level of cash-generating units which, in accordance with IAS 36, are identified as the smallest identifiable asset or group of assets that generate cash inflows which are largely independent of the cash inflows from other assets. Separate cash- generating units are identified where an active market exists for intermediate products, even if the majority of those products are further processed internally. In some cases, individual business units consist of several operations with independent cash-generating streams which constitute separate cash- generating units. Goodwill acquired through business combinations is allocated to the cash-generating unit or groups of cash-generating units that are expected to benefit from the related business combination, and tested for impairment at the lowest level within the Group at which goodwill is monitored for internal management purposes. All cash-generating units containing goodwill (note 11), indefinite-lived intangible assets and intangible assets that are not ready for use (note 12) are tested annually for impairment as at 30 September, regardless of whether there has been an impairment trigger, or more frequently if events or changes in circumstances indicate a potential impairment. Other relevant judgments - determination of CGUs Judgment is applied to identify the Group\u2019s CGUs, particularly when assets belong to integrated operations, and changes in CGUs could impact impairment charges and reversals. The most significant judgment continues to relate to the continued grouping of Rio Tinto Iron an d Titanium Quebec Operations, Canada and QIT Madagascar Minerals (QMM), Madagascar as a single CGU on the basis that they are vertically integrated operations and there is no active market for ilmenite. During the year we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit; refer to page 168 for more information. The carrying values for undeveloped properties are reviewed at each reporting date in accordance with IFRS 6. The indicators of impairment differ from the tests in accordance with IAS 36 \u201cImpairment of Assets\u201d in recognition of the subjectivity of estimating future cash flows for mineral interests under evaluation. Potential indicators of impairment include: expiry of the right to explore, substantive expenditure is no longer planned, commercially viable quantities of mineral resources have not been discovered and exploration activities will be discontinued, or sufficient data exists to indicate a future development would be unlikely to recover the carrying amount in full. When such impairment indicators have been identified, the recoverable amount and impairment charge are measured under IAS 36. Impairment reversals for undeveloped properties are not subject to special conditions within IFRS 6 and are therefore subject to the same monitoring for indicators of impairment reversal as other cash-generating units. Property, plant and equipment, including right of use assets and intangible assets with finite lives are reviewed for impairment if there is an indication that the carrying amount may not be recoverable. This review starts with an appraisal of the perimeter of cash-generating units to consider changes in the business or strategic direction. Following this, an assessment of internal and external indicators is performed. Internal sources of information considered includes assessment of the financial performance of the CGU and changes in mine plans. External sources of information, include changes in forecast commodity prices, costs and other market factors. Non-current assets (excluding goodwill) that have suffered impairment are reviewed using the same basis for valuation as explained above whenever events or changes in circumstances indicate that the impairment loss may no longer exist, or may have decreased. If appropriate, an impairment reversal will be recognised. The carrying amount of the cash-generating unit after reversal must be the lower of (a) the recoverable amount, as calculated above, and (b) the carrying amount that would have been determined (net of amortisation or depreciation) had no impairment loss been recognised for the cash-generating unit in prior periods. If events or changes in circumstances indicate a potential impairment or impairment reversal, assessments are performed more frequently than just annually. In 2022, we identified indicators of impairment at the Boyne Smelter in the aluminium segment and indicators of impairment reversal at the Roughrider uranium undeveloped project. 4 Impairment charges net of reversals continued Key judgment - Indicators of impairment and impairment reversals at Oyu Tolgoi and Kitimat The Oyu Tolgoi and Kitimat cash-generating units have both been impaired in previous years and are therefore monitored closely for indicators of further impairment or impairment reversal as such adjustments would likely be material to our results. At the time of their impairment, the carrying value and fair value for these cash-generating units were equal, making the cash-generating units sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to inflation and the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi cash-generating unit for internal sources of information that could indicate impairment by reference to the operational performance of the mine and development progress for the underground operation. For external sources of information that could indicate impairment, we considered current and projected commodity prices and noted the transaction with Turquoise Hill minority shareholders. Whilst the value imputed by extrapolating that transaction price is less than the carrying value of the cash-generating unit, we noted this reflected funding and liquidity risks associated with minority shareholdings rather than information relevant to the underlying assets. Accordingly we concluded that there were no indicators of impairment or impairment reversal. Kitimat The Kitimat smelter was impaired in 2013 and 2014 during the construction phase as cost overruns were not expected to be recovered through economic performance. The plant was further impaired in 2021 (refer to the section below) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. The ramp-up of operations continuing into 2022 following the strike was anticipated in the determination of the 2021 recoverable amount. In 2022 the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment. As highlighted in the climate change section, the economic performance of assets in the aluminium segment has the potential to perform more strongly as the world transitions to a lower carbon future; however, our assessment of external sources of information did not indicate that this had yet been priced into asset valuations. We concluded that there were no indicators of impairment or impairment reversal. Where indication of impairment or impairment reversal exists then an impairment review is undertaken; the recoverable amount is assessed by reference to the higher of value in use (being the net present value of expected future cash flows of the relevant cash-generating unit in its current condition) and fair value less costs of disposal (FVLCD). When the recoverable amount of the cash-generating unit is measured by reference to FVLCD, this amount is further classified in accordance with the fair value hierarchy for observable market data that is consistent with the unit of account for the cash-generating unit being tested. The Group considers that the best evidence of FVLCD is the value obtained from an active market or binding sale agreement and, in this case, the recoverable amount is classified in the fair value hierarchy as level 1. When FVLCD is based on quoted prices for equity instruments but adjusted to reflect factors such as a lack of liquidity in the market, the recoverable amount is classified as level 2 in the fair value hierarchy. No cash-generating units are currently assessed for impairment by reference to a recoverable amount based on FVLCD classified as level 1 or level 2. Where unobservable inputs are material to the measurement of the recoverable amount, FVLCD is based on the best information available to reflect the amount the Group could receive for the cash-generating unit in an orderly transaction between market participants at the measurement date. This is often estimated using discounted cash flow techniques and is classified as level 3 in the fair value hierarchy. Where the recoverable amount is assessed using FVLCD based on discounted cash flow techniques, the resulting estimates are based on detailed life-of-mine and long-term production plans. These may include anticipated expansions which are at the evaluation stage of study. The cash flow forecasts for FVLCD purposes are based on management\u2019s best estimates of expected future revenues and costs, including the future cash costs of production, capital expenditure, and closure, restoration and environmental costs. For the purposes of determining FVLCD from a market participant\u2019s perspective, the cash flows incorporate management\u2019s price and cost assumptions in the short and medium term. In the longer term, operating margins are assumed to remain constant where appropriate, as it is considered unlikely that a market participant would prepare detailed forecasts over a longer term. The cash flow forecasts may include net cash flows expected to be realised from the extraction, processing and sale of material that does not currently qualify for inclusion in ore reserves. Suc non-reserve material is only included when there is a high degree of confidence in its economic extraction. This expectation is usually based on preliminary drilling and sampling of areas of mineralisation that are contiguous with existing ore reserves. Typically, the additional evaluation required to achieve reserves status for such material has not yet been done because this would involve incurring evaluation costs earlier than is required for the efficient planning and operation of the mine. As noted above, cost levels incorporated in the cash flow forecasts for FVLCD purposes are based on the current life-of-mine plan or long- term production plan for the cash-generating unit. This differs from value in use which requires future cash flows to be estimated for the asset in its current condition and therefore does not include future cash flows associated with improving or enhancing an asset\u2019s performance. Anticipated enhancements to assets may be included in FVLCD calculations and, therefore, generally result in a higher value. Where the recoverable amount of a cash-generating unit is dependent on the life of its associated orebody, expected future cash flows reflect the current life of mine and long-term production plans, which are based on detailed research, analysis and iterative modelling to optimise the level of return from investment, output and sequence of extraction. The mine plan takes account of all relevant characteristics of the orebody, including waste-to-ore ratios, ore grades, haul distances, chemical and metallurgical properties of the ore impacting process recoveries and capacities of processing equipment that can be used. The life-of-mine plan and long-term production plans are, therefore, the basis for forecasting production output and production costs in each future year. Forecast cash flows for ore reserve estimation for JORC purposes are generally based on Rio Tinto\u2019s commodity price forecasts, which assume short-term market prices will revert to the Group\u2019s assessment of the long-term price, generally over a period of three to five years. For most commodities, these forecast commodity prices are derived from a combination of analyses of the marginal costs of the producers and the incentive price of these commodities. These assessments often differ from current price levels and are updated periodically. The Group does not believe that published medium- and long-term forward prices necessarily provide a good indication of future levels because they tend to be strongly influenced by spot prices. The price forecasts used for ore reserve estimation are generally consistent with those used for impairment testing unless management deems that in certain economic environments a market participant would not assume Rio Tinto\u2019s view on prices, in which case in preparing FVLCD impairment calculations management estimates the assumptions that a market participant would be expected to use. Forecast future cash flows of a cash-generating unit take into account the sales prices under existing sales contracts. The discount rates applied to the future cash flow forecasts represent an estimate of the rate the market participant would apply having regard to the time value of money and the risks specific to the asset for which the future cash flow estimates have not been adjusted. The Group\u2019s weighted average cost of capital is generally used as a starting point for determining the discount rates, with appropriate adjustments for the risk profile of the countries in which the individual cash-generating units operate. For final feasibility studies and ore reserve estimation, internal hurdle rates, which are generally higher than the Group\u2019s weighted average cost of capital, are used. For developments funded with project finance, the debt component of the weighted average cost of capital may be calculated by reference to the specific interest rate of the project finance and anticipated leverage of the project. For operations with a functional currency other than the US dollar, the impairment review is undertaken in the relevant functional currency. In estimating FVLCD, internal forecasts of exchange rates take into account spot exchange rates, historical data and external forecasts, and are kept constant in real terms after five years. The great majority of the Group\u2019s sales are based on prices denominated in US dollars. To the extent that the currencies of countries in which the Group produces commodities strengthen against the US dollar without an increase in commodity prices, cash flows and, therefore, net present values are reduced. Management considers that, over the long term, there is a tendency for movements in commodity prices to compensate to some extent for movements in the value of the US dollar, particularly against the Australian dollar and Canadian dollar, and vice versa. However, suc compensating changes are not synchronised and do not fully offset each other. In estimating value in use, the present value of future cash flows in foreign currencies is translated at the spot exchange rate on the testing date. Generally, discounted cash flow models are used to determine the recoverable amount of CGUs. In this case, significant judgment is required to determine the appropriate estimates and assumptions used and there is significant estimation uncertainty. In particular, for fair value less costs of disposal valuations, judgment is required to determine the estimates a market participant would use. The discounted cash flow models are most sensitive to the following estimates: the timing of project expansions; the cost to complete assets under construction; long-term commodity prices; production timing and recovery rates; exchange rates; operating costs; reserve and resource estimates; closure costs; discount rates; allocation of long-term contract revenues between CGUs; and, in some instances, the renewal of mining licences. Some of these variables are unique to an individual CGU. Future changes in these variables may differ from management\u2019s expectations and may materially alter the recoverable amounts of the CGUs. Note Pre-tax amount 2022 US$m Taxation 2022 US$m Non- controlling interest 2022 US$m Net amount 2022 US$m Pre-tax amount 2021 US$m Pre-tax amount 2020 US$m Other operations - Roughrider 150 \u2014 \u2014 150 \u2014 \u2014 Aluminium \u2013 Pacific Aluminium (202) \u2014 \u2014 (202) \u2014 (489) Aluminium \u2013 Kitimat \u2014 \u2014 \u2014 \u2014 (269) \u2014 Aluminium \u2013 Sohar \u2014 \u2014 \u2014 \u2014 \u2014 (220) Aluminium \u2013 ISAL \u2014 \u2014 \u2014 \u2014 \u2014 (93) Minerals \u2013 Diavik \u2014 \u2014 \u2014 \u2014 \u2014 (441) Total impairment charges net of reversals (52) \u2014 \u2014 (52) (269) (1,243) Allocated as: Intangible assets 12 150 \u2014 (4) Property, plant and equipment 13 \u2014 (269) (900) Investment in equity accounted units (\u201cEAUs\u201d) (202) \u2014 (339) Total impairment charges net of reversals (52) (269) (1,243) Comprising: Impairment reversal/(charges net of reversal) of consolidated balances 150 (269) (904) Impairment charges related to EAUs (pre-tax) (202) \u2014 (368) Total impairment charges net of reversals in the financial information by business unit (page 270) (52) (269) (1,272) Taxation (including related to EAUs) \u2014 72 157 Total impairment charges net of reversals in the income statement (52) (197) (1,115) 2022 Other operations - Roughrider, Canada On 17 October 2022, we completed the sale of the Roughrider uranium undeveloped project located in the Athabasca Basin in Saskatchewan, Canada for US$150 million (US$80 million in cash and US$70 million in shares of Uranium Energy Corp.). The project was fully impaired during the year ended 31 December 2017 due to significant uncertainty over whether commercially viable quantities of mineral resources could be identified at a future date. The sale therefore led to an impairment reversal in the current year. It also led to a loss on disposal being recognised of US$105 million arising from the recycling of the currency translation reserve to the income statement. 4 Impairment charges net of reversals continued Aluminium - Pacific Aluminium, Australia and New Zealand The operating and economic performance of the Boyne Smelter in Queensland, Australia was below our expectations in 2022. The plant operated with reduced capacity and the economic performance suffered due to the high cost of energy from the coal-fired Gladstone Power Station. These conditions have been identified as an impairment trigger. We have calculated a recoverable amount for the cash-generating unit based on post-tax cash flows, expressed in real terms and discounted using a post-tax rate of 6.6% over the period to 2029. This date was chosen as it coincides with both the remaining term of the Boyne Smelter joint venture agreements and the Group\u2019s Paris-aligned commitment to reduce carbon emissions by 50% by 2030 relative to the 2018 baseline. Despite the recent implementation of temporary energy price caps by the Australian Government, this resulted in an impairment charge of US$202 million, representing a full impairment of the carrying value of the Boyne Smelter investment in equity accounted unit. Impact of climate change on our business - Boyne Smelter We are committed to the repowering of our aluminium smelter in Queensland with firmed renewable energy by 2030. For this reason, along with the coal price cap noted above, we have separated the Gladstone Power Station from the Boyne Smelter cash-generating unit. As a sensitivity we have considered the impact of a potential repowering of the smelter using commodity and energy price assumptions from our Aspirational Leadership scenario, with all other assumptions being unchanged. This would result in improved cash flows, including an extension of operations at the Boyne Smelter beyond current joint venture agreements through to 2040. The potential value uplift under this sensitivity is not part of our base valuation as it is dependent upon commercial agreements that are not currently in place, but could support the reversal of past impairments. Both the recorded outcome and the sensitivity, as described in \u201cImpact of climate change on the Group\u201d section on pages 152 to 155, are considered to be Paris-aligned. 2021 Aluminium \u2013 Kitimat, Canada On 3 December 2021, we announced completion of the newly- constructed wharf at Kitimat. Construction spend was incurred by LNG Canada and therefore a gain of US$336 million representing the estimated fair value of the cost of construction was recorded and the carrying value of the Kitimat cash-generating unit (CGU) increased accordingly. Output from the smelter was reduced to 25% as a result of a workforce strike in mid-2021 and ramp-up to full capacity was expected to extend through into 2022. As a previously impaired CGU, and therefore carrying limited headroom, these factors were identified as conditions that could indicate that the uplifted carrying value may not be supportable and therefore the CGU was tested for impairment. Using the fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a post-tax impairment charge of US$197 million (pre-tax US$269 million) representing the difference between the recoverable amount (US$3,126 million) and the carrying value (US$3,323 million). 2020 Aluminium \u2013 Pacific Aluminium, Australia and New Zealand On 9 July 2020, we announced the conclusion of the NZAS strategic review and gave Meridian Energy 14 months' notice for the termination of the power contract. As a result of the decision to wind down operations, an impairment trigger was identified. The net present value of post-tax cash flows over the remaining life for this CGU was negative and therefore the non-current assets of the smelter were fully impaired. High operating costs and challenging outlook for the aluminium industry also resulted in impairment triggers being identified at the Bell Bay aluminium smelter in Tasmania, Australia and at Boyne Smelter in Queensland, Australia at 30 June 2020. The forecast net present value of cash flows over the period to anticipated expiry in 2025 of a power contract with Hydro Tasmania was negative taking into account market conditions at the time. The property, plant and equipment of the Bell Bay smelter was therefore fully impaired. We determined the recoverable amount for our share of the Boyne Smelter CGU, which also included the Gladstone Power Station, as US$273 million based on post-tax cash flows expressed in real terms and discounted at 6.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$119 million (US$148 million pre-tax) related to the smelter and US$26 million (US$36 million pre-tax) related to the power station. Aluminium \u2013 Sohar, Oman In 2020, the challenging outlook for the Middle Eastern aluminium industry was identified as an impairment trigger at the Sohar aluminium smelter in Oman, an equity accounted unit of the Group. At 30 September 2020, we determined the recoverable amount for our share of the Sohar CGU to be US$258 million based on post-tax cash flows expressed in real terms and discounted at 7.6%. Accordingly, our share of impairment after tax in the equity accounted unit was US$220 million. Aluminium \u2013 ISAL smelter, Iceland Our announcement in February 2020 of a strategic review of the ISAL smelter in Iceland, combined with challenging market conditions, was identified as an impairment trigger at 30 June 2020. Subsequent restoration of smelter competitiveness resulting from improved power delivery terms represented an indicator of partial impairment reversal at 31 December 2020. We calculated a post-tax recoverable amount for the CGU of US$139 million at 31 December 2020 based on FVLCD, discounted using a post-tax rate of 6.6%. As a consequence, with full impairment of the CGU and a pre-tax impairment charge of US$204 million in the first half of 2020, followed by reversal of US$111 million to previously recorded pre-tax impairment in the second half of 2020, the full-year results for the year ended 31 December 2020 included a net pre-tax impairment charge of US$93 million. Minerals \u2013 Diavik, Canada The COVID-19 pandemic significantly disrupted global demand for diamonds, and in April 2020 our then joint venture partner in the Diavik Diamond Mine filed for creditor protection and defaulted on cash calls. These circumstances were identified as an impairment trigger. The net present value of post-tax cash flows projected over the remaining life of the Diavik \u2018Diamond Mine\u2019 to 2025 did not support retaining any carrying value. This resulted in the Group's 60% interest in plant and equipment and intangible assets of the CGU being fully impaired at 30 June 2020. shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders. 2021 On 18 November 2021, we announced that we had completed the acquisition of the 40% share in the Diavik Diamond Mine in the Northwest Territories of Canada held by Dominion Diamond Mines, becoming the sole owner as a result. The transaction did not meet the definition of a business combination and therefore the incremental assets and liabilities were treated as an asset purchase. Prior to purchase, we recognised our existing 60% share of assets, revenues and expenses, with liabilities recognised according to its contractual obligations, and a corresponding 40% receivable or contingent asset representing the co-owner\u2019s share where applicable. Receivables relating to the co-owner\u2019s share were de-recognised and treated as part of the net purchase consideration on completion. Disposals Recognition and measurement If a group of assets and liabilities (\u201cDisposal group\u201d) is sold the carrying value of the disposal group is de-recognised with the difference between the carrying amount and the consideration received recognised in the income statement. Certain amounts previously recognised in other comprehensive income in respect of the entity disposed of may be recycled to the income statement. The cash proceeds of disposals are included within \u201cInvesting activities\u201d in the cash flow statement. As summarised in note 4, we sold our Roughrider uranium undeveloped project on 17 October 2022 for consideration of US$150 million (US$80 million in cash and US$70 million in shares of Uranium Energy Corp). There were no other material disposals in 2022, 2021 or 2020. ",
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"fact-623": {
"value": "5 Acquisitions and disposals Acquisitions Recognition and measurement In determining whether a particular set of activities is a business, an acquired arrangement has to have an input and substantive process which together significantly contribute to the ability to create outputs. Where an acquisition does not meet the definition of a business as defined by IFRS 3 \u201cBusiness Combinations\u201d each asset is recognised on the balance sheet at fair value. In the Group cash flow statement we assess, based on the substance of the transaction, whether to allocate the cash consideration for these transactions either to \u201cPurchases of property, plant and equipment and intangible assets\u201d or to \u201cAcquisitions of subsidiaries, joint ventures and associates\u201d depending on the type of assets purchased. For undeveloped mining projects which have arisen through acquisition, the allocation of the purchase price consideration may result in undeveloped properties being recognised at an earlier stage of project evaluation compared with projects arising from the Group\u2019s exploration and evaluation programme. Subsequent expenditure on acquired undeveloped projects is only capitalised if it meets the high degree of confidence threshold discussed in note 12. Where we increase our ownership interest in a subsidiary, the difference between the purchase price and the carrying value of the share of net assets acquired is recorded in equity. The cash cost of such purchases is included within \u201cfinancing activities\u201d in the cash flow statement. 2022 Following approval from Australia\u2019s Foreign Investment Review Board (FIRB), on 29 March 2022 we completed the acquisition of Rincon Mining Pty Limited, the owner of a lithium project in Argentina. Total cash consideration was US$825 million. In determining whether Rincon\u2019s set of activities is a business, we have assessed whether it has inputs and substantive processes which together significantly contribute to the ability to create outputs. Based on this assessment, we have concluded that Rincon does not meet the definition of a business as defined by IFRS 3 \"Business Combinations\" and therefore no goodwill has been recorded. The transaction has therefore been treated as an asset purchase with US$822 million of capitalised exploration and evaluation recorded for the principal economic resource. The balance of total consideration has been allocated to property, plant & equipment and other assets/liabilities. For the Group cash flow statement we determined that, since Rincon constitutes a group of companies, it is appropriate to present the cash outflow as \u201cAcquisitions of subsidiaries, joint ventures and associates\u201d rather than as separate asset purchases even though it did not meet the definition of a business combination. On 31 August 2022 we made a US$25 million investment in McEwen Copper Inc. through our copper leaching technology venture, Nuton. We accounted for our holding in McEwen Copper Inc as an investment in associate, given our representation on the board. On 16 December 2022 we acquired the remaining 49% share of Turquoise Hill Resources for expected consideration of US$3.2 billion, inclusive of transaction costs. This transaction was not classified as a business combination as it related to the purchase of non-controlling interests in an entity already consolidated as a subsidiary. Accordingly the transaction did not result in the remeasurement of assets or liabilities and has been accounted for in the statement of equity as an adjustment to non-controlling interests and retained earnings. At 31 December 2022 consideration paid amounted to US$2,961 million (including US$33 million of transaction costs, with further transaction costs of US$41 million expected to be paid in 2023). Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration depending on the outcome and timing of dissent proceedings. We have included within other provisions (note 36) US$21 million for additional consideration to be paid to the dissenting",
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"fact-624": {
"value": "6 Revenue by destination and product Recognition and measurement We recognise sales revenue related to the transfer of promised goods or services when control of the goods or services passes to the customer. The amount of revenue recognised reflects the consideration to which the Group is or expects to be entitled in exchange for those goods or services. Sales revenue is recognised on individual sales when control transfers to the customer. In most instances, control passes and sales revenue is recognised when the product is delivered to the vessel or vehicle on which it will be transported once loaded, the destination port or the customer\u2019s premises. There may be circumstances when judgment is required based on the five indicators of control below: \u2013 The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service. \u2013 The customer has a present obligation to pay in accordance with the terms of the sales contract. For shipments under the Incoterms Cost, Insurance and Freight (CIF)/Carriage Paid to (CPT)/Cost and Freight (CFR) this is generally when the ship is loaded, at which time the obligation for payment is for both product and freight. \u2013 The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to the terms specified in the sales contract but this does not impact the passing of control. Assay and specification adjustments have been immaterial historically. \u2013 The customer has legal title to the asset. The Group usually retains legal title until payment is received for credit risk purposes only. \u2013 The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an asset prior to obtaining physical possession, which may be the case for goods in transit. Consolidated sales revenue by product We have sold the following products to external customers during the year: Revenue from contracts with customers 2022 US$m Other revenue (a) 2022 US$m Consolidated sales revenue 2022 US$m Iron ore 33,068 (267) 32,801 Aluminium, alumina and bauxite 13,955 (165) 13,790 Copper 3,276 (80) 3,196 Industrial minerals (comprising titanium dioxide slag, borates and salt) 2,685 (16) 2,669 Gold 564 9 573 Diamonds 816 \u2014 816 Other products (b) 1,710 (1) 1,709 Consolidated sales revenue 56,074 (520) 55,554 Revenue from contracts with customers 2021 US$m Other revenue (a) 2021 US$m Consolidated sales revenue 2021 US$m Revenue from contracts with customers 2020 US$m Other revenue (a) 2020 US$m Consolidated sales revenu 2020 US$m Iron ore 42,992 (796) 42,196 28,202 1,000 29,202 Aluminium, alumina and bauxite 12,336 103 12,439 9,092 54 9,146 Copper 3,229 96 3,325 1,721 64 1,785 Industrial minerals (comprising titanium dioxide slag, borates and salt) 2,114 3 2,117 2,054 (3) 2,051 Gold 1,075 2 1,077 471 6 477 Diamonds 501 \u2014 501 459 \u2014 459 Other products (b) 1,837 3 1,840 1,493 (2) 1,491 Consolidated sales revenue 64,084 (589) 63,495 43,492 1,119 44,611 (a) Consolidated sales revenue includes both revenue from contracts with customers, accounted for under IFRS 15, and subsequent movements in provisionally priced receivables, accounted for under IFRS 9, and included in \u201cother revenue\u201d above. (b) \u201cOther products\u201d includes metallic co-products, molybdenum, silver and other commodities. Individually the revenue from each of these products is less than 15% of the total Other products category. ",
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"fact-688": {
"value": "6 Revenue by destination and product Recognition and measurement We recognise sales revenue related to the transfer of promised goods or services when control of the goods or services passes to the customer. The amount of revenue recognised reflects the consideration to which the Group is or expects to be entitled in exchange for those goods or services. Sales revenue is recognised on individual sales when control transfers to the customer. In most instances, control passes and sales revenue is recognised when the product is delivered to the vessel or vehicle on which it will be transported once loaded, the destination port or the customer\u2019s premises. There may be circumstances when judgment is required based on the five indicators of control below: \u2013 The customer has the significant risks and rewards of ownership and has the ability to direct the use of, and obtain substantially all of the remaining benefits from, the good or service. \u2013 The customer has a present obligation to pay in accordance with the terms of the sales contract. For shipments under the Incoterms Cost, Insurance and Freight (CIF)/Carriage Paid to (CPT)/Cost and Freight (CFR) this is generally when the ship is loaded, at which time the obligation for payment is for both product and freight. \u2013 The customer has accepted the asset. Sales revenue may be subject to adjustment if the product specification does not conform to the terms specified in the sales contract but this does not impact the passing of control. Assay and specification adjustments have been immaterial historically. \u2013 The customer has legal title to the asset. The Group usually retains legal title until payment is received for credit risk purposes only. \u2013 The customer has physical possession of the asset. This indicator may be less important as the customer may obtain control of an asset prior to obtaining physical possession, which may be the case for goods in transit. 6 Revenue by destination and product continued Revenue is principally derived from sale of commodities. We sell the majority of our products on CFR or CIF Incoterms. This means that the Group is responsible (acts as principal) for providing shipping services and, in some instances, insurance after the date at which control of goods passes to the customer at the loading port. The Group, therefore, has separate performance obligations for freight and insurance services that are provided solely to facilitate sale of the products it produces. Other Incoterms commonly used by the Group are Free on Board (FOB), where the Group has no responsibility for freight or insurance once control of the goods has passed at the loading port, and Delivered at Place (DAP), where control of the goods passes when the product is delivered to the agreed destination. For these Incoterms there is only one performance obligation, being the provision of product at the point where control passes. Within each sales contract, each unit of product shipped is a separate performance obligation. Revenue is generally recognised at the contracted price as this reflects the stand-alone selling price. Sales revenue excludes any applicable sales taxes. Sales of copper concentrate are stated net of the treatment and refining charges which will be required to convert it to an end product. The Group\u2019s products are sold to customers under contracts which vary in tenure and pricing mechanisms, including some volumes sold on the spot market. Pricing for iron ore is on a range of terms, the majority being either monthly or quarterly average pricing mechanisms, with a smaller proportion of iron ore volumes being sold on the spot market. Certain of the Group\u2019s products may be provisionally priced at the date revenue is recognised and a provisional invoice issued; however, substantially all iron ore and aluminium sales are reflected at final prices in the results for the period. Provisionally priced receivables are subsequently measured at fair value through the income statement under IFRS 9 \u201cFinancial Instruments\u201d as described in note 24. The final selling price for all provisionally priced products is based on the price for the quotational period stipulated in the contract. Final prices for copper concentrate are normally determined between 30 and 120 days after delivery to the customer. The change in value of the provisionally priced receivable is based on relevant forward market prices and is included in sales revenue; refer to \u201cOther revenue\u201d within the sales by product disclosure below. Revenues from the sale of significant by-products, such as gold, are included in sales revenue. Third-party commodity swap arrangements principally for delivery and receipt of smelter-grade alumina are offset within operating costs. Sundry revenue incidental to the main revenue- generating activities of the operations is treated as a credit to operating costs. Typically, the Group has a right to payment before or at the point that control of the goods passes including a right, where applicable, to payment for provisionally priced products and unperformed freight and insurance services. Cash received before control passes is recognised as a contract liability. The amount of consideration does not contain a significant financing component as payment terms are less than one year. We have a number of long-term contracts to supply products to customers in future periods. Generally, revenue is recognised on an invoice basis, as each unit sold is a separate performance obligation and therefore the right to consideration from a customer corresponds directly with our performance completed to date. We do not disclose sales revenue from freight and insurance services separately as we do not consider that this is necessary in order to understand the impact of economic factors on the Group. Our Chief Executive, the chief operating decision maker as defined under IFRS 8 \u201cOperating Segments\u201d, does not review information specifically relating to these sources of revenue in order to evaluate the performance of business segments and Group information on these sources of revenue is not provided externally. We do provide information on freight revenue for the iron ore and bauxite businesses on pages 37 and 39 to help stakeholders understand FOB operating margins for those products. We apply the practical expedient in paragraph 121 of IFRS 15 and do not include information on the transaction price allocated to performance obligations that are unsatisfied. Consolidated sales revenue by destination (a) Adjusted (b) Adjusted (b) Adjusted (b) Adjusted (b) 2022 % 2021 % 2020 % 2022 US$m 2021 US$m 2020 US$m Greater China (b) 54.3 59.7 60.4 30,172 37,878 26,951 United States of America 15.9 12.6 10.9 8,823 8,012 4,867 Asia (excluding Greater China and Japan) 7.1 6.9 7.9 3,937 4,415 3,525 Japan 7.4 7.9 7.5 4,091 5,012 3,354 Europe (excluding UK) 6.5 5.2 5.9 3,618 3,271 2,623 Canada 3.1 2.6 2.9 1,743 1,677 1,289 Australia 1.9 1.8 1.7 1,047 1,122 745 UK 0.3 0.4 0.5 182 243 242 Other countries 3.5 2.9 2.3 1,941 1,865 1,015 Consolidated sales revenue 100 100 100 55,554 63,495 44,611 (a) Consolidated sales revenue by geographical destination is based on the ultimate country of the product's destination, if known. Where the ultimate destination is not known, we have defaulted to the shipping address of the customer. Rio Tinto is domiciled in both the UK and Australia. (b) Consolidated sales revenue by destination has been adjusted to classify Taiwan and China together as \u2018Greater China\u2019; previously Taiwan was included in Asia (excluding Greater China and Japan). This change has resulted in a decrease in 2021 revenue attributable to Asia (excluding Greater China and Japan) of: 2.5% and US$1,570 million (2020: 2.3% and US$1,011 million) . ",
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"fact-625": {
"value": "7 Net operating costs (excluding items disclosed separately) Note 2022 US$m 2021 US$m 2020 US$m Raw materials, consumables, repairs and maintenance 12,477 9,957 8,490 Amortisation of intangible assets 12 159 178 161 Depreciation of property, plant and equipment 13 4,851 4,519 4,118 Employment costs 26 6,002 5,513 4,770 Shipping and other freight costs 3,146 3,275 2,088 Decrease/(increase) in finished goods and work in progress (a) 803 29 (47) Royalties 2,994 3,878 2,763 Amounts charged by equity accounted units (b) 1,429 1,160 958 Net foreign exchange (gains)/losses (42) 14 300 (Gains)/losses on sale of property, plant and equipment (93) 53 50 Gain on sale of the Cortez Royalty (c) (432) \u2014 \u2014 Gains recognised by Kitimat relating to LNG Canada\u2019s project (d) (116) (336) \u2014 Provisions (including exchange differences on provisions) 1,006 1,906 894 Research and development 76 65 45 Other external costs (e) 4,254 4,018 3,083 Costs included above capitalised or shown on a separate line item (f) (722) (646) (708) Other operating income (g) (1,022) (893) (711) Net operating costs (excluding items disclosed separately) (h) 34,770 32,690 26,254 (a) Includes purchases of third-party material to satisfy sales contracts. (b) Amounts charged by equity accounted units relate to toll processing and also include purchases from equity accounted units of bauxite, aluminium and copper concentrate which are then processed by the product group or sold to third parties. (c) On 2 August 2022, we completed the sale for US$525 million of a gold royalty which was retained following the disposal of the Cortez mine in 2008. (d) During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. On 3 December 2021 we recognised a new wharf at Kitimat, Canada within Property, plant and equipment that was built and paid for by LNG Canada. (e) In 2022, other external costs include US$465 million (2021: US$502 million, 2020: US$314 million) of short-term lease costs and US$50 million (2021: US$34 million, 2020 US$30 million) of variable lease costs recognised in the income statement in accordance with IFRS 16 \u201cLeases\u201d. Refer to note 21. (f) In 2022, US$485 million (2021: US$445 million; 2020: US$537 million) of operating costs were capitalised, US$190 million (2021: US$154 million; 2020: US$125 million) of costs were shown separately within \u201cExploration and evaluation costs\u201d in the Group income statement, and US$47 million (2021: $47 million; 2020: US$46 million) of costs were shown within operating costs as \u201cResearch and development\u201d. (g) Other operating income includes sundry revenue incidental to the main revenue-generating activities of the operations. (h) In 2022, \u201cNet operating costs (excluding items disclosed separately)\u201d includes US$138 million of decarbonisation spend. ",
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"fact-656": {
"value": "7 Net operating costs (excluding items disclosed separately) Note 2022 US$m 2021 US$m 2020 US$m Raw materials, consumables, repairs and maintenance 12,477 9,957 8,490 Amortisation of intangible assets 12 159 178 161 Depreciation of property, plant and equipment 13 4,851 4,519 4,118 Employment costs 26 6,002 5,513 4,770 Shipping and other freight costs 3,146 3,275 2,088 Decrease/(increase) in finished goods and work in progress (a) 803 29 (47) Royalties 2,994 3,878 2,763 Amounts charged by equity accounted units (b) 1,429 1,160 958 Net foreign exchange (gains)/losses (42) 14 300 (Gains)/losses on sale of property, plant and equipment (93) 53 50 Gain on sale of the Cortez Royalty (c) (432) \u2014 \u2014 Gains recognised by Kitimat relating to LNG Canada\u2019s project (d) (116) (336) \u2014 Provisions (including exchange differences on provisions) 1,006 1,906 894 Research and development 76 65 45 Other external costs (e) 4,254 4,018 3,083 Costs included above capitalised or shown on a separate line item (f) (722) (646) (708) Other operating income (g) (1,022) (893) (711) Net operating costs (excluding items disclosed separately) (h) 34,770 32,690 26,254 (a) Includes purchases of third-party material to satisfy sales contracts. (b) Amounts charged by equity accounted units relate to toll processing and also include purchases from equity accounted units of bauxite, aluminium and copper concentrate which are then processed by the product group or sold to third parties. (c) On 2 August 2022, we completed the sale for US$525 million of a gold royalty which was retained following the disposal of the Cortez mine in 2008. (d) During the first half of 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. On 3 December 2021 we recognised a new wharf at Kitimat, Canada within Property, plant and equipment that was built and paid for by LNG Canada. (e) In 2022, other external costs include US$465 million (2021: US$502 million, 2020: US$314 million) of short-term lease costs and US$50 million (2021: US$34 million, 2020 US$30 million) of variable lease costs recognised in the income statement in accordance with IFRS 16 \u201cLeases\u201d. Refer to note 21. (f) In 2022, US$485 million (2021: US$445 million; 2020: US$537 million) of operating costs were capitalised, US$190 million (2021: US$154 million; 2020: US$125 million) of costs were shown separately within \u201cExploration and evaluation costs\u201d in the Group income statement, and US$47 million (2021: $47 million; 2020: US$46 million) of costs were shown within operating costs as \u201cResearch and development\u201d. (g) Other operating income includes sundry revenue incidental to the main revenue-generating activities of the operations. (h) In 2022, \u201cNet operating costs (excluding items disclosed separately)\u201d includes US$138 million of decarbonisation spend. ",
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"fact-626": {
"value": "8 Exploration and evaluation expenditure Exploration and evaluation expenditure includes costs that are directly attributable to: \u2013 Researching and analysing existing exploration data; \u2013 Conducting geological studies, exploratory drilling and sampling; \u2013 Examining and testing extraction and treatment methods; and/or \u2013 Compiling various studies (order of magnitude, pre-feasibility and feasibility). Exploration expenditure relates to the initial search for deposits with economic potential. Expenditure on exploration activity undertaken by the Group is not capitalised. Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. These costs are also expensed until the business case for the project is sufficiently advanced. For greenfield projects, expensing typically continues to a later phase of study compared with brownfield expansions. The charge for the year and the net amount of intangible assets capitalised during the year are as follows: 2022 US$m 2021 US$m 2020 US$m Expenditure in the year (inclusive of cash proceeds of US$1 million (2021: US$7 million; 2020: US$1 million) on disposal of undeveloped projects) (1,097) (852) (711) Non-cash movements and non-cash proceeds on disposal of undeveloped projects (6) 23 \u2014 Amount capitalised during the year 207 110 87 Exploration and evaluation expenditure (net of profit relating to interests in undeveloped projects) per income statement (896) (719) (624)",
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"fact-657": {
"value": "9 Finance income and finance costs Note 2022 US$m 2021 US$m 2020 US$m Finance income from equity accounted units 3 2 4 Other finance income (including bank deposits, net investment in leases, and other financial assets) 176 62 137 Total finance income 179 64 141 Interest on: \u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives (713) (489) (561) \u2013 Lease liabilities (49) (47) (50) Fair value movements: \u2013 Bonds designated as hedged items in fair value hedges (a) 526 246 (284) \u2013 Derivatives designated as hedging instruments in fair value hedges (a) (515) (242) 287 Loss on early redemption of bonds \u2014 (69) \u2014 Amounts capitalised (b) 13 416 358 340 Total finance costs (335) (243) (268) (a) The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and changes in the credit risk of parties to the hedging relationships. (b) We capitalise interest based on the Group or relevant subsidiary\u2019s cost of borrowing, refer to note 13, or at the rate of project-specific debt (where applicable). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-627": {
"value": "9 Finance income and finance costs Note 2022 US$m 2021 US$m 2020 US$m Finance income from equity accounted units 3 2 4 Other finance income (including bank deposits, net investment in leases, and other financial assets) 176 62 137 Total finance income 179 64 141 Interest on: \u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives (713) (489) (561) \u2013 Lease liabilities (49) (47) (50) Fair value movements: \u2013 Bonds designated as hedged items in fair value hedges (a) 526 246 (284) \u2013 Derivatives designated as hedging instruments in fair value hedges (a) (515) (242) 287 Loss on early redemption of bonds \u2014 (69) \u2014 Amounts capitalised (b) 13 416 358 340 Total finance costs (335) (243) (268) (a) The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and changes in the credit risk of parties to the hedging relationships. (b) We capitalise interest based on the Group or relevant subsidiary\u2019s cost of borrowing, refer to note 13, or at the rate of project-specific debt (where applicable). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-673": {
"value": "9 Finance income and finance costs Note 2022 US$m 2021 US$m 2020 US$m Finance income from equity accounted units 3 2 4 Other finance income (including bank deposits, net investment in leases, and other financial assets) 176 62 137 Total finance income 179 64 141 Interest on: \u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives (713) (489) (561) \u2013 Lease liabilities (49) (47) (50) Fair value movements: \u2013 Bonds designated as hedged items in fair value hedges (a) 526 246 (284) \u2013 Derivatives designated as hedging instruments in fair value hedges (a) (515) (242) 287 Loss on early redemption of bonds \u2014 (69) \u2014 Amounts capitalised (b) 13 416 358 340 Total finance costs (335) (243) (268) (a) The main sources of ineffectiveness of the fair value hedges include changes in the timing of the cash flows of the hedging instrument compared to the underlying hedged item, and changes in the credit risk of parties to the hedging relationships. (b) We capitalise interest based on the Group or relevant subsidiary\u2019s cost of borrowing, refer to note 13, or at the rate of project-specific debt (where applicable). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-628": {
"value": "10 Taxation Recognition and measurement The taxation charge contains both current and deferred tax. Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is uncertain, we establish provisions based on either: the Group\u2019s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. Deferred tax is calculated in accordance with IAS 12 using rates that have been enacted or substantively enacted at the balance sheet date. Where the recognition of an asset and liability from a single transaction gives rise to equal and off-setting temporary differences, we apply the Initial Recognition Exemption allowed by IAS 12, and consequently recognise neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences. Primarily this occurs with new lease arrangements and changes in closure cost estimates for assets in operation. Under the amendment to IAS 12, deferred tax assets and liabilities will be required to be recognised in respect of such temporary differences (Refer to note 40 on page 222). Other relevant judgments - Uncertain tax positions The Group operates across a large number of jurisdictions and is subject to review and challenge by local tax authorities on a range of tax matters. Where the amount of tax payable or recoverable is uncertain, whether due to the local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgment is required to assess the probability that the adopted treatment will be accepted. In accordance with IFRIC 23, if it is not probable that the treatment will be accepted, the Group accounts for uncertain tax provisions for all matters worldwide based on the Group\u2019s judgment of the most likely amount of the liability or recovery, or where there is a wide range of possible outcomes, using a probability weighted average approach. Uncertain tax provisions include any related interest and penalties. In July 2022 we reached agreement with the Australian Tax Office (ATO) on all tax matters in dispute. We also reached agreement with the Inland Revenue Authority of Singapore in relation to transfer pricing for the same historical years (2010 to 2021). Taxation charge Note 2022 US$m 2021 US$m 2020 US$m \u2013 Current 4,851 8,144 5,169 \u2013 Deferred 15 735 114 (178) Total taxation charge 5,586 8,258 4,991 Prima facie tax reconciliation 2022 US$m 2021 US$m Adjusted (i) 2020 US$m Adjusted (i) Profit before taxation (a) 18,662 30,833 15,391 Prima facie tax payable at UK rate of 19% (2021: 19%; 2020: 19%) (b) 3,546 5,858 2,924 Higher rate of taxation of 30% on Australian earnings (2021: 30%; 2020: 30%) 1,550 2,598 1,748 Other tax rates applicable outside the UK and Australia (17) 103 (181) Tax effect of profit from equity accounted units, related impairments and expenses (a) (109) (198) (59) Impact of changes in tax rates (11) \u2014 \u2014 Resource depletion allowances (40) (52) (34) Recognition of previously unrecognised deferred tax assets (c) (261) (212) (182) Write-down of previously recognised deferred tax assets (d) 820 \u2014 237 Utilisation of previously unrecognised deferred tax assets (e) (37) (200) (15) Unrecognised current year operating losses (f) 212 107 328 Adjustments in respect of prior periods (g) (222) 40 9 Other items (h) 155 214 216 Total taxation charge 5,586 8,258 4,991 (a) The Group profit before tax includes profit after tax of equity accounted units. Consequently, the tax effect on the profit from equity accounted units is included as a separate reconciling item in this prima facie tax reconciliation. (b) As a UK headquartered and listed Group, the reconciliation of expected tax on accounting profit to tax charge uses the UK corporation tax rate to calculate the prima facie tax payable. Rio Tinto is also listed in Australia, and the reconciliation includes the impact of the higher tax rate in Australia where a significant proportion of the Group's profits are currently earned. The impact of othe tax rates applicable outside the UK and Australia is also included. The weighted average statutory corporate tax rate on profit before tax is approximately 29% (2021: 29% 2020: 30%). (c) The recognition of previously unrecognised deferred tax assets relates primarily to Oyu Tolgoi where ongoing progress towards sustainable underground production in the current and comparative periods reduces the risk of tax losses that expire if not recovered against taxable profits within eight years. In the comparative period to 31 December 2021 the recognition of previously unrecognised deferred tax assets also included the recognition of prior year deferred tax assets in our Australian Aluminium business. (d) The write-down of previously recognised deferred tax assets relates to deferred tax assets of our US businesses. The enactment of the US Inflation Reduction Act of 2022 in August included a new Corporate Alternative Minimum Tax (CAMT) regime which applies a minimum tax rate of 15% on accounting profits. As a result of the new legislation, which does not give relief for some Federal deferred tax assets, the deferred tax assets previously recognised have been written down. In the comparative period to 31 December 2020 the write-down of previously recognised deferred tax assets relates primarily to the partial de-recognition of deferred tax assets in our Australian Aluminium business. (e) In 2021, the utilisation of previously unrecognised deferred tax assets arose due to higher than forecast profits in the year at Oyu Tolgoi. (f) Unrecognised current year operating losses include tax losses around the Group for which no tax benefit is currently recognised due to uncertainty regarding whether suitable taxable profits wil be earned in future to obtain value for the tax losses. In 2020, unrecognised current year operating losses included allowable foreign exchange losses in the UK for which no tax benefit was recognised. (g) In the year to 31 December 2022, adjustments in respect of prior periods includes amounts related to the settlement of all tax disputes with the Australian Tax Office for the years 2010 to 2021. (h) Other items include non-deductible costs and withholding taxes, and various adjustments to provisions for taxation, the most significant of which relate to transfer pricing matters, including issues previously under discussion with the Australian Tax Office. (i) The presentation of the prima facie tax reconciliation comparatives has been revised. We have allocated the tax relating to exclusions (historically shown separately in the financial statements) t the appropriate tax line items above. The presentation of the impact of including profit after tax from equity accounted units within the Group profit before tax has also been revised as describe in note (a) above. 10 Taxation continued 2022 US$m 2021 US$m 2020 US$m Tax on fair value movements: \u2013 Cash flow hedge fair value gains 21 62 3 Tax (charge)/credit on re-measurement gains/(losses) on pension and post-retirement healthcare plans (123) (305) 112 Deferred tax relating to components of other comprehensive income for the year (note 15) (102) (243) 115 Future tax developments We continue to monitor the Organisation for Economic Co-operation and Development\u2019s (OECD) Two Pillar Solution to address the Tax Challenges Arising from the Digitalisation of the Economy. Pillar Two of those proposals seeks to apply a 15% global minimum tax and is expected to be enacted in 2023 with application to the Group from 1 January 2024. We note the release in July by the UK Government of draft legislation to implement a \"Multinational Top-up Tax\" on a country-by-country basis in line with Pillar Two. We are in the process of evaluating the cash tax and accounting implications of the Pillar Two global minimum tax rules under IAS 12. Recognition of any impact will only occur once legislation has been substantively enacted. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-689": {
"value": "Recognition and measurement The taxation charge contains both current and deferred tax. Current tax is the tax expected to be payable on the taxable income for the year calculated using rates applicable during the year. It includes adjustments for tax expected to be payable or recoverable in respect of previous periods. Where the amount of tax payable or recoverable is uncertain, we establish provisions based on either: the Group\u2019s judgment of the most likely amount of the liability or recovery; or, when there is a wide range of possible outcomes, a probability weighted average approach. Deferred tax is calculated in accordance with IAS 12 using rates that have been enacted or substantively enacted at the balance sheet date. Where the recognition of an asset and liability from a single transaction gives rise to equal and off-setting temporary differences, we apply the Initial Recognition Exemption allowed by IAS 12, and consequently recognise neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences. Primarily this occurs with new lease arrangements and changes in closure cost estimates for assets in operation. Under the amendment to IAS 12, deferred tax assets and liabilities will be required to be recognised in respect of such temporary differences (Refer to note 40 on page 222). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-629": {
"value": "Our operating assets We are a diversified mining operation with the majority of our assets being located in Organization for Economic Cooperation and Development (OECD) countries. Non-current assets other than excluded items (a) The total of non-current assets other than excluded items is shown by location below. 2022 US$m 2021 US$m Australia 31,674 32,807 Canada 14,472 15,139 Mongolia 12,872 11,653 United States of America 6,441 6,141 Africa 2,945 3,080 South America 3,317 2,451 Europe (excluding UK) 245 246 UK 136 111 Other countries 1,159 1,197 Total non-current assets other than excluded items 73,261 72,825 Non-current assets excluded from analysis above: Deferred tax assets 2,766 3,37 Other financial assets 406 528 Quasi-equity loans to equity accounted units (b) \u2014 97 Tax recoverable \u2014 29 Receivables and other assets 1,338 1,610 Total non-current assets per balance sheet 77,771 78,464 (a) Allocation of non-current assets by country is based on the location of the business units holding the assets. It includes investments in equity accounted units totalling US$3,298 million (2021: US$3,407 million) which represents the Group\u2019s share of net assets excluding quasi-equity loans shown separately above. (b) As part of the impairment of the Boyne Smelter the quasi-equity loan was fully impaired in 2022 (2021: US$97 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-658": {
"value": "11 Goodwill Recognition and measurement Goodwill is not amortised; it is tested annually at 30 September for impairment or more frequently if events or changes in circumstances indicate a potential impairment, refer to note 4 for further information . 2022 US$m 2021 US$m Net book value At 1 January 879 946 Adjustment on currency translation (53) (67) At 31 December 826 879 \u2013 cost 15,974 16,987 \u2013 accumulated impairment (15,148) (16,108) At 1 January \u2013 cost 16,987 17,341 \u2013 accumulated impairment (16,108) (16,395) At 31 December, goodwill has been allocated as follows: 2022 US$m 2021 US$m Net book value Richards Bay Minerals 405 428 Pilbara 337 362 Dampier Salt 84 89 826 879 11 Goodwill continued Impairment tests for goodwill Richards Bay Minerals Richards Bay Minerals\u2019 annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 8.6% (2021: 8.6%) has been applied to the post-tax cash flows expressed in real terms. The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD are set out below: 2022 US$m 5% increase in the titanium slag price 207 1% increase in the discount rate applied to post-tax cash flows (140 ) 10% strengthening of the South African rand 263 Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-630": {
"value": "11 Goodwill Recognition and measurement Goodwill is not amortised; it is tested annually at 30 September for impairment or more frequently if events or changes in circumstances indicate a potential impairment, refer to note 4 for further information . 2022 US$m 2021 US$m Net book value At 1 January 879 946 Adjustment on currency translation (53) (67) At 31 December 826 879 \u2013 cost 15,974 16,987 \u2013 accumulated impairment (15,148) (16,108) At 1 January \u2013 cost 16,987 17,341 \u2013 accumulated impairment (16,108) (16,395) At 31 December, goodwill has been allocated as follows: 2022 US$m 2021 US$m Net book value Richards Bay Minerals 405 428 Pilbara 337 362 Dampier Salt 84 89 826 879 11 Goodwill continued Impairment tests for goodwill Richards Bay Minerals Richards Bay Minerals\u2019 annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 8.6% (2021: 8.6%) has been applied to the post-tax cash flows expressed in real terms. The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD are set out below: 2022 US$m 5% increase in the titanium slag price 207 1% increase in the discount rate applied to post-tax cash flows (140 10% strengthening of the South African rand 263 Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant. 12 Intangible assets Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight lin e or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready fo r use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the projec t. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the cas e, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refinerie s are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine th e development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. Other relevant judgments - Assessment of indefinite-lived water rights in Quebec, Canada We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets. The remaining carrying value of the water rights of US$1,693 million (included in contract based assets) as at 31 December 2022 (31 December 2021: US$1,796 million) relates wholly to the Quebec smelters cash-generating unit (CGU). The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2021: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. Impact of climate change on our business - Water rights To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather scenarios on a daily basis. We monitor the water resource available to us along with the impact our operation is having on the water quality and quantity and on the environment when we return the water following use. Based on our analysis to date we do not consider the renewal of our contractual water rights to be at risk from climate change for the foreseeable future. Year ended 31 December 2022 Exploration and evaluation US$m Trademarks, patented and non-patented technology US$m Contract-based intangible assets US$m Other intangible assets US$m Total US$m Net book value At 1 January 2022 363 22 2,008 439 2,832 Adjustment on currency translation (22) (2) (114) (24) (162) Expenditure during the year 207 5 \u2014 106 318 Amortisation for the year \u2014 (13) (9) (137) (159) Impairment reversal (a) 150 \u2014 \u2014 \u2014 150 Subsidiaries no longer consolidated (a) (150) \u2014 \u2014 \u2014 (150) Newly consolidated operations (b) 822 \u2014 \u2014 \u2014 822 Disposals, transfers and other movements (2) \u2014 (10) 6 (6) At 31 December 2022 1,368 12 1,875 390 3,645 \u2013 cost 3,030 211 2,908 1,732 7,881 \u2013 accumulated amortisation and impairment (1,662) (199) (1,033) (1,342) (4,236) Year ended 31 December 2021 Exploration and evaluation US$m Trademarks, patented and non-patented technology US$m Contract-based intangible assets US$m Other intangible assets US$m Total US$m Net book value At 1 January 2021 271 33 1,994 457 2,755 Adjustment on currency translation (14) (2) (11) (21) (48) Expenditure during the year 110 5 \u2014 110 225 Amortisation for the year \u2014 (14) (10) (154) (178) Disposals, transfers and other movements (4) \u2014 35 47 78 At 31 December 2021 363 22 2,008 439 2,832 \u2013 cost 2,513 220 3,089 1,725 7,547 \u2013 accumulated amortisation and impairment (2,150) (198) (1,081) (1,286) (4,715) (a) The impairment reversal and disposal relates to our sale of the Roughrider uranium development project, refer to note 4. (b) The acquisition relates to our purchase of Rincon, a lithium project in Argentina, refer to note 5. Where amortisation is calculated on a straight line basis, the following useful lives have been determined: Trademarks, patented and non-patented technology Contract-based intangible assets Other intangible assets Type of intangible Trademarks Patented and non-patented technology Power contracts/water rights Other purchase and customer contracts Internally generated intangible assets and computer software Other intangible assets Amortisation profile 14 to 20 years 10 to 20 years 2 to 45 years 5 to 15 years 2 to 5 years 2 to 20 years ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-690": {
"value": "Recognition and measurement Goodwill is not amortised; it is tested annually at 30 September for impairment or more frequently if events or changes in circumstances indicate a potential impairment, refer to note 4 for further information . 11 Goodwill continued Impairment tests for goodwill Richards Bay Minerals Richards Bay Minerals\u2019 annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 8.6% (2021: 8.6%) has been applied to the post-tax cash flows expressed in real terms. The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD are set out below: 2022 US$m 5% increase in the titanium slag price 207 1% increase in the discount rate applied to post-tax cash flows (140 10% strengthening of the South African rand 263 Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant. Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight lin e or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready fo r use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the projec t. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the cas e, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refinerie s are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine th e development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-703": {
"value": "Recognition and measurement Goodwill is not amortised; it is tested annually at 30 September for impairment or more frequently if events or changes in circumstances indicate a potential impairment, refer to note 4 for further information . 11 Goodwill continued Impairment tests for goodwill Richards Bay Minerals Richards Bay Minerals\u2019 annual impairment review resulted in no impairment charge for 2022 (2021: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 4 and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 8.6% (2021: 8.6%) has been applied to the post-tax cash flows expressed in real terms. The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding change in FVLCD are set out below: 2022 US$m 5% increase in the titanium slag price 207 1% increase in the discount rate applied to post-tax cash flows (140 10% strengthening of the South African rand 263 Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 4. The recoverable amount of the cash-generating unit (CGU) exceeds the carrying value when each of these sensitivities is applied while keeping all other assumptions constant. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-659": {
"value": "12 Intangible assets Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight lin e or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready fo r use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the projec t. Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the cas e, it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refinerie s are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine th e development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. Other relevant judgments - Assessment of indefinite-lived water rights in Quebec, Canada We continue to judge the water rights in Quebec to have an indefinite life because we expect the contractual rights to contribute to the efficiency and cost effectiveness of our operations for the foreseeable future. Accordingly, the rights are not subject to amortisation but are tested annually for impairment. We have no other indefinite-lived assets. The remaining carrying value of the water rights of US$1,693 million (included in contract based assets) as at 31 December 2022 (31 December 2021: US$1,796 million) relates wholly to the Quebec smelters cash-generating unit (CGU). The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% (2021: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. Impact of climate change on our business - Water rights To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather scenarios on a daily basis. We monitor the water resource available to us along with the impact our operation is having on the water quality and quantity and on the environment when we return the water following use. Based on our analysis to date we do not consider the renewal of our contractual water rights to be at risk from climate change for the foreseeable future. Year ended 31 December 2022 Exploration and evaluation US$m Trademarks, patented and non-patented technology US$m Contract-based intangible assets US$m Other intangible assets US$m Total US$m Net book value At 1 January 2022 363 22 2,008 439 2,832 Adjustment on currency translation (22) (2) (114) (24) (162) Expenditure during the year 207 5 \u2014 106 318 Amortisation for the year \u2014 (13) (9) (137) (159) Impairment reversal (a) 150 \u2014 \u2014 \u2014 150 Subsidiaries no longer consolidated (a) (150) \u2014 \u2014 \u2014 (150) Newly consolidated operations (b) 822 \u2014 \u2014 \u2014 822 Disposals, transfers and other movements (2) \u2014 (10) 6 (6) At 31 December 2022 1,368 12 1,875 390 3,645 \u2013 cost 3,030 211 2,908 1,732 7,881 \u2013 accumulated amortisation and impairment (1,662) (199) (1,033) (1,342) (4,236) Year ended 31 December 2021 Exploration and evaluation US$m Trademarks, patented and non-patented technology US$m Contract-based intangible assets US$m Other intangible assets US$m Total US$m Net book value At 1 January 2021 271 33 1,994 457 2,755 Adjustment on currency translation (14) (2) (11) (21) (48) Expenditure during the year 110 5 \u2014 110 225 Amortisation for the year \u2014 (14) (10) (154) (178) Disposals, transfers and other movements (4) \u2014 35 47 78 At 31 December 2021 363 22 2,008 439 2,832 \u2013 cost 2,513 220 3,089 1,725 7,547 \u2013 accumulated amortisation and impairment (2,150) (198) (1,081) (1,286) (4,715) (a) The impairment reversal and disposal relates to our sale of the Roughrider uranium development project, refer to note 4. (b) The acquisition relates to our purchase of Rincon, a lithium project in Argentina, refer to note 5. Where amortisation is calculated on a straight line basis, the following useful lives have been determined: Trademarks, patented and non-patented technology Contract-based intangible assets Other intangible assets Type of intangible Trademarks Patented and non-patented technology Power contracts/water rights Other purchase and customer contracts Internally generated intangible assets and computer software Other intangible assets Amortisation profile 14 to 20 years 10 to 20 years 2 to 45 years 5 to 15 years 2 to 5 years 2 to 20 years ",
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"fact-704": {
"value": "Recognition and measurement - Intangible assets Purchased intangible assets are initially recorded at cost. Finite-life intangible assets are amortised over their useful economic lives on a straight lin or units of production basis, as appropriate. Intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready fo use are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. The majority of our intangible assets relate to capitalised exploration and evaluation spend and contract-based water rights. The water rights were acquired with Alcan in Canada. Exploration and evaluation Evaluation expenditure relates to a detailed assessment of deposits or other projects (including smelter and refinery projects) that have been identified as having economic potential. Capitalisation of evaluation expenditure commences when there is a high degree of confidence that the Group will determine that a project is commercially viable; that is, the project will provide a satisfactory return relative to its perceived risks, and therefore it is considered probable that future economic benefits will flow to the Group. The Group\u2019s view is that a high degree of confidence is greater than \u201cmore likely than not\u201d (that is, greater than 50% certainty) and less than \u201cvirtually certain\u201d (that is, less than 90% certainty). Assessing whether there is a high degree of confidence that the Group will ultimately determine that an evaluation project is commercially viable requires judgment and consideration of all relevant factors such as the nature and objective of the project; the project\u2019s current stage; project timeline; current estimates of the project\u2019s net present value, including sensitivity analyses for the key assumptions; and the main risks of the projec Development expenditure incurred prior to the decision to proceed is subject to the same criteria for capitalisation, being a high degree of confidence that the Group will ultimately determine that a project is commercially viable. In some cases, undeveloped projects are regarded as successors to orebodies, smelters or refineries currently in production. Where this is the cas it is intended that these will be developed and go into production when the current source of ore is exhausted or when existing smelters or refinerie are closed. Ore reserves may be declared for an undeveloped mining project before its commercial viability has been fully determined. Evaluation costs may continue to be capitalised in between declaration of ore reserves and approval to mine as further work is undertaken in order to refine th development case to maximise the project\u2019s returns. Contract-based intangible assets The majority of the carrying value of our contract-based intangible assets relate to water rights in the Quebec region. These contribute to the efficiency and cost effectiveness of our aluminium operations as they enable us to generate electricity from hydropower stations. ",
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"fact-631": {
"value": "13 Property, plant and equipment Recognition and measurement Property, plant and equipment is stated at cost, as defined in IAS 16, less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and restoration costs associated with the asset. Property, plant and equipment includes right of use assets arising from leasing arrangements, shown separately from owned and leasehold assets. Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, expenditure other than that on land, buildings, plant, equipment and capital work in progress is capitalised under \u201cMining properties and leases\u201d together with any amount transferred from \u201cExploration and evaluation\u201d. Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalised unless associated with pre-production revenue (refer to page 155). Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary\u2019s cost of borrowing if not. This is performed until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a subsidiary\u2019s cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary. Depreciation of non-current assets Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine, smelter or refinery if that is shorter and there is no reasonable alternative use for the asset by the Group. Depreciation commences when an asset is available for use. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight line basis as follows: Type of Property, plant and equipment Land and Buildings Plant and equipment Capital work in progress Land Buildings Power assets Other plant and equipment Depreciation profile Not depreciated 5 to 50 years See Power note below 3 to 50 years Not depreciated The useful lives and residual values for material assets and categories of assets are reviewed annually and changes are reflected prospectively. Units of production basis For mining properties and leases and certain mining equipment, consumption of the economic benefits of the asset is linked to production. Except as noted below, these assets are depreciated on the units of production basis. In applying the units of production method, depreciation is normally calculated based on production in the period as a percentage of total expected production in current and future periods based on ore reserves and, for some mines, other mineral resources. Other mineral resources may be included in the calculations of total expected production in limited circumstances where there are very large areas of contiguous mineralisation, for which the economic viability is not sensitive to likely variations in grade, as may be the case for certain iron ore, bauxite and industrial mineral deposits, and where there is a high degree of confidence that the other mineral resources can be extracted economically. This would be the case when the other mineral resources do not yet have the status of ore reserves merely because the necessary detailed evaluation work has not yet been performed and the responsible technical personnel agree that inclusion of a proportion of measured and indicated resources in the calculation of total expected production is appropriate based on historical reserve conversion rates. The required level of confidence is unlikely to exist for minerals that are typically found in low-grade ore (as compared with the above), such as copper or gold. In these cases, specific areas of mineralisation have to be evaluated in detail before their economic status can be predicted with confidence. Sometimes the calculation of depreciation for infrastructure assets, primarily rail and port, considers measured and indicated resources. This is because the asset can benefit current and future mines. The measured and indicated resource may relate to mines which are currently in production or to mines where there is a high degree of confidence that they will be brought into production in the future. The quantum of mineral resources is determined taking into account future capital costs as required by the JORC code. The depreciation calculation, however, applies to current mines only and does not take into account future development costs for mines which are not yet in production. Measured and indicated resources are currently incorporated into depreciation calculations in the Group\u2019s Australian iron ore business. Key judgment - Estimation of asset lives The useful lives of the major assets of a cash-generating unit are often dependent on the life of the orebody to which they relate. Where this is the case, the lives of mining properties, and their associated refineries, concentrators and other long-lived processing equipment are generally limited to the expected life of the orebody. The life of the orebody, in turn, is estimated on the basis of the life-of-mine plan. Where the major assets of a cash-generating unit are not dependent on the life of a related orebody, management applies judgment in estimating the remaining service potential of long-lived assets. Factors affecting the remaining service potential of smelters include, for example, smelter technology and electricity purchase contracts when power is not sourced from the Group, or in some cases from local governments permitting electricity generation from hydro-power stations. Impact of climate change on our business - Estimation of asset lives We expect there to be a higher demand for copper, aluminium, lithium and high grade iron ore in order to meet demand for the minerals required to transition to a low carbon economic environment, consistent with the climate change commitments of the Paris Agreement. We expect this to exceed new supply to the market and therefore increase prices. Under the Aspirational Leadership scenario, the economic cut- off grade for our Ore Reserves is expected to be lower; in effect we would mine a greater volume of material before the mines are depleted. We cannot quantify the difference this would make without undue cost as it would require revised mine plans, but for property, plant and equipment this increased volume of material would reduce the depreciation charge for assets that use the \u2018Units of production\u2019 depreciation method. Straight line basis Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight line basis. Deferred stripping In open pit mining operations, overburden and other waste materials must be removed to access ore from which minerals can be extracted economically. The process of removing overburden and waste materials is referred to as stripping. During the development of a mine (or, in some instances, pit; see below), before production commences, stripping costs related to a component of an orebody are capitalised as part of the cost of construction of the mine (or pit). These are then amortised over the life of the mine (or pit) on a units of production basis. Where a mine operates several open pits that are regarded as separate operations for the purpose of mine planning, initial stripping costs are accounted for separately by reference to the ore from each separate pit. If, however, the pits are highly integrated for the purpose of mine planning, the second and subsequent pits are regarded as extensions of the first pit in accounting for stripping costs. In such cases, the initial stripping (such as overburden and other waste removal) of the second and subsequent pits is considered to be production phase stripping (see below). Key judgment - Deferral of stripping costs We apply judgment as to whether multiple pits at a mine are considered separate or integrated operations. This determines whether the stripping activities of a pit are classified as pre-production or production phase stripping and, therefore, the amortisation base for those costs. The analysis depends on each mine\u2019s specific circumstances and requires judgment: another mining company could make a different judgment even when the fact pattern appears to be similar. The following factors would point towards the initial stripping costs for the individual pits being accounted for separately: \u2013 If mining of the second and subsequent pits is conducted consecutively following that of the first pit, rather than concurrently; \u2013 If separate investment decisions are made to develop each pit, rather than a single investment decision being made at the outset; \u2013 If the pits are operated as separate units in terms of mine planning and the sequencing of overburden removal and ore mining, rather than as an integrated unit; \u2013 If expenditures for additional infrastructure to support the second and subsequent pits are relatively large; and \u2013 If the pits extract ore from separate and distinct orebodies, rather than from a single orebody. If the designs of the second and subsequent pits are significantly influenced by opportunities to optimise output from several pits combined, including the co-treatment or blending of the output from the pits, then this would point to treatment as an integrated operation for the purposes of accounting for initial stripping costs. The relative importance of each of the above factors is considered in each case. In order for production phase stripping costs to qualify for capitalisation as a stripping activity asset, three criteria must be met: \u2013 It must be probable that there will be an economic benefit in a future accounting period because the stripping activity has improved access to the orebody; \u2013 It must be possible to identify the \u201ccomponent\u201d of the orebody for which access has been improved; and \u2013 It must be possible to reliably measure the costs that relate to the stripping activity. A \u201ccomponent\u201d is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). 13 Property, plant and equipment continued Recognition and measurement Phase Development Phase Production Phase Stripping activity Overburden and other waste removal during the development of a mine before production commences. Production phase stripping can give access to two benefits: the extraction of ore in the current period and improved access to ore which will be extracted in future periods. Period of benefit After commissioning of the mine. Future periods after first phase is complete. Current and future benefit are indistinguishable. Capitalised to mining properties and leases in property, plant and equipment During the development of a mine, stripping costs relating to a component of an orebody are capitalised as part of the cost of construction of the mine. It may be the case that subsequent phases of stripping will access additional ore and that these subsequent phases are only possible after the first phase has taken place. Where applicable, the Group considers this on a mine-by-mine basis. Generally, the only ore attributed to the stripping activity asset for the purposes of calculating the life-of- component ratio is the ore to be extracted from the originally identified component. Stripping costs for the component are deferred to the extent that the current period ratio exceeds the life-of-component ratio. Allocation to inventory Not applicable Not applicable The stripping cost is allocated to inventory based on a relevant production measure using a life-of-component strip ratio. The ratio divides the tonnage of waste mined for the component for the period either by the quantity of ore mined for the component or by the quantity of minerals contained in the ore mined for the component. In some operations, the quantity of ore is a more appropriate basis for allocating costs, particularly when there are significant by- products. Component A \u201ccomponent\u201d is a specific section of the orebody that is made more accessible by the stripping activity. It will typically be a subset of the larger orebody that is distinguished by a separate useful economic life (for example, a pushback). Life-of-component ratio The life-of-component ratios are based on the ore reserves of the mine (and for some mines, other mineral resources) and the annual mine plan; they are a function of the mine design and, therefore, changes to that design will generally result in changes to the ratios. Changes in other technical or economic parameters that impact the ore reserves (and for some mines, other mineral resources) may also have an impact on the life-of-component ratios even if they do not affect the mine design. Changes to the ratios are accounted for prospectively. Depreciation basis Depreciated on a \u201cunits of production\u201d basis based on expected production of either ore or minerals contained in the ore over the life of the component unless another method is more appropriate. Property, plant and equipment includes both owned and leased assets. 2022 US$m 2021 US$m Property, plant and equipment \u2013 owned 63,731 63,793 Right of use assets \u2013 leased 1,003 1,134 Net book value 64,734 64,927 Property, plant and equipment \u2013 Owned Year ended 31 December 2022 Note Mining properties and leases (a) US$m Land and buildings US$m Plant and equipment US$m Capital works in progress US$m Total US$m Net book value At 1 January 2022 10,817 5,995 33,453 13,528 63,793 Adjustment on currency translation (b) (436) (344) (1,870) (311) (2,961) Adjustments to capitalised closure costs 14 520 \u2014 \u2014 \u2014 520 Interest capitalised (c) 9 \u2014 \u2014 \u2014 416 416 Additions (d) 360 304 1,111 4,732 6,507 Depreciation for the year (a) (891) (433) (3,171) \u2014 (4,495) Disposals (3) (1) (38) (4) (46 Newly consolidated operations (e) \u2014 1 \u2014 5 6 Transfers and other movements (f) 162 1,177 4,922 (6,270) (9) At 31 December 2022 10,529 6,699 34,407 12,096 63,731 \u2013 cost 25,263 12,805 74,562 13,118 125,748 \u2013 accumulated depreciation and impairment (14,734) (6,106) (40,155) (1,022) (62,017) Non-current assets pledged as security (g) 1,602 491 5,113 8,876 16,082 Year ended 31 December 2021 Note Mining properties and leases (a) US$m Land and buildings US$m Plant and equipment US$m Capital works in progress US$m Total US$m Net book value At 1 January 2021 11,173 6,369 32,754 11,711 62,007 Adjustment on currency translation (b) (385) (194) (1,097) (259) (1,935 Adjustments to capitalised closure costs 14 518 \u2014 \u2014 \u2014 518 Interest capitalised (c) 9 \u2014 \u2014 \u2014 358 358 Additions 227 70 1,841 5,337 7,475 Depreciation for the year (a) (736) (390) (3,061) \u2014 (4,187) Impairment charges (h) (2) (66) (195) (6) (269 Disposals (2) (18) (90) (7) (117) Transfers and other movements (f) 24 224 3,301 (3,606) (57) At 31 December 2021 10,817 5,995 33,453 13,528 63,793 \u2013 cost 25,114 12,031 73,415 14,661 125,221 \u2013 accumulated depreciation and impairment (14,297) (6,036) (39,962) (1,133) (61,428) Non-current assets pledged as security (g) 1,637 457 5,196 7,621 14,911 (a) At 31 December 2022, the net book value of capitalised production phase stripping costs totalled US$2,497 million, with US$2,038 million within \u201cProperty, plant and equipment\u201d and a further US$460 million within \u201cInvestments in equity accounted units\u201d (2021: total of US$2,432 million, with US$2,017 million in \u201cProperty, plant and equipment\u201d and a further US$415 million within \u201cInvestments in equity accounted units\u201d). During the year, capitalisation of US$411 million was partly offset by depreciation of US$331 million (including amounts recorded within equity accounted units). Depreciation of deferred stripping costs in respect of subsidiaries of US$246 million (2021: US$201 million; 2020: US$145 million) is included within \u201cDepreciation for the year\u201d. (b) Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the US dollar, recognised directly in the currency translation reserve. The adjustment in 2022 arose primarily from the weakening of the Australian dollar against the US dollar. (c) Our average borrowing rate, excluding any project finance, used for capitalisation of interest is 5.60% (2021: 3.40%). (d) US$0.1 billion of additions to \u201cProperty, plant and equipment\u201d relates to capital spend on carbon abatement in 2022. (e) In 2022, the acquisition relates to our purchase of Rincon, a lithium project in Argentina, refer to note 5. (f) \u201cTransfers and other movements\u201d includes reclassifications between categories. (g) Excludes assets held under capitalised lease arrangements. Non-current assets pledged as security represent amounts pledged as collateral against US$3,965 million (2021: US$4,403 million) of loans, which are included in note 20. (h) In 2021, the impairment charges related to our Kitimat smelter in Canada, refer to note 4. Impact of climate change on our business - Useful economic lives of our power generating assets The Group has committed to reducing scope 1 and scope 2 carbon emissions by 50% relative to our 2018 baseline by 2030 and achieving net zero emission across our operations by 2050. We expect to spend US$7.5 billion between 2022 and 2030. Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal. The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel- based power generating assets is 13 years (2021:14 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected. 2022 2021 Net book value Land and buildings US$m Plant and equipment US$m Land and buildings US$m Plant and equipment US$m Fossil fuels 25 882 26 952 Renewables (a) 198 2,352 195 1,541 (a) The increase of US$0.8 billion in renewable plant & equipment, is attributable to the Kemano T2 hydropower project, following the completion of a second tunnel to supply water to the Kemano hydropower facility in 2022. This project will ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. 13 Property, plant and equipment continued Right-of-use assets \u2013 Leased Land and buildings US$m Plant and equipment US$m Total US$m Net book value 31 December 2022 515 488 1,003 31 December 2021 549 585 1,134 Additions for the year 31 December 2022 49 254 303 31 December 2021 135 407 542 Depreciation for the year (included within operating costs) 31 December 2022 (61) (295) (356) 31 December 2021 (81) (251) (332) The leased assets of the Group include land and buildings (mainly office buildings) and plant and equipment, the majority of which are marine vessels. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Right of use assets are depreciated on a straight line basis over the life of the lease, taking into account any extensions that are likely to be enacted.",
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"fact-691": {
"value": "Recognition and measurement Property, plant and equipment is stated at cost, as defined in IAS 16, less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes, where applicable, the estimated close-down and restoration costs associated with the asset. Property, plant and equipment includes right of use assets arising from leasing arrangements, shown separately from owned and leasehold assets. Once an undeveloped mining project has been determined as commercially viable and approval to mine has been given, expenditure other than that on land, buildings, plant, equipment and capital work in progress is capitalised under \u201cMining properties and leases\u201d together with any amount transferred from \u201cExploration and evaluation\u201d. Costs incurred while commissioning new assets, in the period before they are capable of operating in the manner intended by management, are capitalised unless associated with pre-production revenue (refer to page 155). Development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic benefit. Interest on borrowings related to construction or development projects is capitalised, at the rate payable on project-specific debt if applicable or at the Group or subsidiary\u2019s cost of borrowing if not. This is performed until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete. It may be appropriate to use a subsidiary\u2019s cost of borrowing when the debt was negotiated based on the financing requirements of that subsidiary. ",
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"fact-660": {
"value": "Depreciation of non-current assets Property, plant and equipment is depreciated over its useful life, or over the remaining life of the mine, smelter or refinery if that is shorter and there is no reasonable alternative use for the asset by the Group. Depreciation commences when an asset is available for use. Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are depreciated on a straight line basis as follows: Type of Property, plant and equipment Land and Buildings Plant and equipment Capital work in progress Land Buildings Power assets Other plant and equipment Depreciation profile Not depreciated 5 to 50 years See Power note below 3 to 50 years Not depreciated The useful lives and residual values for material assets and categories of assets are reviewed annually and changes are reflected prospectively. ",
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"fact-661": {
"value": "Right-of-use assets \u2013 Leased Land and buildings US$m Plant and equipment US$m Total US$m Net book value 31 December 2022 515 488 1,003 31 December 2021 549 585 1,134 Additions for the year 31 December 2022 49 254 303 31 December 2021 135 407 542 Depreciation for the year (included within operating costs) 31 December 2022 (61) (295) (356) 31 December 2021 (81) (251) (332) The leased assets of the Group include land and buildings (mainly office buildings) and plant and equipment, the majority of which are marine vessels. Lease terms are negotiated on an individual basis and contain a wide range of terms and conditions. Right of use assets are depreciated on a straight line basis over the life of the lease, taking into account any extensions that are likely to be enacted. ",
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"fact-632": {
"value": "14 Close-down and restoration provisions Recognition and measurement The Group has provisions for close-down and restoration costs which include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas for mines and certain refineries and smelters. The obligation may occur during development or during the production phase of a facility. These provisions are based on all regulatory requirements and any other commitments made to stakeholders. The provision excludes the impact of future disturbance which is planned to occur during the life of mine, so that it represents only incurred disturbance as at the balance sheet date. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated, instead a contingent liability is disclosed, refer to note 37. This applies primarily to certain Canadian smelters which have indefinite-lived water rights from local governments permitting electricity generation from hydro-power stations. Close-down and restoration costs are a normal consequence of mining or production, and the majority of close-down and restoration expenditure is incurred in the years following closure of the mine, refinery or smelter. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their costs using current restoration standards, techniques and expected climate conditions. The costs are estimated on the basis of a closure plan, and are reviewed at each reporting period during the life of the operation to reflect known developments. The estimates are also subject to formal review, with appropriate external support, at regular intervals. The timing of closure and the rehabilitation plans for the site can be uncertain and dependent upon future capital allocation decisions which involve estimation of future economic circumstances and business cases. In such circumstances, the closure provision is estimated using probability weighting of the different remediation and closure scenarios. The initial close-down and restoration provision is capitalised within \u201cProperty, plant and equipment\u201d. Subsequent movements in the close- down and restoration provisions for ongoing operations are treated as an adjustment to cost within \u201cProperty, plant and equipment\u201d. This includes those resulting from new disturbance related to expansions or other activities qualifying for capitalisation; updated cost estimates; changes to the estimated lives of operations; changes to the timing of closure activities; and revisions to discount rates. Changes in closure provisions relating to closed operations are charged/credited to \u201cNet operating costs\u201d in the income statement. Where rehabilitation is conducted systematically over the life of the operation, rather than at the time of closure, provision is made for the estimated outstanding continuous rehabilitation work at each balance sheet date and the cost is charged to the income statement. The closure provision is represented by forecast future underlying cash flows expressed in real terms at the balance sheet date. These are discounted for the time value of money based on a long-term view of low-risk market yields which includes a review of historic trends plus risks and opportunities for which future cash flows have not been adjusted, namely potential improvements in closure practices between the reporting date and the point at which rehabilitation spend takes place. The real-terms discount rate used is 1.5% (2021: 1.5%) which is applied to all locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities co- ordinated by the Group's central closure team. To roll forward those real-terms cash flows between periods, we identify local rates of inflation based on Producer Price Inflation (PPI) indices and together with the real-terms discount rate unwind the discount through the line \u201camortisation of discount\u201d, shown within \u201cFinance items\u201d in the income statement. This nominal rate for cost escalation in the current financial year is estimated at the start of each half-year and applied systematically for six months. At the end of each half-year we update the underlying cash flows for the latest estimate of experienced inflation for the current financial year and record this as \u201cchanges to existing provisions\u201d. For operating sites this adjustment usually results in a corresponding adjustment to Property, Plant and Equipment and for closed and fully impaired sites the adjustment is charged or credited to the income statement. In some cases, our subsidiaries make a contribution to trust funds in order to meet or reimburse future environmental and decommissioning costs. Amounts due for reimbursement from trust funds are not offset against the corresponding closure provision unless payments into the fund have the effect of passing the closure obligation to the trust. Environmental costs result from environmental damage that was not a necessary consequence of operations, and may include remediation, compensation and penalties. Provision is made for the estimated present value of such costs at the balance sheet date. These costs are charged to \u201cNet operating costs\u201d, except for the unwinding of the discount which is shown within \u201cFinance items\u201d. Remediation procedures may commence soon after the time the disturbance, remediation process and estimated remediation costs become known, but can continue for many years depending on the nature of the disturbance and the remediation techniques used. Note 2022 US$m 202 US$ At 1 January 14,542 13,335 Adjustment on currency translation (699) (48 Adjustments to mining properties/right of use assets: 13 \u2013 increases to existing and new provisions 520 518 Charged/(credited) to profit: \u2013 increases to existing and new provisions 541 1,475 \u2013 unused amounts reversed (72) (192 \u2013 exchange losses on provisions 17 23 \u2013 amortisation of discount 1,517 415 Utilised in year (609) (541 Transfers and other movements 2 (8 At 31 December (a) 15,759 14,542 Balance sheet analysis: Current 1,142 1,023 Non-current 14,617 13,519 Total 15,759 14,54 (a) Close-down, restoration and environmental liabilities at 31 December 2022 have not been adjusted for closure-related receivables amounting to US$351 million (2021: US$410 million) due fro the ERA trust fund and other financial assets held for the purposes of meeting closure obligations. These are included within \u201cReceivables and other assets\u201d on the balance sheet. Key judgment - Close-down, restoration and environmental obligations We use our judgment and experience to determine the potential scope of closure rehabilitation work required to meet the Group\u2019s legal, statutory and constructive obligations, and any other commitments made to stakeholders, and the options and techniques available to meet those obligations and estimate the associated costs and the likely timing of those costs. Significant judgment is also required to determine both the costs associated with that work and the other assumptions used to calculate the provision. External experts support the cost estimation process where appropriate but there remains significant estimation uncertainty. The key judgment in applying this accounting policy is determining when an estimate is sufficiently reliable to make or adjust a closure provision. Adjustments are made to provisions when the range of possible outcomes becomes sufficiently narrow to permit reliable estimation. Depending on the materiality of the change, adjustments may require review and endorsement by the Group\u2019s Closure Steering Committee before the provision is updated. Cost estimates are updated throughout the life of the operation; generally cost estimates must comply with the Group\u2019s Capital Project Framework once the operation is ten years from expected closure. This means, for example, that where an Order of Magnitude (OoM) study is required for closure it must be of the same standard as an OoM study for a new mine, smelter or refinery. As at 31 December 2022, there are 16 operations with remaining lives of under 10 years before taking into account unapproved extensions. The largest closure study finalised during 2022 related to the Ranger Uranium mine operated by Energy Resources of Australia. In 2021 the preliminary information from this study resulted in an increase to closure liabilities of US$510 million; the finalisation of the study in 2022 did not result in a further significant change. In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, ground water treatment. In these cases the underlying cash flows for the provision may be restricted to a period for which the costs can be reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be predicted with confidence, this period may be shorter. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated. This applies primarily to certain Canadian smelters which have indefinite-lived water rights or power agreements for renewable power sources with local governments, refer to note 37. 2022 US$m 2021 US$m Undiscounted close-down and environmental restoration obligations 20,433 18,775 Impact of discounting (4,674) (4,233) Present closure obligation 15,759 14,542 Attributable to: Operating sites 11,598 10,727 Non-operating sites 4,161 3,815 Total 15,759 14,542 Projected cash spend for the undiscounted close-down and restoration/environmental clean-up provision Undiscounted close-down and environmental restoration cash flows <1 year US$m 1-3 years US$m 3-5 years US$m > 5 years US$m Total US$m At 31 December 2022 1,142 1,986 1,426 15,879 20,433 At 31 December 2021 1,023 1,652 1,680 14,420 18,775 Remaining lives of operations and infrastructure range from one to over 50 years with an average for all sites, weighted by present closure obligation, of around 15 years. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their respective costs based on current restoration standards, techniques and expected climate conditions. Key estimate - Close-down, restoration and environmental obligations The most significant assumptions and estimates used in calculating the provision are: \u2013 Closure timeframes. The weighted average remaining lives of operations is shown below. Some expenditure may be incurred before closure while the operation as a whole is in production. \u2013 The length of any post-closure monitoring period. This will depend on the specific site requirements and the availability of alternative commercial arrangements; some expenditure can continue into perpetuity. The Rio Tinto Kennecott closure and environmental remediation provision includes an allowance for ongoing monitoring and remediation costs, including ground water treatment, of approximately US$0.7 billion. \u2013 The probability weighting of possible closure scenarios. The most significant impact of probability weighting is at the Pilbara operations (Iron Ore) relating to infrastructure and incorporates the expectation that some infrastructure will be retained by the relevant State authorities post closure. The assignment of probabilities to this scenario reduces the closure provision by US$0.7 billion. \u2013 Appropriate sources on which to base the calculation of the discount rate. The discount rate by nature is subjective and therefore sensitivities are shown below for how the provision balance, which at 31 December 2022 was US$15.8 billion, would change if discounted at alternative discount rates. There is significant estimation uncertainty in the calculation of the provision and cost estimates can vary in response to many factors includin g: \u2013 Changes to the relevant legal or local/national government requirements and any other commitments made to stakeholders; \u2013 Review of remediation and relinquishment options; \u2013 Additional remediation requirements identified during the rehabilitation; \u2013 The emergence of new restoration techniques; \u2013 Precipitation rates and climate change; \u2013 Change in the expected closure date; and \u2013 Change in the discount rate. Experience gained at other mine or production sites may also change expected methods or costs of closure, although elements of the restoration and rehabilitation can be unique to each site. Generally, there is relatively limited restoration and rehabilitation activity and historical precedent elsewhere in the Group, or in the industry as a whole, against which to benchmark cost estimates. The expected timing of expenditure can also change for other reasons, for example because of changes to expectations relating to ore reserves and mineral resources, production rates, renewal of operating licences or economic conditions. Changes in closure estimates at the Group\u2019s ongoing operations could result in a material adjustment to assets and liabilities in the next 12 months and would also impact the depreciation and the unwind of discount in future years. Changes to closure cost estimates for closed operations, and changes to environmental cost estimates at any operation, could cause a material adjustment to the income statement and closure liability. We do not consider that there is significant risk of a change in estimates for these liabilities causing a material adjustment to the income statement in the next 12 months. Any new environmental incidents may require a material provision but cannot be predicted. Project specific risks are embedded within the cash flows which are based on a central case estimate of closure activities assuming that the obligation is fulfilled by the Group. These cash flows are then discounted using a discount rate specific to the class of obligations. 14 Close-down and restoration provisions continued Analysis of close-down and restoration/environmental clean-up provisions As at 31 December Provisions of US$15,759 million (2021: US$14,542 million) for close-down and restoration costs and environmental clean-up obligations are based on risk-adjusted cash flows. We re-assessed the closure discount rate in the current year and continue to consider that real rate of 1.5%, applied prospectively since 30 September 2020, is the most appropriate rate to use. This assumption is based on the currency in which we plan to fund the closures and our expectation of long-term interest rate and exchange rate parity in the locations of our operations. Prior to 30 September 2020 and in recent years, the close-down and restoration costs and environmental clean-up obligations were discounted at a real rate of 2.0%. To illustrate the sensitivity of the provision to discounting, if the discount rate at 31 December 2022 were decreased to 1.0% then the provision would be US$1.5 billion higher, of which approximately US$1.4 billion would be capitalised within \u201cProperty, plant and equipment\u201d at operating sites and US$0.1 billion would be charged to the income statement for non-operating and fully impaired sites. If the discount rate were increased to 3.0% then the provision would be US$3.0 billion lower, of which approximately US$2.7 billion would result in a decrease within \u201cProperty, plant and equipment\u201d at operating sites and US$0.3 billion would be credited to the income statement for non-operating and fully impaired sites. Impact of climate change on our business - Close-down, restoration and environmental cost The underlying costs for closure have been estimated with varying degrees of precision based on a function of the age of the underlying asset and proximity to closure. For assets within ten years of closure, closure plans and cost estimates are supported by detailed studies which are refined as the closure date approaches. These closure studies consider climate change and plan for resilience to expected climate conditions with a particular focus on precipitation rates. For new developments, consideration of climate change and ultimate closure conditions are an important part of the approval process. For longer-lived assets, closure provisions are typically based on conceptual level studies that are refreshed at least every five years; these are evolving to incorporate greater consideration of forecast climate conditions at closure. Closure cost composition as at 31 December 2022 US$m 2021 US$m Decommissioning, decontamination and demolition 3,386 3,343 Closure and rehabilitation earthworks (a) 4,760 4,125 Long-term water management costs (b) 1,092 967 Post closure monitoring and maintenance 1,846 1,676 Indirect costs, owners' costs and contingency (c) 4,675 4,431 Total 15,759 14,542 (a) A key component of earthworks rehabilitation involves re-landscaping the area disturbed by mining activities utilising largely diesel powered heavy mobile equipment. In developing low-carbon solutions for our mobile fleet, this may include electrification of the vehicles during the mine life. The forecast cash flows for the heavy mobile equipment in the closure cost estimate are based o existing fuel sources. The cost incurred during closure could reduce if these activities are powered by renewable energy. (b) Long-term water management relates to the post-closure treatment of water due to acid rock drainage and other environmental commitments and is an area of research and development focus for our Closure team. The cost of this water processing can continue for many years after the bulk earthworks and demolition activities have completed and are therefore exposed to long-term climate change. This could materially affect rates of precipitation and therefore change the volume of water requiring processing. It is not currently possible to forecast accurately the impact this could have on the closure provision as some of our locations could experience drier conditions whereas others could experience greater rainfall. A further consideration relates to the alternative commercial use for the processed water, which could support ultimate transfer of these costs to a third party. (c) Indirect costs, owners' costs and contingency include adjustments to the underlying cash flows to align the closure provision with a central-case estimate. This excludes allowances for quantitative estimation uncertainties, which are allocated to the underlying cost driver and presented within the respective cost categories above. Geographic composition as at 31 December 2022 US$m 2021 US$m Australia 7,983 7,605 USA 4,680 4,057 Canada 1,730 1,662 Rest of World 1,366 1,218 Total 15,759 14,542 The geographic composition of the closure provision shows that our closure obligations are largely in countries with established levels of regulation in respect of mine and site closure. ",
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"fact-692": {
"value": "Recognition and measurement The Group has provisions for close-down and restoration costs which include the dismantling and demolition of infrastructure, the removal of residual materials and the remediation of disturbed areas for mines and certain refineries and smelters. The obligation may occur during development or during the production phase of a facility. These provisions are based on all regulatory requirements and any other commitments made to stakeholders. The provision excludes the impact of future disturbance which is planned to occur during the life of mine, so that it represents only incurred disturbance as at the balance sheet date. Closure provisions are not made for those operations that have no known restrictions on their lives as the closure dates cannot be reliably estimated, instead a contingent liability is disclosed, refer to note 37. This applies primarily to certain Canadian smelters which have indefinite-lived water rights from local governments permitting electricity generation from hydro-power stations. Close-down and restoration costs are a normal consequence of mining or production, and the majority of close-down and restoration expenditure is incurred in the years following closure of the mine, refinery or smelter. Although the ultimate cost to be incurred is uncertain, the Group\u2019s businesses estimate their costs using current restoration standards, techniques and expected climate conditions. The costs are estimated on the basis of a closure plan, and are reviewed at each reporting period during the life of the operation to reflect known developments. The estimates are also subject to formal review, with appropriate external support, at regular intervals. The timing of closure and the rehabilitation plans for the site can be uncertain and dependent upon future capital allocation decisions which involve estimation of future economic circumstances and business cases. In such circumstances, the closure provision is estimated using probability weighting of the different remediation and closure scenarios. The initial close-down and restoration provision is capitalised within \u201cProperty, plant and equipment\u201d. Subsequent movements in the close- down and restoration provisions for ongoing operations are treated as an adjustment to cost within \u201cProperty, plant and equipment\u201d. This includes those resulting from new disturbance related to expansions or other activities qualifying for capitalisation; updated cost estimates; changes to the estimated lives of operations; changes to the timing of closure activities; and revisions to discount rates. Changes in closure provisions relating to closed operations are charged/credited to \u201cNet operating costs\u201d in the income statement. Where rehabilitation is conducted systematically over the life of the operation, rather than at the time of closure, provision is made for the estimated outstanding continuous rehabilitation work at each balance sheet date and the cost is charged to the income statement. The closure provision is represented by forecast future underlying cash flows expressed in real terms at the balance sheet date. These are discounted for the time value of money based on a long-term view of low-risk market yields which includes a review of historic trends plus risks and opportunities for which future cash flows have not been adjusted, namely potential improvements in closure practices between the reporting date and the point at which rehabilitation spend takes place. The real-terms discount rate used is 1.5% (2021: 1.5%) which is applied to all locations since we expect to meet closure cash flows principally from US dollar revenues and financing, with activities co- ordinated by the Group's central closure team. To roll forward those real-terms cash flows between periods, we identify local rates of inflation based on Producer Price Inflation (PPI) indices and together with the real-terms discount rate unwind the discount through the line \u201camortisation of discount\u201d, shown within \u201cFinance items\u201d in the income statement. This nominal rate for cost escalation in the current financial year is estimated at the start of each half-year and applied systematically for six months. At the end of each half-year we update the underlying cash flows for the latest estimate of experienced inflation for the current financial year and record this as \u201cchanges to existing provisions\u201d. For operating sites this adjustment usually results in a corresponding adjustment to Property, Plant and Equipment and for closed and fully impaired sites the adjustment is charged or credited to the income statement. In some cases, our subsidiaries make a contribution to trust funds in order to meet or reimburse future environmental and decommissioning costs. Amounts due for reimbursement from trust funds are not offset against the corresponding closure provision unless payments into the fund have the effect of passing the closure obligation to the trust. Environmental costs result from environmental damage that was not a necessary consequence of operations, and may include remediation, compensation and penalties. Provision is made for the estimated present value of such costs at the balance sheet date. These costs are charged to \u201cNet operating costs\u201d, except for the unwinding of the discount which is shown within \u201cFinance items\u201d. Remediation procedures may commence soon after the time the disturbance, remediation process and estimated remediation costs become known, but can continue for many years depending on the nature of the disturbance and the remediation techniques used. ",
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"value": "15 Deferred taxation Other relevant judgments - Recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgment is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets. These risk factors include the risk of expiry of losses prior to utilisation, the impact of other legislation or tax regimes, such as minimum taxes, and consideration of factors that lead to the generation of losses or other deferred tax assets. IAS 12 requires us to consider whether taxable profits will be available against which deferred tax assets may be utilised. The enactment in the US of the Corporate Alternative Minimum Tax (CAMT) in the Inflation Reduction Act 2022 has resulted in a position where, whilst the utilisation of Federal deferred tax assets will reduce our Federal corporate tax liabilities, the CAMT legislation will result in the application of the minimum tax on the adjusted financial statement income. Accordingly, whilst our latest projections demonstrate that sufficient taxable profits will be earned in future periods to utilise the existing Federal deferred tax assets, the utilisation of those Federal deferred tax assets is not expected to yield any significant economic benefit due to the application of the minimum tax and the deferred tax assets have been written down. 2022 US$m 2021 US$m At 1 January \u2013 deferred tax (liabilities)/assets (128) 146 Adjustment on currency translation 124 61 (Charged)/credited to the income statement (735) (114) (Charged)/credited to statement of comprehensive income (a) (102) (243) Other movements (b) 6 22 At 31 December \u2013 deferred tax liabilities (835) (128) Comprising: \u2013 deferred tax assets (c)(d) 2,766 3,375 \u2013 deferred tax liabilities (e) (3,601) (3,503 Deferred tax balances for which there is a right of offset within the same tax jurisdiction are presented net on the face of the balance sheet as permitted by IAS 12. The closing deferred tax assets and liabilities, prior to this offsetting of balances, are shown below. Analysis of deferred tax 2022 US$m 2021 US$m Deferred tax assets arising from: Tax losses (c) 922 1,492 Provisions 2,051 2,165 Capital allowances 984 784 Post-retirement benefits 179 521 Unrealised exchange losses 189 188 Other temporary differences 1,265 1,356 Total 5,590 6,506 Deferred tax liabilities arising from: Capital allowances (4,873) (5,019) Unremitted earnings (e) (372) (366) Capitalised interest (330) (342) Post-retirement benefits (149) (327) Unrealised exchange gains (11) (3) Other temporary differences (690) (577) Total (6,425) (6,634) (Charged)/credited to the income statement Unrealised exchange losses 2 \u2014 Tax losses (525) (375) Provisions 14 216 Capital allowances 65 (42) Tax on unremitted earnings 3 (1) Post-retirement benefits (59) 21 Other temporary differences (235) 67 Total (735) (114) (a) The amounts (charged)/credited directly to the statement of comprehensive income include provisions for tax on cash flow hedges and on re-measurement gains/(losses) on pension schemes and on post-retirement healthcare plans. (b) \u201cOther movements\u201d include deferred tax relating to tax payable recognised by subsidiary holding companies on the profits of the equity accounted units to which it relates. (c) US$868 million (2021: US$1,152 million) of recognised deferred tax assets are subject to expiry if not recovered within certain time limits as specified in local tax legislation and investment agreements. US$nil (2021: US$nil) of those recognised assets would expire within one year if not used, US$105 million (2021: US$71 million) would expire within one to five years, and US$763 million (2021: US$1,081 million) would expire in more than five years. (d) Recognised and unrecognised deferred tax assets are shown in the table below and totalled US$7,850 million at 31 December 2022 (2021: US$7,024 million). Of this total, US$2,766 million has been recognised as deferred tax assets (2021: US$3,375 million), leaving US$5,084 million (2021: US$3,649 million) unrecognised, as recovery is not considered probable. (e) Deferred tax liabilities are not recognised on the unremitted earnings of subsidiaries and joint ventures totalling US$2,730 million (2021: US$2,081 million) where the Group is able to control the timing of the remittance and it is probable that there will be no remittance in the foreseeable future. If these earnings were remitted, tax of US$140 million (2021: US$103 million) would be payabl The recognised amounts in the table below do not include deferred tax assets that have been netted off against deferred tax liabilities. Analysis of deferred tax assets Recognised Unrecognised At 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m France \u2014 \u2014 1,204 1,222 Canada 457 545 580 538 US (a) 115 851 847 67 Australia 722 787 533 506 Mongolia (b) 1,213 954 257 406 Other 259 238 1,663 910 Total (c) 2,766 3,375 5,084 3,649 (a) As noted above, whilst our US group companies expect to generate sufficient taxable profits to utilise existing Federal deferred tax assets, the application of the new Corporate Alternative Minimum Tax rules has resulted in a position where no material future tax benefit will be derived from the utilisation of Federal deferred tax assets and consequently these deferred tax assets ar included as 'unrecognised' in this table at 31 December 2022. (b) Deferred tax assets in Mongolia include US$73 million (2021: US$108 million) from tax losses that expire if not recovered against taxable profits within eight years. Tax losses have been calculated in accordance with the tax stability provisions of the Oyu Tolgoi Investment Agreement and Mongolian laws. The interpretation of the stabilised tax laws by the Mongolian Tax Authority has been, and is expected to continue to be, subject to dispute. Changes to agreements or their interpretation could have a material impact on the amount and period of recovery of deferred tax assets. (c) US$1,490 million (2021: US$705 million) of the unrecognised assets relate to realised or unrealised capital losses, the recovery of which depends on the existence of capital gains in future years. There are time limits, the shortest of which is one year, for the recovery of US$473 million of the unrecognised assets (2021: US$356 million). ",
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"value": "16 Inventories Recognition and measurement Inventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 is valued on the same basis, jointly with our own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in opening inventory. The cost of raw materials and consumable stores is the purchase price. The cost of partly-processed and saleable products is generally the cost of production, including directly attributable labour costs, materials and contractor expenses, the depreciation of assets used in production and production overheads. Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is available for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore is expensed as mine If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets and net realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys and assays. Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data, and are periodically reassessed, taking into account technical analysis and historical performance. 2022 US$m 2021 US$m Raw materials and purchased components 1,235 870 Consumable stores 1,327 1,142 Work in progress 2,086 1,736 Finished goods and goods for resale 1,768 1,884 Total inventories 6,416 5,632 Comprising: Expected to be used within one year 6,213 5,436 Expected to be used after more than one year 203 196 Total inventories 6,416 5,632 During 2022, the Group recognised a net inventory write-off of US$55 million (2021:US$7 million write-back.) This included inventory write-offs of US$75 million (2021: US$18 million) offset by a write-back of previously written down inventory due to an increase in realisable values amounting to US$20 million (2021: US$25 million). At 31 December 2022, US$850 million (2021: US$754 million) of inventories were pledged as security for liabilities. ",
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"fact-693": {
"value": "Recognition and measurement Inventories are measured at the lower of cost and net realisable value, primarily on a weighted average cost basis. Third-party production purchased for our own use that is ordinarily interchangeable in accordance with IAS 2 is valued on the same basis, jointly with our own production. Average costs are calculated by reference to the cost levels experienced in the relevant month together with those in opening inventory. The cost of raw materials and consumable stores is the purchase price. The cost of partly-processed and saleable products is generally the cost of production, including directly attributable labour costs, materials and contractor expenses, the depreciation of assets used in production and production overheads. Work in progress includes ore stockpiles and other partly processed material. Stockpiles represent ore that has been extracted and is available for further processing. If there is significant uncertainty as to if and when the stockpiled ore will be processed, the cost of such ore is expensed as mine d. If the ore will not be processed within 12 months after the balance sheet date, it is included within non-current assets and net realisable value is calculated on a discounted cash flow basis. Quantities of stockpiled ore are assessed primarily through surveys and assays. Certain estimates, including expected metal recoveries, are calculated using available industry, engineering and scientific data, and are periodically reassessed, taking into account technical analysis and historical performance. ",
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"fact-635": {
"value": "17 Receivables and other assets Recognition and measurement The business model for our receivables is primarily \u201chold to collect\u201d (where assets are held in order to collect contractual cash flows) except those subject to our factoring programme. For our financial instruments, including receivables, held under a hold to collect business model and which have cash flows that meet the solely payments of principal and interest (\u2018SPPI\u2019) criteria these are recognised at amortised cost. Where our receivables do not meet the SPPI criteria, for example our provisionally priced receivables, these are measured at fair value through profit or loss with subsequent fair value gains or losses are taken to the income statement. A portion of our receivables participate in receivable factoring and letter of credit discounting programmes. We take advantage of these programmes to balance the impact of extended payment terms requested by our customers with our own working capital objectives or where the acceleration of cash receipts is financially beneficial compared with the cost of borrowing at the operation. We have applied our judgment when considering the business model test as defined in IFRS 9 Financial Instruments and conclude that the business model for receivables under the letter of credit discounting programme has not changed. We continue to hold these receivables at amortised cost because the sale of the letter of credit is made close to maturity of receivables and the discounting costs are immaterial. The business model for receivables subject to the global factoring programme does not meet the \u201chold to collect\u201d model and therefore are classified as \u201cheld for sale\u201d. This means the receivables are held at fair value each reporting period with the remeasurements being recorded in the income statement. Where a portion of our factored receivable is subject to recourse, that part of the receivable is not derecognised from the balance sheet and the cash received in advance is classified as a borrowing. The cash flows relating to the borrowing are shown in financing cash flows. At 31 December 2022 US$457 million (2021: US$504 million) of receivables participated in the global factoring programme and US$430 million (2021: US$418 million) participated in the letter of credit discounting programme. Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Total 2021 US$m Trade receivables (a) \u2014 2,179 2,179 \u2014 2,241 2,241 Other financial receivables (a) 124 462 586 135 386 521 Other receivables (b) 383 382 765 392 418 810 Prepayment of tolling charges to jointly controlled entities (c) 218 \u2014 218 183 \u2014 183 Pension surpluses (note 28) 824 \u2014 824 1,070 \u2014 1,070 Other prepayments 344 455 799 414 529 943 Total (d) 1,893 3,478 5,371 2,194 3,574 5,768 (a) At 31 December 2022, trade and other financial receivables are stated net of allowances for expected credit losses of US$59 million (2021: US$57 million). We apply the \u201csimplified approach\u201d to trade receivables and receivables relating to net investment in finance leases and a \u201cgeneral approach\u201d to all other financial assets. (b) At 31 December 2022, other receivables include US$329 million (2021: US$388 million) related to Energy Resources of Australia Ltd (ERA's) deposit held in a trust fund which is controlled by the Government of Australia. ERA are entitled to reimbursement from the fund once specific phases of rehabilitation relating to the Ranger Project are completed. The fund is outside of the scope of IFRS 9 \u201cFinancial Instruments\u201d. (c) These prepayments will be charged to Group operating costs as tolling services are rendered and product processing occurs. (d) There is no material element of receivables and other assets that is interest-bearing or financing in nature. The fair value of current trade and other receivables and the majority of amounts classified as non-current trade and other receivables approximates to their carrying value. Credit risks related to receivables Our Commercial team manages customer credit risk subject to our established policy, procedures and controls. The team establishes credit limits for all of our customers. Where customers are rated by an independent credit rating agency, these ratings are used as a guide to set credit limits. Where there are no independent credit ratings available, we assess the credit quality of the customer through a credit rating model and assign appropriate credit limits. The Commercial team monitors outstanding customer receivables regularly and highlights any credit concerns to senior management. Receivables to high risk customers are often secured by letters of credit or other forms of credit enhancement. The expected credit loss on our trade receivable portfolio is insignificant",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-694": {
"value": "Recognition and measurement The business model for our receivables is primarily \u201chold to collect\u201d (where assets are held in order to collect contractual cash flows) except those subject to our factoring programme. For our financial instruments, including receivables, held under a hold to collect business model and which have cash flows that meet the solely payments of principal and interest (\u2018SPPI\u2019) criteria these are recognised at amortised cost. Where our receivables do not meet the SPPI criteria, for example our provisionally priced receivables, these are measured at fair value through profit or loss with subsequent fair value gains or losses are taken to the income statement. A portion of our receivables participate in receivable factoring and letter of credit discounting programmes. We take advantage of these programmes to balance the impact of extended payment terms requested by our customers with our own working capital objectives or where the acceleration of cash receipts is financially beneficial compared with the cost of borrowing at the operation. We have applied our judgment when considering the business model test as defined in IFRS 9 Financial Instruments and conclude that the business model for receivables under the letter of credit discounting programme has not changed. We continue to hold these receivables at amortised cost because the sale of the letter of credit is made close to maturity of receivables and the discounting costs are immaterial. The business model for receivables subject to the global factoring programme does not meet the \u201chold to collect\u201d model and therefore are classified as \u201cheld for sale\u201d. This means the receivables are held at fair value each reporting period with the remeasurements being recorded in the income statement. Where a portion of our factored receivable is subject to recourse, that part of the receivable is not derecognised from the balance sheet and the cash received in advance is classified as a borrowing. The cash flows relating to the borrowing are shown in financing cash flows. At 31 December 2022 US$457 million (2021: US$504 million) of receivables participated in the global factoring programme and US$430 million (2021: US$418 million) participated in the letter of credit discounting programme. ",
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},
"fact-636": {
"value": "18 Trade and other payables Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Adjusted (b) Current 2021 US$m Adjusted (b) Total 2021 US$m Adjusted (b) Trade payables 3 3,269 3,272 \u2014 3,410 3,410 Other financial payables 225 1,083 1,308 254 909 1,163 Other payables 63 131 194 82 110 192 Deferred income (a)(b) 114 333 447 205 404 609 Accruals \u2014 1,611 1,611 42 1,488 1,530 Employee entitlements \u2014 878 878 \u2014 798 798 Royalties and mining taxes 3 644 647 2 574 576 Amounts owed to equity accounted units 196 98 294 213 40 253 Total 604 8,047 8,651 798 7,733 8,531 (a) Deferred income includes contract liabilities of US$345 million (2021: US$383 million). (b) Deferred income includes government grants deferred. This was previously disclosed separately; however, it is no longer material. The fair value of trade payables and financial instruments within other financial payables approximates their carrying value. The Group participates in supply chain finance arrangements whereby vendors may elect to receive early payment of their invoice from a third-party bank by factoring their receivable from Rio Tinto. These arrangements do not modify the terms of the original liability with respect to either counterparty terms, settlement date or amount due. Utilisation of the early settlement facility is voluntary and at the vendors' discretion on an invoice- by-invoice basis. Financial liabilities subject to supply chain finance therefore continue to be classified as trade payables with the cash outflows showing in operating cash flows. At 31 December 2022, trade payables included US$819 million (2021: US$782 million) subject to early settlement election by vendors. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-637": {
"value": "Our capital and liquidity Our overriding objective when managing capital and liquidity is to safeguard the business as a going concern. Capital is allocated in a consistent an disciplined manner. Essential capital remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our assets, high- returning replacement projects and decarbonisation investment. This is followed by ordinary dividends within our well-established returns policy. We then test investment in compelling growth projects against debt management and additional cash returns to shareholders. Our Board and senior management regularly review the capital structure and liquidity of the Group. They take into account our strategic priorities, the economic and business conditions, and any identified investment opportunities, along with the expected returns to shareholders. We expect total cash returns to shareholders over the longer term to be in a range of 40\u201360% of underlying earnings in aggregate through the commodity cycle. We consider various financial metrics when managing our risk, including net debt, gearing, the overall level of borrowings and their maturity profile, liquidity levels, total capital, future cash flows, underlying EBITDA and interest cover ratios. Our total capital as at 31 December was: Total capital Note 2022 US$m 2021 US$m Equity attributable to owners of Rio Tinto (see Group balance sheet) 50,175 51,432 Equity attributable to non-controlling interests (see Group balance sheet) 2,099 5,158 Net debt/(cash) 19 4,188 (1,576) Total capital 56,462 55,014 We have access to various forms of financing including our US Shelf Programme, European Debt Issuance Programme, Commercial Paper and credit facilities. In 2022, we exercised one of our options to extend the maturity of our US$7.5 billion multi-currency revolving credit facility. The facility now matures in November 2027. The facility remained undrawn throughout the year. Our credit ratings, as provided by Standard & Poor\u2019s and Moody\u2019s investor services, as at 31 December were: 2022 2021 Long-term rating A/A2 A/A2 Short-term rating A-1/P-1 A-1/P-1 Outlook Stable/Stable Stable/Stable Our unified credit status is maintained through cross guarantees, which mean the contractual obligations of Rio Tinto plc and Rio Tinto Limited are automatically guaranteed by the other. In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted payments. When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the end of the reporting period. This will therefore not necessarily agree with the amounts disclosed as the carrying value. 2022 2021 Financial liability analysis At 31 December (Outflows)/Inflows Within 1 year or on demand US$m Between 1 and 2 years US$m Between 2 and 5 years US$m After 5 years US$m Total US$m Within 1 year or on demand US$m Between 1 and 2 years US$m Between 2 and 5 years US$m After 5 years US$m Total US$m Non-derivative financial liabilities Trade and other financial payables (a) (5,971) (37) (57) (329) (6,394) (5,766) (31) (72) (406) (6,275) Expected lease liability payments (329) (235) (344) (606) (1,514) (361) (266) (400) (704) (1,731) Borrowings before swaps (937) (1,425) (1,839) (7,389) (11,590) (827) (746) (2,519) (8,112) (12,204) Expected future interest payments (a) (668) (603) (1,468) (3,141) (5,880) (511) (486) (1,313) (3,485) (5,795) Other financial liabilities \u2014 \u2014 \u2014 \u2014 \u2014 (20) \u2014 \u2014 \u2014 (20) Derivative financial liabilities (b) Derivatives related to net debt \u2013 net settled (92) (106) (47) (8) (253) \u2014 \u2014 \u2014 \u2014 \u2014 Derivatives related to net debt \u2013 gross settled (a) \u2013 gross inflows 37 481 72 651 1,241 41 41 560 756 1,398 \u2013 gross outflows (69) (615) (102) (875) (1,661) (44) (44) (658) (909) (1,655) Derivatives not related to net debt \u2013 net settled (78) (60) (129) (77) (344) (186) (77) (53) (37) (353) Derivatives not related to net debt \u2013 gross settled: \u2013 gross inflows 71 \u2014 \u2014 \u2014 71 1,302 \u2014 \u2014 \u2014 1,302 \u2013 gross outflows (71) \u2014 \u2014 \u2014 (71) (1,340) \u2014 \u2014 \u2014 (1,340) Total (8,107) (2,600) (3,914) (11,774) (26,395) (7,712) (1,609) (4,455) (12,897) (26,673) (a) The interest payable at year end was removed from trade and other financial payables and is shown within expected future interest payments and derivatives related to net debt. Interest payments have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are subject to change in line with market rates. (b) The maturity grouping is based on the earliest payment date. Our weighted average debt maturity including leases and derivatives related to debt was approximately 11 years (2021: 11 years ). ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-662": {
"value": "Our capital and liquidity Our overriding objective when managing capital and liquidity is to safeguard the business as a going concern. Capital is allocated in a consistent an d disciplined manner. Essential capital remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our assets, high- returning replacement projects and decarbonisation investment. This is followed by ordinary dividends within our well-established returns policy. We then test investment in compelling growth projects against debt management and additional cash returns to shareholders. Our Board and senior management regularly review the capital structure and liquidity of the Group. They take into account our strategic priorities, the economic and business conditions, and any identified investment opportunities, along with the expected returns to shareholders. We expect total cash returns to shareholders over the longer term to be in a range of 40\u201360% of underlying earnings in aggregate through the commodity cycle. We consider various financial metrics when managing our risk, including net debt, gearing, the overall level of borrowings and their maturity profile, liquidity levels, total capital, future cash flows, underlying EBITDA and interest cover ratios. Our total capital as at 31 December was: Total capital Note 2022 US$m 2021 US$m Equity attributable to owners of Rio Tinto (see Group balance sheet) 50,175 51,432 Equity attributable to non-controlling interests (see Group balance sheet) 2,099 5,158 Net debt/(cash) 19 4,188 (1,576) Total capital 56,462 55,014 We have access to various forms of financing including our US Shelf Programme, European Debt Issuance Programme, Commercial Paper and credit facilities. In 2022, we exercised one of our options to extend the maturity of our US$7.5 billion multi-currency revolving credit facility. The facility now matures in November 2027. The facility remained undrawn throughout the year. Our credit ratings, as provided by Standard & Poor\u2019s and Moody\u2019s investor services, as at 31 December were: 2022 2021 Long-term rating A/A2 A/A2 Short-term rating A-1/P-1 A-1/P-1 Outlook Stable/Stable Stable/Stable Our unified credit status is maintained through cross guarantees, which mean the contractual obligations of Rio Tinto plc and Rio Tinto Limited are automatically guaranteed by the other. In the table below, we summarise the maturity profile of our financial liabilities on our balance sheet based on contractual undiscounted payments. When the amount payable is not fixed, the amount disclosed is determined by reference to the conditions existing at the end of the reporting period. This will therefore not necessarily agree with the amounts disclosed as the carrying value. 2022 2021 Financial liability analysis At 31 December (Outflows)/Inflows Within 1 year or on demand US$m Between 1 and 2 years US$m Between 2 and 5 years US$m After 5 years US$m Total US$m Within 1 year or on demand US$m Between 1 and 2 years US$m Between 2 and 5 years US$m After 5 years US$m Total US$m Non-derivative financial liabilities Trade and other financial payables (a) (5,971) (37) (57) (329) (6,394) (5,766) (31) (72) (406) (6,275) Expected lease liability payments (329) (235) (344) (606) (1,514) (361) (266) (400) (704) (1,731) Borrowings before swaps (937) (1,425) (1,839) (7,389) (11,590) (827) (746) (2,519) (8,112) (12,204) Expected future interest payments (a) (668) (603) (1,468) (3,141) (5,880) (511) (486) (1,313) (3,485) (5,795) Other financial liabilities \u2014 \u2014 \u2014 \u2014 \u2014 (20) \u2014 \u2014 \u2014 (20) Derivative financial liabilities (b) Derivatives related to net debt \u2013 net settled (92) (106) (47) (8) (253) \u2014 \u2014 \u2014 \u2014 \u2014 Derivatives related to net debt \u2013 gross settled (a) \u2013 gross inflows 37 481 72 651 1,241 41 41 560 756 1,398 \u2013 gross outflows (69) (615) (102) (875) (1,661) (44) (44) (658) (909) (1,655) Derivatives not related to net debt \u2013 net settled (78) (60) (129) (77) (344) (186) (77) (53) (37) (353) Derivatives not related to net debt \u2013 gross settled: \u2013 gross inflows 71 \u2014 \u2014 \u2014 71 1,302 \u2014 \u2014 \u2014 1,302 \u2013 gross outflows (71) \u2014 \u2014 \u2014 (71) (1,340) \u2014 \u2014 \u2014 (1,340) Total (8,107) (2,600) (3,914) (11,774) (26,395) (7,712) (1,609) (4,455) (12,897) (26,673) (a) The interest payable at year end was removed from trade and other financial payables and is shown within expected future interest payments and derivatives related to net debt. Interest payments have been projected using interest rates applicable at the end of the applicable financial year. Where debt is subject to variable interest rates, future interest payments are subject to change in line with market rates. (b) The maturity grouping is based on the earliest payment date. Our weighted average debt maturity including leases and derivatives related to debt was approximately 11 years (2021: 11 years ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-638": {
"value": "com 19 Consolidated net (debt)/cash Financing liabilities Other assets Year ended 31 December 2022 Borrowings excluding overdrafts (a) US$m Lease liabilities (b) US$m Net debt related derivatives (note 23)(c) US$m Cash and cash equivalents including overdrafts (a) US$m Other investments (d) US$m Net (debt)/ cash US$m Analysis of changes in consolidated net (debt)/cash Opening balance (12,166) (1,363) (101) 12,805 2,401 1,576 Foreign exchange adjustment 118 69 (92) 15 \u2014 110 Cash movements excluding exchange movements 470 374 (3) (6,046) (352) (5,557) Other non-cash movements 508 (280) (494) \u2014 (51) (317) Closing balance (11,070) (1,200) (690) 6,774 1,998 (4,188) Year ended 31 December 2021 Financing liabilities Other assets Borrowings excluding overdrafts(a) US$m Lease liabilities(b) US$m Net debt related derivatives (note 23)(c) US$m Cash and cash equivalents including overdrafts(a) US$m Other investments (d) US$m Net cash/(debt) US$m Analysis of changes in consolidated net cash/(debt) Opening balance (12,653) (1,178) 248 10,381 2,538 (664) Foreign exchange adjustment 67 30 (45) 100 \u2014 152 Cash movements excluding exchange movements 270 358 (51) 2,324 (107) 2,794 Other non-cash movements 150 (573) (253) \u2014 (30) (706) Closing balance (12,166) (1,363) (101) 12,805 2,401 1,576 (a) Borrowings excluding overdrafts, of US$11,070 million (2021:US$12,166 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$1 million (2021: US$2 million) which has been included in cash and cash equivalents for the net (debt)/cash reconciliation. (b) Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the year. (c) Included within \u201cNet debt related derivatives\u201d are interest rate and cross currency interest rate swaps that are in hedge relationships with the Group's debt. (d) Other investments includes US$1,998 million (2021: US$2,401 million) of highly liquid financial assets held in managed investment funds classified as held for trading. The table below summarises, by currency, our net (debt)/cash, after taking into account relevant cross currency interest rate swaps and foreign exchange contracts: Net (debt)/cash by currency Total borrowings excluding overdrafts US$m Lease liabilities US$m Derivatives related to net debt US$m Cash and cash equivalents US$m Other investments US$m Net debt 2022 US$m Net cash 2021 US$m US dollar (10,680) (360) (690) 5,803 1,998 (3,929) 2,201 Australian dollar (225) (429) \u2014 199 \u2014 (455) (499) Canadian dollar (165) (174) \u2014 181 \u2014 (158) (320) South African rand \u2014 (2) \u2014 173 \u2014 171 115 Other \u2014 (235) \u2014 418 \u2014 183 79 Total (11,070) (1,200) (690) 6,774 1,998 (4,188) 1,576 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-639": {
"value": "20 Borrowings Recognition and measurement Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Our policy is to predominantly borrow in US dollars at floating interest rates, either directly or through the use of derivatives, as: \u2013 the majority of our sales are in US dollars, \u2013 historically a lower cost of borrowing has been observed from maintaining a floating rate exposure \u2013 historically there is a correlation between interest rates and commodity prices. For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate swaps is sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate swaps mature, new medium dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain fixed interest rates in certain circumstances. We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the respective debt. Where we borrow non-US denominated debt, we enter into cross currency interest rate swaps to convert the principal and fixed interest coupon to a US dollar notional with a US dollar interest coupon. The characteristics and carrying value of the Group\u2019s borrowings are summarised below: Borrowings at 31 December Carrying value 2022 US$m Carrying value 2021 US$m Nominal value of hedged item 2022 US$m Nominal value of hedged item 2021 US$m Weighted average interest rate after swaps (where applicable) Swap maturity (where applicable) Rio Tinto Finance plc Euro Bonds 2.875% due 2024(a)(c) 429 497 546 546 3 month LIBOR +1.64% 2024 Rio Tinto Finance (USA) Limited Bonds 7.125% 2028(a) 807 934 750 750 3 month LIBOR +3.27% 2028 Alcan Inc. Debentures 7.25% due 2028 (a)(b) 97 105 100 100 3 month SOFR +5.69% 2024 Rio Tinto Finance plc Sterling Bonds 4.0% due 2029 (a)(c)(d) 553 682 807 807 3 month LIBOR +2.65% 2024 Alcan Inc. Debentures 7.25% due 2031(a) 384 420 400 400 3 month LIBOR +5.72% 2025 Alcan Inc. Global Notes 6.125% due 2033(a) 673 722 750 750 3 month LIBOR +5.67% 2025 Alcan Inc. Global Notes 5.75% due 2035(a) 264 283 300 300 3 month LIBOR +5.18% 2025 Rio Tinto Finance (USA) Limited Bonds 5.2% 2040(a)(e) 1,144 1,156 \u2014 1,150 Rio Tinto Finance (USA) plc Bonds 4.75% 2042(a) 488 495 500 500 3 month LIBOR +3.42% 2023 Rio Tinto Finance (USA) plc Bonds 4.125% 2042(a) 727 735 750 750 3 month LIBOR +2.83% 2023 Rio Tinto Finance (USA) Limited Bonds 2.75% 2051(a) 1,065 1,225 1,250 1,250 6 month SOFR +1.57% 2028 Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027(f) 597 673 Oyu Tolgoi LLC Commercial Banks \u201cB Loan\u201d LIBOR plus 3.4% due 2027 (f) 1,387 1,565 Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028(f) 237 278 Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029(f) 805 866 Oyu Tolgoi LLC International Financial Institutions \u201cA Loan\u201d LIBOR plus 3.78% due 2030(f) 744 776 Other secured loans 194 246 Other unsecured loans 475 508 Bank overdrafts 1 2 Total borrowings(g) 11,071 12,168 Current borrowings 923 812 Non-current borrowings 10,148 11,356 Total borrowings(g) 11,071 12,168 (a) The fair value movements of our borrowings and interest rate swaps that are in fair value hedge relationships are summarised in note 9. (b) In 2022, we transitioned the swaps associated to this bond from LIBOR + 5.43% to SOFR + 5.69%. (c) Rio Tinto has a US$10 billion (2021: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.0 billion equivalent at 31 December 2022 (2021: US$1.1 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.0 billion (2021: US$1.2 billion) in aggregate. (d) We applied cash flow hedge accounting to this bond and the corresponding cross currency interest rate swap. The hedge is fully effective as the notional amount, maturity, payment and reset dates match. Since 2019, we swapped the resulting fixed US dollar annual interest coupon payments to floating rates. Fair value hedge accounting has been applied to this relationship in addition to the pre-existing cash flow hedge. (e) On 2 November 2022 our interest rate swap, which converted our fixed coupon interest payments on this bond to 3 month LIBOR +3.79%, matured. Given market conditions, further interest rate swaps were not transacted. (f) These borrowings relate to the Oyu Tolgoi LLC project finance facility. The project finance facility provides for interest-only payments for the first five years from 2016 followed by minimum repayments according to a stepped amortisation schedule for the remaining life of the facility. The due dates stated represent the final repayment date. The interest rates stated are pre- completion and will increase by 1% post-completion. (g) The Group\u2019s borrowings of US$11.1 billion (2021: US$12.2 billion) include US$4.0 billion (2021: US$4.4 billion) of subsidiary entity borrowings that are subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2022. Update on interest rate benchmark reform We adopted, in prior periods, Interest Rate Benchmark Reform Amendments to IFRS 9 Financial Instruments (IFRS 9), IFRS 7 Financial Instruments: Disclosures (IFRS 7), IFRS 4 Insurance Contracts (IFRS 4) and IFRS 16 Leases (IFRS 16). The amendments address the financial reporting impact from reform of the London Interbank Offered Rate (LIBOR) and other benchmark interest rates (collectively \u201cIBOR reform\u201d). We have taken relevant practical reliefs from certain requirements relating to changes in the basis for determining contractual cash flows of financial assets, financial liabilities and hedge accounting, described below. Our hedging arrangements impacted by the reform of USD LIBOR are part of the International Swaps and Derivatives Association (ISDA) Fallbacks Protocol, which provides a global standardised mechanism for replacement of the current benchmark. During the year we transitioned the swaps, which hedge the Alcan Inc. Debentures, from the LIBOR to SOFR interest benchmark rates (refer to the table above) and applied the relief that preserved the existing hedge accounting. At 31 December 2022, we have interest rate risk exposure including US$4.8 billion nominal values of fixed-rate borrowings swapped to US dollar rates in fair value hedge relationships impacted by the reform. We expect the application of the reliefs to result in continuation of our pre-existing hedge accounting upon amendment of designated arrangements in response to the replacement of USD LIBOR which will occur immediately after 30 June 2023. In October 2022, as part of the extension of the term loan facility of Richards Bay Minerals, we transitioned from the LIBOR benchmark to an interest rate based on the SOFR reference rate. Our other arrangements which reference IBOR benchmarks and extend beyond 2022 include: third-party borrowings relating to the Oyu Tolgoi LLC project finance, shareholder loan facilities and certain commercial contracts. The amendments to IFRS 9 require that we account for a change in the basis for determining the cash flows of a financial asset or a financial liability measured at amortised cost, by updating their respective effective interest rates as required by the IBOR reform. As a result of the applicable IFRS 9 reliefs, we expect that no material gain or loss will arise from these updates. The accessible revolving lines of credit, which have been extended for a further one year in 2022, now refer to the SOFR and SONIA benchmark rates. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-695": {
"value": "Recognition and measurement Borrowings are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. Our policy is to predominantly borrow in US dollars at floating interest rates, either directly or through the use of derivatives, as: \u2013 the majority of our sales are in US dollars, \u2013 historically a lower cost of borrowing has been observed from maintaining a floating rate exposure \u2013 historically there is a correlation between interest rates and commodity prices. For bonds with fixed interest rates, we generally enter into interest rate swaps to convert them to floating rates. The tenor of the interest rate swaps is sometimes shorter than the tenor of the bond which means we remain exposed to long-term fixed-rate funding. As interest rate swaps mature, new medium dated swaps are generally transacted to maintain this floating rate exposure; however, we may elect to maintain fixed interest rates in certain circumstances. We have designated the swaps to be in fair value hedge relationships with the corresponding period of future interest payments of the respective debt. Where we borrow non-US denominated debt, we enter into cross currency interest rate swaps to convert the principal and fixed interest coupon to a US dollar notional with a US dollar interest coupon. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-640": {
"value": "21 Leases Recognition and measurement IFRS 16 \u201cLeases\u201d applies to the recognition, measurement, presentation and disclosure of leases. Certain leases are exempt from the standard, including leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. We apply the scope exemptions in paragraphs 3(e) and 4 of IFRS 16 and do not apply IFRS 16 to leases of any assets which would otherwise fall within the scope of IAS 38 \u201cIntangible Assets\u201d. A significant proportion by value of our lease arrangements relate to dry bulk vessels and office properties. Other leases include land and non-mining rights, warehouses, ports, equipment and vehicles. We recognise all lease liabilities and corresponding right of use assets on balance sheet, with the exception of short-term (12 months or fewer) and low value leases, where payments are expensed as incurred. Lease liabilities are recorded at the present value of: fixed payments; variable lease payments that depend on an index or rate; amounts payable under residual value guarantees; and extension options expected to be exercised. Where a lease contains an extension option which we can exercise without negotiation, lease payments for the extension period are included in the liability if we are reasonably certain that we will exercise the option. Variable lease payments not dependent on an index or rate are excluded from the calculation of lease liabilities at initial recognition. Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be readily determined. For lease agreements relating to vessels, ports and properties, non-lease components are excluded from the projection of future lease payments and recorded separately within operating costs as services are being provided. The lease liability is measured at amortised cost using the effective interest method. The right of use asset arising from a lease arrangement at initial recognition reflects the lease liability, initial direct costs, lease payments made before the commencement date of the lease, and capitalised provision for dismantling and restoration, less any lease incentives. We recognise depreciation on right of use assets and interest on lease liabilities in the income statement over the lease term. Repayments of lease liabilities are separated into a principal portion (presented within financing activities) and an interest portion (which the Group presents in operating activities) in the cash flow statement. Payments made before the commencement date are included within financing activities unless they in substance represent investing cash flows, for example where pre-commencement cash flows are significant relative to aggregate cash flows of the leasing arrangement. Lessee arrangements We have made the following payments associated with leases: Description of payment 2022 US$m 2021 US$m Included within Principal lease payments 374 358 Cash flows from financing activities Interest payments on leases 47 48 Cash flows from operating activities Payments for short-term leases 465 502 Net operating costs Payments for variable lease components 50 34 Net operating costs Payments for low value leases (>12 months in duration) 1 2 Net operating costs Total lease payments 937 944 Lease liabilities The maturity profile of lease liabilities recognised at the balance sheet date is: 2022 US$m 2021 US$m Lease liabilities Due within 1 year 329 361 Between 1 and 3 years 388 440 Between 3 and 5 years 191 226 More than 5 years 606 704 Total undiscounted cash payments expected to be made 1,514 1,731 Effect of discounting (314) (368) Present value of minimum lease payments 1,200 1,363 Current lease liability per the balance sheet 292 324 Non-current lease liability per the balance sheet 908 1,039 Total lease liability 1,200 1,363 At 31 December 2022, commitments for leases not yet commenced were US$481 million (2021: US$476 million); commitments relating to short-term leases which had already commenced at 31 December 2022 were US$132 million (2021: US$165 million). ",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-696": {
"value": "Recognition and measurement IFRS 16 \u201cLeases\u201d applies to the recognition, measurement, presentation and disclosure of leases. Certain leases are exempt from the standard, including leases to explore for or use minerals, oil, natural gas and similar non-regenerative resources. We apply the scope exemptions in paragraphs 3(e) and 4 of IFRS 16 and do not apply IFRS 16 to leases of any assets which would otherwise fall within the scope of IAS 38 \u201cIntangible Assets\u201d. A significant proportion by value of our lease arrangements relate to dry bulk vessels and office properties. Other leases include land and non-mining rights, warehouses, ports, equipment and vehicles. We recognise all lease liabilities and corresponding right of use assets on balance sheet, with the exception of short-term (12 months or fewer) and low value leases, where payments are expensed as incurred. Lease liabilities are recorded at the present value of: fixed payments; variable lease payments that depend on an index or rate; amounts payable under residual value guarantees; and extension options expected to be exercised. Where a lease contains an extension option which we can exercise without negotiation, lease payments for the extension period are included in the liability if we are reasonably certain that we will exercise the option. Variable lease payments not dependent on an index or rate are excluded from the calculation of lease liabilities at initial recognition. Payments are discounted at the incremental borrowing rate of the lessee, unless the interest rate implicit in the lease can be readily determined. For lease agreements relating to vessels, ports and properties, non-lease components are excluded from the projection of future lease payments and recorded separately within operating costs as services are being provided. The lease liability is measured at amortised cost using the effective interest method. The right of use asset arising from a lease arrangement at initial recognition reflects the lease liability, initial direct costs, lease payments made before the commencement date of the lease, and capitalised provision for dismantling and restoration, less any lease incentives. We recognise depreciation on right of use assets and interest on lease liabilities in the income statement over the lease term. Repayments of lease liabilities are separated into a principal portion (presented within financing activities) and an interest portion (which the Group presents in operating activities) in the cash flow statement. Payments made before the commencement date are included within financing activities unless they in substance represent investing cash flows, for example where pre-commencement cash flows are significant relative to aggregate cash flows of the leasing arrangement. ",
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"fact-641": {
"value": "22 Cash and cash equivalents Recognition and measurement For the purpose of the balance sheet, cash and cash equivalents covers: cash on hand, deposits held with banks, and short-term, highly liquid investments (mainly money market funds) that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value. Bank overdrafts are shown as current liabilities on the balance sheet. For the purposes of the cash flow statement, cash and cash equivalents are shown net of overdrafts. 2022 US$m 2021 US$m Cash at bank and in hand 1,889 1,344 Money market funds, reverse repurchase agreements and other cash equivalents 4,886 11,463 Balance per Group balance sheet 6,775 12,807 Bank overdrafts repayable on demand (unsecured) 20 (1) (2) Balance per Group cash flow statement 6,774 12,805 Restricted cash and cash equivalent analysis Cash and cash equivalents of US$391 million (2021: US$235 million) are held in countries where there are restrictions on remittances. Of this balance, US$268 million (2021: US$165 million) could be used to repay subsidiaries\u2019 third-party borrowings. There are also restrictions on a further US$576 million (2021: US$981 million) of cash and cash equivalents, the majority of which is held by partially owned subsidiaries and is not available for use in the wider Group due to legal and contractual restrictions currently in place. Of this balance US$336 million (2021: US$752 million) could be used to repay these subsidiaries\u2019 third-party borrowings. Credit risk related to cash and cash equivalents Our Treasury team manages credit risk from our investing activities in accordance with credit risk framework which sets the risk appetite. We make investments of surplus funds only with approved investment grade (BBB- and above) counterparties who have been assigned specific credit limits. The limits are set to minimise the concentration of credit risk and therefore mitigate the potential for financial loss through counterparty failure. At 31 December 2022 we held US$850 million (2021: US$4,520 million) of reverse repurchase agreements, measured at amortised cost and reported within cash and cash equivalents as they are highly liquid products maturing within three months. We accepted collateral of investment grade quality in respect of these reverse repurchase agreements, with a fair value of US$892 million as at 31 December 2022 (2021: US$4,638 million). Collateral is not recognised on our balance sheet and if the counterparty were to default we would be able to sell it. ",
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"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
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"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-663": {
"value": "Restricted cash and cash equivalent analysis Cash and cash equivalents of US$391 million (2021: US$235 million) are held in countries where there are restrictions on remittances. Of this balance, US$268 million (2021: US$165 million) could be used to repay subsidiaries\u2019 third-party borrowings. There are also restrictions on a further US$576 million (2021: US$981 million) of cash and cash equivalents, the majority of which is held by partially owned subsidiaries and is not available for use in the wider Group due to legal and contractual restrictions currently in place. Of this balance US$336 million (2021: US$752 million) could be used to repay these subsidiaries\u2019 third-party borrowings. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-642": {
"value": "23 Other financial assets and liabilities Other financial assets Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Tota l 202 1 US$ m Derivatives not related to net debt 39 28 67 80 53 133 Derivatives related to net debt 2 \u2014 2 130 9 139 Equity shares and quoted funds 154 68 222 98 19 117 Other investments, including loans (a) 211 2,064 2,275 220 2,462 2,682 Total 406 2,160 2,566 528 2,543 3,071 (a) Current \u201cOther investments, including loans\u201d includes US$1,998 million (2021: US$2,401 million) of highly liquid financial assets held in managed investment funds classified as held for trading and included within our net (debt)/cash definition. Other financial liabilities Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Total 2021 US$m Derivatives not related to net debt 220 61 281 153 225 378 Derivatives related to net debt 684 8 692 240 \u2014 240 Other financial liabilities \u2014 \u2014 \u2014 \u2014 20 20 Total other financial liabilities 904 69 973 393 245 638 Offsetting and enforceable master netting agreements When we have a legally enforceable right to offset our financial assets and liabilities and an intention to settle on a net basis, or realise the asset and settle the liability simultaneously, we report the net amount in the consolidated balance sheet. Agreements with derivative counterparties are based on the International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related amounts to be set-off in certain circumstances. During the year, there were no material amounts offset in the balance sheet. 24 Financial instruments and risk management Recognition and measurement We classify our financial assets into those held at amortised cost and those to be measured at fair value either through the profit and loss (FVTPL) or through other comprehensive income (FVOCI) based on the business model for managing the financial assets and the contractual terms of the cas h flows. Classification of financial asset Amortised cost Fair value through profit and loss Fair value through other comprehensive income Recognition and measurement At initial recognition, trade receivables that do not have a significant financing component are recognised at their transaction price. Other financial assets are initially recognised at fair value plus related transaction costs. The asset is initially recognised at fair value with transaction costs immediately expensed to the income statement. The asset is initially recognised at fair value. Subsequent measurement Amortised cost using the effective interest method. Fair value movements are recognised in the income statement. Fair value gains or losses on revaluation of such equity investments, including any foreign exchange component, are recognised in other comprehensive income. Dividends are recognised in the income statement when the right to receive payment is established. Derecognition Any gain or loss on de-recognition or modification of a financial asset held at amortised cost is recognised in the income statement. Not applicable. When the equity investment is derecognised, there is no reclassification of fair value gains or losses previously recognised in other comprehensive income to the income statement. Borrowings and other financial liabilities (including trade payables but excluding derivative liabilities) are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. 24 Financial instruments and risk management continued Financial risk management objectives Our financial risk management objectives are: \u2013 to have in place a robust capital structure to manage the organisation through the commodity cycle; and \u2013 to allow our financial exposures, mainly commodity price, foreign exchange and interest rates, to, in general, float with the market. Our Treasury and Commercial teams manage the following key economic risks generated from our operations: \u2013 Capital and Liquidity risk \u2013 Credit risk \u2013 Interest rate risk \u2013 Commodity price risk \u2013 Foreign exchange risk These teams operate under a strong control environment, within approved limits. (i) Capital and liquidity risk Our capital and liquidity risk arises from the possibility that we may not be able to settle or meet our obligations as they fall due. Refer to Our capital and liquidity section on page 190. (ii) Credit risk Credit risk is the risk that our customers, or institutions that we invest in, are unable to meet their contractual obligations. We are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include government securities (primarily US Government), corporate and asset-backed securities, reverse re-purchase agreements, money market funds, and balances with banks and financial institutions. Refer to note 17 Receivables and other assets, note 22 Cash and cash equivalents and note 23 Other financial assets and liabilities for an understanding of the size of balance. (iii) Interest rate risk Our interest rate management policy is generally to borrow and invest at floating interest rates. After the impact of hedging, 77% (2021: 85%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk refer to note 20. Sensitivity to interest rate changes Based on our floating rate financial instruments outstanding at 31 December 2022, the effect on our net earnings of a 100 basis point increase in US dollar LIBOR or SOFR (where applicable) interest rates, with all other variables held constant, would be an expense of US$26 million (2021: income of US$13 million). This reflects the net debt position in 2022 compared to a net cash position in prior year. We are also exposed to interest rate volatility within shareholders\u2019 equity. This is because we have designated some cross currency interest rate swaps to be in a cash flow hedge relationship with our 2029 GBP loan. As we receive fixed GBP interest and pay fixed USD interest any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative within shareholders\u2019 equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in isolation would impact equity, before tax, by a charge of US$35 million (2021: US$55 million charge) for sterling and a credit of US$48 million (2021: US$65 million credit) for US dollars. A 100 basis point decrease would have broadly the same impact in the opposite direction. (iv) Commodity price risk Our broad commodity base means our exposure to commodity prices is diversified. Our normal policy is to sell our products at prevailing market prices. For certain physical commodity transactions for which the price was fixed at the contract date, we enter into derivatives to achieve the prevailing market prices at the point of revenue recognition. We do not generally consider that using derivatives to fix commodity prices would provide a long-term benefit to our shareholders. Exceptions to this rule are subject to limits, and to defined market risk tolerances and internal controls. Substantially all iron ore and aluminium sales are reflected at final prices at each reporting period. Final prices for copper concentrate, however, are normally determined between 30 and 180 days after delivery to our customer. At 31 December 2022, we had 83 million pounds of copper sales (31 December 2021: 81 million pounds), that were provisionally priced at US 380 cents per pound (2021: US 440 cents per pound). The final price of these sales will be determined during the first half of 2023. A 10% change in the price of copper realised on the provisionally priced sales, all other factors held constant, would increase or reduce net earnings by US$19 million (2021: US$26 million). Power costs represent a significant portion of costs in our aluminium business and therefore we are exposed to fluctuations in power prices. To mitigate our exposure to changes in the relationship between aluminium prices and power prices, we have a number of electricity purchase contracts which are directly linked to the daily official LME cash ask price for high grade aluminium (\u201cLME price\u201d) and to the US Midwest Transaction Premium (\u201cMidwest premium\u201d). In accordance with IFRS 9, we apply hedge accounting to two embedded derivatives within our power contracts. The embedded derivatives (notional aluminium forward sales) have been designated as the hedging instrument. The forecast aluminium sales, priced using the LME price and the Midwest premium, represent the hedged item. The hedging ratio is 1:1, as the quantity of sales designated as being hedged matches the notional amount of the hedging instrument. The hedging instrument\u2019s notional amount, expressed in equivalent metric tonnes of aluminium, is derived from our expected electricity consumption under the power contracts as well as other relevant contract parameters. When we designate such embedded derivatives as the hedging instrument in a cash flow hedge, we recognise the effective portion of the change in the fair value of the hedging instrument in other comprehensive income, and it is accumulated in the cash flow hedge reserve. The amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the hedging instrument and the cumulative change in the fair value of the hedged item, in absolute terms. On realisation of the hedges, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. We recognise any ineffectiveness relating to the hedging relationship immediately in the income statement. Sources of ineffectiveness include: differences in the timing of the cash flows between the hedged item and the hedging instrument, non-zero initial fair value of the hedging instrument, the existence of a cap on the Midwest premium in the hedging instrument and counterparty credit risk. We held the following notional aluminium forward sales contracts embedded in the power contracts: At 31 December 2022 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 501,498 72,812 289,868 138,818 \u2014 Notional amount (in US$ millions) 1,216 166 697 353 \u2014 Average hedged rate (in US$ per tonne) 2,425 2,282 2,404 2,542 \u2014 At 31 December 2021 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 573,653 72,555 289,867 211,231 \u2014 Notional amount (in US$ millions) 1,377 162 683 532 \u2014 Average hedged rate (in US$ per tonne) 2,401 2,234 2,355 2,520 \u2014 The impact on our financial statements of these hedging instruments and hedging items are: Aluminium embedded derivatives separated from the power contract (Hedging instrument) (a) Highly probable forecast aluminium sales (Hedged item) Nominal US$m Carrying amount US$m Change in fair value in the period US$m Cash flow hedge reserve (b) US$m Change in fair value in the period US$m Total hedging losses recognised in reserves US$m Hedge ineffective- ness in the period gains/ (losses) (c) US$m Losses reclassified from reserves to income statement (d) US$m 2022 1,216 (189) (119) (87) 133 (110) (9) 34 2021 1,377 (124) (201) (11) 300 (211) 10 17 (a) Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. The carrying amount of US$189 million (2021: US$124 million) is shown within \u201cOther financial assets and liabilities\u201d. (b) The difference between this amount and the total cash flow hedge reserve of the Group (shown in note 35) relates to our cash flow hedge on the sterling bond (refer to interest rate risk section). (c) Hedge ineffectiveness is included in net operating costs (raw materials, consumables, repairs and maintenance) in the income statement. (d) On realisation of the hedge, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. There was no cost of hedging recognised in 2022 or 2021 relating to this hedge relationship. Sensitivities Our commodity derivatives are impacted by changes in market prices. The table below summarises the impact that changes in aluminium market prices have on aluminium forward and option contracts embedded in power supply agreements outstanding at 31 December 2022. Any change in price will result in an offsetting change in our future earnings. Change in market prices 2022 US$m 2021 US$m Effect on net earnings +10 % (57) (78) (10) % 83 73 Effect on equity +10 % (90) (98) (10) % 65 95 We exclude our \u201cown use contracts\u201d from this sensitivity analysis as they are outside the scope of IFRS 9. Our business units continue to hold these types of contracts to satisfy their expected purchase, sale or usage requirements. 24 Financial instruments and risk management continued (v) Foreign exchange risk The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders\u2019 equity are influenced by a wide variety of currencies. The majority of our sales are denominated in the US dollar. Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those currencies in which we buy imported equipment and services. The US dollar, the Australian dollar and the Canadian dollar are the most important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial results. A strengthening of the US dollar against the currencies in which our costs are partly denominated has a positive effect on our underlying earnings. However, a strengthening of the US dollar reduces the value of non-US dollar denominated net assets, and therefore total equity. In most cases our debt and other financial assets and liabilities, including intragroup balances, is held in the functional currency of the relevant subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on US dollar net debt and intragroup balances. On consolidation, these balances are retranslated to our US dollar presentation currency and there is a corresponding and offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity. Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency protection measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as acquisitions, disposals, tax and dividend cash flows may be economically hedged. Sensitivities The table below shows the estimated retranslation effect on financial assets and financial liabilities, including intragroup balances, of a 10% strengthening in the closing exchange rate of the US dollar against significant currencies. We deem 10% to be the annual exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and therefore an appropriate representation. At 31 December 2022 Losses associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 68 (319) (986) Canadian dollar 74 (219) \u2014 At 31 December 2021 Gains/(losses) associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 73 379 (1,044) Canadian dollar 78 (111) \u2014 We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into US dollars at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a particular currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore generally has no impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is expressed in terms of the effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based on financial assets and financial liabilities held at 31 December 2022, where balances are not denominated in the functional currency of the subsidiary or joint operation, and exclude financial assets and liabilities held by equity accounted units. These balances will not remain constant throughout 2023, and therefore the information should be used with care. Valuation hierarchy of financial instruments carried at fair value on a recurring basis The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 at 31 December 2022 and 31 December 2021. All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted. At 31 December 2022 At 31 December 2021 Held at fair value Held at fair value Note Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised cost US$m Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised costs US$m Assets Cash and cash equivalents (d) 22 6,775 2,725 \u2014 \u2014 4,050 12,807 4,138 \u2014 \u2014 8,669 Investments in equity shares and funds (e) 23 222 147 \u2014 75 \u2014 117 64 \u2014 53 \u2014 Other investments, including loans (f) 23 2,275 2,018 \u2014 229 28 2,682 2,422 \u2014 238 22 Trade and other financial receivables (g) 17 2,765 18 1,306 \u2014 1,441 2,762 1 1,163 \u2014 1,598 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 67 \u2014 16 51 \u2014 133 \u2014 48 85 \u2014 Derivatives related to net debt (i) 23 2 \u2014 2 \u2014 \u2014 139 \u2014 139 \u2014 \u2014 Liabilities Trade and other financial payables (j) 18 (6,485) \u2014 (30) \u2014 (6,455) (6,356) \u2014 (67) \u2014 (6,289) Forward, option and embedded derivatives contracts, designated as hedges (h) 23 (189) \u2014 \u2014 (189) \u2014 (125) \u2014 \u2014 (125) \u2014 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 (92) \u2014 (57) (35) \u2014 (253) \u2014 (179) (74) \u2014 Derivatives related to net debt (i) 23 (692) \u2014 (692) \u2014 \u2014 (240) \u2014 (240) \u2014 \u2014 (a) Valuation is based on unadjusted quoted prices in active markets for identical financial instruments. (b) Valuation is based on inputs that are observable for the financial instruments, which include quoted prices for similar instruments or identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data (c) Valuation is based on inputs that cannot be observed using market data (unobservable inputs). The change in valuation of our level 3 instruments for the year to 31 December 2022 is below: 2022 2021 Level 3 financial assets and liabilities US$m US$m Opening balance 177 395 Currency translation adjustments (4) (6) Total realised gains/(losses) included in: \u2013 consolidated sales revenue 16 27 \u2013 net operating costs 365 (50) Total unrealised gains included in: \u2013 net operating costs 124 68 Total unrealised losses transferred into other comprehensive income through cash flow hedges (110) (212) Additions to financial assets/(liabilities) 41 (21 Disposals/maturity of financial instruments (478) (6) Transfers \u2014 (18) Closing balance 131 177 Net gains included in the income statement for assets and liabilities held at year end 103 20 (d) Our \"cash and cash equivalents\" of US$6,775 million (31 December 2021:US$12,807 million), includes US$2,725 million (31 December 2021:US$4,138 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements going into finance income. (e) Investments in equity shares and funds include US$153 million (31 December 2021: US$98 million) of equity shares, not held for trading, where we have irrevocably elected to present fair value gains and losses on revaluation in other comprehensive income (FVOCI). The election is made at an individual investment level. (f) Other investments, including loans, covers: cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables. (g) Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with changes between the provisional price and the final price recorded separately within \u201cOther revenue\u201d. The selling price can be measured reliably for the Group's products, as it operates in active and freely traded commodity markets. At 31 December 2022, US$1,234 million (31 December 2021: US$1,114 million) of provisionally priced receivables were recognised. (h) Level 3 derivatives consist of derivatives embedded in electricity purchase contracts linked to the LME, midwest premium and billet premium with terms expiring between 2025 and 2036 (31 December 2021: 2025 and 2036). (i) Net debt derivatives include interest rate swaps and cross-currency swaps. (j) Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 18. There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the year ended 31 December 2022 or in the year ended 31 December 2021. 24 Financial instruments and risk management continued Valuation techniques and inputs The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: Description Fair Value US$m Valuation technique Significant Inputs Level 2 Interest rate swaps (356) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Cross currency interest rate swaps (334) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Market quoted FX rate Provisionally priced receivables 1,234 Closely related listed product Applicable forward quoted metal price Level 3 Derivatives embedded in electricity contracts (208) Option pricing model LME forward aluminium price Midwest premium and billet premium Royalty receivables 209 Discounted cash flows Forward commodity price Mine production Sensitivity analysis in respect of level 3 financial instruments For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated using a movement that we deem to be reasonably probable. To value the long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net liability of US$208 million at 31 December 2022 (31 December 2021: US$146 million). Impact of climate change on our business - Coal royalty receivables Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as \u201cOther investments, including loans\u201d within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). Fair values disclosure of financial instruments The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 31 December 2022 31 December 2021 Carrying value US$m Fair value US$m Carrying value US$m Fair value US$m Borrowings (including overdrafts) 11,071 11,192 12,168 13,904 Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy. ",
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"value": "Other financial assets Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Tota 202 US$ Derivatives not related to net debt 39 28 67 80 53 133 Derivatives related to net debt 2 \u2014 2 130 9 139 Equity shares and quoted funds 154 68 222 98 19 117 Other investments, including loans (a) 211 2,064 2,275 220 2,462 2,682 Total 406 2,160 2,566 528 2,543 3,071 (a) Current \u201cOther investments, including loans\u201d includes US$1,998 million (2021: US$2,401 million) of highly liquid financial assets held in managed investment funds classified as held for trading and included within our net (debt)/cash definition. ",
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"value": "Other financial liabilities Non-current 2022 US$m Current 2022 US$m Total 2022 US$m Non-current 2021 US$m Current 2021 US$m Total 2021 US$m Derivatives not related to net debt 220 61 281 153 225 378 Derivatives related to net debt 684 8 692 240 \u2014 240 Other financial liabilities \u2014 \u2014 \u2014 \u2014 20 20 Total other financial liabilities 904 69 973 393 245 638 Offsetting and enforceable master netting agreements When we have a legally enforceable right to offset our financial assets and liabilities and an intention to settle on a net basis, or realise the asset and settle the liability simultaneously, we report the net amount in the consolidated balance sheet. Agreements with derivative counterparties are based on the International Swaps and Derivatives Association master netting agreements that do not meet the criteria for offsetting, but allow for the related amounts to be set-off in certain circumstances. During the year, there were no material amounts offset in the balance sheet. ",
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"value": "24 Financial instruments and risk management Recognition and measurement We classify our financial assets into those held at amortised cost and those to be measured at fair value either through the profit and loss (FVTPL) or through other comprehensive income (FVOCI) based on the business model for managing the financial assets and the contractual terms of the cas flows. Classification of financial asset Amortised cost Fair value through profit and loss Fair value through other comprehensive income Recognition and measurement At initial recognition, trade receivables that do not have a significant financing component are recognised at their transaction price. Other financial assets are initially recognised at fair value plus related transaction costs. The asset is initially recognised at fair value with transaction costs immediately expensed to the income statement. The asset is initially recognised at fair value. Subsequent measurement Amortised cost using the effective interest method. Fair value movements are recognised in the income statement. Fair value gains or losses on revaluation of such equity investments, including any foreign exchange component, are recognised in other comprehensive income. Dividends are recognised in the income statement when the right to receive payment is established. Derecognition Any gain or loss on de-recognition or modification of a financial asset held at amortised cost is recognised in the income statement. Not applicable. When the equity investment is derecognised, there is no reclassification of fair value gains or losses previously recognised in other comprehensive income to the income statement. Borrowings and other financial liabilities (including trade payables but excluding derivative liabilities) are recognised initially at fair value, net of transaction costs incurred, and are subsequently measured at amortised cost. 24 Financial instruments and risk management continued Financial risk management objectives Our financial risk management objectives are: \u2013 to have in place a robust capital structure to manage the organisation through the commodity cycle; and \u2013 to allow our financial exposures, mainly commodity price, foreign exchange and interest rates, to, in general, float with the market. Our Treasury and Commercial teams manage the following key economic risks generated from our operations: \u2013 Capital and Liquidity risk \u2013 Credit risk \u2013 Interest rate risk \u2013 Commodity price risk \u2013 Foreign exchange risk These teams operate under a strong control environment, within approved limits. (i) Capital and liquidity risk Our capital and liquidity risk arises from the possibility that we may not be able to settle or meet our obligations as they fall due. Refer to Our capital and liquidity section on page 190. (ii) Credit risk Credit risk is the risk that our customers, or institutions that we invest in, are unable to meet their contractual obligations. We are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include government securities (primarily US Government), corporate and asset-backed securities, reverse re-purchase agreements, money market funds, and balances with banks and financial institutions. Refer to note 17 Receivables and other assets, note 22 Cash and cash equivalents and note 23 Other financial assets and liabilities for an understanding of the size of balance. (iii) Interest rate risk Our interest rate management policy is generally to borrow and invest at floating interest rates. After the impact of hedging, 77% (2021: 85%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk refer to note 20. Sensitivity to interest rate changes Based on our floating rate financial instruments outstanding at 31 December 2022, the effect on our net earnings of a 100 basis point increase in US dollar LIBOR or SOFR (where applicable) interest rates, with all other variables held constant, would be an expense of US$26 million (2021: income of US$13 million). This reflects the net debt position in 2022 compared to a net cash position in prior year. We are also exposed to interest rate volatility within shareholders\u2019 equity. This is because we have designated some cross currency interest rate swaps to be in a cash flow hedge relationship with our 2029 GBP loan. As we receive fixed GBP interest and pay fixed USD interest any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative within shareholders\u2019 equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in isolation would impact equity, before tax, by a charge of US$35 million (2021: US$55 million charge) for sterling and a credit of US$48 million (2021: US$65 million credit) for US dollars. A 100 basis point decrease would have broadly the same impact in the opposite direction. (iv) Commodity price risk Our broad commodity base means our exposure to commodity prices is diversified. Our normal policy is to sell our products at prevailing market prices. For certain physical commodity transactions for which the price was fixed at the contract date, we enter into derivatives to achieve the prevailing market prices at the point of revenue recognition. We do not generally consider that using derivatives to fix commodity prices would provide a long-term benefit to our shareholders. Exceptions to this rule are subject to limits, and to defined market risk tolerances and internal controls. Substantially all iron ore and aluminium sales are reflected at final prices at each reporting period. Final prices for copper concentrate, however, are normally determined between 30 and 180 days after delivery to our customer. At 31 December 2022, we had 83 million pounds of copper sales (31 December 2021: 81 million pounds), that were provisionally priced at US 380 cents per pound (2021: US 440 cents per pound). The final price of these sales will be determined during the first half of 2023. A 10% change in the price of copper realised on the provisionally priced sales, all other factors held constant, would increase or reduce net earnings by US$19 million (2021: US$26 million). Power costs represent a significant portion of costs in our aluminium business and therefore we are exposed to fluctuations in power prices. To mitigate our exposure to changes in the relationship between aluminium prices and power prices, we have a number of electricity purchase contracts which are directly linked to the daily official LME cash ask price for high grade aluminium (\u201cLME price\u201d) and to the US Midwest Transaction Premium (\u201cMidwest premium\u201d). In accordance with IFRS 9, we apply hedge accounting to two embedded derivatives within our power contracts. The embedded derivatives (notional aluminium forward sales) have been designated as the hedging instrument. The forecast aluminium sales, priced using the LME price and the Midwest premium, represent the hedged item. The hedging ratio is 1:1, as the quantity of sales designated as being hedged matches the notional amount of the hedging instrument. The hedging instrument\u2019s notional amount, expressed in equivalent metric tonnes of aluminium, is derived from our expected electricity consumption under the power contracts as well as other relevant contract parameters. When we designate such embedded derivatives as the hedging instrument in a cash flow hedge, we recognise the effective portion of the change in the fair value of the hedging instrument in other comprehensive income, and it is accumulated in the cash flow hedge reserve. The amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the hedging instrument and the cumulative change in the fair value of the hedged item, in absolute terms. On realisation of the hedges, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. We recognise any ineffectiveness relating to the hedging relationship immediately in the income statement. Sources of ineffectiveness include: differences in the timing of the cash flows between the hedged item and the hedging instrument, non-zero initial fair value of the hedging instrument, the existence of a cap on the Midwest premium in the hedging instrument and counterparty credit risk. We held the following notional aluminium forward sales contracts embedded in the power contracts: At 31 December 2022 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 501,498 72,812 289,868 138,818 \u2014 Notional amount (in US$ millions) 1,216 166 697 353 \u2014 Average hedged rate (in US$ per tonne) 2,425 2,282 2,404 2,542 \u2014 At 31 December 2021 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 573,653 72,555 289,867 211,231 \u2014 Notional amount (in US$ millions) 1,377 162 683 532 \u2014 Average hedged rate (in US$ per tonne) 2,401 2,234 2,355 2,520 \u2014 The impact on our financial statements of these hedging instruments and hedging items are: Aluminium embedded derivatives separated from the power contract (Hedging instrument) (a) Highly probable forecast aluminium sales (Hedged item) Nominal US$m Carrying amount US$m Change in fair value in the period US$m Cash flow hedge reserve (b) US$m Change in fair value in the period US$m Total hedging losses recognised in reserves US$m Hedge ineffective- ness in the period gains/ (losses) (c) US$m Losses reclassified from reserves to income statement (d) US$m 2022 1,216 (189) (119) (87) 133 (110) (9) 34 2021 1,377 (124) (201) (11) 300 (211) 10 17 (a) Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. The carrying amount of US$189 million (2021: US$124 million) is shown within \u201cOther financial assets and liabilities\u201d. (b) The difference between this amount and the total cash flow hedge reserve of the Group (shown in note 35) relates to our cash flow hedge on the sterling bond (refer to interest rate risk section). (c) Hedge ineffectiveness is included in net operating costs (raw materials, consumables, repairs and maintenance) in the income statement. (d) On realisation of the hedge, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. There was no cost of hedging recognised in 2022 or 2021 relating to this hedge relationship. Sensitivities Our commodity derivatives are impacted by changes in market prices. The table below summarises the impact that changes in aluminium market prices have on aluminium forward and option contracts embedded in power supply agreements outstanding at 31 December 2022. Any change in price will result in an offsetting change in our future earnings. Change in market prices 2022 US$m 2021 US$m Effect on net earnings +10 % (57) (78) (10) % 83 73 Effect on equity +10 % (90) (98) (10) % 65 95 We exclude our \u201cown use contracts\u201d from this sensitivity analysis as they are outside the scope of IFRS 9. Our business units continue to hold these types of contracts to satisfy their expected purchase, sale or usage requirements. 24 Financial instruments and risk management continued (v) Foreign exchange risk The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders\u2019 equity are influenced by a wide variety of currencies. The majority of our sales are denominated in the US dollar. Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those currencies in which we buy imported equipment and services. The US dollar, the Australian dollar and the Canadian dollar are the most important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial results. A strengthening of the US dollar against the currencies in which our costs are partly denominated has a positive effect on our underlying earnings. However, a strengthening of the US dollar reduces the value of non-US dollar denominated net assets, and therefore total equity. In most cases our debt and other financial assets and liabilities, including intragroup balances, is held in the functional currency of the relevant subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on US dollar net debt and intragroup balances. On consolidation, these balances are retranslated to our US dollar presentation currency and there is a corresponding and offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity. Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency protection measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as acquisitions, disposals, tax and dividend cash flows may be economically hedged. Sensitivities The table below shows the estimated retranslation effect on financial assets and financial liabilities, including intragroup balances, of a 10% strengthening in the closing exchange rate of the US dollar against significant currencies. We deem 10% to be the annual exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and therefore an appropriate representation. At 31 December 2022 Losses associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 68 (319) (986) Canadian dollar 74 (219) \u2014 At 31 December 2021 Gains/(losses) associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 73 379 (1,044) Canadian dollar 78 (111) \u2014 We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into US dollars at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a particular currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore generally has no impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is expressed in terms of the effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based on financial assets and financial liabilities held at 31 December 2022, where balances are not denominated in the functional currency of the subsidiary or joint operation, and exclude financial assets and liabilities held by equity accounted units. These balances will not remain constant throughout 2023, and therefore the information should be used with care. Valuation hierarchy of financial instruments carried at fair value on a recurring basis The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 at 31 December 2022 and 31 December 2021. All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted. At 31 December 2022 At 31 December 2021 Held at fair value Held at fair value Note Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised cost US$m Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised costs US$m Assets Cash and cash equivalents (d) 22 6,775 2,725 \u2014 \u2014 4,050 12,807 4,138 \u2014 \u2014 8,669 Investments in equity shares and funds (e) 23 222 147 \u2014 75 \u2014 117 64 \u2014 53 \u2014 Other investments, including loans (f) 23 2,275 2,018 \u2014 229 28 2,682 2,422 \u2014 238 22 Trade and other financial receivables (g) 17 2,765 18 1,306 \u2014 1,441 2,762 1 1,163 \u2014 1,598 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 67 \u2014 16 51 \u2014 133 \u2014 48 85 \u2014 Derivatives related to net debt (i) 23 2 \u2014 2 \u2014 \u2014 139 \u2014 139 \u2014 \u2014 Liabilities Trade and other financial payables (j) 18 (6,485) \u2014 (30) \u2014 (6,455) (6,356) \u2014 (67) \u2014 (6,289) Forward, option and embedded derivatives contracts, designated as hedges (h) 23 (189) \u2014 \u2014 (189) \u2014 (125) \u2014 \u2014 (125) \u2014 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 (92) \u2014 (57) (35) \u2014 (253) \u2014 (179) (74) \u2014 Derivatives related to net debt (i) 23 (692) \u2014 (692) \u2014 \u2014 (240) \u2014 (240) \u2014 \u2014 (a) Valuation is based on unadjusted quoted prices in active markets for identical financial instruments. (b) Valuation is based on inputs that are observable for the financial instruments, which include quoted prices for similar instruments or identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data (c) Valuation is based on inputs that cannot be observed using market data (unobservable inputs). The change in valuation of our level 3 instruments for the year to 31 December 2022 is below: 2022 2021 Level 3 financial assets and liabilities US$m US$m Opening balance 177 395 Currency translation adjustments (4) (6) Total realised gains/(losses) included in: \u2013 consolidated sales revenue 16 27 \u2013 net operating costs 365 (50) Total unrealised gains included in: \u2013 net operating costs 124 68 Total unrealised losses transferred into other comprehensive income through cash flow hedges (110) (212) Additions to financial assets/(liabilities) 41 (21 ) Disposals/maturity of financial instruments (478) (6) Transfers \u2014 (18) Closing balance 131 177 Net gains included in the income statement for assets and liabilities held at year end 103 20 (d) Our \"cash and cash equivalents\" of US$6,775 million (31 December 2021:US$12,807 million), includes US$2,725 million (31 December 2021:US$4,138 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements going into finance income. (e) Investments in equity shares and funds include US$153 million (31 December 2021: US$98 million) of equity shares, not held for trading, where we have irrevocably elected to present fair value gains and losses on revaluation in other comprehensive income (FVOCI). The election is made at an individual investment level. (f) Other investments, including loans, covers: cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables. (g) Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with changes between the provisional price and the final price recorded separately within \u201cOther revenue\u201d. The selling price can be measured reliably for the Group's products, as it operates in active and freely traded commodity markets. At 31 December 2022, US$1,234 million (31 December 2021: US$1,114 million) of provisionally priced receivables were recognised. (h) Level 3 derivatives consist of derivatives embedded in electricity purchase contracts linked to the LME, midwest premium and billet premium with terms expiring between 2025 and 2036 (31 December 2021: 2025 and 2036). (i) Net debt derivatives include interest rate swaps and cross-currency swaps. (j) Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 18. There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the year ended 31 December 2022 or in the year ended 31 December 2021. 24 Financial instruments and risk management continued Valuation techniques and inputs The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: Description Fair Value US$m Valuation technique Significant Inputs Level 2 Interest rate swaps (356) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Cross currency interest rate swaps (334) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Market quoted FX rate Provisionally priced receivables 1,234 Closely related listed product Applicable forward quoted metal price Level 3 Derivatives embedded in electricity contracts (208) Option pricing model LME forward aluminium price Midwest premium and billet premium Royalty receivables 209 Discounted cash flows Forward commodity price Mine production Sensitivity analysis in respect of level 3 financial instruments For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated using a movement that we deem to be reasonably probable. To value the long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net liability of US$208 million at 31 December 2022 (31 December 2021: US$146 million). Impact of climate change on our business - Coal royalty receivables Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as \u201cOther investments, including loans\u201d within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). Fair values disclosure of financial instruments The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 31 December 2022 31 December 2021 Carrying value US$m Fair value US$m Carrying value US$m Fair value US$m Borrowings (including overdrafts) 11,071 11,192 12,168 13,904 Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy.",
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"value": "(ii) Credit risk Credit risk is the risk that our customers, or institutions that we invest in, are unable to meet their contractual obligations. We are exposed to credit risk in our operating activities (primarily from customer trade receivables); and from our investing activities that include government securities (primarily US Government), corporate and asset-backed securities, reverse re-purchase agreements, money market funds, and balances with banks and financial institutions. Refer to note 17 Receivables and other assets, note 22 Cash and cash equivalents and note 23 Other financial assets and liabilities for an understanding of the size of balance. ",
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"value": "(iii) Interest rate risk Our interest rate management policy is generally to borrow and invest at floating interest rates. After the impact of hedging, 77% (2021: 85%) of our borrowings (including leases) were at floating rates. To understand how we manage interest rate risk refer to note 20. Sensitivity to interest rate changes Based on our floating rate financial instruments outstanding at 31 December 2022, the effect on our net earnings of a 100 basis point increase in US dollar LIBOR or SOFR (where applicable) interest rates, with all other variables held constant, would be an expense of US$26 million (2021: income of US$13 million). This reflects the net debt position in 2022 compared to a net cash position in prior year. We are also exposed to interest rate volatility within shareholders\u2019 equity. This is because we have designated some cross currency interest rate swaps to be in a cash flow hedge relationship with our 2029 GBP loan. As we receive fixed GBP interest and pay fixed USD interest any change in the GBP interest rate or the USD interest rate will have an impact on the fair value of the derivative within shareholders\u2019 equity. With all factors remaining constant, a 100 basis point increase in interest rates in each of the currencies in isolation would impact equity, before tax, by a charge of US$35 million (2021: US$55 million charge) for sterling and a credit of US$48 million (2021: US$65 million credit) for US dollars. A 100 basis point decrease would have broadly the same impact in the opposite direction. When we designate such embedded derivatives as the hedging instrument in a cash flow hedge, we recognise the effective portion of the change in the fair value of the hedging instrument in other comprehensive income, and it is accumulated in the cash flow hedge reserve. The amount that is recognised in other comprehensive income is limited to the lesser of the cumulative change in the fair value of the hedging instrument and the cumulative change in the fair value of the hedged item, in absolute terms. On realisation of the hedges, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. We recognise any ineffectiveness relating to the hedging relationship immediately in the income statement. Sources of ineffectiveness include: differences in the timing of the cash flows between the hedged item and the hedging instrument, non-zero initial fair value of the hedging instrument, the existence of a cap on the Midwest premium in the hedging instrument and counterparty credit risk. We held the following notional aluminium forward sales contracts embedded in the power contracts: At 31 December 2022 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 501,498 72,812 289,868 138,818 \u2014 Notional amount (in US$ millions) 1,216 166 697 353 \u2014 Average hedged rate (in US$ per tonne) 2,425 2,282 2,404 2,542 \u2014 At 31 December 2021 Total Within 1 year Between 1 and 5 years Between 5 and 10 years After 10 years Notional amount (in tonnes) 573,653 72,555 289,867 211,231 \u2014 Notional amount (in US$ millions) 1,377 162 683 532 \u2014 Average hedged rate (in US$ per tonne) 2,401 2,234 2,355 2,520 \u2014 The impact on our financial statements of these hedging instruments and hedging items are: Aluminium embedded derivatives separated from the power contract (Hedging instrument) (a) Highly probable forecast aluminium sales (Hedged item) Nominal US$m Carrying amount US$m Change in fair value in the period US$m Cash flow hedge reserve (b) US$m Change in fair value in the period US$m Total hedging losses recognised in reserves US$m Hedge ineffective- ness in the period gains/ (losses) (c) US$m Losses reclassified from reserves to income statement (d) US$m 2022 1,216 (189) (119) (87) 133 (110) (9) 34 2021 1,377 (124) (201) (11) 300 (211) 10 17 (a) Aluminium embedded derivatives (forward contracts and options) are contained within certain aluminium smelter electricity purchase contracts. The carrying amount of US$189 million (2021: US$124 million) is shown within \u201cOther financial assets and liabilities\u201d. (b) The difference between this amount and the total cash flow hedge reserve of the Group (shown in note 35) relates to our cash flow hedge on the sterling bond (refer to interest rate risk section). (c) Hedge ineffectiveness is included in net operating costs (raw materials, consumables, repairs and maintenance) in the income statement. (d) On realisation of the hedge, realised amounts are reclassified from reserves to consolidated sales revenue in the income statement. There was no cost of hedging recognised in 2022 or 2021 relating to this hedge relationship. Sensitivities Our commodity derivatives are impacted by changes in market prices. The table below summarises the impact that changes in aluminium market prices have on aluminium forward and option contracts embedded in power supply agreements outstanding at 31 December 2022. Any change in price will result in an offsetting change in our future earnings. Change in market prices 2022 US$m 2021 US$m Effect on net earnings +10 % (57) (78) (10) % 83 73 Effect on equity +10 % (90) (98 (10) % 65 95 We exclude our \u201cown use contracts\u201d from this sensitivity analysis as they are outside the scope of IFRS 9. Our business units continue to hold these types of contracts to satisfy their expected purchase, sale or usage requirements. 24 Financial instruments and risk management continued (v) Foreign exchange risk The broad geographic spread of our sales and operations means that our earnings, cash flows and shareholders\u2019 equity are influenced by a wide variety of currencies. The majority of our sales are denominated in the US dollar. Our operating costs are influenced by the currencies of those countries where our mines and processing plants are located, and by those currencies in which we buy imported equipment and services. The US dollar, the Australian dollar and the Canadian dollar are the most important currencies influencing our costs. In any particular year, currency fluctuations may have a significant impact on our financial results. A strengthening of the US dollar against the currencies in which our costs are partly denominated has a positive effect on our underlying earnings. However, a strengthening of the US dollar reduces the value of non-US dollar denominated net assets, and therefore total equity. In most cases our debt and other financial assets and liabilities, including intragroup balances, is held in the functional currency of the relevant subsidiary. There are instances where these balances are held in currencies other than the functional currency of the relevant subsidiary. This means we recognise exchange gains and losses in our income statement (except where they can be taken to equity) as these balances are translated into the functional currency of the relevant subsidiary. Our income statement also includes exchange gains and losses arising on US dollar net debt and intragroup balances. On consolidation, these balances are retranslated to our US dollar presentation currency and there is a corresponding and offsetting exchange difference recognised directly in the currency translation reserve. There is no impact on total equity. Under normal market conditions, we do not consider that active currency hedging of transactions would provide long-term benefits to shareholders. We review our exposure on a regular basis and will undertake hedging if deemed appropriate. We may deem currency protection measures appropriate in specific commercial circumstances. Capital expenditures and other significant financial items such as acquisitions, disposals, tax and dividend cash flows may be economically hedged. Sensitivities The table below shows the estimated retranslation effect on financial assets and financial liabilities, including intragroup balances, of a 10% strengthening in the closing exchange rate of the US dollar against significant currencies. We deem 10% to be the annual exchange rate movement that is reasonably probable (on an annual basis over the long run) for any of our significant currencies and therefore an appropriate representation. At 31 December 2022 Losses associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 68 (319) (986) Canadian dollar 74 (219) \u2014 At 31 December 2021 Gains/(losses) associated with 10% strengthening of the US dollar Currency exposure Closing exchange rate US cents Effect on net earnings US$m Impact directly on equity US$m Australian dollar 73 379 (1,044) Canadian dollar 78 (111) \u2014 We calculate sensitivities in relation to the functional currencies of our individual entities. We translate the impact of these on net earnings into US dollars at the exchange rates on which the sensitivities are based. The impact to net earnings associated with a 10% weakening of a particular currency, shown above, is broadly offset within equity through movements in the currency translation reserve and therefore generally has no impact on our net assets. The offsetting currency translation movement is not shown in the table above. The impact is expressed in terms of the effect on net earnings and equity, assuming that each exchange rate moves in isolation. The sensitivities are based on financial assets and financial liabilities held at 31 December 2022, where balances are not denominated in the functional currency of the subsidiary or joint operation, and exclude financial assets and liabilities held by equity accounted units. These balances will not remain constant throughout 2023, and therefore the information should be used with care. ",
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"value": "Valuation hierarchy of financial instruments carried at fair value on a recurring basis The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 at 31 December 2022 and 31 December 2021. All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted. At 31 December 2022 At 31 December 2021 Held at fair value Held at fair value Note Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised cost US$m Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised costs US$m Assets Cash and cash equivalents (d) 22 6,775 2,725 \u2014 \u2014 4,050 12,807 4,138 \u2014 \u2014 8,669 Investments in equity shares and funds (e) 23 222 147 \u2014 75 \u2014 117 64 \u2014 53 \u2014 Other investments, including loans (f) 23 2,275 2,018 \u2014 229 28 2,682 2,422 \u2014 238 22 Trade and other financial receivables (g) 17 2,765 18 1,306 \u2014 1,441 2,762 1 1,163 \u2014 1,598 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 67 \u2014 16 51 \u2014 133 \u2014 48 85 \u2014 Derivatives related to net debt (i) 23 2 \u2014 2 \u2014 \u2014 139 \u2014 139 \u2014 \u2014 Liabilities Trade and other financial payables (j) 18 (6,485) \u2014 (30) \u2014 (6,455) (6,356) \u2014 (67) \u2014 (6,289) Forward, option and embedded derivatives contracts, designated as hedges (h) 23 (189) \u2014 \u2014 (189) \u2014 (125) \u2014 \u2014 (125) \u2014 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 (92) \u2014 (57) (35) \u2014 (253) \u2014 (179) (74) \u2014 Derivatives related to net debt (i) 23 (692) \u2014 (692) \u2014 \u2014 (240) \u2014 (240) \u2014 \u2014 (a) Valuation is based on unadjusted quoted prices in active markets for identical financial instruments. (b) Valuation is based on inputs that are observable for the financial instruments, which include quoted prices for similar instruments or identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data (c) Valuation is based on inputs that cannot be observed using market data (unobservable inputs). The change in valuation of our level 3 instruments for the year to 31 December 2022 is below: 2022 2021 Level 3 financial assets and liabilities US$m US$m Opening balance 177 395 Currency translation adjustments (4) (6) Total realised gains/(losses) included in: \u2013 consolidated sales revenue 16 27 \u2013 net operating costs 365 (50) Total unrealised gains included in: \u2013 net operating costs 124 68 Total unrealised losses transferred into other comprehensive income through cash flow hedges (110) (212) Additions to financial assets/(liabilities) 41 (21 ) Disposals/maturity of financial instruments (478) (6) Transfers \u2014 (18) Closing balance 131 177 Net gains included in the income statement for assets and liabilities held at year end 103 20 (d) Our \"cash and cash equivalents\" of US$6,775 million (31 December 2021:US$12,807 million), includes US$2,725 million (31 December 2021:US$4,138 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements going into finance income. (e) Investments in equity shares and funds include US$153 million (31 December 2021: US$98 million) of equity shares, not held for trading, where we have irrevocably elected to present fair value gains and losses on revaluation in other comprehensive income (FVOCI). The election is made at an individual investment level. (f) Other investments, including loans, covers: cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables. (g) Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with changes between the provisional price and the final price recorded separately within \u201cOther revenue\u201d. The selling price can be measured reliably for the Group's products, as it operates in active and freely traded commodity markets. At 31 December 2022, US$1,234 million (31 December 2021: US$1,114 million) of provisionally priced receivables were recognised. (h) Level 3 derivatives consist of derivatives embedded in electricity purchase contracts linked to the LME, midwest premium and billet premium with terms expiring between 2025 and 2036 (31 December 2021: 2025 and 2036). (i) Net debt derivatives include interest rate swaps and cross-currency swaps. (j) Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 18. There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the year ended 31 December 2022 or in the year ended 31 December 2021. 24 Financial instruments and risk management continued Valuation techniques and inputs The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: Description Fair Value US$m Valuation technique Significant Inputs Level 2 Interest rate swaps (356) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Cross currency interest rate swaps (334) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Market quoted FX rate Provisionally priced receivables 1,234 Closely related listed product Applicable forward quoted metal price Level 3 Derivatives embedded in electricity contracts (208) Option pricing model LME forward aluminium price Midwest premium and billet premium Royalty receivables 209 Discounted cash flows Forward commodity price Mine production Sensitivity analysis in respect of level 3 financial instruments For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated using a movement that we deem to be reasonably probable. To value the long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net liability of US$208 million at 31 December 2022 (31 December 2021: US$146 million). Impact of climate change on our business - Coal royalty receivables Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as \u201cOther investments, including loans\u201d within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). Fair values disclosure of financial instruments The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 31 December 2022 31 December 2021 Carrying value US$m Fair value US$m Carrying value US$m Fair value US$m Borrowings (including overdrafts) 11,071 11,192 12,168 13,904 Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy.",
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"value": "Valuation hierarchy of financial instruments carried at fair value on a recurring basis The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 at 31 December 2022 and 31 December 2021. All instruments shown as being held at fair value have been classified as fair value through the profit and loss unless specifically footnoted. At 31 December 2022 At 31 December 2021 Held at fair value Held at fair value Note Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised cost US$m Total US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Held at amortised costs US$m Assets Cash and cash equivalents (d) 22 6,775 2,725 \u2014 \u2014 4,050 12,807 4,138 \u2014 \u2014 8,669 Investments in equity shares and funds (e) 23 222 147 \u2014 75 \u2014 117 64 \u2014 53 \u2014 Other investments, including loans (f) 23 2,275 2,018 \u2014 229 28 2,682 2,422 \u2014 238 22 Trade and other financial receivables (g) 17 2,765 18 1,306 \u2014 1,441 2,762 1 1,163 \u2014 1,598 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 67 \u2014 16 51 \u2014 133 \u2014 48 85 \u2014 Derivatives related to net debt (i) 23 2 \u2014 2 \u2014 \u2014 139 \u2014 139 \u2014 \u2014 Liabilities Trade and other financial payables (j) 18 (6,485) \u2014 (30) \u2014 (6,455) (6,356) \u2014 (67) \u2014 (6,289) Forward, option and embedded derivatives contracts, designated as hedges (h) 23 (189) \u2014 \u2014 (189) \u2014 (125) \u2014 \u2014 (125) \u2014 Forward, option and embedded derivatives contracts, not designated as hedges (h) 23 (92) \u2014 (57) (35) \u2014 (253) \u2014 (179) (74) \u2014 Derivatives related to net debt (i) 23 (692) \u2014 (692) \u2014 \u2014 (240) \u2014 (240) \u2014 \u2014 (a) Valuation is based on unadjusted quoted prices in active markets for identical financial instruments. (b) Valuation is based on inputs that are observable for the financial instruments, which include quoted prices for similar instruments or identical instruments in markets which are not considered to be active, or inputs, either directly or indirectly based on observable market data (c) Valuation is based on inputs that cannot be observed using market data (unobservable inputs). The change in valuation of our level 3 instruments for the year to 31 December 2022 is below: 2022 2021 Level 3 financial assets and liabilities US$m US$m Opening balance 177 395 Currency translation adjustments (4) (6) Total realised gains/(losses) included in: \u2013 consolidated sales revenue 16 27 \u2013 net operating costs 365 (50) Total unrealised gains included in: \u2013 net operating costs 124 68 Total unrealised losses transferred into other comprehensive income through cash flow hedges (110) (212) Additions to financial assets/(liabilities) 41 (21 ) Disposals/maturity of financial instruments (478) (6) Transfers \u2014 (18) Closing balance 131 177 Net gains included in the income statement for assets and liabilities held at year end 103 20 (d) Our \"cash and cash equivalents\" of US$6,775 million (31 December 2021:US$12,807 million), includes US$2,725 million (31 December 2021:US$4,138 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements going into finance income. (e) Investments in equity shares and funds include US$153 million (31 December 2021: US$98 million) of equity shares, not held for trading, where we have irrevocably elected to present fair value gains and losses on revaluation in other comprehensive income (FVOCI). The election is made at an individual investment level. (f) Other investments, including loans, covers: cash deposits in rehabilitation funds, government bonds, managed investment funds and royalty receivables. (g) Trade receivables include provisionally priced invoices. The related revenue is initially based on forward market selling prices for the quotation periods stipulated in the contracts with changes between the provisional price and the final price recorded separately within \u201cOther revenue\u201d. The selling price can be measured reliably for the Group's products, as it operates in active and freely traded commodity markets. At 31 December 2022, US$1,234 million (31 December 2021: US$1,114 million) of provisionally priced receivables were recognised. (h) Level 3 derivatives consist of derivatives embedded in electricity purchase contracts linked to the LME, midwest premium and billet premium with terms expiring between 2025 and 2036 (31 December 2021: 2025 and 2036). (i) Net debt derivatives include interest rate swaps and cross-currency swaps. (j) Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units within note 18. There were no material transfers between level 1 and level 2, or between level 2 and level 3 in the year ended 31 December 2022 or in the year ended 31 December 2021. 24 Financial instruments and risk management continued Valuation techniques and inputs The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: Description Fair Value US$m Valuation technique Significant Inputs Level 2 Interest rate swaps (356) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Cross currency interest rate swaps (334) Discounted cash flows Applicable market quoted swap yield curves Credit default spread Market quoted FX rate Provisionally priced receivables 1,234 Closely related listed product Applicable forward quoted metal price Level 3 Derivatives embedded in electricity contracts (208) Option pricing model LME forward aluminium price Midwest premium and billet premium Royalty receivables 209 Discounted cash flows Forward commodity price Mine production Sensitivity analysis in respect of level 3 financial instruments For assets/(liabilities) classified under level 3, the effect of changing the significant unobservable inputs on carrying value has been calculated using a movement that we deem to be reasonably probable. To value the long-term aluminium embedded power derivatives, we use unobservable inputs when the term of the derivative extends beyond observable market prices. Changing the level 3 inputs to reasonably possible alternative assumptions does not change the fair value significantly, taking into account the expected remaining term of contracts for either reported period. The fair value of these derivatives is a net liability of US$208 million at 31 December 2022 (31 December 2021: US$146 million). Impact of climate change on our business - Coal royalty receivables Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$209 million (31 December 2021: US$136 million). These are classified as \u201cOther investments, including loans\u201d within note 23. The fair values are determined using level 3 unobservable inputs. These royalty receivables include US$81 million from forecast production beyond 2030. These have not been adjusted for potential changes in production rates that could occur due to climate change targets impacting the operator. The main unobservable input is the long-term coal price used over the life of these royalty receivables. A 15% increase in the coal spot price would result in a US$68 million increase (31 December 2021: US$63 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$18 million decrease (31 December 2021: US$53 million decrease) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). Fair values disclosure of financial instruments The following table shows the carrying amounts and fair values of our borrowings including those which are not carried at an amount which approximates their fair value at 31 December 2022 and 31 December 2021. The fair values of our remaining financial instruments approximate their carrying values because of their short maturity, or because they carry floating rates of interest. 31 December 2022 31 December 2021 Carrying value US$m Fair value US$m Carrying value US$m Fair value US$m Borrowings (including overdrafts) 11,071 11,192 12,168 13,904 Total borrowings with a carrying value of US$6.6 billion (31 December 2021: US$7.3 billion) relate to listed bonds with a fair value of US$6.6 billion (31 December 2021: US$8.7 billion) and are categorised as level 1 in the fair value hierarchy. Borrowings with a carrying value of US$3.8 billion (31 December 2021: US$4.2 billion) relate to project finance drawn down by Oyu Tolgoi, with a fair value of US$3.9 billion (31 December 2021: US$4.4 billion) using a number of level 3 valuation inputs. Our remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable market quoted yield, and are categorised as level 2 in the fair value hierarchy.",
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"value": "25 Average number of employees Subsidiaries and joint operations Equity accounted units (Rio Tinto share) Total 2022 2021 2020 2022 2021 2020 2022 2021 2020 Principal locations of employment: Australia and New Zealand 23,829 21,861 20,482 704 648 634 24,533 22,509 21,116 Canada 13,344 12,270 11,814 \u2014 \u2014 \u2014 13,344 12,270 11,814 UK 202 189 172 \u2014 \u2014 \u2014 202 189 172 Europe 994 1,003 1,020 \u2014 \u2014 \u2014 994 1,003 1,020 Africa 2,797 2,484 2,559 1,218 1,253 1,214 4,015 3,737 3,773 US 3,655 3,471 3,543 \u2014 \u2014 \u2014 3,655 3,471 3,543 Mongolia 4,175 3,513 3,465 \u2014 \u2014 \u2014 4,175 3,513 3,465 South America 286 213 220 1,383 1,353 1,293 1,669 1,566 1,513 India 396 354 324 \u2014 \u2014 \u2014 396 354 324 Singapore 454 450 456 \u2014 \u2014 \u2014 454 450 456 Other countries (a) 289 283 278 \u2014 \u2014 \u2014 289 283 278 Total 50,421 46,091 44,333 3,305 3,254 3,141 53,726 49,345 47,474 (a) \u201cOther countries\u201d primarily includes employees in the Middle East (excluding Oman which is included in Africa), and other countries in Asia which are not shown separately in the table above. Employee numbers, which represent the average for the year, include 100% of employees of subsidiary companies. Employee numbers for joint operations and equity accounted units are proportional to the Group\u2019s interest under contractual agreements. Average employee numbers include a part-year effect for companies acquired or disposed of during the year. Part-time employees are included on a full-time-equivalent basis. Temporary employees are included in employee numbers. People employed by contractors are not included. 26 Employment costs and provisions Note 2022 US$m 2021 US$m 2020 US$m Total employment costs \u2013 Wages and salaries 5,115 4,699 4,141 \u2013 Social security costs 425 386 330 \u2013 Net post-retirement charge 28 559 554 469 \u2013 Share-based payment charge 27 122 126 138 6,221 5,765 5,078 Less: charged within movement in provisions (see below) (219) (252) (308) Total employment costs 7 6,002 5,513 4,770 Pensions and post-retirement healthcare (a) US$m Other employee entitlements (b) US$m Total 2022 US$m Total 2021 US$m At 1 January 2,098 394 2,492 3,474 Adjustment on currency translation (73) (26) (99) (34) Charged/(credited) to profit: \u2013 increases to existing and new provisions 142 89 231 273 \u2013 unused amounts reversed \u2014 (12) (12) (21) Utilised in year (172) (82) (254) (231) Re-measurement gains recognised in other comprehensive income (701) \u2014 (701) (687) Transfers and other movements \u2014 1 1 (282) At 31 December 1,294 364 1,658 2,492 Balance sheet analysis: Current 62 291 353 383 Non-current 1,232 73 1,305 2,109 Total 1,294 364 1,658 2,492 (a) The main assumptions used to determine the provision for pensions and post-retirement healthcare, and other information, including the expected level of future funding payments in respect of those arrangements, are given in note 28. (b) The provision for other employee entitlements includes a provision for long service leave of US$271 million (2021: US$272 million), based on the relevant entitlements in certain Group operations, and includes US$32 million (2021: US$60 million) of provision for redundancy and severance payments. ",
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"value": "27 Share-based payments The Rio Tinto plc and Rio Tinto Limited share-based incentive plans are as follows: UK Share Plan The fair values of Matching and Free Shares awards are the market value of the shares on the date of purchase. The awards are settled in equity. Equity Incentive Plan Since 2018, all long-term incentive awards have been granted under the 2018 Equity Incentive Plan which allows for awards in the form of Performance Share Awards (PSA), Management Share Awards (MSA) and Bonus Deferral Awards (BDA) to be granted. In general, these awards will be settled in equity, including the dividends accumulated from date of award to vesting and therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions. Performance Share Awards (Performance Share Plans prior to 2018) Participants are generally assigned shares in settlement of their PSA on vesting. Therefore the awards are accounted for in accordance with the requirements applying to equity-settled share-based payment transactions, including the dividends accumulated from date of award to vesting. For the parts of awards with Total Shareholder Return (TSR) performance conditions, the fair value of the awards is calculated using a Monte Carlo simulation model taking into account the TSR performance conditions. One-third of the awards granted up to 2017 (inclusive) are subject to an earnings margin performance target relative to ten global mining comparators. As a non-market related performance condition, the fair value recognised is reviewed at each accounting date based on the prevailing expected outcome. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). For grants made from 2018, the earnings margin performance target applying to the PSA was removed. Since 2018, only the TSR performance conditions set out in the Remuneration Report apply to the PSA. Management Share Awards The vesting of these awards is dependent on service conditions being met; no performance conditions apply. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 7% per annum of outstanding awards (2021: 7% per annum). Bonus Deferral Awards BDAs provide for the mandatory deferral of 50% of the bonuses for executive directors and Executive Committee members . The vesting of these awards is dependent only on service conditions being met. The fair value of each award on the day of grant is equal to the share price on the day of grant. Forfeitures prior to vesting are assumed at 3% per annum of outstanding awards (2021: 3% per annum). Global Employee Share Plans The Global Employee Share Plans were introduced in 2012 and re- approved by shareholders in 2021. Under these Plans, the companies provide a matching share award for each investment share purchased by a participant. The vesting of matching awards is dependent on service conditions being met and the continued holding of investment shares by the participant until vesting. These awards are settled in equity including the dividends accumulated from date of award to vesting. The fair value of each matching share on the day of grant is equal to the share price on the date of purchase less a deduction of 15% for estimated cancellations (caused by employees withdrawing their investment shares prior to vesting. Forfeitures prior to vesting are assumed at 5% per annum of outstanding awards (2021: 5% per annum). The PSA, MSA, BDA and awards under the Global Employee Share Plans and UK Share Plan together represent 100% (2021: 100%) of the total IFRS 2 charge for Rio Tinto plc and Rio Tinto Limited plans in 2022. Recognition and measurement: These plans are accounted for in accordance with the fair value recognition provisions of IFRS 2 \u201cShare-based Payment\u201d. The fair value of the Group\u2019s share plans is recognised as an expense over the expected vesting period with an offset to retained earnings for Rio Tinto plc plans and to other reserves for Rio Tinto Limited plans. The Group uses fair values provided by independent actuaries calculated using a Monte Carlo simulation model. The terms of each plan are considered at the balance sheet date to determine whether the plan should be accounted for as equity-settled or cash-settled. The Group does not operate any material plans as cash-settled although certain awards can be settled in cash at the discretion of the directors or where settling a wards in equity is challenging or prohibited by local laws and regulations. The value of these awards is immaterial. The Group\u2019s equity-settled share plans are settled either by: the issuance of shares by the relevant parent company; the purchase of shares on market; or the use of shares held in treasury. If the cost of shares acquired to satisfy the plans differs from the expense charged, the difference is taken to retained earnings or other reserves, as appropriate. The charge that has been recognised in the income statement for Rio Tinto\u2019s share-based incentive plans, and the related liability (for cash-settled awards), is set out in the table below. Charge recognised for the year Liability at the end of the year 2022 US$m 2021 US$m 2020 US$m 2022 US$m 2021 US$m Equity-settled awards 117 122 131 \u2014 \u2014 Cash-settled awards 5 4 7 7 6 Total 122 126 138 7 6 Performance Share Awards (granted under either the Performance Share Plans or the Equity Incentive Plans) Rio Tinto plc awards Rio Tinto Limited awards 2022 number Weighted average fair value at grant date 2022 \u00a3 2021 number Weighted average fair value at grant date 2021 \u00a3 2022 number Weighted average fair value at grant date 2022 A$ 2021 number Weighted average fair value at grant date 2021 A$ Unvested awards at 1 January 3,376,072 24.26 3,778,041 21.01 1,276,694 50.46 1,391,373 44.40 Awarded 518,950 25.60 676,296 29.63 256,508 51.21 217,178 60.67 Forfeited (9,973) 31.68 (474,878) 20.85 (38,733) 51.09 (59,291) 46.42 Failed performance conditions (326,522) 32.83 (189,799) 19.43 (149,788) 61.40 (89,448) 44.07 Vested (655,078) 20.49 (413,588) 9.48 (304,441) 38.68 (183,118) 20.96 Unvested awards at 31 December 2,903,449 24.36 3,376,072 24.26 1,040,240 52.51 1,276,694 50.46 Rio Tinto plc awards Rio Tinto Limited awards 2022 number Weighted average share price at vesting 2022 \u00a3 2021 number Weighted average share price at vesting 2021 \u00a3 2022 number Weighted average share price at vesting 2022 A$ 2021 number Weighted average share price at vesting 2021 A$ Vested awards settled in shares during the year (including dividend shares applied on vesting) 632,533 54.96 431,682 62.63 247,216 115.25 184,876 127.37 Vested awards settled in cash during the year (including dividend shares applied on vesting) 230,006 54.67 63,144 62.35 140,479 115.35 29,737 127.5 In addition to the equity-settled awards shown above, there were 26,394 Rio Tinto plc and 23,917 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 20,548 Rio Tinto plc and 27,476 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$2 million (2021: US$2 million). Management Share Awards, Bonus Deferral Awards (granted under the Management Share Plans or Equity Incentive Plans), Global Employee Share Plans and UK Share Plan (combined) Rio Tinto plc awards (a) Rio Tinto Limited awards 2022 number Weighted average fair value at grant date 2022 \u00a3 2021 number Weighted average fair value at grant date 2021 \u00a3 2022 number Weighted average fair value at grant date 2022 A$ 2021 number Weighted average fair value at grant date 2021 A$ Unvested awards at 1 January (b) 2,493,826 43.55 2,650,861 37.50 2,164,568 92.31 2,216,734 82.52 Awarded 1,187,887 50.37 987,665 52.07 1,068,556 95.69 887,022 105.47 Forfeited (146,816) 56.66 (202,248) 23.84 (155,631) 96.46 (130,990) 90.01 Cancelled (65,267) 44.99 (42,812) 45.09 (46,300) 86.44 (46,624) 87.08 Vested (883,951) 39.69 (899,640) 39.44 (690,488) 86.96 (761,574) 79.86 Unvested awards at 31 December (b) 2,585,679 47.22 2,493,826 43.55 2,340,705 95.27 2,164,568 92.31 Comprising: \u2013 Management Share Awards 1,220,559 48.82 1,241,695 43.63 1,150,641 103.00 1,178,538 95.70 \u2013 Bonus Deferral Awards 139,782 55.96 158,572 42.31 60,862 113.13 46,660 96.08 \u2013 Global Employee Share Plan 1,191,738 44.51 1,060,394 43.49 1,129,202 86.43 939,370 87.86 \u2013 UK Share Plan 33,600 49.05 33,165 47.94 \u2014 \u2014 \u2014 \u2014 27 Share-based payments continued 2022 number Weighted average share price at vesting 2022 \u00a3 2021 number Weighted average share price at vesting 2021 \u00a3 2022 number Weighted average share price at vesting 2022 A$ 2021 number Weighted average share price at vesting 2021 A$ Vested awards settled in shares during the year (including dividend shares applied on vesting): \u2013 Management Share Awards 529,054 54.59 547,487 60.74 486,587 113.18 550,161 122.89 \u2013 Bonus Deferral Awards 136,317 55.11 100,368 47.96 32,080 107.78 34,279 105.55 \u2013 Global Employee Share Plan 478,204 51.52 407,314 54.61 337,782 104.82 312,109 112.33 \u2013 UK Share Plan 12,176 55.20 20,111 57.15 \u2014 \u2014 \u2014 \u2014 Vested awards settled in cash during the year (including dividend shares applied on vesting): \u2013 Bonus Deferral Awards 23,611 55.98 23,371 46.12 12,699 113.23 19,607 93.5 (a) Awards of Rio Tinto American Depositary Receipts (ADRs) under the Global Employee Share Plan are included within the totals for Rio Tinto plc awards for the purpose of these tables. (b) These numbers are presented and calculated in accordance with IFRS 2 and represent awards for which an IFRS 2 charge continues to be accrued for. In addition to the equity-settled awards shown above, there were 90,748 Rio Tinto plc and 9,685 Rio Tinto Limited cash-settled awards outstanding at 31 December 2022 (2021: 89,239 Rio Tinto plc and 12,217 Rio Tinto Limited cash-settled awards outstanding). The total liability for these awards at 31 December 2022 was US$5 million (2021: US$4 million). ",
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"value": "28 Post-retirement benefits Description of plans The Group operates a number of pension and post-retirement healthcare plans which provide lump sums, pensions, medical benefits and life insurance to retirees. Some of these plans are defined contribution and some are defined benefit, with assets held in separate trusts, foundations and similar entities. Defined benefit pension and post-retirement healthcare plans expose the Group to a number of risks: Uncertainty in benefit payments The value of the Group\u2019s liabilities for post-retirement benefits will ultimately depend on the amount of benefits paid out. This in turn will depend on the level of future pay increases, the level of inflation (for those benefits that are subject to some form of inflation protection) and how long individuals live. Volatility in asset values The Group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments. Uncertainty in cash funding Movements in the values of the obligations or assets may result in the Group being required to provide higher levels of cash funding, although changes in the level of cash required can often be spread over a number of years. In some countries control over the rate of cash funding or over the investment policy for pension assets might rest to some extent with a trustee body or other body that is not under the Group\u2019s direct control. In addition the Group is also exposed to adverse changes in pension regulation. For these reasons the Group has a policy of moving away from defined benefit pension provisions and towards defined contribution arrangements instead. The defined benefit pension plans for salaried employees are closed to new entrants in almost all countries. For unionised employees, some plans remain open. The Group does not usually participate in multi-employer plans in which the risks are shared with other companies using those plans. The Group\u2019s participation in such plans is immaterial and therefore no detailed disclosures are provided in this note. Pension plans The majority of the Group\u2019s defined benefit pension obligations are in Canada, the UK, the US and Switzerland. In Canada the benefits for salaried staff are generally linked to final average pay and the plans are generally closed to new entrants. Benefits for unionised employees are reviewed in negotiation with unions and are typically linked either to final average pay or to a flat monetary amount per year of service. New employees join arrangements which are defined contribution from the Group\u2019s perspective, with any required additional funding being provided by employees. The plans are subject to the regulatory requirements that apply to Canadian pension plans in the relevant provinces and territories (predominantly Quebec). Pension Committees are responsible for ensuring that the plans operate in a manner that is compliant with the relevant regulations. The Pension Committees generally have a number of members appointed by the sponsor and a number appointed by the plan participants. In some cases, there is also an independent Committee member. The defined benefit sections of the UK arrangements are linked to final pay. New employees join the defined contribution sections. The plans are subject to the regulatory requirements that apply to UK pension plans. Trustees are responsible for ensuring that the plans operate in a manner that is compliant with UK regulations. The trustee board governing the main UK plans has a number of directors appointed by the sponsor, a number appointed by the plan participants and an independent trustee director. A defined benefit pension plan is sponsored by the US entities. Benefits for salaried staff are generally linked to final average pay. Benefits for unionised employees are reviewed in negotiation with unions and are typically a flat monetary amount per year of service. New employees are admitted to defined contribution plans. A Benefits Governance Committee is responsible for ensuring that the plans are compliant with US regulations. Members of that Committee are appointed by the sponsor. The Swiss plan provides benefits linked to final average pay. The Swiss plan is overseen by a Trustee board which is responsible for ensuring that the plan complies with Swiss regulations. Trustee board members are appointed by the plan sponsor, by employees and by retirees. In Australia, the main arrangements are principally defined contribution in nature but there are sections providing defined benefits linked to final pay, typically paid in lump sum form. These arrangements are managed by an independent financial institution, who are responsible for ensuring that the plans are operating in a manner that is compliant with local regulations. We may nominate candidates to be considered for appointment to the governing board, as may other employers. One third of the board positions are nominated by employers, with the remaining positions being filled by independent directors and directors nominated by participants. The Group also operates a number of unfunded defined benefit plans, which are included in the figures below. Post-retirement healthcare plans Certain subsidiaries of the Group, mainly in the US and Canada, provide healthcare and life insurance benefits to retired employees and in some cases to their beneficiaries and covered dependants. Eligibility for coverage is dependent upon certain age and service criteria. These arrangements are unfunded, and are included in the figures below. Recognition and measurement: For post-employment defined benefit schemes, in accordance with IAS 19 \u201cEmployee Benefits\u201d, local actuaries calculate the fair value of the plan assets and the present value of the plan obligations using a variety of valuation techniques dependent on the type of asset or liability. The difference is recognised as an asset or liability in the balance sheet. Where appropriate, the recognition of assets may be restricted to the present value of any amounts the Group expects to recover by way of refunds from the plan or reductions in future contributions. In determining the extent to which a refund will be available the Group considers whether any third party, such as a trustee or pension committee, has the power to enhance benefits or to wind up a pension plan without the Group\u2019s consent. The current service cost, any past service cost and the effect of any curtailment or settlements are recognised in the income statement. The interest cost less interest income on assets held in the plans is also charged to the income statement. All amounts charged to the income statement in respect of these plans are included within \u201cNet operating costs\u201d or in \u201cShare of profit after tax of equity accounted units\u201d, as appropriate. Actuarial gains/ losses and returns from assets are recognised in other comprehensive income. The Group\u2019s contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate. These are included within \u201cNet operating costs\u201d or in \u201cShare of profit after tax of equity accounted units\u201d, as appropriate . Plan assets The assets of the pension plans are invested predominantly in a diversified range of equities, bonds and property. Consequently, the funding level of the pension plans is affected by movements in the level of equity markets and also by movements in interest rates. The Group monitors its exposure to changes in interest rates and equity markets and also measures its balance sheet pension risk using a value at risk approach. These measures are considered when deciding whether significant changes in investment strategy are required. Investment strategy reviews are conducted on a periodic basis to determine the optimal investment mix. This is performed while bearing in mind the risk tolerance of the Group and local sponsor companies, and the views of the Pension Committees and trustee boards who are legally responsible for the plans\u2019 investments. The assets of the pension plans may also be invested in Qualifying Insurance Policies which provide a stream of payments to match the benefits being paid out by the plans. This would therefore remove the investment, inflation and longevity risks. In Canada, the UK and Switzerland, the Group works with the governing bodies to ensure that the investment policy adopted is consistent with the Group\u2019s tolerance for risk. In the US the Group has direct control over the investment policy, subject to local investment regulations. The proportions of the total fair value of assets in the pension plans for each asset class at the balance sheet date were: 2022 2021 Equities 18.0% 17.6% \u2013 Quoted 12.3% 13.4% \u2013 Private 5.7% 4.2% Bonds 58.1% 60.2% \u2013 Government fixed income 24.6% 23.2% \u2013 Government inflation-linked 5.0% 9.5% \u2013 Corporate and other publicly quoted 19.6% 20.6% \u2013 Private 8.9% 6.9% Property 10.0% 7.9% \u2013 Quoted property funds 2.9% 3.4% \u2013 Unquoted property funds 7.1% 4.5% Qualifying insurance policies 9.7% 10.5% Cash & other 4.2% 3.8% Total 100.0% 100.0% The assets of the plans are managed on a day-to-day basis by external specialist fund managers. These managers may invest in the Group\u2019s securities subject to limits imposed by the relevant fiduciary committees and local legislation. The approximate total holding of Group securities within the plans is US$2 million (2021: US$2 million). The holdings of quoted equities are invested in either pooled funds or segregated accounts held in the name of the relevant pension funds. These equity portfolios are well diversified in terms of the geographic distribution and market sectors. 28 Post-retirement benefits continued The holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated. Corporate and other quoted bonds are usually of investment grade. Private debt is mainly held in the North American and UK pension funds and is invested in North American and European companies. The property funds are invested in a diversified range of properties. The holdings of cash & other are predominantly cash and short-term money market instruments. Investments in private equity, private debt and property are less liquid than the other investment classes listed above and therefore the Group\u2019s investment in those asset classes is restricted to a level that does not endanger the liquidity of the pension plans. Qualifying insurance policies are held with insurance companies that are regulated by the relevant local authorities. The value of those policies is calculated by the local actuaries using assumptions consistent with those adopted for valuing the insured obligations. The Group makes limited use of futures, repurchase agreements and other instruments to manage the interest rate risk in some of its plans. Fund managers may also use derivatives to hedge currency movements within their portfolios and, in the case of bond managers, to take positions that could be taken using direct holdings of bonds but more efficiently. Exposure to these instruments is closely monitored and maintained at a level that does not endanger the liquidity of any pension plan. Maturity of defined benefit obligations An approximate analysis of the maturity of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Proportion relating to current employees 1 9 % 1 6 % 1 8 % 2 0 % 2 1 % Proportion relating to former employees not yet retired 9 % 0 % 9 % 11 % 11 % Proportion relating to retirees 7 2 % 8 4 % 73 % 69 % 6 8 % Total 100 % 100 % 100 % 100 % 100 % Average duration of obligations (years) 11.4 11.3 11.4 13.8 14.3 Most of the Group\u2019s defined benefit pension plans are closed to new entrants, therefore the carrying value of the Group\u2019s post-employment obligations is less sensitive to assumptions about future salary increases than to other assumptions such as future inflation. Geographical distribution of defined benefit obligations An approximate analysis of the geographic distribution of the obligations is given in the table below: Pension benefits Other benefits 2022 Total 2021 Total 2020 Total Canada 59 % 4 8 % 5 8 % 55 % 5 3 % UK 25 % 1 % 24 % 2 8 % 2 8 % US 8 % 4 8 % 10 % 10 % 10 % Switzerland 6 % 0 % 6 % 5 % 5 % Other 2 % 3 % 2 % 2 % 4 % Total 100 % 100 % 100 % 100 % 100 % Total expense recognised in the income statement Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m 2020 Total US$m Current employer service cost for defined benefit plans (136) (7) (143) (167) (137) Past service cost \u2014 \u2014 \u2014 (2) (2) Settlement losses \u2014 \u2014 \u2014 (3) (1) Net interest on net defined benefit liability (12) (24) (36) (52) (49) Non-investment expenses paid from the plans (13) \u2014 (13) (15) (16) Total defined benefit expense (161) (31) (192) (239) (205) Current employer service cost for defined contribution and industry-wide plans (365) (2) (367) (315) (264) Total expense recognised in the income statement (526) (33) (559) (554) (469) The above expense amounts are included as an employee cost within net operating costs. No amounts have been excluded from underlying earnings in 2022, 2021 or 2020. The settlement loss in 2021 resulted from pension obligations in France being transferred to an external insurance company. A past service cost of US$1 million was recognised in 2020 in relation to the Lloyds Banking Group court judgment addressing the need to equalise historical transfer values in relation to Guaranteed Minimum Pensions. Total amount recognised in other comprehensive income before tax 2022 US$m 2021 US$m 2020 US$m Actuarial gains/(losses) 3,410 655 (1,242) Loss on application of asset ceiling (1) \u2014 \u2014 Return on assets, net of interest on assets (2,831) 371 768 Re-measurement gains/(losses) on pension and post-retirement healthcare plans 578 1,026 (474) Amounts recognised in the balance sheet The following amounts were measured in accordance with IAS 19 at 31 December: Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Total fair value of plan assets 10,708 \u2014 10,708 14,700 Present value of obligations \u2013 funded (10,226) \u2014 (10,226) (14,462) Present value of obligations \u2013 unfunded (329) (622) (951) (1,266) Present value of obligations \u2013 total (10,555) (622) (11,177) (15,728) Effect of asset ceiling (1) \u2014 (1) \u2014 Net surplus/(deficit) to be shown in the balance sheet 152 (622) (470) (1,028) Comprising: \u2013 Deficits (672) (622) (1,294) (2,098) \u2013 Surpluses 824 \u2014 824 1,070 Net surplus/(deficit) on pension plans 152 \u2014 152 (194) Unfunded post-retirement healthcare obligation \u2014 (622) (622) (834) The surplus amounts shown above are included in the balance sheet as \u201cReceivables and other assets\u201d. See note 17. Deficits are shown in the balance sheet within \u201cProvisions (including post-retirement benefits)\u201d. See note 26. Funding policy and contributions to plans The Group reviews the funding position of its pension plans on a regular basis and considers whether to provide funding above the minimum level required in each country. In Canada and the US the minimum level is prescribed by legislation. In the UK and Switzerland the minimum level is negotiated with the local trustee in accordance with the funding guidance issued by the local regulators. In deciding whether to provide funding above the minimum level, we consider other possible uses of cash elsewhere, the local sponsoring entity\u2019s tax situation and any strategic advantage we might obtain. The Group does not generally pre-fund post-retirement healthcare arrangements. Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m 2020 Total US$m Contributions to defined benefit plans 171 40 211 464 201 Contributions to defined contribution plans 361 2 363 311 261 Total 532 42 574 775 462 The level of surplus in the Rio Tinto Pension Fund in the UK is such that it may be used to pay for the employer contributions to the defined contribution section of that Fund, in accordance with the funding arrangements agreed with the Trustee of that Fund. Consequently, the cash paid to defined contribution plans is lower than the defined contribution service cost by US$4 million. Contributions to defined benefit pension plans are kept under regular review and actual contributions will be determined in line with the Group\u2019s wider financing strategy, taking into account relevant minimum funding requirements. In 2021 additional cash of US$294 million was paid in order to settle pension obligations in France. This amount was paid to an external insurer, along with the transfer of existing pension assets in order to transfer the obligations to that insurer. As contributions to many plans are reviewed on at least an annual basis, the contributions for 2023 and subsequent years cannot be determined precisely in advance. Most of the Group\u2019s largest pension funds are fully funded on their local funding basis and do not require long-term funding commitments at present. Contributions to defined benefit pension plans for 2023 are estimated to be around US$190 million but may be higher or lower than this depending on the evolution of financial markets and voluntary funding decisions taken by the Group. Contributions for subsequent years are expected to be at similar levels. Healthcare plans are generally unfunded and contributions for future years will be equal to benefit payments net of participant contributions. The Group\u2019s contributions in 2023 are expected to be similar to the amounts paid in 2022. 28 Post-retirement benefits continued Movements in the net defined benefit liability A summary of the movement in the net defined benefit liability is shown in the first table below. The subsequent tables provide a more detailed analysis of the movements in the present value of the obligations and the fair value of assets. Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in the net defined benefit liability Net defined benefit liability at the start of the year (194) (834) (1,028) (2,273) Amounts recognised in income statement (161) (31) (192) (239) Amounts recognised in other comprehensive income 397 181 578 1,026 Employer contributions 171 40 211 464 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate (losses)/gains (57) 22 (35) (2) Net defined benefit surplus/(liability) at the end of the year 152 (622) (470) (1,028) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in present value of obligation Present value of obligation at the start of the year (14,894) (834) (15,728) (17,178) Current employer service costs (136) (7) (143) (167) Past service cost \u2014 \u2014 \u2014 (2) Settlements \u2014 \u2014 \u2014 380 Interest on obligation (346) (24) (370) (328) Contributions by plan participants (20) \u2014 (20) (22) Benefits paid 743 40 783 837 Experience (losses)/gains (177) 7 (170) 89 Changes in financial assumptions gains 3,390 173 3,563 521 Changes in demographic assumptions gains 16 1 17 45 Currency exchange rate gains 869 22 891 97 Present value of obligation at the end of the year (10,555) (622) (11,177) (15,728) Pension benefits US$m Other benefits US$m 2022 Total US$m 2021 Total US$m Change in plan assets Fair value of plan assets at the start of the year 14,700 \u2014 14,700 14,905 Settlements \u2014 \u2014 \u2014 (383) Interest on assets 334 \u2014 334 276 Contributions by plan participants 20 \u2014 20 22 Contributions by employer 171 40 211 464 Benefits paid (743) (40) (783) (837) Non-investment expenses (13) \u2014 (13) (15) Return on plan assets, net of interest on assets (2,831) \u2014 (2,831) 371 Assets transferred to defined contribution section (4) \u2014 (4) (4) Currency exchange rate losses (926) \u2014 (926) (99) Fair value of plan assets at the end of the year 10,708 \u2014 10,708 14,700 The impact of higher interest rates on bonds and qualifying insurance policies explains the return on plan assets, net of interest on assets in 2022. The settlement amounts shown above for 2021 relate to France, where assets and obligations for pensions in payment were transferred to an insurance company. The resulting effect of applying an asset ceiling is a loss of US$1 million during the year. In determining the extent to which the asset ceiling has an effect, the Group considers the funding legislation in each country and the rules specific to each pension plan. The calculation takes into account any minimum funding requirements that may be applicable to the plan, whether any reduction in future Group contributions is available, and whether a refund of surplus may be available. In considering whether any refund of surplus is available, the Group considers the powers of trustee boards and similar bodies to augment benefits or wind up a plan. Where such powers are unilateral, the Group does not consider a refund to be available at the end of the life of a plan. Where the plan rules and legislation both permit the employer to take a refund of surplus, the asset ceiling may have no effect, although it may be the case that a refund will only be available many years in the future. Main assumptions (rates per annum) Key estimate - Estimation of obligations for post-employment costs The value of the Group\u2019s obligations for post-employment benefits is dependent on the amount of benefits that are expected to be paid out, discounted to the balance sheet date. The most significant assumptions used in accounting for pension plans are: The discount rate - used to determine the net present value of the obligations, the interest cost on the obligations and the interest income on plan assets. We use the yield from high-quality corporate bonds with maturities and terms that match those of the post-employment obligations as closely as possible. Where there is no developed corporate bond market in a currency, the rate on government bonds is used. The long-term inflation rate - used to project increases in future benefit payments for those plans that have benefits linked to inflation. The assumption regarding future inflation is based on market yields on inflation linked instruments, where possible, combined with consensus views. The mortality rates - used to project the period over which benefits will be paid, which is then discounted to arrive at the net present value of the obligations. The Group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these rates to set its current mortality assumptions. It also uses its judgment with respect to allowances for future improvements in longevity having regard to standard improvement scales in each relevant country and after taking external actuarial advice. The weighted-average assumptions used for the valuation at year end are summarised below: Canada UK US Switzerland At 31 December 2022 Discount rate 5.0% 4.9% 5.3% 2.3% Long-term inflation (a) 2.1% 3.3% 2.4% 1.2% Rate of increase in pensions 0.5% 2.8% \u2014% 3.4% At 31 December 2021 Discount rate 2.9% 1.9% 2.8% 0.3% Long-term inflation (a) 1.9% 3.4% 2.4% 0.9% Rate of increase in pensions 0.3% 2.9% \u2014 % 1.8% (a) The long-term inflation assumption shown for the UK is for the Retail Price Index. The assumption for the Consumer Price Index at 31 December 2022 was 2.7% (2021: 2.7%). The main financial assumptions used for the healthcare plans, which are predominantly in the US and Canada, were: discount rate: 5.4% (2021: 3.1%); medical trend rate: 7.1% reducing to 4.8% by the year 2031 broadly on a straight line basis (2021: 6.3%, reducing to 4.7% by the year 2031); claims costs based on individual company experience. For both the pension and healthcare arrangements, the post-retirement mortality assumptions allow for future improvements in longevity. The mortality tables used imply that a man aged 60 at the balance sheet date has a weighted average expected future lifetime of 27 years (2021: 27 years) and that a man aged 60 in 2041 would have a weighted average expected future lifetime of 28 years (2021: 28 years). The mortality tables are generally based upon the latest standard tables published in each country, adjusted appropriately to reflect the actual mortality experience of the plan participants where credible data is available. Adjustments have been made to some of our plans within the demographic assumptions for the impact of the Covid-19 pandemic based on the 2021 and 2020 experience. Sensitivity The values reported for the defined benefit obligations are sensitive to the actuarial assumptions used for projecting future benefit payments and discounting those payments. In order to estimate the sensitivity of the obligations to changes in assumptions, we calculate what the obligations would be if we were to make changes to each of the key assumptions in isolation. The difference between this figure and the figure calculated using our stated assumptions is an indication of the sensitivity to reasonably possible changes in each assumption. The results of this sensitivity analysis are summarised in the table below. Note that this approach is valid for small changes in the assumptions but will be less accurate for larger changes in the assumptions. The sensitivity to inflation includes the impact on pension increases, which are generally linked to inflation where they are granted. 2022 2021 Approximate (increase)/ decrease in obligations Approximate (increase)/ decrease in obligations Assumption Change in assumption Pensions US$m Other US$m Pensions US$m Other US$m Discount rate Increase of 0.5 percentage points 483 32 854 51 Decrease of 0.5 percentage points (510) (34) (915) (55) Long-term inflation Increase of 0.5 percentage points (174) (10) (393) (14) Decrease of 0.5 percentage points 168 9 374 13 Demographic \u2013 allowance for future improvements in longevity Participants assumed to have the mortality rates of individuals who are one year older 241 8 441 15 Participants assumed to have the mortality rates of individuals who are one year younger (241) (8) (441) (15)",
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"fact-697": {
"value": "Recognition and measurement: For post-employment defined benefit schemes, in accordance with IAS 19 \u201cEmployee Benefits\u201d, local actuaries calculate the fair value of the plan assets and the present value of the plan obligations using a variety of valuation techniques dependent on the type of asset or liability. The difference is recognised as an asset or liability in the balance sheet. Where appropriate, the recognition of assets may be restricted to the present value of any amounts the Group expects to recover by way of refunds from the plan or reductions in future contributions. In determining the extent to which a refund will be available the Group considers whether any third party, such as a trustee or pension committee, has the power to enhance benefits or to wind up a pension plan without the Group\u2019s consent. The current service cost, any past service cost and the effect of any curtailment or settlements are recognised in the income statement. The interest cost less interest income on assets held in the plans is also charged to the income statement. All amounts charged to the income statement in respect of these plans are included within \u201cNet operating costs\u201d or in \u201cShare of profit after tax of equity accounted units\u201d, as appropriate. Actuarial gains/ losses and returns from assets are recognised in other comprehensive income. The Group\u2019s contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate. These are included within \u201cNet operating costs\u201d or in \u201cShare of profit after tax of equity accounted units\u201d, as appropriate ",
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"value": "29 Directors\u2019 and key management remuneration Aggregate remuneration, calculated in accordance with the UK Companies Act 2006, of the directors of the parent companies was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Emoluments 6,726 6,568 6,686 Long-term incentive plans 4,691 1,587 8,974 11,417 8,155 15,660 Pension contributions: defined contribution plans 10 9 29 The Group defines key management personnel as the directors and certain members of the Executive Committee, as described on page 118. The Executive Committee includes the executive directors, product group chief executive officers and Group executives. Details of the directors and members of the Executive Committee identified as key management are shown in the Directors' Report on pages 90 to 93. The aggregate remuneration including pension contributions incurred by Rio Tinto plc in respect of its directors was US$10,692,000 (2021: US$7,522,000; 2020: US$14,983,000). The aggregate pension contribution to defined contribution plans was US$10,000 (2021: US$9,000; 2020: US$29,000). The aggregate remuneration, including pension contributions and other retirement benefits, incurred by Rio Tinto Limited in respect of its directors was US$735,000 (2021: US$642,000; 2020: US$707,000). The aggregate pension contribution to defined contribution plans was US$nil (2021: US$nil; 2020: US$nil). During 2022, no director (2021: nil; 2020: nil) accrued retirement benefits under defined benefit arrangements, and two directors (2021: two; 2020: two) accrued retirement benefits under defined contribution arrangements. Emoluments included in the table above have been translated from local currency at the average exchange rate for the year with the exception of bonus payments, which have been translated at the year-end rate. Aggregate compensation, representing the expense recognised, under IFRS as defined in the \u201cBasis of preparation\u201d section, of the Group\u2019s key management, including directors, was as follows: 2022 US$'000 2021 US$'000 2020 US$'000 Short-term employee benefits and costs 14,258 18,184 21,685 Post-employment benefits 174 300 369 Employment termination benefits \u2014 \u2014 2,789 Share-based payments 10,846 10,303 34,954 Total 25,278 28,787 59,797 The figures shown above include employment costs which cover social security and accident premiums in Canada, the UK and payroll taxes in Australia paid by the employer as a direct additional cost of hire. In total, they amount to US$1,173,000 (2021: US$1,511,000; 2020: US$2,130,000) and, although disclosed here, are not included in table 1 of the Remuneration Report. ",
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"fact-647": {
"value": "30 Principal subsidiaries At 31 December 2022 Company and country of incorporation/operation Principal activities Class of shares held Proportion of class held (%) Group interest (voting %) Other interest (voting %) Australia Argyle Diamonds Limited Mining and processing of diamonds (until November 2020) Class A 100 100 \u2014 Class B 100 Dampier Salt Limited Salt and gypsum production Ordinary 68.36 68.36 31.64 Energy Resources of Australia Ltd Uranium processing (until January 2021) Ordinary 86.33 86.33 13.67 Hamersley Iron Pty Limited Iron ore mining Ordinary 100 100 \u2014 North Mining Limited (a) Iron ore mining Ordinary 100 100 \u2014 Preference 100 Rio Tinto Aluminium (Holdings) Limited Bauxite mining; alumina production; primary aluminium smelting Ordinary 100 100 \u2014 Robe River Mining Co Pty Ltd (a) Iron ore mining Class A 4 0 73.61 26.39 Class B 76.36 Brazil Rio Tinto do Brasil Ltda. (b) Alumina production and bauxite mining Quota 100 100 \u2014 Canada Diavik Diamond Mines (2012) Inc. Diamond mining and processing Common 100 100 \u2014 Iron Ore Company of Canada (c) Iron ore mining; iron ore pellets production Series A 91.41 58.72 41.28 Series E 100 Series F 100 Rio Tinto Alcan Inc. Bauxite mining; alumina refining; aluminium smelting Common 100 100 \u2014 Rio Tinto Fer et Titane Inc. Titanium dioxide feedstock; high purity iron and steel production Common 100 100 \u2014 Class B preference 100 Preference 100 Guinea Simfer Jersey Limited (d) Iron ore project Ordinary 5 3 5 3 4 7 Madagascar QIT Madagascar Minerals SA (e) Ilmenite mining Common 84.20 79.98 20.02 Investment certificates 100 Mongolia Oyu Tolgoi LLC (f) Copper and gold mining Common 66 66 3 4 South Africa Richards Bay Titanium (Proprietary) Limited (g) Titanium dioxide; high purity iron production B Ordinary 100 73.97 26.03 B Preference 100 Parent Preference 100 Richards Bay Mining (Proprietary) Limited (g) Ilmenite, rutile and zircon mining B Ordinary 100 73.97 26.03 B Preference 100 Parent Preference 100 US Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) Copper and gold mining, smelting and refining and exploration activities Common 100 100 \u2014 U.S. Borax Inc. Mining, refining and marketing of borates Common 100 100 \u2014 (a) Robe River Mining Co Pty Ltd (which is 60% owned by the Group) holds a 30% economic interest in Robe River Iron Associates (Robe River). North Mining Ltd (which is wholly owned by the Group) holds a 35% economic interest in Robe River. Through these companies the Group recognises a 65% share of the assets, liabilities, revenues and expenses of Robe River, with a 12% non-controlling interest. The Group therefore has a 53% economic interest in Robe River. (b) Rio Tinto do Brasil Ltda holds the Group\u2019s 10% interest in Cons\u00f3rcio De Alum\u00ednio Do Maranh\u00e3o, a joint operation in which the Group participates but is not a joint operator. The Group recognises its share of assets, liabilities, revenues and expenses relating to this arrangement. (c) Iron Ore Company of Canada is incorporated in the US, but operates in Canada. (d) Simfer Jersey Limited, a company incorporated in Jersey in which the Group has a 53% interest, has an 85% interest in Simfer S.A., the company that operates the Simandou mining project in Guinea. The Group therefore has a 45.05% indirect interest in Simfer S.A. These entities are consolidated as subsidiaries and together referred to as the Simandou iron ore project. (e) The Group\u2019s shareholding in QIT Madagascar Minerals SA carries an 80% economic interest and 80% of the total voting rights; a further 5% economic interest is held through non-voting investment certificates to give an economic interest of 85%. The non-controlling interests have a 15% economic interest and 20% of the total voting rights. (f) On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. The Group now holds a 66% direct interest in Oyu Tolgoi LLC (OT). Up until December 2022 the Group had a 50.79% interest in Turquoise Hill Resources Ltd, which held a 66% interest in OT. The Group therefore had a 33.5% indirect interest in OT. (g) Additional classes of shares issued by Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited representing non-controlling interests are not shown. The Group\u2019s total legal and beneficial interest in Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited is 74%. 30 Principal subsidiaries continued Summary financial information for subsidiaries that have non-controlling interests that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries\u2019 financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments, and before intercompany eliminations. Income statement summary for the year ended 31 December Iron Ore Company of Canada 2022 US$m Iron Ore Company of Canada 2021 US$m Oyu Tolgoi LLC (h)(i)(j) 2022 US$m Oyu Tolgoi LLC (h)(i)(j) 2021 US$m Revenue 2,634 3,308 1,424 1,971 Profit/(loss) after tax 756 1,193 (224) 465 \u2013 attributable to non-controlling interests 312 493 (159) 285 \u2013 attributable to Rio Tinto 444 700 (65) 180 Other comprehensive (loss)/income (111) 39 \u2014 \u2014 Total comprehensive income/(loss) 645 1,232 (224) 465 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,963 2,974 13,662 12,199 Current assets 774 599 753 523 Current liabilities (499) (581) (4,253) (3,172) Non-current liabilities (974) (1,020) (10,731) (9,874) Net assets 2,264 1,972 (569) (324) \u2013 attributable to non-controlling interests 946 818 (210) (89) \u2013 attributable to Rio Tinto 1,318 1,154 (359) (235) Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,153 2,119 406 851 Dividends paid to non-controlling interests (142) (495) \u2014 \u2014 (h) On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. At 31 December 2022 cash consideration paid totalled US$2,961 million. Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, those dissenting shareholders have received initial consideration of C$34.4 per share, with final consideration to be determined by an independent arbitrator. We have included within other provisions US$211 million for additional consideration to be paid to the dissenting shareholders representing the difference between their initial consideration and C$43 per share paid to all other shareholders. As the transaction is with shareholders in their capacity as owners the transaction did not result in an income statement impact; however, re-measurement in future periods could result in an adjustment through the income statement. (i) Under the terms of the project finance facility held by Oyu Tolgoi LLC, there are certain restrictions on the ability of Oyu Tolgoi LLC to make shareholder distributions. (j) Refer to the note Oyu Tolgoi: approval for commencement of underground operations below regarding the treatment of funding balances. Income statement summary for the year ended 31 December Robe River Mining Co Pty 2022 US$m Robe River Mining Co Pty 2021 US$m Other companies and eliminations (k) 2022 US$m Other companies and eliminations (k) 2021 US$m Robe River 2022 US$m Robe River 2021 US$m Revenue 1,703 2,454 1,987 2,863 3,690 5,317 Profit after tax 802 1,352 875 1,518 1,677 2,870 \u2013 attributable to non-controlling interests 322 541 \u2014 \u2014 322 541 \u2013 attributable to Rio Tinto 480 811 875 1,518 1,355 2,329 Other comprehensive loss (206) (183) (111) (97) (317) (280) Total comprehensive income 596 1,169 764 1,421 1,360 2,590 Balance sheet summary as at 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Non-current assets 2,846 3,472 3,975 4,166 6,821 7,638 Current assets 756 495 609 2,118 1,365 2,613 Current liabilities (112) (371) (2,724) (329) (2,836) (700) Non-current liabilities (422) (421) (564) (4,378) (986) (4,799) Net assets 3,068 3,175 1,296 1,577 4,364 4,752 \u2013 attributable to non-controlling interests 1,225 1,268 \u2014 \u2014 1,225 1,268 \u2013 attributable to Rio Tinto 1,843 1,907 1,296 1,577 3,139 3,484 Cash flow statement summary for the year ended 31 December 2022 US$m 2021 US$m 2022 US$m 2021 US$m 2022 US$m 2021 US$m Cash flow from operations 1,435 2,130 1,981 2,512 3,416 4,642 Dividends paid to non-controlling interests (278) (589) \u2014 \u2014 (278) (589) (k) \u201cOther companies and eliminations\u201d includes North Mining Limited (a wholly-owned subsidiary of the Group which accounts for its interest in Robe River) and goodwill of US$337 million (2021: US$362 million) that arose on the Group\u2019s acquisition of its interest in Robe River. Oyu Tolgoi: approval for commencement of underground operations On 25 January 2022, Rio Tinto, Turquoise Hill Resources Ltd (Turquoise Hill) and the Government of Mongolia announced their agreement, and unanimous approval by the Board of Oyu Tolgoi, to commence the underground operations. As part of a comprehensive project budget and funding package undertaken between the parties in reaching this agreement, Turquoise Hill agreed to waive in full, funding balances arising from a carry account loan with Erdenes Oyu Tolgoi (Erdenes) of US$2.4 billion. This comprised the amount of common share investments in Oyu Tolgoi LLC funded by Turquoise Hill on behalf of Erdenes to build the project to date, plus US$1.0 billion of accrued interest. The waiver took effect on 25 January 2022. Rio Tinto and Turquoise Hill also agreed a plan to deliver the funding required until sustainable underground production is reached. Prior to the waiver agreement, the funding balances owing from Erdenes to Turquoise Hill were expected to be repaid via a pledge over Erdenes\u2019 share of future Oyu Tolgoi common share dividends. For this reason, and because the arrangement was between Turquoise Hill and Erdenes rather than with Oyu Tolgoi LLC itself, both the principal and interest were treated as transactions with owners acting in their capacity as owners. Consequently, at 31 December 2021, related amounts were recorded as a reduction in the share of equity attributable to non-controlling interests, resulting in an increase to the effective interest in Oyu Tolgoi attributable to owners of Rio Tinto. Funding balances owing from Erdenes to Turquoise Hill were not classified as loan receivables in the Group Balance Sheet, and there was no interest income shown in the Group Income Statement. Accumulation of interest on the funding balances increased the share of retained earnings attributable to Rio Tinto as it accrued. Waiving the funding balances owing from Erdenes to Turquoise Hill increases Erdenes\u2019 economic share arising through entitlement to cash flows from future dividends of Oyu Tolgoi. In the 2022 Group results, there is no Income Statement charge for loan forgiveness or write-off as a result of the waiver, and net assets and liabilities for Oyu Tolgoi included in the Group Balance sheet remained unchanged as a result of this transaction. There was no exchange of cash or other financial assets between parties and there has been no change to the underlying free cash flows of the Oyu Tolgoi operations and development project. The waiver did not have an impact on the Group's assessment of impairment indicators for either 2021 or 2022, since it related to the project shareholders' funding arrangements rather than the economic capability of the Cash Generating Unit itself. A reallocation of the net asset value allocation between the owners of Oyu Tolgoi has been recorded in the Group Statement of Changes in Equity for 2022 by reducing equity attributable to owners of Rio Tinto and increasing equity attributable to non-controlling interests. ",
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"value": "31 Principal joint operations At 31 December 2022 Company and country of incorporation/operation Principal activities Group interest (%) Australia Tomago Aluminium Joint Venture Aluminium smelting 51.6 Gladstone Power Station Joint Venture Power generation 42.1 Hope Downs Joint Venture Iron ore mining 50 Queensland Alumina Limited (a)(b) Alumina production 80 Pilbara Iron Arrangements Infrastructure, corporate and mining services See other relevant judgments call out box below New Zealand New Zealand Aluminium Smelters Limited (a)(b) Aluminium smelting 79.4 Canada Aluminerie Alouette Inc. Aluminium production 40 US Pechiney Reynolds Quebec Inc (b)(c) Aluminium smelting 50.2 (a) Although the Group has a 79.4% interest in New Zealand Aluminium Smelters Limited and an 80% interest in Queensland Alumina Limited, decisions about activities that significantly affect the returns that are generated require agreement of both parties to the arrangements, giving rise to joint control, refer to other relevant judgments below. (b) Queensland Alumina Limited, New Zealand Aluminium Smelters Limited and Pechiney Reynolds Quebec Inc. are joint arrangements that are primarily designed for the provision of output to the parties sharing joint control; this indicates that the parties have rights to substantially all the economic benefits of the assets. The liabilities of the arrangements are in substance satisfied by cash flows received from the parties; this dependence indicates that the parties in effect have obligations for the liabilities. It is these facts and circumstances that gives rise to the classification of these entities as joint operations. (c) Pechiney Reynolds Quebec Inc. has a 50.1% interest in the Aluminerie de B\u00e9cancour, Inc. aluminium smelter, which is located in Canada. As Rio Tinto owns 50.2% of Pechiney Reynolds Quebec Inc our effective ownership of the Becancour smelter is 25.1%. 31 Principal joint operations continued Other relevant judgments - Basis of consolidation of Queensland Alumina Limited (\u2018QAL\u2019) Judgment is sometimes required to assess whether, after considering all relevant factors, we have control or joint control. QAL is 80% owned by Rio Tinto and 20% owned by RUSAL. Typically such ownership interests would provide control; however, we have determined in this case that the shareholders\u2019 agreement, which requires unanimous agreement over certain relevant activities of QAL, means that this non-managed operation is jointly controlled. The entity operates the joint operation on a tolling basis, processing bauxite supplied by the shareholders into alumina, which they off-take in their respective ownership share. Following the Australian Governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders\u2019 agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. The decisions requiring unanimous consent referred to above are restricted during the step-in period. Due to the step-in, we have re-assessed whether our conclusion of having joint control is still valid, considering we own 80% of the entity but currently take all plant production. If this resulted in our control of QAL we would need to account for that change as a business combination. Based on the following facts: \u2013 RUSAL has commenced proceedings in the Australian Federal Court contending that the sanctions should not apply in these circumstances and therefore the step-in rights should not apply; and \u2013 the continued operation of the shareholders\u2019 agreement, incorporating the \u201cstep-in\u201d clause, we have concluded that we have joint control of the entity at 31 December 2022 and therefore continue to account for QAL as a joint operation. Other relevant judgments - Accounting for the Pilbara Iron Arrangements A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail and port infrastructure network. The requesting partner\u2019s (Asset User\u2019s) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge (Committed Use Charge \u2013 \u201cCUC\u201d) over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly owned subsidiaries: Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following assessment under the preceding standards IAS 17 \u201cLeases\u201d and IFRIC 4 \u201cDetermining whether an arrangement contains a lease\u201d, with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgment to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could have resulted in a gross presentation in the Group\u2019s balance sheet with an asset and a corresponding liability to reflect the present value of the CUC payments. The Asset User is a wholly owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$948 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. 32 Principal joint ventures and associates Principal joint ventures At 31 December 2022 Company and country of incorporation/operation Principal activities Number of shares held Class of shares held Proportion of class held (%) Group interest (%) Chile Minera Escondida Ltda (a) Copper mining and refining \u2014 \u2014 \u2014 30 Oman Sohar Aluminium Co. L.L.C. (b) Aluminium smelting; power generation 37,500 Ordinary 2 0 2 0 (a) The year-end of Minera Escondida Ltda is 30 June. The amounts included in the consolidated financial statements of Rio Tinto are, however, based on financial statements of Minera Escondida Limitada that are coterminous with those of the Group. The Company has no share class. (b) Although the Group holds a 20% interest in Sohar Aluminium Co. L.L.C, decisions about relevant activities that significantly affect the returns that are generated require agreement of all parties the arrangement. It is therefore determined that Rio Tinto has joint control. Other relevant judgments - Accounting for Minera Escondida Ltda Judgment has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto\u2019s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgment by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. Summary information for joint ventures that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the joint ventures\u2019 financial statements prepare in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto. Minera Escondida Ltda (c) 2022 US$m Minera Escondida Ltda (c) 2021 US$m Sohar Aluminium Co.L.L.C. (d) 2022 US$m Sohar Aluminium Co.L.L.C. (d) 2021 US$m Revenue 8,760 9,783 1,130 900 Depreciation and amortisation (1,100) (1,160) (120) (115) Other operating costs (3,280) (3,066) (685) (510) Operating profit 4,380 5,557 325 275 Finance expense (207) (134) (35) (30) Income tax (1,590) (2,133) (45) (35) Profit after tax 2,583 3,290 245 210 Other comprehensive profit 17 40 \u2014 \u2014 Total comprehensive income 2,600 3,330 245 210 Non-current assets 11,853 11,490 1,713 1,765 Current assets 2,563 2,857 389 360 Current liabilities (1,450) (2,017) (167) (175) Non-current liabilities (5,063) (4,633) (700) (730) Net assets 7,903 7,697 1,235 1,220 Assets and liabilities above include: \u2013 cash and cash equivalents 377 857 50 45 \u2013 current financial liabilities (340) (550) (25) (40) \u2013 non-current financial liabilities (3,060) (2,660) (530) (560) Dividends received from joint venture (Rio Tinto share) 813 1,374 46 47 Reconciliation of the above amounts to the investment recognised in the Group balance sheet Group interest 30 % 30 % 2 0 % 20 % Net assets 7,903 7,697 1,235 1,220 Group\u2019s ownership interest 2,371 2,309 247 244 Carrying value of Group\u2019s interest 2,371 2,309 247 244 (c) In addition to its \u201cInvestment in equity accounted units\u201d, the Group recognises deferred tax liabilities of US$328 million (2021: US$322 million) relating to tax on unremitted earnings of equity accounted units. (d) As part of financing agreements, there are certain restrictions on the ability of Sohar Aluminium Co. L.L.C to make shareholder distributions. ",
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"fact-648": {
"value": "31 Principal joint operations At 31 December 2022 Company and country of incorporation/operation Principal activities Group interest (%) Australia Tomago Aluminium Joint Venture Aluminium smelting 51.6 Gladstone Power Station Joint Venture Power generation 42.1 Hope Downs Joint Venture Iron ore mining 50 Queensland Alumina Limited (a)(b) Alumina production 80 Pilbara Iron Arrangements Infrastructure, corporate and mining services See other relevant judgments call out box below New Zealand New Zealand Aluminium Smelters Limited (a)(b) Aluminium smelting 79.4 Canada Aluminerie Alouette Inc. Aluminium production 40 US Pechiney Reynolds Quebec Inc (b)(c) Aluminium smelting 50.2 (a) Although the Group has a 79.4% interest in New Zealand Aluminium Smelters Limited and an 80% interest in Queensland Alumina Limited, decisions about activities that significantly affect the returns that are generated require agreement of both parties to the arrangements, giving rise to joint control, refer to other relevant judgments below. (b) Queensland Alumina Limited, New Zealand Aluminium Smelters Limited and Pechiney Reynolds Quebec Inc. are joint arrangements that are primarily designed for the provision of output to the parties sharing joint control; this indicates that the parties have rights to substantially all the economic benefits of the assets. The liabilities of the arrangements are in substance satisfied by cash flows received from the parties; this dependence indicates that the parties in effect have obligations for the liabilities. It is these facts and circumstances that gives rise to the classification of these entities as joint operations. (c) Pechiney Reynolds Quebec Inc. has a 50.1% interest in the Aluminerie de B\u00e9cancour, Inc. aluminium smelter, which is located in Canada. As Rio Tinto owns 50.2% of Pechiney Reynolds Quebec Inc our effective ownership of the Becancour smelter is 25.1%. 31 Principal joint operations continued Other relevant judgments - Basis of consolidation of Queensland Alumina Limited (\u2018QAL\u2019) Judgment is sometimes required to assess whether, after considering all relevant factors, we have control or joint control. QAL is 80% owned by Rio Tinto and 20% owned by RUSAL. Typically such ownership interests would provide control; however, we have determined in this case that the shareholders\u2019 agreement, which requires unanimous agreement over certain relevant activities of QAL, means that this non-managed operation is jointly controlled. The entity operates the joint operation on a tolling basis, processing bauxite supplied by the shareholders into alumina, which they off-take in their respective ownership share. Following the Australian Governments\u2019s imposition of Trade Sanctions against Russia, QAL considered that they were no longer able to process bauxite on behalf of RUSAL and therefore enacted the \u201cstep-in\u201d clause of the shareholders\u2019 agreement that enabled Rio Tinto to contribute additional bauxite tonnes to ensure that 100% of production capacity was maintained. The decisions requiring unanimous consent referred to above are restricted during the step-in period. Due to the step-in, we have re-assessed whether our conclusion of having joint control is still valid, considering we own 80% of the entity but currently take all plant production. If this resulted in our control of QAL we would need to account for that change as a business combination. Based on the following facts: \u2013 RUSAL has commenced proceedings in the Australian Federal Court contending that the sanctions should not apply in these circumstances and therefore the step-in rights should not apply; and \u2013 the continued operation of the shareholders\u2019 agreement, incorporating the \u201cstep-in\u201d clause, we have concluded that we have joint control of the entity at 31 December 2022 and therefore continue to account for QAL as a joint operation. Other relevant judgments - Accounting for the Pilbara Iron Arrangements A number of arrangements are in place amongst the Australian Iron Ore operations, managed by Rio Tinto, which allow their respective assets to be operated as a single integrated network across the Pilbara region. In assessing the Pilbara Iron Arrangements, it has been concluded that they collectively constitute a joint operation on the basis that decisions about relevant activities require unanimous consent. The resulting efficiencies are shared between Rio Tinto and Robe River Iron Associates (Robe River), and the parties fund all of the cash flow requirements of Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. Each of the partners in the joint operation is able to request the other to construct assets on their tenure to increase the capacity of the rail and port infrastructure network. The requesting partner\u2019s (Asset User\u2019s) share of the capacity of the network will increase by the capacity of the newly constructed asset, but generally that capacity may be provided from any of the network assets. The Asset User will pay an annual charge (Committed Use Charge \u2013 \u201cCUC\u201d) over a contractually specified period irrespective of network usage. The constructing partner (Asset Owner) has an ongoing obligation to make available capacity from those assets and to maintain the assets in good working order as required under relevant State Agreements and associated tenure. The arrangements are managed through two wholly owned subsidiaries: Pilbara Iron (Company) Services Pty Ltd and Pilbara Iron Pty Ltd. We have also considered whether the CUC arrangements give rise to a lease between the Asset Owner and the Asset User. We have concluded that they do not, as there is no specified asset; rather the Asset User has a first priority right to the capacity in the CUC asset. This treatment was grandfathered on adoption of IFRS 16 on 1 January 2019, following assessment under the preceding standards IAS 17 \u201cLeases\u201d and IFRIC 4 \u201cDetermining whether an arrangement contains a lease\u201d, with no change to the conclusion under IFRS 16 for subsequent expenditure subject to the existing CUC arrangements. Management considers that these arrangements are unique and has used judgment to apply the principles of IFRS to the accounting for the arrangements as described above. The obligation of the Asset Owner to make capacity available is fulfilled over time and not at a point in time. The CUC arrangement is therefore an executory contract as defined under IAS 37, whereby neither party has performed any of its obligations, or both parties have partially performed their obligations to an equal extent, and so the CUC payments are expensed as incurred. An alternative interpretation of the fact pattern could have resulted in a gross presentation in the Group\u2019s balance sheet with an asset and a corresponding liability to reflect the present value of the CUC payments. The Asset User is a wholly owned subsidiary of Rio Tinto, whereas the Asset Owner is a joint operation. This impact would be some US$948 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. 32 Principal joint ventures and associates Principal joint ventures At 31 December 2022 Company and country of incorporation/operation Principal activities Number of shares held Class of shares held Proportion of class held (%) Group interest (%) Chile Minera Escondida Ltda (a) Copper mining and refining \u2014 \u2014 \u2014 30 Oman Sohar Aluminium Co. L.L.C. (b) Aluminium smelting; power generation 37,500 Ordinary 2 0 2 0 (a) The year-end of Minera Escondida Ltda is 30 June. The amounts included in the consolidated financial statements of Rio Tinto are, however, based on financial statements of Minera Escondida Limitada that are coterminous with those of the Group. The Company has no share class. (b) Although the Group holds a 20% interest in Sohar Aluminium Co. L.L.C, decisions about relevant activities that significantly affect the returns that are generated require agreement of all parties to the arrangement. It is therefore determined that Rio Tinto has joint control. Other relevant judgments - Accounting for Minera Escondida Ltda Judgment has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto\u2019s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgment by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. Summary information for joint ventures that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the joint ventures\u2019 financial statements prepare d in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto. Minera Escondida Ltda (c) 2022 US$m Minera Escondida Ltda (c) 2021 US$m Sohar Aluminium Co.L.L.C. (d) 2022 US$m Sohar Aluminium Co.L.L.C. (d) 2021 US$m Revenue 8,760 9,783 1,130 900 Depreciation and amortisation (1,100) (1,160) (120) (115) Other operating costs (3,280) (3,066) (685) (510) Operating profit 4,380 5,557 325 275 Finance expense (207) (134) (35) (30) Income tax (1,590) (2,133) (45) (35) Profit after tax 2,583 3,290 245 210 Other comprehensive profit 17 40 \u2014 \u2014 Total comprehensive income 2,600 3,330 245 210 Non-current assets 11,853 11,490 1,713 1,765 Current assets 2,563 2,857 389 360 Current liabilities (1,450) (2,017) (167) (175) Non-current liabilities (5,063) (4,633) (700) (730) Net assets 7,903 7,697 1,235 1,220 Assets and liabilities above include: \u2013 cash and cash equivalents 377 857 50 45 \u2013 current financial liabilities (340) (550) (25) (40) \u2013 non-current financial liabilities (3,060) (2,660) (530) (560) Dividends received from joint venture (Rio Tinto share) 813 1,374 46 47 Reconciliation of the above amounts to the investment recognised in the Group balance sheet Group interest 30 % 30 % 2 0 % 20 % Net assets 7,903 7,697 1,235 1,220 Group\u2019s ownership interest 2,371 2,309 247 244 Carrying value of Group\u2019s interest 2,371 2,309 247 244 (c) In addition to its \u201cInvestment in equity accounted units\u201d, the Group recognises deferred tax liabilities of US$328 million (2021: US$322 million) relating to tax on unremitted earnings of equity accounted units. (d) As part of financing agreements, there are certain restrictions on the ability of Sohar Aluminium Co. L.L.C to make shareholder distributions. ",
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"fact-668": {
"value": "Principal associates At 31 December 2022 Company and country of incorporation/operation Principal activities Number of shares held Class of shares held Proportion of class held (%) Group interest (%) Australia Boyne Smelters Limited (a) Aluminium smelting 153,679,560 Ordinary 59.4 59.4 Brazil Minera\u00e7\u00e3o Rio do Norte S.A. (b) Bauxite mining 25,000,000,000Ordinary 12.5 1 2 47,000,000,000Preferred 11.75 US Halco (Mining) Inc. (c) Bauxite mining 4,500 Common 45 45 (a) The parties that collectively control Boyne Smelters Limited do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the parties. Although each combination requires Rio Tinto\u2019s approval, this is not joint control as defined under IFRS 11 \u201cJoint Arrangements\u201d. Rio Tinto is therefore determined to have significant influence over this company. (b) Although the Group holds only 12% of Minera\u00e7\u00e3o Rio do Norte S.A., it has representation on its board of directors and a consequent ability to participate in the financial and operating policy decisions. It is therefore determined that Rio Tinto has significant influence. (c) Halco (Mining) Inc. has a 51% indirect interest in Compagnie des Bauxites de Guin\u00e9e, a bauxite mine, the core assets of which are located in Guinea. Summary information for joint ventures and associates that are not individually material to the Group 2022 US$m 2021 US$m Adjusted (b) Carrying value of Group's interest (a) 680 854 (Loss)/profit after tax (47) 13 Other comprehensive loss (27) (12) Total comprehensive (loss)/ income (74) 1 (a) The decrease in carrying value relates to the impairment of our investment in the Boyne Smelter in 2022, refer to note 4 for further details. (b) Following the impairment in the Boyne Smelter we no longer consider it a significant equity accounted unit of the Group. Therefore we have updated this disclosure and the 2021 comparatives in the current year. ",
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"value": "33 Related-party transactions Information about material related-party transactions of the Rio Tinto Group is set out below. Subsidiary companies and joint operations Details of investments in principal subsidiary companies are disclosed in note 30. Information relating to joint operations can be found in note 31. Equity accounted units Transactions and balances with equity accounted units are summarised below. Purchases, trade and other receivables, and trade and other payables, relate largely to amounts charged by equity accounted units for toll processing of alumina and purchasing of bauxite and aluminium. Sale relate largely to sales of alumina to equity accounted units for smelting into aluminium. 2022 US$m 2021 US$m 2020 US$m Income statement items Purchases from equity accounted units (1,429) (1,167) (960 Sales to equity accounted units 563 432 271 Cash flow statement items Dividends from equity accounted units 879 1,431 594 Net (funding of)/receipts from equity accounted units (75) 6 (43) Balance sheet items Investments in equity accounted units (a) 3,298 3,504 3,764 Loans to equity accounted units \u2014 \u2014 41 Trade and other receivables: amounts due from equity accounted units (b) 297 251 251 Trade and other payables: amounts due to equity accounted units (294) (253) (241) (a) Investments in equity accounted units include quasi-equity loans. Further information about investments in equity accounted units is set out in note 32. (b) This includes prepayments of tolling charges. Pension funds Information relating to pension fund arrangements is set out in note 28. Directors and key management Details of directors\u2019 and key management\u2019s remuneration are set out in note 29 and in the Remuneration Report on pages 110 to 135. ",
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"fact-669": {
"value": "Our equity 34 Share capital Recognition and measurement: Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Group\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to owners of Rio Tinto. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental costs and the related income tax effects, is included in equity attributable to owners of Rio Tinto. If purchased Rio Tinto plc shares are cancelled, an amount equal to the nominal value of the cancelled share is credited to the capital redemption reserve. Rio Tinto plc 2022 Number (million) 2021 Number (million) 2020 Number (million) 2022 US$m 2021 US$m 2020 US$m Issued and fully paid up share capital of 10p each At 1 January 1,255.795 1,255.756 1,259.345 207 207 207 Ordinary shares issued under the Global Employee Share plan (GESP) 0.050 0.039 0.039 \u2014 \u2014 \u2014 Shares purchased and cancelled (a) \u2014 \u2014 (3.628) \u2014 \u2014 \u2014 At 31 December 1,255.845 1,255.795 1,255.756 207 207 207 Shares held by public At 1 January 1,248.141 1,246.904 1,249.924 Shares reissued from treasury under the GESP 1.464 1.198 0.569 Ordinary shares issued under the GESP 0.050 0.039 0.039 Shares purchased and cancelled (a) \u2014 \u2014 (3.628) At 31 December 1,249.655 1,248.141 1,246.904 Shares held in treasury 6.190 7.654 8.852 Shares held by public 1,249.655 1,248.141 1,246.904 Total share capital 1,255.845 1,255.795 1,255.756 Other share classes Special Voting Share of 10p each (b) 1 only 1 only 1 only DLC Dividend Share of 10p each (b) 1 only 1 only 1 only (a) The authority for the company to buy back its ordinary shares was renewed at the 2021 annual general meeting. No shares were bought back and cancelled in 2022 or 2021 under the on-market buy-back programme. 3,627,568 shares were bought back in 2020 under the on-market buy-back programme. (b) The \u201cSpecial Voting Share\u201d was issued to facilitate the joint voting by shareholders of Rio Tinto plc and Rio Tinto Limited on Joint Decisions, following the DLC Merger. The \u201cDLC Dividend Share\u201d was issued to a subsidiary of Rio Tinto Limited to facilitate the efficient management of funds within the DLC structure. In addition, an Equalisation Share is authorised but not issued and is governed by the terms of the DLC Merger Sharing Agreement. During 2022, US$16 million of shares and ADRs (2021: US$18 million; 2020: US$31 million) were purchased by employee share ownership trusts on behalf of Rio Tinto plc to satisfy employee share awards on vesting. At 31 December 2022, 232,621 shares and 49,777 ADRs were held in the employee share ownership trusts on behalf of Rio Tinto plc. Rio Tinto Limited 2022 Number (million) 2021 Number (million) 2020 Number (million) 2022 US$m 2021 US$m 2020 US$m Issued and fully paid up share capital At 1 January 371.21 371.21 371.21 3,570 3,781 3,448 Adjustment on currency translation (240) (211) 333 At 31 December 371.21 371.21 371.21 3,330 3,570 3,781 \u2013 Special Voting Share (a) 1 only 1 only 1 only \u2013 DLC Dividend Share (a) 1 only 1 only 1 only Total share capital 371.21 371.21 371.21 (a) The \u201cSpecial Voting Share\u201d was issued to facilitate the joint voting by shareholders of Rio Tinto Limited and Rio Tinto plc on Joint Decisions following the DLC Merger. The \u201cDLC Dividend Share\u201d was issued to facilitate the efficient management of funds within the DLC structure. Directors have the ability to issue an Equalisation Share if that is required under the terms of the DLC Merger Sharing Agreement. During 2022, US$84 million of shares (2021: US$95 million; 2020: US$76 million) were purchased by employee share ownership trusts on behalf of Rio Tinto Limited to satisfy employee share awards on vesting. At 31 December 2022, 979,495 shares were held in the employee share ownership trusts on behalf of Rio Tinto Limited. Information relating to share-based incentive schemes is given in note 27. ",
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"value": "Our equity 34 Share capital Recognition and measurement: Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the Group\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to owners of Rio Tinto. Where such shares are subsequently reissued, any consideration received, net of any directly attributable incremental costs and the related income tax effects, is included in equity attributable to owners of Rio Tinto. If purchased Rio Tinto plc shares are cancelled, an amount equal to the nominal value of the cancelled share is credited to the capital redemption reserve. Rio Tinto plc 2022 Number (million) 2021 Number (million) 2020 Number (million) 2022 US$m 2021 US$m 2020 US$m Issued and fully paid up share capital of 10p each At 1 January 1,255.795 1,255.756 1,259.345 207 207 207 Ordinary shares issued under the Global Employee Share plan (GESP) 0.050 0.039 0.039 \u2014 \u2014 \u2014 Shares purchased and cancelled (a) \u2014 \u2014 (3.628) \u2014 \u2014 \u2014 At 31 December 1,255.845 1,255.795 1,255.756 207 207 207 Shares held by public At 1 January 1,248.141 1,246.904 1,249.924 Shares reissued from treasury under the GESP 1.464 1.198 0.569 Ordinary shares issued under the GESP 0.050 0.039 0.039 Shares purchased and cancelled (a) \u2014 \u2014 (3.628) At 31 December 1,249.655 1,248.141 1,246.904 Shares held in treasury 6.190 7.654 8.852 Shares held by public 1,249.655 1,248.141 1,246.904 Total share capital 1,255.845 1,255.795 1,255.756 Other share classes Special Voting Share of 10p each (b) 1 only 1 only 1 only DLC Dividend Share of 10p each (b) 1 only 1 only 1 only (a) The authority for the company to buy back its ordinary shares was renewed at the 2021 annual general meeting. No shares were bought back and cancelled in 2022 or 2021 under the on-market buy-back programme. 3,627,568 shares were bought back in 2020 under the on-market buy-back programme. (b) The \u201cSpecial Voting Share\u201d was issued to facilitate the joint voting by shareholders of Rio Tinto plc and Rio Tinto Limited on Joint Decisions, following the DLC Merger. The \u201cDLC Dividend Share\u201d was issued to a subsidiary of Rio Tinto Limited to facilitate the efficient management of funds within the DLC structure. In addition, an Equalisation Share is authorised but not issued and is governed by the terms of the DLC Merger Sharing Agreement. During 2022, US$16 million of shares and ADRs (2021: US$18 million; 2020: US$31 million) were purchased by employee share ownership trusts on behalf of Rio Tinto plc to satisfy employee share awards on vesting. At 31 December 2022, 232,621 shares and 49,777 ADRs were held in the employee share ownership trusts on behalf of Rio Tinto plc. Rio Tinto Limited 2022 Number (million) 2021 Number (million) 2020 Number (million) 2022 US$m 2021 US$m 2020 US$m Issued and fully paid up share capital At 1 January 371.21 371.21 371.21 3,570 3,781 3,448 Adjustment on currency translation (240) (211) 333 At 31 December 371.21 371.21 371.21 3,330 3,570 3,781 \u2013 Special Voting Share (a) 1 only 1 only 1 only \u2013 DLC Dividend Share (a) 1 only 1 only 1 only Total share capital 371.21 371.21 371.21 (a) The \u201cSpecial Voting Share\u201d was issued to facilitate the joint voting by shareholders of Rio Tinto Limited and Rio Tinto plc on Joint Decisions following the DLC Merger. The \u201cDLC Dividend Share\u201d was issued to facilitate the efficient management of funds within the DLC structure. Directors have the ability to issue an Equalisation Share if that is required under the terms of the DLC Merger Sharing Agreement. During 2022, US$84 million of shares (2021: US$95 million; 2020: US$76 million) were purchased by employee share ownership trusts on behalf of Rio Tinto Limited to satisfy employee share awards on vesting. At 31 December 2022, 979,495 shares were held in the employee share ownership trusts on behalf of Rio Tinto Limited. Information relating to share-based incentive schemes is given in note 27. 35 Other reserves and retained earnings 2022 US$m 2021 US$m 2020 US$m Capital redemption reserve (a) At 1 January and 31 December 51 51 51 Cash flow hedge reserve At 1 January (11) 124 160 Cash flow hedge (losses)/gains (167) (211) 24 Cash flow hedge losses/(gains) transferred to the income statement 106 14 (63 ) Tax on the above 21 62 3 At 31 December (51) (11) 124 Fair value through other comprehensive income reserve At 1 January 2 (2) (11 ) Gains on equity investments \u2014 4 9 At 31 December 2 2 (2) Cost of hedging reserve At 1 January (21) (3) (10 ) Cost of hedging deferred to reserves during the year 4 (18) 7 At 31 December (17) (21) (3 ) Other reserves (b) At 1 January 11,582 11,628 11,643 Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards (84) (95) (76 ) Employee share options: value of services 56 55 60 Deferred tax on share options \u2014 (6) 1 At 31 December 11,554 11,582 11,628 Foreign currency translation reserve (c) At 1 January (1,605) 162 (2,656 ) Parent and subsidiaries' currency translation and exchange adjustments (2,207) (1,755) 2,814 Equity accounted units currency translation adjustments (27) (12) 4 Currency translation reclassified on disposal (d) 105 \u2014 \u2014 At 31 December (3,734) (1,605) 162 Total other reserves per balance sheet 7,805 9,998 11,960 2022 US$m 2021 US$m 2020 US$m Retained earnings (e) At 1 January 33,337 26,792 23,387 Adjustment for transition to new accounting pronouncements (f) (17) \u2014 \u2014 Revised 1 January 33,320 26,792 23,387 Parent and subsidiaries' profit for the year 11,845 20,052 9,456 Equity accounted units' profit after tax for the year 575 1,042 313 Re-measurement gains/(losses) on pension and post-retirement healthcare plans (g) 568 1,015 (482) Tax relating to components of other comprehensive income (118) (297) 116 Total comprehensive income for the year 12,870 21,812 9,403 Share buy-back programme \u2014 \u2014 (1 ) Dividends paid (11,716) (15,385) (6,132) Change in equity interest held by Rio Tinto (h) 701 76 84 Own shares purchased/treasury shares reissued for share awards and other movements (16) (18) (31 ) Equity issued to holders of non-controlling interests (h) (711) \u2014 \u2014 Employee share options and other IFRS 2 charges taken to the income statement 63 60 82 At 31 December 34,511 33,337 26,792 (a) The capital redemption reserve was set up to comply with section 733 of the UK Companies Act 2006 (previously section 170 of the UK Companies Act 1985) when shares of a company are redeemed or purchased wholly out of the company\u2019s profits. Balances reflect the amount by which the company\u2019s issued share capital is diminished in accordance with this section. (b) Other reserves includes US$11,936 million which represents the difference between the nominal value and issue price of the shares issued arising from Rio Tinto plc\u2019s rights issue completed in July 2009. No share premium was recorded in the Rio Tinto plc financial statements through the operation of the merger relief provisions of the UK Companies Act 1985. Other reserves also include the cumulative amount recognised under IFRS 2 \u201cShare Based Payment\u201d in respect of awards granted but not exercised to acquire shares in Rio Tinto Limited, less, where applicable, the cost of shares purchased to satisfy share awards exercised. The cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio Tinto plc is recorded in retained earnings. (c) Exchange differences arising on the translation of the Group\u2019s net investment in foreign controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. (d) The sale of our Roughrider undeveloped project led to us recycling the currency translation reserve loss of US$105 million relating to the entity that incorporated the project. (e) Retained earnings and movements in reserves of subsidiaries include those arising from the Group\u2019s share of joint operations. (f) The impact of adopting Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d on 1 January 2022. (g) There were US$5 million re-measurement gains relating to equity accounted units in 2022 (31 December 2021: US$12 million gains, 31 December 2020: US$11 million losses). (h) Refer to note 5 and 30 for further information regarding the forgiveness by Turquoise Hill Resources Ltd of the accrued interest and funding balances from Erdenes Oyu Tolgoi and the purchas e of the non-controlling interest of Turquoise Hill Resources Ltd",
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"value": "35 Other reserves and retained earnings 2022 US$m 2021 US$m 2020 US$m Capital redemption reserve (a) At 1 January and 31 December 51 51 51 Cash flow hedge reserve At 1 January (11) 124 160 Cash flow hedge (losses)/gains (167) (211) 24 Cash flow hedge losses/(gains) transferred to the income statement 106 14 (63 Tax on the above 21 62 3 At 31 December (51) (11) 124 Fair value through other comprehensive income reserve At 1 January 2 (2) (11 Gains on equity investments \u2014 4 9 At 31 December 2 2 (2) Cost of hedging reserve At 1 January (21) (3) (10 Cost of hedging deferred to reserves during the year 4 (18) 7 At 31 December (17) (21) (3 Other reserves (b) At 1 January 11,582 11,628 11,643 Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards (84) (95) (76 Employee share options: value of services 56 55 60 Deferred tax on share options \u2014 (6) 1 At 31 December 11,554 11,582 11,628 Foreign currency translation reserve (c) At 1 January (1,605) 162 (2,656 Parent and subsidiaries' currency translation and exchange adjustments (2,207) (1,755) 2,814 Equity accounted units currency translation adjustments (27) (12) 4 Currency translation reclassified on disposal (d) 105 \u2014 \u2014 At 31 December (3,734) (1,605) 162 Total other reserves per balance sheet 7,805 9,998 11,960 2022 US$m 2021 US$m 2020 US$m Retained earnings (e) At 1 January 33,337 26,792 23,387 Adjustment for transition to new accounting pronouncements (f) (17) \u2014 \u2014 Revised 1 January 33,320 26,792 23,387 Parent and subsidiaries' profit for the year 11,845 20,052 9,456 Equity accounted units' profit after tax for the year 575 1,042 313 Re-measurement gains/(losses) on pension and post-retirement healthcare plans (g) 568 1,015 (482) Tax relating to components of other comprehensive income (118) (297) 116 Total comprehensive income for the year 12,870 21,812 9,403 Share buy-back programme \u2014 \u2014 (1 Dividends paid (11,716) (15,385) (6,132) Change in equity interest held by Rio Tinto (h) 701 76 84 Own shares purchased/treasury shares reissued for share awards and other movements (16) (18) (31 Equity issued to holders of non-controlling interests (h) (711) \u2014 \u2014 Employee share options and other IFRS 2 charges taken to the income statement 63 60 82 At 31 December 34,511 33,337 26,792 (a) The capital redemption reserve was set up to comply with section 733 of the UK Companies Act 2006 (previously section 170 of the UK Companies Act 1985) when shares of a company are redeemed or purchased wholly out of the company\u2019s profits. Balances reflect the amount by which the company\u2019s issued share capital is diminished in accordance with this section. (b) Other reserves includes US$11,936 million which represents the difference between the nominal value and issue price of the shares issued arising from Rio Tinto plc\u2019s rights issue completed in July 2009. No share premium was recorded in the Rio Tinto plc financial statements through the operation of the merger relief provisions of the UK Companies Act 1985. Other reserves also include the cumulative amount recognised under IFRS 2 \u201cShare Based Payment\u201d in respect of awards granted but not exercised to acquire shares in Rio Tinto Limited, less, where applicable, the cost of shares purchased to satisfy share awards exercised. The cumulative amount recognised under IFRS 2 in respect of awards granted but not exercised to acquire shares in Rio Tinto plc is recorded in retained earnings. (c) Exchange differences arising on the translation of the Group\u2019s net investment in foreign controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. (d) The sale of our Roughrider undeveloped project led to us recycling the currency translation reserve loss of US$105 million relating to the entity that incorporated the project. (e) Retained earnings and movements in reserves of subsidiaries include those arising from the Group\u2019s share of joint operations. (f) The impact of adopting Amendments to IAS 37 \u201cProvisions, Contingent Liabilities and Contingent Assets\u201d on 1 January 2022. (g) There were US$5 million re-measurement gains relating to equity accounted units in 2022 (31 December 2021: US$12 million gains, 31 December 2020: US$11 million losses). (h) Refer to note 5 and 30 for further information regarding the forgiveness by Turquoise Hill Resources Ltd of the accrued interest and funding balances from Erdenes Oyu Tolgoi and the purchas of the non-controlling interest of Turquoise Hill Resources Ltd. ",
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"value": "36 Other provisions Recognition and measurement Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the balance sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and new legislation) we reflect this in the amounts recognised. 2022 US$m 2021 US$m At 1 January 1,002 856 Adjustment to opening balance on transition to new accounting standard (refer to page 155) 17 \u2014 Restated opening balance 1,019 856 Adjustment on currency translation (43) (29) Adjustments to mining properties/right of use assets: \u2013 increases to existing and new provisions 4 3 Charged/(credited) to profit: \u2013 increases to existing and new provisions 365 382 \u2013 unused amounts reversed (66) (37) \u2013 amortisation of discount 2 3 Utilised in year (176) (128) Transfers and other movements (a) 193 (48) At 31 December 1,298 1,002 Balance sheet analysis: Current 554 700 Non-current 744 302 Total 1,298 1,002 (a) Transfers and other movements includes US$211 million for additional consideration to be paid to the dissenting shareholders of the Turquoise Hill Resources transaction. It represents the difference between their initial consideration of C$34.4 per share and C$43 per share paid to all other shareholders, with the final amount and timing to be determined by dissent proceedings. As a transaction with shareholders of a subsidiary in their capacity as owners, this adjustment has been made through equity. 37 Contingencies and commitments Recognition and measurement Contingent liabilities, indemnities and other performance guarantees represent the potential outflow of funds from the Group for the satisfaction of obligations including those under contractual arrangements (for example undertakings related to supplier agreements) not provided for in the balance sheet, where the likelihood of the contingent liabilities, guarantees or indemnities being called is assessed as possible rather than probable or remote. Contingent liabilities (subsidiaries, joint operations, joint ventures and associates) Other relevant judgments - Contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgment and legal advice. These are quantified unless, in our judgment, the amount cannot be reliably estimated. The unit of account for claims is the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential exposure in excess of that already provided. We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgments may at times occur. The Group may in the future incur judgments or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position. 2022 US$m 2021 US$m Contingent liabilities, indemnities and other performance guarantees (a) 498 441 (a) There were no material contingent liabilities arising in relation to the Group\u2019s joint ventures and associates. 37 Contingencies and commitments continued Contingent liabilities - not quantifiable The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is: Litigation disputes Litigation matter Latest update Timing of the impairment of Rio Tinto Coal Mozambique (US securities and exchange commission) In October 2017, Rio Tinto announced that it had been notified by the U.S. Securities and Exchange Commission (SEC) that the SEC had filed a complaint in relation to Rio Tinto\u2019s disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto\u2019s 2012 year-end accounts. The SEC alleges that Rio Tinto, a former chief executive, Tom Albanese, and a former chief financial officer, Guy Elliott, committed violations of the anti-fraud, reporting, books and records, and internal control provisions of the federal securities law by not accurately disclosing the value of RTCM and not impairing it when Rio Tinto published its 2011 year-end accounts in February 2012 or its 2012 interim results in August 2012. In June 2019, the trial court dismissed an associated US class action on behalf of securities holders. In August 2020, the appeals court partially overturned the court\u2019s dismissal and the trial court dismissed the case again in 2022. The securities holders have appealed further to reinstate their claims, and the court has requested briefing in 2023. No provision has been recognised for this case. 2011 Contractual payments in Guinea Rio Tinto continues to co-operate fully with relevant authorities in connection with their investigations in relation to contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011 on the Simandou project in Guinea. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders. No provision has been recognised for this case. At 31 December 2022, the outcomes of the matters remain uncertain, but they could ultimately expose the Group to material financial cost. We believe these cases are unwarranted and will defend the allegations vigorously. A dedicated Board committee continues to monitor the progress of these matters, as appropriate. On 6 March 2022 we reached a settlement with ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto\u2019s 2012 year-end accounts. This was previously disclosed as a contingent liability at 31 December 2021. As part of the court approved settlement, we paid a A$750,000 penalty for a single contravention of our continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto. The case against Tom Albanese and Guy Elliott brought by ASIC has been wholly dismissed. Other contingent liabilities We are modernising agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions, within \u201cOther provisions\u201d, based on our best estimate of historical claims; however, the process is incomplete and it is possible that further claims could arise relating to past events. Close-down and restoration provisions are not recognised for those operations that have no known restrictions on their lives as the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent upon a specific orebody and have access to indefinite-lived power from owned hydro-power stations with water rights permitted by local governments. In these instances, a closure obligation may exist at the reporting date; however, due to the indefinite nature of asset lives it is not possible to arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down and restoration provisions are recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the demolition and removal of fixed structures after a pre-determined period. Any contingent liability for these assets will crystallise into a closure provision if and when a decision is taken to cease operations. Contingent assets The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once the insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is received. Capital commitments Our capital commitments include open purchase orders for managed operations and expenditure on major projects already authorised by our Investment Committee for non-managed operations. It does not include the estimated incremental capital expenditure relating to decarbonisation projects of US$7.5 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$1.0 billion (2021: US$1.1 billion) as many of the contracts relating to the Group\u2019s projects have various cancellation clauses. 2022 US$m 2021 US$m Capital commitments excluding the Group's share of joint venture capital commitments Within 1 year 2,313 2,324 Between 1 and 3 years 866 116 Between 3 and 5 years 86 38 After 5 years 89 73 Total 3,354 2,551 Group's share of joint venture capital commitments Within 1 year 15 11 Between 1 and 3 years \u2014 \u2014 Total 15 11 Unrecognised commitments to contribute funding or resources to joint ventures We have a commitment to purchase and market a portion (in excess of the Group\u2019s ownership interest) of the output of Sohar Aluminium Company L.L.C., an aluminium smelter in which the Group is a joint venture partner. The Group immediately sells the purchased products to third parties; in an active market, and therefore does not recognise the purchase obligation. Along with the other joint venture partners, we have commitments to provide emergency funding (such as funding required to preserve the life or assets of the company or to comply with applicable laws) if required by Sohar Aluminium Company L.L.C., subject to approved thresholds. At 31 December 2022, Minera Escondida Ltda held an undrawn shareholder line of credit for US$225 million (Rio Tinto share) (31 December 2021: US$225 million). The current facility has been extended during the year and will now mature in September 2023. Purchase obligations Purchase obligations are enforceable and legally binding agreements to buy goods or services. They specify all significant terms, including: fixed or minimum quantities to be purchased or consumed; fixed, minimum or variable price provisions; and the approximate timing of the transactions. Purchase obligations for goods mainly relate to purchases of raw materials and consumables, and purchase obligations for services mainly relate to charges for the use of infrastructure, commitments to purchase power and freight contracts. These goods and services are expected to be used in the business. To the extent that this changes, a provision for onerous obligations may be made. Purchases from joint arrangements or associates are included if the quantity to be purchased is in excess of our ownership interest in the entity. However, purchase obligations exclude contracted purchases of bauxite, alumina and aluminium from joint arrangements and associates and contracted purchases of alumina from third parties. This is because these purchases are made for commercial reasons and the Group is, overall, a ne seller of these commodities. The aggregate amount of future payment commitments under purchase obligations outstanding at 31 December was: 2022 US$m 2021 US$m Within 1 year 3,618 3,483 Between 1 and 2 years 2,091 1,660 Between 2 and 3 years 1,632 1,345 Between 3 and 4 years 1,309 1,080 Between 4 and 5 years 907 1,020 After 5 years 6,574 7,125 Total 16,131 15,713 Guarantees by parent companies Rio Tinto plc and Rio Tinto Limited have, jointly and severally, fully and unconditionally guaranteed the following securities issued by the following 100% owned finance subsidiaries: US$4.4 billion (31 December 2021: US$4.4 billion) Rio Tinto Finance (USA) Limited and Rio Tinto Finance (USA) plc bonds with maturity dates up to 2051; and US$1 billion (31 December 2021: US$1.1 billion) on the European Debt Issuance Programme. In addition, Ri Tinto Finance plc and Rio Tinto Finance Limited have entered into undrawn facility arrangements for an aggregate amount of US$7.5 billion (31 December 2021: US$7.5 billion). The facilities are guaranteed by Rio Tinto plc and Rio Tinto Limited. Rio Tinto plc has provided a guarantee, known as the completion support undertaking (CSU), in favour of the Oyu Tolgoi LLC project finance lenders At 31 December 2022, US$3.9 billion of project finance debt was outstanding under this facility (2021: US$4.3 billion). Rio Tinto plc, through its subsidiaries, owns 66% of Oyu Tolgoi LLC, with the remaining share owned by Erdenes Oyu Tolgoi LLC (34%), which is controlled by the Government of Mongolia. The project finance has been raised for development of the underground mine and the CSU will terminate on the completion of the underground mine according to a set of completion tests set out in the project finance facility. The Rio Tinto guarantee applies to the extent that Turquoise Hill Resources Ltd cannot satisfy Oyu Tolgoi LLC\u2019s project finance debt servicing obligations under its own guarantee to the lenders, called the sponsor debt service undertaking (DSU). Both the CSU and DSU contain a carve-out fo certain political risk events. Financial statements ",
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"fact-671": {
"value": "36 Other provisions Recognition and measurement Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the balance sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and new legislation) we reflect this in the amounts recognised. 2022 US$m 2021 US$m At 1 January 1,002 856 Adjustment to opening balance on transition to new accounting standard (refer to page 155) 17 \u2014 Restated opening balance 1,019 856 Adjustment on currency translation (43) (29) Adjustments to mining properties/right of use assets: \u2013 increases to existing and new provisions 4 3 Charged/(credited) to profit: \u2013 increases to existing and new provisions 365 382 \u2013 unused amounts reversed (66) (37) \u2013 amortisation of discount 2 3 Utilised in year (176) (128) Transfers and other movements (a) 193 (48) At 31 December 1,298 1,002 Balance sheet analysis: Current 554 700 Non-current 744 302 Total 1,298 1,002 (a) Transfers and other movements includes US$211 million for additional consideration to be paid to the dissenting shareholders of the Turquoise Hill Resources transaction. It represents the difference between their initial consideration of C$34.4 per share and C$43 per share paid to all other shareholders, with the final amount and timing to be determined by dissent proceedings. As a transaction with shareholders of a subsidiary in their capacity as owners, this adjustment has been made through equity",
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"value": "Recognition and measurement Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the balance sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and new legislation) we reflect this in the amounts recognised. ",
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"fact-672": {
"value": "37 Contingencies and commitments Recognition and measurement Contingent liabilities, indemnities and other performance guarantees represent the potential outflow of funds from the Group for the satisfaction of obligations including those under contractual arrangements (for example undertakings related to supplier agreements) not provided for in the balance sheet, where the likelihood of the contingent liabilities, guarantees or indemnities being called is assessed as possible rather than probable or remote. Contingent liabilities (subsidiaries, joint operations, joint ventures and associates) Other relevant judgments - Contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgment and legal advice. These are quantified unless, in our judgment, the amount cannot be reliably estimated. The unit of account for claims is the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential exposure in excess of that already provided. We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgments may at times occur. The Group may in the future incur judgments or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position. 2022 US$m 2021 US$m Contingent liabilities, indemnities and other performance guarantees (a) 498 441 (a) There were no material contingent liabilities arising in relation to the Group\u2019s joint ventures and associates37 Contingencies and commitments continued Contingent liabilities - not quantifiable The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is: Litigation disputes Litigation matter Latest update Timing of the impairment of Rio Tinto Coal Mozambique (US securities and exchange commission) In October 2017, Rio Tinto announced that it had been notified by the U.S. Securities and Exchange Commission (SEC) that the SEC had filed a complaint in relation to Rio Tinto\u2019s disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto\u2019s 2012 year-end accounts. The SEC alleges that Rio Tinto, a former chief executive, Tom Albanese, and a former chief financial officer, Guy Elliott, committed violations of the anti-fraud, reporting, books and records, and internal control provisions of the federal securities law by not accurately disclosing the value of RTCM and not impairing it when Rio Tinto published its 2011 year-end accounts in February 2012 or its 2012 interim results in August 2012. In June 2019, the trial court dismissed an associated US class action on behalf of securities holders. In August 2020, the appeals court partially overturned the court\u2019s dismissal and the trial court dismissed the case again in 2022. The securities holders have appealed further to reinstate their claims, and the court has requested briefing in 2023. No provision has been recognised for this case. 2011 Contractual payments in Guinea Rio Tinto continues to co-operate fully with relevant authorities in connection with their investigations in relation to contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011 on the Simandou project in Guinea. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders. No provision has been recognised for this case. At 31 December 2022, the outcomes of the matters remain uncertain, but they could ultimately expose the Group to material financial cost. We believe these cases are unwarranted and will defend the allegations vigorously. A dedicated Board committee continues to monitor the progress of these matters, as appropriate. On 6 March 2022 we reached a settlement with ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto\u2019s 2012 year-end accounts. This was previously disclosed as a contingent liability at 31 December 2021. As part of the court approved settlement, we paid a A$750,000 penalty for a single contravention of our continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto. The case against Tom Albanese and Guy Elliott brought by ASIC has been wholly dismissed. Other contingent liabilities We are modernising agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions, within \u201cOther provisions\u201d, based on our best estimate of historical claims; however, the process is incomplete and it is possible that further claims could arise relating to past events. Close-down and restoration provisions are not recognised for those operations that have no known restrictions on their lives as the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent upon a specific orebody and have access to indefinite-lived power from owned hydro-power stations with water rights permitted by local governments. In these instances, a closure obligation may exist at the reporting date; however, due to the indefinite nature of asset lives it is not possible to arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down and restoration provisions are recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the demolition and removal of fixed structures after a pre-determined period. Any contingent liability for these assets will crystallise into a closure provision if and when a decision is taken to cease operations. Contingent assets The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once the insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is received. Capital commitments Our capital commitments include open purchase orders for managed operations and expenditure on major projects already authorised by our Investment Committee for non-managed operations. It does not include the estimated incremental capital expenditure relating to decarbonisation projects of US$7.5 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$1.0 billion (2021: US$1.1 billion) as many of the contracts relating to the Group\u2019s projects have various cancellation clauses. 2022 US$m 2021 US$m Capital commitments excluding the Group's share of joint venture capital commitments Within 1 year 2,313 2,324 Between 1 and 3 years 866 116 Between 3 and 5 years 86 38 After 5 years 89 73 Total 3,354 2,551 Group's share of joint venture capital commitments Within 1 year 15 11 Between 1 and 3 years \u2014 \u2014 Total 15 11 Unrecognised commitments to contribute funding or resources to joint ventures We have a commitment to purchase and market a portion (in excess of the Group\u2019s ownership interest) of the output of Sohar Aluminium Company L.L.C., an aluminium smelter in which the Group is a joint venture partner. The Group immediately sells the purchased products to third parties; in an active market, and therefore does not recognise the purchase obligation. Along with the other joint venture partners, we have commitments to provide emergency funding (such as funding required to preserve the life or assets of the company or to comply with applicable laws) if required by Sohar Aluminium Company L.L.C., subject to approved thresholds. At 31 December 2022, Minera Escondida Ltda held an undrawn shareholder line of credit for US$225 million (Rio Tinto share) (31 December 2021: US$225 million). The current facility has been extended during the year and will now mature in September 2023. Purchase obligations Purchase obligations are enforceable and legally binding agreements to buy goods or services. They specify all significant terms, including: fixed or minimum quantities to be purchased or consumed; fixed, minimum or variable price provisions; and the approximate timing of the transactions. Purchase obligations for goods mainly relate to purchases of raw materials and consumables, and purchase obligations for services mainly relate to charges for the use of infrastructure, commitments to purchase power and freight contracts. These goods and services are expected to be used in the business. To the extent that this changes, a provision for onerous obligations may be made. Purchases from joint arrangements or associates are included if the quantity to be purchased is in excess of our ownership interest in the entity. However, purchase obligations exclude contracted purchases of bauxite, alumina and aluminium from joint arrangements and associates and contracted purchases of alumina from third parties. This is because these purchases are made for commercial reasons and the Group is, overall, a ne t seller of these commodities. The aggregate amount of future payment commitments under purchase obligations outstanding at 31 December was: 2022 US$m 2021 US$m Within 1 year 3,618 3,483 Between 1 and 2 years 2,091 1,660 Between 2 and 3 years 1,632 1,345 Between 3 and 4 years 1,309 1,080 Between 4 and 5 years 907 1,020 After 5 years 6,574 7,125 Total 16,131 15,713 Guarantees by parent companies Rio Tinto plc and Rio Tinto Limited have, jointly and severally, fully and unconditionally guaranteed the following securities issued by the following 100% owned finance subsidiaries: US$4.4 billion (31 December 2021: US$4.4 billion) Rio Tinto Finance (USA) Limited and Rio Tinto Finance (USA) plc bonds with maturity dates up to 2051; and US$1 billion (31 December 2021: US$1.1 billion) on the European Debt Issuance Programme. In addition, Ri o Tinto Finance plc and Rio Tinto Finance Limited have entered into undrawn facility arrangements for an aggregate amount of US$7.5 billion (31 December 2021: US$7.5 billion). The facilities are guaranteed by Rio Tinto plc and Rio Tinto Limited. Rio Tinto plc has provided a guarantee, known as the completion support undertaking (CSU), in favour of the Oyu Tolgoi LLC project finance lenders . At 31 December 2022, US$3.9 billion of project finance debt was outstanding under this facility (2021: US$4.3 billion). Rio Tinto plc, through its subsidiaries, owns 66% of Oyu Tolgoi LLC, with the remaining share owned by Erdenes Oyu Tolgoi LLC (34%), which is controlled by the Government of Mongolia. The project finance has been raised for development of the underground mine and the CSU will terminate on the completion of the underground mine according to a set of completion tests set out in the project finance facility. The Rio Tinto guarantee applies to the extent that Turquoise Hill Resources Ltd cannot satisfy Oyu Tolgoi LLC\u2019s project finance debt servicing obligations under its own guarantee to the lenders, called the sponsor debt service undertaking (DSU). Both the CSU and DSU contain a carve-out fo r certain political risk events. ",
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"fact-677": {
"value": "37 Contingencies and commitments continued Contingent liabilities - not quantifiable The current status of contingent liabilities where it is not practicable to provide a reliable estimate of possible financial exposure is: Litigation disputes Litigation matter Latest update Timing of the impairment of Rio Tinto Coal Mozambique (US securities and exchange commission) In October 2017, Rio Tinto announced that it had been notified by the U.S. Securities and Exchange Commission (SEC) that the SEC had filed a complaint in relation to Rio Tinto\u2019s disclosures and timing of the impairment of Rio Tinto Coal Mozambique (RTCM). The impairment was reflected in Rio Tinto\u2019s 2012 year-end accounts. The SEC alleges that Rio Tinto, a former chief executive, Tom Albanese, and a former chief financial officer, Guy Elliott, committed violations of the anti-fraud, reporting, books and records, and internal control provisions of the federal securities law by not accurately disclosing the value of RTCM and not impairing it when Rio Tinto published its 2011 year-end accounts in February 2012 or its 2012 interim results in August 2012. In June 2019, the trial court dismissed an associated US class action on behalf of securities holders. In August 2020, the appeals court partially overturned the court\u2019s dismissal and the trial court dismissed the case again in 2022. The securities holders have appealed further to reinstate their claims, and the court has requested briefing in 2023. No provision has been recognised for this case. 2011 Contractual payments in Guinea Rio Tinto continues to co-operate fully with relevant authorities in connection with their investigations in relation to contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011 on the Simandou project in Guinea. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders. No provision has been recognised for this case. At 31 December 2022, the outcomes of the matters remain uncertain, but they could ultimately expose the Group to material financial cost. We believe these cases are unwarranted and will defend the allegations vigorously. A dedicated Board committee continues to monitor the progress of these matters, as appropriate. On 6 March 2022 we reached a settlement with ASIC regarding the disclosure of the impairment of Rio Tinto Coal Mozambique (RTCM), which was reflected in Rio Tinto\u2019s 2012 year-end accounts. This was previously disclosed as a contingent liability at 31 December 2021. As part of the court approved settlement, we paid a A$750,000 penalty for a single contravention of our continuous disclosure obligations in the period 21 December 2012 to 17 January 2013, immediately preceding the impairment announcement. As part of this court approved settlement between ASIC and Rio Tinto, there were no findings of fraud or any systemic or widespread failure by Rio Tinto. The case against Tom Albanese and Guy Elliott brought by ASIC has been wholly dismissed. Other contingent liabilities We are modernising agreements with Traditional Owner groups in response to the Juukan Gorge incident. We have created provisions, within \u201cOther provisions\u201d, based on our best estimate of historical claims; however, the process is incomplete and it is possible that further claims could arise relating to past events. Close-down and restoration provisions are not recognised for those operations that have no known restrictions on their lives as the date of closure cannot be reliably estimated. This applies primarily to our Canadian aluminium smelters, which are not dependent upon a specific orebody and have access to indefinite-lived power from owned hydro-power stations with water rights permitted by local governments. In these instances, a closure obligation may exist at the reporting date; however, due to the indefinite nature of asset lives it is not possible to arrive at a sufficiently reliable estimate for the purposes of recognising a provision. Close-down and restoration provisions are recognised at these operations for separately identifiable closure activities which can be reasonably estimated, such as the demolition and removal of fixed structures after a pre-determined period. Any contingent liability for these assets will crystallise into a closure provision if and when a decision is taken to cease operations. Contingent assets The Group has, from time to time, various insurance claims outstanding with reinsurers. Recognition of any assets arising takes place once the insurance company has agreed to refund the claims and the amount is quantifiable. This is usually in the same period as payment is received. Capital commitments Our capital commitments include open purchase orders for managed operations and expenditure on major projects already authorised by our Investment Committee for non-managed operations. It does not include the estimated incremental capital expenditure relating to decarbonisation projects of US$7.5 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$1.0 billion (2021: US$1.1 billion) as many of the contracts relating to the Group\u2019s projects have various cancellation clauses. ",
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"fact-678": {
"value": "Capital commitments excluding the Group's share of joint venture capital commitments Within 1 year 2,313 2,324 Between 1 and 3 years 866 116 Between 3 and 5 years 86 38 After 5 years 89 73 Total 3,354 2,551 Group's share of joint venture capital commitments Within 1 year 15 11 Between 1 and 3 years \u2014 \u2014 Total 15 11 Unrecognised commitments to contribute funding or resources to joint ventures We have a commitment to purchase and market a portion (in excess of the Group\u2019s ownership interest) of the output of Sohar Aluminium Company L.L.C., an aluminium smelter in which the Group is a joint venture partner. The Group immediately sells the purchased products to third parties; in an active market, and therefore does not recognise the purchase obligation. Along with the other joint venture partners, we have commitments to provide emergency funding (such as funding required to preserve the life or assets of the company or to comply with applicable laws) if required by Sohar Aluminium Company L.L.C., subject to approved thresholds. At 31 December 2022, Minera Escondida Ltda held an undrawn shareholder line of credit for US$225 million (Rio Tinto share) (31 December 2021: US$225 million). The current facility has been extended during the year and will now mature in September 2023. Purchase obligations Purchase obligations are enforceable and legally binding agreements to buy goods or services. They specify all significant terms, including: fixed or minimum quantities to be purchased or consumed; fixed, minimum or variable price provisions; and the approximate timing of the transactions. Purchase obligations for goods mainly relate to purchases of raw materials and consumables, and purchase obligations for services mainly relate to charges for the use of infrastructure, commitments to purchase power and freight contracts. These goods and services are expected to be used in the business. To the extent that this changes, a provision for onerous obligations may be made. Purchases from joint arrangements or associates are included if the quantity to be purchased is in excess of our ownership interest in the entity. However, purchase obligations exclude contracted purchases of bauxite, alumina and aluminium from joint arrangements and associates and contracted purchases of alumina from third parties. This is because these purchases are made for commercial reasons and the Group is, overall, a ne seller of these commodities. The aggregate amount of future payment commitments under purchase obligations outstanding at 31 December was: 2022 US$m 2021 US$m Within 1 year 3,618 3,483 Between 1 and 2 years 2,091 1,660 Between 2 and 3 years 1,632 1,345 Between 3 and 4 years 1,309 1,080 Between 4 and 5 years 907 1,020 After 5 years 6,574 7,125 Total 16,131 15,713 Guarantees by parent companies Rio Tinto plc and Rio Tinto Limited have, jointly and severally, fully and unconditionally guaranteed the following securities issued by the following 100% owned finance subsidiaries: US$4.4 billion (31 December 2021: US$4.4 billion) Rio Tinto Finance (USA) Limited and Rio Tinto Finance (USA) plc bonds with maturity dates up to 2051; and US$1 billion (31 December 2021: US$1.1 billion) on the European Debt Issuance Programme. In addition, Ri o Tinto Finance plc and Rio Tinto Finance Limited have entered into undrawn facility arrangements for an aggregate amount of US$7.5 billion (31 December 2021: US$7.5 billion). The facilities are guaranteed by Rio Tinto plc and Rio Tinto Limited. Rio Tinto plc has provided a guarantee, known as the completion support undertaking (CSU), in favour of the Oyu Tolgoi LLC project finance lenders . At 31 December 2022, US$3.9 billion of project finance debt was outstanding under this facility (2021: US$4.3 billion). Rio Tinto plc, through its subsidiaries, owns 66% of Oyu Tolgoi LLC, with the remaining share owned by Erdenes Oyu Tolgoi LLC (34%), which is controlled by the Government of Mongolia. The project finance has been raised for development of the underground mine and the CSU will terminate on the completion of the underground mine according to a set of completion tests set out in the project finance facility. The Rio Tinto guarantee applies to the extent that Turquoise Hill Resources Ltd cannot satisfy Oyu Tolgoi LLC\u2019s project finance debt servicing obligations under its own guarantee to the lenders, called the sponsor debt service undertaking (DSU). Both the CSU and DSU contain a carve-out fo r certain political risk events. ",
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"fact-652": {
"value": "38 Auditors\u2019 remuneration Group auditors\u2019 remuneration (a) 2022 US$m 2021 US$m 2020 US$m Audit of the Group 17.3 13.7 11.0 Audit of subsidiaries 8.4 7.5 6.3 Total audit 25.7 21.2 17.3 Audit-related assurance service 1.0 1.0 0.8 Other assurance services (b) 2.3 2.7 1.4 Total assurance services 3.3 3.7 2.2 Tax compliance \u2014 \u2014 \u2014 Other non-audit services not covered above 0.3 0.2 0.1 Total non-audit services 3.6 3.9 2.3 Total Group auditors\u2019 remuneration 29.3 25.1 19.6 Audit fees payable to other accounting firms Audit of the financial statements of the Group\u2019s subsidiaries 0.2 0.3 0.6 Fees in respect of pension scheme audits 0.1 0.1 0.1 Total audit fees payable to other accounting firms 0.3 0.4 0.7 (a) The remuneration payable to KPMG, the Group auditors, is approved by the Audit Committee. The Committee sets the policy for the award of non-audit work to the auditors and approves the nature and extent of such work, and the amount of the related fees, to ensure that independence is maintained. The fees disclosed above consolidate all payments, including overruns, made to member firms of KPMG by the companies and their subsidiaries, along with fees in respect of joint operations paid for by the Group. Non-audit services arise largely from assurance and regulation related work. (b) Other assurance services relates to the review of non-statutory financial information including sustainability reporting. Under SEC regulations, the remuneration to KPMG firms and associates of US$29.3 million (2021: US$25.1 million; 2020: US$19.6 million) is required to be presented as follows: audit fees US$27.0 million (2021: US$22.6 million; 2020: US$18.0 million), audit-related fees US$2.0 million (2021: US$2.3 million; 2020: US$1.6 million), Tax fees US$nil (2021: US$nil; 2020: US$nil) and all other fees US$0.3 million (2021: US$0.2 million; 2020: US$nil) ",
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"value": "39 Events after the balance sheet date On 16 February 2023, we re-financed the US$3.9 billion Oyu Tolgoi project finance facility with a syndicate of international financial institutions, export credit agencies and commercial lenders. The lenders have agreed to a deferral of the principal repayments by three years to June 2026 and to an extension of the final maturity date by five years from 2030 to 2035. The terms and conditions are broadly unchanged and lenders continue to benefit from the Debt Service Undertaking from Turquoise Hill Resources Limited and the Completion Support Undertaking from Rio Tinto plc. There were no other significant events after the balance sheet date requiring disclosure. ",
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"fact-699": {
"value": "40 New standards issued but not yet effective We have not early adopted any new accounting standards or amendments that have been issued but are not yet effective. Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12 Income Taxes, mandatory in 2023 and endorsed by the UK) The Group will adopt, from January 2023 (the transition date), the narrow-scope amendments to IAS 12, which introduce an exclusion to the initial recognition exemption application for transactions that give rise to equal and offsetting taxable and deductible temporary differences. Our existing accounting policy states that \u201cwhere the recognition of an asset and liability from a single transaction gives rise to equal and offsetting temporary differences, Rio Tinto applies the initial recognition exemption allowed by IAS 12, and consequently recognises neither a deferred tax asset nor a deferred tax liability in respect of these temporary differences\u201d. Under the amendments, deferred tax assets and liabilities are required to be recognised in respect of such temporary differences from the transition date, with restatement of comparatives for 2022 and 2021. The most significant impact of implementing these amendments is expected to be from temporary differences related to the Group's provisions for close-down and restoration (note 14), and lease obligations (note 21) and corresponding capitalised closure costs and right of use assets (note 13). Adjustments to deferred tax assets and liabilities related to these balances will be recognised as at 1 January 2021, being the beginning of the earliest comparative period presented in 2023 financial statements, with the cumulative effect recognised as an adjustment to retained earnings or other components of equity at that date. For other transactions the amendments apply only to those taking place on or after 1 January 2021. The impact of restatement as at 31 December 2022 is that the Group will recognise additional gross deferred tax liabilities of US$922 million and gross deferred tax assets of US$1.4 billion in relation to close-down and restoration obligations and related capitalised closure costs. The Group will also recognise additional gross deferred tax liabilities of US$140 million and gross deferred tax assets of US$149 million in relation to lease liabilities and related right of use assets (note 15). After the required offsetting within the same tax jurisdiction, these adjustments result in the Group recognising additional net deferred tax assets of US$30 million and a reduction in net deferred tax liabilities of US$437 million (note 15) with the resulting cumulative impact increasing retained earnings (inclusive of income statement adjustments described below) by US$459 million.\u2006 As at 1 January 2021 and 31 December 2021, the restatement of gross and net deferred tax balances does not differ materially from the impact as at 31 December 2022. The impact of restatement on net earnings for the year ended 2022 is a net charge of US$28 million, comprising a US$84 million credit (2021:US$22 million) related to depreciation of closure and right of use assets, and settlement of closure and lease liabilities, offset by a US$112 million charge (2021: US$nil) related to the derecognition of deferred tax assets as a result of the recently enacted Corporate Alternative Minimum Tax regime in the USA referred to in note 10 on page 172. There will be no impact on tax cash flows or amounts recognised on the balance sheet as tax recoverable or payable as a result of implementing these amendments. IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts (mandatory in 2023 and endorsed by the UK) The standard provides consistent principles for all aspects of accounting for insurance contracts. We are finalising our assessment and have not identified a material impact to date, particularly in areas of judgment related to reinsurance contracts with EAUs and in substance self-insurance arrangements. Other amendments The assessment is ongoing in relation to other amendments, but no material impact has been identified to date. These are listed below: \u2013 Amendments to IAS 1 Presentation of Financial Statements: disclosure of accounting policies (mandatory in 2023 and endorsed by the UK); \u2013 Amendments to IAS 8 Accounting policies, changes in accounting estimates and errors: definition of accounting estimates (mandatory in 2023 and endorsed by the UK) \u2013 Amendments to IAS 1 Presentation of Financial Statements: classification of liabilities (mandatory in 2024 and not yet endorsed by the UK) ",
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"value": "41 Rio Tinto Limited parent company disclosures As at 31 December 2022 A$m 2021 A$m Assets Current assets 11,712 13,935 Non-current assets 2,646 3,413 Total assets 14,358 17,348 Liabilities Current liabilities (616) (2,296) Non-current liabilities (36) (806) Total liabilities (652) (3,102) Net assets 13,706 14,246 Shareholders\u2019 equity Share capital 3,504 3,504 Other reserves 301 309 Retained earnings 9,901 10,433 Total equity 13,706 14,246 Profit of the parent company 11,355 24,037 Total comprehensive income of the parent company 11,355 24,037 Prepared under Australian Accounting Standards (AAS) and in accordance with Australian Corporations Act (see page 249). In relation to Rio Tinto Limited there are no significant measurement differences between AAS and IFRS as defined on page 148. Rio Tinto Limited guarantees Rio Tinto Limited provides a number of guarantees in respect of Group companies. Rio Tinto plc and Rio Tinto Limited have jointly guaranteed the Group\u2019s external listed debt under the US Shelf Programme, European Debt Issuance Programme and Commercial Paper Programme. At 31 December 2022 this totalled A$8.1 billion (31 December 2021: A$7.6 billion). These entities also jointly guarantee the Group\u2019s undrawn credit facility, A$11.1 billion at 31 December 2022 (31 December 2021: A$10.3 billion). Rio Tinto Limited has guaranteed other external debt held by Rio Tinto Group entities which totalled A$0.1 billion at 31 December 2022 (31 December 2021: A$0.1 billion). In addition, Rio Tinto Limited has provided a guarantee of all third-party obligations, including contingent obligations, of Rio Tinto Finance Limited, a wholly owned subsidiary. Pursuant to the DLC Merger, both Rio Tinto plc and Rio Tinto Limited issued deed poll guarantees by which each company guaranteed contractual obligations incurred by the other or guaranteed by the other. ",
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"fact-655": {
"value": "Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address 1043802 Ontario Ltd Canada CAD Ordinary shares 100 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada 10676276 Canada Inc. Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada 1109723 B.C. Ltd. Canada CAD Common shares 100 100 1800-510 West Georgia Street, Vancouver BC V6B 0M3, Canada 46106 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada 46117 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada 535630 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada AGM Holding Company Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Alcan Asia Limited Hong Kong HKD Ordinary shares 100 100 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, Hong Kong Alcan Betriebs- und Verwaltungsgesellschaft GmbH Germany \u20ac51.13 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany Alcan Chemicals Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Alcan Composites Brasil Ltda Brazil BRL0.01 Ordinary shares 100 100 Avenida das Na\u00e7\u00f5es Unidas, 12 551 - 19th floor - Suite 1.911, S\u00e3o Paulo, SP, 04578-00, Brazil Alcan Corporation United States US$0.01 Ordinary shares 100 100 211 East 7th Street, Suite 620, Austin TX 78701-3218, United States Alcan Farms Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Alcan Gove Development Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Alcan Holdings Australia Pty Limited Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Ordinary shares 100 Alcan Holdings Europe B.V. Netherlands \u20ac4,570,000,000.00 Common shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Alcan Holdings Nederland B.V. Netherlands \u20ac4,555.00 Ordinary shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Notes to the 2022 financial statements 42 Related undertakings In accordance with section 409 of the UK Companies Act 2006, disclosed below is a full list of related undertakings of the Group. Related undertakings include \u201csubsidiaries\u201d, \u201cassociated undertakings\u201d, and \u201csignificant holdings in undertakings other than subsidiary companies\u201d. The registered office address, country of incorporation, classes of shares and the effective percentage of equity owned by the Group calculated by reference to voting rights, are disclosed as at 31 December 2022. The definition of a subsidiary undertaking in accordance with the UK Companies Act 2006 is different from the definition under IFRS. As a result, the related undertakings included within this list may not be the same as the related undertakings consolidated in the Group IFRS financial statements. Unless otherwise disclosed, all undertakings with an effective equity holding of greater than 50% are considered subsidiary undertakings for the purpose of this note. Refer to the \u201cBasis of consolidation\u201d on page 148 for further information on accounting policies, basis of consolidation, principal subsidiaries, joint operations, joint ventures and associates. An explanation of the dual listed companies structure of Rio Tinto plc and Rio Tinto Limited can be found on pages 338 to 339. For completeness, the effective ownership by the Group relates to effective holdings by both entities either together or individually. Wholly owned subsidiary undertakings Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address 1043802 Ontario Ltd Canada CAD Ordinary shares 100 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada 10676276 Canada Inc. Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada 1109723 B.C. Ltd. Canada CAD Common shares 100 100 1800-510 West Georgia Street, Vancouver BC V6B 0M3, Canada 46106 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada 46117 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada 535630 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada AGM Holding Company Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Alcan Asia Limited Hong Kong HKD Ordinary shares 100 100 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, Hong Kong Alcan Betriebs- und Verwaltungsgesellschaft GmbH Germany \u20ac51.13 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany Alcan Chemicals Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Alcan Composites Brasil Ltda Brazil BRL0.01 Ordinary shares 100 100 Avenida das Na\u00e7\u00f5es Unidas, 12 551 - 19th floor - Suite 1.911, S\u00e3o Paulo, SP, 04578-00, Brazil Alcan Corporation United States US$0.01 Ordinary shares 100 100 211 East 7th Street, Suite 620, Austin TX 78701-3218, United States Alcan Farms Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Alcan Gove Development Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Alcan Holdings Australia Pty Limited Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Ordinary shares 100 Alcan Holdings Europe B.V. Netherlands \u20ac4,570,000,000.00 Common shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Alcan Holdings Nederland B.V. Netherlands \u20ac4,555.00 Ordinary shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Financial statements continued Notes to the 2022 financial statements 42 Related undertakings In accordance with section 409 of the UK Companies Act 2006, disclosed below is a full list of related undertakings of the Group. Related undertakings include \u201csubsidiaries\u201d, \u201cassociated undertakings\u201d, and \u201csignificant holdings in undertakings other than subsidiary companies\u201d. The registered office address, country of incorporation, classes of shares and the effective percentage of equity owned by the Group calculated by reference to voting rights, are disclosed as at 31 December 2022. The definition of a subsidiary undertaking in accordance with the UK Companies Act 2006 is different from the definition under IFRS. As a result, the related undertakings included within this list may not be the same as the related undertakings consolidated in the Group IFRS financial statements. Unless otherwise disclosed, all undertakings with an effective equity holding of greater than 50% are considered subsidiary undertakings for the purpose of this note. Refer to the \u201cBasis of consolidation\u201d on page 148 for further information on accounting policies, basis of consolidation, principal subsidiaries, joint operations, joint ventures and associates. An explanation of the dual listed companies structure of Rio Tinto plc and Rio Tinto Limited can be found on pages 338 to 339. For completeness, the effective ownership by the Group relates to effective holdings by both entities either together or individually. Wholly owned subsidiary undertakings 224 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com224 Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address 1043802 Ontario Ltd Canada CAD Ordinary shares 100 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada 10676276 Canada Inc. Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada 1109723 B.C. Ltd. Canada CAD Common shares 100 100 1800-510 West Georgia Street, Vancouver BC V6B 0M3, Canada 46106 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada 46117 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada 535630 YUKON INC. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada AGM Holding Company Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Alcan Asia Limited Hong Kong HKD Ordinary shares 100 100 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, Hong Kong Alcan Betriebs- und Verwaltungsgesellschaft GmbH Germany \u20ac51.13 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany Alcan Chemicals Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Alcan Composites Brasil Ltda Brazil BRL0.01 Ordinary shares 100 100 Avenida das Na\u00e7\u00f5es Unidas, 12 551 - 19th floor - Suite 1.911, S\u00e3o Paulo, SP, 04578-00, Brazil Alcan Corporation United States US$0.01 Ordinary shares 100 100 211 East 7th Street, Suite 620, Austin TX 78701-3218, United States Alcan Farms Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Alcan Gove Development Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Alcan Holdings Australia Pty Limited Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Ordinary shares 100 Alcan Holdings Europe B.V. Netherlands \u20ac4,570,000,000.00 Common shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Alcan Holdings Nederland B.V. Netherlands \u20ac4,555.00 Ordinary shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Financial statements continued Notes to the 2022 financial statements 42 Related undertakings In accordance with section 409 of the UK Companies Act 2006, disclosed below is a full list of related undertakings of the Group. Related undertakings include \u201csubsidiaries\u201d, \u201cassociated undertakings\u201d, and \u201csignificant holdings in undertakings other than subsidiary companies\u201d. The registered office address, country of incorporation, classes of shares and the effective percentage of equity owned by the Group calculated by reference to voting rights, are disclosed as at 31 December 2022. The definition of a subsidiary undertaking in accordance with the UK Companies Act 2006 is different from the definition under IFRS. As a result, the related undertakings included within this list may not be the same as the related undertakings consolidated in the Group IFRS financial statements. Unless otherwise disclosed, all undertakings with an effective equity holding of greater than 50% are considered subsidiary undertakings for the purpose of this note. Refer to the \u201cBasis of consolidation\u201d on page 148 for further information on accounting policies, basis of consolidation, principal subsidiaries, joint operations, joint ventures and associates. An explanation of the dual listed companies structure of Rio Tinto plc and Rio Tinto Limited can be found on pages 338 to 339. For completeness, the effective ownership by the Group relates to effective holdings by both entities either together or individually. Wholly owned subsidiary undertakings 224 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Alcan Holdings Switzerland AG (SA/Ltd.) Switzerland CHF0.01 Registered shares 100 100 Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland Alcan International Network U.S.A. Inc. United States US$ Ordinary shares 100 100 80 State Street, Albany NY 12207-2543, United States Alcan Lebensmittelverpackungen GmbH Germany \u20ac51.12918 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany Alcan Management Services (Shanghai) Co., Ltd.(d) China US$1.00 Ordinary shares 100 100 Unit E, 40F Wheelock Square, No. 1717 West Nanjing Road, Jing'an District, Shanghai, 200040, China Alcan Management Services Canada Limite d / Societe de Services de Gestion Alcan Ca nada Limitee Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Alcan Northern Territory Alumina Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Alcan Packaging M\u00fchltal Gmbh & Co. KG Germany \u20ac51.129188 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany Alcan Primary Metal Australia Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Alcan Primary Products Company LLC United States US$ Unit shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Alcan Primary Products Corporation United States US$0.01 Ordinary shares 100 100 211 East 7th Street, Suite 620, Austin TX 78701-3218, United States Alcan Realty Limited / Societe Immobiliere Alcan Limitee Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Alcan South Pacific Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Alcan Trading AG (SA/Ltd.) Switzerland CHF1,000.00 Registered shares 100 100 Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland AML Properties Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Anglesey Aluminium Metal Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom AP Service France \u20ac15.00 Ordinary shares 100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France Argyle Diamond Mines Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Argyle Diamonds Limited(a) Australia A$ Class A shares100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia A$ Class B shares100 Ashton Mining Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Ashton Nominees Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Asia Gold Mongolia LLC Mongolia MNT1,250.00 Common shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Asia Naran Bulag LLC Mongolia MNT1,000.00 Common shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Australian Coal Holdings Pty. Limited(a) Australia A$ A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Ordinary shares 100 Australian Mining & Smelting Pty Ltd(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Borax Espa\u00f1a, S.A. Spain \u20ac150.00 Ordinary shares 100 100 CN 340, Km 954, 12520 NULES, Castellon, Spain Borax Europe Limited United Kingdom \u00a30.25 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Financial statements Annual Report 2022 | riotinto.com 225 225Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Borax Francais France \u20ac2.75 Ordinary shares 100 100 89 Route de Bourbourg, 59210, Coudekerque-Branche, France Borax Malaysia Sdn Bhd Malaysia RM1.00 Ordinary shares 100 100 Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Kumpur, Malaysia Borax Rotterdam BV Netherlands \u20ac375.00 Ordinary shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands British Alcan Aluminium Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Canning Resources Pty Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Capricorn Diamonds Investments Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Cathjoh Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Channar Management Services Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Channar Mining Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia CIA. Inmobiliaria e Inversiones Cosmos S.A.C. Peru PEN1,000.00 Ordinary shares 100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru Compania de Transmision Sierraoriente S.A.C. Peru PEN1,000.00 Ordinary shares 100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru CRA Investments Pty. Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia CRA Pty Ltd(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Cuprum Metals Pte. Ltd. Singapore US$ Common shar es 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Daybreak Development LLC United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Daybreak Property Holdings LLC (c) United States - - 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Daybreak Secondary Water Distribution Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Daybreak Water Holding LLC United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States DB Medical I LLC United States US$ Unit shares 100 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States DBVC1 LLC (c) United States - - 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Diavik Diamond Mines (2012) Inc. Canada CAD Common shares 100 100 300-5201 50th Avenue, Yellowknife NT X1A 2P8, Canada Eastland Management Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Electric Power Generation Limited(a) New Zealand NZD1.00 Ordinary shares 100 100 1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New Zealand Element North 21 GP Inc. / Element Nord 21 GP Inc. Canada CAD1.00 Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Element North 21 Limited Partnership / El\u00e9ment Nord 21 Soci\u00e9t\u00e9 en Commandite Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Financial statements continued Notes to the 2022 financial statements 226 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com226 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Borax Francais France \u20ac2.75 Ordinary shares 100 100 89 Route de Bourbourg, 59210, Coudekerque-Branche, France Borax Malaysia Sdn Bhd Malaysia RM1.00 Ordinary shares 100 100 Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Kumpur, Malaysia Borax Rotterdam BV Netherlands \u20ac375.00 Ordinary shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands British Alcan Aluminium Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Canning Resources Pty Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Capricorn Diamonds Investments Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Cathjoh Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Channar Management Services Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Channar Mining Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia CIA. Inmobiliaria e Inversiones Cosmos S.A.C. Peru PEN1,000.00 Ordinary shares 100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru Compania de Transmision Sierraoriente S.A.C. Peru PEN1,000.00 Ordinary shares 100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru CRA Investments Pty. Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia CRA Pty Ltd (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Cuprum Metals Pte. Ltd. Singapore US$ Common shar es 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Daybreak Development LLC United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Daybreak Property Holdings LLC (c) United States - - 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Daybreak Secondary Water Distribution Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Daybreak Water Holding LLC United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States DB Medical I LLC United States US$ Unit shares 100 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States DBVC1 LLC (c) United States - - 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Diavik Diamond Mines (2012) Inc. Canada CAD Common shares 100 100 300-5201 50th Avenue, Yellowknife NT X1A 2P8, Canada Eastland Management Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Electric Power Generation Limited (a) New Zealand NZD1.00 Ordinary shares 100 100 1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New Zealand Element North 21 GP Inc. / Element Nord 21 GP Inc. Canada CAD1.00 Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Element North 21 Limited Partnership / El\u00e9ment Nord 21 Soci\u00e9t\u00e9 en Commandite Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Financial statements continued Notes to the 2022 financial statements 226 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com226 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Borax Francais France \u20ac2.75 Ordinary shares 100 100 89 Route de Bourbourg, 59210, Coudekerque-Branche, France Borax Malaysia Sdn Bhd Malaysia RM1.00 Ordinary shares 100 100 Suite 13.03, 13th Floor, Menara Tan & Tan, 207 Jalan Tun Razak, 50400 Kuala Kumpur, Malaysia Borax Rotterdam BV Netherlands \u20ac375.00 Ordinary shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands British Alcan Aluminium Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Canning Resources Pty Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Capricorn Diamonds Investments Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Cathjoh Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Channar Management Services Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Channar Mining Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia CIA. Inmobiliaria e Inversiones Cosmos S.A.C. Peru PEN1,000.00 Ordinary shares 100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru Compania de Transmision Sierraoriente S.A.C. Peru PEN1,000.00 Ordinary shares 100 100 Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru CRA Investments Pty. Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia CRA Pty Ltd (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Cuprum Metals Pte. Ltd. Singapore US$ Common shar es 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Daybreak Development LLC United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Daybreak Property Holdings LLC (c) United States - - 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Daybreak Secondary Water Distribution Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Daybreak Water Holding LLC United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States DB Medical I LLC United States US$ Unit shares 100 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States DBVC1 LLC (c) United States - - 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Diavik Diamond Mines (2012) Inc. Canada CAD Common shares 100 100 300-5201 50th Avenue, Yellowknife NT X1A 2P8, Canada Eastland Management Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Electric Power Generation Limited (a) New Zealand NZD1.00 Ordinary shares 100 100 1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New Zealand Element North 21 GP Inc. / Element Nord 21 GP Inc. Canada CAD1.00 Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Element North 21 Limited Partnership / El\u00e9ment Nord 21 Soci\u00e9t\u00e9 en Commandite Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Financial statements continued Notes to the 2022 financial statements 226 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Empresa de Mineracao Finesa Ltda. Brazil BRL Quotas shares 100 100 SIG, QUADRA 04, Lote 75, Sala 109 Parte C, Edificio Capital Financial Center, Brasilia DF, CEP, 71.610-440, Brazil Flambeau Mining Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Fondation Rio Tinto(c) Guinea - - 100 Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de Guin\u00e9e, Guinea Fundsprops Pty. Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Austr alia Gladstone Infrastructure Pty Ltd Australia A$ Class G redeemable preference shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Ordinary shares 100 Gove Aluminium Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia GPS Energy Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia GPS Nominee Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia GPS Power Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Hamersley Exploration Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Hamersley HMS Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Hamersley Holdings Limited(a) Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Hamersley Iron - Yandi Pty Limited(a) Australia A$ Class B shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia A$ Class C shares 100 A$ Ordinary shares 100 Hamersley Iron Pty. Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Hamersley Resources Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia A$ Z Class Ordinary shares 100 Hamersley WA Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Henlopen Manufacturing Co., Inc. United States US$100.00 Ordinary shares 100 100 80 State Street, Albany NY 12207-2543, United States Heruga Exploration LLC Mongolia MNT12,500.00 Common shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia High Purity Iron Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States HIsmelt Corporation Pty Limited(a) Australia A$ A Class shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Hunter Valley Resources Pty Ltd Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Class B shares 100 IAL Holdings Singapore Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore IEA Coal Research Limited United Kingdom \u00a31.00 Ordinary shares 100 100 International Centre for Sustainable Carbon, 27 Old Gloucester Street, London, England, WC1N 3AX, United Kingdom Financial statements Annual Report 2022 | riotinto.com 227 227Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address IEA Environmental Projects Limited United Kingdom \u00a31.00 Ordinary shares 100 100 Pure Offices Cheltenham Office Park, Hatherley Lane, Cheltenham, GL51 6SH, United Kingdom Integrity Land and Cattle LLC United States US$ Unit shares 100 100 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States IOC Sales Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Jadar Free Zone Management Company DOO Beograd - Novi Beograd Serbia RSD1.00 Ordinary shares 100 100 Bulevar Milutina Milankovica 1i, 5th Floor, Novi Beograd, 11070, Serbia Johcath Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Juna Station Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Kalimantan Gold Pty Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Kelian Pty. Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Kembla Coal & Coke Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Kennecott Barneys Canyon Mining Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Exploration Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Exploration Mexico, S.A. de C.V. (d) Mexico MXN1,000.00 Ordinary shares 100 100 Felix Berenguer 125 - 4, Col. Lomas Virreyes, Distrito Federal, 11000, Mexico Kennecott Holdings Corporation United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Land Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Land Investment Company LLC(c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Molybdenum Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Nevada Copper Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Ridgeway Mining Company United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Royalty Company United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Services Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Uranium Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Utah Copper LLC United States US$ Unit shares 100 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Kennecott Water Distribution LLC United States US$ Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Financial statements continued Notes to the 2022 financial statements 228 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com228 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address IEA Environmental Projects Limited United Kingdom \u00a31.00 Ordinary shares 100 100 Pure Offices Cheltenham Office Park, Hatherley Lane, Cheltenham, GL51 6SH, United Kingdom Integrity Land and Cattle LLC United States US$ Unit shares 100 100 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States IOC Sales Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Jadar Free Zone Management Company DOO Beograd - Novi Beograd Serbia RSD1.00 Ordinary shares 100 100 Bulevar Milutina Milankovica 1i, 5th Floor, Novi Beograd, 11070, Serbia Johcath Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Juna Station Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Kalimantan Gold Pty Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Kelian Pty. Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Kembla Coal & Coke Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Kennecott Barneys Canyon Mining Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Exploration Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Exploration Mexico, S.A. de C.V. (d) Mexico MXN1,000.00 Ordinary shares 100 100 Felix Berenguer 125 - 4, Col. Lomas Virreyes, Distrito Federal, 11000, Mexico Kennecott Holdings Corporation United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Land Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Land Investment Company LLC (c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Molybdenum Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Nevada Copper Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Ridgeway Mining Company United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Royalty Company United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Services Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Uranium Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Utah Copper LLC United States US$ Unit shares 100 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Kennecott Water Distribution LLC United States US$ Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Financial statements continued Notes to the 2022 financial statements 228 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com228 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address IEA Environmental Projects Limited United Kingdom \u00a31.00 Ordinary shares 100 100 Pure Offices Cheltenham Office Park, Hatherley Lane, Cheltenham, GL51 6SH, United Kingdom Integrity Land and Cattle LLC United States US$ Unit shares 100 100 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States IOC Sales Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Jadar Free Zone Management Company DOO Beograd - Novi Beograd Serbia RSD1.00 Ordinary shares 100 100 Bulevar Milutina Milankovica 1i, 5th Floor, Novi Beograd, 11070, Serbia Johcath Holdings Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Juna Station Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Kalimantan Gold Pty Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Kelian Pty. Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Kembla Coal & Coke Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Kennecott Barneys Canyon Mining Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Exploration Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Exploration Mexico, S.A. de C.V. (d) Mexico MXN1,000.00 Ordinary shares 100 100 Felix Berenguer 125 - 4, Col. Lomas Virreyes, Distrito Federal, 11000, Mexico Kennecott Holdings Corporation United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Land Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Land Investment Company LLC (c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Molybdenum Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Nevada Copper Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Ridgeway Mining Company United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Royalty Company United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Services Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Uranium Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Kennecott Utah Copper LLC United States US$ Unit shares 100 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Kennecott Water Distribution LLC United States US$ Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Financial statements continued Notes to the 2022 financial statements 228 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Kutaibar Holdings Pty Ltd(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Lao Sanxai Minerals Sole Company Limited Lao People's Democratic Republic US$1.00 Ordinary shares 100 100 5th Floor, AGL Building, 33 Lane Xang Avenue, Hatsady Village, Chanthaboury District, Vientiane Capital, Lao People's Democratic Republic Lawson Mardon Flexible Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Lawson Mardon Smith Brothers Ltd. United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Lithium Extraction Technologies (Australia) Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Metallwerke Refonda AG Switzerland CHF125.00 Registered shares 100 100 Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland Metals & Minerals Insurance Pte. Limited Singapore SGD Ordinary shares 100 100 50 Raffles Place, #19-00 Singapore Land Tower, 048623, Singapore SGD Redeemable preference shares 100 Minera Kennecott, S.A. de C.V.(d) Mexico MXN1.00 Series \"B\" shares 100 100 Florencia 57, Piso 3, Col. Juarez, Delegacion Cuauhtemoc, Mexico, D.F., 06600, Mexico Mineracao Tabuleiro Ltda Brazil BRL Quotas shares 100 100 SIG, QUADRA 04, Lote 75, Sala 109 Parte D, Edificio Capital Financial Center, Brasilia DF, CEP, 71.610-440, Brazil MineSmith Australasia Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Mitchell Plateau Bauxite Co. Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Mount Bruce Mining Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Mount Pleasant Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Mutamba Mineral Sands S.A. Mozambique MZN100.00 Ordinary shares 100 100 Av. da Marginal N\u00ba 4985, 1\u00ba andar \u2013 Pr\u00e9dio ZEN, Maputo, Mozambique NBH Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Nhulunbuy Corporation Limited(c) Australia - - 100 19 Westal Street, Nhulunbuy NT 0880, Australia Norgold Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia North Gold (W.A.) Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia North Insurances Pty. Ltd. Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia North IOC (Bermuda) Holdings Limited Bermuda US$1.00 Ordinary shares 100 100 Park Place, 55 Par La Ville Road, Third Floor, Hamilton, HM11, Bermuda North IOC (Bermuda) Limited Bermuda US$143.64 Class A Ordinary shares 100 100 Park Place, 55 Par La Ville Road, Third Floor, Hamilton, HM11, Bermuda US$1.00 Ordinary shares 100 US$100,000.00 Preferred shares 100 North IOC Holdings Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Financial statements Annual Report 2022 | riotinto.com 229 229Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address North Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia North Mining Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Nuton LLC(c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Oyu Tolgoi Netherlands BV Netherlands \u20ac100.00 Ordinary shares 100 100 Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam, Netherlands Pacific Aluminium (New Zealand) Limited New Zealand NZD1.00 Ordinary shares 100 100 1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New Zealand NZD2.00 Ordinary shares 100 Pacific Aluminium Pty. Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Pacific Coast Mines, Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Aviatube Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Pechiney B\u00e2timent France \u20ac15.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France Pechiney B\u00e9cancour, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Cast Plate, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Consolidated Australia Pty Limited Australia US$1.00 Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia US$1.00 Preference shares 100 Pechiney Holdings, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Metals LLC(c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Philippines Inc.(d) Philippines PHP10.00 Ordinary shares 100 100 Room 306, ITC Building, 337 Sen Gil Puyat Avenue, Markati, Metro Manila, Philippines Pechiney Plastic Packaging, Inc. United States US$ Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Sales Corporation United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Peko Exploration Pty Ltd. Australia A$ Ordinary shares 100 100 37 Belmont Avenue, Belmont WA 6104, Australia Peko-Wallsend Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Pilbara Iron Company (Services) Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Pilbara Iron Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Project Generation Group Pty Ltd (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia QIT Madagascar Minerals Ltd Bermuda US$1.00 Ordinary shares 100 100 Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, 10, Bermuda Financial statements continued Notes to the 2022 financial statements 230 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com230 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address North Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia North Mining Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Nuton LLC (c) United States- - 100 251 Little Falls Drive, Wilmington DE 19808, United States Oyu Tolgoi Netherlands BV Netherlands \u20ac100.00 Ordinary shares 100 100 Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam, Netherlands Pacific Aluminium (New Zealand) Limited New Zealand NZD1.00 Ordinary shares 100 100 1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New Zealand NZD2.00 Ordinary shares 100 Pacific Aluminium Pty. Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Pacific Coast Mines, Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Aviatube Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Pechiney B\u00e2timent France \u20ac15.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France Pechiney B\u00e9cancour, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Cast Plate, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Consolidated Australia Pty Limited Australia US$1.00 Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia US$1.00 Preference shares 100 Pechiney Holdings, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Metals LLC (c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Philippines Inc. (d) Philippines PHP10.00 Ordinary shares 100 100 Room 306, ITC Building, 337 Sen Gil Puyat Avenue, Markati, Metro Manila, Philippines Pechiney Plastic Packaging, Inc. United States US$ Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Sales Corporation United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Peko Exploration Pty Ltd. Australia A$ Ordinary shares 100 100 37 Belmont Avenue, Belmont WA 6104, Australia Peko-Wallsend Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Pilbara Iron Company (Services) Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Pilbara Iron Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Project Generation Group Pty Ltd (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia QIT Madagascar Minerals Ltd Bermuda US$1.00 Ordinary shares 100 100 Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, 10, Bermuda Financial statements continued Notes to the 2022 financial statements 230 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com230 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address North Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia North Mining Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Nuton LLC (c) United States- - 100 251 Little Falls Drive, Wilmington DE 19808, United States Oyu Tolgoi Netherlands BV Netherlands \u20ac100.00 Ordinary shares 100 100 Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam, Netherlands Pacific Aluminium (New Zealand) Limited New Zealand NZD1.00 Ordinary shares 100 100 1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New Zealand NZD2.00 Ordinary shares 100 Pacific Aluminium Pty. Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Pacific Coast Mines, Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Aviatube Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Pechiney B\u00e2timent France \u20ac15.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France Pechiney B\u00e9cancour, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Cast Plate, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Consolidated Australia Pty Limited Australia US$1.00 Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia US$1.00 Preference shares 100 Pechiney Holdings, Inc. United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Metals LLC (c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Philippines Inc. (d) Philippines PHP10.00 Ordinary shares 100 100 Room 306, ITC Building, 337 Sen Gil Puyat Avenue, Markati, Metro Manila, Philippines Pechiney Plastic Packaging, Inc. United States US$ Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Pechiney Sales Corporation United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Peko Exploration Pty Ltd. Australia A$ Ordinary shares 100 100 37 Belmont Avenue, Belmont WA 6104, Australia Peko-Wallsend Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Pilbara Iron Company (Services) Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Pilbara Iron Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Project Generation Group Pty Ltd (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia QIT Madagascar Minerals Ltd Bermuda US$1.00 Ordinary shares 100 100 Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, 10, Bermuda Financial statements continued Notes to the 2022 financial statements 230 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Queensland Coal Pty. Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Qu\u00edmica e Metal\u00fargica Mequital Ltda. Brazil BRL Ordinary shares 100 100 Av. das Na\u00e7\u00f5es Unida, 12551 19o, andar, CJ 1911, 04578-000, S\u00e3o Paulo, SP, Brazil Ranges Management Company Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Ranges Mining Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Resolution Copper Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rhodes Ridge Account Manager Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rhodes Ridge Management Services Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Richards Bay Mining Holdings (Proprietary) Limited South Africa ZAR1.00 A Ordinary shares 100 100 The Farm RBM, Number 16317, KwaZulu-Natal, 3900, South Africa ZAR1.00 B Ordinary shares 100 Richards Bay Titanium Holdings (Proprietary) Limited South Africa ZAR1.00 A Ordinary shares 100 100 The Farm RBM, Number 16317, KwaZulu-Natal, 3900, South Africa ZAR1.00 B Ordinary shares 100 Rincon Mining Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio de Contas Desenvolvimentos Minerais Ltda Brazil BRL Quota shares 100 100 Rua Coronel Durval Matos, S/N Centro, Municipio de Jaguaquara, Estado da Bahia, CEP, 45345-000, Brazil Rio Santa Rita Empreenimentos e- Particiacoes Ltda Brazil BRL Quota shares 100 100 SIG, QUADRA 04, Lote 75, Sala 109 Parte E, Edificio Capital Financial Center, Brasilia DF, CEP, 71.610-440, Brazil Rio Sava Exploration DOO Serbia US$ Founder's shares 100 100 Bulevar Milutina Milankovica 1i, 5th Floor, Novi Beograd, 11070, Serbia Rio Tinto (Commercial Paper) Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Advisory Services Pty Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Alcan Fund Inc. Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Rio Tinto Alcan Inc. Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Rio Tinto Alcan International Ltd. / Rio Tinto Alcan International Ltee Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Rio Tinto Alcan Technology Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Aluminium (Bell Bay) Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Aluminium (Holdings) Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Aluminium Bell Bay Sales Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Aluminium Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Financial statements Annual Report 2022 | riotinto.com 231 231Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto Aluminium Pechiney France \u20ac10.00 Ordinary shares 100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France Rio Tinto Aluminium Services Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto America Holdings Inc. United States US$0.01 Class A Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States US$100.00 Series A Preferred shares 100 Rio Tinto America Inc. United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Angola (SU), LDA. Angola AOK Common shares 100 100 Edificio Kilamba, 20. andar, Avenida 4 de Fevereiro, Marginal de Luanda, Luanda, Angola Rio Tinto Asia Ltd Hong Kong HKD Ordinary shares 100 100 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, Hong Kong Rio Tinto Asia Pty. Limited(a) Australia A$ Class A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ Ordinary shares 100 Rio Tinto AuM Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Australian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$0.3218 Ordinary shares 100 Rio Tinto Bahia Holdings Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Brazilian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Brazilian Investments Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Canada Finance Limited(e) United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Canada Inc Canada CAD Class B shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada CAD Class C shares 100 CAD Class D shares 100 CAD Class J shares 100 Rio Tinto Canada Management Inc./ Rio Tinto Gestion Canada Inc. Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Financial statements continued Notes to the 2022 financial statements 232 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com232 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto Aluminium Pechiney France \u20ac10.00 Ordinary shares 100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France Rio Tinto Aluminium Services Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto America Holdings Inc. United States US$0.01 Class A Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States US$100.00 Series A Preferred shares 100 Rio Tinto America Inc. United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Angola (SU), LDA. Angola AOK Common shares 100 100 Edificio Kilamba, 20. andar, Avenida 4 de Fevereiro, Marginal de Luanda, Luanda, Angola Rio Tinto Asia Ltd Hong Kong HKD Ordinary shares 100 100 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, Hong Kong Rio Tinto Asia Pty. Limited (a) Australia A$ Class A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ Ordinary shares 100 Rio Tinto AuM Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Australian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$0.3218 Ordinary shares 100 Rio Tinto Bahia Holdings Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Brazilian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Brazilian Investments Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Canada Finance Limited (e) United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Canada Inc Canada CAD Class B shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada CAD Class C shares 100 CAD Class D shares 100 CAD Class J shares 100 Rio Tinto Canada Management Inc./ Rio Tinto Gestion Canada Inc. Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Financial statements continued Notes to the 2022 financial statements 232 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com232 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto Aluminium Pechiney France \u20ac10.00 Ordinary shares 100 100 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France Rio Tinto Aluminium Services Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto America Holdings Inc. United States US$0.01 Class A Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States US$100.00 Series A Preferred shares 100 Rio Tinto America Inc. United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Angola (SU), LDA. Angola AOK Common shares 100 100 Edificio Kilamba, 20. andar, Avenida 4 de Fevereiro, Marginal de Luanda, Luanda, Angola Rio Tinto Asia Ltd Hong Kong HKD Ordinary shares 100 100 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, Hong Kong Rio Tinto Asia Pty. Limited (a) Australia A$ Class A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ Ordinary shares 100 Rio Tinto AuM Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Australian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$0.3218 Ordinary shares 100 Rio Tinto Bahia Holdings Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Brazilian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Brazilian Investments Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Canada Finance Limited (e) United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Canada Inc Canada CAD Class B shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada CAD Class C shares 100 CAD Class D shares 100 CAD Class J shares 100 Rio Tinto Canada Management Inc./ Rio Tinto Gestion Canada Inc. Canada CAD Common shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Financial statements continued Notes to the 2022 financial statements 232 Annual Report 2022\u2000|\u2000riotinto.com Rio Tinto Chile SpA Chile US$1.00 Ordinary shares 100 100 Av. Presidente Riesco 5435, Of. 1302, Las Condes, Santiago, Chile Rio Tinto Closure Pty Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Coal (Clermont) Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Coal Australia Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Coal Investments Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Coal NSW Holdings Limited(a) Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Rio Tinto Commercial Americas Inc. United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Commercial GmbH Germany \u20ac1.00 Common shares 100 100 Alfred-Herrhausen-Allee 3-5, 65760, Eschborn, Germany Rio Tinto Commercial Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Copper Holdings Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Desenvolvimentos Minerais Ltda. Brazil BRL Quotas shares 100 100 SIG Quadra 04, Lote 175, Torre A, Salas 106 a 109, Edificio Capital Financial Center, Brasilia, CEP 70610-440, Brazil Rio Tinto Diamonds Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Diamonds Netherlands B.V. Netherlands \u20ac500.00 Ordinary shares 100 100 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Rio Tinto Diamonds NV Belgium \u20ac Ordinary shares 100 100 Hoveniersstraat 53, 2018 Antwerp, Belgium, Belgium Rio Tinto do Brasil Ltda. Brazil BRL1.00 Quota shares 100 100 Avenida Engenheiro Emiliano Macieira, 1 - km 18, Pedrinhas, Sao Luis, MA, 65095-603, Brazil Rio Tinto Eastern Investments B.V. Netherlands US$12,510,234,217. 00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Energy America Inc. United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Energy Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Escondida Limited Bermuda US$1.00 Common shares 100 100 22 Canon\u2019s Court, Victoria Street, Hamilton, HM 12, Bermuda Rio Tinto European Holdings Limited(b) United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Exploration (Asia) Holdings Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Exploration (PNG) Limited(a) Papua New Guinea PGK1.00 Ordinary shares 100 100 Section 15, Lot 15, Bernal Street, National Capital District, Port Moresby, Papua New Guinea Rio Tinto Exploration Canada Inc. Canada CAD Class B shares 100 100 1212-1175 Douglas Street, Victoria BC V8W 2E1, Canada CAD Class C shares 100 CAD Class D shares 100 Rio Tinto Exploration Dunav d.o.o. Beograd - Novi Beograd(c) Serbia - - 100 1i Bulevar Milutina Milankovica, Belgrade, 11000, Serbia Rio Tinto Exploration Finland OY Finland \u20ac Ordinary shares 100 100 PL 18, Helsinki, 00271, Finland Rio Tinto Exploration India Private Limited(d) India INR10.00 Ordinary shares 100 100 21st Floor, DLF Building No. 5, Tower A, DLF Cyber City Phase III, Gurgaon, Haryana, 122002, India Rio Tinto Exploration Kazakhstan LLP (c) Kazakhstan - - 100 Dostyk 310/G, Almaty, 050020, Kazakhstan Rio Tinto Exploration Pty Limited(a) Australia A$ Class B shares 100 100 37 Belmont Avenue, Belmont WA 6104, Australia A$ Class C shares 100 A$ Ordinary shares 100 Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Financial statements Annual Report 2022 | riotinto.com 233 233Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class class held by Group companies Effective Group % ownership Registered office address Rio Tinto Exploration Zambia Limited Zambia ZMW1.00 Ordinary shares 100 100 Suit FF08, No.4 Bishops Road, Kabulonga, Lusaka, Zambia Rio Tinto FalCon Diamonds Inc. Canada CAD1,000.00 Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Fer et Titane Inc. Canada CAD Common shares 100 100 1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6, Canada Rio Tinto Finance (Rhodes Ridge) Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance (USA) Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Finance (USA) Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance (USA) plc United Kingdom \u00a31.00 Ordinary Shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Finance Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance plc United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto France S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France Rio Tinto Global Employment Company Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Guin\u00e9e S.A. Guinea GNF100,000.00 Ordinary shares 100 100 Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de Guin\u00e9e, Guinea Rio Tinto Holding PNG Limited Papua New Guinea PGK1.00 Ordinary shares 100 100 C/- Bdo, Section 15, Lot 15, Bernal Street, Port Moresby, National Capital District, Papua New Guinea Rio Tinto Holdings LLC Mongolia MNT20,000.00 Ordinary shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Rio Tinto Hydrogen Energy LLC (c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Iceland Ltd. Iceland ISK1.00 Registered shares 100 100 P.O. Box 244, IS-222, Hafnarfj\u00f6rdur, Iceland Rio Tinto India Private Limited India INR10.00 Ordinary shares 100 100 21st Floor, DLF Building No. 5, Tower A, DLF Cyber City, Phase-III, Gurugram, Haryana, 122022, India Rio Tinto Indonesian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto International Holdings Limited(b) United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Investments One Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio Tinto Investments Two Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Financial statements continued Notes to the 2022 financial statements 234 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com234 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class class held by Group companies Effective Group % ownership Registered office address Rio Tinto Exploration Zambia Limited Zambia ZMW1.00 Ordinary shares 100 100 Suit FF08, No.4 Bishops Road, Kabulonga, Lusaka, Zambia Rio Tinto FalCon Diamonds Inc. Canada CAD1,000.00 Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Fer et Titane Inc. Canada CAD Common shares 100 100 1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6, Canada Rio Tinto Finance (Rhodes Ridge) Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance (USA) Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Finance (USA) Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance (USA) plc United Kingdom \u00a31.00 Ordinary Shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Finance Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance plc United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto France S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France Rio Tinto Global Employment Company Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Guin\u00e9e S.A. Guinea GNF100,000.00 Ordinary shares 100 100 Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de Guin\u00e9e, Guinea Rio Tinto Holding PNG Limited Papua New Guinea PGK1.00 Ordinary shares 100 100 C/- Bdo, Section 15, Lot 15, Bernal Street, Port Moresby, National Capital District, Papua New Guinea Rio Tinto Holdings LLC Mongolia MNT20,000.00 Ordinary shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Rio Tinto Hydrogen Energy LLC (c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Iceland Ltd. Iceland ISK1.00 Registered shares 100 100 P.O. Box 244, IS-222, Hafnarfj\u00f6rdur, Iceland Rio Tinto India Private Limited India INR10.00 Ordinary shares 100 100 21st Floor, DLF Building No. 5, Tower A, DLF Cyber City, Phase-III, Gurugram, Haryana, 122022, India Rio Tinto Indonesian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto International Holdings Limited (b) United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Investments One Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio Tinto Investments Two Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Financial statements continued Notes to the 2022 financial statements 234 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com234 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class class held by Group companies Effective Group % ownership Registered office address Rio Tinto Exploration Zambia Limited Zambia ZMW1.00 Ordinary shares 100 100 Suit FF08, No.4 Bishops Road, Kabulonga, Lusaka, Zambia Rio Tinto FalCon Diamonds Inc. Canada CAD1,000.00 Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Fer et Titane Inc. Canada CAD Common shares 100 100 1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6, Canada Rio Tinto Finance (Rhodes Ridge) Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance (USA) Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Finance (USA) Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance (USA) plc United Kingdom \u00a31.00 Ordinary Shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Finance Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Finance plc United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto France S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France Rio Tinto Global Employment Company Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Guin\u00e9e S.A. Guinea GNF100,000.00 Ordinary shares 100 100 Manqu\u00e9pas - Commune de Kaloum, R\u00e9publique de Guin\u00e9e, Guinea Rio Tinto Holding PNG Limited Papua New Guinea PGK1.00 Ordinary shares 100 100 C/- Bdo, Section 15, Lot 15, Bernal Street, Port Moresby, National Capital District, Papua New Guinea Rio Tinto Holdings LLC Mongolia MNT20,000.00 Ordinary shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Rio Tinto Hydrogen Energy LLC (c) United States - - 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Iceland Ltd. Iceland ISK1.00 Registered shares 100 100 P.O. Box 244, IS-222, Hafnarfj\u00f6rdur, Iceland Rio Tinto India Private Limited India INR10.00 Ordinary shares 100 100 21st Floor, DLF Building No. 5, Tower A, DLF Cyber City, Phase-III, Gurugram, Haryana, 122022, India Rio Tinto Indonesian Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto International Holdings Limited (b) United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Investments One Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio Tinto Investments Two Pty Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Financial statements continued Notes to the 2022 financial statements 234 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto Iron & Titanium (Suzhou) Co., Ltd China US$1.00 Ordinary shares 100 100 418 Nanshi Street, Suzhou Industrial Park, Suzhou, 215021, China Rio Tinto Iron & Titanium GmbH(c) Germany - - 100 Alfred-Herrhausen-Allee 3-5, 65760, Eschborn, Germany Rio Tinto Iron & Titanium Holdings GmbH(c) Germany - - 100 Alfred-Herrhausen-Allee 3-5, 65760, Eschborn, Germany Rio Tinto Iron & Titanium Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Iron and Titanium Canada Inc. / Rio Tinto Fer et Titane Canada Inc. Canada CAD Common shares 100 100 1625 Route Marie-Victorin, Sorel-Tracy QC J3R 1M6, Canada Rio Tinto Iron Ore (Pilbara) Sales Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio Tinto Iron Ore Atlantic Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Iron Ore Europe S.A.S. France \u20ac100.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France Rio Tinto Iron Ore Trading China Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Japan Ltd Japan JPY500.00 Ordinary shares 100 100 8th Floor, Kojimachi Diamond Building, 1 Kojimachi 4- chome, Chiyoda-ku, Tokyo 102-0083, Japan Rio Tinto Jersey Holdings 2010 Limited Jersey US$ Ordinary shares 100 100 3rd Floor, IFC 5, Castle Street, St Helier, JE2 3BY, Jersey Rio Tinto Korea Ltd Korea, Republic of KRW10,000.00 Ordinary shares 100 100 2nd Floor, JS Tower, 6 Teheran-ro 79-gil, Gangnam- Gu, Seoul, 06158, Korea Rio Tinto London Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Management Services South Africa (Proprietary) Ltd South Africa ZAR2.00 Ordinary shares 100 100 1 Harries Road, Illovo, Sandton, 2196, South Africa Rio Tinto Marketing Pte. Ltd. Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$1.00 Ordinary shares 100 Rio Tinto Marketing Services Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Medical Plan Trustees Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Metals Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Minera Peru Limitada SAC Peru PEN100.00 Ordinary shares 100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru Rio Tinto Mineracao do Brasil Ltda Brazil BRL1.00 Quotas shares 100 100 SIG Quadra 04, Lote 75, Torre A Sala, 109 Parte B, Edificio Capital Financial Center, Brasilia, CEP, 70610-440, Brazil Rio Tinto Minerals Asia Pte Ltd Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$1.00 Ordinary shares 100 Rio Tinto Minerals Development Limited United Kingdom \u00a30.25 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Minerals Exploration (Beijing) Co., Ltd China US$1.00 Ordinary shares 100 100 Units 15 - 16, 18/F, China World Office Building 2, No. 1 Jianguomenwai Dajie, Chaoyang District, Beijing, China Rio Tinto Minerals Inc. United States US$0.01 Common shares 100 100 15 West South Temple, Suite 600, Salt Lake City UT 84101, United States Rio Tinto Minerals Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Financial statements Annual Report 2022 | riotinto.com 235 235Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto Mining and Exploration Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Mining and Exploration Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Mining and Exploration S.A.C. Peru PEN0.50 Ordinary shares 100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru Rio Tinto Mining Commercial (Shanghai) Co., Ltd. China CNY1.00 Ordinary shares 100 100 Room 328, 3rd Floor, Unit 2, 231 Shibocun Road, Shanghai, Pilot Free Trade Zone, 200125 , China Rio Tinto Mongolia LLC Mongolia MNT1,240.00 Common shares 100 100 Level 17, Shangri-La Center , Olympic Street 19A, Sukhbaatar District, Ulaanbaatar, 14214, Mongolia Rio Tinto Nominees Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto OT Management Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Overseas Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto PACE Australia Pty Limited(a) Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio Tinto PACE Canada Inc. / Gestion Rio Tinto PACE Canada Inc. Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Rio Tinto Peru Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Potash Management Inc. / Rio Tinto Potasse Management Inc. Canada CAD Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Procurement (Singapore) Pte Ltd Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Pte Ltd Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Saskatchewan Management Inc. Canada CAD Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Saskatchewan Potash Holdings General Partner Inc. Canada CAD Common shares 100 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada Rio Tinto Saskatchewan Potash Holdings Limited Partnership (c) Canada - - 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada Rio Tinto Secretariat Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Services Inc. United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Services Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Shared Services Pty Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Shipping (Asia) Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Shipping Pty. Limited. (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Simfer UK Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Singapore Holdings Pte Ltd Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$ Ordinary shares 100 Financial statements continued Notes to the 2022 financial statements 236 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com236 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto Mining and Exploration Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Mining and Exploration Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Mining and Exploration S.A.C. Peru PEN0.50 Ordinary shares 100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru Rio Tinto Mining Commercial (Shanghai) Co., Ltd. China CNY1.00 Ordinary shares 100 100 Room 328, 3rd Floor, Unit 2, 231 Shibocun Road, Shanghai, Pilot Free Trade Zone, 200125 , China Rio Tinto Mongolia LLC Mongolia MNT1,240.00 Common shares 100 100 Level 17, Shangri-La Center , Olympic Street 19A, Sukhbaatar District, Ulaanbaatar, 14214, Mongolia Rio Tinto Nominees Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto OT Management Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Overseas Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto PACE Australia Pty Limited (a) Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio Tinto PACE Canada Inc. / Gestion Rio Tinto PACE Canada Inc. Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Rio Tinto Peru Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Potash Management Inc. / Rio Tinto Potasse Management Inc. Canada CAD Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Procurement (Singapore) Pte Ltd Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Pte Ltd Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Saskatchewan Management Inc. Canada CAD Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Saskatchewan Potash Holdings General Partner Inc. Canada CAD Common shares 100 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada Rio Tinto Saskatchewan Potash Holdings Limited Partnership (c) Canada - - 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada Rio Tinto Secretariat Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Services Inc. United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Services Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Shared Services Pty Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Shipping (Asia) Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Shipping Pty. Limited. (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Simfer UK Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Singapore Holdings Pte Ltd Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$ Ordinary shares 100 Financial statements continued Notes to the 2022 financial statements 236 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com236 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto Mining and Exploration Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Mining and Exploration Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Mining and Exploration S.A.C. Peru PEN0.50 Ordinary shares 100 100 Av. La Paz 1049, Oficina 503, Miraflores, Lima, 18, Peru Rio Tinto Mining Commercial (Shanghai) Co., Ltd. China CNY1.00 Ordinary shares 100 100 Room 328, 3rd Floor, Unit 2, 231 Shibocun Road, Shanghai, Pilot Free Trade Zone, 200125 , China Rio Tinto Mongolia LLC Mongolia MNT1,240.00 Common shares 100 100 Level 17, Shangri-La Center , Olympic Street 19A, Sukhbaatar District, Ulaanbaatar, 14214, Mongolia Rio Tinto Nominees Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto OT Management Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Overseas Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto PACE Australia Pty Limited (a) Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rio Tinto PACE Canada Inc. / Gestion Rio Tinto PACE Canada Inc. Canada CAD Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Rio Tinto Peru Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Potash Management Inc. / Rio Tinto Potasse Management Inc. Canada CAD Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Procurement (Singapore) Pte Ltd Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Pte Ltd Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Saskatchewan Management Inc. Canada CAD Common shares 100 100 300-815 West Hastings Street, Vancouver BC V6C 1B4, Canada Rio Tinto Saskatchewan Potash Holdings General Partner Inc. Canada CAD Common shares 100 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada Rio Tinto Saskatchewan Potash Holdings Limited Partnership (c) Canada - - 100 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada Rio Tinto Secretariat Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Services Inc. United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Services Limited (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Shared Services Pty Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Shipping (Asia) Pte. Ltd. Singapore US$1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore Rio Tinto Shipping Pty. Limited. (a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Simfer UK Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Singapore Holdings Pte Ltd Singapore SGD1.00 Ordinary shares 100 100 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$ Ordinary shares 100 Financial statements continued Notes to the 2022 financial statements 236 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Rio Tinto South East Asia Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Staff Fund (Retired) Pty Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Rio Tinto Sulawesi Holdings Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Technological Resources Inc. United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto Technological Resources UK Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Technology Holdings Corporation United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Rio Tinto THR Inc. Canada CAD Common shares 100 100 200-204 Lambert Street, Whitehorse YT Y1A 1Z4, Canada Rio Tinto Trading (Shanghai) Co., Ltd. China US$1.00 Ordinary shares 100 100 41/F Wheelock Square, No. 1717 West Nanjing Road, Jing\u2019 an District, Shanghai, 200040, China Rio Tinto Uranium Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Rio Tinto Western Holdings Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$1.00 Ordinary shares 100 Rio Tinto Winu Pty Limited(a) Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Riversdale Connections (Proprietary) Ltd South Africa ZAR1.00 Ordinary shares 100 100 Ground Floor-Cypress Place North, Woodmead Business Park, 140/142 Western Service Road, Woodmead, 2191, South Africa Robe River Limited Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Rocklea Station Pty Ltd Australia A$ Ordinary shares 100 100 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia RTA AAL Australia Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Ordinary 1 shares 100 RTA Boyne Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Gove Pty Limited Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Class B shares 100 RTA Holdco 1 Limited United Kingdom US$0.0001 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom RTA Holdco 4 Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom US$0.732815 Ordinary shares 100 RTA Holdco 7 Limited United Kingdom US$0.001 Class A Preference shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom RTA Holdco 8 Limited United Kingdom US$1.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom RTA Holdco Australia 1 Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Holdco Australia 3 Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Holdco Australia 5 Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Holdco Australia 6 Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Financial statements Annual Report 2022 | riotinto.com 237 237Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address RTA HOLDCO FRANCE 1 S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France RTA HOLDCO FRANCE 2 S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France RTA Pacific Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Sales Pty Ltd Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Class B shares 100 RTA Smelter Development Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Weipa Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Yarwun Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTAlcan 2 LLC United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States RTAlcan 3 LLC United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States RTLDS Aus Pty Ltd(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia RTLDS UK Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom RTPDS Aus Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Scheuch Unterstuetzungskasse GmbH Germany \u20ac51.129 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany SGLS LLC Mongolia MNT10,000.00 Common shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Sharp Strategic Funding Pte. Ltd. Singapore US$ Common shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Singapore Metals Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Skymont Corporation United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Sohio Western Mining Company United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Solwezi Metals Exploration Limited Zambia ZMW1.00 Ordinary shares 100 100 Block A, Suites GF05-GF08, 4 Bishops Office Park, Bishops Road, Kabulonga, Lusaka, Zambia Southern Copper Pty. Limited Australia A$ A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ B shares 100 A$ Ordinary shares 100 Swift Current Land & Cattle LLC (c) United States - - 100 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States Swiss Aluminium Australia Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Stock Unit A shares 100 A$ Stock Unit B shares 100 A$ Stock Unit C shares 100 TBAC Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Technological Resources Pty. Limited(a) Australia A$ A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ B shares 100 The Kelian Community and Forest Protection Trust(c) Singapore - - 100 10 Collyer Quay, #10-01 Ocean Financial Centre, 049315, Singapore Financial statements continued Notes to the 2022 financial statements 238 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com238 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address RTA HOLDCO FRANCE 1 S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France RTA HOLDCO FRANCE 2 S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France RTA Pacific Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Sales Pty Ltd Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Class B shares 100 RTA Smelter Development Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Weipa Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Yarwun Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTAlcan 2 LLC United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States RTAlcan 3 LLC United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States RTLDS Aus Pty Ltd(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia RTLDS UK Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom RTPDS Aus Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Scheuch Unterstuetzungskasse GmbH Germany \u20ac51.129 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany SGLS LLC Mongolia MNT10,000.00 Common shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Sharp Strategic Funding Pte. Ltd. Singapore US$ Common shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Singapore Metals Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Skymont Corporation United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Sohio Western Mining Company United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Solwezi Metals Exploration Limited Zambia ZMW1.00 Ordinary shares 100 100 Block A, Suites GF05-GF08, 4 Bishops Office Park, Bishops Road, Kabulonga, Lusaka, Zambia Southern Copper Pty. Limited Australia A$ A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ B shares 100 A$ Ordinary shares 100 Swift Current Land & Cattle LLC (c) United States - - 100 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States Swiss Aluminium Australia Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Stock Unit A shares 100 A$ Stock Unit B shares 100 A$ Stock Unit C shares 100 TBAC Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Technological Resources Pty. Limited (a) Australia A$ A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ B shares 100 The Kelian Community and Forest Protection Trust (c) Singapore - - 100 10 Collyer Quay, #10-01 Ocean Financial Centre, 049315, Singapore Financial statements continued Notes to the 2022 financial statements 238 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com238 42 Related undertakings continued Wholly owned subsidiary undertakings continued Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address RTA HOLDCO FRANCE 1 S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France RTA HOLDCO FRANCE 2 S.A.S. France \u20ac10.00 Ordinary shares 100 100 60 Avenue Charles de Gaulle, 92200, Neuilly-Sur- Seine, France RTA Pacific Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Sales Pty Ltd Australia A$ Class A shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Class B shares 100 RTA Smelter Development Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Weipa Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTA Yarwun Pty Ltd Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia RTAlcan 2 LLC United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States RTAlcan 3 LLC United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States RTLDS Aus Pty Ltd(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia RTLDS UK Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom RTPDS Aus Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Scheuch Unterstuetzungskasse GmbH Germany \u20ac51.129 Ordinary shares 100 100 Alusingenplatz 1, D-78221, Singen, Germany SGLS LLC Mongolia MNT10,000.00 Common shares 100 100 Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia Sharp Strategic Funding Pte. Ltd. Singapore US$ Common shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Singapore Metals Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Skymont Corporation United States US$ Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Sohio Western Mining Company United States US$100.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Solwezi Metals Exploration Limited Zambia ZMW1.00 Ordinary shares 100 100 Block A, Suites GF05-GF08, 4 Bishops Office Park, Bishops Road, Kabulonga, Lusaka, Zambia Southern Copper Pty. Limited Australia A$ A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ B shares 100 A$ Ordinary shares 100 Swift Current Land & Cattle LLC (c) United States - - 100 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States Swiss Aluminium Australia Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia A$ Stock Unit A shares 100 A$ Stock Unit B shares 100 A$ Stock Unit C shares 100 TBAC Limited United Kingdom \u00a31.00 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom Technological Resources Pty. Limited (a) Australia A$ A shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ B shares 100 The Kelian Community and Forest Protection Trust (c) Singapore - - 100 10 Collyer Quay, #10-01 Ocean Financial Centre, 049315, Singapore Financial statements continued Notes to the 2022 financial statements 238 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address The Pyrites Company, Inc. United States US$1.00 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States The Roberval and Saguenay Railway Company/ La Compagnie du Chemin de Fer Roberval Saguenay Canada CAD100.00 Ordinary shares 100 100 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada CAD100.00 Preference shares 6% Non- Cumulative 100 The Zinc Corporation Pty Ltd Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia A$ Z Class Ordinary shares 100 Thos. W. Ward Limited United Kingdom \u00a30.25 Ordinary shares 100 100 6 St James's Square, London, SW1Y 4AD, United Kingdom THR Aruba Holdings LLC A.V.V. Aruba US$1.00 Common shares 100 100 Caya Dr. J.E.M. (Loy) Arends, 18-A, Oranjestad, Aruba THR Delaware Holdings, LLC(c) United States - - 100 615 South DePont Highway, Kent County, Dover DE 19901, United States THR Kharmagtai Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore THR MINES (BC) LTD. Canada CAD Common shares 100 100 1800-510 West Georgia Street, Vancouver BC V6B 0M3, Canada US$ Common shares THR Mines Services Co. Ltd. Canada CAD Common shares 100 100 301-303 Alexander Street, Whitehorse YT Y1A 2L5, Canada THR OYU TOLGOI LTD. Virgin Islands, British US$1.00 Ordinary shares 100 100 Road Town, Tortolla, VG1110, Virgin Islands, British THR Ulaan Pte. Ltd. Singapore US$ Ordinary shares 100 100 77 Robinson Road #13-00, Robinson 77, 068896, Singapore Three Crowns Insurance Company United States US$2.00 Common shares 100 100 1108 E. South Union Avenue, Midvale UT 84047, United States Tinto Holdings Australia Pty. Limited Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Trans Territory Pipeline Pty Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia TRQ Australia Pty. Ltd. Australia A$ Ordinary shares 100 100 Level 25, Suite 2, 100 Miller Street, North Sydney NSW 2060, Australia Turquoise Hill (Beijing) Services Company Ltd (c) China - - 100 Unit 304-21, 3rd Floor, Building B, Workers Stadium North Road, Chaoyang District, Beijing, JIA NO. 2, China Turquoise Hill Netherlands Cooperatief U.A. (c) Netherlands - - 100 Unit 02.01, Kingsforweg 151, 1043 GR, Amsterdam , Netherlands Turquoise Hill Resources Ltd. Canada CAD Common shares 100 100 301-303 Alexander Street, Whitehorse YT Y1A 2L5, Canada Turquoise Hill Resources Singapore Pte Ltd. (d) Singapore SGD1.00 Common shares 100 100 2 Venture Drive, #24-01, Vision Exchange, 608526, Singapore U.S. Borax Inc. United States US$0.10 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Victoria Technology Inc.(a) United States US$1.00 Ordinary shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Waste Solutions and Recycling LLC United States US$ Unit shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States West Kutai Foundation Limited(c) Singapore - - 100 10 Collyer Quay, #10-01 Ocean Financial Centre, 049315, Singapore Wimmera Industrial Minerals Pty. Limited(a) Australia A$ Ordinary shares 100 100 Level 43, 120 Collins Street, Melbourne VIC 3000, Australia Winchester South Development Company Proprietary Limited Australia A$ Ordinary shares 100 100 155 Charlotte Street, Brisbane QLD 4000, Australia Wyoming Coal Resources Company United States US$0.01 Common shares 100 100 251 Little Falls Drive, Wilmington DE 19808, United States Financial statements Annual Report 2022 | riotinto.com 239 239Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and significant holdings in undertakings other than subsidiary companies 201 Logistics Center, LLC(c) United States - - 50 1209 Orange Street, Wilmington DE 19801, United States 7600 West Center, LLC(c) United States - - 50 9090 S. Sandy Parkway, Sandy UT 84070, United States Alufluor AB Sweden SEK1,000.00 Ordinary shares 50 50 Industrigatan 70, Box 902, S-25109, Helsingborg, Sweden Aluminerie Alouette Inc. Canada CAD Ordinary shares 40 40 400, Chemin de la Pointe-Noire, C.P. 1650, Sept-\u00celes, Qu\u00e9bec G4R 5M9, Canada Aluminerie De B\u00e9cancour, Inc. Canada CAD1.00 Ordinary shares 50.1 25.2 5555 Pierre Thibault Street, PO 30, B\u00e9cancour, Quebec G0X 1B, Canada Aluminium & Chemie Rotterdam B.V. Netherlands \u20ac4,555.00 Ordinary shares 65.8 65.8 Oude Maasweg 80, NL-3197 KJ, Botlek, Rotterdam, Netherlands Balkhash Saryshagan LLP(c) Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan Bektau B.V. Netherlands \u20ac200.00 Ordinary shares 75 75 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Bok\u00e9 Investment Company United States US$100.00 Ordinary shares 100 45 251 Little Falls Drive, Wilmington DE 19808, United States Boke Personnel Limited Guernsey US$1.00 Ordinary shares 100 45 P.O. Box 186, 1 Le Marchant Street, St. Peter Port, Channel Islands, GY1 4HP, Guernsey Bok\u00e9 Services Company SA Belgium US$68,296.00 Ordinary shares 100 45 187 Chauss\u00e9e de la Hulpe, B-01170 Brussels, Brussels, Belgium Bok\u00e9 Services Management, Inc. United States US$ Ordinary shares 100 45 323 North Shore Drive, Suite 510, Pittsburgh PA 15212, United States Bok\u00e9 Trading Inc. United States US$1,000.00 Ordinary shares 100 45 323 North Shore Drive, Suite 510, Pittsburgh PA 15212, United States Boyne Smelters Limited Australia A$ A1 Class shares 100 59.4 155 Charlotte Street, Brisbane QLD 4000, Australia A$ A2 Class shares 100 A$ B1 Class shares 100 CanPacific Potash Inc.(c) Canada - - 32 374 Third Avenue South, Saskatoon SK S7K 1M5, Canada Chlor Alkali Unit Pte Ltd Singapore SGD1.00 Ordinary shares 100 68.4 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$1.00 Ordinary shares 68.4 Compagnie des Bauxites de Guin\u00e9e United States US$20.00 Common Stock shares 51 23 251 Little Falls Drive, Wilmington DE 19808, United States Dampier Salt Limited Australia A$ Ordinary shares 68.4 68.4 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Electralith Pty Ltd Australia A$ Ordinary shares 30.8 30.8 IP Group Australia, Level 35, 360 Elizabeth Street, Melbourne VIC 3000, Australia Elysis Limited Partnership / Elysis Societe en Commandite Canada US$1,000.00 Class B shares 100 48.2 2323-1, Place Ville Marie, Montr\u00e9al QC H3B 5M5, Canada Enarotali Gold Project Limited Jersey \u00a30.001 Ordinary shares 25 25 IFC 5, St Helier, JE1 1ST, Jersey Energy Resources of Australia Ltd Australia A$ A Class Ordinary shares 86.3 86.3 Level 5 NICTA Building B, 7 London Circuit, Canberra City ACT 2601, Australia Fabrica De Plasticos Mycsa, S.A.(d) Venezuela, Bolivarian Republic of VEF1.00 Common shares 49 49 Urbanizaci\u00f3n Industrial San Ignacio, parcela 2-A, v\u00eda San Pedro, Los Teques, Estado Miranda, Venezuela Foundation for Australia-Japan Studies(c) Australia - - 33.3 25 St James Park Drive, Brighton VIC 3186, Australia Global Hubco BV Netherlands \u20ac1.00 Ordinary shares 33.3 33.3 Luna Arena, Herikerbergweg 238, 1101, CM, Amsterdam Zuidoost, Netherlands Gulf Power Company / La Compagnie Gulf Power Canada CAD100.00 Ordinary shares 100 58.7 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Halco (Mining) Inc. United States US$100.00 Ordinary shares 45 45 30 Isabella Street, 3rd Floor, Pittsburgh, PA, 15212, United States Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Financial statements continued Notes to the 2022 financial statements 240 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com240 42 Related undertakings continued Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and significant holdings in undertakings other than subsidiary companies 201 Logistics Center, LLC (c) United States - - 50 1209 Orange Street, Wilmington DE 19801, United States 7600 West Center, LLC (c) United States - - 50 9090 S. Sandy Parkway, Sandy UT 84070, United States Alufluor AB Sweden SEK1,000.00 Ordinary shares 50 50 Industrigatan 70, Box 902, S-25109, Helsingborg, Sweden Aluminerie Alouette Inc. Canada CAD Ordinary shares 40 40 400, Chemin de la Pointe-Noire, C.P. 1650, Sept-\u00celes, Qu\u00e9bec G4R 5M9, Canada Aluminerie De B\u00e9cancour, Inc. Canada CAD1.00 Ordinary shares 50.1 25.2 5555 Pierre Thibault Street, PO 30, B\u00e9cancour, Quebec G0X 1B, Canada Aluminium & Chemie Rotterdam B.V. Netherlands \u20ac4,555.00 Ordinary shares 65.8 65.8 Oude Maasweg 80, NL-3197 KJ, Botlek, Rotterdam, Netherlands Balkhash Saryshagan LLP (c) Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan Bektau B.V. Netherlands \u20ac200.00 Ordinary shares 75 75 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Bok\u00e9 Investment Company United States US$100.00 Ordinary shares 100 45 251 Little Falls Drive, Wilmington DE 19808, United States Boke Personnel Limited Guernsey US$1.00 Ordinary shares 100 45 P.O. Box 186, 1 Le Marchant Street, St. Peter Port, Channel Islands, GY1 4HP, Guernsey Bok\u00e9 Services Company SA Belgium US$68,296.00 Ordinary shares 100 45 187 Chauss\u00e9e de la Hulpe, B-01170 Brussels, Brussels, Belgium Bok\u00e9 Services Management, Inc. United States US$ Ordinary shares 100 45 323 North Shore Drive, Suite 510, Pittsburgh PA 15212, United States Bok\u00e9 Trading Inc. United States US$1,000.00 Ordinary shares 100 45 323 North Shore Drive, Suite 510, Pittsburgh PA 15212, United States Boyne Smelters Limited Australia A$ A1 Class shares 100 59.4 155 Charlotte Street, Brisbane QLD 4000, Australia A$ A2 Class shares 100 A$ B1 Class shares 100 CanPacific Potash Inc. (c) Canada - - 32 374 Third Avenue South, Saskatoon SK S7K 1M5, Canada Chlor Alkali Unit Pte Ltd Singapore SGD1.00 Ordinary shares 100 68.4 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$1.00 Ordinary shares 68.4 Compagnie des Bauxites de Guin\u00e9e United States US$20.00 Common Stock shares 51 23 251 Little Falls Drive, Wilmington DE 19808, United States Dampier Salt Limited Australia A$ Ordinary shares 68.4 68.4 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Electralith Pty Ltd Australia A$ Ordinary shares 30.8 30.8 IP Group Australia, Level 35, 360 Elizabeth Street, Melbourne VIC 3000, Australia Elysis Limited Partnership / Elysis Societe en Commandite Canada US$1,000.00 Class B shares 100 48.2 2323-1, Place Ville Marie, Montr\u00e9al QC H3B 5M5, Canada Enarotali Gold Project Limited Jersey \u00a30.001 Ordinary shares 25 25 IFC 5, St Helier, JE1 1ST, Jersey Energy Resources of Australia Ltd Australia A$ A Class Ordinary shares 86.3 86.3 Level 5 NICTA Building B, 7 London Circuit, Canberra City ACT 2601, Australia Fabrica De Plasticos Mycsa, S.A. (d) Venezuela, Bolivarian Republic of VEF1.00 Common shares 49 49 Urbanizaci\u00f3n Industrial San Ignacio, parcela 2-A, v\u00eda San Pedro, Los Teques, Estado Miranda, Venezuela Foundation for Australia-Japan Studies (c) Australia - - 33.3 25 St James Park Drive, Brighton VIC 3186, Australia Global Hubco BV Netherlands \u20ac1.00 Ordinary shares 33.3 33.3 Luna Arena, Herikerbergweg 238, 1101, CM, Amsterdam Zuidoost, Netherlands Gulf Power Company / La Compagnie Gulf Power Canada CAD100.00 Ordinary shares 100 58.7 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Halco (Mining) Inc. United States US$100.00 Ordinary shares 45 45 30 Isabella Street, 3rd Floor, Pittsburgh, PA, 15212, United States Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Financial statements continued Notes to the 2022 financial statements 240 Annual Report 2022\u2000|\u2000riotinto.com Annual Report 2022 | riotinto.com240 42 Related undertakings continued Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and significant holdings in undertakings other than subsidiary companies 201 Logistics Center, LLC (c) United States - - 50 1209 Orange Street, Wilmington DE 19801, United States 7600 West Center, LLC (c) United States - - 50 9090 S. Sandy Parkway, Sandy UT 84070, United States Alufluor AB Sweden SEK1,000.00 Ordinary shares 50 50 Industrigatan 70, Box 902, S-25109, Helsingborg, Sweden Aluminerie Alouette Inc. Canada CAD Ordinary shares 40 40 400, Chemin de la Pointe-Noire, C.P. 1650, Sept-\u00celes, Qu\u00e9bec G4R 5M9, Canada Aluminerie De B\u00e9cancour, Inc. Canada CAD1.00 Ordinary shares 50.1 25.2 5555 Pierre Thibault Street, PO 30, B\u00e9cancour, Quebec G0X 1B, Canada Aluminium & Chemie Rotterdam B.V. Netherlands \u20ac4,555.00 Ordinary shares 65.8 65.8 Oude Maasweg 80, NL-3197 KJ, Botlek, Rotterdam, Netherlands Balkhash Saryshagan LLP (c) Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan Bektau B.V. Netherlands \u20ac200.00 Ordinary shares 75 75 Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands Bok\u00e9 Investment Company United States US$100.00 Ordinary shares 100 45 251 Little Falls Drive, Wilmington DE 19808, United States Boke Personnel Limited Guernsey US$1.00 Ordinary shares 100 45 P.O. Box 186, 1 Le Marchant Street, St. Peter Port, Channel Islands, GY1 4HP, Guernsey Bok\u00e9 Services Company SA Belgium US$68,296.00 Ordinary shares 100 45 187 Chauss\u00e9e de la Hulpe, B-01170 Brussels, Brussels, Belgium Bok\u00e9 Services Management, Inc. United States US$ Ordinary shares 100 45 323 North Shore Drive, Suite 510, Pittsburgh PA 15212, United States Bok\u00e9 Trading Inc. United States US$1,000.00 Ordinary shares 100 45 323 North Shore Drive, Suite 510, Pittsburgh PA 15212, United States Boyne Smelters Limited Australia A$ A1 Class shares 100 59.4 155 Charlotte Street, Brisbane QLD 4000, Australia A$ A2 Class shares 100 A$ B1 Class shares 100 CanPacific Potash Inc. (c) Canada - - 32 374 Third Avenue South, Saskatoon SK S7K 1M5, Canada Chlor Alkali Unit Pte Ltd Singapore SGD1.00 Ordinary shares 100 68.4 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore US$1.00 Ordinary shares 68.4 Compagnie des Bauxites de Guin\u00e9e United States US$20.00 Common Stock shares 51 23 251 Little Falls Drive, Wilmington DE 19808, United States Dampier Salt Limited Australia A$ Ordinary shares 68.4 68.4 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Electralith Pty Ltd Australia A$ Ordinary shares 30.8 30.8 IP Group Australia, Level 35, 360 Elizabeth Street, Melbourne VIC 3000, Australia Elysis Limited Partnership / Elysis Societe en Commandite Canada US$1,000.00 Class B shares 100 48.2 2323-1, Place Ville Marie, Montr\u00e9al QC H3B 5M5, Canada Enarotali Gold Project Limited Jersey \u00a30.001 Ordinary shares 25 25 IFC 5, St Helier, JE1 1ST, Jersey Energy Resources of Australia Ltd Australia A$ A Class Ordinary shares 86.3 86.3 Level 5 NICTA Building B, 7 London Circuit, Canberra City ACT 2601, Australia Fabrica De Plasticos Mycsa, S.A. (d) Venezuela, Bolivarian Republic of VEF1.00 Common shares 49 49 Urbanizaci\u00f3n Industrial San Ignacio, parcela 2-A, v\u00eda San Pedro, Los Teques, Estado Miranda, Venezuela Foundation for Australia-Japan Studies (c) Australia - - 33.3 25 St James Park Drive, Brighton VIC 3186, Australia Global Hubco BV Netherlands \u20ac1.00 Ordinary shares 33.3 33.3 Luna Arena, Herikerbergweg 238, 1101, CM, Amsterdam Zuidoost, Netherlands Gulf Power Company / La Compagnie Gulf Power Canada CAD100.00 Ordinary shares 100 58.7 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Halco (Mining) Inc. United States US$100.00 Ordinary shares 45 45 30 Isabella Street, 3rd Floor, Pittsburgh, PA, 15212, United States Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Financial statements continued Notes to the 2022 financial statements 240 Annual Report 2022\u2000|\u2000riotinto.com Name of undertaking Country of incorporation Share class % of share class held by Group companies Effective Group % ownership Registered office address Hope Downs Marketing Company Pty Ltd Australia A$ A Class shares 100 50 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia Iron Ore Company of Canada United States US$1,000.00 Series A shares 91.4 58.7 1209 Orange Street, Wilmington DE 19801, United States US$1,000.00 Series E shares 100 US$1,000.00 Series F shares 100 Korgantas LLP (c) Kazakhstan - - 75 Dostyk 310/G, Almaty, 050020, Kazakhstan La Compagnie DU Transguineen SAS Guinea 42.5 22.5 Magma Arizona Railroad Company United States US$100.00 Common shares 100 55 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States Minera Escondida Ltda(c) Chile - - 30 Cerro el Plomo 6000, Piso 15, Santiago, 7560623, Chile Minmetals Rio Tinto Exploration Company Limited China CNY1.00 Ordinary shares 50 50 422-2, 4th Floor, Building #1 of Yongyou Industrial Park, Yazhou Bay Science & Technology City, Yazhou District, Sanya City, Hainan Province, China New Zealand Aluminium Smelters Ltd New Zealand NZD1.00 Class A Ordinary shares 100 79.4 1530 Tiwai Road, Tiwai Point, Invercargill, 9877, New Zealand NZAS Retirement Fund Trustee Limited New Zealand NZD Ordinary shares 100 79.4 Level 2, 20 Customhouse Quay, Wellington, 6011, New Zealand Oyu Tolgoi Catalyst Fund for Khanbogd Development(c) Mongolia - - 66 3rd Bagh, Dalanzadgad Soum, Ummugovi Aimag, Mongolia Oyu Tolgoi LLC(e) Mongolia MNT10,000.00 Common shares 66 66 Level 12 Monnis Tower, Chinggis Avenue-15, 1st khoroo, Sukhbaatar District, Ulaanbaatar, 14240, Mongolia Panguna Legacy Assessment Company Limited(c) Australia \u2014 33.3 Level 10 , 12 Creek Street, Brisbane QLD 4000, Australia Pechiney Reynolds Quebec, Inc. United States US$10.00 Common shares 50 50.2 233 South 13th Street, Suite 1900, Lincoln NE 68508, United States US$100.00 Preferred shares 100 Port d'Ehoala S.A. Madagascar US$100.00 Ordinary shares 100 80 Immeuble ASSIST, Ivandry, Lot N\u00b035, 5\u00e8me \u00e9tage, Antananarivo, 101 , Madagascar Procivis Savoie France \u20ac19.00 Ordinary shares 22.1 22.1 116 Quai Charles Roissard, 73000, Chamb\u00e9ry, France PT Hutan Lindung Kelian Lestari Indonesia IDR9,803.00 Ordinary shares 99 99 Kelian Mine Site, West Kutai, East Kalimantan, Indonesia PT Kelian Equatorial Mining Indonesia IDR1,080.00 Ordinary shares 90 90 Sampoerna Strategic Square, South Tower, Level 30, Jl. Jenderal Sudirman Kav. 45-46, Jakarta, 12930, Indonesia QIT Madagascar Minerals SA Madagascar US$10.00 Common shares 84.2 80 Immeuble ASSIST, Ivandry, Lot N\u00b035, 5\u00e8me \u00e9tage, Antananarivo, 101 , Madagascar Quebec North Shore and Labrador Railway Company / Compagnie de Chemin de Fer du Littoral Nord de Quebec et du Labrador Inc. Canada CAD27.59 Ordinary shares 100 58.7 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada Queensland Alumina Limited Australia A$ Class B shares 100 80 Plant Operations Building, Parsons Point, Gladstone QLD 4680, Australia A$ Class C shares 100 A$ Class D shares 100 Regeneration Enterprises, Inc. United States US$ Class A shares 25 25 2657 Windmill Parkway #302, Henderson NV 89074, United States Resolution Copper Mining LLC(c) United States - - 55 251 Little Falls Drive, Wilmington DE 19808, United States Financial statements Annual Report 2022 | riotinto.com 241 241Annual Report 2022 | riotinto.com Financial statements 42 Related undertakings continued
Other Group entities including subsidiaries where the effective ownership is less than 100%, associated undertakings and
significant holdings in undertakings other than subsidiary companies
continued
Name of undertaking
Country
of incorporation Share class
% of share
class held
by Group
companies
Effective
Group %
ownership Registered office address
Richards Bay Mining (Proprietary) Limited South Africa
ZAR0.01 B
Ordinary shares
100 74
The Farm RBM, Number 16317, KwaZulu-Natal, 3900,
South Africa
Richards Bay Titanium (Proprietary) Limited South Africa
ZAR0.01 B
Ordinary shares
100 74
The Farm RBM, Number 16317, KwaZulu-Natal, 3900,
South Africa
Rightship Pty Ltd Australia
A$ Ordinary
shares
33.3 33.3
Level 20, 500 Collins Street, Melbourne VIC 3000,
Australia
Rio Tinto Orissa Mining Private Ltd India
INR100.00
Ordinary shares
51 51
220, 2nd Floor, DLF Cyber City, Chandaka Industrial
Area, Patia, Bhubneshwar, Odisha, 751024, India
Rio Tinto Sohar Logistics LLC
(d)
Oman
OMR1.00
Ordinary shares
70 70 P.O. Box 686, Ruwi, 112, Oman
Robe River Mining Co. Pty. Ltd. Australia
73.6
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Robe River Ore Sales Pty. Ltd. Australia
A$ Ordinary
shares
65 57.1
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
Saryarka B.V. Netherlands
\u20ac200.00 Ordinary
shares
75 75
Welplaatweg 104, 3197 KS, Botlek, Rotterdam,
Netherlands
Simfer InfraCo Ltd United Kingdom
US$1.00 Ordinary
shares
100 53
6 St James's Square, London, SW1Y 4AD, United
Kingdom
Simfer Jersey Limited Jersey
US$ Ordinary
shares
53 53
PO Box 536, 13-14 Esplanade, St Helier, JE4 5UR,
Jersey
Simfer Jersey Nominee Limited United Kingdom
\u00a31.00 Ordinary
shares
100 53
6 St James's Square, London, SW1Y 4AD, United
Kingdom
SIMFER S.A.
(e)
Guinea
GNF100,000.00
Ordinary shares
85 45
Immeuble Camayenne, Corniche Nord , Commune de
Dixinn, BP 848, Conakry, R\u00e9publique de Guin\u00e9e, Guinea
Soci\u00e9t\u00e9 Mini\u00e8re Et De Participations Guin\u00e9e-
Alusuisse
(c)
Guinea - - 50 Tougue, Guinea
Sohar Aluminium Co. L.L.C. Oman
OMR1.00
Ordinary shares
20 20
Sohar Industrial Estate, P.O. Box 80, PC 327, Sohar,
Sultanate of Oman
Tomago Aluminium Company Pty Limited Australia
A$ Ordinary
shares
51.6 51.6 638 Tomago Road, Tomago NSW 2322, Australia
Yalleen Pastoral Co. Pty. Ltd. Australia
A$ Ordinary
shares
65.7 57.4
Level 18, Central Park, 152-158 St Georges Terrace,
Perth WA 6000, Australia
In addition, the Group participates in the following unincorporated arrangements:
Name of undertaking and country of
incorporation
Country
of incorporation
Interest % owned
by the Group Address or principal place of business
Bao-HI Ranges Joint Venture Australia 54 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia
Cape Bougainville Joint Venture Australia 67.5 155 Charlotte Street, Brisbane QLD 4000, Australia
Channar Mining Joint Venture Australia 60 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia
FalCon Project Joint Venture Canada 75.7 1212-1175 Douglas Street, Victoria BC V8W 2E1, Canada
Gladstone Power Station Joint Venture Australia 42.1 NRG Gladstone Operating Service, Power Station, Gladstone QLD 4680, Australia
Green Mountain Mining Venture United States 100 251 Little Falls Drive, Wilmington DE 19808, United States
Hope Downs Joint Venture Australia 50 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia
Mitchell Plateau Joint Venture Australia 65.6 155 Charlotte Street, Brisbane QLD 4000, Australia
Rhodes Ridge Joint Venture Australia 50 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia
Robe River Iron Associates Joint
Venture
Australia 57.1 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia
Tomago Aluminium Joint Venture Australia 51.6 638 Tomago Road, Tomago NSW 2322, Australia
Winter Road Joint Venture Canada 33.3 300-5201 50th Avenue, Yellowknife NT X1A 2P9, Canada
Yarraloola Pastoral Co Australia 57.1 Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia
(a) Directly held by Rio Tinto Limited.
(b) Directly held by Rio Tinto plc.
(c) Group ownership is held through an interest in capital. The entity has no classes of shares.
(d) In liquidation or application for dissolution filed.
(e) Classed as a subsidiary in accordance with section 1162 (4)(a) of the UK Companies Act 2006 on the grounds of dominant influence.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800YOEO5OQ72G2R82",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}