Key judgements | 2023 | 2022 | Context | ||
Indicators of impairment and impairment reversals (note 4) | a | a | Various cash-generating units of the Group have 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. | ||
Deferral of stripping costs (note 13) | a | a | The deferral of stripping costs is a key judgement in open-pit mining operations as it impacts the amortisation base for these costs, calculated on a units of production basis; this involves determining whether multiple pits are considered separate or integrated operations, which in turn influences the classification of stripping activities as pre-production or production phase. This judgement relies on various factors that are based on the unique characteristics and circumstances of each mine. | ||
Estimation of asset lives (note 13) | a | a | The useful lives of major assets are often linked to the life of the orebody they relate to, which is in turn based on the life-of-mine plan. Where the major assets are not dependent on the life of a related orebody, management applies judgement in estimating the remaining service potential of long-lived assets. The accuracy of estimating these useful lives is essential for determining the appropriate allocation of costs over time, reflecting the consumption of the asset\u2019s economic benefits. | ||
Close-down, restoration and environmental obligations (note 14) | a | a | Significant judgement is required to assess the possible extent of closure rehabilitation work needed to fulfil the Group\u2019s legal, statutory, and constructive obligations, along with other commitments to stakeholders. This involves leveraging our experience in evaluating available options and techniques to meet these obligations, associated costs and their likely timing and, crucially, determining when that estimate is sufficiently reliable to make or adjust a closure provision. | ||
Other relevant judgements | 2023 | 2022 | Context | ||
Identification of functional currencies (f below) | a | a | The determination of functional currency is a relevant judgement as it 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. | ||
Exclusions from underlying EBITDA (note 1) | a | a | Judgement is required in excluding items from profit after tax as they are 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. | ||
Determination of cash-generating units (CGUs) (note 4) | a | a | Judgement is applied to identify the Group\u2019s CGUs, particularly when assets belong to integrated operations. Changes in asset allocations to CGUs could impact impairment charges and reversals. | ||
Uncertain tax positions (note 10) | a | a | Where the amount of tax payable or recoverable is uncertain in any of the jurisdictions in which the Group operates, whether due to the local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgement is required to assess the probability that the adopted treatment will be accepted. | ||
Assessment of indefinite-lived water rights in Quebec (note 12) | a | a | 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. This determination is a relevant judgement as intangible assets that are deemed to have indefinite lives are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. | ||
Recoverability of deferred tax assets (note 15) | a | a | In considering the recoverability of deferred tax assets, judgement is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets, including future profit forecasts. | ||
Lease assessment (note 21) | a | 0 | The Group has entered into renewable energy power purchase agreements that require judgements to assess whether the arrangement contains a lease for the relevant power generating assets. | ||
Accounting for the Pilbara Iron Arrangements (note 31) | a | a | In assessing the Pilbara Iron Arrangements, judgement is required in concluding whether they collectively constitute a joint arrangement. | ||
Basis of consolidation of Queensland Alumina Limited\u00a0 (note 31) | 0 | a | Judgement is required to assess how we consolidate Queensland Alumina Limited (QAL). As a result of the Australian government imposing Trade Sanctions against Russia, QAL is not able to process bauxite on behalf of Rusal entities. Rio Tinto has contributed additional bauxite tonnes to ensure that 100% of production capacity is maintained. We continue to account for QAL as a joint operation. | ||
Accounting for Minera Escondida Ltda (note 32) | a | a | Judgement is required in our determination that Escondida is a joint venture as this impacts the classification of the entity in the financial statements. | ||
Recognition of contingencies (note 37) | a | a | Judgement is required to determine whether disclosure is made for material contingent liabilities depending on whether the possibility of any loss arising is considered remote, and whether these can be reliably estimated in order to be quantified. | ||
Key accounting estimates | 2023 | 2022 | Context | ||
Estimation of the close-down, restoration and environmental cost obligations (note 14) | a | a | Close-down, restoration and environment obligations are based on cash flow projections derived from studies that incorporate planned rehabilitation activities, cost estimates and discounting for the time value. Closure studies are performed to a rolling schedule with increased frequency and engineering accuracy for sites approaching end of life. Information from these studies can result in a material change to the associated provisions. The most significant closure provision update related to the Ranger mine at Energy Resources of Australia.\u00a0 The provision is based on reforecast cash flows, these are subject to further study which could result in material adjustment in the near term. | ||
Estimation of obligations for post- employment costs (note 28) | a | a | 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. There is significant estimation uncertainty pertaining to the most significant assumptions used in accounting for pension plans, namely the discount rate, the long-term inflation rate and mortality rates. | ||
Other relevant judgements - 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 judgement, and other companies may make different judgements 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 judgement 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 2023, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. | ||
Financial reporting considerations and sensitivities related to climate change | Page | ||
Recoverable value of our assets, asset obsolescence, impairment and use of sensitivities (note 4) | 179 | ||
Operating expenditure spend on decarbonisation (note 7 - footnote (h)) | |||
Water rights - climate impact on indefinite life (note 12) | |||
Carbon abatement spend on procurement of carbon units and renewable energy certificates (note 12 - footnote (a)) | |||
Estimation of asset lives (note 13) | |||
Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) | |||
Useful economic lives of power generating assets (note 13) | |||
Close-down, restoration and environmental cost (note 14) | |||
Upper Calliope Solar Farm PPA in Queensland (note 24 (iv)) | |||
Coal royalty receivables (note 24) | |||
Decarbonisation capital commitments (note 37) | |||
At 1 January | 2023 US$m | 2022 US$m | 2021 US$m |
Equity attributable to owners of Rio Tinto (previously reported) | 50,175 | 51,415 | 47,054 |
Impact of IAS 12 amendments(a) | 459 | 515 | 516 |
Restated equity attributable to owners of Rio Tinto | 50,634 | 51,930 | 47,570 |
31\u00a0December 2022 | |
US$m | |
Deferred tax assets (previously reported) | 2,766 |
Impact of IAS 12 amendments | 30 |
Deferred tax assets (restated) | 2,796 |
Deferred tax liabilities (previously reported) | (3,601) |
Impact of IAS 12 amendments | 437 |
Deferred tax liabilities (restated) | (3,164) |
Net impact of IAS 12 amendments on deferred tax balances | 467 |
Comprising, prior to offsetting of balances: | |
Deferred tax assets arising from: | |
-\u00a0 Provisions and other liabilities | 1,586 |
- Capital allowances | (57) |
1,529 | |
Deferred tax liabilities arising from Capital allowances | (1,062) |
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, other by-products and exploration activities. |
Minerals | Includes mining and processing of borates, titanium dioxide feedstock, and iron concentrate and pellets from the Iron Ore Company of Canada. Also includes diamond mining, sorting and marketing and development projects for battery materials, such as lithium. |
Other relevant judgements - determination of CGUs Judgement 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 relevant judgement continues to relate to the grouping of Rio Tinto Iron and Titanium Quebec Operations and QIT Madagascar Minerals (QMM) as a single CGU on the basis that they are vertically integrated operations and there is no active market for QMM\u2019s ilmenite. | ||
Key judgement - indicators of impairment and impairment reversals 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 CGUs were equal, making the CGUs sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi CGU for internal sources of information that could indicate impairment or impairment reversal 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 or impairment reversal, we considered current and projected commodity prices. 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 page 180 for details) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. In 2023, the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment or impairment reversal. 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. | ||
2023 US$m | 2022 US$m | |
5% increase in the titanium slag price | 217 | 207 |
1% increase in the discount rate applied to post-tax cash flows | (175) | (140) |
10% strengthening of the South African rand | 272 | 263 |
Type of Property, plant and equipment | Land and buildings | Plant and equipment | ||
Land | Buildings | Power-generating assets | Other plant and equipment | |
Depreciation profile | Not depreciated | 5 to 50 years | See Power note below on page 195 | 3 to 50 years |
Key judgement - 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 judgement 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 hydropower 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 during any given period for assets that use the \u201cUnits of production\u201d depreciation basis. | |||
Key judgement - deferral of stripping costs We apply judgement 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 judgement: another mining company could make a different judgement 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). | ||
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. |
Key accounting 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 on the previous page. 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\u00a0December 2023 was US$17.2 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 foreign exchange rates; \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 cost 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 unwinding 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. | ||
Impact of climate change on our business - close-down, restoration and environmental costs 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. | |||
Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
Recognition and initial 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.\u00a0 |
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 derecognition 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 recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement. |
Key judgements | 2023 | 2022 | Context | ||
Indicators of impairment and impairment reversals (note 4) | a | a | Various cash-generating units of the Group have 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. | ||
Deferral of stripping costs (note 13) | a | a | The deferral of stripping costs is a key judgement in open-pit mining operations as it impacts the amortisation base for these costs, calculated on a units of production basis; this involves determining whether multiple pits are considered separate or integrated operations, which in turn influences the classification of stripping activities as pre-production or production phase. This judgement relies on various factors that are based on the unique characteristics and circumstances of each mine. | ||
Estimation of asset lives (note 13) | a | a | The useful lives of major assets are often linked to the life of the orebody they relate to, which is in turn based on the life-of-mine plan. Where the major assets are not dependent on the life of a related orebody, management applies judgement in estimating the remaining service potential of long-lived assets. The accuracy of estimating these useful lives is essential for determining the appropriate allocation of costs over time, reflecting the consumption of the asset\u2019s economic benefits. | ||
Close-down, restoration and environmental obligations (note 14) | a | a | Significant judgement is required to assess the possible extent of closure rehabilitation work needed to fulfil the Group\u2019s legal, statutory, and constructive obligations, along with other commitments to stakeholders. This involves leveraging our experience in evaluating available options and techniques to meet these obligations, associated costs and their likely timing and, crucially, determining when that estimate is sufficiently reliable to make or adjust a closure provision. | ||
Other relevant judgements | 2023 | 2022 | Context | ||
Identification of functional currencies (f below) | a | a | The determination of functional currency is a relevant judgement as it 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. | ||
Exclusions from underlying EBITDA (note 1) | a | a | Judgement is required in excluding items from profit after tax as they are 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. | ||
Determination of cash-generating units (CGUs) (note 4) | a | a | Judgement is applied to identify the Group\u2019s CGUs, particularly when assets belong to integrated operations. Changes in asset allocations to CGUs could impact impairment charges and reversals. | ||
Uncertain tax positions (note 10) | a | a | Where the amount of tax payable or recoverable is uncertain in any of the jurisdictions in which the Group operates, whether due to the local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgement is required to assess the probability that the adopted treatment will be accepted. | ||
Assessment of indefinite-lived water rights in Quebec (note 12) | a | a | 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. This determination is a relevant judgement as intangible assets that are deemed to have indefinite lives are not amortised; they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment. | ||
Recoverability of deferred tax assets (note 15) | a | a | In considering the recoverability of deferred tax assets, judgement is required regarding the extent to which certain risk factors are likely to affect the recovery of these assets, including future profit forecasts. | ||
Lease assessment (note 21) | a | 0 | The Group has entered into renewable energy power purchase agreements that require judgements to assess whether the arrangement contains a lease for the relevant power generating assets. | ||
Accounting for the Pilbara Iron Arrangements (note 31) | a | a | In assessing the Pilbara Iron Arrangements, judgement is required in concluding whether they collectively constitute a joint arrangement. | ||
Basis of consolidation of Queensland Alumina Limited\u00a0 (note 31) | 0 | a | Judgement is required to assess how we consolidate Queensland Alumina Limited (QAL). As a result of the Australian government imposing Trade Sanctions against Russia, QAL is not able to process bauxite on behalf of Rusal entities. Rio Tinto has contributed additional bauxite tonnes to ensure that 100% of production capacity is maintained. We continue to account for QAL as a joint operation. | ||
Accounting for Minera Escondida Ltda (note 32) | a | a | Judgement is required in our determination that Escondida is a joint venture as this impacts the classification of the entity in the financial statements. | ||
Recognition of contingencies (note 37) | a | a | Judgement is required to determine whether disclosure is made for material contingent liabilities depending on whether the possibility of any loss arising is considered remote, and whether these can be reliably estimated in order to be quantified. | ||
Key accounting estimates | 2023 | 2022 | Context | ||
Estimation of the close-down, restoration and environmental cost obligations (note 14) | a | a | Close-down, restoration and environment obligations are based on cash flow projections derived from studies that incorporate planned rehabilitation activities, cost estimates and discounting for the time value. Closure studies are performed to a rolling schedule with increased frequency and engineering accuracy for sites approaching end of life. Information from these studies can result in a material change to the associated provisions. The most significant closure provision update related to the Ranger mine at Energy Resources of Australia.\u00a0 The provision is based on reforecast cash flows, these are subject to further study which could result in material adjustment in the near term. | ||
Estimation of obligations for post- employment costs (note 28) | a | a | 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. There is significant estimation uncertainty pertaining to the most significant assumptions used in accounting for pension plans, namely the discount rate, the long-term inflation rate and mortality rates. | ||
Other relevant judgements - 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 judgement, and other companies may make different judgements 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 judgement 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 2023, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. | ||
Other relevant judgements - 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 judgemental category which includes, where applicable, other credits and charges that, individually or in aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In 2023, this includes all re-estimates of the closure provisions for fully impaired sites identified in the second half of the year due to the materiality of the adjustment in aggregate. In 2022 this category included the gain recognised by Kitimat relating to LNG Canada's project and the gain recognised upon sale of the Cortez royalty. In 2021 the category included the changes in closure estimates at Energy Resources of Australia and Gove Refinery. | ||
Other relevant judgements - determination of CGUs Judgement 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 relevant judgement continues to relate to the grouping of Rio Tinto Iron and Titanium Quebec Operations and QIT Madagascar Minerals (QMM) as a single CGU on the basis that they are vertically integrated operations and there is no active market for QMM\u2019s ilmenite. | ||
Key judgement - indicators of impairment and impairment reversals 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 CGUs were equal, making the CGUs sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi CGU for internal sources of information that could indicate impairment or impairment reversal 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 or impairment reversal, we considered current and projected commodity prices. 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 page 180 for details) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. In 2023, the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment or impairment reversal. 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. | ||
Other relevant judgements - 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 local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgement is required to assess the probability that the adopted treatment will be accepted. In accordance with IFRIC 23 \u201cUncertainty over Income Tax Treatments\u201d, 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 judgement 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. The Mongolian Tax Authority has issued a number of tax assessments covering the fiscal years 2013 to 2020, the most recent of which was received in December 2023, which are inconsistent with the Oyu Tolgoi Investment Agreement and Mongolian legislation. We have not booked any uncertain tax provisions for the matters under dispute, which have been referred to international arbitration. As required by Mongolian law we have paid US$356 million in respect of the assessments, pending resolution of the disputes through the arbitration. These amounts, adjusted for exchange rate movements, are included within our non-current receivables and other assets on the balance sheet. The interpretation of the Investment Agreement and Mongolian legislation has been, and is expected to continue to be, subject to dispute.\u00a0 Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the recovery of the amounts paid and of certain deferred tax assets, further details of which are provided in Note 15. | ||
Other relevant judgements - 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$1,776 million (included in contract-based assets) as at 31\u00a0December 2023 (2022: US$1,693 million ) relates wholly to the Quebec smelters 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 its 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% ( 2022: 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. | ||
Key judgement - 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 judgement 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 hydropower stations. | ||
Key judgement - deferral of stripping costs We apply judgement 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 judgement: another mining company could make a different judgement 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 judgement - Close-down, restoration and environmental obligations We use our judgement 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 in order to estimate the associated costs and the likely timing of those costs. Significant judgement is also required to then 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 judgement 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 provisions are updated throughout the life of the operation with conceptual study estimates reviewed every five years. Within ten years from the expected closure date, closure cost estimates must comply with the Group\u2019s Capital Project Framework. 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. In 2023, a reforecast for the Ranger Uranium mine operated by Energy Resources of Australia has resulted in an increase to the closure provision of US$850 million. The increase is principally attributed to closure activities taking longer due to a reassessment of the time taken to achieve Pit 3 consolidation coupled with transition to a lower risk approach which adversely impacts achievement of final landform and the quantity of water to be processed. When operations ceased at the end of 2020, rehabilitation was expected to be complete by 2026; we now expect the final completion will be delayed until 2034, subject to permitting. The majority of the provision increase is attributable to rehabilitation activities post 2027 and is subject to further study which could result in material change to the provision. These activities remain subject to a number of studies and are also potentially sensitive to external events such as rainfall. A previous study was completed in early 2022 and the preliminary information from that study resulted in an increase to closure liabilities of US$510 million in 2021. 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. | ||
Key accounting 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 on the previous page. 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\u00a0December 2023 was US$17.2 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 foreign exchange rates; \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 cost 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 unwinding 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 judgements - Recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgement 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 Mongolian Tax Authority has issued a number of tax assessments covering the fiscal years 2013 to 2020, the most recent of which was received in December 2023, which are inconsistent with the Oyu Tolgoi Investment Agreement and Mongolian legislation. The interpretation of the Investment Agreement and Mongolian legislation has been, and is expected to continue to be, subject to dispute through international arbitration. Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the amount and recovery of recognised deferred tax items, including tax losses. The arbitration process on matters of this complexity can typically take over 12 months to conclude. | ||
Other relevant judgements - lease assessment We have to apply judgement for certain contractual arrangements, such as renewable energy power purchase agreements (PPAs), in evaluating whether we have the right to obtain substantially all of the economic benefits from the use of the renewable energy assets, including the right to obtain physical energy these assets generate. Based on our evaluation, we determine whether an arrangement is a lease, an executory contract or a derivative. An immaterial amount was recognised as a lease at year end for a fixed component of the QMM renewable PPA. Amrun PPA is a lease, which has not yet commenced and is included in capital commitments (note 37). | ||
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: \u2013 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. \u2013 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. \u2013 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 judgement 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 2023 | ||||||
Discount rate | 4.6% | 4.5% | 4.8% | 1.5% | ||
Long-term inflation (a) | 1.9% | 3.1% | 2.2% | 1.2% | ||
Rate of increase in pensions | 0.2% | 2.6% | \u2013% | 2.3% | ||
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% | \u2013% | 3.4% | ||
(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\u00a0December 2023 was 2.5% (2022: 2.7%). | ||||||
Other relevant judgements - 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 (CUC) 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 an 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 judgement 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$1,009 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 judgements - accounting for Minera Escondida Ltda Judgement has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including those in relation to 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 judgement 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 judgements - contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement and legal advice. These are quantified unless, in our judgement, 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 judgements may at times occur. The Group may in the future incur judgements 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. | ||
Other relevant judgements - 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 judgement, and other companies may make different judgements 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 judgement 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 2023, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. | ||
Other relevant judgements - 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 judgement, and other companies may make different judgements 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 judgement 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 2023, A$15 billion of intragroup loans continued to meet these criteria; associated exchange gains and losses are taken to equity. | ||
Full-year average | Year-end | |||||
One unit of local currency buys the following number of US dollars | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 |
Pound sterling | 1.24 | 1.24 | 1.38 | 1.28 | 1.21 | 1.35 |
Australian dollar | 0.66 | 0.69 | 0.75 | 0.69 | 0.68 | 0.73 |
Canadian dollar | 0.74 | 0.77 | 0.80 | 0.76 | 0.74 | 0.78 |
Euro | 1.08 | 1.05 | 1.18 | 1.11 | 1.07 | 1.13 |
South African rand | 0.054 | 0.061 | 0.068 | 0.054 | 0.059 | 0.063 |
Financial reporting considerations and sensitivities related to climate change | Page | ||
Recoverable value of our assets, asset obsolescence, impairment and use of sensitivities (note 4) | 179 | ||
Operating expenditure spend on decarbonisation (note 7 - footnote (h)) | |||
Water rights - climate impact on indefinite life (note 12) | |||
Carbon abatement spend on procurement of carbon units and renewable energy certificates (note 12 - footnote (a)) | |||
Estimation of asset lives (note 13) | |||
Additions to property, plant and equipment with a primary purpose of reducing carbon emissions (note 13 - footnote (d)) | |||
Useful economic lives of power generating assets (note 13) | |||
Close-down, restoration and environmental cost (note 14) | |||
Upper Calliope Solar Farm PPA in Queensland (note 24 (iv)) | |||
Coal royalty receivables (note 24) | |||
Decarbonisation capital commitments (note 37) | |||
At 1 January | 2023 US$m | 2022 US$m | 2021 US$m |
Equity attributable to owners of Rio Tinto (previously reported) | 50,175 | 51,415 | 47,054 |
Impact of IAS 12 amendments(a) | 459 | 515 | 516 |
Restated equity attributable to owners of Rio Tinto | 50,634 | 51,930 | 47,570 |
31\u00a0December 2022 | |
US$m | |
Deferred tax assets (previously reported) | 2,766 |
Impact of IAS 12 amendments | 30 |
Deferred tax assets (restated) | 2,796 |
Deferred tax liabilities (previously reported) | (3,601) |
Impact of IAS 12 amendments | 437 |
Deferred tax liabilities (restated) | (3,164) |
Net impact of IAS 12 amendments on deferred tax balances | 467 |
Comprising, prior to offsetting of balances: | |
Deferred tax assets arising from: | |
-\u00a0 Provisions and other liabilities | 1,586 |
- Capital allowances | (57) |
1,529 | |
Deferred tax liabilities arising from Capital allowances | (1,062) |
Reportable segment | Principal activities |
Iron Ore | Iron ore mining and salt and gypsum production in Western Australia. |
Aluminium | Bauxite mining; alumina refining; aluminium smelting. |
Copper | Mining and refining of copper, gold, silver, molybdenum, other by-products and exploration activities. |
Minerals | Includes mining and processing of borates, titanium dioxide feedstock, and iron concentrate and pellets from the Iron Ore Company of Canada. Also includes diamond mining, sorting and marketing and development projects for battery materials, such as lithium. |
2023 | |||
Segmental revenue US$m | Underlying EBITDA US$m | Capital expenditure (a) US$m | |
Iron Ore | 32,249 | 19,974 | 2,588 |
Aluminium | 12,285 | 2,282 | 1,331 |
Copper | 6,678 | 1,904 | 1,976 |
Minerals | 5,934 | 1,414 | 746 |
Reportable segments total | 57,146 | 25,574 | 6,641 |
Other operations | 142 | (578) | 323 |
Inter-segment transactions | (231) | 8 | |
Share of equity accounted units(b) | (3,016) | ||
Central pension costs, share-based payments, insurance and derivatives | 168 | ||
Restructuring, project and one-off costs | (190) | ||
Central costs | (990) | ||
Central exploration and evaluation expenditures | (100) | ||
Proceeds from disposal of property, plant and equipment | 9 | ||
Other items | 113 | ||
Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets | 54,041 | 7,086 | |
Underlying EBITDA | 23,892 |
2022 Adjusted(a) | 2021 Adjusted(a) | |||||
Segmental revenue US$m | Underlying EBITDA US$m | Capital expenditure(b) US$m | Segmental revenue US$m | Underlying EBITDA US$m | Capital expenditure(b) US$m | |
Iron Ore | 30,906 | 18,612 | 2,940 | 39,582 | 27,592 | 3,947 |
Aluminium | 14,109 | 3,672 | 1,377 | 12,695 | 4,382 | 1,300 |
Copper | 6,699 | 2,565 | 1,622 | 7,827 | 4,027 | 1,328 |
Minerals | 6,754 | 2,419 | 679 | 6,481 | 2,603 | 644 |
Reportable segments total | 58,468 | 27,268 | 6,618 | 66,585 | 38,604 | 7,219 |
Other operations | 192 | (205) | 53 | 251 | (86) | (13) |
Inter-segment transactions | (256) | 24 | (268) | 42 | ||
Share of equity accounted units(c) | (2,850) | (3,073) | ||||
Central pension costs, share-based payments, insurance and derivatives | 377 | 110 | ||||
Restructuring, project and one-off costs | (173) | (80) | ||||
Central costs | (766) | (613) | ||||
Central exploration and evaluation expenditures | (253) | (257) | ||||
Proceeds from disposal of property, plant and equipment | \u2013 | 61 | ||||
Other items | 79 | 117 | ||||
Consolidated sales revenue/Purchases of property, plant and equipment and intangible assets | 55,554 | 6,750 | 63,495 | 7,384 | ||
Underlying EBITDA | 26,272 | 37,720 |
Other relevant judgements - 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 judgemental category which includes, where applicable, other credits and charges that, individually or in aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. In 2023, this includes all re-estimates of the closure provisions for fully impaired sites identified in the second half of the year due to the materiality of the adjustment in aggregate. In 2022 this category included the gain recognised by Kitimat relating to LNG Canada's project and the gain recognised upon sale of the Cortez royalty. In 2021 the category included the changes in closure estimates at Energy Resources of Australia and Gove Refinery. | ||
2023 US$m | 2022 US$m Restated(a) | 2021 US$m Restated(a) | |
Profit after tax for the year | 9,953 | 13,048 | 22,597 |
Taxation | 3,832 | 5,614 | 8,236 |
Profit before taxation | 13,785 | 18,662 | 30,833 |
Depreciation and amortisation in subsidiaries excluding capitalised depreciation(b) | 4,976 | 4,871 | 4,525 |
Depreciation and amortisation in equity accounted units | 484 | 470 | 497 |
Finance items in subsidiaries | 1,713 | 1,846 | 26 |
Taxation and finance items in equity accounted units | 741 | 640 | 759 |
(Gains)/losses on embedded commodity derivatives not qualifying for hedge accounting (including foreign exchange) | (15) | (6) | 51 |
Impairment charges net of reversals(c) | 936 | 52 | 269 |
Gain recognised by Kitimat relating to LNG Canada's project(d) | \u2014 | (116) | (336) |
Change in closure estimates (non-operating and fully impaired sites)(e) | 1,272 | 180 | 1,096 |
Loss on disposal of interests in subsidiary(c) | \u2014 | 105 | \u2014 |
Gain on sale of the Cortez royalty(f) | \u2014 | (432) | \u2014 |
Underlying EBITDA | 23,892 | 26,272 | 37,720 |
Reportable segment | Principal activities |
Iron Ore | Iron ore mining and salt and gypsum production in Western Australia. |
Aluminium | Bauxite mining; alumina refining; aluminium smelting. |
Copper | Mining and refining of copper, gold, silver, molybdenum, other by-products and exploration activities. |
Minerals | Includes mining and processing of borates, titanium dioxide feedstock, and iron concentrate and pellets from the Iron Ore Company of Canada. Also includes diamond mining, sorting and marketing and development projects for battery materials, such as lithium. |
2023 | 2022 Restated(a) | 2021 Restated(a) | |
Net earnings attributable to owners of Rio Tinto (US$ million) | 10,058 | 12,392 | 21,115 |
Weighted average number of shares (millions)(b) | 1,621.4 | 1,619.8 | 1,618.4 |
Basic earnings per ordinary share (cents) | 620.3 | 765.0 | 1,304.7 |
2023 | 2022 Restated(a) | 2021 Restated(a) | |
Net earnings attributable to owners of Rio Tinto (US$ million) | 10,058 | 12,392 | 21,115 |
Weighted average number of shares (millions)(b) | 1,631.5 | 1,629.6 | 1,628.9 |
Diluted earnings per share attributable to ordinary shareholders of Rio Tinto (cents) | 616.5 | 760.4 | 1,296.3 |
2023 | 2022 | 2021 | |
Ordinary dividends per share: announced with the results for the year | 258.0c | 225.0c | 417.0c |
Special dividends per share: announced with the results for the year (a) | \u2014 | \u2014 | 62.0c |
Dividends per share 2023 | Dividends per share 2022 | Dividends per share 2021 | |
Previous year final - paid during the year (US cents) | 225.0c | 417.0c | 309.0c |
Previous year special - paid during the year (US cents) | \u2014 | 62.0c | 93.0c |
Interim - paid during the year (US cents) | 177.0c | 267.0c | 376.0c |
Interim special - paid during the year (US cents) | \u2014 | \u2014 | 185.0c |
Total paid during the year (US cents) | 402.0c | 746.0c | 963.0c |
Dividends per share 2023 | Dividends per share 2022 | Dividends per share 2021 | |
Rio Tinto plc previous year final (pence) | 185.4p | 306.7p | 221.9p |
Rio Tinto plc previous year special (pence) | \u2014 | 45.6p | 66.8p |
Rio Tinto plc interim (pence) | 137.7p | 221.6p | 270.8p |
Rio Tinto plc interim special (pence) | \u2013 | \u2013 | 133.3p |
Total paid during the year (pence) | 323.1p | 573.9p | 692.8p |
Rio Tinto Limited previous year final \u2013 fully franked at 30% (Australian cents) | 326.5c | 577.0c | 397.5c |
Rio Tinto Limited previous year special \u2013 fully franked at 30% (Australian cents) | \u2014 | 85.8c | 119.6c |
Rio Tinto Limited interim \u2013 fully franked at 30% (Australian cents) | 260.9c | 383.7c | 509.4c |
Rio Tinto Limited interim special \u2013 fully franked at 30% (Australian cents) | \u2013 | \u2013 | 250.6c |
Total paid during the year (Australian cents) | 587.4c | 1,046.5c | 1,277.1c |
2023 US$m | 2022 US$m | 2021 US$m | |
Rio Tinto plc previous year final dividend payable | 2,875 | 5,024 | 3,809 |
Rio Tinto plc previous year special dividend payable | \u2013 | 747 | 1,146 |
Rio Tinto plc interim dividend payable | 2,147 | 3,162 | 4,627 |
Rio Tinto plc interim special dividend payable | \u2014 | \u2013 | 2,276 |
Rio Tinto Limited previous year final dividend payable | 815 | 1,597 | 1,138 |
Rio Tinto Limited previous year special dividend payable | \u2014 | 237 | 343 |
Rio Tinto Limited interim dividend payable | 629 | 949 | 1,372 |
Rio Tinto Limited interim special dividend payable | \u2013 | \u2013 | 674 |
Dividends payable during the year | 6,466 | 11,716 | 15,385 |
Net movement of unclaimed dividends in the year | 4 | 11 | (28) |
Dividends paid during the year (b) | 6,470 | 11,727 | 15,357 |
Other relevant judgements - determination of CGUs Judgement 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 relevant judgement continues to relate to the grouping of Rio Tinto Iron and Titanium Quebec Operations and QIT Madagascar Minerals (QMM) as a single CGU on the basis that they are vertically integrated operations and there is no active market for QMM\u2019s ilmenite. | ||
Key judgement - indicators of impairment and impairment reversals 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 CGUs were equal, making the CGUs sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi CGU for internal sources of information that could indicate impairment or impairment reversal 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 or impairment reversal, we considered current and projected commodity prices. 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 page 180 for details) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. In 2023, the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment or impairment reversal. 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. | ||
2023 | 2022 | 2021 | |||||
Note | Pre-tax amount US$m | Taxation US$m | Non- controlling interest US$m | Net amount US$m | Pre-tax amount US$m | Pre-tax amount US$m | |
Aluminium - Alumina refineries | (1,175) | 347 | \u2014 | (828) | \u2013 | \u2013 | |
Aluminium \u2013 Pacific Aluminium | \u2013 | \u2013 | \u2013 | \u2013 | (202) | \u2013 | |
Aluminium - Kitimat | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | (269) | |
Other operations - Simandou | 239 | 152 | (215) | 176 | \u2013 | \u2013 | |
Other operations - Roughrider | \u2013 | \u2013 | \u2013 | \u2013 | 150 | \u2013 | |
Total impairment charges net of reversals | (936) | 499 | (215) | (652) | (52) | (269) | |
Allocated as: | |||||||
Intangible assets | 12 | 231 | 150 | \u2013 | |||
Property, plant and equipment | 13 | (1,167) | \u2013 | (269) | |||
Investment in equity accounted units (EAUs) | \u2013 | (202) | \u2013 | ||||
Total impairment charges net of reversals | (936) | (52) | (269) | ||||
Comprising: | |||||||
Net impairment (charges)/reversals of consolidated balances | (936) | 150 | (269) | ||||
Impairment (charges) related to EAUs (pre-tax) | \u2013 | (202) | \u2013 | ||||
Total impairment charges net of reversals in the financial | (936) | (52) | (269) | ||||
Taxation (including related to EAUs) | 499 | \u2013 | 72 | ||||
Non-controlling interests | (215) | \u2013 | \u2013 | ||||
Total impairment charges net of reversals in the income statement | (652) | (52) | (197) |
Impact of climate change on our business - Gladstone alumina refineries We are committed to the decarbonisation of our assets to reduce Scope 1 and 2 emissions by 50% by 2030 and to net zero emissions by 2050 relative to our 2018 equity baseline. We anticipate that further carbon action may be necessary to align with the goals of the Paris agreement to limit temperature increases to 1.5oC. To illustrate the sensitivity of the refinery valuations to the cost of carbon credits, we have modelled a 10% increase in those unit costs across all years, before the impact of decarbonisation projects with all other inputs to the 30 June 2023 impairment valuation remaining constant. For QAL, this sensitivity indicated a reduction in the pre-tax value by US$99\u00a0million; however this is expected to be largely mitigated by decarbonisation projects, including double digestion. There was no impact at Yarwun as all property, plant and equipment was already fully impaired. | |||
Other relevant judgements - determination of CGUs Judgement 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 relevant judgement continues to relate to the grouping of Rio Tinto Iron and Titanium Quebec Operations and QIT Madagascar Minerals (QMM) as a single CGU on the basis that they are vertically integrated operations and there is no active market for QMM\u2019s ilmenite. | ||
Key judgement - indicators of impairment and impairment reversals 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 CGUs were equal, making the CGUs sensitive to changes in economic assumptions, albeit headroom may have subsequently arisen due to the passage of time. Oyu Tolgoi We assessed the Oyu Tolgoi CGU for internal sources of information that could indicate impairment or impairment reversal 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 or impairment reversal, we considered current and projected commodity prices. 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 page 180 for details) as operational performance was adversely impacted by a workforce strike in June 2021 that has reduced the capacity over a prolonged period. In 2023, the operational performance of the plant was considered as part of the assessment of internal sources of information for evidence of impairment or impairment reversal. 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. | ||
2023 % | 2022 % | 2021 % | 2023 US$m | 2022 US$m | 2021 US$m | |
Greater China (includes Taiwan) | 59.6 | 54.3 | 59.7 | 32,193 | 30,172 | 37,878 |
United States of America | 13.9 | 15.9 | 12.6 | 7,516 | 8,823 | 8,012 |
Asia (excluding Greater China and Japan) | 7.2 | 7.1 | 6.9 | 3,881 | 3,937 | 4,415 |
Japan | 6.9 | 7.4 | 7.9 | 3,727 | 4,091 | 5,012 |
Europe (excluding UK) | 5.3 | 6.5 | 5.2 | 2,859 | 3,618 | 3,271 |
Canada | 2.9 | 3.1 | 2.6 | 1,588 | 1,743 | 1,677 |
Australia | 1.7 | 1.9 | 1.8 | 923 | 1,047 | 1,122 |
UK | 0.1 | 0.3 | 0.4 | 81 | 182 | 243 |
Other countries | 2.4 | 3.5 | 2.9 | 1,273 | 1,941 | 1,865 |
Consolidated sales revenue | 100 | 100 | 100 | 54,041 | 55,554 | 63,495 |
2023 | |||
Revenue from contracts with customers US$m | Other revenue (a) US$m | Consolidated sales revenue US$m | |
Iron ore | 33,383 | 389 | 33,772 |
Aluminium, alumina and bauxite | 12,039 | (63) | 11,976 |
Copper | 3,219 | (1) | 3,218 |
Industrial minerals (comprising titanium dioxide slag, borates and salt) | 2,806 | (8) | 2,798 |
Gold | 470 | 6 | 476 |
Diamonds | 444 | \u2013 | 444 |
Other products and freight services(b) | 1,360 | (3) | 1,357 |
Consolidated sales revenue | 53,721 | 320 | 54,041 |
2022 | 2021 | |||||
Revenue from contracts with customers US$m | Other revenue (a) US$m | Consolidated sales revenue US$m | Revenue from contracts with customers US$m | Other revenue (a) US$m | Consolidated sales revenue US$m | |
Iron ore | 33,068 | (267) | 32,801 | 42,992 | (796) | 42,196 |
Aluminium, alumina and bauxite | 13,955 | (165) | 13,790 | 12,336 | 103 | 12,439 |
Copper | 3,276 | (80) | 3,196 | 3,229 | 96 | 3,325 |
Industrial minerals (comprising titanium dioxide slag, borates and salt) | 2,685 | (16) | 2,669 | 2,114 | 3 | 2,117 |
Gold | 564 | 9 | 573 | 1,075 | 2 | 1,077 |
Diamonds | 816 | \u2013 | 816 | 501 | \u2013 | 501 |
Other products and freight services(b) | 1,710 | (1) | 1,709 | 1,837 | 3 | 1,840 |
Consolidated sales revenue | 56,074 | (520) | 55,554 | 64,084 | (589) | 63,495 |
2023 % | 2022 % | 2021 % | 2023 US$m | 2022 US$m | 2021 US$m | |
Greater China (includes Taiwan) | 59.6 | 54.3 | 59.7 | 32,193 | 30,172 | 37,878 |
United States of America | 13.9 | 15.9 | 12.6 | 7,516 | 8,823 | 8,012 |
Asia (excluding Greater China and Japan) | 7.2 | 7.1 | 6.9 | 3,881 | 3,937 | 4,415 |
Japan | 6.9 | 7.4 | 7.9 | 3,727 | 4,091 | 5,012 |
Europe (excluding UK) | 5.3 | 6.5 | 5.2 | 2,859 | 3,618 | 3,271 |
Canada | 2.9 | 3.1 | 2.6 | 1,588 | 1,743 | 1,677 |
Australia | 1.7 | 1.9 | 1.8 | 923 | 1,047 | 1,122 |
UK | 0.1 | 0.3 | 0.4 | 81 | 182 | 243 |
Other countries | 2.4 | 3.5 | 2.9 | 1,273 | 1,941 | 1,865 |
Consolidated sales revenue | 100 | 100 | 100 | 54,041 | 55,554 | 63,495 |
2023 | |||
Revenue from contracts with customers US$m | Other revenue (a) US$m | Consolidated sales revenue US$m | |
Iron ore | 33,383 | 389 | 33,772 |
Aluminium, alumina and bauxite | 12,039 | (63) | 11,976 |
Copper | 3,219 | (1) | 3,218 |
Industrial minerals (comprising titanium dioxide slag, borates and salt) | 2,806 | (8) | 2,798 |
Gold | 470 | 6 | 476 |
Diamonds | 444 | \u2013 | 444 |
Other products and freight services(b) | 1,360 | (3) | 1,357 |
Consolidated sales revenue | 53,721 | 320 | 54,041 |
2022 | 2021 | |||||
Revenue from contracts with customers US$m | Other revenue (a) US$m | Consolidated sales revenue US$m | Revenue from contracts with customers US$m | Other revenue (a) US$m | Consolidated sales revenue US$m | |
Iron ore | 33,068 | (267) | 32,801 | 42,992 | (796) | 42,196 |
Aluminium, alumina and bauxite | 13,955 | (165) | 13,790 | 12,336 | 103 | 12,439 |
Copper | 3,276 | (80) | 3,196 | 3,229 | 96 | 3,325 |
Industrial minerals (comprising titanium dioxide slag, borates and salt) | 2,685 | (16) | 2,669 | 2,114 | 3 | 2,117 |
Gold | 564 | 9 | 573 | 1,075 | 2 | 1,077 |
Diamonds | 816 | \u2013 | 816 | 501 | \u2013 | 501 |
Other products and freight services(b) | 1,710 | (1) | 1,709 | 1,837 | 3 | 1,840 |
Consolidated sales revenue | 56,074 | (520) | 55,554 | 64,084 | (589) | 63,495 |
Note | 2023 US$m | 2022 US$m | 2021 US$m | |
Raw materials, consumables, repairs and maintenance | 12,019 | 12,477 | 9,957 | |
Amortisation of intangible assets | 12 | 124 | 159 | 178 |
Depreciation of property, plant and equipment | 13 | 5,210 | 4,851 | 4,519 |
Employment costs | 26 | 6,636 | 6,002 | 5,513 |
Shipping and other freight costs | 2,781 | 3,146 | 3,275 | |
Decrease in finished goods and work in progress(a) | 1,152 | 803 | 29 | |
Royalties | 3,135 | 2,994 | 3,878 | |
Amounts charged by equity accounted units(b) | 1,163 | 1,429 | 1,160 | |
Net foreign exchange (gains)/losses | (47) | (42) | 14 | |
Gain on sale of the Cortez Royalty(c) | \u2013 | (432) | \u2013 | |
Gains recognised by Kitimat relating to LNG Canada\u2019s project(d) | \u2013 | (116) | (336) | |
Provisions (including exchange differences on provisions) | 1,491 | 1,006 | 1,906 | |
Research and development | 245 | 76 | 65 | |
Other external costs (e) | 5,295 | 4,161 | 4,071 | |
Costs included above capitalised or shown on a separate line item(f) | (1,331) | (722) | (646) | |
Other operating income(g) | (821) | (1,022) | (893) | |
Net operating costs (excluding items disclosed separately)(h) | 37,052 | 34,770 | 32,690 |
Note | 2023 US$m | 2022 US$m | 2021 US$m | |
Raw materials, consumables, repairs and maintenance | 12,019 | 12,477 | 9,957 | |
Amortisation of intangible assets | 12 | 124 | 159 | 178 |
Depreciation of property, plant and equipment | 13 | 5,210 | 4,851 | 4,519 |
Employment costs | 26 | 6,636 | 6,002 | 5,513 |
Shipping and other freight costs | 2,781 | 3,146 | 3,275 | |
Decrease in finished goods and work in progress(a) | 1,152 | 803 | 29 | |
Royalties | 3,135 | 2,994 | 3,878 | |
Amounts charged by equity accounted units(b) | 1,163 | 1,429 | 1,160 | |
Net foreign exchange (gains)/losses | (47) | (42) | 14 | |
Gain on sale of the Cortez Royalty(c) | \u2013 | (432) | \u2013 | |
Gains recognised by Kitimat relating to LNG Canada\u2019s project(d) | \u2013 | (116) | (336) | |
Provisions (including exchange differences on provisions) | 1,491 | 1,006 | 1,906 | |
Research and development | 245 | 76 | 65 | |
Other external costs (e) | 5,295 | 4,161 | 4,071 | |
Costs included above capitalised or shown on a separate line item(f) | (1,331) | (722) | (646) | |
Other operating income(g) | (821) | (1,022) | (893) | |
Net operating costs (excluding items disclosed separately)(h) | 37,052 | 34,770 | 32,690 |
2023 US$m | 2022 US$m | 2021 US$m | |
Expenditure in the year (inclusive of net cash proceeds of US$88 million (2022: US$1 million; 2021: US$7 million ) on disposal of undeveloped projects)(a) | (1,684) | (1,097) | (852) |
Non-cash movements and non-cash proceeds on disposal of undeveloped projects | (17) | (6) | 23 |
Amount capitalised during the year | 471 | 207 | 110 |
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects) per income statement | (1,230) | (896) | (719) |
Comprising: | |||
Exploration and evaluation expenditures | (1,384) | (897) | (726) |
Profit from disposal of interests in undeveloped projects(a) | 154 | 1 | 7 |
Note | 2023 US$m | 2022 US$m | 2021 US$m | |
Finance income from loans to equity accounted units | 4 | 3 | 2 | |
Other finance income (including bank deposits, net investment in leases, and other financial assets) | 532 | 176 | 62 | |
Total finance income | 536 | 179 | 64 | |
Interest on: | ||||
\u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives | (1,209) | (713) | (489) | |
\u2013 Lease liabilities | (50) | (49) | (47) | |
Fair value movements: | ||||
\u2013 Bonds designated as hedged items in fair value hedges(a) | (190) | 526 | 246 | |
\u2013 Derivatives designated as hedging instruments in fair value hedges(a) | 203 | (515) | (242) | |
Loss on early redemption of bonds | \u2013 | \u2013 | (69) | |
Amounts capitalised(b) | 12, 13 | 279 | 416 | 358 |
Total finance costs | (967) | (335) | (243) |
Note | 2023 US$m | 2022 US$m | 2021 US$m | |
Finance income from loans to equity accounted units | 4 | 3 | 2 | |
Other finance income (including bank deposits, net investment in leases, and other financial assets) | 532 | 176 | 62 | |
Total finance income | 536 | 179 | 64 | |
Interest on: | ||||
\u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives | (1,209) | (713) | (489) | |
\u2013 Lease liabilities | (50) | (49) | (47) | |
Fair value movements: | ||||
\u2013 Bonds designated as hedged items in fair value hedges(a) | (190) | 526 | 246 | |
\u2013 Derivatives designated as hedging instruments in fair value hedges(a) | 203 | (515) | (242) | |
Loss on early redemption of bonds | \u2013 | \u2013 | (69) | |
Amounts capitalised(b) | 12, 13 | 279 | 416 | 358 |
Total finance costs | (967) | (335) | (243) |
Note | 2023 US$m | 2022 US$m | 2021 US$m | |
Finance income from loans to equity accounted units | 4 | 3 | 2 | |
Other finance income (including bank deposits, net investment in leases, and other financial assets) | 532 | 176 | 62 | |
Total finance income | 536 | 179 | 64 | |
Interest on: | ||||
\u2013 Financial liabilities at amortised cost (excluding lease liabilities) and associated derivatives | (1,209) | (713) | (489) | |
\u2013 Lease liabilities | (50) | (49) | (47) | |
Fair value movements: | ||||
\u2013 Bonds designated as hedged items in fair value hedges(a) | (190) | 526 | 246 | |
\u2013 Derivatives designated as hedging instruments in fair value hedges(a) | 203 | (515) | (242) | |
Loss on early redemption of bonds | \u2013 | \u2013 | (69) | |
Amounts capitalised(b) | 12, 13 | 279 | 416 | 358 |
Total finance costs | (967) | (335) | (243) |
Other relevant judgements - 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 local tax authority challenge or due to uncertainty regarding the appropriate treatment, judgement is required to assess the probability that the adopted treatment will be accepted. In accordance with IFRIC 23 \u201cUncertainty over Income Tax Treatments\u201d, 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 judgement 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. The Mongolian Tax Authority has issued a number of tax assessments covering the fiscal years 2013 to 2020, the most recent of which was received in December 2023, which are inconsistent with the Oyu Tolgoi Investment Agreement and Mongolian legislation. We have not booked any uncertain tax provisions for the matters under dispute, which have been referred to international arbitration. As required by Mongolian law we have paid US$356 million in respect of the assessments, pending resolution of the disputes through the arbitration. These amounts, adjusted for exchange rate movements, are included within our non-current receivables and other assets on the balance sheet. The interpretation of the Investment Agreement and Mongolian legislation has been, and is expected to continue to be, subject to dispute.\u00a0 Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the recovery of the amounts paid and of certain deferred tax assets, further details of which are provided in Note 15. | ||
Note | 2023 US$m | 2022 US$m Restated(a) | 2021 US$m Restated(a) | |
\u2013 Current | 5,092 | 4,851 | 8,144 | |
\u2013 Deferred | 15 | (1,260) | 763 | 92 |
Total taxation charge | 3,832 | 5,614 | 8,236 |
2023 US$m | 2022 US$m Restated(a) | 2021 US$m Restated(a) | |
Profit before taxation(b) | 13,785 | 18,662 | 30,833 |
Prima facie tax payable at UK rate of 23.5% ( 2022: 19%; 2021: 19%)(c) | 3,239 | 3,546 | 5,858 |
Higher rate of taxation of 30% on Australian earnings (2022: 30%; 2021: 30%) | 835 | 1,550 | 2,598 |
Other tax rates applicable outside the UK and Australia | (2) | (17) | 103 |
Tax effect of profit from equity accounted units, related impairments and expenses(b) | (159) | (109) | (198) |
Impact of changes in tax rates | (173) | (11) | \u2014 |
Resource depletion allowances | (11) | (40) | (52) |
Recognition of previously unrecognised deferred tax assets(d) | (157) | (261) | (212) |
Write-down of previously recognised deferred tax assets(e) | \u2014 | 932 | \u2014 |
Utilisation of previously unrecognised deferred tax assets(f) | (10) | (37) | (200) |
Unrecognised current year operating losses(g) | 567 | 212 | 107 |
Deferred tax arising on internal sale of assets in Canadian operations (h) | (364) | \u2014 | \u2014 |
Adjustments in respect of prior periods(i) | 31 | (222) | 40 |
Other items | 36 | 71 | 192 |
Total taxation charge | 3,832 | 5,614 | 8,236 |
2023 US$m | 2022 US$m | 2021 US$m | |
Tax on fair value movements: | |||
\u2013 Cash flow hedge fair value gains | 1 | 21 | 62 |
Tax credit/(charge) on re-measurement gains/(losses) on pension and post-retirement healthcare plans | 152 | (123) | (305) |
Deferred tax relating to components of other comprehensive income for the year (note 15) | 153 | (102) | (243) |
2023 US$m | 2022 US$m Restated(b) | |
Australia | 31,419 | 31,674 |
Canada | 15,362 | 14,472 |
Mongolia | 14,172 | 12,872 |
United States of America | 7,171 | 6,441 |
Africa | 3,412 | 2,945 |
South America | 3,624 | 3,317 |
Europe (excluding UK) | 165 | 245 |
UK | 132 | 136 |
Other countries | 1,254 | 1,159 |
Total non-current assets other than excluded items | 76,711 | 73,261 |
Non-current assets excluded from analysis above: | ||
Deferred tax assets | 3,624 | 2,796 |
Other financial assets | 481 | 406 |
Quasi-equity loans to equity accounted units(a) | 14 | \u2014 |
Receivables and other assets | 1,209 | 1,338 |
Total non-current assets per balance sheet | 82,039 | 77,801 |
2023 US$m | 2022 US$m | |
Net book value | ||
At 1 January | 826 | 879 |
Adjustment on currency translation | (29) | (53) |
At 31 December | 797 | 826 |
\u2013\u00a0 cost | 16,237 | 15,974 |
\u2013\u00a0 accumulated impairment | (15,440) | (15,148) |
At 1 January | ||
\u2013\u00a0 cost | 15,974 | 16,987 |
\u2013\u00a0 accumulated impairment | (15,148) | (16,108) |
2023 US$m | 2022 US$m | |
Net book value | ||
Richards Bay Minerals | 370 | 405 |
Pilbara | 342 | 337 |
Dampier Salt | 85 | 84 |
797 | 826 |
2023 US$m | 2022 US$m | |
5% increase in the titanium slag price | 217 | 207 |
1% increase in the discount rate applied to post-tax cash flows | (175) | (140) |
10% strengthening of the South African rand | 272 | 263 |
2023 US$m | 2022 US$m | |
Net book value | ||
At 1 January | 826 | 879 |
Adjustment on currency translation | (29) | (53) |
At 31 December | 797 | 826 |
\u2013\u00a0 cost | 16,237 | 15,974 |
\u2013\u00a0 accumulated impairment | (15,440) | (15,148) |
At 1 January | ||
\u2013\u00a0 cost | 15,974 | 16,987 |
\u2013\u00a0 accumulated impairment | (15,148) | (16,108) |
2023 US$m | 2022 US$m | |
Net book value | ||
Richards Bay Minerals | 370 | 405 |
Pilbara | 342 | 337 |
Dampier Salt | 85 | 84 |
797 | 826 |
2023 US$m | 2022 US$m | |
5% increase in the titanium slag price | 217 | 207 |
1% increase in the discount rate applied to post-tax cash flows | (175) | (140) |
10% strengthening of the South African rand | 272 | 263 |
Other relevant judgements - 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$1,776 million (included in contract-based assets) as at 31\u00a0December 2023 (2022: US$1,693 million ) relates wholly to the Quebec smelters CGU. The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at its FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% ( 2022: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. | ||
Impact of climate change on our business - water rights To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather scenarios on a daily basis. We monitor the water resource available to us along with the impact that our operation is having on the water quality and quantity, and on the environment when we return the water following use. Based on our analysis to date, we do not consider the renewal of our contractual water rights to be at risk from climate change for the foreseeable future. | |||
2023 | |||||
Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets(a) US$m | Total US$m | |
Net book value | |||||
At 1 January 2023 | 1,368 | 12 | 1,875 | 390 | 3,645 |
Adjustment on currency translation | \u2014 | 1 | 52 | 8 | 61 |
Additions(b) | 471 | \u2014 | \u2014 | 121 | 592 |
Amortisation for the year | \u2014 | (4) | (7) | (113) | (124) |
Impairment reversal(c) | 231 | \u2014 | \u2014 | \u2014 | 231 |
Newly consolidated operations(d) | 85 | \u2014 | \u2014 | \u2014 | 85 |
Disposals, transfers and other movements | (176) | \u2014 | 33 | 42 | (101) |
At 31 December 2023 | 1,979 | 9 | 1,953 | 448 | 4,389 |
\u2013 cost (c) | 1,989 | 222 | 2,996 | 1,926 | 7,133 |
\u2013 accumulated amortisation and impairment (c) | (10) | (213) | (1,043) | (1,478) | (2,744) |
2022 | |||||
Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets (a) US$m | Total US$m | |
Net book value | |||||
At 1 January 2022 | 363 | 22 | 2,008 | 439 | 2,832 |
Adjustment on currency translation | (22) | (2) | (114) | (24) | (162) |
Additions | 207 | 5 | \u2014 | 106 | 318 |
Amortisation for the year | \u2014 | (13) | (9) | (137) | (159) |
Impairment reversal(c) | 150 | \u2014 | \u2014 | \u2014 | 150 |
Subsidiaries no longer consolidated(c) | (150) | \u2014 | \u2014 | \u2014 | (150) |
Newly consolidated operations(d) | 822 | \u2014 | \u2014 | \u2014 | 822 |
Disposals, transfers and other movements | (2) | \u2014 | (10) | 6 | (6) |
At 31 December 2022 | 1,368 | 12 | 1,875 | 390 | 3,645 |
\u2013 cost | 3,030 | 211 | 2,908 | 1,732 | 7,881 |
\u2013 accumulated amortisation and impairment | (1,662) | (199) | (1,033) | (1,342) | (4,236) |
Trademarks, patented and non-patented technology | Contract-based intangible assets | Other intangible assets | ||||
Type of intangible | Trademarks | Patented and non-patented technology | Power contracts/water rights | Other purchase and customer contracts | Internally generated intangible assets and computer software | Other intangible assets |
Amortisation profile | 14 to 20 years | 10 to 20 years | 2 to 45 years | 5 to 15 years | 2 to 5 years | 2 to 20 years |
2023 US$m | 2022 US$m | |
5% increase in the titanium slag price | 217 | 207 |
1% increase in the discount rate applied to post-tax cash flows | (175) | (140) |
10% strengthening of the South African rand | 272 | 263 |
2023 US$m | 2022 US$m | |
5% increase in the titanium slag price | 217 | 207 |
1% increase in the discount rate applied to post-tax cash flows | (175) | (140) |
10% strengthening of the South African rand | 272 | 263 |
Other relevant judgements - 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$1,776 million (included in contract-based assets) as at 31\u00a0December 2023 (2022: US$1,693 million ) relates wholly to the Quebec smelters CGU. The Quebec smelters CGU was tested for impairment by reference to FVLCD using discounted cash flows. The recoverable amount of the Quebec smelters is classified as level 3 under the fair value hierarchy. In arriving at its FVLCD, post-tax cash flows expressed in real terms have been estimated over the expected useful economic lives of the underlying smelting assets and discounted using a real post-tax discount rate of 6.6% ( 2022: 6.6%). The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining water rights to be impaired. | ||
Impact of climate change on our business - water rights To manage the uncertainties of climate change and our impact on the area, our team of hydrologists in Quebec analyse different weather scenarios on a daily basis. We monitor the water resource available to us along with the impact that our operation is having on the water quality and quantity, and on the environment when we return the water following use. Based on our analysis to date, we do not consider the renewal of our contractual water rights to be at risk from climate change for the foreseeable future. | |||
2023 | |||||
Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets(a) US$m | Total US$m | |
Net book value | |||||
At 1 January 2023 | 1,368 | 12 | 1,875 | 390 | 3,645 |
Adjustment on currency translation | \u2014 | 1 | 52 | 8 | 61 |
Additions(b) | 471 | \u2014 | \u2014 | 121 | 592 |
Amortisation for the year | \u2014 | (4) | (7) | (113) | (124) |
Impairment reversal(c) | 231 | \u2014 | \u2014 | \u2014 | 231 |
Newly consolidated operations(d) | 85 | \u2014 | \u2014 | \u2014 | 85 |
Disposals, transfers and other movements | (176) | \u2014 | 33 | 42 | (101) |
At 31 December 2023 | 1,979 | 9 | 1,953 | 448 | 4,389 |
\u2013 cost (c) | 1,989 | 222 | 2,996 | 1,926 | 7,133 |
\u2013 accumulated amortisation and impairment (c) | (10) | (213) | (1,043) | (1,478) | (2,744) |
2022 | |||||
Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets (a) US$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) |
Additions | 207 | 5 | \u2014 | 106 | 318 |
Amortisation for the year | \u2014 | (13) | (9) | (137) | (159) |
Impairment reversal(c) | 150 | \u2014 | \u2014 | \u2014 | 150 |
Subsidiaries no longer consolidated(c) | (150) | \u2014 | \u2014 | \u2014 | (150) |
Newly consolidated operations(d) | 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) |
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 |
Type of Property, plant and equipment | Land and buildings | Plant and equipment | ||
Land | Buildings | Power-generating assets | Other plant and equipment | |
Depreciation profile | Not depreciated | 5 to 50 years | See Power note below on page 195 | 3 to 50 years |
Key judgement - 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 judgement 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 hydropower 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 during any given period for assets that use the \u201cUnits of production\u201d depreciation basis. | |||
Key judgement - deferral of stripping costs We apply judgement 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 judgement: another mining company could make a different judgement 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). | ||
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. |
2023 US$m | 2022 US$m | |
Property, plant and equipment \u2013 owned | 65,290 | 63,731 |
Right-of-use assets \u2013 leased | 1,178 | 1,003 |
Net book value | 66,468 | 64,734 |
2023 | ||||||
Note | Mining properties and\u00a0leases (a) US$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 2023 | 10,529 | 6,699 | 34,407 | 12,096 | 63,731 | |
Adjustment on currency translation(b) | 14 | 116 | 495 | 54 | 679 | |
Adjustments to capitalised closure costs | 14 | (292) | \u2014 | \u2014 | \u2014 | (292) |
Interest capitalised(c) | 9 | \u2014 | \u2014 | \u2014 | 275 | 275 |
Additions(d) | 222 | 207 | 1,381 | 5,110 | 6,920 | |
Depreciation for the year(a) | (802) | (504) | (3,511) | \u2014 | (4,817) | |
Impairment charges(e) | (92) | (58) | (922) | (87) | (1,159) | |
Disposals | \u2014 | (28) | (73) | (27) | (128) | |
Transfers and other movements (f) | 3,976 | 1,590 | 4,568 | (10,053) | 81 | |
At 31 December 2023 | 13,555 | 8,022 | 36,345 | 7,368 | 65,290 | |
Balance sheet analysis | ||||||
\u2013 cost | 29,731 | 14,737 | 80,993 | 7,728 | 133,189 | |
\u2013 accumulated depreciation and impairment | (16,176) | (6,715) | (44,648) | (360) | (67,899) | |
Non-current assets pledged as security (g) | 5,307 | 1,477 | 6,980 | 3,715 | 17,479 |
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(h) | \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 | |
Balance sheet analysis | ||||||
\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 |
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 invest US$5 billion to US$6 billion on carbon abatement projects between 2022 and 2030 (revised from US$7.5 billion in prior year). Transitioning electricity from principally fossil fuel-based power generating assets to principally renewables is critical to achieving that goal . The carrying value of power generating assets is set out in the table below. The weighted average remaining useful economic life of plant and equipment for fossil fuel-based power generating assets is 10 years (2022: 13 years). Given the technical limitations of intermittent renewable energy generation and energy storage systems, and our need for reliable baseload electricity, we expect our current generation assets will be integral to those needs for the foreseeable future. We are investing in research and development and evaluating new market options that may overcome these technical challenges. Should pathways for eliminating fossil fuel power generating assets be identified we may need to accelerate depreciation or impair the assets; however, at this present moment the requirement for fossil fuel powered back-up means that early retirement of the assets is not expected and no change to depreciation rates is required. | ||||||
2023 | 2022 | |||||
Net book value | Land and buildings US$m | Plant and equipment US$m | Land and buildings US$m | Plant and equipment US$m | ||
Fossil fuels | 87 | 932 | 25 | 882 | ||
Renewables(a) | 201 | 2,456 | 198 | 2,352 | ||
(a) The increase of US$104 million in renewables plant & equipment is primarily attributable to the Quebec power stations which are essential to the production of hydroelectricity for the manufacture of low-carbon aluminium in our newly expanded facility at Complexe Jonqui\u00e8re in Saguenay-Lac-Saint-Jean, as well as the Kemano hydropower station which continues to ensure the long-term, sustainable production of low-carbon aluminium at our smelter in Kitimat. Both assets are items of property, plant and equipment which are owned by Rio Tinto. | ||||||
2023 | 2022 | |||||
Land and buildings US$m | Plant and equipment US$m | Total US$m | Land and buildings US$m | Plant and equipment US$m | Total US$m | |
Net book value | ||||||
At 1 January | 515 | 488 | 1,003 | 549 | 585 | 1,134 |
Adjustment on currency translation | 11 | 4 | 15 | (35) | (16) | (51) |
Additions | 96 | 420 | 516 | 49 | 254 | 303 |
Depreciation for the year | (88) | (305) | (393) | (61) | (295) | (356) |
Impairment charges(a) | (1) | (7) | (8) | \u2014 | \u2014 | \u2014 |
Disposals | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 |
Transfers and other movements | 10 | 36 | 46 | 13 | (40) | (27) |
At 31 December | 543 | 635 | 1,178 | 515 | 488 | 1,003 |
Type of Property, plant and equipment | Land and buildings | Plant and equipment | ||
Land | Buildings | Power-generating assets | Other plant and equipment | |
Depreciation profile | Not depreciated | 5 to 50 years | See Power note below on page 195 | 3 to 50 years |
Key judgement - 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 judgement 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 hydropower 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 during any given period for assets that use the \u201cUnits of production\u201d depreciation basis. | |||
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. |
Type of Property, plant and equipment | Land and buildings | Plant and equipment | ||
Land | Buildings | Power-generating assets | Other plant and equipment | |
Depreciation profile | Not depreciated | 5 to 50 years | See Power note below on page 195 | 3 to 50 years |
Key judgement - deferral of stripping costs We apply judgement 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 judgement: another mining company could make a different judgement 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). | ||
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. |
2023 | 2022 | |||||
Land and buildings US$m | Plant and equipment US$m | Total US$m | Land and buildings US$m | Plant and equipment US$m | Total US$m | |
Net book value | ||||||
At 1 January | 515 | 488 | 1,003 | 549 | 585 | 1,134 |
Adjustment on currency translation | 11 | 4 | 15 | (35) | (16) | (51) |
Additions | 96 | 420 | 516 | 49 | 254 | 303 |
Depreciation for the year | (88) | (305) | (393) | (61) | (295) | (356) |
Impairment charges(a) | (1) | (7) | (8) | \u2014 | \u2014 | \u2014 |
Disposals | \u2014 | (1) | (1) | \u2014 | \u2014 | \u2014 |
Transfers and other movements | 10 | 36 | 46 | 13 | (40) | (27) |
At 31 December | 543 | 635 | 1,178 | 515 | 488 | 1,003 |
Note | 2023 US$m | 2022 US$m | |
At 1 January | 15,759 | 14,542 | |
Adjustment on currency translation | 241 | (699) | |
Adjustments to mining properties/right-of-use assets: | 13 | ||
\u2013 increases to existing and new provisions | 629 | 520 | |
\u2013 change in discount rate | (921) | \u2014 | |
Charged/(credited) to profit: | |||
\u2013 increases to existing and new provisions (a) | 1,654 | 541 | |
\u2013 change in discount rate | (168) | \u2014 | |
\u2013 unused amounts reversed | (195) | (72) | |
\u2013 exchange (gains)/losses on provisions | (16) | 17 | |
\u2013 amortisation of discount | 955 | 1,517 | |
Utilised in year | (777) | (609) | |
Transfers and other movements | (11) | 2 | |
At 31 December(b) | 17,150 | 15,759 | |
Balance sheet analysis: | |||
Current | 1,523 | 1,142 | |
Non-current | 15,627 | 14,617 | |
Total | 17,150 | 15,759 |
Key judgement - Close-down, restoration and environmental obligations We use our judgement 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 in order to estimate the associated costs and the likely timing of those costs. Significant judgement is also required to then 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 judgement 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 provisions are updated throughout the life of the operation with conceptual study estimates reviewed every five years. Within ten years from the expected closure date, closure cost estimates must comply with the Group\u2019s Capital Project Framework. 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. In 2023, a reforecast for the Ranger Uranium mine operated by Energy Resources of Australia has resulted in an increase to the closure provision of US$850 million. The increase is principally attributed to closure activities taking longer due to a reassessment of the time taken to achieve Pit 3 consolidation coupled with transition to a lower risk approach which adversely impacts achievement of final landform and the quantity of water to be processed. When operations ceased at the end of 2020, rehabilitation was expected to be complete by 2026; we now expect the final completion will be delayed until 2034, subject to permitting. The majority of the provision increase is attributable to rehabilitation activities post 2027 and is subject to further study which could result in material change to the provision. These activities remain subject to a number of studies and are also potentially sensitive to external events such as rainfall. A previous study was completed in early 2022 and the preliminary information from that study resulted in an increase to closure liabilities of US$510 million in 2021. In some cases, the closure study may indicate that monitoring and, potentially, remediation will be required indefinitely - for example, ground water treatment. In these cases, the underlying cash flows for the provision may be restricted to a period for which the costs can be reliably estimated, which on average is around 30 years. Where an alternative commercial arrangement to meet our obligations can be predicted with confidence, this period may be shorter. | ||
2023 US$m | 2022 US$m | |
Undiscounted close-down and environmental restoration obligations | 23,372 | 20,433 |
Impact of discounting | (6,222) | (4,674) |
Present value of close-down and restoration obligations | 17,150 | 15,759 |
Attributable to: | ||
Operating sites | 12,021 | 11,598 |
Non-operating sites | 5,129 | 4,161 |
Total close-down and restoration provisions | 17,150 | 15,759 |
Closure cost composition as at 31 December | 2023 US$m | 2022 US$m |
Decommissioning, decontamination and demolition | 3,591 | 3,386 |
Closure and rehabilitation earthworks(a) | 4,609 | 4,760 |
Long-term water management costs(b) | 1,236 | 1,092 |
Post closure monitoring and maintenance | 1,806 | 1,846 |
Indirect costs, owners' costs and contingency(c) | 5,908 | 4,675 |
Total | 17,150 | 15,759 |
Geographic composition as at 31 December | 2023 US$m | 2022 US$m |
Australia | 9,187 | 7,983 |
USA | 4,682 | 4,680 |
Canada | 1,722 | 1,730 |
Other countries | 1,559 | 1,366 |
Total | 17,150 | 15,759 |
<1 year US$m | 1-3 years US$m | 3-5 years US$m | > 5 years US$m | Total US$m | |
At 31\u00a0December 2023 | 1,523 | 2,365 | 2,005 | 17,479 | 23,372 |
At 31\u00a0December 2022 | 1,142 | 1,986 | 1,426 | 15,879 | 20,433 |
Key accounting 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 on the previous page. 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\u00a0December 2023 was US$17.2 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 foreign exchange rates; \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 cost 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 unwinding 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. | ||
Impact of climate change on our business - close-down, restoration and environmental costs 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. | |||
At 31\u00a0December 2023 | At 31 December 2022 | |||||
Capitalised within \u201cProperty, plant and equipment\u201d US$m | Charged/(credited) to the income statement US$m | Total increase/ (decrease) in provision US$m | Capitalised within \u201cProperty, plant and equipment\u201d US$m | Charged/(credited) to the income statement US$m | Total increase/ (decrease) in provision US$m | |
Discount rate decreased to 1.0% | 2,300 | 300 | 2,600 | 1,400 | 100 | 1,500 |
Discount rate increased to 3.0% | (1,800) | (300) | (2,100) | (2,700) | (300) | (3,000) |
Key accounting 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 on the previous page. 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\u00a0December 2023 was US$17.2 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 foreign exchange rates; \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 cost 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 unwinding 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. | ||
Impact of climate change on our business - close-down, restoration and environmental costs 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. | |||
2023 US$m | 2022 US$m Restated(a) | |
At 1 January | (368) | 395 |
Adjustment on currency translation | 19 | 96 |
Credited/(charged) to the income statement | 1,260 | (763) |
Credited/(charged) to statement of comprehensive income(b) | 153 | (102) |
Other movements(c) | (24) | 6 |
At 31 December | 1,040 | (368) |
Comprising: | ||
\u2013 deferred tax assets(d)(e) | 3,624 | 2,796 |
\u2013 deferred tax liabilities(f) | (2,584) | (3,164) |
2023 US$m | 2022 US$m Restated(a) | |
Deferred tax assets arising from: | ||
Tax losses(b) | 1,474 | 922 |
Provisions and other liabilities | 3,835 | 3,637 |
Capital allowances | 961 | 927 |
Post-retirement benefits | 210 | 179 |
Unrealised exchange losses | 194 | 189 |
Other temporary differences (c) | 1,433 | 1,265 |
Total | 8,107 | 7,119 |
Deferred tax liabilities arising from: | ||
Capital allowances | (5,407) | (5,935) |
Unremitted earnings (d) | (394) | (372) |
Capitalised interest | (304) | (330) |
Post-retirement benefits | (72) | (149) |
Unrealised exchange gains | (15) | (11) |
Other temporary differences | (875) | (690) |
Total | (7,067) | (7,487) |
Credited/(charged) to the income statement | ||
Unrealised exchange losses | (2) | 2 |
Tax losses | 531 | (525) |
Provisions and other liabilities | 133 | 3 |
Capital allowances | 628 | 48 |
Tax on unremitted earnings | 5 | 3 |
Post-retirement benefits | (48) | (59) |
Other temporary differences | 13 | (235) |
Total | 1,260 | (763) |
Other relevant judgements - Recoverability of deferred tax assets In considering the recoverability of deferred tax assets, judgement 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 Mongolian Tax Authority has issued a number of tax assessments covering the fiscal years 2013 to 2020, the most recent of which was received in December 2023, which are inconsistent with the Oyu Tolgoi Investment Agreement and Mongolian legislation. The interpretation of the Investment Agreement and Mongolian legislation has been, and is expected to continue to be, subject to dispute through international arbitration. Differences in interpretation of the Investment Agreement and Mongolian legislation could have a material impact on the amount and recovery of recognised deferred tax items, including tax losses. The arbitration process on matters of this complexity can typically take over 12 months to conclude. | ||
Recognised | Unrecognised | |||
At 31 December | 2023 US$m | 2022 US$m Restated(a) | 2023 US$m | 2022 US$m Restated(a) |
France | \u2013 | \u2013 | 1,320 | 1,204 |
Canada | 383 | 482 | 501 | 580 |
US(b) | 204 | 137 | 977 | 960 |
Australia | 991 | 700 | 842 | 585 |
Mongolia (c) | 1,530 | 1,218 | 235 | 257 |
Other countries | 516 | 259 | 2,541 | 1,707 |
Total(d)(e) | 3,624 | 2,796 | 6,416 | 5,293 |
2023 US$m | 2022 US$m | |
Raw materials and purchased components | 1,050 | 1,235 |
Consumable stores | 1,520 | 1,327 |
Work in progress | 2,467 | 2,086 |
Finished goods and goods for resale | 1,836 | 1,768 |
Total inventories | 6,873 | 6,416 |
Comprising: | ||
Expected to be used within one year | 6,659 | 6,213 |
Expected to be used after more than one year | 214 | 203 |
Total inventories | 6,873 | 6,416 |
2023 | 2022 | |||||
Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m | |
Trade receivables (a) | \u2013 | 2,461 | 2,461 | \u2013 | 2,179 | 2,179 |
Other financial receivables (a) | 234 | 548 | 782 | 124 | 462 | 586 |
Other receivables(b) | 470 | 347 | 817 | 383 | 382 | 765 |
Prepayment of tolling charges to jointly controlled entities (c) | 113 | \u2013 | 113 | 218 | \u2013 | 218 |
Pension surpluses (note 28) | 466 | \u2013 | 466 | 824 | \u2013 | 824 |
Other prepayments | 376 | 589 | 965 | 344 | 455 | 799 |
Total(d) | 1,659 | 3,945 | 5,604 | 1,893 | 3,478 | 5,371 |
2023 | 2022 | |||||
Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m | |
Trade payables | \u2013 | 3,265 | 3,265 | 3 | 3,269 | 3,272 |
Other financial payables | 238 | 913 | 1,151 | 225 | 1,083 | 1,308 |
Other payables | 56 | 208 | 264 | 63 | 131 | 194 |
Deferred income(a) | 103 | 280 | 383 | 114 | 333 | 447 |
Accruals | \u2013 | 1,702 | 1,702 | \u2013 | 1,611 | 1,611 |
Employee entitlements | \u2013 | 992 | 992 | \u2013 | 878 | 878 |
Royalties and mining taxes | 3 | 868 | 871 | 3 | 644 | 647 |
Amounts owed to equity accounted units | 196 | 10 | 206 | 196 | 98 | 294 |
Total | 596 | 8,238 | 8,834 | 604 | 8,047 | 8,651 |
Note | 2023 US$m | 2022 US$m | |
Equity attributable to owners of Rio Tinto (see Group balance sheet) | 54,586 | 50,175 | |
Equity attributable to non-controlling interests (see Group balance sheet) | 1,755 | 2,099 | |
Net debt | 19 | 4,231 | 4,188 |
Total capital | 60,572 | 56,462 |
2023 | 2022 | |
Long-term rating | A/A1 | A/A2 |
Short-term rating | A-1/P-1 | A-1/P-1 |
Outlook | Stable/Stable | Stable/Stable |
2023 | 2022 | |||||||||
(Outflows)/Inflows | Within 1 year or on demand US$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$m |
Non-derivative financial liabilities | ||||||||||
Trade and other financial payables (a) | (5,769) | (57) | (68) | (308) | (6,202) | (5,971) | (37) | (57) | (329) | (6,394) |
Expected lease liability payments | (385) | (285) | (442) | (574) | (1,686) | (329) | (235) | (344) | (606) | (1,514) |
Borrowings before swaps | (845) | (17) | (2,385) | (10,011) | (13,258) | (937) | (1,425) | (1,839) | (7,389) | (11,590) |
Expected future interest payments (a) | (803) | (781) | (2,156) | (4,886) | (8,626) | (668) | (603) | (1,468) | (3,141) | (5,880) |
Other financial liabilities | (4) | \u2014 | \u2014 | \u2014 | (4) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial liabilities(b) | ||||||||||
Derivatives related to net debt \u2013 net settled | (161) | (87) | (163) | \u2014 | (411) | (92) | (106) | (47) | (8) | (253) |
Derivatives related to net debt \u2013 gross settled(a) | ||||||||||
\u2013 gross inflows | 502 | 26 | 77 | 664 | 1,269 | 37 | 481 | 72 | 651 | 1,241 |
\u2013 gross outflows | (620) | (34) | (102) | (841) | (1,597) | (69) | (615) | (102) | (875) | (1,661) |
Derivatives not related to net debt \u2013 net settled | (76) | (54) | (124) | (54) | (308) | (78) | (60) | (129) | (77) | (344) |
Derivatives not related to net debt \u2013 gross settled | ||||||||||
\u2013 gross inflows | 499 | \u2014 | \u2014 | \u2014 | 499 | 71 | \u2014 | \u2014 | \u2014 | 71 |
\u2013 gross outflows | (501) | \u2014 | \u2014 | \u2014 | (501) | (71) | \u2014 | \u2014 | \u2014 | (71) |
Total | (8,163) | (1,289) | (5,363) | (16,010) | (30,825) | (8,107) | (2,600) | (3,914) | (11,774) | (26,395) |
Note | 2023 US$m | 2022 US$m | |
Equity attributable to owners of Rio Tinto (see Group balance sheet) | 54,586 | 50,175 | |
Equity attributable to non-controlling interests (see Group balance sheet) | 1,755 | 2,099 | |
Net debt | 19 | 4,231 | 4,188 |
Total capital | 60,572 | 56,462 |
2023 | 2022 | |
Long-term rating | A/A1 | A/A2 |
Short-term rating | A-1/P-1 | A-1/P-1 |
Outlook | Stable/Stable | Stable/Stable |
2023 | 2022 | |||||||||
(Outflows)/Inflows | Within 1 year or on demand US$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$m |
Non-derivative financial liabilities | ||||||||||
Trade and other financial payables (a) | (5,769) | (57) | (68) | (308) | (6,202) | (5,971) | (37) | (57) | (329) | (6,394) |
Expected lease liability payments | (385) | (285) | (442) | (574) | (1,686) | (329) | (235) | (344) | (606) | (1,514) |
Borrowings before swaps | (845) | (17) | (2,385) | (10,011) | (13,258) | (937) | (1,425) | (1,839) | (7,389) | (11,590) |
Expected future interest payments (a) | (803) | (781) | (2,156) | (4,886) | (8,626) | (668) | (603) | (1,468) | (3,141) | (5,880) |
Other financial liabilities | (4) | \u2014 | \u2014 | \u2014 | (4) | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 |
Derivative financial liabilities(b) | ||||||||||
Derivatives related to net debt \u2013 net settled | (161) | (87) | (163) | \u2014 | (411) | (92) | (106) | (47) | (8) | (253) |
Derivatives related to net debt \u2013 gross settled(a) | ||||||||||
\u2013 gross inflows | 502 | 26 | 77 | 664 | 1,269 | 37 | 481 | 72 | 651 | 1,241 |
\u2013 gross outflows | (620) | (34) | (102) | (841) | (1,597) | (69) | (615) | (102) | (875) | (1,661) |
Derivatives not related to net debt \u2013 net settled | (76) | (54) | (124) | (54) | (308) | (78) | (60) | (129) | (77) | (344) |
Derivatives not related to net debt \u2013 gross settled | ||||||||||
\u2013 gross inflows | 499 | \u2014 | \u2014 | \u2014 | 499 | 71 | \u2014 | \u2014 | \u2014 | 71 |
\u2013 gross outflows | (501) | \u2014 | \u2014 | \u2014 | (501) | (71) | \u2014 | \u2014 | \u2014 | (71) |
Total | (8,163) | (1,289) | (5,363) | (16,010) | (30,825) | (8,107) | (2,600) | (3,914) | (11,774) | (26,395) |
2023 | ||||||
Financial liabilities | ||||||
Borrowings excluding overdrafts (note 20)(a) US$m | Lease liabilities (note 21)(b) US$m | Derivatives related to net debt\u00a0 (note 23)(c) US$m | Cash and cash equivalents including overdrafts (note 22)(a) US$m | Other investments (note 23)(d) US$m | Net debt US$m | |
At 1 January | (11,070) | (1,200) | (690) | 6,774 | 1,998 | (4,188) |
Foreign exchange adjustment | (87) | (21) | 62 | (23) | \u2013 | (69) |
Cash movements excluding exchange movements | (1,523) | 426 | (4) | 2,921 | (1,157) | 663 |
Other non-cash movements | (320) | (556) | 203 | \u2013 | 36 | (637) |
At 31 December | (13,000) | (1,351) | (429) | 9,672 | 877 | (4,231) |
2022 | ||||||
Financial liabilities | Other assets | |||||
Borrowings excluding overdrafts (note 20)(a) US$m | Lease liabilities (note 21)(b) US$m | Derivatives related to net debt\u00a0 (note 23)(c) US$m | Cash and cash equivalents including overdrafts (note 22)(a) US$m | Other investments (note 23)(d) US$m | Net cash/(debt) US$m | |
At 1 January | (12,166) | (1,363) | (101) | 12,805 | 2,401 | 1,576 |
Foreign exchange adjustment | 118 | 69 | (92) | 15 | \u2013 | 110 |
Cash movements excluding exchange movements | 470 | 374 | (3) | (6,046) | (352) | (5,557) |
Other non-cash movements | 508 | (280) | (494) | \u2013 | (51) | (317) |
At 31 December | (11,070) | (1,200) | (690) | 6,774 | 1,998 | (4,188) |
2023 | 2022 | ||||||
Net debt by currency | Borrowings excluding overdrafts US$m | Lease liabilities US$m | Derivatives related to net debt US$m | Cash and cash equivalents US$m | Other investments US$m | Net debt US$m | Net debt US$m |
US dollar | (12,629) | (511) | (429) | 8,659 | 877 | (4,033) | (3,929) |
Australian dollar | (200) | (433) | \u2013 | 447 | \u2013 | (186) | (455) |
Canadian dollar | (168) | (175) | \u2013 | 96 | \u2013 | (247) | (158) |
South African rand | \u2013 | (2) | \u2013 | 132 | \u2013 | 130 | 171 |
Other | (3) | (230) | \u2013 | 338 | \u2013 | 105 | 183 |
Total | (13,000) | (1,351) | (429) | 9,672 | 877 | (4,231) | (4,188) |
Carrying value 2023 US$m | Carrying value 2022 US$m | Nominal value of hedged item 2023 US$m | Nominal value of hedged item 2022 US$m | Weighted average interest rate after swaps (where applicable)(b) | Swap maturity (where applicable) | |
Rio Tinto Finance plc Euro Bonds 2.875% due 2024 (a)(b)(c) | 452 | 429 | 463 | 546 | 3 month SOFR + 1.90% | 2024 |
Rio Tinto Finance (USA) Limited Bonds 7.125% due 2028 (a)(b) | 804 | 807 | 750 | 750 | 3 month SOFR + 3.54% | 2028 |
Alcan Inc. Debentures 7.25% due 2028(a) | 99 | 97 | 100 | 100 | 3 month SOFR + 5.69% | 2024 |
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029 (a)(b)(c)(d) | 611 | 553 | 639 | 807 | 3 month SOFR + 2.91% | 2024 |
Alcan Inc. Debentures 7.25% due 2031(a)(b) | 392 | 384 | 400 | 400 | 3 month SOFR + 5.98% | 2025 |
Rio Tinto Finance (USA) plc Bonds 5.0% due 2033(e) | 646 | \u2013 | \u2013 | \u2013 | ||
Alcan Inc. Global Notes 6.125% due 2033(a)(b) | 699 | 673 | 750 | 750 | 3 month SOFR + 5.93% | 2025 |
Alcan Inc. Global Notes 5.75% due 2035(a)(b) | 274 | 264 | 300 | 300 | 3 month SOFR + 5.44% | 2025 |
Rio Tinto Finance (USA) Limited Bonds 5.2% due 2040 (a)(b)(f) | 1,158 | 1,144 | 200 | \u2013 | 6 month SOFR + 1.05% | 2033 |
Rio Tinto Finance (USA) plc Bonds 4.75% due 2042(a)(g) | 492 | 488 | \u2013 | 500 | ||
Rio Tinto Finance (USA) plc Bonds 4.125% due 2042(a)(h) | 731 | 727 | \u2013 | 750 | ||
Rio Tinto Finance (USA) Limited Bonds 2.75% due 2051 (a)(b) | 1,098 | 1,065 | 1,250 | 1,250 | 6 month SOFR + 1.57% | 2028 |
Rio Tinto Finance (USA) plc Bonds 5.125% due 2053(a)(e)(i) | 1,151 | \u2013 | 1,100 | \u2013 | 6 month SOFR +0.76% | 2033 |
Oyu Tolgoi LLC MIGA Insured Loan SOFR plus 2.65% due 2032 (j) | 602 | 597 | \u2013 | \u2013 | ||
Oyu Tolgoi LLC Commercial Banks \u201cB Loan\u201d SOFR plus 3.4% due 2032 (j) | 1,392 | 1,387 | \u2013 | \u2013 | ||
Oyu Tolgoi LLC Export Credit Agencies Loan 4.72% due 2033 (j) | 248 | 237 | \u2013 | \u2013 | ||
Oyu Tolgoi LLC Export Credit Agencies Loan SOFR plus 3.65% due 2034(j) | 816 | 805 | \u2013 | \u2013 | ||
Oyu Tolgoi LLC International Financial Institutions \u201cA Loan\u201d SOFR plus 3.78% due 2035(j) | 792 | 744 | \u2013 | \u2013 | ||
Other secured loans | 144 | 194 | ||||
Other unsecured loans | 399 | 475 | ||||
Bank overdrafts | 1 | 1 | ||||
Total borrowings(k) | 13,001 | 11,071 | ||||
Current borrowings | 824 | 923 | ||||
Non-current borrowings | 12,177 | 10,148 | ||||
Total borrowings (k) | 13,001 | 11,071 |
Other relevant judgements - lease assessment We have to apply judgement for certain contractual arrangements, such as renewable energy power purchase agreements (PPAs), in evaluating whether we have the right to obtain substantially all of the economic benefits from the use of the renewable energy assets, including the right to obtain physical energy these assets generate. Based on our evaluation, we determine whether an arrangement is a lease, an executory contract or a derivative. An immaterial amount was recognised as a lease at year end for a fixed component of the QMM renewable PPA. Amrun PPA is a lease, which has not yet commenced and is included in capital commitments (note 37). | ||
Description of payment | Included within | 2023 US$m | 2022 US$m |
Principal lease payments | Cash flows from financing activities | 426 | 374 |
Interest payments on leases | Cash flows from operating activities | 50 | 47 |
Payments for short-term leases | Net operating costs | 269 | 465 |
Payments for variable lease components | Net operating costs | 40 | 50 |
Payments for low value leases (>12 months in duration) | Net operating costs | 3 | 1 |
Total lease payments | 788 | 937 |
2023 US$m | 2022 US$m | |
Lease liabilities | ||
Due within 1 year | 385 | 329 |
Between 1 and 3 years | 457 | 388 |
Between 3 and 5 years | 270 | 191 |
More than 5 years | 574 | 606 |
Total undiscounted cash payments expected to be made | 1,686 | 1,514 |
Effect of discounting | (335) | (314) |
Present value of minimum lease payments | 1,351 | 1,200 |
Comprising: | ||
Current lease liability per the balance sheet | 345 | 292 |
Non-current lease liability per the balance sheet | 1,006 | 908 |
Total lease liability | 1,351 | 1,200 |
Note | 2023 US$m | 2022 US$m | |
Cash at bank and in hand | 1,843 | 1,889 | |
Money market funds, reverse repurchase agreements and other cash equivalents | 7,830 | 4,886 | |
Total cash and cash equivalents per Group balance sheet | 9,673 | 6,775 | |
Bank overdrafts repayable on demand (unsecured) | 20 | (1) | (1) |
Total cash and cash equivalents per Group cash flow statement | 9,672 | 6,774 |
2023 | 2022 | |||||
Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m | |
Derivatives not related to net debt | 14 | 40 | 54 | 39 | 28 | 67 |
Derivatives related to net debt | 87 | \u2013 | 87 | 2 | \u2013 | 2 |
Equity shares and quoted funds | 163 | 18 | 181 | 154 | 68 | 222 |
Other investments, including loans (a) | 217 | 1,060 | 1,277 | 211 | 2,064 | 2,275 |
Total other financial assets | 481 | 1,118 | 1,599 | 406 | 2,160 | 2,566 |
2023 | 2022 | |||||
Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m | |
Derivatives not related to net debt | 198 | 68 | 266 | 220 | 61 | 281 |
Derivatives related to net debt | 315 | 201 | 516 | 684 | 8 | 692 |
Other financial liabilities | \u2013 | 4 | 4 | \u2013 | \u2013 | \u2013 |
Total other financial liabilities | 513 | 273 | 786 | 904 | 69 | 973 |
Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
Recognition and initial 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.\u00a0 |
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 derecognition 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 recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement. |
2023 | ||||
Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | |
Notional amount (in tonnes) | 428,686 | 72,617 | 289,801 | 66,268 |
Notional amount (in US$ millions) | 1,050 | 169 | 711 | 170 |
Average hedged rate (in US$ per tonne) | 2,449 | 2,331 | 2,452 | 2,564 |
2022 | ||||
Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | |
Notional amount (in tonnes) | 501,498 | 72,812 | 289,868 | 138,818 |
Notional amount (in US$ millions) | 1,216 | 166 | 697 | 353 |
Average hedged rate (in US$ per tonne) | 2,425 | 2,282 | 2,404 | 2,542 |
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 | |
2023 | 1,050 | (174) | 3 | (91) | (16) | (1) | 4 | (2) |
2022 | 1,216 | (189) | (119) | (87) | 133 | (110) | (9) | 34 |
Change in market prices | 2023 US$m | 2022 US$m | |
Effect on net earnings | +10% | (52) | (57) |
(10)% | 67 | 83 | |
Effect on equity | +10% | (81) | (90) |
(10)% | 70 | 65 |
Impact of climate change on our business - Upper Calliope Solar Farm power purchase agreement in Queensland On 22 December 2023, as part of the program to develop renewable energy solutions for our Queensland aluminium assets, we entered into a long-term renewable 1.1GW power purchase agreement to buy renewable electricity and associated green products to be generated in the future from Upper Calliope Solar Farm. The contract is accounted for as a financial derivative with a zero fair value at inception and an immaterial fair value at year-end. It will require complex derivative measurement over the contract\u2019s term categorised under level 3 with significant unobservable inputs related to future energy prices. | |||
2023 | 2022 | |||||
Currency exposure | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m |
Australian dollar | 69 | 228 | (1,036) | 68 | (319) | (986) |
Canadian dollar | 76 | (361) | \u2013 | 74 | (219) | \u2013 |
2023 | 2022 | ||||||||||
Held at fair value | Held at amortised cost US$m | Total US$m | Held at fair value | Held at amortised cost US$m | Total US$m | ||||||
Note | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | |||||
Assets | |||||||||||
Cash and cash equivalents(d) | 22 | 2,722 | \u2013 | \u2013 | 6,951 | 9,673 | 2,725 | \u2013 | \u2013 | 4,050 | 6,775 |
Investments in equity shares and funds(e) | 23 | 85 | \u2013 | 96 | \u2013 | 181 | 147 | \u2013 | 75 | \u2013 | 222 |
Other investments, including loans(f) | 23 | 896 | \u2013 | 228 | 153 | 1,277 | 2,018 | \u2013 | 229 | 28 | 2,275 |
Trade and other financial receivables(g) | 17 | 9 | 1,383 | \u2013 | 1,851 | 3,243 | 18 | 1,306 | \u2013 | 1,441 | 2,765 |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | 28 | 26 | \u2013 | 54 | \u2013 | 16 | 51 | \u2013 | 67 |
Derivatives related to net debt(i) | 23 | \u2013 | 87 | \u2013 | \u2013 | 87 | \u2013 | 2 | \u2013 | \u2013 | 2 |
Liabilities | |||||||||||
Trade and other financial payables(j) | 18 | \u2013 | (47) | \u2013 | (6,277) | (6,324) | \u2013 | (30) | \u2013 | (6,455) | (6,485) |
Forward, option and embedded derivatives contracts, designated as hedges (h) | 23 | \u2013 | \u2013 | (174) | \u2013 | (174) | \u2013 | \u2013 | (189) | \u2013 | (189) |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | (63) | (29) | \u2013 | (92) | \u2013 | (57) | (35) | \u2013 | (92) |
Derivatives related to net debt(i) | 23 | \u2013 | (516) | \u2013 | \u2013 | (516) | \u2013 | (692) | \u2013 | \u2013 | (692) |
2023 | 2022 | |
Level 3 financial assets and liabilities | US$m | US$m |
Opening balance | 131 | 177 |
Currency translation adjustments | (2) | (4) |
Total realised gains/(losses) included in: | ||
\u2013 consolidated sales revenue | 12 | 16 |
\u2013 net operating costs | (18) | 365 |
Total unrealised gains included in: | ||
\u2013 net operating costs | 43 | 124 |
Total unrealised losses transferred into other comprehensive income through cash flow hedges | (1) | (110) |
Additions to financial assets | 29 | 41 |
Disposals/maturity of financial instruments | (47) | (478) |
Closing balance | 147 | 131 |
Net gains included in the income statement for assets and liabilities held at year end | 31 | 103 |
2023 | 2022 | |||
Description | Fair value US$m | Fair value US$ | Valuation technique | Significant Inputs |
Level 2 | ||||
Interest rate swaps | (163) | (356) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread |
Cross currency interest rate swaps | (266) | (334) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread \u2013 Market quoted FX rate |
Provisionally priced receivables | 1,362 | 1,234 | Closely related listed product | \u2013 Applicable forward quoted metal price |
Level 3 | ||||
Derivatives embedded in electricity contracts | (186) | (208) | Option pricing model | \u2013 LME forward aluminium price \u2013 Midwest premium and billet premium |
Royalty receivables | 214 | 209 | Discounted cash flows | \u2013 Forward commodity price \u2013 Mine production |
Impact of climate change on our business - coal royalty receivables At 31\u00a0December 2023, royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$214\u00a0million (2022: US$209 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$90\u00a0million 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$64 million increase (2022: US$68 million ) in the carrying value. A 15% decrease in the coal spot price would result in a US$39 million decrease (2022: US$18 million) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). | |||
2023 | 2022 | |||
Carrying value US$m | Fair value US$m | Carrying value US$m | Fair value US$m | |
Listed bonds | 8,607 | 8,672 | 6,631 | 6,649 |
Oyu Tolgoi project finance | 3,850 | 4,090 | 3,770 | 3,928 |
Other | 544 | 494 | 670 | 615 |
Total borrowings (including overdrafts) | 13,001 | 13,256 | 11,071 | 11,192 |
2023 | 2022 | |||||
Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m | |
Derivatives not related to net debt | 14 | 40 | 54 | 39 | 28 | 67 |
Derivatives related to net debt | 87 | \u2013 | 87 | 2 | \u2013 | 2 |
Equity shares and quoted funds | 163 | 18 | 181 | 154 | 68 | 222 |
Other investments, including loans (a) | 217 | 1,060 | 1,277 | 211 | 2,064 | 2,275 |
Total other financial assets | 481 | 1,118 | 1,599 | 406 | 2,160 | 2,566 |
2023 | 2022 | |||||
Non-current US$m | Current US$m | Total US$m | Non-current US$m | Current US$m | Total US$m | |
Derivatives not related to net debt | 198 | 68 | 266 | 220 | 61 | 281 |
Derivatives related to net debt | 315 | 201 | 516 | 684 | 8 | 692 |
Other financial liabilities | \u2013 | 4 | 4 | \u2013 | \u2013 | \u2013 |
Total other financial liabilities | 513 | 273 | 786 | 904 | 69 | 973 |
Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
Recognition and initial measurement | At initial recognition, trade receivables that do not have a significant financing component are recognised at their transaction price. Other financial assets are initially recognised at fair value plus related transaction costs. | The asset is initially recognised at fair value with transaction costs immediately expensed to the income statement. | The asset is initially recognised at fair value.\u00a0 |
Subsequent measurement | Amortised cost using the effective interest method. | Fair value movements are recognised in the income statement. | Fair value gains or losses on revaluation of such equity investments, including any foreign exchange component, are recognised in other comprehensive income. Dividends are recognised in the income statement when the right to receive payment is established. |
Derecognition | Any gain or loss on derecognition or modification of a financial asset held at amortised cost is recognised in the income statement. | Not applicable. | When the equity investment is derecognised, there is no recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement. |
2023 | ||||
Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | |
Notional amount (in tonnes) | 428,686 | 72,617 | 289,801 | 66,268 |
Notional amount (in US$ millions) | 1,050 | 169 | 711 | 170 |
Average hedged rate (in US$ per tonne) | 2,449 | 2,331 | 2,452 | 2,564 |
2022 | ||||
Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | |
Notional amount (in tonnes) | 501,498 | 72,812 | 289,868 | 138,818 |
Notional amount (in US$ millions) | 1,216 | 166 | 697 | 353 |
Average hedged rate (in US$ per tonne) | 2,425 | 2,282 | 2,404 | 2,542 |
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 | |
2023 | 1,050 | (174) | 3 | (91) | (16) | (1) | 4 | (2) |
2022 | 1,216 | (189) | (119) | (87) | 133 | (110) | (9) | 34 |
Change in market prices | 2023 US$m | 2022 US$m | |
Effect on net earnings | +10% | (52) | (57) |
(10)% | 67 | 83 | |
Effect on equity | +10% | (81) | (90) |
(10)% | 70 | 65 |
Impact of climate change on our business - Upper Calliope Solar Farm power purchase agreement in Queensland On 22 December 2023, as part of the program to develop renewable energy solutions for our Queensland aluminium assets, we entered into a long-term renewable 1.1GW power purchase agreement to buy renewable electricity and associated green products to be generated in the future from Upper Calliope Solar Farm. The contract is accounted for as a financial derivative with a zero fair value at inception and an immaterial fair value at year-end. It will require complex derivative measurement over the contract\u2019s term categorised under level 3 with significant unobservable inputs related to future energy prices. | |||
2023 | 2022 | |||||
Currency exposure | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m |
Australian dollar | 69 | 228 | (1,036) | 68 | (319) | (986) |
Canadian dollar | 76 | (361) | \u2013 | 74 | (219) | \u2013 |
2023 | 2022 | ||||||||||
Held at fair value | Held at amortised cost US$m | Total US$m | Held at fair value | Held at amortised cost US$m | Total US$m | ||||||
Note | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | |||||
Assets | |||||||||||
Cash and cash equivalents(d) | 22 | 2,722 | \u2013 | \u2013 | 6,951 | 9,673 | 2,725 | \u2013 | \u2013 | 4,050 | 6,775 |
Investments in equity shares and funds(e) | 23 | 85 | \u2013 | 96 | \u2013 | 181 | 147 | \u2013 | 75 | \u2013 | 222 |
Other investments, including loans(f) | 23 | 896 | \u2013 | 228 | 153 | 1,277 | 2,018 | \u2013 | 229 | 28 | 2,275 |
Trade and other financial receivables(g) | 17 | 9 | 1,383 | \u2013 | 1,851 | 3,243 | 18 | 1,306 | \u2013 | 1,441 | 2,765 |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | 28 | 26 | \u2013 | 54 | \u2013 | 16 | 51 | \u2013 | 67 |
Derivatives related to net debt(i) | 23 | \u2013 | 87 | \u2013 | \u2013 | 87 | \u2013 | 2 | \u2013 | \u2013 | 2 |
Liabilities | |||||||||||
Trade and other financial payables(j) | 18 | \u2013 | (47) | \u2013 | (6,277) | (6,324) | \u2013 | (30) | \u2013 | (6,455) | (6,485) |
Forward, option and embedded derivatives contracts, designated as hedges (h) | 23 | \u2013 | \u2013 | (174) | \u2013 | (174) | \u2013 | \u2013 | (189) | \u2013 | (189) |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | (63) | (29) | \u2013 | (92) | \u2013 | (57) | (35) | \u2013 | (92) |
Derivatives related to net debt(i) | 23 | \u2013 | (516) | \u2013 | \u2013 | (516) | \u2013 | (692) | \u2013 | \u2013 | (692) |
2023 | 2022 | |
Level 3 financial assets and liabilities | US$m | US$m |
Opening balance | 131 | 177 |
Currency translation adjustments | (2) | (4) |
Total realised gains/(losses) included in: | ||
\u2013 consolidated sales revenue | 12 | 16 |
\u2013 net operating costs | (18) | 365 |
Total unrealised gains included in: | ||
\u2013 net operating costs | 43 | 124 |
Total unrealised losses transferred into other comprehensive income through cash flow hedges | (1) | (110) |
Additions to financial assets | 29 | 41 |
Disposals/maturity of financial instruments | (47) | (478) |
Closing balance | 147 | 131 |
Net gains included in the income statement for assets and liabilities held at year end | 31 | 103 |
2023 | 2022 | |||
Description | Fair value US$m | Fair value US$ | Valuation technique | Significant Inputs |
Level 2 | ||||
Interest rate swaps | (163) | (356) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread |
Cross currency interest rate swaps | (266) | (334) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread \u2013 Market quoted FX rate |
Provisionally priced receivables | 1,362 | 1,234 | Closely related listed product | \u2013 Applicable forward quoted metal price |
Level 3 | ||||
Derivatives embedded in electricity contracts | (186) | (208) | Option pricing model | \u2013 LME forward aluminium price \u2013 Midwest premium and billet premium |
Royalty receivables | 214 | 209 | Discounted cash flows | \u2013 Forward commodity price \u2013 Mine production |
Impact of climate change on our business - coal royalty receivables At 31\u00a0December 2023, royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$214\u00a0million (2022: US$209 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$90\u00a0million 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$64 million increase (2022: US$68 million ) in the carrying value. A 15% decrease in the coal spot price would result in a US$39 million decrease (2022: US$18 million) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). | |||
2023 | 2022 | |||
Carrying value US$m | Fair value US$m | Carrying value US$m | Fair value US$m | |
Listed bonds | 8,607 | 8,672 | 6,631 | 6,649 |
Oyu Tolgoi project finance | 3,850 | 4,090 | 3,770 | 3,928 |
Other | 544 | 494 | 670 | 615 |
Total borrowings (including overdrafts) | 13,001 | 13,256 | 11,071 | 11,192 |
Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
Recognition and initial 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.\u00a0 |
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 derecognition 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 recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement. |
Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
Recognition and initial 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.\u00a0 |
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 derecognition 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 recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement. |
Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
Recognition and initial 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.\u00a0 |
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 derecognition 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 recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement. |
Classification of financial asset | Amortised cost | Fair value through profit and loss | Fair value through other comprehensive income |
Recognition and initial 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.\u00a0 |
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 derecognition 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 recycling of fair value gains or losses previously recognised in other comprehensive income to the income statement. |
2023 | ||||
Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | |
Notional amount (in tonnes) | 428,686 | 72,617 | 289,801 | 66,268 |
Notional amount (in US$ millions) | 1,050 | 169 | 711 | 170 |
Average hedged rate (in US$ per tonne) | 2,449 | 2,331 | 2,452 | 2,564 |
2022 | ||||
Total | Within 1 year | Between 1 and 5 years | Between 5 and 10 years | |
Notional amount (in tonnes) | 501,498 | 72,812 | 289,868 | 138,818 |
Notional amount (in US$ millions) | 1,216 | 166 | 697 | 353 |
Average hedged rate (in US$ per tonne) | 2,425 | 2,282 | 2,404 | 2,542 |
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 | |
2023 | 1,050 | (174) | 3 | (91) | (16) | (1) | 4 | (2) |
2022 | 1,216 | (189) | (119) | (87) | 133 | (110) | (9) | 34 |
Change in market prices | 2023 US$m | 2022 US$m | |
Effect on net earnings | +10% | (52) | (57) |
(10)% | 67 | 83 | |
Effect on equity | +10% | (81) | (90) |
(10)% | 70 | 65 |
Impact of climate change on our business - Upper Calliope Solar Farm power purchase agreement in Queensland On 22 December 2023, as part of the program to develop renewable energy solutions for our Queensland aluminium assets, we entered into a long-term renewable 1.1GW power purchase agreement to buy renewable electricity and associated green products to be generated in the future from Upper Calliope Solar Farm. The contract is accounted for as a financial derivative with a zero fair value at inception and an immaterial fair value at year-end. It will require complex derivative measurement over the contract\u2019s term categorised under level 3 with significant unobservable inputs related to future energy prices. | |||
2023 | 2022 | |||||
Currency exposure | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m | Closing exchange rate US cents | Effect on net earnings US$m | Impact directly on equity US$m |
Australian dollar | 69 | 228 | (1,036) | 68 | (319) | (986) |
Canadian dollar | 76 | (361) | \u2013 | 74 | (219) | \u2013 |
2023 | 2022 | ||||||||||
Held at fair value | Held at amortised cost US$m | Total US$m | Held at fair value | Held at amortised cost US$m | Total US$m | ||||||
Note | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | |||||
Assets | |||||||||||
Cash and cash equivalents(d) | 22 | 2,722 | \u2013 | \u2013 | 6,951 | 9,673 | 2,725 | \u2013 | \u2013 | 4,050 | 6,775 |
Investments in equity shares and funds(e) | 23 | 85 | \u2013 | 96 | \u2013 | 181 | 147 | \u2013 | 75 | \u2013 | 222 |
Other investments, including loans(f) | 23 | 896 | \u2013 | 228 | 153 | 1,277 | 2,018 | \u2013 | 229 | 28 | 2,275 |
Trade and other financial receivables(g) | 17 | 9 | 1,383 | \u2013 | 1,851 | 3,243 | 18 | 1,306 | \u2013 | 1,441 | 2,765 |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | 28 | 26 | \u2013 | 54 | \u2013 | 16 | 51 | \u2013 | 67 |
Derivatives related to net debt(i) | 23 | \u2013 | 87 | \u2013 | \u2013 | 87 | \u2013 | 2 | \u2013 | \u2013 | 2 |
Liabilities | |||||||||||
Trade and other financial payables(j) | 18 | \u2013 | (47) | \u2013 | (6,277) | (6,324) | \u2013 | (30) | \u2013 | (6,455) | (6,485) |
Forward, option and embedded derivatives contracts, designated as hedges (h) | 23 | \u2013 | \u2013 | (174) | \u2013 | (174) | \u2013 | \u2013 | (189) | \u2013 | (189) |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | (63) | (29) | \u2013 | (92) | \u2013 | (57) | (35) | \u2013 | (92) |
Derivatives related to net debt(i) | 23 | \u2013 | (516) | \u2013 | \u2013 | (516) | \u2013 | (692) | \u2013 | \u2013 | (692) |
2023 | 2022 | |
Level 3 financial assets and liabilities | US$m | US$m |
Opening balance | 131 | 177 |
Currency translation adjustments | (2) | (4) |
Total realised gains/(losses) included in: | ||
\u2013 consolidated sales revenue | 12 | 16 |
\u2013 net operating costs | (18) | 365 |
Total unrealised gains included in: | ||
\u2013 net operating costs | 43 | 124 |
Total unrealised losses transferred into other comprehensive income through cash flow hedges | (1) | (110) |
Additions to financial assets | 29 | 41 |
Disposals/maturity of financial instruments | (47) | (478) |
Closing balance | 147 | 131 |
Net gains included in the income statement for assets and liabilities held at year end | 31 | 103 |
2023 | 2022 | |||
Description | Fair value US$m | Fair value US$ | Valuation technique | Significant Inputs |
Level 2 | ||||
Interest rate swaps | (163) | (356) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread |
Cross currency interest rate swaps | (266) | (334) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread \u2013 Market quoted FX rate |
Provisionally priced receivables | 1,362 | 1,234 | Closely related listed product | \u2013 Applicable forward quoted metal price |
Level 3 | ||||
Derivatives embedded in electricity contracts | (186) | (208) | Option pricing model | \u2013 LME forward aluminium price \u2013 Midwest premium and billet premium |
Royalty receivables | 214 | 209 | Discounted cash flows | \u2013 Forward commodity price \u2013 Mine production |
Impact of climate change on our business - coal royalty receivables At 31\u00a0December 2023, royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$214\u00a0million (2022: US$209 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$90\u00a0million 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$64 million increase (2022: US$68 million ) in the carrying value. A 15% decrease in the coal spot price would result in a US$39 million decrease (2022: US$18 million) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). | |||
2023 | 2022 | |||
Carrying value US$m | Fair value US$m | Carrying value US$m | Fair value US$m | |
Listed bonds | 8,607 | 8,672 | 6,631 | 6,649 |
Oyu Tolgoi project finance | 3,850 | 4,090 | 3,770 | 3,928 |
Other | 544 | 494 | 670 | 615 |
Total borrowings (including overdrafts) | 13,001 | 13,256 | 11,071 | 11,192 |
2023 | 2022 | ||||||||||
Held at fair value | Held at amortised cost US$m | Total US$m | Held at fair value | Held at amortised cost US$m | Total US$m | ||||||
Note | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | Level 1 (a) US$m | Level 2 (b) US$m | Level 3 (c) US$m | |||||
Assets | |||||||||||
Cash and cash equivalents(d) | 22 | 2,722 | \u2013 | \u2013 | 6,951 | 9,673 | 2,725 | \u2013 | \u2013 | 4,050 | 6,775 |
Investments in equity shares and funds(e) | 23 | 85 | \u2013 | 96 | \u2013 | 181 | 147 | \u2013 | 75 | \u2013 | 222 |
Other investments, including loans(f) | 23 | 896 | \u2013 | 228 | 153 | 1,277 | 2,018 | \u2013 | 229 | 28 | 2,275 |
Trade and other financial receivables(g) | 17 | 9 | 1,383 | \u2013 | 1,851 | 3,243 | 18 | 1,306 | \u2013 | 1,441 | 2,765 |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | 28 | 26 | \u2013 | 54 | \u2013 | 16 | 51 | \u2013 | 67 |
Derivatives related to net debt(i) | 23 | \u2013 | 87 | \u2013 | \u2013 | 87 | \u2013 | 2 | \u2013 | \u2013 | 2 |
Liabilities | |||||||||||
Trade and other financial payables(j) | 18 | \u2013 | (47) | \u2013 | (6,277) | (6,324) | \u2013 | (30) | \u2013 | (6,455) | (6,485) |
Forward, option and embedded derivatives contracts, designated as hedges (h) | 23 | \u2013 | \u2013 | (174) | \u2013 | (174) | \u2013 | \u2013 | (189) | \u2013 | (189) |
Forward, option and embedded derivatives contracts, not designated as hedges (h) | 23 | \u2013 | (63) | (29) | \u2013 | (92) | \u2013 | (57) | (35) | \u2013 | (92) |
Derivatives related to net debt(i) | 23 | \u2013 | (516) | \u2013 | \u2013 | (516) | \u2013 | (692) | \u2013 | \u2013 | (692) |
2023 | 2022 | |
Level 3 financial assets and liabilities | US$m | US$m |
Opening balance | 131 | 177 |
Currency translation adjustments | (2) | (4) |
Total realised gains/(losses) included in: | ||
\u2013 consolidated sales revenue | 12 | 16 |
\u2013 net operating costs | (18) | 365 |
Total unrealised gains included in: | ||
\u2013 net operating costs | 43 | 124 |
Total unrealised losses transferred into other comprehensive income through cash flow hedges | (1) | (110) |
Additions to financial assets | 29 | 41 |
Disposals/maturity of financial instruments | (47) | (478) |
Closing balance | 147 | 131 |
Net gains included in the income statement for assets and liabilities held at year end | 31 | 103 |
2023 | 2022 | |||
Description | Fair value US$m | Fair value US$ | Valuation technique | Significant Inputs |
Level 2 | ||||
Interest rate swaps | (163) | (356) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread |
Cross currency interest rate swaps | (266) | (334) | Discounted cash flows | \u2013 Applicable market quoted swap yield curves \u2013 Credit default spread \u2013 Market quoted FX rate |
Provisionally priced receivables | 1,362 | 1,234 | Closely related listed product | \u2013 Applicable forward quoted metal price |
Level 3 | ||||
Derivatives embedded in electricity contracts | (186) | (208) | Option pricing model | \u2013 LME forward aluminium price \u2013 Midwest premium and billet premium |
Royalty receivables | 214 | 209 | Discounted cash flows | \u2013 Forward commodity price \u2013 Mine production |
Impact of climate change on our business - coal royalty receivables At 31\u00a0December 2023, royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$214\u00a0million (2022: US$209 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$90\u00a0million 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$64 million increase (2022: US$68 million ) in the carrying value. A 15% decrease in the coal spot price would result in a US$39 million decrease (2022: US$18 million) in the carrying value. We have used a 15% assumption to calculate our exposure as it represents the annual coal price movement that we deem to be reasonably probable (on an annual basis over the long run). | |||
2023 | 2022 | |||
Carrying value US$m | Fair value US$m | Carrying value US$m | Fair value US$m | |
Listed bonds | 8,607 | 8,672 | 6,631 | 6,649 |
Oyu Tolgoi project finance | 3,850 | 4,090 | 3,770 | 3,928 |
Other | 544 | 494 | 670 | 615 |
Total borrowings (including overdrafts) | 13,001 | 13,256 | 11,071 | 11,192 |
Subsidiaries and joint operations | Equity accounted units (Rio Tinto share) | Total | |||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | |
Principal locations of employment: | |||||||||
Australia and New Zealand | 25,045 | 23,829 | 21,861 | 725 | 704 | 648 | 25,770 | 24,533 | 22,509 |
Canada | 13,864 | 13,344 | 12,270 | 5 | \u2014 | \u2014 | 13,869 | 13,344 | 12,270 |
UK | 323 | 202 | 189 | \u2014 | \u2014 | \u2014 | 323 | 202 | 189 |
Europe | 912 | 994 | 1,003 | 25 | \u2014 | \u2014 | 937 | 994 | 1,003 |
Africa | 3,180 | 2,797 | 2,484 | 1,176 | 1,218 | 1,253 | 4,356 | 4,015 | 3,737 |
US | 3,973 | 3,655 | 3,471 | 58 | \u2014 | \u2014 | 4,031 | 3,655 | 3,471 |
Mongolia | 4,700 | 4,175 | 3,513 | \u2014 | \u2014 | \u2014 | 4,700 | 4,175 | 3,513 |
South America | 389 | 286 | 213 | 1,414 | 1,383 | 1,353 | 1,803 | 1,669 | 1,566 |
India | 611 | 396 | 354 | \u2014 | \u2014 | \u2014 | 611 | 396 | 354 |
Singapore | 469 | 454 | 450 | \u2014 | \u2014 | \u2014 | 469 | 454 | 450 |
Other countries (a) | 305 | 289 | 283 | \u2014 | \u2014 | \u2014 | 305 | 289 | 283 |
Total | 53,771 | 50,421 | 46,091 | 3,403 | 3,305 | 3,254 | 57,174 | 53,726 | 49,345 |
Note | 2023 US$m | 2022 US$m | 2021 US$m | |
Total employment costs | ||||
\u2013 Wages and salaries | 5,625 | 5,115 | 4,699 | |
\u2013 Social security costs | 470 | 425 | 386 | |
\u2013 Net post-retirement charge | 28 | 449 | 559 | 554 |
\u2013 Share-based payment charge | 27 | 144 | 122 | 126 |
6,688 | 6,221 | 5,765 | ||
Less: charged within movement in provisions (see below) | (52) | (219) | (252) | |
Total employment costs | 7 | 6,636 | 6,002 | 5,513 |
2023 | 2022 | |||
Employment provisions | Pensions and post-retirement healthcare(a) US$m | Other employee entitlements(b) US$m | Total US$m | Total US$m |
At 1 January | 1,294 | 364 | 1,658 | 2,492 |
Adjustment on currency translation | 25 | 7 | 32 | (99) |
Charged/(credited) to profit: | ||||
\u2013 increases to existing and new provisions | \u2013 | 78 | 78 | 231 |
\u2013 unused amounts reversed | (6) | (20) | (26) | (12) |
Utilised in year | (216) | (61) | (277) | (254) |
Re-measurement losses/(gains) recognised in other comprehensive income | 102 | \u2013 | 102 | (701) |
Transfers and other movements | (10) | 1 | (9) | 1 |
At 31 December | 1,189 | 369 | 1,558 | 1,658 |
Balance sheet analysis: | ||||
Current | 68 | 293 | 361 | 353 |
Non-current | 1,121 | 76 | 1,197 | 1,305 |
Total employment provisions | 1,189 | 369 | 1,558 | 1,658 |
Charge recognised for the year | Liability at the end of the year | ||||
2023 US$m | 2022 US$m | 2021 US$m | 2023 US$m | 2022 US$m | |
Equity-settled awards | 140 | 117 | 122 | \u2013 | \u2013 |
Cash-settled awards | 4 | 5 | 4 | 6 | 7 |
Total | 144 | 122 | 126 | 6 | 7 |
Rio Tinto plc awards | Rio Tinto Limited awards | |||||||
2023 number | Weighted average fair value at grant date 2023 \u00a3 | 2022 number | Weighted average fair value at grant date 2022 \u00a3 | 2023 number | Weighted average fair value at grant date 2023 A$ | 2022 number | Weighted average fair value at grant date 2022 A$ | |
Unvested awards at 1 January | 2,903,449 | 24.36 | 3,376,072 | 24.26 | 1,040,240 | 52.51 | 1,276,694 | 50.46 |
Awarded | 562,747 | 28.40 | 518,950 | 25.60 | 287,714 | 61.66 | 256,508 | 51.21 |
Forfeited | (166,376) | 27.94 | (9,973) | 31.68 | (28,789) | 51.91 | (38,733) | 51.09 |
Failed performance conditions | \u2014 | \u2014 | (326,522) | 32.83 | \u2014 | \u2014 | (149,788) | 61.40 |
Vested | (703,009) | 26.84 | (655,078) | 20.49 | (287,973) | 53.88 | (304,441) | 38.68 |
Unvested awards at 31 December | 2,596,811 | 24.34 | 2,903,449 | 24.36 | 1,011,192 | 54.74 | 1,040,240 | 52.51 |
Rio Tinto plc awards | Rio Tinto Limited awards | |||||||
2023 number | Weighted average share price at vesting 2023 \u00a3 | 2022 number | Weighted average share price at vesting 2022 \u00a3 | 2023 number | Weighted average share price at vesting 2023 A$ | 2022 number | Weighted average share price at vesting 2022 A$ | |
Vested awards settled in shares during the year (including dividend shares applied on vesting) | 767,439 | 59.21 | 632,533 | 54.96 | 238,405 | 122.58 | 247,216 | 115.25 |
Vested awards settled in cash during the year (including dividend shares applied on vesting) | 181,492 | 58.36 | 230,006 | 54.67 | 140,690 | 123.40 | 140,479 | 115.35 |
Rio Tinto plc awards (a) | Rio Tinto Limited awards | |||||||
2023 number | Weighted average fair value at grant date 2023 \u00a3 | 2022 number | Weighted average fair value at grant date 2022 \u00a3 | 2023 number | Weighted average fair value at grant date 2023 A$ | 2022 number | Weighted average fair value at grant date 2022 A$ | |
Unvested awards at 1 January(b) | 2,585,679 | 47.22 | 2,493,826 | 43.55 | 2,340,705 | 95.27 | 2,164,568 | 92.31 |
Awarded | 1,298,578 | 49.59 | 1,187,887 | 50.37 | 1,159,498 | 107.86 | 1,068,556 | 95.69 |
Forfeited | (113,473) | 57.02 | (146,816) | 56.66 | (144,531) | 102.40 | (155,631) | 96.46 |
Cancelled | (71,160) | 46.21 | (65,267) | 44.99 | (61,993) | 93.15 | (46,300) | 86.44 |
Vested | (889,496) | 39.59 | (883,951) | 39.69 | (712,686) | 86.09 | (690,488) | 86.96 |
Unvested awards at 31 December(b) | 2,810,128 | 50.36 | 2,585,679 | 47.22 | 2,580,993 | 103.11 | 2,340,705 | 95.27 |
Comprising: | ||||||||
\u2013 Management Share Awards | 1,321,207 | 54.05 | 1,220,559 | 48.82 | 1,211,757 | 113.03 | 1,150,641 | 103.00 |
\u2013 Bonus Deferral Awards | 102,388 | 55.64 | 139,782 | 55.96 | 56,597 | 113.90 | 60,862 | 113.13 |
\u2013 Global Employee Share Plan | 1,350,559 | 46.22 | 1,191,738 | 44.51 | 1,312,639 | 93.50 | 1,129,202 | 86.43 |
\u2013 UK Share Plan | 35,974 | 54.68 | 33,600 | 49.05 | \u2013 | \u2013 | \u2013 | \u2013 |
Unvested awards at 31 December(b) | 2,810,128 | 50.36 | 2,585,679 | 47.22 | 2,580,993 | 103.11 | 2,340,705 | 95.27 |
Rio Tinto plc awards (a) | Rio Tinto Limited awards | |||||||
2023 number | Weighted average share price at vesting 2023 \u00a3 | 2022 number | Weighted average share price at vesting 2022 \u00a3 | 2023 number | Weighted average share price at vesting 2023 A$ | 2022 number | Weighted average share price at vesting 2022 A$ | |
Vested awards settled in shares during the year (including dividend shares applied on vesting): | ||||||||
\u2013 Management Share Awards | 537,748 | 57.86 | 529,054 | 54.59 | 476,813 | 121.87 | 486,587 | 113.18 |
\u2013 Bonus Deferral Awards | 87,475 | 55.43 | 136,317 | 55.11 | 23,569 | 123.91 | 32,080 | 107.78 |
\u2013 Global Employee Share Plan | 493,187 | 55.05 | 478,204 | 51.52 | 374,232 | 118.12 | 337,782 | 104.82 |
\u2013 UK Share Plan | 6,791 | 53.28 | 12,176 | 55.20 | \u2013 | \u2013 | \u2013 | \u2013 |
Vested awards settled in cash during the year (including dividend shares applied on vesting): | ||||||||
\u2013 Bonus Deferral Awards | \u2013 | \u2013 | 23,611 | 55.98 | \u2013 | \u2013 | 12,699 | 113.23 |
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. |
Calculation of benefit | Regulatory requirements | Governing body | |
Canada | Linked to final average pay for non- unionised employees. For unionised employees linked to final average pay or to a flat monetary amount per year of service. | Regulatory requirements in the relevant provinces and territories (predominantly Quebec). | Pension committee, a number of members are appointed by the sponsor and a number appointed by plan participants. In some cases, independent committee members are also appointed. |
UK | Linked to final pay, subject to an earnings cap. | Regulatory requirements that apply to UK pension plans. | Trustee board, a number of directors appointed by the sponsor and a number appointed by plan participants and an independent trustee director. |
US | Linked to final average pay for non- unionised employees and to a flat monetary amount per year of service for unionised employees. | US regulations. | Benefit Governance Committee. Members are appointed by the sponsor. |
Switzerland | Linked to final average pay. | Swiss regulations. | Trustee board. Members are appointed by the plan sponsor, by employees and by retirees. |
Australia | Linked to final pay and typically paid in lump sum form. | Local regulations in Australia. | An independent financial institution. One third of the board positions are nominated by employers. Remaining positions are filled by independent directors and directors nominated by participants. |
2023 | 2022 | |||
Equities | 16.6% | 18.0% | ||
\u2013 Quoted (a) | 11.1% | 12.3% | ||
\u2013 Private (b) | 5.5% | 5.7% | ||
Bonds (c) | 47.4% | 58.1% | ||
\u2013 Government fixed income | 21.6% | 24.6% | ||
\u2013 Government inflation-linked | 1.6% | 5.0% | ||
\u2013 Corporate and other publicly quoted | 16.5% | 19.6% | ||
\u2013 Private | 7.7% | 8.9% | ||
Property (d) | 8.7% | 10.0% | ||
\u2013 Quoted property funds | 2.5% | 2.9% | ||
\u2013 Unquoted property funds | 6.2% | 7.1% | ||
Qualifying insurance policies (e) | 24.9% | 9.7% | ||
Cash and other (f)(g) | 2.4% | 4.2% | ||
Total | 100.0% | 100.0% |
Pension benefits | Other benefits | 2023 Total | 2022 Total | 2021 Total | |
Proportion relating to current employees | 17% | 15% | 17% | 18% | 20% |
Proportion relating to former employees not yet retired | 9% | \u2013% | 9% | 9% | 11% |
Proportion relating to retirees | 74% | 85% | 74% | 73% | 69% |
Total | 100% | 100% | 100% | 100% | 100% |
Average duration of obligations (years) | 10.8 | 10.8 | 10.8 | 11.4 | 13.8 |
Pension benefits | Other benefits | 2023 Total | 2022 Total | 2021 Total | |
Canada | 58% | 50% | 57% | 58% | 55% |
UK | 26% | 1% | 25% | 24% | 28% |
US | 8% | 46% | 10% | 10% | 10% |
Switzerland | 6% | \u2013% | 6% | 6% | 5% |
Other | 2% | 3% | 2% | 2% | 2% |
Total | 100% | 100% | 100% | 100% | 100% |
Pension benefits US$m | Other benefits US$m | 2023 Total US$m | 2022 Total US$m | 2021 Total US$m | |
Current employer service cost for defined benefit plans | (76) | (3) | (79) | (143) | (167) |
Past service credit/(cost) | 88 | (1) | 87 | \u2013 | (2) |
Settlement losses | \u2013 | \u2013 | \u2013 | \u2013 | (3) |
Net interest on net defined benefit liability | 13 | (34) | (21) | (36) | (52) |
Non-investment expenses paid from the plans | (20) | \u2013 | (20) | (13) | (15) |
Total defined benefit credit/(expense) | 5 | (38) | (33) | (192) | (239) |
Current employer service cost for defined contribution and industry-wide plans | (414) | (2) | (416) | (367) | (315) |
Total expense recognised in the income statement | (409) | (40) | (449) | (559) | (554) |
2023 US$m | 2022 US$m | 2021 US$m | |
Actuarial (losses)/gains | (407) | 3,410 | 655 |
Impact of buy-in (a) | (216) | \u2013 | \u2013 |
Return on assets, net of interest on assets | 222 | (2,831) | 371 |
Losses on application of asset ceiling | (60) | (1) | \u2013 |
Re-measurement (losses)/gains on pension and post-retirement healthcare plans | (461) | 578 | 1,026 |
2023 | 2022 | |||
Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m | |
Total fair value of plan assets | 11,138 | \u2013 | 11,138 | 10,708 |
Present value of obligations \u2013 funded | (10,799) | \u2013 | (10,799) | (10,226) |
Present value of obligations \u2013 unfunded | (368) | (628) | (996) | (951) |
Present value of obligations \u2013 total | (11,167) | (628) | (11,795) | (11,177) |
Effect of asset ceiling | (66) | \u2013 | (66) | (1) |
Net deficit to be shown in the balance sheet | (95) | (628) | (723) | (470) |
Comprising: | ||||
\u2013 Deficits | (561) | (628) | (1,189) | (1,294) |
\u2013 Surpluses | 466 | \u2013 | 466 | 824 |
Net (deficit)/surplus on pension plans | (95) | \u2013 | (95) | 152 |
Unfunded post-retirement healthcare obligation | \u2013 | (628) | (628) | (622) |
2023 | 2022 | 2021 | |||
Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m | Total US$m | |
Contributions to defined benefit plans | 205 | 32 | 237 | 211 | 464 |
Contributions to defined contribution plans | 408 | 2 | 410 | 363 | 311 |
Total | 613 | 34 | 647 | 574 | 775 |
2023 | 2022 | |||
Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m | |
Change in the net defined benefit liability | ||||
Net defined benefit surplus/(liability) at the start of the year | 152 | (622) | (470) | (1,028) |
Amounts recognised in income statement | 5 | (38) | (33) | (192) |
Amounts recognised in other comprehensive income | (468) | 7 | (461) | 578 |
Employer contributions | 205 | 32 | 237 | 211 |
Assets transferred to defined contribution section | (6) | \u2013 | (6) | (4) |
Currency exchange rate gains/(losses) | 17 | (7) | 10 | (35) |
Net defined benefit liability at the end of the year | (95) | (628) | (723) | (470) |
2023 | 2022 | |||
Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m | |
Change in present value of obligation | ||||
Present value of obligation at the start of the year | (10,555) | (622) | (11,177) | (15,728) |
Current employer service costs | (76) | (3) | (79) | (143) |
Past service credit/(cost) | 88 | (1) | 87 | \u2013 |
Settlements | 4 | \u2013 | 4 | \u2013 |
Interest on obligation | (499) | (34) | (533) | (370) |
Contributions by plan participants | (19) | \u2013 | (19) | (20) |
Benefits paid | 716 | 32 | 748 | 783 |
Experience (losses)/gains | (69) | 29 | (40) | (170) |
Changes in financial assumptions (losses)/gains | (393) | (25) | (418) | 3,563 |
Changes in demographic assumptions gains | 48 | 3 | 51 | 17 |
Currency exchange rate (losses)/gains | (412) | (7) | (419) | 891 |
Present value of obligation at the end of the year | (11,167) | (628) | (11,795) | (11,177) |
2023 | 2022 | |||
Pension benefits US$m | Other benefits US$m | Total US$m | Total US$m | |
Change in plan assets | ||||
Fair value of plan assets at the start of the year | 10,708 | \u2013 | 10,708 | 14,700 |
Settlements | (4) | \u2013 | (4) | \u2013 |
Interest on assets | 512 | \u2013 | 512 | 334 |
Contributions by plan participants | 19 | \u2013 | 19 | 20 |
Contributions by employer | 205 | 32 | 237 | 211 |
Benefits paid | (716) | (32) | (748) | (783) |
Non-investment expenses | (20) | \u2013 | (20) | (13) |
Return on plan assets, net of interest on assets | 222 | \u2013 | 222 | (2,831) |
Impact of buy-in | (216) | \u2013 | (216) | \u2013 |
Assets transferred to defined contribution section | (6) | \u2013 | (6) | (4) |
Currency exchange rate gains/(losses) | 434 | \u2013 | 434 | (926) |
Fair value of plan assets at the end of the year | 11,138 | \u2013 | 11,138 | 10,708 |
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: \u2013 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. \u2013 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. \u2013 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 judgement 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 2023 | ||||||
Discount rate | 4.6% | 4.5% | 4.8% | 1.5% | ||
Long-term inflation (a) | 1.9% | 3.1% | 2.2% | 1.2% | ||
Rate of increase in pensions | 0.2% | 2.6% | \u2013% | 2.3% | ||
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% | \u2013% | 3.4% | ||
(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\u00a0December 2023 was 2.5% (2022: 2.7%). | ||||||
2023 | 2022 | ||||
Approximate (increase)/ decrease\u00a0in\u00a0obligations | Approximate (increase)/ decrease\u00a0in\u00a0obligations | ||||
Assumption | Change in assumption | Pensions US$m | Other US$m | Pensions US$m | Other US$m |
Discount rate | Increase of 0.5 percentage points | 460 | 31 | 483 | 32 |
Decrease of 0.5 percentage points | (514) | (33) | (510) | (34) | |
Long-term inflation | Increase of 0.5 percentage points | (183) | (9) | (174) | (10) |
Decrease of 0.5 percentage points | 176 | 8 | 168 | 9 | |
Demographic \u2013 allowance for future improvements in longevity | Participants assumed to have the mortality rates of individuals who are one year older | 244 | 7 | 241 | 8 |
Participants assumed to have the mortality rates of individuals who are one year younger | (244) | (7) | (241) | (8) |
2023 US$'000 | 2022 US$'000 | 2021 US$'000 | |
Emoluments | 7,461 | 6,726 | 6,568 |
Long-term incentive plans | 8,746 | 4,691 | 1,587 |
16,207 | 11,417 | 8,155 | |
Pension contributions: defined contribution plans | 20 | 10 | 9 |
2023 US$'000 | 2022 US$'000 | 2021 US$'000 | |
Short-term employee benefits and costs | 16,159 | 14,258 | 18,184 |
Post-employment benefits | 155 | 174 | 300 |
Employment termination benefits | 155 | \u2013 | \u2013 |
Share-based payments | 10,305 | 10,846 | 10,303 |
Total | 26,774 | 25,278 | 28,787 |
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 | \u2013 | ||||
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) | Class A | 86.33 | 86.33 | 13.67 | ||||
Ordinary | 86.33 | ||||||||
Hamersley Iron Pty Limited | Iron ore mining | Ordinary | 100 | 100 | \u2013 | ||||
North Mining Limited(a) | Iron ore mining | Ordinary | 100 | 100 | \u2013 | ||||
Preference | 100 | ||||||||
Rio Tinto Aluminium (Holdings) Limited | Bauxite mining, alumina production, primary aluminium smelting | Ordinary | 100 | 100 | \u2013 | ||||
Robe River Mining Co Pty Ltd(a) | Iron ore mining | Class A | 40 | 73.61 | 26.39 | ||||
Class B | 76.36 | ||||||||
Argentina | |||||||||
Rincon Mining Pty Limited(b) | Exploration and development of lithium asset. | Ordinary | 100 | 100 | \u2013 | ||||
Brazil | |||||||||
Rio Tinto do Brasil Ltda.(c) | Alumina production and bauxite mining | Quota | 100 | 100 | \u2013 | ||||
Canada | |||||||||
Diavik Diamond Mines (2012) Inc. | Diamond mining and processing | Common | 100 | 100 | \u2013 | ||||
Iron Ore Company of Canada(d) | 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 | \u2013 | ||||
Rio Tinto Fer et Titane Inc. | Titanium dioxide feedstock; high purity iron and steel production | Common | 100 | 100 | \u2013 | ||||
Class B preference | 100 | ||||||||
Preference | 100 | ||||||||
Guinea | |||||||||
Simfer Jersey Limited(e) | Iron ore project | Ordinary | 53 | 53 | 47 | ||||
Madagascar | |||||||||
QIT Madagascar Minerals SA (f) | Ilmenite mining | Common | 84.20 | 79.98 | 20.02 | ||||
Investment certificates | 100 | ||||||||
Mongolia | |||||||||
Oyu Tolgoi LLC | Copper and gold mining | Common | 66 | 66 | 34 | ||||
Singapore | |||||||||
Rio Tinto Singapore Holdings Pte Ltd | Commercial activities | Ordinary | 100 | 100 | \u2013 | ||||
South Africa | |||||||||
Richards Bay Titanium (Proprietary) Limited (g) | Titanium dioxide, high purity iron production | B Ordinary | 100 | 74 | 26 | ||||
B Preference | 100 | ||||||||
Parent Preference | 100 | ||||||||
Richards Bay Mining (Proprietary) Limited (g) | Ilmenite, rutile and zircon mining | B Ordinary | 100 | 74 | 26 | ||||
B Preference | 100 | ||||||||
Parent Preference | 100 | ||||||||
United States | |||||||||
Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) | Copper and gold mining, smelting and refining and exploration activities | Common | 100 | 100 | \u2013 | ||||
Nuton LLC | Technology venture including investments and collaborations related to proprietary nature-based copper leach technologies and capabilities | Unit shares | 100 | 100 | \u2013 | ||||
U.S. Borax Inc. | Mining, refining and marketing of borates | Common | 100 | 100 | \u2013 | ||||
Resolution Copper Mining LLC | Exploration and development of copper | - | \u2013 | 55 | 45 |
Income statement summary for the year ended 31 December | Iron Ore Company of Canada 2023 US$m | Iron Ore Company of Canada 2022 US$m restated(a) | Oyu Tolgoi LLC (b)(c) 2023 US$m | Oyu Tolgoi LLC (b)(c) 2022 US$m restated(a) |
Revenue | 2,314 | 2,634 | 1,625 | 1,424 |
Profit/(loss) after tax | 445 | 756 | (1,024) | (224) |
\u2013\u00a0 attributable to non-controlling interests | 184 | 312 | (352) | (159) |
\u2013\u00a0 attributable to Rio Tinto | 261 | 444 | (672) | (65) |
Other comprehensive income/(loss) | 60 | (111) | \u2013 | \u2013 |
Total comprehensive income/(loss) | 505 | 645 | (1,024) | (224) |
Balance sheet summary as at 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Non-current assets | 3,170 | 2,963 | 15,335 | 13,667 |
Current assets | 866 | 774 | 511 | 753 |
Current liabilities | (519) | (499) | (4,920) | (4,253) |
Non-current liabilities | (1,005) | (973) | (12,544) | (10,731) |
Net assets | 2,512 | 2,265 | (1,618) | (564) |
\u2013\u00a0 attributable to non-controlling interests | 1,052 | 946 | (558) | (207) |
\u2013\u00a0 attributable to Rio Tinto | 1,460 | 1,319 | (1,060) | (357) |
Cash flow statement summary for the year ended 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Cash flow from operations | 801 | 1,153 | 345 | 406 |
Dividends paid to non-controlling interests | (103) | (142) | \u2013 | \u2013 |
Income statement summary for the year ended 31 December | Robe River Mining Co Pty 2023 US$m | Robe River Mining Co Pty 2022 US$m restated(a) | Other companies and eliminations (b) 2023 US$m | Other companies and eliminations (b) 2022 US$m restated(a) | Robe River 2023 US$m | Robe River 2022 US$m restated(a) |
Revenue | 1,753 | 1,703 | 2,045 | 1,987 | 3,798 | 3,690 |
Profit after tax | 848 | 814 | 825 | 865 | 1,673 | 1,679 |
\u2013\u00a0 attributable to non-controlling interests | 339 | 323 | \u2013 | \u2013 | 339 | 323 |
\u2013\u00a0 attributable to Rio Tinto | 509 | 491 | 825 | 865 | 1,334 | 1,356 |
Other comprehensive loss | 40 | (206) | 36 | (112) | 76 | (318) |
Total comprehensive income | 888 | 608 | 861 | 753 | 1,749 | 1,361 |
Balance sheet summary as at 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Non-current assets | 2,899 | 2,846 | 4,026 | 3,975 | 6,925 | 6,821 |
Current assets | 808 | 756 | 711 | 609 | 1,519 | 1,365 |
Current liabilities | (157) | (112) | (358) | (2,724) | (515) | (2,836) |
Non-current liabilities | (443) | (410) | (2,554) | (550) | (2,997) | (960) |
Net assets | 3,107 | 3,080 | 1,825 | 1,310 | 4,932 | 4,390 |
\u2013\u00a0 attributable to non-controlling interests | 1,241 | 1,230 | \u2013 | \u2013 | 1,241 | 1,230 |
\u2013\u00a0 attributable to Rio Tinto | 1,866 | 1,850 | 1,825 | 1,310 | 3,691 | 3,160 |
Cash flow statement summary for the year ended 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Cash flow from operations | 1,480 | 1,435 | 1,640 | 1,981 | 3,120 | 3,416 |
Dividends paid to non-controlling interests | (345) | (278) | \u2013 | \u2013 | (345) | (278) |
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 | \u2013 | ||||
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) | Class A | 86.33 | 86.33 | 13.67 | ||||
Ordinary | 86.33 | ||||||||
Hamersley Iron Pty Limited | Iron ore mining | Ordinary | 100 | 100 | \u2013 | ||||
North Mining Limited(a) | Iron ore mining | Ordinary | 100 | 100 | \u2013 | ||||
Preference | 100 | ||||||||
Rio Tinto Aluminium (Holdings) Limited | Bauxite mining, alumina production, primary aluminium smelting | Ordinary | 100 | 100 | \u2013 | ||||
Robe River Mining Co Pty Ltd(a) | Iron ore mining | Class A | 40 | 73.61 | 26.39 | ||||
Class B | 76.36 | ||||||||
Argentina | |||||||||
Rincon Mining Pty Limited(b) | Exploration and development of lithium asset. | Ordinary | 100 | 100 | \u2013 | ||||
Brazil | |||||||||
Rio Tinto do Brasil Ltda.(c) | Alumina production and bauxite mining | Quota | 100 | 100 | \u2013 | ||||
Canada | |||||||||
Diavik Diamond Mines (2012) Inc. | Diamond mining and processing | Common | 100 | 100 | \u2013 | ||||
Iron Ore Company of Canada(d) | 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 | \u2013 | ||||
Rio Tinto Fer et Titane Inc. | Titanium dioxide feedstock; high purity iron and steel production | Common | 100 | 100 | \u2013 | ||||
Class B preference | 100 | ||||||||
Preference | 100 | ||||||||
Guinea | |||||||||
Simfer Jersey Limited(e) | Iron ore project | Ordinary | 53 | 53 | 47 | ||||
Madagascar | |||||||||
QIT Madagascar Minerals SA (f) | Ilmenite mining | Common | 84.20 | 79.98 | 20.02 | ||||
Investment certificates | 100 | ||||||||
Mongolia | |||||||||
Oyu Tolgoi LLC | Copper and gold mining | Common | 66 | 66 | 34 | ||||
Singapore | |||||||||
Rio Tinto Singapore Holdings Pte Ltd | Commercial activities | Ordinary | 100 | 100 | \u2013 | ||||
South Africa | |||||||||
Richards Bay Titanium (Proprietary) Limited (g) | Titanium dioxide, high purity iron production | B Ordinary | 100 | 74 | 26 | ||||
B Preference | 100 | ||||||||
Parent Preference | 100 | ||||||||
Richards Bay Mining (Proprietary) Limited (g) | Ilmenite, rutile and zircon mining | B Ordinary | 100 | 74 | 26 | ||||
B Preference | 100 | ||||||||
Parent Preference | 100 | ||||||||
United States | |||||||||
Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) | Copper and gold mining, smelting and refining and exploration activities | Common | 100 | 100 | \u2013 | ||||
Nuton LLC | Technology venture including investments and collaborations related to proprietary nature-based copper leach technologies and capabilities | Unit shares | 100 | 100 | \u2013 | ||||
U.S. Borax Inc. | Mining, refining and marketing of borates | Common | 100 | 100 | \u2013 | ||||
Resolution Copper Mining LLC | Exploration and development of copper | - | \u2013 | 55 | 45 |
Income statement summary for the year ended 31 December | Iron Ore Company of Canada 2023 US$m | Iron Ore Company of Canada 2022 US$m restated(a) | Oyu Tolgoi LLC (b)(c) 2023 US$m | Oyu Tolgoi LLC (b)(c) 2022 US$m restated(a) |
Revenue | 2,314 | 2,634 | 1,625 | 1,424 |
Profit/(loss) after tax | 445 | 756 | (1,024) | (224) |
\u2013\u00a0 attributable to non-controlling interests | 184 | 312 | (352) | (159) |
\u2013\u00a0 attributable to Rio Tinto | 261 | 444 | (672) | (65) |
Other comprehensive income/(loss) | 60 | (111) | \u2013 | \u2013 |
Total comprehensive income/(loss) | 505 | 645 | (1,024) | (224) |
Balance sheet summary as at 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Non-current assets | 3,170 | 2,963 | 15,335 | 13,667 |
Current assets | 866 | 774 | 511 | 753 |
Current liabilities | (519) | (499) | (4,920) | (4,253) |
Non-current liabilities | (1,005) | (973) | (12,544) | (10,731) |
Net assets | 2,512 | 2,265 | (1,618) | (564) |
\u2013\u00a0 attributable to non-controlling interests | 1,052 | 946 | (558) | (207) |
\u2013\u00a0 attributable to Rio Tinto | 1,460 | 1,319 | (1,060) | (357) |
Cash flow statement summary for the year ended 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Cash flow from operations | 801 | 1,153 | 345 | 406 |
Dividends paid to non-controlling interests | (103) | (142) | \u2013 | \u2013 |
Income statement summary for the year ended 31 December | Robe River Mining Co Pty 2023 US$m | Robe River Mining Co Pty 2022 US$m restated(a) | Other companies and eliminations (b) 2023 US$m | Other companies and eliminations (b) 2022 US$m restated(a) | Robe River 2023 US$m | Robe River 2022 US$m restated(a) |
Revenue | 1,753 | 1,703 | 2,045 | 1,987 | 3,798 | 3,690 |
Profit after tax | 848 | 814 | 825 | 865 | 1,673 | 1,679 |
\u2013\u00a0 attributable to non-controlling interests | 339 | 323 | \u2013 | \u2013 | 339 | 323 |
\u2013\u00a0 attributable to Rio Tinto | 509 | 491 | 825 | 865 | 1,334 | 1,356 |
Other comprehensive loss | 40 | (206) | 36 | (112) | 76 | (318) |
Total comprehensive income | 888 | 608 | 861 | 753 | 1,749 | 1,361 |
Balance sheet summary as at 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Non-current assets | 2,899 | 2,846 | 4,026 | 3,975 | 6,925 | 6,821 |
Current assets | 808 | 756 | 711 | 609 | 1,519 | 1,365 |
Current liabilities | (157) | (112) | (358) | (2,724) | (515) | (2,836) |
Non-current liabilities | (443) | (410) | (2,554) | (550) | (2,997) | (960) |
Net assets | 3,107 | 3,080 | 1,825 | 1,310 | 4,932 | 4,390 |
\u2013\u00a0 attributable to non-controlling interests | 1,241 | 1,230 | \u2013 | \u2013 | 1,241 | 1,230 |
\u2013\u00a0 attributable to Rio Tinto | 1,866 | 1,850 | 1,825 | 1,310 | 3,691 | 3,160 |
Cash flow statement summary for the year ended 31 December | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m | 2023 US$m | 2022 US$m |
Cash flow from operations | 1,480 | 1,435 | 1,640 | 1,981 | 3,120 | 3,416 |
Dividends paid to non-controlling interests | (345) | (278) | \u2013 | \u2013 | (345) | (278) |
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 |
Western Range Joint Venture(a) | Iron ore mining | 54 |
Queensland Alumina Limited(b)(c) | Alumina production | 80 |
Pilbara Iron Arrangements | Infrastructure, corporate and mining services | See other relevant judgements call out box below |
Canada | ||
Aluminerie Alouette Inc. | Aluminium production | 40 |
Pechiney Reynolds Quebec Inc(c)(d) | Aluminium smelting | 50.2 |
New Zealand | ||
New Zealand Aluminium Smelters Limited(b)(c) | Aluminium smelting | 79.4 |
Other relevant judgements - 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 (CUC) 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 an 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 judgement 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$1,009 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. | ||
Company and country of incorporation/operation | Principal activities | Number of shares held | Class of shares held | Proportion of class held (%) | Group interest (%) |
Canada | |||||
Matalco Canada Inc. | Aluminium recycling | 195,000 | Class B Common | 100 | 50 |
Chile | |||||
Minera Escondida Ltda (a) | Copper mining and refining | \u2013 | \u2013 | \u2013 | 30 |
Oman | |||||
Sohar Aluminium Co. L.L.C. (b) | Aluminium smelting, power generation | 37,500 | Ordinary | 20 | 20 |
United States | |||||
Matalco USA, LLC | Aluminium recycling | 525,000 | Unit shares | 50 | 50 |
Other relevant judgements - accounting for Minera Escondida Ltda Judgement has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including those in relation to capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto\u2019s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgement by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. | ||
Minera Escondida Ltda(a) 2023 US$m | Minera Escondida Ltda(a) 2022 US$m | |
Revenue | 9,187 | 8,760 |
Depreciation and amortisation | (1,183) | (1,100) |
Other operating costs | (3,784) | (3,280) |
Operating profit | 4,220 | 4,380 |
Finance expense | (283) | (207) |
Income tax(b) | (1,773) | (1,590) |
Profit after tax | 2,164 | 2,583 |
Other comprehensive (loss)/income | (13) | 17 |
Total comprehensive income | 2,151 | 2,600 |
Non-current assets | 12,480 | 11,853 |
Current assets | 2,751 | 2,563 |
Current liabilities | (1,607) | (1,450) |
Non-current liabilities | (5,192) | (5,063) |
Net assets | 8,432 | 7,903 |
Assets and liabilities above include: | ||
\u2013 cash and cash equivalents | 360 | 377 |
\u2013 current financial liabilities | (677) | (340) |
\u2013 non-current financial liabilities | (2,770) | (3,060) |
Dividends received from joint venture (Rio Tinto share) | 578 | 813 |
Group interest | 30% | 30% |
Net assets (100%) | 8,432 | 7,903 |
Group\u2019s ownership interest | 2,530 | 2,371 |
Carrying value of Group\u2019s interest | 2,530 | 2,371 |
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 |
Western Range Joint Venture(a) | Iron ore mining | 54 |
Queensland Alumina Limited(b)(c) | Alumina production | 80 |
Pilbara Iron Arrangements | Infrastructure, corporate and mining services | See other relevant judgements call out box below |
Canada | ||
Aluminerie Alouette Inc. | Aluminium production | 40 |
Pechiney Reynolds Quebec Inc(c)(d) | Aluminium smelting | 50.2 |
New Zealand | ||
New Zealand Aluminium Smelters Limited(b)(c) | Aluminium smelting | 79.4 |
Other relevant judgements - 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 (CUC) 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 an 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 judgement 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$1,009 million (calculated on the basis of grossing up the tax written down value of the CUC assets). Other methods of calculating the gross-up might give rise to different numbers. | ||
Company and country of incorporation/operation | Principal activities | Number of shares held | Class of shares held | Proportion of class held (%) | Group interest (%) |
Canada | |||||
Matalco Canada Inc. | Aluminium recycling | 195,000 | Class B Common | 100 | 50 |
Chile | |||||
Minera Escondida Ltda (a) | Copper mining and refining | \u2013 | \u2013 | \u2013 | 30 |
Oman | |||||
Sohar Aluminium Co. L.L.C. (b) | Aluminium smelting, power generation | 37,500 | Ordinary | 20 | 20 |
United States | |||||
Matalco USA, LLC | Aluminium recycling | 525,000 | Unit shares | 50 | 50 |
Other relevant judgements - accounting for Minera Escondida Ltda Judgement has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including those in relation to capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto\u2019s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgement by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. | ||
Minera Escondida Ltda(a) 2023 US$m | Minera Escondida Ltda(a) 2022 US$m | |
Revenue | 9,187 | 8,760 |
Depreciation and amortisation | (1,183) | (1,100) |
Other operating costs | (3,784) | (3,280) |
Operating profit | 4,220 | 4,380 |
Finance expense | (283) | (207) |
Income tax(b) | (1,773) | (1,590) |
Profit after tax | 2,164 | 2,583 |
Other comprehensive (loss)/income | (13) | 17 |
Total comprehensive income | 2,151 | 2,600 |
Non-current assets | 12,480 | 11,853 |
Current assets | 2,751 | 2,563 |
Current liabilities | (1,607) | (1,450) |
Non-current liabilities | (5,192) | (5,063) |
Net assets | 8,432 | 7,903 |
Assets and liabilities above include: | ||
\u2013 cash and cash equivalents | 360 | 377 |
\u2013 current financial liabilities | (677) | (340) |
\u2013 non-current financial liabilities | (2,770) | (3,060) |
Dividends received from joint venture (Rio Tinto share) | 578 | 813 |
Group interest | 30% | 30% |
Net assets (100%) | 8,432 | 7,903 |
Group\u2019s ownership interest | 2,530 | 2,371 |
Carrying value of Group\u2019s interest | 2,530 | 2,371 |
Company and country of incorporation/operation | Principal activities | Number of shares held | Class of shares held | Proportion of class held (%) | Group interest (%) | ||
Australia | |||||||
Boyne Smelters Limited (a) | Aluminium smelting | 153,679,560 | Ordinary | 59.4 | 59.4 | ||
Brazil | |||||||
Minera\u00e7\u00e3o Rio do Norte S.A. (b) | Bauxite mining | 50,000,000,000 | Ordinary | 25 | 22 | ||
82,000,000,000 | Preferred | 20.5 | |||||
United States | |||||||
Halco (Mining) Inc. (c) | Bauxite mining | 4,500 | Common | 45 | 45 |
2023 US$m | 2022 US$m adjusted(a) | |
Carrying value of Group's interest(b) | 1,878 | 927 |
Profit after tax | 26 | 2 |
Other comprehensive income/(loss) | 15 | (27) |
Total comprehensive income/(loss) | 41 | (25) |
2023 US$m | 2022 US$m | 2021 US$m | ||
Income statement items | ||||
Purchases from equity accounted units | (1,163) | (1,429) | (1,167) | |
Sales to equity accounted units | 349 | 563 | 432 | |
Cash flow statement items | ||||
Dividends from equity accounted units | 610 | 879 | 1,431 | |
Net (funding of)/receipts from equity accounted units | (144) | (75) | 6 | |
Balance sheet items | ||||
Investments in equity accounted units(a) | 4,407 | 3,298 | 3,504 | |
Loans related to equity accounted units(b) | 100 | \u2013 | \u2013 | |
Trade and other receivables: amounts due from equity accounted units (c) | 189 | 297 | 251 | |
Trade and other payables: amounts due to equity accounted units | (206) | (294) | (253) |
2023 Number (million) | 2022 Number (million) | 2021 Number (million) | 2023 US$m | 2022 US$m | 2021 US$m | |
Issued and fully paid up share capital of 10p each | ||||||
At 1 January | 1,255.845 | 1,255.795 | 1,255.756 | 207 | 207 | 207 |
Ordinary shares issued under the Global Employee Share plan (GESP) | 0.047 | 0.050 | 0.039 | \u2013 | \u2013 | \u2013 |
Shares purchased and cancelled (a) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
At 31 December | 1,255.892 | 1,255.845 | 1,255.795 | 207 | 207 | 207 |
Shares held by public | ||||||
At 1 January | 1,249.655 | 1,248.141 | 1,246.904 | |||
Shares reissued from treasury under the GESP | 1.619 | 1.464 | 1.198 | |||
Ordinary shares issued under the GESP | 0.047 | 0.050 | 0.039 | |||
Shares purchased and cancelled (a) | \u2013 | \u2013 | \u2013 | |||
At 31 December | 1,251.321 | 1,249.655 | 1,248.141 | |||
Shares held in treasury | 4.571 | 6.190 | 7.654 | |||
Shares held by public | 1,251.321 | 1,249.655 | 1,248.141 | |||
Total share capital | 1,255.892 | 1,255.845 | 1,255.795 | |||
Other share classes | ||||||
Special Voting Share of 10p each (b) | 1 only | 1 only | 1 only | |||
DLC Dividend Share of 10p each (b) | 1 only | 1 only | 1 only |
2023 Number (million) | 2022 Number (million) | 2021 Number (million) | 2023 US$m | 2022 US$m | 2021 US$m | |
Issued and fully paid up share capital | ||||||
At 1 January | 371.21 | 371.21 | 371.21 | 3,330 | 3,570 | 3,781 |
Adjustment on currency translation | 47 | (240) | (211) | |||
At 31 December | 371.21 | 371.21 | 371.21 | 3,377 | 3,330 | 3,570 |
\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 |
2023 Number (million) | 2022 Number (million) | 2021 Number (million) | 2023 US$m | 2022 US$m | 2021 US$m | |
Issued and fully paid up share capital of 10p each | ||||||
At 1 January | 1,255.845 | 1,255.795 | 1,255.756 | 207 | 207 | 207 |
Ordinary shares issued under the Global Employee Share plan (GESP) | 0.047 | 0.050 | 0.039 | \u2013 | \u2013 | \u2013 |
Shares purchased and cancelled (a) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 |
At 31 December | 1,255.892 | 1,255.845 | 1,255.795 | 207 | 207 | 207 |
Shares held by public | ||||||
At 1 January | 1,249.655 | 1,248.141 | 1,246.904 | |||
Shares reissued from treasury under the GESP | 1.619 | 1.464 | 1.198 | |||
Ordinary shares issued under the GESP | 0.047 | 0.050 | 0.039 | |||
Shares purchased and cancelled (a) | \u2013 | \u2013 | \u2013 | |||
At 31 December | 1,251.321 | 1,249.655 | 1,248.141 | |||
Shares held in treasury | 4.571 | 6.190 | 7.654 | |||
Shares held by public | 1,251.321 | 1,249.655 | 1,248.141 | |||
Total share capital | 1,255.892 | 1,255.845 | 1,255.795 | |||
Other share classes | ||||||
Special Voting Share of 10p each (b) | 1 only | 1 only | 1 only | |||
DLC Dividend Share of 10p each (b) | 1 only | 1 only | 1 only |
2023 Number (million) | 2022 Number (million) | 2021 Number (million) | 2023 US$m | 2022 US$m | 2021 US$m | |
Issued and fully paid up share capital | ||||||
At 1 January | 371.21 | 371.21 | 371.21 | 3,330 | 3,570 | 3,781 |
Adjustment on currency translation | 47 | (240) | (211) | |||
At 31 December | 371.21 | 371.21 | 371.21 | 3,377 | 3,330 | 3,570 |
\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 |
2023 US$m | 2022 US$m restated(a) | 2021 US$m restated(a) | |
Capital redemption reserve(b) | |||
At 1 January and 31 December | 51 | 51 | 51 |
Cash flow hedge reserve | |||
At 1 January | (51) | (11) | 124 |
Cash flow hedge gains/(losses) | 30 | (167) | (211) |
Cash flow hedge (gains)/losses transferred to the income statement | (39) | 106 | 14 |
Tax on the above | 1 | 21 | 62 |
At 31 December | (59) | (51) | (11) |
Fair value through other comprehensive income reserve | |||
At 1 January | 2 | 2 | (2) |
(Losses)/gains on equity investments | (24) | \u2013 | 4 |
At 31 December | (22) | 2 | 2 |
Cost of hedging reserve | |||
At 1 January | (17) | (21) | (3) |
Cost of hedging deferred to reserves during the year | 4 | 4 | (18) |
Transfer of cost of hedging to the income statement | 1 | \u2013 | \u2013 |
At 31 December | (12) | (17) | (21) |
Other reserves(c) | |||
At 1 January | 11,554 | 11,582 | 11,628 |
Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards | (78) | (84) | (95) |
Employee share options: value of services | 62 | 56 | 55 |
Deferred tax on share options | 4 | \u2013 | (6) |
At 31 December | 11,542 | 11,554 | 11,582 |
Foreign currency translation reserve(d) | |||
At 1 January | (3,784) | (1,627) | 162 |
Parent and subsidiaries' currency translation and exchange adjustments | 598 | (2,235) | (1,777) |
Equity accounted units currency translation adjustments | 14 | (27) | (12) |
Currency translation reclassified on disposal(e) | \u2013 | 105 | \u2013 |
At 31 December | (3,172) | (3,784) | (1,627) |
Total other reserves per balance sheet | 8,328 | 7,755 | 9,976 |
Retained earnings(f) | |||
At 1 January as previously reported(g) | 34,511 | 33,320 | 26,792 |
Adjustment for transition to new accounting pronouncements(h) | 509 | 537 | 516 |
Revised 1 January | 35,020 | 33,857 | 27,308 |
Parent and subsidiaries' profit for the year | 9,385 | 11,817 | 20,073 |
Equity accounted units' profit after tax for the year | 673 | 575 | 1,042 |
Re-measurement (losses)/gains on pension and post-retirement healthcare plans(i) | (459) | 568 | 1,015 |
Tax relating to components of other comprehensive income | 151 | (118) | (297) |
Total comprehensive income for the year | 9,750 | 12,842 | 21,833 |
Dividends paid | (6,466) | (11,716) | (15,385) |
Change in equity interest held by Rio Tinto(j) | (13) | 701 | 76 |
Own shares purchased/treasury shares reissued for share awards and other movements | (17) | (16) | (18) |
Equity issued to holders of non-controlling interests(j) | \u2013 | (711) | \u2013 |
Employee share options and other IFRS 2 charges taken to the income statement | 76 | 63 | 60 |
At 31 December | 38,350 | 35,020 | 33,874 |
2023 US$m | 2022 US$m restated(a) | 2021 US$m restated(a) | |
Capital redemption reserve(b) | |||
At 1 January and 31 December | 51 | 51 | 51 |
Cash flow hedge reserve | |||
At 1 January | (51) | (11) | 124 |
Cash flow hedge gains/(losses) | 30 | (167) | (211) |
Cash flow hedge (gains)/losses transferred to the income statement | (39) | 106 | 14 |
Tax on the above | 1 | 21 | 62 |
At 31 December | (59) | (51) | (11) |
Fair value through other comprehensive income reserve | |||
At 1 January | 2 | 2 | (2) |
(Losses)/gains on equity investments | (24) | \u2013 | 4 |
At 31 December | (22) | 2 | 2 |
Cost of hedging reserve | |||
At 1 January | (17) | (21) | (3) |
Cost of hedging deferred to reserves during the year | 4 | 4 | (18) |
Transfer of cost of hedging to the income statement | 1 | \u2013 | \u2013 |
At 31 December | (12) | (17) | (21) |
Other reserves(c) | |||
At 1 January | 11,554 | 11,582 | 11,628 |
Own shares purchased from Rio Tinto Limited shareholders to satisfy share awards | (78) | (84) | (95) |
Employee share options: value of services | 62 | 56 | 55 |
Deferred tax on share options | 4 | \u2013 | (6) |
At 31 December | 11,542 | 11,554 | 11,582 |
Foreign currency translation reserve(d) | |||
At 1 January | (3,784) | (1,627) | 162 |
Parent and subsidiaries' currency translation and exchange adjustments | 598 | (2,235) | (1,777) |
Equity accounted units currency translation adjustments | 14 | (27) | (12) |
Currency translation reclassified on disposal(e) | \u2013 | 105 | \u2013 |
At 31 December | (3,172) | (3,784) | (1,627) |
Total other reserves per balance sheet | 8,328 | 7,755 | 9,976 |
Retained earnings(f) | |||
At 1 January as previously reported(g) | 34,511 | 33,320 | 26,792 |
Adjustment for transition to new accounting pronouncements(h) | 509 | 537 | 516 |
Revised 1 January | 35,020 | 33,857 | 27,308 |
Parent and subsidiaries' profit for the year | 9,385 | 11,817 | 20,073 |
Equity accounted units' profit after tax for the year | 673 | 575 | 1,042 |
Re-measurement (losses)/gains on pension and post-retirement healthcare plans(i) | (459) | 568 | 1,015 |
Tax relating to components of other comprehensive income | 151 | (118) | (297) |
Total comprehensive income for the year | 9,750 | 12,842 | 21,833 |
Dividends paid | (6,466) | (11,716) | (15,385) |
Change in equity interest held by Rio Tinto(j) | (13) | 701 | 76 |
Own shares purchased/treasury shares reissued for share awards and other movements | (17) | (16) | (18) |
Equity issued to holders of non-controlling interests(j) | \u2013 | (711) | \u2013 |
Employee share options and other IFRS 2 charges taken to the income statement | 76 | 63 | 60 |
At 31 December | 38,350 | 35,020 | 33,874 |
2023 US$m | 2022 US$m | |
Opening balance at 1 January as previously reported | 1,298 | 1,019 |
Adjustment on currency translation | 14 | (43) |
Adjustments to mining properties/right-of-use assets: | ||
\u2013 decrease to existing and new provisions | \u2013 | 4 |
Charged/(credited) to profit: | ||
\u2013 increases to existing and new provisions | 214 | 365 |
\u2013 change in discount rate | (18) | \u2014 |
\u2013 unused amounts reversed | (31) | (66) |
\u2013 exchange gain on provisions | (1) | \u2013 |
\u2013 amortisation of discount | 22 | 2 |
Utilised in year | (104) | (176) |
Transfers and other movements(a) | (23) | 193 |
Closing balance at 31 December | 1,371 | 1,298 |
Balance sheet analysis: | ||
Current | 637 | 554 |
Non-current | 734 | 744 |
Total | 1,371 | 1,298 |
Other relevant judgements - contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement and legal advice. These are quantified unless, in our judgement, 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 judgements may at times occur. The Group may in the future incur judgements 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. | ||
2023 US$m | 2022 US$m | |
Contingent liabilities, indemnities and other performance guarantees (a) | 435 | 498 |
Litigation matter | Latest update |
2011 Contractual payments in Guinea | On 6 March 2023, we resolved a previously self-disclosed investigation by the SEC into certain contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011, relating to the Simandou project in the Republic of Guinea. Without admitting to or denying the SEC\u2019s findings, Rio Tinto paid a US$15 million civil penalty for violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act. In August 2023, the UK Serious Fraud Office announced that it was not in the public interest to proceed with a prosecution and closed its case. It also announced that the Australian Federal Police maintains a live investigation into the matter. Rio Tinto continues to co-operate fully with relevant authorities in connection with open investigations. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders.\u00a0 No provision has been recognised for other related investigations. |
Impact of climate change on our business - decarbonisation capital commitments Capital commitments do not include the estimated incremental capital expenditure relating to decarbonisation projects of US$5 billion to US$6 billion between 2022 and 2030 unless otherwise contractually committed (revised from US$7.5 billion in prior year). Included in capital commitments in 2023 are contractually committed decarbonisation capital commitments of US$123 million (US$8 million in 2022), inclusive of Amrun power purchase agreement, which is a treated as a lease, which has not yet commenced (disclosed in note 21). | |||
2023 US$m | 2022 US$m | |
Capital commitments excluding the Group's share of joint venture capital commitments | ||
Within 1 year | 3,662 | 2,313 |
Between 1 and 3 years | 597 | 866 |
Between 3 and 5 years | 27 | 86 |
After 5 years | 99 | 89 |
Total | 4,385 | 3,354 |
Group's share of joint venture capital commitments | ||
Within 1 year | 128 | 15 |
Between 1 and 3 years | 99 | \u2013 |
Total | 227 | 15 |
2023 US$m | 2022 US$m | |
Within 1 year | 2,927 | 3,618 |
Between 1 and 2 years | 1,663 | 2,091 |
Between 2 and 3 years | 1,496 | 1,632 |
Between 3 and 4 years | 1,147 | 1,309 |
Between 4 and 5 years | 948 | 907 |
After 5 years | 6,365 | 6,574 |
Total | 14,546 | 16,131 |
2023 US$m | 2022 US$m | |
Opening balance at 1 January as previously reported | 1,298 | 1,019 |
Adjustment on currency translation | 14 | (43) |
Adjustments to mining properties/right-of-use assets: | ||
\u2013 decrease to existing and new provisions | \u2013 | 4 |
Charged/(credited) to profit: | ||
\u2013 increases to existing and new provisions | 214 | 365 |
\u2013 change in discount rate | (18) | \u2014 |
\u2013 unused amounts reversed | (31) | (66) |
\u2013 exchange gain on provisions | (1) | \u2013 |
\u2013 amortisation of discount | 22 | 2 |
Utilised in year | (104) | (176) |
Transfers and other movements(a) | (23) | 193 |
Closing balance at 31 December | 1,371 | 1,298 |
Balance sheet analysis: | ||
Current | 637 | 554 |
Non-current | 734 | 744 |
Total | 1,371 | 1,298 |
Other relevant judgements - contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement and legal advice. These are quantified unless, in our judgement, 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 judgements may at times occur. The Group may in the future incur judgements 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. | ||
2023 US$m | 2022 US$m | |
Contingent liabilities, indemnities and other performance guarantees (a) | 435 | 498 |
Litigation matter | Latest update |
2011 Contractual payments in Guinea | On 6 March 2023, we resolved a previously self-disclosed investigation by the SEC into certain contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011, relating to the Simandou project in the Republic of Guinea. Without admitting to or denying the SEC\u2019s findings, Rio Tinto paid a US$15 million civil penalty for violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act. In August 2023, the UK Serious Fraud Office announced that it was not in the public interest to proceed with a prosecution and closed its case. It also announced that the Australian Federal Police maintains a live investigation into the matter. Rio Tinto continues to co-operate fully with relevant authorities in connection with open investigations. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders.\u00a0 No provision has been recognised for other related investigations. |
Impact of climate change on our business - decarbonisation capital commitments Capital commitments do not include the estimated incremental capital expenditure relating to decarbonisation projects of US$5 billion to US$6 billion between 2022 and 2030 unless otherwise contractually committed (revised from US$7.5 billion in prior year). Included in capital commitments in 2023 are contractually committed decarbonisation capital commitments of US$123 million (US$8 million in 2022), inclusive of Amrun power purchase agreement, which is a treated as a lease, which has not yet commenced (disclosed in note 21). | |||
2023 US$m | 2022 US$m | |
Capital commitments excluding the Group's share of joint venture capital commitments | ||
Within 1 year | 3,662 | 2,313 |
Between 1 and 3 years | 597 | 866 |
Between 3 and 5 years | 27 | 86 |
After 5 years | 99 | 89 |
Total | 4,385 | 3,354 |
Group's share of joint venture capital commitments | ||
Within 1 year | 128 | 15 |
Between 1 and 3 years | 99 | \u2013 |
Total | 227 | 15 |
2023 US$m | 2022 US$m | |
Within 1 year | 2,927 | 3,618 |
Between 1 and 2 years | 1,663 | 2,091 |
Between 2 and 3 years | 1,496 | 1,632 |
Between 3 and 4 years | 1,147 | 1,309 |
Between 4 and 5 years | 948 | 907 |
After 5 years | 6,365 | 6,574 |
Total | 14,546 | 16,131 |
Other relevant judgements - contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement and legal advice. These are quantified unless, in our judgement, the amount cannot be reliably estimated. The unit of account for claims is the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential exposure in excess of that already provided. We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may in the future incur judgements or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position. | ||
2023 US$m | 2022 US$m | |
Contingent liabilities, indemnities and other performance guarantees (a) | 435 | 498 |
Litigation matter | Latest update |
2011 Contractual payments in Guinea | On 6 March 2023, we resolved a previously self-disclosed investigation by the SEC into certain contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011, relating to the Simandou project in the Republic of Guinea. Without admitting to or denying the SEC\u2019s findings, Rio Tinto paid a US$15 million civil penalty for violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act. In August 2023, the UK Serious Fraud Office announced that it was not in the public interest to proceed with a prosecution and closed its case. It also announced that the Australian Federal Police maintains a live investigation into the matter. Rio Tinto continues to co-operate fully with relevant authorities in connection with open investigations. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders.\u00a0 No provision has been recognised for other related investigations. |
Impact of climate change on our business - decarbonisation capital commitments Capital commitments do not include the estimated incremental capital expenditure relating to decarbonisation projects of US$5 billion to US$6 billion between 2022 and 2030 unless otherwise contractually committed (revised from US$7.5 billion in prior year). Included in capital commitments in 2023 are contractually committed decarbonisation capital commitments of US$123 million (US$8 million in 2022), inclusive of Amrun power purchase agreement, which is a treated as a lease, which has not yet commenced (disclosed in note 21). | |||
2023 US$m | 2022 US$m | |
Capital commitments excluding the Group's share of joint venture capital commitments | ||
Within 1 year | 3,662 | 2,313 |
Between 1 and 3 years | 597 | 866 |
Between 3 and 5 years | 27 | 86 |
After 5 years | 99 | 89 |
Total | 4,385 | 3,354 |
Group's share of joint venture capital commitments | ||
Within 1 year | 128 | 15 |
Between 1 and 3 years | 99 | \u2013 |
Total | 227 | 15 |
2023 US$m | 2022 US$m | |
Within 1 year | 2,927 | 3,618 |
Between 1 and 2 years | 1,663 | 2,091 |
Between 2 and 3 years | 1,496 | 1,632 |
Between 3 and 4 years | 1,147 | 1,309 |
Between 4 and 5 years | 948 | 907 |
After 5 years | 6,365 | 6,574 |
Total | 14,546 | 16,131 |
Other relevant judgements - contingencies Disclosure is made for material contingent liabilities unless the possibility of any loss arising is considered remote based on our judgement and legal advice. These are quantified unless, in our judgement, the amount cannot be reliably estimated. The unit of account for claims is the matter taken as a whole and therefore when a provision has been recorded for the best estimate of the cost to settle the obligation there is no further contingent liability component. This means that when a provision is recognised for the best estimate of the expenditure required to settle the present obligation from a single past event, a further contingent liability is not reported for the maximum potential exposure in excess of that already provided. We have not established provisions for certain additional legal claims in cases where we have assessed that a payment is either not probable or cannot be reliably estimated. A number of our companies are, and will likely continue to be, subject to various legal proceedings and investigations that arise from time to time. As a result, the Group may become subject to substantial liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may in the future incur judgements or enter into settlements of claims that could lead to material cash outflows. We do not believe that any of these proceedings will have a materially adverse effect on our financial position. | ||
2023 US$m | 2022 US$m | |
Contingent liabilities, indemnities and other performance guarantees (a) | 435 | 498 |
Litigation matter | Latest update |
2011 Contractual payments in Guinea | On 6 March 2023, we resolved a previously self-disclosed investigation by the SEC into certain contractual payments totalling US$10.5 million made to a consultant who had provided advisory services in 2011, relating to the Simandou project in the Republic of Guinea. Without admitting to or denying the SEC\u2019s findings, Rio Tinto paid a US$15 million civil penalty for violations of the books and records and internal controls provisions of the Foreign Corrupt Practices Act. In August 2023, the UK Serious Fraud Office announced that it was not in the public interest to proceed with a prosecution and closed its case. It also announced that the Australian Federal Police maintains a live investigation into the matter. Rio Tinto continues to co-operate fully with relevant authorities in connection with open investigations. In August 2018, the court dismissed a related US class action commenced on behalf of securities holders.\u00a0 No provision has been recognised for other related investigations. |
Impact of climate change on our business - decarbonisation capital commitments Capital commitments do not include the estimated incremental capital expenditure relating to decarbonisation projects of US$5 billion to US$6 billion between 2022 and 2030 unless otherwise contractually committed (revised from US$7.5 billion in prior year). Included in capital commitments in 2023 are contractually committed decarbonisation capital commitments of US$123 million (US$8 million in 2022), inclusive of Amrun power purchase agreement, which is a treated as a lease, which has not yet commenced (disclosed in note 21). | |||
2023 US$m | 2022 US$m | |
Capital commitments excluding the Group's share of joint venture capital commitments | ||
Within 1 year | 3,662 | 2,313 |
Between 1 and 3 years | 597 | 866 |
Between 3 and 5 years | 27 | 86 |
After 5 years | 99 | 89 |
Total | 4,385 | 3,354 |
Group's share of joint venture capital commitments | ||
Within 1 year | 128 | 15 |
Between 1 and 3 years | 99 | \u2013 |
Total | 227 | 15 |
2023 US$m | 2022 US$m | |
Within 1 year | 2,927 | 3,618 |
Between 1 and 2 years | 1,663 | 2,091 |
Between 2 and 3 years | 1,496 | 1,632 |
Between 3 and 4 years | 1,147 | 1,309 |
Between 4 and 5 years | 948 | 907 |
After 5 years | 6,365 | 6,574 |
Total | 14,546 | 16,131 |
2023 US$m | 2022 US$m | 2021 US$m | |
Audit of the Group | 19.1 | 17.3 | 13.7 |
Audit of subsidiaries | 7.5 | 8.4 | 7.5 |
Total audit | 26.6 | 25.7 | 21.2 |
Audit-related assurance service | 1.1 | 1.0 | 1.0 |
Other assurance services (b) | 3.0 | 2.3 | 2.7 |
Total assurance services | 4.1 | 3.3 | 3.7 |
Tax compliance | \u2013 | \u2013 | \u2013 |
Other non-audit services not covered above | 0.1 | 0.3 | 0.2 |
Total non-audit services | 4.2 | 3.6 | 3.9 |
Total Group auditors\u2019 remuneration | 30.8 | 29.3 | 25.1 |
Audit fees payable to other accounting firms | |||
Audit of the financial statements of the Group\u2019s subsidiaries | 0.3 | 0.2 | 0.3 |
Fees in respect of pension scheme audits | 0.1 | 0.1 | 0.1 |
Total audit fees payable to other accounting firms | 0.4 | 0.3 | 0.4 |
As at 31 December | 2023 A$m | 2022 A$m |
Assets | ||
Current assets | 13,451 | 11,712 |
Non-current assets | 2,659 | 2,646 |
Total assets | 16,110 | 14,358 |
Liabilities | ||
Current liabilities | (1,831) | (616) |
Non-current liabilities | (1) | (36) |
Total liabilities | (1,832) | (652) |
Net assets | 14,278 | 13,706 |
Shareholders\u2019 equity | ||
Share capital | 3,504 | 3,504 |
Other reserves | 307 | 301 |
Retained earnings | 10,467 | 9,901 |
Total equity | 14,278 | 13,706 |
Profit of the parent company | 11,344 | 11,355 |
Total comprehensive income of the parent company | 11,344 | 11,355 |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
1043802\u00a0Ontario\u00a0Ltd | Canada | CAD Ordinary shares | 100 | 100 | 5300-66 Wellington Street West, Toronto ON M5K 1E6, Canada |
10676276\u00a0Canada\u00a0Inc. | Canada | CAD Common shares | 100 | 100 | 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada |
1109723\u00a0B.C.\u00a0Ltd. (d) | Canada | CAD Common shares | 100 | 100 | 1800-510 West Georgia Street, Vancouver BC V6B 0M3, Canada |
15304644 Canada Inc. | Canada | CAD Common shares | 100 | 100 | 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada |
46106\u00a0YUKON\u00a0INC. | Canada | CAD Common shares | 100 | 100 | 200-204 Lambert Street, Whitehorse YT Y1A 3T2, Canada |
AGM\u00a0Holding\u00a0Company\u00a0Pte.\u00a0Ltd. | Singapore | US$ Ordinary shares | 100 | 100 | 77 Robinson Road #13-00, 068896, Singapore |
Alcan\u00a0Asia\u00a0Limited | Hong Kong | HKD Ordinary shares | 100 | 100 | 6/F, Luk Kwok Centre, 72 Gloucester Road, Wan Chai, Hong\u00a0Kong |
Alcan\u00a0Betriebs- \u00a0und\u00a0Verwaltungsgesellschaft\u00a0GmbH | Germany | \u20ac51.13 Ordinary shares | 100 | 100 | Alusingenplatz 1, D-78221, Singen, Germany |
Alcan\u00a0Chemicals\u00a0Limited | United Kingdom | \u00a31.00 Ordinary shares | 100 | 100 | 6 St James's Square, London, SW1Y 4AD, United Kingdom |
Alcan\u00a0Composites\u00a0Brasil\u00a0Ltda | 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\u00a0Corporation | United States | US$0.01 Ordinary shares | 100 | 100 | 211 East 7th Street, Suite 620, Austin TX 78701-3218, United\u00a0States |
Alcan\u00a0Farms\u00a0Limited | United Kingdom | \u00a31.00 Ordinary shares | 100 | 100 | 6 St James's Square, London, SW1Y 4AD, United Kingdom |
Alcan\u00a0Gove\u00a0Development\u00a0Pty\u00a0Limited | Australia | A$ Ordinary shares | 100 | 100 | 155 Charlotte Street, Brisbane QLD 4000, Australia |
Alcan\u00a0Holdings\u00a0Australia\u00a0Pty\u00a0Limited | Australia | A$ Class A shares | 100 | 100 | 155 Charlotte Street, Brisbane QLD 4000, Australia |
A$ Ordinary shares | 100 | ||||
Alcan\u00a0Holdings\u00a0Europe\u00a0B.V. | Netherlands | \u20ac4,570,000,000.0 0 Common shares | 100 | 100 | Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands |
Alcan\u00a0Holdings\u00a0Nederland\u00a0B.V. | Netherlands | \u20ac4,555.00 Ordinary shares | 100 | 100 | Welplaatweg 104, 3197 KS, Botlek, Rotterdam, Netherlands |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
Alcan\u00a0Holdings\u00a0Switzerland\u00a0AG\u00a0(SA/Ltd.) | Switzerland | CHF0.01 Registered shares | 100 | 100 | Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland |
Alcan\u00a0International\u00a0Network\u00a0U.S.A.\u00a0Inc. | United States | US$ Ordinary shares | 100 | 100 | 80 State Street, Albany NY 12207-2543, United States |
Alcan\u00a0Lebensmittelverpackungen\u00a0GmbH | Germany | \u20ac51.12918 Ordinary shares | 100 | 100 | Alusingenplatz 1, D-78221, Singen, Germany |
Alcan\u00a0Management\u00a0Services\u00a0Canada\u00a0 Limited\u00a0/\u00a0Societe\u00a0de\u00a0Services\u00a0de\u00a0Gestion\u00a0 Alcan\u00a0Canada\u00a0Limitee | Canada | CAD Ordinary shares | 100 | 100 | 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada |
Alcan\u00a0Northern\u00a0Territory\u00a0Alumina\u00a0Pty\u00a0 Limited | Australia | A$ Ordinary shares | 100 | 100 | 155 Charlotte Street, Brisbane QLD 4000, Australia |
Alcan\u00a0Packaging\u00a0M\u00fchltal\u00a0Gmbh\u00a0&\u00a0Co.\u00a0KG | Germany | \u20ac51.129188 Ordinary shares | 100 | 100 | Alusingenplatz 1, D-78221, Singen, Germany |
Alcan\u00a0Primary\u00a0Metal\u00a0Australia\u00a0Pty\u00a0Ltd | Australia | A$ Ordinary shares | 100 | 100 | 155 Charlotte Street, Brisbane QLD 4000, Australia |
Alcan\u00a0Primary\u00a0Products\u00a0Company\u00a0LLC | United States | US$ Unit shares | 100 | 100 | 251 Little Falls Drive, Wilmington DE 19808, United States |
Alcan\u00a0Primary\u00a0Products\u00a0Corporation | United States | US$0.01 Ordinary shares | 100 | 100 | 211 East 7th Street, Suite 620, Austin TX 78701-3218, United States |
Alcan\u00a0Realty\u00a0Limited\u00a0/ Societe\u00a0Immobiliere\u00a0Alcan\u00a0Limitee | Canada | CAD Ordinary shares | 100 | 100 | 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada |
Alcan\u00a0South\u00a0Pacific\u00a0Pty\u00a0Ltd | Australia | A$ Ordinary shares | 100 | 100 | 155 Charlotte Street, Brisbane QLD 4000, Australia |
Alcan\u00a0Trading\u00a0AG\u00a0(SA/Ltd.) | Switzerland | CHF1,000.00 Registered shares | 100 | 100 | Badenerstrasse 549, CH-8048, Z\u00fcrich, Switzerland |
AML\u00a0Properties\u00a0Pty\u00a0Ltd | Australia | A$ Ordinary shares | 100 | 100 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Anglesey\u00a0Aluminium\u00a0Metal\u00a0Limited | United Kingdom | \u00a31.00 Ordinary shares | 100 | 100 | 6 St James's Square, London, SW1Y 4AD, United Kingdom |
AP\u00a0Service | France | \u20ac15.00 Ordinary shares | 100 | 100 | 725 rue Aristide Berg\u00e8s, 38340, Voreppe, France |
Argyle\u00a0Diamond\u00a0Mines\u00a0Pty\u00a0Limited | Australia | A$ Ordinary shares | 100 | 100 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Argyle\u00a0Diamonds\u00a0Limited (a) | Australia | A$ Class A shares | 100 | 100 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
A$ Class B shares | 100 | ||||
Ashton\u00a0Mining\u00a0Pty\u00a0Ltd | Australia | A$ Ordinary shares | 100 | 100 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Ashton\u00a0Nominees\u00a0Pty\u00a0Limited | Australia | A$ Ordinary shares | 100 | 100 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Asia\u00a0Gold\u00a0Mongolia\u00a0LLC | Mongolia | MNT1,250.00 Common shares | 100 | 100 | Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia |
Asia\u00a0Naran\u00a0Bulag\u00a0LLC | Mongolia | MNT1,000.00 Common shares | 100 | 100 | Floor 17, Shangri-La Center, Olympic Street-19, Khoroo 1, Sukhbaatar District, Ulaanbaatar, 14241, Mongolia |
Australian\u00a0Coal\u00a0Holdings\u00a0Pty.\u00a0Limited (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 |
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 | \u20ac3,000,000.00 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 |
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\u00a0Metals\u00a0Pte.\u00a0Ltd. | Singapore | US$\u00a0Ordinary\u00a0sha res | 100 | 100 | 77 Robinson Road #13-00, 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 |
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\u00a043,\u00a0120\u00a0Collins\u00a0Street,\u00a0Melbourne\u00a0VIC\u00a03000,\u00a0Aus tralia |
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 | ||||
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 |
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 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 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 |
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 | 2 Shenton Way #26-01, SGX Centre I, 068804, 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 |
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 | Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda |
North IOC (Bermuda) Limited | Bermuda | US$143.64 Class A Ordinary shares | 100 | 100 | Clarendon House, 2 Church Street, Hamilton, HM 11, 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 |
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 | United States | US$ Unit shares | 100 | 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 | 155 Charlotte Street, Brisbane QLD 4000, 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$1.00 Ordinary shares | 100 | 100 | Clarendon House, 2 Church Street, Hamilton, HM 11, Bermuda |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
Queensland Coal Pty. Limited | Australia | A$ 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 |
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$1.00 Ordinary shares | 100 | 100 | 6 St James's Square, London, SW1Y 4AD, United Kingdom |
Rio Tinto Biofuels Pty Ltd | Australia | A$ Ordinary shares | 100 | 100 | Level 43, 120 Collins Street, Melbourne VIC 3000, Australia |
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 |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
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 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 Copper 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 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 |
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$12,510,234,217.0 0 Ordinary shares | 100 | 100 | 6 St James's Square, London, SW1Y 4AD, United Kingdom |
Rio Tinto EN21 Australia Pty Ltd (a) | Australia | A$ Ordinary shares | 100 | 100 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Rio Tinto EN21 Op Co Pty Limited | Australia | A$ Ordinary shares | 100 | 100 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Rio Tinto Energy America Inc. | United States | US$0.01 Common shares | 100 | 100 | 251 Little Falls Drive, Wilmington DE 19808, United States |
Rio Tinto Energy and Climate Investments Australia Pty Ltd(a) | Australia | A$ Ordinary shares | 100 | 100 | Level 43, 120 Collins Street, Melbourne VIC 3000, Australia |
Rio Tinto Energy and Climate Investments Canada Inc. | Canada | CAD1.00 Common shares | 100 | 100 | 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada |
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 Energy Services Inc. | United States | US$0.01 Common shares | 100 | 100 | 251 Little Falls Drive, Wilmington DE 19808, United States |
Rio Tinto Energy Services Pty Ltd | Australia | A$ Ordinary shares | 100 | 100 | Level 43, 120 Collins Street, Melbourne VIC 3000, Australia |
Rio Tinto Escondida Limited | Bermuda | US$1.00 Common shares | 100 | 100 | Clarendon House, 2 Church Street, Hamilton, HM 11, 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. (d) | Singapore | US$1.00 Ordinary shares | 100 | 100 | 12 Marina Boulevard, #20-01 MBFC Tower 3, 018982, Singapore |
Rio Tinto Exploration (PNG) Limited (a) | Papua New Guinea | PGK1.00 Ordinary shares | 100 | 100 | Section 15, Lot 15, Bernal Street, National Capital District, Port Moresby, Papua New Guinea |
Rio Tinto Exploration Canada Inc. | Canada | CAD Class B shares | 100 | 100 | 1212-1175 Douglas Street, Victoria BC V8W 2E1, Canada |
CAD Class C shares | 100 | ||||
CAD Class D shares | 100 |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
Rio Tinto Exploration Dunav d.o.o. Beograd - Novi Beograd (c) | Serbia | - | - | 100 | Bulevar Milutina Milankovica 1i, 5th Floor, Novi Beograd, 11070, Serbia |
Rio Tinto Exploration Finland OY | Finland | \u20ac Ordinary shares | 100 | 100 | PL 18, Helsinki, 00271, Finland |
Rio Tinto Exploration India Private Limited (d) | India | INR10.00 Ordinary shares | 100 | 100 | 21st Floor, DLF Building No. 5, Tower A, DLF Cyber City Phase III, Gurgaon, Haryana, 122002, India |
Rio Tinto Exploration Kazakhstan LLP (c) | Kazakhstan | - | - | 100 | Dostyk 310/G, Almaty, 050020, Kazakhstan |
Rio Tinto Exploration Pty Limited (a) | Australia | A$ Class B shares | 100 | 100 | 37 Belmont Avenue, Belmont WA 6104, Australia |
A$ Class C shares | 100 | ||||
A$ Ordinary shares | 100 | ||||
Rio Tinto Exploration Rwanda Limited | Rwanda | RWF1.00 Ordinary shares | 100 | 100 | 9 (Plot 526), KG 668 St, Kimihurura, Gasabo, Kigali, Rwanda |
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 | Immeuble Camayenne Corniche Nord, Commune de Dixinn, BP 848,, Conakry, 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 |
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\u00a0Floor,\u00a0IFC\u00a05,\u00a0Castle\u00a0Street,\u00a0St\u00a0Helier,\u00a0JE2\u00a03BY,\u00a0 \u00a0 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 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 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 (Lao) Sole Co., Ltd. | Lao People's Democratic Republic | US$1.00 Common shares | 100 | 100 | 5th Floor, AGL Building, 33 Lane Xang Avenue, Hatsady Village, Chanthaboury District, Vientiane Capital, Lao People's Democratic Republic |
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 |
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 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 (d) | 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 |
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 Trading (Shanghai) Co., Ltd. | China | US$1.00 Ordinary shares | 100 | 100 | 41/F Wheelock Square, No. 1717 West Nanjing Road, Jing\u2019an District, Shanghai, 200040, China |
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$1.00 Ordinary 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 |
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$ Ordinary A shares | 100 | 100 | 77 Robinson Road #13-00, 068896, Singapore |
US$ Ordinary B shares | 100 | ||||
Singapore Metals Pte. Ltd. | Singapore | US$ Ordinary shares | 100 | 100 | 77 Robinson Road #13-00, 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 |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
The Kelian Community and Forest Protection Trust (c) | Singapore | - | - | 100 | 10 Collyer Quay, #10-01 Ocean Financial Centre, 049315, Singapore |
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 Copper Limited | United Kingdom | US$0.10 Ordinary shares | 100 | 100 | 6 St James's Square, London, SW1Y 4AD, United Kingdom |
THR Kharmagtai Pte. Ltd. | Singapore | US$ Ordinary shares | 100 | 100 | 77 Robinson Road #13-00, 068896, Singapore |
THR Mines Services Co. Ltd. | Canada | CAD Common shares | 100 | 100 | 200-204 Lambert Street, Whitehorse YT Y1A 1Z4, Canada |
THR OYU TOLGOI LTD. | Virgin Islands, British | US$1.00 Ordinary shares | 100 | 100 | Road Town, Tortolla, VG1110, Virgin Islands, British |
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 Resources Ltd. | Canada | CAD Common shares | 100 | 100 | 200-204 Lambert Street, Whitehorse YT Y1A 1Z4, 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 |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
201\u00a0Logistics\u00a0Center,\u00a0LLC (c) | United States | - | - | 50 | 1209 Orange Street, Wilmington DE 19801, United States |
7600\u00a0West\u00a0Center,\u00a0LLC (c) | United States | - | - | 50 | 9090 S. Sandy Parkway, Sandy UT 84070, United States |
Alufluor\u00a0AB | Sweden | SEK1,000.00 Ordinary shares | 50 | 50 | Industrigatan 70, Box 902, S-25109, Helsingborg, Sweden |
Aluminerie\u00a0Alouette\u00a0Inc. | Canada | CAD Ordinary shares | 40 | 40 | 400, Chemin de la Pointe-Noire, C.P. 1650, Sept-\u00celes, Qu\u00e9bec G4R 5M9, Canada |
Aluminerie\u00a0De\u00a0B\u00e9cancour,\u00a0Inc. | Canada | CAD1.00 Ordinary shares | 50.1 | 25.2 | 5555 Pierre Thibault Street, PO 30, B\u00e9cancour, Quebec G0X 1B, Canada |
Aluminium\u00a0&\u00a0Chemie\u00a0Rotterdam\u00a0B.V. | Netherlands | \u20ac4,555.00 Ordinary shares | 65.8 | 65.8 | Oude Maasweg 80, NL-3197\u00a0KJ, Botlek, Rotterdam, Netherlands |
Australia-Japan Innovation Fund (c) | Australia | - | - | 33.3 | 25 St James Park Drive, Brighton VIC 3186, Australia |
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 |
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$\u00a0A2\u00a0Class\u00a0shares | 100 | ||||
A$ 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 | ||||
CIA. Inmobiliaria e Inversiones Cosmos S.A.C. | Peru | PEN1,000.00 Ordinary shares | 100 | 45 | Av. Felipe y Aliaga 652, San Isidro, Lima, Peru |
Compagnie des Bauxites de Guin\u00e9e | United States | US$20.00 Common Stock shares | 51 | 23 | 251 Little Falls Drive, Wilmington DE 19808, United States |
Compania de Transmision Sierraoriente S.A.C. | Peru | PEN1,000.00 Ordinary shares | 100 | 45 | Calle Santa Maria No. 110 Urb., Miraflores, Lima, Peru |
Dampier Salt Limited | Australia | A$ Ordinary shares | 68.4 | 68.4 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Electralith\u00a0Pty\u00a0Ltd | 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$1,000.00 Class B shares | 100 | 48.2 | 2323-1, Place Ville Marie, Montr\u00e9al QC H3B 5M5, Canada |
Energy Resources of Australia Ltd | Australia | A$ Class A shares | 86.3 | 86.3 | Level 5 NICTA Building B, 7 London Circuit, Canberra City ACT 2601, Australia |
A$ Ordinary shares | 86.3 | ||||
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 |
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$100.00 Ordinary shares | 45 | 45 | 30 Isabella Street, 3rd Floor, Pittsburgh, PA, 15212, United States |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
Hope Downs Marketing Company Pty Ltd | Australia | A$ 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 Transguin\u00e9en S.A. | Guinea | GNF Ordinary shares | 42.5 | 22.5 | 5D Bloc A, R\u00e9sidence Hamade, Cit\u00e9 Minist\u00e9rielle Fondis, Commune de Dixinn, Conakry, Guinea |
La Granja UK Holdings Limited | United Kingdom | US$0.63327898 Ordinary shares | 45 | 45 | 4th Floor , The Charlotte Building, 17 Gresse Street, London, W1T 1QL, United Kingdom |
La Granja Holdings Nominees Limited | United Kingdom | US$1.00 Ordinary shares | 100 | 45 | 4th Floor, The Charlotte Building, 17 Gresse Street, London, W1T 1QL, United Kingdom |
Magma Arizona Railroad Company | United States | US$100.00 Common shares | 100 | 55 | 8825 N. 23rd Avenue, Suite 100, Phoenix AZ 85021, United States |
Matalco Canada Inc. | Canada | US$ Class B Common shares | 100 | 50 | 301-1 Kenview Boulevard, Brampton ON L6T 5E6, Canada |
Matalco USA, LLC | United States | US$ Unit shares | 50 | 50 | 1209 Orange Street, Wilmington DE 19801, United States |
Minera Escondida Ltda (c) | Chile | - | - | 30 | Cerro el Plomo 6000, Piso 15, Santiago, 7560623, Chile |
Minera La Granja S.A.C. | Peru | PEN100.00 Ordinary shares | 100 | 45 | Calle Esquilache 371, Piso 14, San Isidro, Peru |
Minera\u00e7\u00e3o Rio do Norte S.A. | Brazil | BRL Ordinary shares | 25 | 22 | Rua Jari, S/N Porto Tombetas, Municipio de Oriximina, Para, CEP 68275-000, Brazil |
BRL Preferred shares | 20.5 | ||||
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 |
Nuevo Cobre S.A. | Chile | CLP Ordinary Series B shares | 100 | 57.7 | Av. Ricardo Lyon #222, Office 1403, Providencia, Santiago, Metropolitan Region, Chile |
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 | \u2013 | - | 33.3 | Level 10\u00a0, 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$10.00 Common shares | 84.2 | 80 | Immeuble ASSIST, Ivandry, Lot N\u00b035, 5\u00e8me \u00e9tage, Antananarivo, 101 , Madagascar |
Quebec North Shore and Labrador Railway Company Inc. / Compagnie de Chemin de Fer du Littoral Nord de Quebec et du Labrador Inc. | Canada | CAD27.59 Ordinary shares | 100 | 58.7 | 400-1190 Avenue des Canadiens-de-Montr\u00e9al, Montr\u00e9al QC H3B 0E3, Canada |
Name of undertaking | Country of incorporation | Share class | % of share class held by Group companies | Effective Group % ownership | Registered office address |
Queensland Alumina Limited | Australia | A$ 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 |
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 8, 550 Bourke 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 shares | 40 | 73.6 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
A$ Class B shares | 76.4 | ||||
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 Guin\u00e9e S.A. | Guinea | GNF100,000.00 Ordinary shares | 100 | 53 | Immeuble Camayenne, Corniche Nord, 536-Commune de Dixinn, Conakry, R\u00e9publique de Guin\u00e9e, BP848, Guinea |
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, 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 |
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 (c) | Australia | 54 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Cape Bougainville Joint Venture (c) | Australia | 67.5 | 155 Charlotte Street, Brisbane QLD 4000, Australia |
Gladstone Power Station Joint Venture (c) | Australia | 42.1 | NRG Gladstone Operating Service, Power Station, Gladstone QLD 4680, Australia |
Green Mountain Mining Venture (c) | United States | 100 | 251 Little Falls Drive, Wilmington DE 19808, United States |
Hope Downs Joint Venture (c) | Australia | 50 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Mitchell Plateau Joint Venture (c) | Australia | 65.6 | 155 Charlotte Street, Brisbane QLD 4000, Australia |
Rhodes Ridge Joint Venture (c) | Australia | 50 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Robe River Iron Associates Joint Venture (c) | Australia | 57.1 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Tomago Aluminium Joint Venture (c) | Australia | 51.6 | 638 Tomago Road, Tomago NSW 2322, Australia |
Western Range Joint Venture (c) | Australia | 54 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |
Winter Road Joint Venture (c) | Canada | 33.3 | 300-5201 50th Avenue, Yellowknife NT X1A 2P9, Canada |
Yarraloola Pastoral Co (c) | Australia | 57.1 | Level 18, Central Park, 152-158 St Georges Terrace, Perth WA 6000, Australia |