Slide 1: 2008 Annual Results
Exhibit 99.10 2008 Annual Results 12 February 2009
Slide 2: Cautionary Statement
Cautionary Statement This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (“Rio Tinto”) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions. Forward-Looking Statements T
Slide 3: Paul Skinner, Chairman
Paul Skinner aan eeall Chairman
Slide 4: A strong set of results
A strong set of results Robust underlying performance in 2008 • Underlying EBITDA of $22.3 billion, up 60% • Record underlying earnings of $10.3 billion, up 38% Impairment charge of $8.4 billion recognised, mainly relating to Alcan • Net earnings of $3.7 billion, down 50% Decisive measures already t
Slide 5: Sector recovery is likely to be delayed
Sector recovery is likely to be delayed • Short term outlook is driven by broader economic cycle · Sharp decline in growth rates • Uncertainty of near term commodity demand • China to continue growing but at a slower pace, in an environment of OECD weakness • Commodity producers have responded to we
Slide 6: Tom Albanese, Chief Executive Officer
Tom Albanese Chief Executive Officer
Slide 7: Decisive action taken to reposition the Group
Decisive action taken to reposition the Group for current market conditions • Cutting planned capex in 2009 from over $9bn to approximately $4bn, • Reducing capex to sustaining levels in 2010 • Operating expenditure to be cut by $2.5bn in 2010 • Selective cutbacks in production capacity • Divestment
Slide 8: Actions being taken to reduce capital expenditures to approximately $4 billion in 2009
Actions being taken to reduce capital expenditures to approximately $4 billion in 2009 Product Group Projects continuing Projects slowed or deferred Iron Ore Hope Downs Stage 2 Pilbara 320mt infrastructure and studies Brockman 4 IOC Mesa A Automated Train Operations WA power station Aluminium Yarwun
Slide 9: Iron ore
Iron ore • Record earnings following record benchmark prices • Achieved spot sales target of 16 mt in 2008 • Pilbara infrastructure capacity of 220mtpa reached by year end following completion of Cape Lambert expansion to 80mtpa — Expansion projects completed on budget and on schedule • Reduced prod
Slide 10: Rio Tinto Alcan
Rio Tinto Alcan • Earnings and EBITDA impacted by sharp decline in prices in fourth quarter — less impact on EBITDA margin of upstream business compared to peers • Rapid response to market conditions with closures of high cost smelting capacity • Integration on track with synergies of $585 million a
Slide 11: Copper & Diamonds
Copper & Diamonds • Earnings impacted by lower grades and reduced refined copper, gold and molybdenum production • Provisional pricing and Escondida hedging loss compound impact of lower prices • Escondida grade and operational issues likely to persist through at least H1 09 • La Granja and Resoluti
Slide 12: Energy & Minerals
Energy & Minerals • Record earnings — Kintyre $0.5 billion gain recognised in underlying EBITDA / earnings • Coal prices benefit from strong demand and constrained supply • Uranium earnings benefit from higher realised prices at ERA • Strong coal production taking advantage of additional port capaci
Slide 13: Guy Elliott, Chief Financial Officer
Guy Elliott Chief Financial Officer
Slide 14: 2008 earnings benefited from strong price environment for most of the year
2008 earnings benefited from strong price environment for most of the year
Slide 15: Strong cash flow supported capex and repayment of debt in 08
Strong cash flow supported capex and repayment of debt in 2008 Full Year cash flows Other — $1.2 bn Tax — $3.9 bn Interest (net) — $1.5 bn Dividends — $1.9 bn Debt repayments, net — $8.0 bn Capex $8.5 bn Other — $1.2 bn Tax — $3.9 bn Interest (net) — $1.5 bn Dividends — $1.9 bn Debt repayments, net
Slide 16: Financial position at December 2008
Financial position at 31 December 2008 Facility ($bn) Maturity Drawn Undrawn Debt maturity profile 2009 — 2012 ($bn) Acquisition facility A 2009 8.9 — 12 Other short term debt 2009+ 1.2 - Acquisition facility B 2010 9.1 0.9 10 Acquisition facility C 2012 — 5.0 8 Acquisition facility D 2012 10.0 - Bi
Slide 17: Impairment charges
Impairment charges $ millions Rio Tinto share Property, plant (post tax) Goodwill and equipment Rio Tinto Alcan Continuing Operations 7,122 6,608 514 Discontinued Operations 827 0 827 (Alcan Packaging) Other assets 457 47 410 Total 8,406 6,655 1,751
Slide 18: Divestment programme update
Divestment programme update • $3 billion of divestments completed in 2008 • Ningxia aluminium smelter in China sold for $125 million in January • Agreement to sell Corumbá and potash assets in January for $1.6 billion • Strong trade interest in all assets but credit market remains challenging • US c
Slide 19: Tom Albanese, Chief Executive Officer
Tom Albanese Chief Executive Officer
Slide 20: Summary
Summary • Strong earnings and cash flow supported by performance of bulk commodities • Asset quality supports strong cash flow through the cycle • Decisive measures taken to address changed market conditions • Investment in place to maintain growth options • Continued optionality from long term proj
Slide 21: 2008 Annual Results
2008 Annual Results 12 February 2009