Slide 1: Notice to ASX: 2022 Full year results presentation
Notice to ASX 22 February 2023 For personal use only 2022 Full year results presentation Attached is the Rio Tinto 2022 full year results presentation to be given at 8.30am (GMT) / 7.30pm (AEDT) today by our Chief Executive, Jakob Stausholm and Chief Financial Officer, Peter Cunningham. The presenta
Slide 2: Please direct all enquiries to
Please direct all enquiries to Contacts media.enquiries@riotinto.com For personal use only Media Relations, UK Media Relations, Australia Matthew Klar Matt Chambers M +44 7796 630 637 M +61 433 525 739 David Outhwaite Jesse Riseborough M +44 7787 597 493 M +61 436 653 412 Alyesha Anderson Media Rela
Slide 3: 2022 Full Year Results
For personal use only 2022 Full Year Results 22 February 2023 Ulaanbaatar, Mongolia
Slide 4: Cautionary and supporting statements
Cautionary and supporting statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, “Rio disasters; an inability to successfully manage the closure, reclamation and rehabilitation of sites; the impacts of civil For personal use only Tint
Slide 5: Jakob Stausholm, Chief Executive
Jakob Stausholm Chief Executive For personal use only Pilbara, Western Australia 3
Slide 6: Strong financials
Strong financials For personal use only $bn, except where stated 2020 – 2022 2022 Underlying earnings 47.1 13.3 Underlying ROCE 32%1 25% Capital expenditure 20.3 6.8 Free cash flow 36.1 9.0 Dividends paid 33.2 11.7 Taxes & government royalties2 29.2 8.4 1Average over period | 2Taxes and government r
Slide 7: Building an even stronger Rio Tinto
Building an even stronger Rio Tinto For personal use only Investing in the health of existing business All-injury Asset health Building a thriving Strengthening our frequency rate culture social licence 0.40 Safe Production System, greater stability, stronger maintenance practices Creating a safe, r
Slide 8: Peter Cunningham, Chief Financial Officer
Peter Cunningham Chief Financial Officer For personal use only Yarwun Alumina Refinery, Queensland 6
Slide 9: Solid results against all-time highs in 2021
Solid results against all-time highs in 2021 For personal use only $bn, except where stated 2022 2021 2020 vs 2021 vs 2020 Consolidated sales revenue 55.6 63.5 44.6 -13% +25% Underlying EBITDA 26.3 37.7 23.9 -30% +10% Underlying earnings 13.3 21.4 12.4 -38% +7% Net earnings 12.4 21.1 9.8 -41% +27% U
Slide 10: Significant headwinds from costs and price in the second half
Significant headwinds from costs and price in the second half For personal use only Iron Ore1 (-25% YoY) Copper2 (-6% YoY) Aluminium3 (+9% YoY) 250 500 4,000 1050 200 450 900 3,500 400 750 150 3,000 600 350 100 2,500 450 300 2,000 50 300 250 1,500 150 0 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 200 1,000 0
Slide 11: Continued tight focus on controllables
Continued tight focus on controllables For personal use only Underlying EBITDA $bn External $10.8bn Controllables $0.7bn 37.7 (8.1) 0.8 (3.5) 26.9 26.3 Iron ore1 -9.2 0.6 (0.5) (0.9) 0.1 Energy -1.2 Copper -0.7 - Diesel -0.9 Fixed cost -0.5 Kitimat -0.3 inefficiencies Aluminium2 +0.9 Aluminium raw -
Slide 12: Resilient product group financials: well positioned for 2023
Resilient product group financials: well positioned for 2023 For personal use only Iron Ore Aluminium Copper Minerals $bn, except where Turning a corner Margin compression Investing in growth Resilient operationally vs 2021 in the second half vs 2021 vs 2021 portfolio vs 2021 stated Underlying EBITD
Slide 13: Looking ahead - physical markets remain tight
Looking ahead - physical markets remain tight For personal use only Key commodity price performance1 140 – Commodity prices found some support in recent months, albeit still lower than at the start of last year 120 – China policy stance has pivoted to pro-growth, with zero- COVID in rear view and th
Slide 14: Pilbara iron ore: finished the year with strong momentum
Pilbara iron ore: finished the year with strong momentum For personal use only Mine production ranges by quarter1 (2019 to 2022, Mtpa) – To offset ongoing depletion and add some growth during 2023: 360 – Gudai-Darri to reach nameplate capacity on a sustained basis 2022 – Delivery of up to 5Mt produc
Slide 15: Safe Production System underpins improvements across safety, people and productivity
Safe Production System underpins improvements across safety, people and productivity For personal use only Kennecott concentrator IOC concentrator Amrun fixed plant Safety AIFR AIFR AIFR Practices and training have improved safety* 33% improvement compared 40% improvement compared 29% improvement co
Slide 16: Replicating the successes across our assets
Replicating the successes across our assets For personal use only Product Group Actual 2023 Total sites1 sites target Iron Ore 7 2 to 6 9 to 13 Aluminium 7 1 8 Copper 1 0 1 Minerals 1 1 2 Total 16 4 to 8 20 to 24 Priorities in 2023: - Going deeper at existing sites where - Identify key Kaizens (prob
Slide 17: We will continue to invest consistently through the cycle
We will continue to invest consistently through the cycle 01 02 03 For personal use only Essential capex Ordinary dividends Iterative Integrity, Replacement, Decarbonisation 40-60% of underlying earnings on average through the cycle1 cycle of… 12.8 6.8 6.2 Further cash 5.2 8.0 returns to Compelling
Slide 18: Investment in compelling growth in 2022
Investment in compelling growth in 2022 For personal use only Oyu Tolgoi – Significant investments in growth2 underground in 2022 with the acquisition of Rincon Turquoise Hill $0.5bn and the purchase of non-controlling interest in Turquoise Hill Resources Resources acquisition ~9% – In 2023, we expe
Slide 19: Balance sheet remains strong
Balance sheet remains strong For personal use only $bn 2022 2021 2020 Disciplined approach is unchanged, we intend to maintain it throughout the cycle Net cash generated from operating 16.1 25.3 15.9 Balance sheet strength is an asset. Offers resilience and activities creates optionality Capital exp
Slide 20: Attractive dividends remain paramount
Attractive dividends remain paramount For personal use only Shareholder returns1 of 40-60% of underlying earnings on average through the cycle – $3.7bn of dividends declared for H2, Payout ratio (%) bringing the full year to $8.0bn 100 – Second highest full year ordinary 90 dividend ever - a 60% pay
Slide 21: Bold Baatar, Chief Executive, Copper
Bold Baatar Chief Executive, Copper For personal use only Oyu Tolgoi underground, Mongolia 19
Slide 22: Oyu Tolgoi at an inflection point
Oyu Tolgoi at an inflection point For personal use only Relationship Over 90% of reset and Conveyor to Surface 1.5km of sinking Approval of the commenced TRQ complete for Shafts 3 and 4 Feasibility Study undercut acquisition (commissioning 2024) (commissioning 2024) (OTFS23) 2022 First 2023 Sustaina
Slide 23: Committed to long-term partnership in Mongolia
Committed to long-term partnership in Mongolia For personal use only January 2022 agreement delivered Made in Mongolia campaign of opportunity to reset relationship local suppliers and continued growth and commitment to continued in Rio Tinto Mongolia Business and dialogue and partnership Support Ce
Slide 24: Ambition to double volumes
Ambition to double volumes For personal use only Our ambition is to double annual Copper output by end of decade, enabled by significant long-life R&R - Well endowed long-life asset portfolio - Growth pathway includes Kennecott expansion, Resolution and Winu with upside - OT volumes to reach ~500ktp
Slide 25: Jakob Stausholm, Chief Executive
Jakob Stausholm Chief Executive For personal use only Rincon Lithium, Argentina 23
Slide 26: Framework for a stronger Rio Tinto
Framework for a stronger Rio Tinto For personal use only Our purpose Finding better ways to provide the materials the world needs Our strategy Decarbonise our assets 50% reduction in our emissions to 2030 Best Impeccable operator ESG Help our customers decarbonise Developing products and technologie
Slide 27: Continuing our journey in 2023
Continuing our journey in 2023 For personal use only People and Portfolio Decarbonisation Operations - Accelerate our culture journey - Commence and ramp up Oyu - ELYSISTM industrial scale pilot Tolgoi underground - Deliver production safely - Queensland smelter repowering - Build Simandou - Strengt
Slide 28: Outlook underpins a stronger Rio Tinto for the long term
Outlook underpins a stronger Rio Tinto for the long term For personal use only Key drivers of global economy1 Total commodity demand by 20352 Our future options Total demand to grow by ~70% by 2035 from 2021 levels, 160 or 3.7% CAGR with demand uplift from Traditional and Energy 140Transition broadl
Slide 29: Rio Tinto
RioTinto Ajuo Ssn feuosied 10)
Slide 30: Appendices
For personal use only Appendices Full year results 2022 ©2023, Rio Tinto, All Rights Reserved 28
Slide 31: Markets
For personal use only Markets ©2023, Rio Tinto, All Rights Reserved 29
Slide 32: Iron ore market tighter than perceived in 2022
Iron ore market tighter than perceived in 2022 For personal use only China’s crude steel production (Mt annualised) Iron Ore1 (-25% YoY) 1200 $/dmt 1150 250 1100 200 1050 150 1000 950 100 900 50 850 800 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 5 Yr Range 2
Slide 33: Price support for aluminium, copper and TiO2
Price support for aluminium, copper and TiO2 For personal use only Aluminium1 (+9% YoY) Copper2 (-6% YoY) TiO2 (chloride slag) (+19% YoY) 4,000 1050 500 1,000 3,500 900 450 900 750 3,000 400 600 2,500 350 800 450 2,000 300 300 700 1,500 150 250 1,000 0 200 600 Jan-19 Jan-20 Jan-21 Jan-22 Jan-23 Jan-
Slide 34: Other financials
For personal use only Other financials ©2023, Rio Tinto, All Rights Reserved 32
Slide 35: Oyu Tolgoi: Financial modelling
Oyu Tolgoi: Financial modelling For personal use only Ownership 66% Rio Tinto, 34% Government of Mongolia 100% consolidation of headline production (from 1 Jan 2023), sales revenue and underlying EBITDA Accounting treatment Project finance included in Rio Tinto net debt $7.06bn (100% consolidated) P
Slide 36: Significant movements in iron ore prices impacting EBITDA
Significant movements in iron ore prices impacting EBITDA For personal use only Underlying EBITDA 2022 vs 2021 $m 50,000 40,000 37,720 30,000 886 387 113 401 20,000 ( 733) 10,000 0 ( 8,101) -10,000 ( 9,155) -20,000 2021 Price Iron ore 1 Copper Aluminium 2 Industrial minerals Diamonds Other, net unde
Slide 37: Improvement in volumes and mix driven by higher China portside sales
Improvement in volumes and mix driven by higher China portside sales and favourable value-added products For personal use only Underlying EBITDA 2022 vs 2021 $m 37,720 524 364 801 606 57 48 (8,101) (1,169) (1,478) 27,773 (31) (15) (341) 1 2 Iron Ore Aluminium Iron & Gold Molybdenum Copper Other Tita
Slide 38: Simplified earnings by Business Unit
Simplified earnings by Business Unit For personal use only Primary Metal Atlantic Pacific Aluminium Copper Pilbara Sales volume 2,204kt 1,010kt 594kt6 277.6Mt9 Average benchmark price $2,703/t $2,703/t 398c/lb7 $109.8/dmt10 Premiums, provisional pricing, by-product sales, product mix, other $767/t2
Slide 39: Iron Ore
Iron Ore For personal use only Financial metrics 2021 Shipments3 2023 ($bn) 2022 comparison 2023 guidance (Mt, 100% basis) guidance 2022 2021 2020 2019 2018 Segmental revenue 30.9 - 22% Pilbara Blend 203.9 202.9 232.7 228.1 245.4 EBITDA 18.6 - 33% Robe Valley 25.5 25.2 30.3 27.4 32 Margin (FOB)3 68%
Slide 40: Iron Ore: Significant movement in price driving lower EBITDA
Iron Ore Significant movement in price driving lower EBITDA For personal use only Underlying EBITDA 2022 vs 2021 $m US$ strengthened Higher sales volumes from our 8% against A$ portside iron ore business in China 27,592 562 390 (8,801) (405) (276) 18,500 (243) (207) 18,612 2021 Price Exchange rates
Slide 41: Investment in the Pilbara, with the backdrop of inflationary and market pressures
Investment in the Pilbara, with the backdrop of inflationary and market pressures on prices For personal use only Pilbara iron ore unit cash costs, free on board (FOB) basis - US$ per wet metric tonne 21.0 to - Increase from 2021 primarily due to input 1.9 21.7 22.5 price escalation and includes inv
Slide 42: Aluminium
Aluminium For personal use only Financial metrics 2021 Production 2023 ($bn) 2022 comparison (Mt, Rio Tinto share) guidance 2022 2021 2020 2019 2018 Segmental revenue 14.1 + 11% Bauxite 54-57 54.6 54.3 56.1 55.1 50.4 EBITDA 3.7 - 16% Alumina 7.7-8.0 7.5 7.9 8.0 7.7 8.0 Margin (integrated operations)
Slide 43: Aluminium: Significant margin squeeze, particularly in second half
Aluminium Significant margin squeeze, particularly in second half For personal use only Underlying EBITDA 2022 vs 2021 $m Higher LME prices in Aluminium US dollar strengthened Favourable product premiums, 2021 impacted by closure (+9%) YoY. However, from H1 2022 8% against A$ and 4% particularly our
Slide 44: Composition of alumina and aluminium production costs
Composition of alumina and aluminium production costs Production cash costs For personal use only Alumina refining Input H1 2021 H2 2021 H1 2022 H2 2022 Inventory FY22 Annual Cost 100% 100% 100% 100% 100% 100% Costs (Index price) Flow 4 Sensitivity 13% 13% 14% 14% 13% 14% 12% Caustic Soda1 ($/t) 274
Slide 45: Aluminium Value Chain
Aluminium Value Chain 2022 Actuals For personal use only Mining Refining1 Aluminium Casting Bauxite 30% Alumina 54.6dmt 8.0mt 80% Aluminium Casthouse 100% RTA 3.0mt Prodn Intersegment 70% 20% 50% 50% 3rd Party Sales Bauxite Alumina VAP Non-VAP 38.0dmt 2.0mt 1As the result of Queensland Alumina Limit
Slide 46: Copper
Copper For personal use only Financial metrics 2021 2023 Production 2023 ($bn) 2022 comparison guidance (kt, Rio Tinto share) guidance 2022 2021 2020 2019 2018 Segmental revenue 6.7 - 14% Mined copper 650 to 7102 521 494 528 577 608 EBITDA 2.4 - 40% Refined copper 180 to 210 209 202 155 260 275 Marg
Slide 47: Copper: Anticipated decrease in gold sales at Oyu Tolgoi
Copper Anticipated decrease in gold sales at Oyu Tolgoi For personal use only and raw materials inflation impacted EBITDA Underlying EBITDA 2022 vs 2021 Higher general inflation in US, Chile Higher cash unit costs as a Gain on land swap at $m and Mongolia increasing employee result of lower copper a
Slide 48: Minerals
Minerals For personal use only Financial metrics 2021 Production 2023 ($bn) 2022 comparison (Rio Tinto share) guidance 2022 2021 2020 2019 2018 Segmental revenue 6.8 + 4% IOC (Mt) 10.5-11.5 10.3 9.7 10.4 10.5 9.0 EBITDA 2.4 - 7% Borates – B2O3 content (kt) ~0.5Mt 532 488 480 520 512 Margin (product
Slide 49: Minerals: Resilient portfolio despite inflationary pressures
Minerals Resilient portfolio despite inflationary pressures For personal use only Underlying EBITDA 2022 vs 2021 $m Higher slag, borates and diamonds US dollar strengthened 4% Impact of Diavik acquisition prices (+$615m) partly offset by lower against Canadian dollar offsetting E&E spend from Rincon
Slide 50: Impacts of inflation on closure liabilities – accounting treatment
Impacts of inflation on closure liabilities – accounting treatment For personal use only – At 30 June and 31 December, we reflect the latest view of The effect of inflation is recorded within three separate line items closure cost obligations in current year real terms, by adjusting in the table of
Slide 51: Impacts of inflation on closure liabilities - disclosure
Impacts of inflation on closure liabilities - disclosure For personal use only Closure liabilities roll forward (US$m) H1 H2 FY22 PY21 Weaker Australia dollar, Canadian dollar and South African Rand against the US dollar in 2022. At 1 January 14,542 14,542 13,335 H1 2022 H2 2022 At 30 June 14,835 In
Slide 52: Cash flow reconciliation
Cash flow reconciliation For personal use only Statutory cash Reconciling Underlying 2022 Cash Flow (US$m) flow items cash flow Utilisation of provisions Profit after tax for the year/Underlying EBITDA 13,076 26,272 Close down and restoration (609) Adjustments for: Post-retirement benefits and other
Slide 53: Income Statement: exclusions
Income Statement: exclusions For personal use only 2022 2021 Per Annual Per Annual Exclusions Underlying Exclusions Underlying Report Report Consolidated sales revenue 55,554 55,554 63,495 63,495 Net operating costs (excluding items disclosed separately) (34,770) (374) (35,144) (32,690) 811 (31,879)
Slide 54: Modelling EBITDA
Modelling EBITDA For personal use only Underlying EBITDA sensitivity Average published price/ US$m impact on full year 2022 underlying exchange rate for FY 2022 EBITDA of a 10% change in prices/exchange rates Aluminium - US$ per tonne 2,703 1,076 Copper - US cents per pound 398 505 Gold - US$ per tr
Slide 55: Debt maturity profile
Debt maturity profile1 On 16 February 2023, the $3.9bn Oyu Tolgoi Project Finance facility was re-scheduled and principal repayments deferred For personal use only – At 31 December, average outstanding $m 31 December 2022 debt maturity of corporate bonds ~15 2,000 years (~11 years for Group debt) 1,
Slide 56: Guidance
For personal use only Guidance ©2023, Rio Tinto, All Rights Reserved 54
Slide 57: Balancing near-term returns to shareholders
Balancing near-term returns to shareholders For personal use only 1 Essential capex Integrity, Replacement, Decarbonisation Further cash Compelling 2 returns to Ordinary dividends growth shareholders 3 Iterative cycle of Debt management ©2023, Rio Tinto, All Rights Reserved 55
Slide 58: Disciplined investing for growth and decarbonisation
Disciplined investing for growth and decarbonisation For personal use only Capital expenditure profile (Rio Tinto share) $bn – In 2023, we expect our share of capital ~9.0-10.0 ~9.0-10.0 investment to be around $8.0bn (previously $8.0 to $9.0bn), including growth capital1 of ~8.0 around $2.0bn, depe
Slide 59: Ambition to invest up to $3 billion in growth per year
Ambition to invest up to $3 billion in growth per year For personal use only Committed capex Advanced projects Rio Tinto share of growth capital Represents the Group’s economic investment in key growth projects through 2023-2025 ~45% Oyu Tolgoi Simandou Introduced to better represent our Studies pro
Slide 60: Group level financial guidance
Group level financial guidance For personal use only 2023 2024 2025 CAPEX Total Group ~$8.0bn ~$9.0 – 10.0bn ~$9.0 – 10.0bn Group Sustaining Capex ~$3.5bn ~$3.5bn ~$3.5bn Pilbara Sustaining Capex ~$1.5bn1,2 ~$1.5bn2 ~$1.5bn2 – $1.5bn to decarbonise our assets over next three years – Total decarbonis
Slide 61: Product group level guidance
Product group level guidance For personal use only 2023 2023 Production Guidance Unit cost guidance4 Pilbara iron ore 320 – 335Mt1 Pilbara Iron ore ($/tonne) $21.0 – $22.5 shipments (100% basis) Copper Copper C1 (US cents/lb) 160 – 180 Mined Copper 650 – 710kt2 Refined Copper 180 – 210kt Aluminium B
Slide 62: Application of the returns policy
Application of the returns policy For personal use only Capital return considerations Comments – Operating cash flow of $16.1bn 1 Results for FY 2022 – FCF of $9.0bn – Underlying earnings down 38% to $13.3bn – Focused on Oyu Tolgoi Long-term growth prospects – Investing in replacing high quality ass
Slide 63: Safe Production System and Decarbonisation
For personal use only Safe Production System and Decarbonisation ©2023, Rio Tinto, All Rights Reserved 61
Slide 64: Safe Production System (SPS)
Safe Production System (SPS) For personal use only Best operator Strong, Front line stable customer- Building a lasting competitive advantage with our assets focused support people. We want to empower them to safely run assets that are in control, capable and performing better than any of our compet
Slide 65: Site-by-site progression: deployments in sites
Site-by-site progression: 30 deployments in 16 sites (end of December 2022) For personal use only Tom Price Brockman 4 Yandi West Angelas Rail Marandoo Hope Downs Iron Ore sites deployed Amrun Grand Baie Arvida Laterriere Kitimat Bell Bay Yarwun Aluminium sites deployed Iron Ore Company Kennecott Ca
Slide 66: Processing accounts for the majority of our carbon footprint
Processing accounts for the majority of our carbon footprint - Our scope 1 and 2 emissions For personal use only 2022 equity basis 30.3 Mt CO2e Aluminium 48% Bauxite & Alumina 21% Minerals 13% Iron Ore 10% Copper 5% Shipping & corporate functions 2% % of total 1Our Iron Ore product group is primaril
Slide 67: Pursuing an abatement pathway to reach our 2030 target
Pursuing an abatement pathway to reach our 2030 target For personal use only Mt CO2e emissions by major abatement programmes – equity share ©2023, Rio Tinto, All Rights Reserved 65
Slide 68: Value-accretive decarbonization at a modest carbon price
Value-accretive decarbonization at a modest carbon price For personal use only Renewables Alumina process heat Pilbara: Phase 1 – solar plus on-grid battery storage QAL double digestion1 – 230MW solar plus 200MWh of on-grid battery storage solutions – Energy efficient digestion process delivered 202
Slide 69: Supply chain emissions: scope (equity basis)
Supply chain emissions: scope 3 (equity basis) For personal use only ©2023, Rio Tinto, All Rights Reserved 67
Slide 70: Decarbonisation abatement programmes
Decarbonisation abatement programmes For personal use only Programme Description & Key Sites Funding mechanism Example project - Economics Pacific Operations Renewables: smelters – Long-term market contracts – Commercial solutions achieved through government partnerships and long- Repower Boyne | To
Slide 71: Rio Tinto Energy Development is dedicated to developing and partnering for renewables
Rio Tinto Energy Development is dedicated to developing and partnering for renewables For personal use only Isal 45 energy industry professionals recruited Kitimat to focus solely on delivering new Oyu renewable supply to Rio Tinto’s operations IOC & Tolgoi Saguenay Kennecott & Resolution Globally r
Slide 72: Technical and innovation
For personal use only Technical and innovation ©2023, Rio Tinto, All Rights Reserved 70
Slide 73: Our portfolio: Partnering to deliver value via technical breakthroughs
Our portfolio: Partnering to deliver value via technical breakthroughs For personal use only Working across the full breadth of Rio Tinto’s commodities and assets Jadar Process Development Rincon NutonTM RIMs and KIMs1 De-risking process development for Jadar Rapid support to process development and
Slide 74: Green steel pathways: range of potential technology options available
Green steel pathways: range of potential technology options available For personal use only Estimated time to Commercial Scale1 CO2e (/tLS) Ore Suitability (using renewable power) Chemical 0 0.4 0.8 1.2 1.6 2.0 2.4 56 58 60 62 64 66 68 70 Current BF-BOF Optimisation 1-20 years Optimised Nat Gas DRI/
Slide 75: Supporting our customers - steel decarbonisation
Supporting our customers - steel decarbonisation For personal use only 1 2 3 4 5 6 Blast Furnace Pilbara Beneficiation BioIronTM H2 DRI + Melter High-Grade DRI Iron Ore Portfolio Optimisation Optimising current Upgrading our Ironmaking with Ironmaking with Entry to high-grade Bringing high-grade tec
Slide 76: BioIron - green alternative pathway for iron & steelmaking
BioIronTM - green alternative pathway for iron & steelmaking For personal use only Simple Raw Material Preparation Ironmaking1 1 Fine Iron Ore, Fluxes and Biomass are blended together... Air used to combust volatiles Low-carbon Electricity 5 Gangue Stage where oxygen Carbon containing is removed DRI
Slide 77: H2 DRI + Melter - Processing Pilbara ores with hydrogen
H2 DRI + Melter - Processing Pilbara ores with hydrogen For personal use only Transition to carbon-neutral: the industry is shifting from Partnership with BlueScope explores BF-BOF1 to H2 DR-EAF1 steelmaking adding an Electric Melter into the process Seaborne Iron Ore Product by Grade Ore Step 1: Ir
Slide 78: Nuton is seen as a key growth lever for Rio Tinto
NutonTM is seen as a key growth lever for Rio Tinto and an enabler for low-carbon copper For personal use only Nuton’s potential Nuton has the potential to deliver Current Progress leading ESG performance – Worldwide demand for Carbon intensity (CO2/t) – In development for +25 years, copper is growi
Slide 79: Nuton offers exceptional recovery performance
NutonTM offers exceptional recovery performance For personal use only Nuton extracts up to >80% of copper from primary copper Nuton modelling capabilities reduce requirement sulphides compared to 25-35% in tradition heap leach process for extensive test programs 100 100% Nuton 90 90% >80% 80 80% 70
Slide 80: Building a pipeline of opportunities
Building a pipeline of opportunities For personal use only Yerington, Nevada-US Cactus, Arizona-US Los Azules, San Juan-Argentina (Lion Copper Gold) (Arizona Sonoran Copper Company) (McEwen Copper) Historic Mine Brownfield Greenfield – Option to earn in – 7.4% interest in Arizona – 9.8% interest in
Slide 81: Common acronyms and definitions
Common acronyms Definitions AHS Automous Haulage System EC European Commission Mtpa Million tonnes per annum RTFT Rio Tinto Fer et Titane Calculated The levelised marginal cost of For personal use only abatement abatement at a zero carbon price AIFR All Injury Frequency Rate EMEA Europe, Middle East
Slide 82: Rio Tinto
RioTinto Ajuo Ssn feuosied 10)