Slide 1: 2023 Full Year Results
2023 Full Year Results 21 February 2024 Rhodes Ridge, Australia
Slide 2: 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 forward-looking statements. These forward-looking statements speak only as of the date of this report. Rio Tinto Tinto”). By accessing/attending thi
Slide 3: Cautionary and supporting statements (cont.)
Cautionary and supporting statements (cont.) Simandou - Ore Reserves Simandou Ore Reserves referenced on slide 54 are based on the Ore Reserves as reported in Rio Tinto’s 2023 Annual Report released to the Australian Securities Exchange (ASX) on 21 February 2023 and available at riotinto.com. The Si
Slide 4: Jakob Stausholm
Jakob Stausholm “The tragic loss of our four Diavik colleagues and two airline crew members in a plane crash last Chief Executive month is a devastating reminder of why safety is and must always be our top priority. We continue to work closely with the authorities to support their efforts to underst
Slide 5: Attractive financials
Attractive financials1 Production (CuEq)2 Underlying ROCE 3% 20% Year-on-year change (2023 versus 2022) 5-year average3 of 28% Underlying earnings Underlying EBITDA (margin) $11.8 bn $23.9 bn (42%) 5-year average3 of $13.9 bn 5-year average3 of $26.6 bn (48%) Free cash flow Ordinary dividend $7.7 bn
Slide 6: Delivering a stronger Rio Tinto for the long term
Delivering a stronger Rio Tinto for the long term Continuing to build a robust business for today Relentless focus on safety Building a thriving culture Improving operational Strengthening our – our top priority resilience social licence Continuing to learn Creating a performance culture Safe Produc
Slide 7: Peter Cunningham, Chief Financial Officer
Peter Cunningham Chief Financial Officer Oyu Tolgoi, Mongolia 7
Slide 8: Resilient results
Resilient results $bn, except where stated 2023 2022* vs 2022* Consolidated sales revenue 54.0 55.6 (3%) Underlying EBITDA 23.9 26.3 (9%) Underlying earnings 11.8 13.4 (12%) Net earnings 10.1 12.4 (19%) Underlying ROCE 20% 25% (5 pp) Cash flow from operations 15.2 16.1 (6%) Capital expenditure 7.1 6
Slide 9: Financial strength is key in volatile markets
Financial strength is key in volatile markets Iron ore1 CFR index (-0.5% YoY2) Copper LME3 (-3% YoY2) Aluminium LME3 (-17% YoY2) 250 500 4,000 1500 450 3,500 200 1200 400 3,000 423 2,703 150 160 399 900 2,480 350 385 2,500 2,250 100 120 120 600 108 300 2,000 1,704 50 280 300 250 1,500 0 200 1,000 0
Slide 10: China's steel demand drivers are reshaping
China’s steel demand drivers are reshaping Steel demand shifting from property... ...to manufacturing and infrastructure investment China finished steel demand by sector YoY change % (2023 versus 2022) % of total in 2019 and 2023 Solar cell production (kilowatt) 39% Lithium-ion battery (GWh) Propert
Slide 11: Weaker prices offset volume gains – cost inflation gradually abating
Weaker prices offset volume gains – cost inflation gradually abating Underlying EBITDA $bn External $(0.7) bn Controllables $(1.7) bn 26.3 25.6 1.5 0.2 0.4 0.3 1.0 0.6 23.9 0.6 0.2 Iron ore +0.4 Energy Iron ore +0.6 Iron ore -0.2 Kennecott • Diesel +0.3 Simandou -0.3 smelter shut -0.4 • Other energy
Slide 12: Good cash generation, some impact from working capital
Good cash generation, some impact from working capital $bn, except where stated 2023 2022 Comparison Working capital outflow of $0.9bn Underlying EBITDA 23.9 26.3 (9%) in 2023 reflected: Tax paid (4.6) (6.9) • Healthy stocks in the Pilbara • Elevated in-process inventory at Kennecott Working capital
Slide 13: Resilient business on an improvement trajectory
Resilient business on an improvement trajectory Iron Ore Aluminium Copper Minerals $bn, Second highest shipment Kitimat returned to Ramp-up at Oyu Tolgoi Lower production rates and except where stated year on record full capacity underground on track challenging market conditions vs 2022 vs 2022 vs
Slide 14: Consistent capital allocation, balancing essential capex with shareholder returns and growth
Consistent capital allocation, balancing essential capex with shareholder returns and growth 01 Essential capex1 ($bn) Integrity, Replacement, Decarbonisation 02 Ordinary dividends ($bn) 60% of underlying earnings paid out 03 Iterative cycle of… in each of past 8 years2 ~7 12.8 ~7 ~7 0.3 0.5 0.7 6.2
Slide 15: Building our portfolio for the long term
Building our portfolio for the long term Growth capex1 $bn Simandou Oyu Tolgoi Kennecott underground <$3bn per year Other Simandou, Guinea Simandou remains the key driver of 0.9 growth capex 0.6 Oyu Tolgoi underground spend expected to be complete by end-2025 Other includes yet to be approved copper
Slide 16: Simandou capital expenditure summary
Simandou capital expenditure summary Simfer capex Rio Tinto share • Total $0.9 bn incurred in 2023 ($ bn) ($ bn) • RT share spent to date $0.5 bn; Mine and TSVs, owned and operated by Simfer: $0.4 bn to be funded by CIOH • All qualifying costs capitalised from the fourth Development of an initial 60
Slide 17: Attractive dividends remain paramount
Attractive dividends remain paramount Shareholder returns policy of 40-60% of underlying earnings on average through the cycle • $4.2 bn of dividends declared for H2, Payout ratio (%) bringing the full year to $7.1 bn • 60% payout, in line with our policy • Consistent track record of 23 shareholder
Slide 18: Jakob Stausholm, Chief Executive
Jakob Stausholm Chief Executive Cape Lambert, Australia 18
Slide 19: We are delivering stable, profitable growth
We are delivering stable, profitable growth Rio Tinto CuEq1 production • We are opportunity-rich and pursuing +2% YoY profitable growth as we continue to deliver on our four objectives +3% • Safe Production System delivering, YoY with more to come • Second highest shipment year in the Pilbara +1% •
Slide 20: Decarbonisation: from strategy to action
Decarbonisation: from strategy to action Applying renewables Reimagining manufacturing Circular economy Re-powering our Gladstone assets Renewable diesel BlueSmeltingTM at Sorel-Tracy Launching into recycled aluminium • Two renewable power contracts • Full transition to renewable • Ilmenite reductio
Slide 21: Future proofing our iron ore business
Future proofing our iron ore business We are working with ~40 partners, across ~50 projects in 10 countries Existing pathways Emerging pathways Future pathways Ongoing ~1-10 years to commercial scale >10 years to commercial scale Objectives Utilise our high-grade iron ores Lower the carbon impact Un
Slide 22: Unlocking the world's largest untapped high-grade iron ore deposit at Simandou
Unlocking the world’s largest untapped high-grade iron ore deposit at Simandou Scale and resilience World class infrastructure High-grade material Joint venture partnerships Impeccable ESG Decarbonising the steel industry Financially attractive investment in a Tier 1 resource ©2024, Rio Tinto, All R
Slide 23: Delivering a stronger Rio Tinto for the long term
Investing in our people, Operational focus and Exploration and technical asset and orebody learning mindset driving our capabilities strengthening our health performance portfolio Delivering a stronger Rio Tinto for the long term ©2024, Rio Tinto, All Rights Reserved 23
Slide 24: Rio Tinto
RioTinto
Slide 25: Appendices
Appendices Full year results 2023 Oyu Tolgoi, Mongolia
Slide 26: Markets
Markets ©2024 Rio Tinto, All Rights Reserved 26
Slide 27: Robust Chinese steel production absorbs record iron ore imports
Robust Chinese steel production absorbs record iron ore imports Iron ore1 (-0.5% YoY) • China’s crude steel production in 2023 was $/dmt above 1Bt for the fourth consecutive year, with 250 pig iron output up year-on-year Iron ore (US$/dmt) 200 • Resilient production was driven by a ~50% FY Average i
Slide 28: Chinese demand provided support despite fall in prices
Chinese demand provided support despite fall in prices Aluminium1 LME (-17% YoY) Copper2 LME (-3% YoY) TiO2 (chloride slag) (+4% YoY) 4,000 900 500 1,100 3,500 750 450 1,000 3,000 600 400 900 2,500 450 350 800 2,000 300 300 1,500 150 700 250 1,000 0 600 200 Jan-20 Jan-21 Jan-22 Jan-23 Jan-24 Jan-20
Slide 29: Other financials
Other financials ©2024 Rio Tinto, All Rights Reserved 29
Slide 30: Income Statement: exclusions
Income Statement: exclusions 2023 2022* Per Annual Per Annual Report Exclusions Underlying Report Exclusions Underlying Consolidated sales revenue 54,041 54,041 55,554 55,554 Net operating costs (excluding items disclosed separately) (37,052) 1,251 (35,801) (34,770) (377) (35,147) Net impairment (ch
Slide 31: Cash conversion impacted by working capital movements
Cash conversion impacted by working capital movements Utilisation of provisions ($m) $bn, except where stated 2023 2022 Comparison 2023 2022 23.9 26.3 (9%) Provisions for close down Underlying EBITDA (777) (609) and restoration Tax paid (4.6) (6.9) Provisions for post-retirement benefits and other e
Slide 32: Cash flow reconciliation
Cash flow reconciliation Statutory cash Reconciling Underlying 2023 Cash Flow (US$m) flow items cash flow Profit after tax for the year/Underlying EBITDA 9,953 23,892 Adjustments for: Utilisation of provisions • Taxation 3,832 Close down and restoration (777) • Finance items 1,713 Post-retirement be
Slide 33: Balance sheet remains strong
Balance sheet remains strong $bn 2023 2022 Disciplined approach is unchanged, we intend to maintain it throughout the cycle Net cash generated from operating activities 15.2 16.1 Balance sheet strength is an asset. Offers resilience and creates optionality Capital expenditure 7.1 6.8 Dividends paid
Slide 34: Debt maturity profile
Debt maturity profile 31 December 2023 debt maturity profile1 • At 31 December the weighted average $m outstanding debt maturity of corporate bonds was ~15 years (~12 years for 2,000 Group debt) • Corporate bond maturities: 1,500 • The 2.875% €0.42bn note matures in December 2024 • No other maturiti
Slide 35: Simplified earnings by Business Unit
Simplified earnings by Business Unit Primary Metal Atlantic Pacific Aluminium Copper Pilbara Sales volume 2,337kt 1,035kt 604kt6 288.4Mt9 Average benchmark price $2,250/t $2,250/t 386c/lb7 $110.3/dmt10 Premiums, provisional pricing, by-product sales, product mix, other $587/t2 $265/t2 50c/lb $(1.9)/
Slide 36: Iron Ore
Iron Ore Financial metrics 2022 2024 Shipments3 2024 ($bn) 2023 comparison guidance (Mt, 100% basis) guidance 2023 2022 2021 2020 2019 Segmental revenue 32.2 4% Pilbara Blend 201.5 203.9 202.9 232.7 228.1 EBITDA 20.0 7% Robe Valley 29.3 25.5 25.2 30.3 27.4 Margin (FOB)3 69% 1pp Yandicoogina 53.5 56.
Slide 37: Iron Ore
Iron Ore Second highest shipment year on record Underlying EBITDA 2023 vs 2022 $m US$ strengthened 4% Higher inflation Higher sales with ongoing implementation of against A$ in Australia Safe Production System and Gudai-Darri at nameplate 19,482 19,974 18,612 211 124 252 643 236 85 787 2022 underlyi
Slide 38: Aluminium
Aluminium Financial metrics 2022 Production 2024 ($bn) 2023 comparison (Mt, Rio Tinto share) guidance 2023 2022 2021 2020 2019 Segmental revenue 12.3 - 13% Bauxite 53 – 56 54.6 54.6 54.3 56.1 55.1 EBITDA 2.3 - 38% Alumina 7.6 – 7.9 7.5 7.5 7.9 8.0 7.7 Margin (integrated operations) 21% - 8pp Alumini
Slide 39: Aluminium
Aluminium Kitimat returned to full capacity Underlying EBITDA 2023 vs 2022 $m Lower realised aluminium prices Higher inflation in Kitimat returned to full capacity (-18% YoY) and lower premiums Australia and Canada following impact of strike 3,672 1,484 130 176 2,308 2,282 166 126 184 84 2022 underl
Slide 40: Composition of alumina and aluminium production costs
Composition of alumina and aluminium production costs Production cash costs Alumina refining Input Inventory FY23 Annual Cost H1 2022 H2 2022 H1 2023 H2 2023 100% 100% 100% 100% 100% 100% Costs (Index price) Flow 4 Sensitivity 14% 13% 14% 13% 13% 13% Caustic Soda1 ($/t) 675 595 424 369 3 – 4 months
Slide 41: Aluminium Value Chain
Aluminium Value Chain 2023 Actuals Mining Refining1 Aluminium Casting Bauxite Alumina 32% 54.6dmt 8.2mt 79% RTA Aluminium Casthouse 100% Intersegment 3.3mt production 68% 21% 46% 54% 3rd Party Bauxite Alumina VAP Non-VAP Sales 37.3dmt 1.7mt 1As the result of Queensland Alumina Limited's (QAL) activa
Slide 42: Copper
Copper Financial metrics 2022 2024 Production 2024 ($bn) 2023 comparison guidance (kt, Rio Tinto share) guidance 2023 2022 2021 2020 2019 Mined copper Segmental revenue 6.7 - 660 – 720 620 607 602 627 675 (consolidated basis)3 EBITDA 1.9 - 26% Refined copper 230 – 260 175 209 202 155 260 Margin (pro
Slide 43: Copper
Copper Ramp-up at Oyu Tolgoi underground on track and completion of Kennecott smelter rebuild Underlying EBITDA 2023 vs 2022 $m Fixed cost inefficiencies with lower Kennecott volumes 2,565 29 2,607 46 33 66 72 550 225 1,904 2022 underlying Prices Exchange Energy Inflation Flexed EBITDA Volumes & Mix
Slide 44: Minerals
Minerals Financial metrics 2022 Production 2024 ($bn) 2023 comparison (Rio Tinto share) guidance 2023 2022 2021 2020 2019 Segmental revenue 5.9 - 12% IOC (Mt) 9.8 – 11.5 9.7 10.3 9.7 10.4 10.5 Borates – EBITDA 1.4 - 42% ~0.5Mt 495 532 488 480 520 B2O3 content (kt) Margin (product group operations) 3
Slide 45: Minerals
Minerals Lower production rates and challenging market conditions Underlying EBITDA 2023 vs 2022 $m Higher exploration and Lower IOC pellet Lower TiO2 sales driven by two furnace failures at RTIT Quebec Operations evaluation expenditure at premiums and market weakness, and lower diamond sales at Dia
Slide 46: Guidance
Guidance ©2024 Rio Tinto, All Rights Reserved 46
Slide 47: Balancing near-term returns to shareholders
Balancing near-term returns to shareholders 1 Essential capex Integrity, Replacement, Decarbonisation Further cash returns to Compelling shareholders growth 2 Ordinary dividends Debt management 3 Iterative cycle of ©2024, Rio Tinto, All Rights Reserved 47
Slide 48: Product group level guidance
Product group level guidance 2024 2024 Guidance Unit cost guidance Pilbara iron ore shipments1 (100% basis) 323 – 338Mt Pilbara Iron Ore ($/tonne)4 $21.75 – $23.5 Copper Mined Copper (consolidated basis)2 660 – 720kt Copper C1 (US cents/lb) 140 – 160 Refined Copper 230 – 260kt Aluminium Bauxite 53 –
Slide 49: Group level financial guidance
Group level financial guidance 2024 – 2026 (per year) Capex Total Group1 ~$10.0bn Growth capital Up to $3bn Sustaining capital ~$4.0bn Including Pilbara sustaining ~$1.8bn2 Replacement capital ~$2 to $3bn Decarbonisation capital ~$1.5bn cumulative Effective tax rate ~30% Shareholder returns Total re
Slide 50: Modelling EBITDA
Modelling EBITDA Underlying EBITDA sensitivity Average published price/ US$m impact on full year 2023 underlying exchange rate for FY 2023 EBITDA of a 10% change in prices/exchange rates Aluminium - US$ per tonne 2,250 1,016 Copper - US cents per pound 386 507 Gold - US$ per troy ounce 1,941 62 Iron
Slide 51: Simandou
Simandou ©2024 Rio Tinto, All Rights Reserved 51
Slide 52: Three dimensions to the Simandou project
Three dimensions to the Simandou project 01 02 03 Compagnie du TransGuinéen Simfer Mine – blocks 3 & 4 WCS Mine – blocks 1 & 2 (CTG) Infrastructure1 Funded Funded Funded 50% by Simfer InfraCo 53% by Rio Tinto 51% Winning Consortium3 (53% Rio Tinto, 47% CIOH Consortium2) 47% by CIOH Consortium2 49% B
Slide 53: WCS and Simfer have separate scopes to leverage expertise, and reduce risk and costs
WCS and Simfer have separate scopes to leverage expertise, and reduce risk and costs Structure during operations Simfer InfraCo will construct on behalf of CTG: • 70 km Simfer spur line Baowu Winning Rio Tinto Chinalco • 60 Mtpa transhipment vessel (TSV) port Consortium Consortium Consortium1 49% 51
Slide 54: Simandou project life of mine key statistics
Simandou project life of mine key statistics1 IRR2 in low double digits anticipated for Simfer mine and combined infrastructure through ownership of CTG Simfer Mine Simfer / CTG Infrastructure Overview Overview Mine Open pit, 1.5Bt Ore Reserves, Block 3 only Scope Dual track, multi-user railway and
Slide 55: Tax settings will provide a sustainable sharing of benefits between partners
Tax settings will provide a sustainable sharing of benefits between partners Key Tax Settings Simfer Mine Simandou Infrastructure Simfer Convention WCS Port and Rail Conventions Governing framework Modified by the Bipartite Agreement Modified by the Co Development Agreement Year 1-8: 15% Year 1-17:
Slide 56: Simandou expenditure summary
Simandou expenditure summary 2023 Actuals Simfer 100% basis, Primarily exploration and evaluation $m Expenditure - incurred/accruals basis1 (869) Capital additions on accruals basis (100%). Expenditure charged to the income statement We commenced capitalising qualifying spend (539) (page 36 of FY23
Slide 57: Decarbonisation
Decarbonisation ©2024 Rio Tinto, All Rights Reserved 57
Slide 58: Our emissions differ from our peers
Our emissions differ from our peers ~80% arise from processing metals and minerals 2023 Scope 1 & 2 emissions 32.6Mt CO2e 2022: 32.7Mt CO2e (adjusted for acquisitions) Aluminium Repowering Alumina Minerals Renewable Diesel Anodes PacOps Processing Processing Energy Transition On-grid Land management
Slide 59: Our project commitments are taking hold
Our project commitments are taking hold 2023 emissions Commitments to abatement projects2 2023 outcomes % by decarbonisation program tCO2e equity basis 32.6Mt 2,000 We have momentum in the portfolio • Converting our targets into actions, with an expected increase in activity in 2024 26% Repowering P
Slide 60: Responsible investment today and a technology focus for the future
Responsible investment today and a technology focus for the future Decarbonisation project pipeline Robust evaluation approach (Mt CO2e, equity basis) 1Mt CO2 abatement • Our path to 2030 is built on defined projects with PacOps Renewable Diesel Minerals Alumina Aluminium Other 6+1 value assessed in
Slide 61: 2023 decarbonisation progress
2023 decarbonisation progress Commercial transactions Industry breakthroughs Renewable energy • Committed renewable energy and certificates in Australia, South Africa and Mongolia • Yindjibarndi Energy Corporation partnership Drop-in biofuels • Replace fossil diesel consumption with renewable diesel
Slide 62: Pathway to 2030 target under our decarbonisation programmes
Pathway to 2030 target under our decarbonisation programmes Mt CO2e equity basis1 40 -50% 34.5 32.6 1.7 30 PacOps 2025 target (15%) Electricity 26% Other Electricity 20 15% Diesel 17.3 2030 target (50%) 14% Other Elec 11% Min. Proc. 6% Diesel Final schedule dependent on 24% Alumina 10 Process Heat c
Slide 63: Roadmap to net zero
Roadmap to net zero Mt CO2e equity basis PacOps Renewable Diesel Minerals Alumina Aluminium Nature-based Organic We remain committed to Repowering Energy1 Transition Processing Processing Anodes2 Solutions3 growth without decarbonisation4 our 2030 targets, with the 40 repowering of our Australian al
Slide 64: Decarbonisation investment pathways continue to evolve
Decarbonisation investment pathways continue to evolve Decarbonisation pipeline Total capex guidance to 2030 revised to $5-6bn1,2 (Mt CO2e, equity basis) 2030 CO2e 2023-2030 abatement % capex % 600 Commercial solutions ~65-70% ~10% 500 • PPAs, VPPAs, RECs • Biofuels 400 BlueSmelting™ 300 pilot Capit
Slide 65: Investment to de-risk from carbon legislation and reduce opex
Investment to de-risk from carbon legislation and reduce opex Increasing influence of carbon pricing Annual average net operating costs ($m) from decarbonisation programme1 • ~50% of our emissions are now in scope for legislated carbon penalties 3-5% IRR 10-13% IRR pre-tax, real pre-tax, real • Cost
Slide 66: 500,000+ hectares of land committed to high integrity nature-based solutions
500,000+ hectares of land committed to high integrity nature-based solutions globally by 2025 Developing nature- Addressing nature loss, Developing high integrity projects in Guinea, Madagascar and based solutions in our climate change and South Africa operating regions community challenges Aiming f
Slide 67: Value chain emissions: 2023 Scope 3 (equity basis)
Value chain emissions: 2023 Scope 3 (equity basis) ©2024, Rio Tinto, All Rights Reserved 67
Slide 68: Specific, action-oriented Scope 3 targets
Specific, action-oriented Scope 3 targets Support customers to reduce emissions from BF 20-30% by 2035 Target a 50% reduction in Scope 3 (7 Mt) from IOC by 20351 Commission Biolron™ Continuous Pilot Plant by 20261 Steel Deliver a DRI + electric smelting furnace pilot plant by 2026 in partnership wit
Slide 69: Work is underway across a suite of new low CO2 technologies suitable for Pilbara ores
Work is underway across a suite of new low CO2 technologies suitable for Pilbara ores Notes: BOF: Basic Oxygen Furnace. DR-EAF: Direct Reduction - Electric Arc Furnace. ESF: Electric Smelting Furnace ©2024, Rio Tinto, All Rights Reserved 69
Slide 70: Exploration
Exploration ©2024 Rio Tinto, All Rights Reserved 70
Slide 71: Building on our history and enabling growth
Building on our history and enabling growth World-class exploration team Strong technology and R&D pedigree ~$250m1 450 annual spend employees ~$400m 5 key focus areas Extensive network annual spend for R&D of partners 18 8 countries commodities >100 >50% Venture capital Innovation Advisory $150m fo
Slide 72: Exploration project pipeline: brownfield and greenfield
We have more than 100 projects at varying stages of maturity Our pipeline focus is on the most promising opportunities Brownfield Iron Ore targets Copper projects Australia USA Pilbara Iron Ore Iron Ore projects Iron Ore projects Australia Lithium project Bauxite projects Australia USA Australia Min
Slide 73: Our new joint venture with Codelco: Nuevo Cobre
Our new joint venture with Codelco: Nuevo Cobre World class copper terrain; unique strategic partnership High potential for a significant porphyry discovery 57.74% in the fourth largest copper district in the world Rio Tinto (Atacama region, Chile) Property previously explored for gold, with 42.26%
Slide 74: Nuton
NutonTM ©2024 Rio Tinto, All Rights Reserved 74
Slide 75: Nuton: a high-recovery and low-footprint technology
NutonTM A Rio Tinto venture A high-recovery and low-footprint technology Key differentiators Portfolio today Leading sustainability credentials 01 6 4 Aim to produce world’s lowest footprint copper Partnerships Countries across our five pillars, and stretch to have a positive High-performing techno
Slide 76: The Nuton portfolio today
The Nuton portfolio today A Rio Tinto venture Asset/ company Current investment/agreement Key terms/ Nuton rights Johnson Camp Mine, AZ Option to JV Agreement • Testing programme underway Excelsior Mining Inc. (TSX) Agreement with full pathway on demonstration • Option to earn up to 49% i
Slide 77: Common acronyms and definitions
Common acronyms Definitions Million tonnes per $ United States dollar CO2 Carbon dioxide FMC First Movers Coalition Mtpa RTA Rio Tinto Aluminium annum $A Australian dollar CO2e Carbon dioxide equivalent FOB Free On Board MW Megawatt RTIT Rio Tinto Iron and Titanium Calculated abatement carbon price
Slide 78: Rio Tinto
RioTinto