Rio Tinto Plc · LSE:RIO
Rio Tinto — Investor Day (December 2024)
96 slides from Rio Tinto's investor day presentation, Dec 4, 2024
Slide 1: 2024 Investor Seminar
For personal use only 2024 Investor Seminar
Slide 2: Cautionary statements
Cautionary statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, “Rio Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should For personal use only Tinto”). By accessing/atte
Slide 3: Agenda
Agenda Topic Presenter For personal use only Safety share (Rincon) Guillermo Caló Jakob Stausholm (presenter) Overview Peter Cunningham and Nigel Steward (contributing) Best Operator Mark Davies Excel in Development Mark Davies Lithium / Minerals update Sinead Kaufman Iron Ore update Simon Trott Q&
Slide 4: Executing our strategy for long-term value
Executing our strategy for long-term value For personal use only Jakob Stausholm
Slide 5: Safety Share
For personal use only Safety Share Guillermo Caló Managing Director, Rincon Lithium project Rincon, Argentina
Slide 6: Safety remains our highest priority
Safety remains our highest priority On 23 January 2024, four colleagues from our Diavik Diamond mine For personal use only and two airline crew members died in a plane crash near Fort Smith, Northwest Territories Canada. We are awaiting findings from an investigation into the plane crash. On 26 Octo
Slide 7: Investor Seminar presenters
Investor Seminar presenters The full Executive Committee and our Chief Scientist For personal use only Bold Peter Mark Isabelle Katie Baatar Cunningham Davies Deschamps Jackson Chief Commercial Chief Financial Chief Technical Chief Legal, Chief Executive Officer Officer Officer Governance Copper and
Slide 8: For personal use only
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Slide 9: Net zero requires unprecedented changes to energy systems
Net zero requires unprecedented changes to energy systems For personal use only Global growth + Current energy system (2023) Net zero requirement (2050) 80% fossil fuels1 <10% fossil fuels1 Population increase from In primary energy In primary energy 8.0 billion people to 9.6 billion people by 2050
Slide 10: Cracking the code on energy system transformation
Cracking the code on energy system transformation remains work in progress but the science is evolving fast For personal use only Variations in renewables generation due to climate variations drive the need for energy storage over different time horizons, and zero carbon baseload firming for longer
Slide 11: Our scientific and economic insights guide our strategy
Our scientific and economic insights guide our strategy For personal use only Pace of the Energy Transition Other key themes High Technology and Climate Action Progress 76% 2050 Rise of the Global South 22 Gt 50% Resource access and ESG requirements 2035 49 Gt 18% Low Today 55 Gt Processing and supp
Slide 12: Traditional demand fundamentals remain strong
Traditional demand fundamentals around urbanisation and industrialisation remain strong… For personal use only Global GDP per capita evolution1 Construction investment outlook2 Real 2015$k per person - Market Exchange Rates $bn investment index (1=2023) % urbanisation 2023-20503 20 4.5 India 35-53%
Slide 13: Demand will be enhanced materially by the energy transition
…but we are convinced demand will be enhanced materially by the energy transition For personal use only Attractive long-term demand fundamentals Demand growth1 2023 2050 Copper 32Mt ~1.8x Aluminium 97Mt ~1.8x Lithium 1Mt >6.0x Finished steel 1.8Bt ~1.2x 1 Based on Rio Tinto’s Conviction Scenario. ©2
Slide 14: For personal use only
For personal use only
Slide 15: For personal use only
For personal use only
Slide 16: Our deep analysis informs where we operate
Our deep analysis informs where we operate Bubbles indicate current industry size in terms of turnover1 For personal use only Ti Ni B Li C3 Energy transition materials Co REE 4 Mg K Iron Ore (Potash) Market size / industry structure Mo Al Sn Zr Si U S Supply security Nb Mn Cu Zn V Producing2 PGMs No
Slide 17: The growth rate in lithium demand makes it highly attractive
The growth rate in lithium demand makes it a highly attractive industry Bubbles indicate current industry size in terms of turnover 1 Lithium demand / supply For personal use only 2035 industry size Mtpa LCE 3 in terms of turnover (based on CAGR consensus) 6 > 10% Ni Supply Li Demand 4 K Iron Ore (P
Slide 18: Development of super sites in Argentina
Development of super sites in Argentina with production costs in the lower quartile of cost curve For personal use only Asset footprint in Northwest Argentina 23Mt LCE4 (attributable Resource2, incl. Reserve) Jujuy province Olaroz Cauchari • Tier 1 resource base • At the bottom of cost curve Rincon
Slide 19: A decade of ~3% CAGR driven by Oyu Tolgoi, Simandou and lithium
A decade of ~3% CAGR driven by Oyu Tolgoi, Simandou and our new lithium portfolio For personal use only Rio Tinto CuEq1 production Horizon 3 Horizon 2 ~3%3 CAGR (incorporates lithium) ~3%3 CAGR Horizon 1 (excluding lithium) 1%2 YoY 3% YoY Lithium drives growth, 1% YoY Delivering groundbreaking accou
Slide 20: Committed to our four objectives, intensifying Best Operator
We remain committed to our four objectives and are intensifying efforts to achieve Best Operator For personal use only Best Operator Impeccable ESG Step change in Gladstone renewables bauxite production ELYSIS and BioIron Consistent Pilbara production Best Impeccable Operator ESG Excel in developmen
Slide 21: We have constantly evolved our portfolio
During our long history, we have constantly evolved our portfolio For personal use only Rio Tinto EBITDA1 (%) 1970 2019 – 2023 average 3% 14% 9% 38% 15% 11% Longer-dated3 25% 8% 2033 1996 (post DLC) 4% 13% 77% 18% 42% 5% 47% Fe Cu 21% Al Pb & Zn 31% 4% Li Other2 15% Finding better ways to provide th
Slide 22: Significant value-creating growth
Strong scientific and Excel in development Best Operator economic base For personal use only Deep analysis informs Accelerate learning through Consistent roll out of our strategy strong execution of major Safe Production System global growth projects Significant value-creating growth ©2024, Rio Tint
Slide 23: Intensifying our efforts to achieve Best Operator
For personal use only Intensifying our efforts to achieve Best Operator Best Impeccable Operator ESG Mark Davies Excel in development Pilbara, Australia
Slide 24: Intensifying our efforts to achieve Best Operator unlocks value
Intensifying our efforts to achieve Best Operator unlocks value Kaizen results For personal use only Safe Production System in 2024 Hope Downs, Australia IOC, Canada • On track for another ~5Mt uplift in 2024 ↓ 39%1 unscheduled loss ↓ 27%1 shut overrun attributable to SPS at Pilbara Iron Ore in on c
Slide 25: Excel in development
For personal use only Excel in development Mark Davies Best Operator Impeccable ESG Excel in development Oyu Tolgoi, Mongolia
Slide 26: We are exploring for commodities in countries
We are exploring for 8 commodities in 17 countries For personal use only 90 projects ~$250m1 annual spend Bauxite Copper Iron Ore Winu Nuevo Cobre Heavy mineral sands Potash Lithium Nickel Brownfield Diamonds Greenfield 1. Greenfield exploration expenditure ©2024, Rio Tinto, All Rights Reserved 26
Slide 27: Mobilising projects to deliver compelling growth
Mobilising projects to deliver compelling growth For personal use only 22 Centrale Isle Maligne Power Station AP60 projects Jadar Oyu Tolgoi Underground Project 26 Resolution studies Argyle Closure Simandou Karratha Solar and Aluminium East Pilbara Battery Storage Copper Iron Ore Ranger Rehabilitati
Slide 28: Advantaged by our in-house capability
Advantaged by our in-house capability For personal use only Safe and sustainable Embedded HSE and CSP protocols Safe and efficient project delivery Strong foundation for operations SPS principles applied Innovation Decades of in-house R&D capability Bundoora Technical Development Centre • Jadar flow
Slide 29: Simandou construction on plan, embedding lessons learned
Simandou construction on plan, embedding lessons learned For personal use only Rapid delivery Simple, modular construction, off the shelf solutions Efficient fabrication, rapid replication Digital delivery, data science, machine learning People Crusher pad Milo Bridge 2 (275m) Talent development Tra
Slide 30: Rincon, Argentina: Excel in development
Rincon, Argentina For personal use only Best Impeccable Operator ESG Excel in development Excel in development Competitive Finding, studying and Developing strong advantage through building more efficiently, technical and in-house capability while continuously construction talent Care Courage Curios
Slide 31: Minerals – optimising operations and unlocking lithium
Minerals – optimising operations and For personal use only unlocking lithium Sinead Kaufman
Slide 32: Portfolio of market-leading, high-value specialty products
Portfolio of market-leading, high-value specialty products integrated across the supply chain For personal use only Boron Iron Ore Company of Canada Iron & Titanium Diavik Western leader in refined Producer of high-grade (>65% Global leader in TiO2 Optimising value of borates, supplying ~30% of glob
Slide 33: First lithium achieved at Rincon with expansion to 60ktpa
First lithium achieved at Rincon with expansion to 60ktpa1 pending permits and Board approval For personal use only Acquired in March 2022 Progress by October 2024 Rapid progress and significant learnings since acquisition of early-stage project • Delivered first lithium from the 3ktpa pilot plant j
Slide 34: Multi-generational asset base with significant production upside
Multi-generational asset base with significant production upside Industry leading resource endowment1 … For personal use only Rincon 2Mt LCE Reserves 12Mt LCE Resources3 9Mt LCE Reserves Jadar 37Mt LCE Resources2 6Mt LCE Resources4 Large-scale and Proven success in high-grade assets with resource ex
Slide 35: Arcadium acquisition delivers a Tier 1 asset footprint
Arcadium acquisition delivers a Tier 1 asset footprint For personal use only 2035 lithium cost curve1 Arcadium and Rio Tinto assets expected $/t LCE to generate strong returns through the Brines Hard-rock Other cycle • Combined assets represent the top lithium resource endowment in the world, well p
Slide 36: Financial strength to realise Arcadium's growth
Our financial strength and project delivery expertise will enable us to realise Arcadium’s growth post-acquisition Further upside potential from exploration projects in Chile, Canada and Rwanda For personal use only Arcadium1 and Rio Tinto projects Nameplate capacity2 ktpa LCE Unlock capacity with D
Slide 37: Development of Argentina super sites in lower cost quartile
Development of Argentina super sites with production costs in the lower quartile of cost curve For personal use only Asset footprint in Northwest Argentina 23Mt LCE4 (attributable Resource2, incl. Reserve) Jujuy Opportunities for economies of scale and province regional approach Olaroz • Our strong
Slide 38: Lithium portfolio: future global optionality
Lithium portfolio: future global optionality Jadar Exploration For personal use only Image is conceptual only Spatial plan reinstated by the Government of Serbia Encouraging initial drilling results at the Galinée pegmatite project in Quebec Progressing Environmental Impact Assessments Pursuing attr
Slide 39: Our Minerals business
Rincon, Argentina For personal use only Best Impeccable Operator ESG Our Minerals business Excel in development Optimising value from Growth options from long-life, our Minerals operations Tier 1, low-cost lithium assets Care Courage Curiosity 2025 production guidance: TiO2 1.0 to 1.2Mt | IOC 9.7 to
Slide 40: Iron Ore – advancing our cornerstone business
Iron Ore – advancing our cornerstone business For personal use only Simon Trott
Slide 41: Our priorities are unchanged
Our priorities are unchanged We are committed to being the ‘Most Valued’ resource business with strong progress in 20241 For personal use only Best Operator Impeccable ESG Excel in development Social licence Equal highest employee Electric Smelting Western Range first Resource co-design and satisfac
Slide 42: Our global operations produce an unrivalled product suite
Our global operations produce an unrivalled product suite Our Pilbara products are the baseload for key customers3 For personal use only SiO2+Al2O3 20Mtpa Access to SP10 Infrastructure IOC 23Mt1 Pisolite5 Pilbara Blend (Rio Tinto share 14 Mt) Simandou6 IOC Concentrate Access Access to to Markets Res
Slide 43: The long-term outlook for our iron ore portfolio is robust
The long-term outlook for our global iron ore portfolio is robust Urban population growth is the engine to support further steel demand growth Iron ore supply pressures remain For personal use only ~36% growth to 20401 ~0.2Bt steel output to 2040 >40% of supply to be replaced3 Global urbanisation re
Slide 44: Product strategy review underway
Product strategy review underway Enhancing utilisation of our Pilbara mines & infrastructure Our product mix will remain For personal use only leading Pilbara resource base strength support a consistent product fundamental to key markets Conceptual iron ore pit representation Products blended from m
Slide 45: Driving system wide improvement to achieve Best Operator
We are driving system wide improvement to achieve Best Operator SPS is fully Strong operational performance is offsetting headwinds, Moving focus to system wide improvement to optimise For personal use only deployed in providing a platform for system level improvement our integrated supply chain the
Slide 46: Replacement projects and Rhodes Ridge are advancing
Our replacement projects and Rhodes Ridge are advancing For personal use only Replacement mine capital intensity outlook1 Rhodes Ridge pre-feasibility study due in 2025 $/t installed capacity 100 Excel in development 90 40+ Mtpa Phase 1 Replicating Gudai-Darri plant 80 Western Range 70 Hope Downs 1
Slide 47: Shipments guidance unchanged in 2025
Shipments guidance unchanged in 2025 For personal use only Shipments guidance and mid-term capacity2 (Mt, 100% basis) Guidance and product mix Replacement 360 projects • 2025 shipments guidance 323 – 338Mt ~130Mtpa capacity1 • SP10 65 – 70Mt in 2024 • Year-to-date SP10 price realisation >93% of 62%
Slide 48: Our Iron Ore business
For personal use only Best Impeccable Operator ESG Our Iron Ore business Excel in development Progress towards Effective Values-based Best Operator partnerships performance culture Care Courage Curiosity 2025 shipments guidance: 323 to 338Mt ©2024, Rio Tinto, All Rights Reserved 48
Slide 49: Q&A
Q&A For personal use only Oyu Tolgoi, Mongolia 49
Slide 50: Break
For personal use only Break Horse racing festival, Mongolia 50
Slide 51: Panel 1: Culture panel
Panel 1: For personal use only Culture panel Isabelle Deschamps James Martin Kellie Parker Simon Trott Arvida, Canada 51
Slide 52: Copper – targeting 1Mtpa this decade
Copper – targeting 1Mtpa this decade For personal use only Katie Jackson
Slide 53: Strong copper market fundamentals
Strong copper market fundamentals For personal use only Robust demand growth 2050 primary supply gap estimated at 25Mt • Demand for semis to nearly double by 2050 MT • Renewable electricity generation and vehicle 60 electrification to drive ~50% of demand growth • Material increase in primary supply
Slide 54: Well positioned portfolio of core assets and growth projects
Well positioned portfolio of core assets and growth projects For personal use only Geographically diversified asset base Targeting 1Mtpa of copper this decade • Attractive ore bodies underpin sustainable Oyu Tolgoi, Kennecott, USA and profitable growth Mongolia Near-term reset, On track to deliver a
Slide 55: Best Operator focus: Oyu Tolgoi production growth in 2025
Best Operator focus: >50% Oyu Tolgoi production growth in 2025 For personal use only Underground infrastructure to complete next year Catalyst for national development and future growth • Panel 0 operational excellence, cave performing above expectation • 97% Mongolian employees, $18.4bn total in co
Slide 56: Kennecott reset to address near-term mine constraints
Kennecott reset to address near-term mine constraints – long-term optionality remains For personal use only Near-term measures Long-term conviction • Access to primary ore face reduced by worsening geotechnical • Attractive Total Ore Reserves2 at a fully permitted brownfield site conditions in 2024
Slide 57: Advancing Winu: new joint venture with Sumitomo Metal Mining
Advancing Winu: new joint venture with Sumitomo Metal Mining For personal use only Attractive asset profile Low-risk, long-life, copper-gold deposit Highly prospective for expansion High calibre joint venture SMM to acquire 30% equity share for $399m partner including $204m deferred conditional cons
Slide 58: Strong growth pipeline of global projects with partners
Strong growth pipeline of global projects with a range of partners For personal use only Resolution, USA Winu, Australia Nuton technology Nuevo Cobre, Chile Good progress in exploration joint venture with Codelco in prospective Atacama region Ongoing geological field programs, environmental studies
Slide 59: Our Copper business
For personal use only Best Impeccable Operator ESG Our Copper business Excel in development Maximising value Delivering profitable Investing in quality from our existing growth partnerships assets Care Courage Curiosity 2025 production guidance: 780 to 850kt ©2024, Rio Tinto, All Rights Reserved 59
Slide 60: Aluminium – stabilised, growing and decarbonising
Aluminium – stabilised, growing and decarbonising For personal use only Jérôme Pécresse
Slide 61: Aluminium is a key differentiator for Rio Tinto
Aluminium is a key differentiator for Rio Tinto For personal use only We have a global We have stabilised our footprint of world- assets and have a clear class, primarily low- pathway to deliver carbon, aluminium greater returns assets • Journey to Best Operator We have strong • Repowering of Pacifi
Slide 62: Smelters competitively positioned on the cost curve
Our smelters are competitively positioned on the cost curve, with repowering providing an opportunity to further improve For personal use only Atlantic: 2024 aluminium cost curve1 Sustaining our advantage in renewable energy We own our hydro power assets in Canada, 1st quartile 2nd quartile 3rd quar
Slide 63: Secured the long-term future of Tiwai Point smelter
We have secured the long-term future of our Tiwai Point smelter in New Zealand For personal use only Concluded 20-year renewable energy supply Completed acquisition of Sumitomo Chemical’s 20.64% agreement, securing long term supply and interest in NZAS, it is now wholly owned; ~70kt full-year derisk
Slide 64: Stabilised operations and strong performance in 2024
We have stabilised our operations and are delivering strong performance in 2024 For personal use only 2024 production guidance Markets 3.2 to 3.4Mt Aluminium Strong underlying fundamentals despite short term uncertainties On track to deliver guidance 53 to 56Mt Bauxite Benefiting from China’s import
Slide 65: Continued focus on Best Operator is delivering
Our continued focus on Best Operator objective is delivering SPS case study: Amrun mine1 Successful materials handling Kaizen has improved feed stability For personal use only Reducing scheduled losses Increasing plant feed rate2 • Procedure developed to address feed instabilities 229hr p.a. 9% • Au
Slide 66: We are growing in aluminium
We are growing in aluminium For personal use only Consolidated bauxite, alumina and aluminium production Low-carbon business underpins our growth to achieve ~3% CuEq CAGR from 2022 to 20252 3% CAGR Matalco: growth in North America AP60: expanding production line, with primary and recycled value- del
Slide 67: Expanding our low-carbon footprint in Europe
Expanding our low-carbon footprint in Europe Greenfield primary aluminium opportunity in Kokkola, Finland For personal use only Overview Partnership Strategy First project of its kind in Partnership with Vargas, We intend to be a continental Europe for Mitsubishi and local partners significant inves
Slide 68: Our Aluminium business
For personal use only Best Impeccable Operator ESG Our Aluminium business Excel in development Clear vision to be Backed by our Focused strategic the leader in competitive advantages priorities anchored sustainable and including our superior in our four Group Care Courage Curiosity low-carbon wester
Slide 69: Panel 2: Markets and Decarbonisation
For personal use only Panel 2: Markets and Decarbonisation Bold Baatar Mark Davies Jérôme Pécresse Saguenay hydropower, Canada 69
Slide 70: A new era in decarbonisation commitments
A new era in decarbonisation commitments For personal use only 2023 emissions1 Annual abatement commitments % by source Mt CO2e equity basis 34.0Mt 3.6 27% PacOps Electricity 14% Other Electricity 1.9 13% Diesel 6% Minerals Process Heat 17% Alumina Process Heat 21% Aluminium Anodes 0.2 Land Manageme
Slide 71: Large scale investments positioning Rio Tinto for the future
We have been making large scale investments for many years, positioning Rio Tinto for the future For personal use only Repowering our assets to transition to a sustainable future 2.2GW PPAs for Boyne Pilbara renewables NZAS future secured 140MW Khangela Emoyeni wind farm Bringing online new renewabl
Slide 72: Delivering projects to achieve our Scope 1 and 2 objectives
Delivering projects to achieve our Scope 1, 2 and 3 objectives Wind and solar PV GreenIron Diavik Stegra (formerly H2 Green Steel) Sweden For personal use only ELYSIS Alma Nippon Steel collaboration Electric calcination Japan RECs & VPPA Vaudreuil Multiple locations, US POSCO collaboration Electric
Slide 73: Roadmap to net zero
Roadmap to net zero Group decarbonisation pathway1 (Mt CO2e equity basis, 2018 baseline) For personal use only Renewable Pathway to 2030 targets electricity underpinned by repowering of electricity supply 16.5Mt BSL repowering 50%3 RBM PPAs Net zero requires scale up and economic deployment of Diese
Slide 74: Decarbonisation
For personal use only Best Impeccable Operator ESG Decarbonisation Excel in development Record year of On track for our 2030 Advancing a strong commitments - >3Mt CO2e operational emissions R&D pipeline towards in 2024; >110Mt CO2e targets – targeting our net zero goal Care Courage Curiosity over 20
Slide 75: Compelling investment drives diversification
Compelling investment drives For personal use only diversification Peter Cunningham Operations Centre, Western Australia 75
Slide 76: Strategy execution delivering strong cash flow
Strategy execution delivering strong cash flow For personal use only Enhancing cash flows through: Disciplined Best Operator Profitable growth decarbonisation Underpinned by: Consistent capital allocation Strong balance sheet ©2024, Rio Tinto, All Rights Reserved 76
Slide 77: Deepening our Best Operator journey
Deepening our Best Operator journey For personal use only Strong progress at primary cash Best Operator at Oyu Tolgoi Opportunities to unlock value generation assets supporting ramp-up of underground Pilbara • On track for 500ktpa average copper IOC - focus on stability • +5Mtpa production in 2023,
Slide 78: Profitable growth at Oyu Tolgoi delivering diversification
Profitable growth at Oyu Tolgoi delivering diversification For personal use only Growing in CuEq1 terms in the near term Diversifying portfolio With existing asset improvements and organic growth Total % of EBITDA excluding lithium 2019 – 2023 Average Mid-term6 11% 6% ↑ ~3%3 CAGR 9% 22% (excluding l
Slide 79: Lithium options underpin growth for the next decade
Lithium options underpin growth for the next decade For personal use only Growing in CuEq1 terms for the next decade Diversifying portfolio With inorganic lithium a key driver % of EBITDA including lithium Mid-term5 Longer-dated5 ↑ ~3%3 CAGR (including lithium) ↑ ~4%3 CAGR 4% (including lithium) 4%
Slide 80: Continuous optimisation for carbon reduction and shareholder value
Continuous optimisation for carbon reduction and shareholder value For personal use only 2021 2024 50% 50% Target by 2030 by 2030 $7.5bn $5bn-$6bn (lower end) Capex Seeking further opportunities to lower capex intensity WACC1 12-15% IRR2 Returns for Rio Tinto Portfolio allocation Carbon price evolut
Slide 81: Consistent and disciplined capital allocation
Consistent and disciplined capital allocation For personal use only Enhanced investment in replacement capacity Growth capital $bn $bn ~11.0 ~10.0 - 11.0 Capacity to absorb lithium developments 10.0 ~9.5 Growth 3.0 ~3 ~3 ~3 Replacement 2.5 Decarbonisation 0.5 Sustaining 4.0 2025F 2026F 2027F Uncommi
Slide 82: Balance sheet remains strong
Balance sheet remains strong For personal use only 1.09x 0.91x 0.71x 0.64x 11.8 19.6 0.49x 0.44x 13.8 12.5 9.6 8.5 0.21x 3.8 3.7 4.2 4.2 0.7 0.18x -0.3 0.17x 0.16x -0.01x -1.6 0.03x -0.04x 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Pro forma H1 2024 1 Credit rating Net Debt (US$bn)
Slide 83: Robust financial health as investments support future cash flows
Robust financial health as investments support future cash flows Attractive operating cash flows and margin Continuing to deliver attractive shareholder returns3 For personal use only $bn (RHS), % (LHS) Payout ratio (%) 48%1 average EBITDA margin Consistent track record: 60% payout for full year div
Slide 84: Executing our strategy for long-term value
For personal use only Executing our strategy for long-term value Jakob Stausholm
Slide 85: Executing our strategy
For personal use only Best Impeccable Operator ESG Executing our strategy Excel in development Unlocking the full potential Shaping our portfolio of A decade of ~3% CAGR of our assets through the materials the driven by Oyu Tolgoi, Best Operator world needs Simandou and our new Care Courage Curiosit
Slide 86: Q&A
Q&A For personal use only Oyu Tolgoi, Mongolia 86
Slide 87: Guidance
For personal use only Guidance ©2024, Rio Tinto, All Rights Reserved 87
Slide 88: Production guidance
Production guidance 2023 2024 2025 Actual Guidance Guidance For personal use only Pilbara iron ore shipments1 (100% basis) 331.8Mt 323 – 338Mt 323 – 338Mt Copper Mined Copper (consolidated basis)2 620kt 660 – 720kt3 780 – 850kt4 Refined Copper 175kt 230 – 260kt Aluminium Bauxite 54.6Mt 53 – 56Mt5 57
Slide 89: Group level financial guidance
Group level financial guidance 2024F 2025F Mid-term (per year) For personal use only Capex Total Group ~$9.5bn ~$11bn ~$10-11bn Growth capital ~$3.0bn ~$3.0bn Sustaining capital ~$4.0bn ~$4.0bn Including Pilbara ~$1.8bn ~$2.0bn sustaining1 Replacement capital ~$2.5bn ~$3-4bn Decarbonisation capital
Slide 90: Updated methodology to report copper production and guidance
Updated methodology to report copper production and guidance Current approach: separate reporting for mined and refined copper • Single combined metric for simplified For personal use only Production share 2020 2021 2022 2023 2024 Q3 YTD reporting Mined Copper Kennecott • Alignment with peer practic
Slide 91: Simandou high-grade iron ore project advancing at pace
Simandou high-grade iron ore project advancing at pace For personal use only Project milestones 2024 2025 2026 2027 2028 Mine Ramp-up to Early crusher First ore (mine gate) 60Mtpa 1 complete Simfer spur line Rail completion Main rail line completion Port and Shipping through WCS port (barges) shippi
Slide 92: Supporting statements
Supporting statements Arcadium - Mineral Resources and Mineral Reserves on slide 18 and 37 Arcadium Lithium’s lithium Mineral Resources for Olaroz and Cauchari referenced on slides 18 and 37 are a LCE estimate based on: For personal use only 1. the 16.87 Mt LCE lithium brine Mineral Resources as rep
Slide 93: Supporting statements (cont.)
Supporting statements (cont.) Arcadium - Mineral Resources and Mineral Reserves on slide 34 These Mineral Resources have been reported in accordance with the JORC Code and the Listing Rules of the Arcadium Lithium’s lithium Mineral Resources referenced on slide 34 are a LCE estimate based on: ASX. R
Slide 94: Supporting statements (cont.)
Supporting statements (cont.) Oyu Tolgoi - Production Targets Copper Portfolio - Mineral Resources and Ore Reserves The 500ktpa copper production target (stated as recoverable metal) and associated production profiles for the The Kennecott and Resolution Mineral Resources and Ore Reserves referenced
Slide 95: Common acronyms and definitions
Common acronyms Definitions $ United States dollar DLE Direct lithium extraction LAES Liquid air energy storage RTIT Rio Tinto Iron Titanium Calculated The levelised marginal cost of abatement abatement at a zero carbon price AIFR All Injury Frequency Rate DR Direct Reduction LCE Lithium Carbonate E
Slide 96: Rio Tinto
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