Rio Tinto Plc · LSE:RIO

Rio Tinto — Investor Day (January 2024)

113 slides from Rio Tinto's investor day presentation, Jan 2, 2024

Slide 1: Notice to ASX: Investor Seminar presentation
Notice to ASX Investor Seminar presentation 6 December 2023 Attached is the presentation to be given at the investor seminar today in Sydney at 4.00pm (AEDT) / 5:00am (GMT) by Rio Tinto Chief Executive Jakob Stausholm and other executives. The presentation slides and the live webcast can also be acc
Slide 2: Notice to ASX contacts
Notice to ASX 2 / 2 Contacts Please direct all enquiries to media.enquiries@riotinto.com Media Relations, United Kingdom Matthew Klar M +44 7796 630 637 David Outhwaite M +44 7787 597 493 Media Relations, Australia Matt Chambers M +61 433 525 739 Jesse Riseborough M +61 436 653 412 Alyesha Anderson
Slide 3: Investor Seminar 2023
Investor Seminar 2023
Slide 4: Cautionary and supporting statements
©2023, Rio Tinto, All Rights Reserved 2 Cautionary and supporting statements This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (together with their subsidiaries, “Rio Tinto”). By accessing/attending this presentation you acknowledge that you have read and understood the foll
Slide 5: Cautionary and supporting statements (cont.)
©2023, Rio Tinto, All Rights Reserved 3 Cautionary and supporting statements (cont.) Oyu Tolgoi - Production Targets The 500ktpa copper production target (stated as recoverable metal) for the Oyu Tolgoi underground and open pit mines for the years 2028 to 2036 referenced in slides 59 and 60 and the
Slide 6: Cautionary and supporting statements (cont.)
©2023, Rio Tinto, All Rights Reserved 4 Cautionary and supporting statements (cont.) Simandou - Mineral Resources and Ore Reserves Simandou Mineral Resources and Ore Reserves reference on slides 74 and 98 have been reported in accordance with the JORC Code and the ASX Listing Rules in a release date
Slide 7: Agenda
Topic Duration (mins) Presenter Welcome to country 10 Brendan Kerin, Gadigal People of the Eora Nation Safety share 2 Kellie Parker, Chief Executive, Australia Our purpose in action 10 Jakob Stausholm, Chief Executive Panel 1: Creating options for our future - Exploration and Technology 20 Isabelle
Slide 8: Investor Seminar presenters
©2023, Rio Tinto, All Rights Reserved 6 Investor Seminar presenters Alf Barrios Chief Commercial Officer Simon Trott Chief Executive Iron Ore Jérôme Pécresse Chief Executive Aluminium Isabelle Deschamps Chief Legal, Governance and Corporate Affairs Officer Kellie Parker Chief Executive Australia Arn
Slide 12: Our purpose makes more sense than ever
Excel in development Best operator Impeccable ESG ©2023, Rio Tinto, All Rights Reserved 10 Our purpose makes more sense than ever Finding better ways to provide the materials the world needs Care Courage Curiosity
Slide 13: Strategy proving itself in an opportunity-rich world
©2023, Rio Tinto, All Rights Reserved 11 Strategy proving itself in an opportunity-rich world The opportunity Traditional demand Deepening ties with Asia Energy transition Supply security Re-industrialisation in the west Evolving societal expectations Global presence Operate across the value chain D
Slide 14: Investing in the health of our business
Excel in development Best operator Impeccable ESG Care Courage Curiosity Investing in the health of our business Our people | Our ore bodies | Our assets Continuous improvement mindset More productive and resilient assets Better operational and financial performance ©2023, Rio Tinto, All Rights Rese
Slide 15: Shaping our portfolio for the future
Pilbara renewables Partnering with Yindjibarndi Energy Western Range + Four replacement mines + Rhodes Ridge AP60 – low carbon technology Commenced early works ©2023, Rio Tinto, All Rights Reserved 13 Shaping our portfolio for the future Simandou – high grade iron ore Completed bankable feasibility
Slide 16: Delivering a stronger Rio Tinto for the long term
Exploration and technical capabilities strengthening our portfolio Operational focus and learning mindset driving our performance Investing in our people, asset and orebody health Delivering a stronger Rio Tinto for the long term ©2023, Rio Tinto, All Rights Reserved 14
Slide 17: Panel 1: Exploration and Technology
Panel 1: Creating options for our future - Exploration and Technology Isabelle Deschamps Dave Andrews Nigel Steward 15©2023, Rio Tinto, All Rights Reserved
Slide 18: Building on our history and enabling growth
©2023, Rio Tinto, All Rights Reserved 16 Building on our history and enabling growth World-class Exploration team ~$400m annual spend 5 key focus areas for R&D Extensive network of partners Venture Capital investments for agility Innovation Advisory Committee $150m for Centre for Future Materials2 ~
Slide 19: Where we are exploring for commodities
©2023, Rio Tinto, All Rights Reserved 17 We are exploring for 8 commodities in 18 countries Countries where we have an active exploration programme Lithium Copper Diamonds Minerals Ni/PGE Iron Ore Brownfield Greenfield
Slide 20: Our core purpose in exploration is discovery
©2023, Rio Tinto, All Rights Reserved 18 Our core purpose in exploration is discovery by finding or acquiring high-quality growth options Innovative, assertive, challenge the norms approach across all exploration terrains Support for Minimum Viable Projects with growth options, recognising Tier 1 pr
Slide 21: Seven decades of discovery and development performance
©2023, Rio Tinto, All Rights Reserved 19 Seven decades of industry-leading discovery and development performance 1956 South Africa Palabora Copper 1955 Australia Weipa Bauxite 1962 Australia Tom Price Iron Ore CZP 1968 PNG OK Tedi Copper 1975 Australia Koodaideri 1 Bedded Iron Ore 1991 PNG Wafi Gold
Slide 22: Exploration project pipeline
©2023, Rio Tinto, All Rights Reserved 20 We have more than 100 projects at varying stages of maturity Our pipeline focus is on the most promising opportunities Generative Pilbara Iron Ore 26 Copper projects Australia, USA, Chile, Peru, Colombia, Serbia, Zambia, Laos, Angola, PNG, Kazakhstan, Namibia
Slide 23: Nuevo Cobre joint venture with Codelco
©2023, Rio Tinto, All Rights Reserved 21 Our new joint venture with Codelco: Nuevo Cobre World class copper terrain; unique strategic partnership 57.74% Rio Tinto, 42.26% Codelco High potential for a significant porphyry discovery in the fourth largest copper district in the world (Atacama region, C
Slide 24: Tackling the energy transition together
©2023, Rio Tinto, All Rights Reserved 22 Tackling the energy transition together Geophysics & remote sensing Mapping the world with a light touch Advanced analytics & machine learning Turning our big data into big insights ESG Minimising our impacts Brownfield development Getting more from our exist
Slide 26: Disciplined technology roadmap
Productivity 27 projects ©2023, Rio Tinto, All Rights Reserved 24 Disciplined technology roadmap Maximise value from each ore body Equipment utilisation Automation Energy efficiency Health & Safety 10 projects ESG 20 projects Growth 39 projects Carbon 24 projects Reducing frontline exposure to hazar
Slide 27: 2023 highlights to evolve into 2024 successes
©2023, Rio Tinto, All Rights Reserved 25 2023 highlights to evolve into 2024 successes Innovation Advisory Committee Comprised of innovation and R&D experts from around the world Provides insights on ways we can accelerate our innovation portfolio and offers guidance on emerging and disruptive techn
Slide 29: Global trends driving commodity demand
©2023, Rio Tinto, All Rights Reserved 27 Global trends driving commodity demand 1 Copper equivalent demand uses average annual prices from 2018-22 with finished steel demand in iron ore equivalent units. Energy Transition demand calculated on a gross basis. Based on Rio Tinto’s Competitive Leadershi
Slide 30: Decarbonisation drives segmented steel value chains
28 Decarbonisation drives potential for segmented steel value chains China India High grade iron ore supply Medium/low grade iron ore supply Western hemisphere ~25% of 2040 iron ore demand Robust future demand for high grade iron ores Policy incentives in US, EU1 supporting decarbonisation and clean
Slide 31: Low-impurity ores could realise premiums at $100/tCO2
©2023, Rio Tinto, All Rights Reserved 29 Low-impurity ores could realise significant premiums at $100/tCO2 Indicative operating cost structure per tonne of crude steel at $100/t CO2 penalty and consensus long-run iron ore price forecasts ($75/t on a 62% Fe equivalent basis, CFR China) 1. 90% iron an
Slide 32: Recycling creates broad benefits across aluminium supply chain
©2023, Rio Tinto, All Rights Reserved 30 Recycling creates broad benefits across aluminium supply chain 0 50 100 150 2010 2015 2020 2025 2030 Recycling growth to outpace primary… …to enhance supply chain resilience … and to reduce emissions <2°C scenario; global aluminium production (Mt) Europe + US
Slide 33: Finding better ways to serve our customers
©2023, Rio Tinto, All Rights Reserved Finding better ways to serve our customers What customers want Rio Tinto partner of choice Decarbonisation • Value chain decarbonisation • Low carbon products • New materials for the energy transition Security of supply • Access to scarce materials • Traceabilit
Slide 34: Matalco – a step change in customer offering
©2023, Rio Tinto, All Rights Reserved Matalco – a step change in our customer offering RenewAl™ End customers are increasing the use of recycled aluminium with North American demand forecast to increase from 4.7 to 7.8 Mt from 2022 to 20321 Matalco JV creates a leadership position, increasing our No
Slide 35: Supporting customers and suppliers to decarbonise
584 Mt CO2e 66% Iron and steel making 3% Alumina refining 2% Marine and logistics 4% Procurement 22% Aluminium smelting 3% Other products ©2023, Rio Tinto, All Rights Reserved Supporting customers and suppliers to decarbonise the value chain Our Scope 3 emissions 33 2020 2030 2040 2050 2060 Illustra
Slide 36: Partnering with customers to decarbonise steel
Partnering with customers to decarbonise the steel value chain >10 years to commercial scale Future Pathways 3 Ongoing Existing Pathways ~1-10 years to commercial scale Emerging Pathways 1 2 Unlock new low-CO2 technologies for low-mid grade Pilbara ores Working with our customers to lower the CO2 in
Slide 37: Near-term Scope 3 targets
©2023, Rio Tinto, All Rights Reserved 35 Specific, action-oriented near-term Scope 3 targets • Support customers to reduce emissions from BF by 20-30% by 2035 • Target a 50% reduction in Scope 3 (7 Mt) from IOC by 20351 • Commission Biolron™ Continuous Pilot Plant by 20261 • Deliver a DRI+melter pil
Slide 38: BioIron – pioneering breakthrough technologies
©2023, Rio Tinto, All Rights Reserved BioIronTM – pioneering breakthrough technologies BioIronTM uses raw biomass instead of metallurgical coal and microwave energy to convert Pilbara iron ore to metallic iron and has the potential to support low CO2 steel making Bed of green briquettes (ore, biomas
Slide 40: Safe Production System progress and 2024 priorities
©2023, Rio Tinto, All Rights Reserved 38 Safe Production System progress and 2024 priorities 2024 priorities: Significant maturity uplift at existing deployment sites, and specifically problem solving for accelerated impact Partnership approach to rapidly improve asset health Continued rollout of SP
Slide 41: SPS improving safety, people and profit outcomes
©2023, Rio Tinto, All Rights Reserved 39 SPS is a global system improving safety, people and profit outcomes Grande Baie (Aluminium) 19% Kennecott (Copper) 8% Casting operating time (excluding shutdowns) People Survey employee satisfaction IOC (Minerals) 20% Hope Downs (Iron Ore) 42% All injury freq
Slide 42: Everyday Respect progress on recommendations
©2023, Rio Tinto, All Rights Reserved 40 An update on Everyday Respect and our progress on the 26 recommendations Respect at every level Respect in every place Respect for every voice Exceeded our stretch target with 81%1 of employees completing training on building psychological safety and becoming
Slide 43: Everyday Respect – looking ahead
Everyday Respect – looking ahead Discovery and reflection Planning and Co-design Implementation Review • Time to reflect and understand the findings and recommendations of the Everyday Respect report • Co-design actions to ensure we implement the right solutions, that have real impact and take into
Slide 47: Our project commitments are taking hold
©2023, Rio Tinto, All Rights Reserved 45 Our project commitments are taking hold Commitments to abatement projects2 tCO2e equity basis Marginal Abatement Cost3 $/t CO2e 19< 0< 0 500 1,000 1,500 2,000 2021 2022 2023 26% 16% 14% 7% 17% 19% 1% PacOps Electricity1 Other Electricity Diesel Minerals Proce
Slide 48: Responsible investment and technology focus
©2023, Rio Tinto, All Rights Reserved 46 Responsible investment today and a technology focus for the future Decarbonisation project pipeline (Mt CO2e, equity basis) Approved/ in-execution Executable Pilot scalePartnering with government Proof of concept -200 -100 0 100 200 300 400 500 M AC 1 ($ /t)
Slide 49: 2023 pipeline progress
©2023, Rio Tinto, All Rights Reserved 47 2023 pipeline progress RTIT BlueSmelting™ demonstration plantYarwun hydrogen calcination ELYSIS™ carbon-free aluminium anodes Transformational Repowering Pacific Operations • Low-carbon energy solutions progressing with key stakeholders Reducing baseload ener
Slide 50: Pathway to 2030 target
©2023, Rio Tinto, All Rights Reserved 48 Pathway to 2030 target under our decarbonisation programmes 34.5 40 2018 baseline Net reduction PacOps Electricity 26% Other Electricity 16% Min. Proc. 7% Alumina Process Heat 17% Aluminium Anodes 19% 2022 Actuals Alumina Proc. 15% 2030 target (50%) 2025 targ
Slide 51: Roadmap to net zero
©2023, Rio Tinto, All Rights Reserved 49 Roadmap to net zero Mt CO2e equity basis 1. Electricity abatement assumes commercial solutions (Power Purchase Agreements, Renewable Energy Certificates) to be rolled over upon conclusion of contract terms or alternative abatement projects implemented 2. Alum
Slide 53: World's leading low-carbon aluminium producer
©2023, Rio Tinto, All Rights Reserved We are the world’s leading low-carbon aluminium producer, with options to grow 1. Incorporates non-managed joint ventures | 2. Seven facilities are Matalco joint venture assets Best positioned for an industry in transition 4 Bauxite Mines1 4 Alumina Refineries1
Slide 54: Strategy for sustainable competitive advantage
©2023, Rio Tinto, All Rights Reserved 52 Our strategy to deliver sustainable competitive advantage through the cycle 01 Grow North American low-carbon aluminium 03 Optimise integrated alumina supply chain 02 Repower Pacific Operations smelters 04 Maintain options for third party bauxite sales Four L
Slide 55: Best operator: restoring the base
©2023, Rio Tinto, All Rights Reserved 53 Best operator: restoring the base for a stronger business Kitimat at full capacity and Boyne cells recovered Annualised production rate kt, Rio Tinto share - 100 200 300 400 500 Jan-21 May-21 Sep-21 Jan-22 May-22 Sep-22 Jan-23 May-23 Sep-23 Kitimat BSL Boyne
Slide 56: Raw material prices trending downwards
©2023, Rio Tinto, All Rights Reserved 54 Raw material prices trending downwards and inflation subsiding Raw material prices as a % of LME (indexed to historical 2014-2021 average)1 Rio Tinto Aluminium EBITDA margin Quarterly % 0.0 0.5 1.0 1.5 2.0 2.5 2019 2020 2021 2022 2023 Coke Pitch Caustic 0% 10
Slide 57: Delivering on our North America conviction
©2023, Rio Tinto, All Rights Reserved 55 Delivering on our North America conviction Supplier of choice of low-carbon, fully traceable aluminium, with future access to zero-carbon ELYSISTM Potential for future growth beyond existing 7 facilities - underpinned by a complete product offering, improving
Slide 58: Partnering to capture energy transition opportunity
©2023, Rio Tinto, All Rights Reserved 56 Partnering to capture the energy transition opportunity Rio Tinto Aluminium Circular Zero carbon Responsible Traceable Local / secure Customers • Prysmian – supply energy transition material • OEMs – partnerships for low emission vehicles Industrial partners
Slide 59: Our Aluminium business
Excel in development Best operator Impeccable ESG Care Courage Curiosity ©2023, Rio Tinto, All Rights Reserved 57 Our Aluminium business Improving our margins with Kitimat and Boyne recovery Setting Matalco JV up for success Progress AP60 expansion and ELYSISTM development
Slide 61: On track for 1Mt of mined copper production
©2023, Rio Tinto, All Rights Reserved 59 On track for 1Mt of mined copper production within 5 years ~90% of the growth capital already spent • Rio Tinto is expected to account for 25% of the growth in global copper supply in the next 5 years4 • Oyu Tolgoi underground ramp-up on track to deliver over
Slide 62: Continued investment at our high-quality operations
©2023, Rio Tinto, All Rights Reserved 60 Continued investment at our high-quality operations $1bn of investment committed Smelter rebuild completed, expect to be fully ramped up by Q1 2024 Improved stability and returns following investment in the smelter rebuild 83 drawbells blasted1, ahead of plan
Slide 63: Oyu Tolgoi expected to move to first quartile
©2023, Rio Tinto, All Rights Reserved 61 Oyu Tolgoi expected to move to first quartile of the 2030 cost curve Copper in concentrates (LHS)/ head grade (RHS)1 1 See supporting references for the 2023-2027 and 2028-2036 production profiles on slide 3 2 Source: Wood Mackenzie Ltd. Dataset 2023 Q1, Rio
Slide 64: Well positioned to support the US energy transition
©2023, Rio Tinto, All Rights Reserved 62 Well positioned to support the US energy transition Our US footprint Arizona and New Mexico exploration RT Cu Operation • US demand expected to double over next decade from 2Mt to 4Mt, with growing import dependence1 • Kennecott is 1 of 2 operating smelters a
Slide 65: Nuton – high-recovery, low-footprint technology
Yerington Lion CG ©2023, Rio Tinto, All Rights Reserved 63 NutonTM - a high-recovery and low-footprint technology Outstanding copper recovery rates: CO2e emissions up to 60% lower Water consumption >80% more efficient Tailings requirement None Capital intensity >40% lower Cactus ASCU Los Azules McEw
Slide 66: Our copper business
©2023, Rio Tinto, All Rights Reserved 64 Our copper business Excel in development Best operator Impeccable ESG Care Courage Curiosity Oyu Tolgoi ramping up Improving stability and returns at Kennecott Scaling up NutonTM
Slide 68: Portfolio compatible with environmental and heritage values
©2023, Rio Tinto, All Rights Reserved 66 A portfolio compatible with the environmental and heritage values of the region Access to markets Access to infrastructure Access to resources Port and rail - our competitive advantage • >360 Mtpa of port capacity • 350 – 360Mtpa of rail capacity Co-design an
Slide 69: Robust returns through disciplined investment
0 20 40 60 80 100 ©2023, Rio Tinto, All Rights Reserved 67 Robust returns through disciplined investment Mine capital intensity outlook ($/t installed capacity) Rhodes Ridge: the best undeveloped project in the Pilbara 2024 - 2028 Western Range Brockman 4 West Angelas Hope Downs 1 Greater Nammuldi I
Slide 70: Pathway to mid-term system capacity
328-335 Western Range (construction) West Angelas Hope Downs 1 Greater Nammuldi Brockman 4 Replacement projects (~130 Mtpa capacity) 320 335 323 338 345 360 2023 2024 Mid-term capacity ©2023, Rio Tinto, All Rights Reserved 68 Clear pathway to mid-term system capacity of 345 – 360 Mt Shipping guidanc
Slide 71: Front line engagement is delivering results
Development Drill & blast Load & haul RailProcessing Ports Focus on front line engagement is delivering results 4,332 Increase in ideas from front line2 2,196 Increase in ideas actioned2 Highest employee satisfaction since survey began in 2018 4% reduction in all injury frequency rate1 4% increase i
Slide 72: Unit costs and mid-term cost target
2011-2015 2016-2020 2021 2022 H1 2023 Mid-term Unit costs $/tonne shipped $21.2 ~$20.0 ~$20/t mid-term unit cost target1 Reduces unit costs from current Increases unit costs from current ©2023, Rio Tinto, All Rights Reserved 70 Increased volume and productivity to drive down mid-term costs Volumes i
Slide 73: Our Iron Ore business
©2023, Rio Tinto, All Rights Reserved Our Iron Ore business Prioritising safety and culture Embedding ‘Most Valued’ mindset Capital efficient growth “Cracking the code” on green steel Excel in development Best operator Impeccable ESG Care Courage Curiosity 71
Slide 75: Financially attractive Tier 1 resource
A financially attractive, Tier 1 resource: IRR2 in low double digits anticipated for Simfer mine and combined infrastructure through ownership of Compagnie du TransGuinéen (CTG) Diversification of iron ore portfolio – complements our Pilbara and Iron Ore Company of Canada products Positioning for de
Slide 76: Simandou complements our Pilbara and IOC portfolio
©2023, Rio Tinto, All Rights Reserved 74 Simandou complements our Pilbara and IOC1 portfolio Global Mineral Resources & Ore Reserves5 Billions of dry tonnes, published grades Pilbara Pilbara Blend Green steel application pathways IOC1 20Mt Simandou 60Mt2 Pilbara ~338Mt4 Portside ~24Mt3 Unrivalled gl
Slide 77: Three dimensions to the Simandou project
©2023, Rio Tinto, All Rights Reserved 75 Three dimensions to the Simandou project 01 Compagnie du TransGuinéen (CTG) Infrastructure1 02 Simfer Mine – blocks 3 & 4 03 WCS Mine – blocks 1 & 2 Funded: 50% by Simfer InfraCo (53% Rio Tinto, 47% CIOH Consortium2) 50% by WCS InfraCo Ownership: 15% Governme
Slide 78: Simfer's project scope
©2023, Rio Tinto, All Rights Reserved 76 Simfer’s project scope Guinea Conakry 4 3 2 1 Rail Branch Main Rail Line Shipping Channel Morebeya Port Simfer built rail (70 km) WCS built rail (552 km) 1. Mine constructed on blocks 3 and 4 2. See supporting references for the production target on slide 4 3
Slide 79: Construction progress: enabling works underway
Stockyard dam to provide water for construction Tin Dijou camp building modules being assembled Installation of temporary construction camp for 1,020 people Material movement for heavy mobile equipment road Scopes of work to support contractor mobilisation and construction are progressing Accommodat
Slide 80: Simfer capital expenditure summary
Simfer capex Rio Tinto share Mine and TSVs, owned and operated by Simfer: Development of an initial 60Mtpa mine2 at Simandou South (blocks 3 & 4) to be constructed by Simfer $5.1 billion $2.7 billion Co-developed infrastructure, owned and operated by CTG once complete3: Simfer scope Rail: a 70 km ra
Slide 81: Commitment to globally recognised ESG standards
Commitment to globally recognised ESG standards and best practices Key Risks Regional economic development Economic contribution Job creation Co-development model Climate change resilience Key Opportunities Health and safety Biodiversity Project-induced migration Resettlement and land access Human R
Slide 82: Capital allocation and financials
80 Capital allocation and financials Peter Cunningham
Slide 83: Operational uplift and consistently strong cash flows
©2023, Rio Tinto, All Rights Reserved 81 Focus on operational performance uplift and consistently strong cash flows Operating cash flow1 ($bn) Production growth CuEq2 (Rio Tinto share) 1 Operating cash flow includes capital gains tax paid on disposals of $0.9bn in 2019, primarily related to coal dis
Slide 84: Operating cash flow includes investment for growth options
©2023, Rio Tinto, All Rights Reserved 82 Operating cash flow includes investment for creating growth options and strengthening social licence $bn 0.3 0.2 0.3 0.3 0.4 0.5 0.6 0.7 0.2 0.2 0.3 0.4 0.3 0.4 0.4 0.5 2021 2022 2023F 2024F Exploration Evaluation (excluding Simandou) CSP and Social Investmen
Slide 85: Consistent capital allocation
©2023, Rio Tinto, All Rights Reserved 83 Consistent capital allocation, balancing essential capex with shareholder returns and growth 1 Shareholder returns on a declared basis, excluding divestment proceeds returned to shareholders Essential capex ($bn) Integrity, Replacement, Decarbonisation01 Ordi
Slide 86: Shaping our portfolio: growth capex
©2023, Rio Tinto, All Rights Reserved 84 Shaping our portfolio for the future 1 Rio Tinto share basis Growth capex1 $bn Simandou the key driver of growth capex Oyu Tolgoi underground spend to wind down from 2024 as infrastructure is completed Other includes yet to be approved copper and lithium proj
Slide 87: Financial strength remains a key asset
• Near-term demand more subdued with services driving GDP growth post- Covid and supply bottlenecks fading • Commodity prices stabilised in H2 2023 at close to or just below historical averages since 2010 • Balance sheet strength is an asset. Offers resilience and creates optionality ©2023, Rio Tint
Slide 88: Decarbonisation investment pathways continue to evolve
86 Decarbonisation investment pathways continue to evolve Decarbonisation pipeline (Mt CO2e, equity basis) Approved/ in-execution Executable Pilot scalePartnering with government Proof of concept -300 -200 -100 0 100 200 300 400 500 600 M AC ($ /t) Commercial solutions (opex) Capital solutions 1Mt a
Slide 89: Investment to de-risk from carbon legislation
©2023, Rio Tinto, All Rights Reserved 87 Investment to de-risk from carbon legislation and reduce opex Capital solutions2 Commercial solutions2 Legislated carbon penalty avoidance Net free cash flow Incremental carbon saving 2°C global carbon scenario3 Net free cash flow Annual average net operating
Slide 90: Outlook underpins a strong Rio Tinto
©2023, Rio Tinto, All Rights Reserved 88 Outlook underpins a strong Rio Tinto for the long term 1 Copper equivalent demand uses average annual prices from 2018-22 with finished steel demand in iron ore equivalent units. Energy Transition demand calculated on a gross basis. Based on Rio Tinto’s Compe
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Slide 94: Production guidance
©2023, Rio Tinto, All Rights Reserved 92 Production guidance 1 Pilbara shipments guidance remains subject to weather, market conditions and management of cultural heritage | 2 In the upper half of the range | 3 Includes Oyu Tolgoi on a 100% consolidated basis and continues to reflect our 30% share o
Slide 95: Group level financial guidance
©2023, Rio Tinto, All Rights Reserved 93 Group level financial guidance 2023 2024-2026 (per year) Capex Total Group1 ~$7.0bn ~$10.0bn Growth capital ~$1.0bn2 Up to $3bn Sustaining capital ~$4.0bn ~$4.0bn Including Pilbara sustaining3 ~$2.0bn ~$1.8bn Replacement capital ~$1.7bn ~$2 to $3bn Decarbonis
Slide 96: Disciplined investing for growth and decarbonisation
©2023, Rio Tinto, All Rights Reserved 94 Disciplined investing for growth and decarbonisation Capital expenditure profile (Rio Tinto share) $bn • We expect our share of capital investment to be around $7.0bn (previously $7.5bn) in 2023 • Sustaining capex of around $4.0bn per annum from 2024 to 2026,
Slide 98: WCS and Simfer separate scopes
©2023, Rio Tinto, All Rights Reserved 96 WCS and Simfer have separate scopes to leverage expertise, and reduce risk and costs Structure during operations Infrastructure assets will be funded 50/50 overall by WCS and Simfer in a co-development arrangement of focused scopes2. During construction, Simf
Slide 99: Compagnie du TransGuinéen co-development model
7-member CTG Board of Directors Guinean Chairman appointed by the State Transitional arrangements during construction to comply with existing conventions Simfer and WCS have equal rights including capacity share split Sustainability committee to oversee ESG / HSSEC performance Leverages expertise of
Slide 100: Simandou project life of mine key statistics
©2023, Rio Tinto, All Rights Reserved 98 Simandou project life of mine key statistics1 IRR2 in low double digits anticipated for Simfer mine and combined infrastructure through ownership of CTG Mine Open pit, 1.5Bt Ore Reserves, Block 3 only Ownership Rio Tinto (45%), Chinalco Iron Ore Holdings (40%
Slide 101: Tax settings for sustainable sharing of benefits
©2023, Rio Tinto, All Rights Reserved 99 Tax settings will provide a sustainable sharing of benefits between partners Key Tax Settings Simfer Mine Simandou Infrastructure Governing framework Simfer Convention Modified by the Bipartite Agreement WCS Port and Rail Conventions Modified by the Co Develo
Slide 103: Our emissions differ from our peers
©2023, Rio Tinto, All Rights Reserved 101 Our emissions differ from our peers: ~80% arise from processing metals and minerals which are in hard to abate sectors Total = 32.8Mt CO2e Aluminium Anodes PacOps Electricity1 Alumina Process Heat Minerals Process Heat On-grid processing (Iceland, South Afri
Slide 104: Updated emissions reporting methodology
©2023, Rio Tinto, All Rights Reserved 102 Updated emissions reporting methodology 1.1 0.9 Combined basis Europe & Nth America Australia 0.5 Rest of World Market basis 33.11 34.5 +4% 1.4 0.9 Combined basis Europe & Nth America Australia 0.4 Rest of World Market basis 30.91 32.8 +6% Market basis is no
Slide 105: Nature-based solutions
©2023, Rio Tinto, All Rights Reserved 103 500,000+ hectares of land committed to high integrity nature-based solutions globally by 2025 Sourcing and investing in high-quality nature-based solutions projects to meet compliance requirements (e.g. Safeguard Mechanism) or complement our development port
Slide 106: Boron operation goes 100% biofuel
©2023, Rio Tinto, All Rights Reserved 104 In May 2023, our Boron operation became the world’s first open pit mine to go 100% biofuel – reducing up to 45kt of CO2e per annum Biofuels approach • Electrification will be the most efficient and cost-effective pathway to our zero-emission end state for di
Slide 107: Renewable power transition in Pilbara iron ore
©2023, Rio Tinto, All Rights Reserved 105 The transition to renewable power generation in our Pilbara iron ore business will deliver additional value Rio Tinto and Yindjibarndi Energy Corporation (YEC) have signed a memorandum of understanding (MOU) to explore opportunities to collaborate on renewab
Slide 108: Iron & Titanium decarbonisation options
©2023, Rio Tinto, All Rights Reserved 106 Iron & Titanium has advanced breakthrough decarbonisation options – creating optionality to adjust to a changing environment Rio Tinto and Aymium have worked together over the past two years to develop a biocarbon product that has demonstrated exceptional ef
Slide 110: Nuton expected to deliver exceptional recovery
% o re e xt ra ct io n Nuton Up to 85% Conventional heap leach chemistry 25-35% NutonTM expected to deliver exceptional recovery Up to 85% recovery from primary copper sulphides, compared to 25-35% from traditional heap leach Lower CO2 emissions, TMM1 and friendly ore to 99% cathode process A broad
Slide 111: A Rio Tinto venture
A Rio Tinto venture Asset/ company Current investment/agreement Key terms/ Nuton rights Johnson Camp Mine, AZ Excelsior Mining Inc. (TSX) Nuton Collaboration Agreement and option to JV Agreement Agreement with full pathway on demonstration and deployment • Testing programme underway • O
Slide 112: Common acronyms
©2023, Rio Tinto, All Rights Reserved 110 Common acronyms $ United States dollar CuEq Copper equivalent km kilometre PNG Papua New Guinea Calculated abatement carbon price The levelised marginal cost of abatement at a zero carbon price Calculation: Discounted sum of all abatement costs over time at
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Rio Tinto — Investor Day (January 2024) on 6ix

Rio Tinto — Investor Day (January 2024)

Slide 1: Notice to ASX: Investor Seminar presentation

Slide 2: Notice to ASX contacts

Slide 3: Investor Seminar 2023

Slide 4: Cautionary and supporting statements

Slide 5: Cautionary and supporting statements (cont.)

Slide 6: Cautionary and supporting statements (cont.)

Slide 7: Agenda

Slide 8: Investor Seminar presenters

Slide 9: Welcome to country

Slide 10: Safety share

Slide 11: Our purpose in action

Slide 12: Our purpose makes more sense than ever

Slide 13: Strategy proving itself in an opportunity-rich world

Slide 14: Investing in the health of our business

Slide 15: Shaping our portfolio for the future

Slide 16: Delivering a stronger Rio Tinto for the long term

Slide 17: Panel 1: Exploration and Technology

Slide 18: Building on our history and enabling growth

Slide 19: Where we are exploring for commodities

Slide 20: Our core purpose in exploration is discovery

Slide 21: Seven decades of discovery and development performance

Slide 22: Exploration project pipeline

Slide 23: Nuevo Cobre joint venture with Codelco

Slide 24: Tackling the energy transition together

Slide 25: Strong network of technology partnerships

Slide 26: Disciplined technology roadmap

Slide 27: 2023 highlights to evolve into 2024 successes

Slide 28: Our markets and customers

Slide 29: Global trends driving commodity demand

Slide 30: Decarbonisation drives segmented steel value chains

Slide 31: Low-impurity ores could realise premiums at $100/tCO2

Slide 32: Recycling creates broad benefits across aluminium supply chain

Slide 33: Finding better ways to serve our customers

Slide 34: Matalco – a step change in customer offering

Slide 35: Supporting customers and suppliers to decarbonise

Slide 36: Partnering with customers to decarbonise steel

Slide 37: Near-term Scope 3 targets

Slide 38: BioIron – pioneering breakthrough technologies

Slide 39: Panel 2: Best Operator

Slide 40: Safe Production System progress and 2024 priorities

Slide 41: SPS improving safety, people and profit outcomes

Slide 42: Everyday Respect progress on recommendations

Slide 43: Everyday Respect – looking ahead

Slide 44: Safety share - culture

Slide 45: Break

Slide 46: Our decarbonisation in action

Slide 47: Our project commitments are taking hold

Slide 48: Responsible investment and technology focus

Slide 49: 2023 pipeline progress

Slide 50: Pathway to 2030 target

Slide 51: Roadmap to net zero

Slide 52: Aluminium – in focus

Slide 53: World's leading low-carbon aluminium producer

Slide 54: Strategy for sustainable competitive advantage

Slide 55: Best operator: restoring the base

Slide 56: Raw material prices trending downwards

Slide 57: Delivering on our North America conviction

Slide 58: Partnering to capture energy transition opportunity

Slide 59: Our Aluminium business

Slide 60: Copper - in focus

Slide 61: On track for 1Mt of mined copper production

Slide 62: Continued investment at our high-quality operations

Slide 63: Oyu Tolgoi expected to move to first quartile

Slide 64: Well positioned to support the US energy transition

Slide 65: Nuton – high-recovery, low-footprint technology

Slide 66: Our copper business

Slide 67: Iron Ore - in focus

Slide 68: Portfolio compatible with environmental and heritage values

Slide 69: Robust returns through disciplined investment

Slide 70: Pathway to mid-term system capacity

Slide 71: Front line engagement is delivering results

Slide 72: Unit costs and mid-term cost target

Slide 73: Our Iron Ore business

Slide 74: Simandou

Slide 75: Financially attractive Tier 1 resource

Slide 76: Simandou complements our Pilbara and IOC portfolio

Slide 77: Three dimensions to the Simandou project

Slide 78: Simfer's project scope

Slide 79: Construction progress: enabling works underway