REG - Rio Tinto - Rio Tinto 2025 half year results
Wed 07:15
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RNS Number : 0883T Rio Tinto PLC 30 July 2025
30 July 2025
Very resilient financial results as we grow and diversify our portfolio
6% CuEq production uplift YoY, delivering on strategy through focus on our
four objectives
Rio Tinto Chief Executive Jakob Stausholm said: "We are delivering very
resilient financial results with an improving operational performance helped
by our increasingly diversified portfolio. Underlying EBITDA of $11.5 billion
and operating cash flow of $6.9 billion, despite a 13% lower iron ore price,
demonstrate the growing contribution from our Aluminium and Copper businesses
and our Pilbara operations' strong recovery from the four cyclones in the
first quarter. We are reporting underlying earnings of $4.8 billion (after
taxes and government royalties of $4.8 billion).
"Our strong cash flow enables us to maintain our practice of a 50% interim
payout with a $2.4 billion ordinary dividend, as we continue our disciplined
investment in profitable growth while retaining a strong balance sheet.
"We are well positioned to generate value from our best-in-class project
execution, together with growing demand for our products, now and over the
coming decades. We remain on track to deliver strong mid-term production
growth, with solid foundations in place and a diverse pipeline of options for
the future."
1. Executive Summary
• We're pleased to have announced Simon Trott as Chief Executive
with effect from 25 August 2025.
• Very resilient financials with stable net cash generated from
operating activities of $6.9 billion and underlying EBITDA of $11.5 billion,
despite a 13% lower iron ore price(1) and the impact of the cyclones in Q1,
underpinned by our improving operational performance, diversifying portfolio
and a rising contribution from our Aluminium and Copper businesses.
• Profit after tax attributable to owners of Rio Tinto of $4.5
billion (referred to as "net earnings" throughout this release).
• Interim ordinary dividend of $2.4 billion, a 50% payout, in line
with our practice.
• Successful delivery of projects: Simandou first shipment
accelerated to around November 2025, Western Range iron ore opened on time and
on budget and construction commenced at Hope Downs 2 and Brockman Syncline 1
following receipt of all necessary approvals. Arcadium Lithium acquisition
closed ahead of schedule in March and we enriched our lithium pipeline through
two new agreements in Chile with Codelco and ENAMI(2).
Six months ended 30 June 2025 2024 Change
Net cash generated from operating activities (US$ millions) 6,924 7,056 (2) %
Purchases of property, plant and equipment and intangible assets (US$ 4,734 4,018 18 %
millions)
Free cash flow(3) (US$ millions) 1,962 2,843 (31) %
Consolidated sales revenue (US$ millions) 26,873 26,802 - %
Underlying EBITDA(3) (US$ millions) 11,547 12,093 (5) %
Underlying earnings(3) 4,807 5,750 (16) %
Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ 4,528 5,808 (22) %
millions)
Underlying earnings per share (EPS)(3) (US cents) 296.0 354.3 (16) %
Ordinary dividend per share (US cents) 148.0 177.0 (16) %
Underlying return on capital employed (ROCE)(3) 14% 19%
At 30 June 2025 At 31 December 2024
Net debt(3) (US$ millions) 14,597 5,491 166 %
(1) On a Free on Board (FOB) basis. (2) Subject to regulatory approvals and
other closing conditions. (3) This financial performance indicator is a
non-IFRS (as defined below) measure which is reconciled to directly comparable
IFRS financial measures (non-IFRS measures). It is used internally by
management to assess the performance of the business and is therefore
considered relevant to readers of this document. It is presented here to give
more clarity around the underlying business performance of the Group's
operations. For more information on our use of non-IFRS financial measures in
this report, see the section entitled "Alternative performance measures"
(APMs) and the detailed reconciliations on pages 64 to 70. Our financial
results are prepared in accordance with IFRS - see page 36 for further
information.
( )
2. Progress against our four objectives
Objective Key achievements in the first half of 2025
Best Operator Safety: remains our top priority. We are committed to having a safe work
environment, preventing catastrophic events and injuries.
• 0.39 All Injury Frequency Rate (AIFR).
• Improving operational performance:
◦ The Safe Production System (SPS) rolled out at 36 sites.
◦ Bauxite: Record H1 production as Amrun and Gove continue to
outperform.
◦ Copper: 54% YoY increase in production at Oyu Tolgoi in H1
with SPS building in long-term capability through the underground ramp-up.
◦ Iron Ore Pilbara: Strongest Q2 production since 2018; 5Mtpa
system capacity uplift from SPS in place, however utilisation restricted for
the period affected by the cyclones.
Impeccable ESG • Decarbonisation: on track to reduce Scope 1 and 2 emissions
by 50% by 2030 relative to our 2018 equity emissions baseline(1). Committed to
helping our customers and suppliers achieve net zero by 2050.
◦ CO(2) emissions: 15.6 Mt CO(2)e scope 1 & 2 emissions in
H1 2025 equivalent to 14% vs 2018 baseline.
◦ Spend: $72 million capital expenditure and $181 million
operational expenditure.
◦ Pacific Aluminium: we delivered the third tranche of our
Gladstone operations energy solution, signing two new agreements to purchase
90% of the solar (600MWac) and battery storage (600MW/ 2,400MWh) capacity to
be installed by Edify Energy.
◦ Pilbara iron ore: NeoSmelt technology to produce
low-emission iron, joined by Woodside Energy and Mitsui Iron Ore Development
together with A$19.8 million from Australian Renewable Energy Agency.
• Modern Slavery Statement: published in May, refers an
independent Human Rights Impact Assessment in Guinea and details steps taken
to address the recommendations. The report highlights our commitment to
preventing modern slavery within our operations and supply chains.
Excel in development We continue to make significant progress:
• Simandou: first shipment accelerated to around November 2025.
• Pilbara: Western Range: officially opened in June, on time and
on budget.
• Pilbara: Brockman Syncline 1 & Hope Downs 2: following
Traditional Owner support, received all necessary State and Federal Government
approvals by June. Commencement of main construction works now enabled.
• Lithium: completed acquisition of Arcadium for $6.7 billion(2)
in March; integration of Rio Tinto Lithium is on track; enriched our lithium
pipeline through two new agreements in Chile with Codelco and ENAMI(3).
Social licence We continue to strive to deepen trust and relationships, particularly with
Indigenous peoples as we invest in cultural knowledge.
• Puutu Kunti Kurrama and Pinikura (PKKP): co-management
agreement signed in May with PKKP, providing the overarching framework for Rio
Tinto's iron ore operations on PKKP Country and formalises how they engage on
proposals affecting heritage and social surroundings throughout the mine
lifecycle. It will ensure knowledge-sharing and joint design are at the centre
of Rio Tinto's operations on PKKP Country.
• Pilbara Western Range: First project with co-designed Social,
Cultural and Heritage Management Plan with the Yinhawangka Traditional Owners.
1. We have adjusted our 2018 baseline and 2023 emissions to exclude
emissions reductions achieved by divesting assets and allow increases
associated with acquisitions. In 2023, we restated prior year emissions
numbers and our 2018 baseline following an update to our GHG reporting
methodology. Further detail on these changes in reporting is available in our
Scope 1, 2 and 3 Emissions Calculation Methodology.
2. This includes $6.3 billion paid to Arcadium's shareholders, $0.4
billion paid to their convertible loan note holders.
3. Subject to regulatory approvals and other closing conditions.
3. Guidance
Production (Rio Tinto share, unless otherwise stated) H1 2025 2025 Guidance Guidance status
Pilbara iron ore (shipments, 100% basis) Mt 150.6 323 to 338 Unchanged
(at lower end)(2)
Bauxite Mt 30.6 57 to 59 Unchanged
(at higher end)(3)
Alumina Mt 3.7 7.4 to 7.8 Unchanged
Aluminium (primary only) Mt 1.7 3.25 to 3.45 Unchanged
Copper (consolidated basis)(1) kt 438 780 to 850 Unchanged
(at higher end)(3)
Titanium dioxide slag Mt 0.5 1.0 to 1.2 Unchanged
(at lower end)(3)
Iron Ore Company of Canada (IOC) iron ore pellets & concentrate Mt 4.8 9.7 to 11.4 Unchanged
Boric oxide equivalent Mt 0.2 ~0.5 Unchanged
(1) From Q1 2025, we report copper production and guidance as one metric, in
order to simplify reporting and align with peer practice.
(2) As guided in Q1 production report. (3) As guided in Q2 production report.
Unit Costs
H1 2025 2025 Guidance
Pilbara iron ore unit cash costs, free on board (FOB) basis - US$ per wet 24.3 23.0-24.50
metric tonne
Australian dollar exchange rate 0.63 0.66
Copper C1 net unit costs (includes Kennecott, Oyu Tolgoi and Escondida) - US 97 Updated 110-130
cents per lb
previously 130-150
Share of capital investment
$bn H1 2025 2025 Guidance
Growth capital 1.4 ~ 3
Sustaining capital 1.7 ~ 4
Replacement capital 1.3 ~ 3-4
Decarbonisation capital 0.1 ~ 0.3
Total Group 4.5 ~ 11
Effective tax rate 34.5 % ~33%
(previously ~30%)
2025 production guidance maintained(1)
• Pilbara shipments are expected to be at the lower end of guidance,
due to four cyclones as announced in Q1.
◦ Pilbara iron ore guidance remains subject to the timing of approvals
for planned mining areas and heritage clearances. The system has limited
ability to mitigate further losses from weather if incurred.
• Bauxite production is expected to be at the higher end of guidance
range driven by Amrun exceeding its nameplate capacity in H1.
• Copper production is expected to be at the higher end of guidance due
to our continued successful ramp-up of the Oyu Tolgoi underground mine and
good performance at Escondida.
• TiO(2) production is expected to be at the lower end of guidance
reflecting market demand.
(1) Guidance remains subject to weather impacts
Unit cost guidance
• Pilbara iron ore: we keep guidance unchanged with an average expected
weaker Australian dollar. This considers volumes at the lower end of the
guidance range and the additional spend of ~A$150 million for cyclone recovery
costs, the majority of which is H2 weighted.
• Copper: we update our guidance range from 130-150 c/lb now to 110-130
c/lb due to disciplined cost control, production volumes at the higher end of
the full year guidance range and higher than expected gold prices driving net
costs down.
Capital guidance maintained
• Guidance for our share of capital investment is unchanged at ~$11
billion in 2025, which includes our view of the Arcadium lithium capital
profile.
Higher effective tax rate in 2025
• ~33% effective tax rate on underlying earnings is expected for 2025
(previously ~30%) driven by the higher effective tax rate in H1, which was due
to a higher proportion of profits from higher tax jurisdictions and
unrecognised deferred tax assets. The effective tax rate is expected to return
to ~30% from 2026.
Exploration and Evaluation expense guided lower
• Pre-tax and pre-divestment expenditure on exploration and evaluation
charged to the profit and loss account in H1 2025 was $334 million, compared
with $487 million in H1 2024. Approximately 33% of the spend was by central
exploration, 10% by Minerals (with the majority focusing on lithium), 36% by
Copper, 19% by Iron Ore and 2% by Aluminium. Qualifying expenditure on the
Rincon project has been capitalised since 1 July 2024, accounting for most of
the decrease in expense.
• Exploration and evaluation expense expected to be slightly below the
guided $1 billion in 2025.
Closure activities cash spend maintained
• ~$1 billion expected cash spend per year on closure activities in the
coming years as we continuously rehabilitate our operations and progress work
at Argyle, Energy Resources of Australia (ERA) (under a Management Service
Agreement), the Gove alumina refinery and legacy sites.
• Spend will vary from year to year as we execute individual programs
of work and optimise investment across the portfolio. All these amounts are
fully provided for within our provision for closure costs of $16.5 billion as
of 30 June 2025.
4. Price and exchange rate sensitivities
The following sensitivities give the estimated effect on underlying EBITDA,
assuming that each price or exchange rate moved in isolation. The relationship
between currencies and commodity prices is a complex one; movements in
exchange rates can affect movements in commodity prices and vice versa. The
exchange rate sensitivities quoted here include the effect on operating costs
of movements in exchange rates, but do not include the effect of the
revaluation of foreign currency working capital. They should be used with
care.
Average published US$ million impact on
price/exchange rate for H1 2025 12 months
underlying EBITDA
of a 10% change
in prices/exchange rates
Aluminium (LME) - US$ per tonne 2,539 1,549
Copper (LME) - US cents per pound 428 811
Gold - US$ per troy ounce 3,067 188
Iron ore realised price (FOB basis) - US$ per dry metric tonne 89.7 2,185
Lithium carbonate (spot, $/t CIF China, Japan & Korea) 9,197 51
Australian dollar against the US dollar 0.63 808
Canadian dollar against the US dollar 0.71 340
Oil (Brent) - US per barrel 72 116
5. Market update
Macro:
• Global economy: resilient with continued commodity demand growth,
supported by the energy transition. However, geopolitical tensions and trade
barriers remain near-term economic risks. The Global South continues to
demonstrate robust macroeconomic momentum, driven by resilient domestic
demand, expanding trade and strategic investment flows.
• Chinese economy: GDP growth of 5.3% YoY in H1 2025, given robust
industrial output and export strength on the back of a competitive
manufacturing sector. Retail sales growth was supported by ongoing stimulus
measures while the government remains committed to infrastructure investment.
However, headwinds such as trade tensions and a soft property market continue
to pose challenges.
• US economy: held up given resilient household consumption and
private fixed investment. The impact of tariffs is still feeding through to
inflation and sentiment. The housing market continues to be weak and building
activities have been hampered by elevated mortgage rates, higher construction
costs and reduced labour supply.
Commodities:
• Iron ore:
◦ Price: Platts 62% Fe CFR iron ore benchmark stable at $101 per dry
metric tonne in H1, declined 14% YoY.
◦ Demand: China's crude steel production rose by 1.1% YoY in H1
2025, maintaining its more than one billion tonne annualised run-rate into a
sixth consecutive year. Despite trade barriers and uncertainties, China's
steel exports increased by almost 9% YoY to 58Mt in H1, primarily shipped to
emerging economies in the Global South.
◦ Scrap: China H1 scrap consumption is estimated at 115Mt due to
constraints on scrap availability and relatively high scrap prices compared to
hot metal costs.
◦ Supply: Seaborne supply contracted by 1.4% YoY in H1 as shipments
from the major producers declined by 1% YoY, while supply from smaller and
more price-sensitive producers contracted by 3% YoY.
◦ China's iron ore inventories at 47 major ports were drawn down by
11Mt during H1 to 145Mt at 30 June.
◦ India: crude steel production at 81Mt in H1 2025, 9% up YoY,
making it the fastest growing major consumption region. Meanwhile, domestic
iron ore production, at 157Mt, grew by 2% in H1.
• Copper:
◦ Price: The London Metal Exchange (LME) price increased by 4%,
supported by positive demand and a weakening dollar. The Chicago Mercantile
Exchange (CME) cash price traded higher than LME on average over H1 2025,
reaching a premium of $1,016 per tonne on average in June. This reflected
mounting fears of Section 232 tariffs and resulted in cathode being rerouted
from the rest of the world into the US.
◦ Demand: China experienced strong refined consumption growth in H1
2025, driven by (1) trade-in policies which has stimulated domestic demand for
electric vehicles (EV) and consumer durables, (2) the push towards advanced
manufacturing (copper-intensive) and (3) front-loading of end-goods exports.
Outside of China, copper demand remained broadly stable, though tempered by
caution amid growing tariff exposure and macroeconomic uncertainty.
◦ Supply: Copper concentrate markets remained tight, as mine supply
growth could not keep up with smelter capacity growth. This led to spot
treatment and refining charges trading at an all-time low of -$67 per tonne in
June. While some smelters outside of China scaled back production, Chinese
smelters ramped up refined output, further exacerbating the mine supply
strain.
• Aluminium:
◦ Price: The LME aluminium price was 8% higher YoY, supported by a
modest rise in global production, and firm Chinese demand, while price
volatility was driven by global trade tensions and geopolitical risks in the
Middle East. Aluminium market premiums rose in the US with the implementation
of Section 232 tariffs. The average Australian FOB alumina price fell 47% over
H1 on increased availability of alumina. Whilst the Australian HT CBIX CIF
China bauxite price fell 34% over H1 on higher imports of Guinean bauxite into
China.
◦ Demand: Aluminium apparent demand was firmer in H1 compared to
market expectations, mainly driven by China.
◦ Supply: Global aluminium production rose modestly as China reached
its self-imposed capacity cap. Chinese bauxite imports rose 33% YoY to 103Mt
in H1 with supply from Guinea surging by 41% YoY to 80Mt over the same period,
despite the suspension of mining licenses from some producers.
• Lithium:
◦ Price: Lithium carbonate price decreased 34% YoY to $9,197/t in H1
price due to ongoing oversupply.
◦ Demand: Lithium demand continues to be solid in H1 2025, with EV
sales up 29% YoY mainly driven by China. ~60% of lithium demand is
attributable to batteries in EVs in H1 2025. Energy Storage System (ESS)
remains the fastest growing segment with global ESS battery production up 106%
YoY in H1 2025.
◦ Supply: New projects ramp up in China, Australia, Africa and
Argentina, of which 70% is hard rock sitting high on the cost curve.
Market index prices
Index prices Start of H1 End of H1 % change H1 2024 average H1 2025 average % change YoY
(02/01/25) (30/06/25) Start - End H1
Iron ore ($/dmt CFR China)(1) 101 94 -7% 117 101 -14%
Iron ore ($/dmt FOB China)(2) 94 87 -8% 106 92 -13%
Copper (LME spot, c/lb) 394 455 16% 412 428 4%
Aluminium (LME spot, $/t) 2,536 2,593 2% 2,358 2,539 8%
Bauxite CBIX CIF China ($/t) 95 63 -34% 55 77 40%
Alumina ($/t FOB Australia) 672 358 -47% 400 434 9%
Lithium carbonate (spot, $/t CIF China, Japan & Korea)(3) 10,400 8,100 -22% 13,902 9,197 -34%
(1) Monthly average Platts (CFR) index for 62% iron fines. This is reflective
of the pricing basis before we introduced the new product strategy (see Iron
Ore section for further details).
(2) Platts 62% Fe, FOB Western Australia $/dmt (derived from Platts 62% Fe,
CFR China index).
(3) Fastmarkets index for Lithium carbonate min 99.5% Li2CO3 battery grade.
Average realised prices achieved for our major commodities
Units H1 2025 H1 2024 % change YoY
Pilbara iron ore FOB, $/wmt 82.5 97.3 -15%
Pilbara iron ore(1) FOB, $/dmt 89.7 105.8 -15%
Aluminium(2) Metal $/t 3,125 2,746 14%
Copper(3) US c/lb 436 419 4%
IOC pellets FOB $/wmt 130 154 -16%
(1) Assuming 8% moisture.
(2) Comprised of LME price and product/market premiums. It excludes any
tariff-related costs which are within our operating costs ($444/t for US
destination sales).
(3) Average realised price for all units sold: does not include impact of
provisional pricing adjustments, which positively impacted revenues in H1 2025
by $266 million (H1 2024: positive impact of $93 million).
6. Financial performance
6.1 Income Statement
Net earnings and underlying earnings refer to amounts attributable to the
owners of Rio Tinto. The net profit attributable to the owners of Rio Tinto in
H1 2025 was $4.5 billion (H1 2024: $5.8 billion).
Very resilient financial results from our diversifying portfolio
To provide additional insight into the performance of our business, we report
underlying EBITDA and underlying earnings. Underlying EBITDA and underlying
earnings are non-IFRS measures. For definitions and a detailed reconciliation
of underlying EBITDA and underlying earnings to the nearest IFRS measures, see
pages 41, and 65 to 66, respectively.
The principal factors explaining the movements in underlying EBITDA are set
out in this table.
US$bn
2024 first half underlying EBITDA 12.1
Prices (0.8)
Exchange rates 0.2
Volumes and mix 0.7
General inflation (0.2)
Energy 0.1
Operating cash unit costs -
Exploration and evaluation expenditure (net of profit from disposal of 0.2
interests in undeveloped projects)
Non-cash costs/other (0.6)
Change in underlying EBITDA (0.5)
2025 first half underlying EBITDA 11.5
Financial figures are rounded to the nearest $100 million, hence small
differences may result in the totals.
• Very resilient underlying EBITDA: driven by an improving operational
performance helped by our increasingly diversified portfolio, with record
bauxite production and the successful ramp-up of Oyu Tolgoi underground. We
continue to maintain cost discipline, with overall stability in our unit cash
costs, leading to underlying EBITDA of $11.5 billion.
• Prices -$0.8 billion impact: reflecting 13% lower iron ore index
price (FOB $/dmt), partly offset by stronger prices for bauxite, alumina,
aluminium, copper and gold. We have included a table of prices and exchange
rates on page 71.
• Exchange rates $0.2 billion benefit: compared with H1 2024, on
average, the US dollar strengthened by 4% against the Australian and
Canadian dollars.
• Volumes and mix $0.7 billion benefit: 6% growth in copper equivalent
production underpinned a 4% rise in sales volumes. This was driven by a 21%
uplift in copper shipments from the ramp-up of Oyu Tolgoi underground and
higher copper grades at Escondida, which, together with a 9% rise in bauxite
volumes, offset the impact of 3% lower iron ore shipments from the Pilbara due
to cyclones in Q1.
• Inflation net of energy -$0.1 billion impact: inflation on our cost
base of $0.2 billion was partly offset by the easing of diesel prices.
• Stable operating cash unit costs as we continue our focus on cost
discipline.
◦ Improved aluminium cost efficiencies +$0.2 billion: driven by the
rise in bauxite and alumina production.
◦ Improved cost efficiencies for Copper +$0.1 billion: underpinned by
higher volumes from Oyu Tolgoi and Escondida, together with disciplined cost
control.
◦ Iron Ore and Minerals -$0.2 billion: slightly lower volumes in the
Pilbara due to weather impacts together with additional costs to support
improved operational stability at IOC.
• Exploration and evaluation $0.2 billion benefit: Rincon costs now
being capitalised.
• Non-cash costs/other -$0.6 billion impact: In H1 2024, we revised
the closure discount rate from 2.0% to 2.5%, giving rise to a $0.2 billion
increase in underlying EBITDA in H1 2024. The remaining movements mainly
related to adjustments to provisions.
Net earnings
The principal factors explaining the movements in underlying earnings and net
earnings are set out below.
US$bn
2024 first half net earnings 5.8
Changes in underlying EBITDA (see above) (0.5)
Increase in depreciation and amortisation (pre-tax) in underlying earnings (0.2)
Increase in interest and finance items (pre-tax) in underlying earnings (0.1)
Increase in tax on underlying earnings (0.2)
Decrease in underlying earnings attributable to outside interests 0.1
Total changes in underlying earnings (0.9)
Changes in items excluded from underlying earnings (see below) (0.4)
Movement in impairment charges net of reversals (0.1)
Movement in exchange differences and gains/losses on derivatives (0.2)
Other (0.1)
2025 first half net earnings 4.5
Financial figures are rounded to the nearest $100 million, hence small
differences may result in the totals.
• Increase in depreciation -$0.2 billion: in line with ramp-up of
Oyu Tolgoi and inclusion of Arcadium since March.
• Higher taxes -$0.2 billion: increased contribution from Escondida
with an associated higher underlying tax rate, some unrecognised deferred tax
assets, disallowed costs and adjustments in respect of prior periods around
the group, driving the effective tax rate on underlying earnings to 34.5%
(29.5% in H1 2024).
Items excluded from underlying earnings
The differences between underlying and net earnings are set out in this table
(all numbers are after tax and exclude amounts attributable to non-controlling
interests).
2025 2024
Six months ended 30 June US$bn US$bn
Underlying earnings 4.8 5.8
Items excluded from underlying earnings
Impairment charges net of reversals (0.1) 0.1
Foreign exchange and derivative gains/(losses) on net debt and intragroup (0.2) -
balances and derivatives not qualifying for hedge accounting
Total items excluded from underlying earnings (0.3) 0.1
Net earnings 4.5 5.8
Financial figures are rounded to the nearest $100 million, hence small
differences may result in the totals.
On page 66 there is a detailed reconciliation from net earnings to underlying
earnings, including pre-tax amounts and additional explanatory notes. The
differences between profit after tax and underlying EBITDA are set out in the
table on page 41.
• Impairment charges net of reversals -$0.1 billion: mainly related
to our Minerals RTIT Quebec operations where we are progressing a business
transformation in response to challenging market conditions for our products,
including TiO(2) and metallics. The value of the projected initiatives may not
fully deliver the expected benefit, hence a pre-tax impairment charge of $122
million (post-tax $86 million) has been allocated to property, plant and
equipment.
• Foreign exchange and derivative losses -$0.2 billion: includes
post-tax losses on intragroup balances of $0.5 billion (30 June 2024: $0.2
billion gain) offset by post-tax gains on external net debt of $0.2 billion
(30 June 2024: $0.1 billion loss), primarily as a result of the strengthening
of the Australian dollar in H1 2025.
Net earnings and underlying earnings refer to amounts attributable to the
owners of Rio Tinto.
Underlying EBITDA by product group
Underlying EBITDA
2025 2024 Change
Six months ended 30 June US$bn US$bn %
Iron Ore 6.7 8.8 (24) %
Aluminium 2.4 1.6 50 %
Copper 3.1 1.8 69 %
Minerals 0.3 0.7 (58) %
Reportable segments total 12.4 12.9 (4) %
Other operations - 0.1 NA
Central pension costs, share-based payments, insurance and derivatives - (0.2) (89) %
Restructuring, project and one-off costs (0.3) (0.1) 188 %
Other central costs (0.4) (0.5) (14) %
Central exploration and evaluation (0.1) (0.1) (4) %
Total 11.5 12.1 (5) %
Financial figures are rounded to the nearest $100 million, hence small
differences may result in the totals and period-on-period change. Underlying
EBITDA and underlying earnings are non-IFRS measures used by management to
assess the performance of the business and provide additional information
which investors may find useful. For more information on our use of non-IFRS
financial measures in this report, see the section entitled "Alternative
performance measures" (APMs) and the detailed reconciliations on pages 64 to
70.
• Restructuring, project and one-off costs $0.3 billion: 188% YoY
increase includes acquisition costs associated with Arcadium, along with
ongoing investment in corporate projects and change in non-cash provisions
recorded centrally.
• Other central costs $0.4 billion: 14% YoY decrease reflecting
lower costs across a number of our central support functions.
• Exploration and evaluation $0.1 billion: strong portfolio of
greenfield projects in early exploration stages, with activity in 17 countries
across seven commodities. The bulk of the exploration expenditure in H1 2025
was focused on copper in Australia, Angola, Chile, Colombia, Peru, Serbia and
the US, lithium in Australia, Canada, Chile and Rwanda and diamonds in Angola.
6.2 Consistent cash flow generation with disciplined investment
2025 2024
Six months ended 30 June US$bn US$bn
Net cash generated from operating activities 6.9 7.1
Purchases of property, plant and equipment and intangible assets (4.7) (4.0)
Lease principal payments (0.2) (0.2)
Free cash flow¹ 2.0 2.8
Dividends paid to equity shareholders (3.8) (4.1)
Net funding relating to Simandou (outside of free cash flow) 0.3 0.4
Acquisition of Arcadium (including acquired net debt, refer to page 46) (7.6) -
Movement in net debt¹ (9.1) (0.8)
Financial figures are rounded to the nearest $100 million, hence small
differences may result in the totals.
• $6.9 billion of net cash generated from operating activities: 60%
underlying EBITDA cash conversion rate (compared to 58% in H1 2024), driven by
a more modest build in working capital and lower taxes paid reflecting the
changing profit mix across the group, partially offset by lower dividends from
equity accounted units relative to the change in EBITDA. Cash outflows of
working capital of $0.6 billion were slightly favourable to H1 2024,
reflecting optimisation of inventory levels in the Pilbara and normal
seasonality in amounts due to JV partners and employees.
• $4.7 billion of purchases of property, plant and equipment and
intangible assets (capital expenditure): comprised $1.6 billion of growth,
$1.3 billion of replacement, $1.7 billion of sustaining and $0.1 billion of
decarbonisation capital (in addition to $0.2 billion of decarbonisation
operational expenditures). We continue to fund our capital program in
accordance with our capital allocation framework.
• $3.8 billion dividends paid: reflected payment of the 2024 final
ordinary dividend.
• $0.3 billion net inflow from Simandou funding: we received $0.7 billion
from Chalco Iron Ore Holdings and funded Winning Consortium Simandou (WCS)
rail and port entities, consisting of a direct equity investment in WCS of
$0.1 billion and $0.2 billion in loans.
• $7.6 billion Arcadium acquisition: includes $6.3 billion paid to
Arcadium's shareholders, $0.4 billion paid to their convertible loan note
holders, consolidation of Arcadium's $0.7 billion net debt and $0.2 billion
loaned by Rio Tinto to Arcadium prior to completion of the acquisition.
Transaction costs have been expensed and are included in operating expenses
and are part of operating cash flows.
• $14.6 billion net debt(1) at 30 June 2025: the above movements resulted
in an increase in net debt¹ of $9.1 billion in H1 2025.
Six months ended 30 June 2025 2024
US$m US$m
Purchase of property, plant and equipment and intangible assets 4,734 4,018
Funding provided by the group to EAUs((a)) 331 -
Less: Equity or shareholder loan financing received/due from non-controlling (554) (349)
interests((b))
Rio Tinto share of capital investment 4,511 3,669
(a) In 2025, funding provided by the group to EAUs relates to funding of
WCS rail and port entities (WCS) in relation to the Simandou project,
consisting of a direct equity investment in WCS of US$148 million and loans
provided totalling US$183 million.
(b) In 2025, we received US$667 million from Chalco Iron Ore Holdings
Ltd (CIOH) interests of which US$456 million relates to CIOH's 47% share of
capital expenditure incurred on the Simandou project and associated funding
provided by the Group to EAUs during the current year on an accruals basis. We
also received US$89 million from Investissement Québec (IQ) in respect of
their 50% share of capital expenditure incurred on the Nemaska lithium
development project. The equivalent amount, on an accruals basis, of
US$98 million is included in Rio Tinto share of capital investment.
(1) This financial performance indicator is a non-IFRS (as defined below)
measure which is reconciled to directly comparable IFRS financial measures
(non-IFRS measures). It is used internally by management to assess the
performance of the business and is therefore considered relevant to readers of
this document. It is presented here to give more clarity around the underlying
business performance of the Group's operations. For more information on our
use of non-IFRS financial measures in this report, see the section entitled
"Alternative performance measures" (APMs) and the detailed reconciliations on
pages 64 to 70. Our financial results are prepared in accordance with IFRS -
see page 36 for further information.
6.3 Retaining a strong balance sheet
• Net debt(1): $14.6 billion at 30 June 2025 increased by $9.1
billion compared to 2024 year end, including completion of the Arcadium
acquisition in March.
• Net gearing ratio(1) (net debt to total capital): 19% at 30 June
2025 (31 December 2024: 9%). See page 70.
• Total financing liabilities excluding net debt derivatives: $23.6
billion at 30 June 2025 following $9 billion bond issuance to fund the
acquisition of Arcadium and for general corporate purposes (31 December 2024:
$13.8 billion) and the weighted average maturity was 12 years. At 30 June
2025, 74% of these liabilities were at floating interest rates (79% excluding
leases). The maximum amount within non-current borrowings maturing in any one
calendar year is $2.8 billion, which matures in 2028.
• Cash and cash equivalent plus other short term highly liquid
investments: $9.1 billion at 30 June 2025 (31 December 2024:
$8.7 billion).
• Provision for closure costs:
◦ $16.5 billion at 30 June 2025 (31 December 2024: $15.7 billion).
The provision increased by $0.6 billion due to a weaker US dollar at 30
June 2025 and by $0.3 billion following the Arcadium acquisition.
◦ During the period, there was a $0.4 billion spend against the
provision as we advanced our closure activities at Argyle, ERA (under a
Management Service Agreement), the Gove alumina refinery and other legacy
sites, along with progressive closure activity across our operations.
◦ Total closure cash spend for the year expected to be around $1
billion as planned.
(1) This financial performance indicator is a non-IFRS (as defined below)
measure which is reconciled to directly comparable IFRS financial measures
(non-IFRS measures). It is used internally by management to assess the
performance of the business and is therefore considered relevant to readers of
this document. It is presented here to give more clarity around the underlying
business performance of the Group's operations. For more information on our
use of non-IFRS financial measures in this report, see the section entitled
"Alternative performance measures" (APMs) and the detailed reconciliations on
pages 64 to 70. Our financial results are prepared in accordance with IFRS -
see page 36 for further information.
6.4 Shareholder returns
50% payout ratio on the ordinary dividend, in line with our practice
2025 2024
US$bn US$bn
Ordinary dividend
Interim⁽ª⁾ 2.4 2.9
Payout ratio on ordinary dividend 50% 50%
a. Based on weighted average number of shares and declared dividends
per share for the respective periods and excluding foreign exchange impacts on
payment. Financial figures are rounded to the nearest $100 million, hence
small differences may result in the totals.
Ordinary dividend per share declared 2025 2024
Interim (US cents) 148.0 177.0
Interim dividend calendar 2025
2025 Interim dividend 14 August
Ex-dividend date for Rio Tinto plc and Rio Tinto Limited ordinary shares
2025 Interim dividend 15 August
Ex-dividend date for Rio Tinto plc ADRs
Record date 15 August
Final date for Dividend Reinvestment Plan and alternate currency payment 4 September
elections
Currency conversion date 16 September
Payment date 25 September
The 2025 interim ordinary dividend to be paid to our Rio Tinto Limited
shareholders will be fully franked. The Board expects Rio Tinto Limited to be
in a position to pay fully franked dividends for the foreseeable future.
The Board is committed to maintaining an appropriate balance between cash
returns to shareholders and investment in the business, with the intention of
maximising long-term shareholder value while maintaining a strong balance
sheet.
The Board expects total cash returns to shareholders over the longer term to
be in a range of 40% to 60% of underlying earnings in aggregate through the
cycle. Both Rio Tinto plc and Rio Tinto Limited dividends are declared in US
dollars.
Dual listed company structure (DLC)
Rio Tinto has periodically reviewed the DLC structure many times since it was
established, and completed a further comprehensive review in 2024 with advice
from leading external experts. After considering the findings of the review,
the Board concluded that unification of the DLC would be value-destructive and
the DLC structure continues to be effective and provide benefits to Rio Tinto
and its shareholders. Following the requisitioned Resolution, Rio Tinto
consulted extensively with shareholders prior to the 2025 annual general
meetings (AGM) on the resolution and received significant support for the
Board's conclusion that unification of the DLC structure is not in the
interests of shareholders and Rio Tinto as a whole. Shareholders also
expressed a view that the Board should remain focused on execution of the
Group's strategy and delivery of long-term, sustainable value for shareholders
and that a further review of the DLC structure at this time was duplicative of
the recent review led by the Board. Consistent with this feedback, over 80% of
shareholders voted against the resolution, in support of the Board's
recommendation.
Following the AGMs and as outlined in its result of AGMs announcement, Rio
Tinto has sought to engage with shareholders who voted against the Board's
recommendation to offer further opportunities to discuss the DLC structure and
ensure their views are fully understood. This engagement is ongoing and Rio
Tinto will continue to carefully consider the feedback provided.
The Rio Tinto Board will continue regularly to evaluate options to maximise
sustainable value for all shareholders, which will include future periodic
reviews of the DLC structure.
7. Review of operations
Iron Ore
Six months ended 30 June 2025 2024 Change
Pilbara production (million tonnes - 100%) 153.5 157.4 (2) %
Pilbara shipments (million tonnes - 100%) 150.6 158.3 (5) %
Salt production (million tonnes - Rio Tinto share)¹ 2.2 3.0 (25) %
Segmental revenue (US$ millions) 12,518 15,206 (18) %
Average realised price (US$ per dry metric tonne, FOB basis) 89.7 105.8 (15) %
Underlying EBITDA (US$ millions) 6,669 8,807 (24) %
Pilbara underlying FOB EBITDA margin² 61% 67%
Net cash generated from operating activities (US$ millions) 4,560 6,312 (28) %
Capital expenditure (US$ millions)³ (1,447) (1,258) 15 %
Free cash flow (US$ millions) 3,062 5,029 (39) %
Underlying return on capital employed⁴ 38% 55%
Production figures are sometimes more precise than the rounded numbers shown,
hence small differences may result in the year on year change.
1. Dampier Salt is reported within Iron Ore, reflecting management
responsibility. Iron Ore Company of Canada continues to be reported within
Minerals. The Simandou iron ore project in Guinea reports to the Chief
Technical Officer and is reported outside the Reportable segments.
2. The Pilbara underlying free on board (FOB) EBITDA margin is defined as
Pilbara underlying EBITDA divided by Pilbara segmental revenue,
excluding freight revenue.
3. Capital expenditure is the net cash outflow on purchases less sales of
property, plant and equipment; capitalised evaluation costs; and purchases
less sales of other intangible assets.
4. Underlying return on capital employed (ROCE) is defined as underlying
earnings excluding net interest divided by average capital employed.
Financial performance
• Product strategy: as first announced in Q3 2024, we have been
undertaking a review of our product strategy. We have notified customers of
changes to specifications of the Pilbara Blend. The changes predominantly
combine the previous Pilbara Blend and SP10 products into a single blend with
the iron content moving to 60.8% Fe (average) from 61.6% Fe (average) (for the
Pilbara Blend fines product). Shipments of the new Pilbara Blend commenced in
July 2025.
• Underlying EBITDA: 24% lower than H1 2024, primarily due to lower
realised prices ($1.9 billion impact) and lower shipments following the
impacts of the four cyclones in Q1.
• Unit cost: $24.3 per tonne was $1.1 per tonne higher than H1 2024,
driven by lower shipments and additional spend to recover from the Q1
cyclones. 2025 unit cost guidance remains unchanged.
• Capital investment: 15% increase YoY reflecting the progress we
have made at our Pilbara replacement projects. We opened Western Range in June
2025 on time and on budget, and Brockman 4 and Hope Downs 2 have received all
necessary government approvals, enabling commencement of main construction
works, laying the foundation to achieve our mid-term capacity.
• Cash flow: net cash generated from operating activities was 28%
lower than H1 2024, driven by the same factors as underlying EBITDA and unit
costs, together with a build in working capital to optimise stock levels in
the Pilbara. The increase in capital investment gave rise to free cash flow of
$3.1 billion.
• Pricing:
% of total shipments H1 2025 H1 2024
Average index for the month 80 % 77 %
Quarterly lag 10 % 10 %
Quarterly average & others 10 % 12 %
FOB pricing 26 % 26 %
• Average prices:
Units H1 2025 H1 2024 % change YoY
Platts 62% index FOB, $/dmt 92.0 106.0 (13) %
Pilbara iron ore FOB, $/wmt 82.5 97.3 (15) %
Pilbara iron ore FOB, $/dmt 89.7 105.8 (15) %
• Freight revenue: Segmental revenue for our Pilbara operations
included freight revenue of $0.8 billion (H1 2024: $1.1billion).
Review of operations
• Pilbara iron ore production: H1 2025 production was 2% lower YoY,
with operations recovering from the impacts of four cyclones in Q1, to achieve
the Pilbara's strongest Q2 production since 2018.
• Shipments: were 5% lower YoY, impacted by the four cyclones in Q1.
• Portside business: with strong demand, total iron ore sales in
China at our portside were 16.3 million tonnes, of which 94% were either
screened or blended in Chinese ports. Our portside business enables us to
access the onshore Chinese iron ore market, extending our Pilbara value chain
by managing the increasing variability of our ore bodies.
• Inventory levels at Portside: 4.4 million tonnes at June,
including 3.8 million tonnes of Pilbara product.
Aluminium
Six months ended 30 June 2025 2024 Change
Bauxite production ('000 tonnes - Rio Tinto share) 30,610 28,142 9 %
Alumina production ('000 tonnes - Rio Tinto share) 3,735 3,540 6 %
Aluminium production ('000 tonnes - Rio Tinto share) 1,671 1,650 1 %
Segmental revenue (US$ millions) 7,753 6,486 20 %
Average realised aluminium price (US$ per tonne) 3,125 2,746 14 %
Underlying EBITDA (US$ millions) 2,363 1,577 50 %
Underlying EBITDA margin (integrated operations) 33% 27%
Net cash generated from operating activities (US$ millions) 1,947 1,112 75 %
Capital expenditure - excluding EAUs (US$ millions)¹ (756) (705) 7 %
Free cash flow (US$ millions) 1,172 390 201 %
Underlying return on capital employed² 14% 7%
1. Capital expenditure is the net cash outflow on purchases less sales of
property, plant and equipment; capitalised evaluation costs; and purchases
less sales of other intangible assets. It excludes equity accounted units
(EAUs).
2. Underlying return on capital employed (ROCE) is defined as underlying
earnings excluding net interest divided by average capital employed.
Financial performance
• Underlying EBITDA: overall we delivered a significant uplift in
profitability for our Aluminium business with a 50% increase in underlying
EBITDA to $2.4 billion, underlying EBITDA margin rising six percentage points
to 33% and underlying ROCE of 14%. This was mainly driven by higher volumes,
prices and improved market premiums, partly offset by $321 million of gross
costs associated with US tariffs on our primary aluminium exports. From March
2025, we lost the 10% tariff exemption under Section 232, from which we
benefited since 2018. The US Midwest premium rapidly adapted to the 25%
tariffs level in Q1 but at the end of Q2, was not fully compensating for the
50% tariff.
• Capital Investment: increase YoY reflected the acceleration of the
low-carbon AP60 project in Quebec, Canada.
• Cash flow: 75% uplift YoY in net operating cash flow at $1.9
billion, driven by higher underlying EBITDA and represents a higher EBITDA
cash conversion YoY. Significant rise in free cash flow to $1.2 billion net of
a 7% increase in capital investment.
• Pricing: our aluminium price comprises the LME price, a market
premium and a value-added product (VAP) premium.
• Realised price:
$/tonne H1 2025 H1 2024 H1 2025 vs
H1 2024
Average realised prices including premiums for value-added products (VAP) 3,125 2,746 +14 %
Average LME price 2,539 2,358 +8 %
Average product premiums for VAP sales(1) 292 287 +2 %
(1) Our VAP sales increased to 46% of primary metal sold in H1 2025 (H1
2024: 45%).
H1 2025 Q2 2025
Total RTA shipments - US destination, kt 723 343
Total RTA tariff cost, $m 321 244
Average mid-west premium duty paid(1), $/tonne 855 983
Average realised tariff costs - US destination, 444 712
$/tonne
(1) Mid-west premium duty paid applies to approximately 55% of our total
volumes in H1 2025 (59% in H1 2024).
Review of operations
• Bauxite: record H1 production of 31 million tonnes was 9% higher
than H1 2024, with full year production now expected at the higher end of the
guidance range. We continue to benefit from the maturing in the Safe
Production System at Amrun and Gove.
• Alumina: 6% YoY increase in production, due to a recovery from
Queensland Gas Pipeline outage at Gladstone which impacted the prior period.
• Aluminium: production was in line with H1 2024, performing well
with continuous improvements offsetting external challenges that impacted
production at our Kitimat smelter due to lower reservoir levels, and New
Zealand Aluminium Smelter (NZAS), impacted by a call from Meridian Energy to
reduce electricity usage from early March to 15 June 2025 for which we were
compensated.
Aluminium modelling
To assist with modelling of aluminium operating costs during a volatile price
environment for raw materials, we provide the following breakdown and
sensitivities for the alumina and aluminium metal segments (Primary Metal and
Pacific Aluminium). This excludes the effect of intra and inter segment
eliminations on group profit.
Alumina refining
Production cash cost (%) FY 24 H1 24 H2 24 H1 25
Bauxite 33 32 33 36
Conversion 38 39 38 34
Caustic 17 17 17 19
Energy 12 12 12 11
Total 100 100 100 100
Input costs (nominal) H1 24 H2 24 H1 25 H1 25 annual cost sensitivity impact on underlying EBITDA
Index price Index price Index price
Caustic soda(1) ($/t) 376 430 445 $11m per $10/t
Natural gas(2) ($/mmbtu) 2.21 2.61 3.69 $4m per $0.10/GJ
Brent oil ($/bbl) 84 77.5 71.8 $2m per $10/bbl
(1)North East Asia FOB | (2)Henry Hub
Aluminium smelting
Production cash cost (%) FY 24 H1 24 H2 24 H1 25
Alumina 43 41 45 45
Power 20 19 21 21
Conversion 20 22 19 19
Carbon 15 16 13 13
Materials 2 2 2 2
Total 100 100 100 100
Input costs (nominal) H1 24 H2 24 H1 25 H1 25 annual cost sensitivity impact on underlying EBITDA
Index price Index price Index price
Alumina(1) ($/t) 400 603 434 $65m per $10/t
Petroleum coke(2) ($/t) 394 391 458 $11m per $10/t
Coal tar pitch(3) ($/t) 958 910 868 $3m per $10/t
(1)Australia FOB | (2)US Gulf FOB | (3)North America FOB
Copper
Six months ended 30 June 2025 2024 Change
Total copper production ('000 tonnes) (consolidated basis)(1) 438 379 16 %
Segmental revenue (US$ millions) 6,208 4,408 41 %
Average realised copper price (US cents per pound)(2) 436 419 4 %
Underlying EBITDA (US$ millions)(3) 3,105 1,841 69 %
Underlying EBITDA margin (product group operations) 61% 53%
Net cash generated from operating activities (US$ millions)(3,4) 1,577 1,135 39 %
Capital expenditure - excluding EAUs(5) (US$ millions) (831) (970) (14) %
Free cash flow (US$ millions)(3) 742 161 361 %
Underlying return on capital employed (product group operations)(6) 12% 7%
1. Includes Oyu Tolgoi and Kennecott on a 100% consolidated basis, and
Escondida on an equity share basis.
2. Average realised price for all units sold. Realised price does not
include the impact of the provisional pricing adjustments, which positively
impacted revenues by $266 million (H1 2024: $93 million positive).
3. Accountability for Rio Tinto Guinea, our in-country external affairs
office, remains with Bold Baatar, and has therefore moved from the Copper
product group to "Other operations" following his change in role to Chief
Commercial Officer. Accordingly, prior period amounts have been adjusted for
comparability.
4. Net cash generated from operating activities excludes the operating
cash flows of equity accounted units (EAUs) but includes dividends from EAUs
(Escondida).
5. Capital expenditure is the net cash outflow on purchases less sales of
property, plant and equipment, capitalised evaluation costs and purchases less
sales of other intangible assets. It excludes EAUs.
6. Underlying return on capital employed (ROCE) is defined as underlying
earnings (product group operations) excluding net interest divided by average
capital employed.
Financial performance
• Underlying EBITDA: 69% uplift, benefited from on-track ramp-up at
Oyu Tolgoi (54% rise in copper production), better than expected performance
at Escondida, together with higher copper and gold prices.
• Unit costs: copper C1 net unit costs, at 97 cents per pound,
reduced by 50 cents per pound, or 34%, from H1 2024, reflecting good cost
control and efficiencies on the higher mined copper production at Oyu Tolgoi
and Escondida. In addition, higher by-product credits from higher gold volumes
and a rising gold price further reduced net unit costs.
• Capital investment: 14% YoY lower capital investment as we near
the completion of the Oyu Tolgoi underground project. Together with a strong
EBITDA, return on capital employed rose by 5 percentage points to 12% in H1
2025.
• Cash flow: we generated significantly higher net cash from
operating activities of $1.6 billion, driven by higher underlying EBITDA and
includes a modest build in working capital at Kennecott. Free cash flow was
net of $831 million of capital investment as we near completion of the Oyu
Tolgoi underground mine project in 2025.
Review of operations
• Production: 16% increase in copper production YoY, mainly driven
by the ramp-up from Oyu Tolgoi underground. We also benefited from improving
head grade and recovery rates and strong concentrate performance at Escondida.
This was partially offset by lower refined volumes from Kennecott due to lower
ore availability as we continue to navigate challenging geotechnical
conditions impacting the south wall of the mine.
• Oyu Tolgoi: ramp-up is on track to reach a greater than 50%
increase in production in 2025, with mine plan flexibility and options,
including bringing Panel 1 or Panel 2 South into production first depending on
the timing of the Entrée licence transfer, with no material impact on
production.
( )
Minerals (including Lithium)
Six months ended 30 June 2025 2024 Change
Iron ore pellets and concentrates production¹ (million tonnes - Rio Tinto 4.8 4.8 - %
share)
Titanium dioxide slag production ('000 tonnes - Rio Tinto share) 491 492 - %
Borates production ('000 tonnes - Rio Tinto share) 249 246 1 %
Diamonds production ('000 carats - Rio Tinto share) 2,179 1,441 51 %
Total lithium production ('000 LCE - Rio Tinto share)(2) 18 NA
Segmental revenue (US$ millions) 2,887 2,738 5 %
Underlying EBITDA (US$ millions) 286 687 (58) %
Underlying EBITDA margin (product group operations, excluding Rio Tinto 14% 34%
Lithium)
Net cash generated from operating activities (US$ millions) 180 267 (33) %
Capital expenditure (US$ millions)(3) (826) (271) 205 %
Free cash flow (US$ millions) (663) (19) NA
Underlying return on capital employed (product group operations excluding 1% 12%
lithium)(4)
1. Iron Ore Company of Canada (IOC) continues to be reported within
Minerals.
2. H1 2025 lithium carbonate equivalent production from Arcadium was 29kt
(35kt on a 100% basis) of which 18kt (21kt on a 100% basis) was produced since
completion of the acquisition in March.
3. Capital expenditure is the net cash outflow on purchases less sales of
property, plant and equipment; capitalised evaluation costs; and purchases
less sales of other intangible assets.
4. Underlying return on capital employed (ROCE) is defined as underlying
earnings (product group operations) excluding net interest divided by average
capital employed.
Financial performance
• Underlying EBITDA: $0.3 billion was 58% lower than H1 2024,
primarily due to lower pricing across most commodities, in particular titanium
dioxide feedstock and iron ore pellets. In addition, H1 2024 included
insurance proceeds of $0.2 billion(1) relating to the process safety incidents
at RTIT Quebec Operations and forest fires at IOC. Following completion of the
Arcadium acquisition, we formed Rio Tinto Lithium, combining Arcadium with
Rincon, with integration progressing as planned. Underlying EBITDA of $42
million includes Arcadium from 6 March 2025 and is net of Rincon costs not
qualifying for capitalisation.
• Capital investment: increase mainly driven by Rio Tinto Lithium
which includes consolidated Arcadium from March 2025 and capitalising Rincon
project costs from 1 July 2024.
• Cash flow: net cash generated from operating activities of $0.2
billion was 33% lower than H1 2024 driven by lower EBITDA offset in part by a
drawdown in inventory. Further investment is being made to develop our lithium
business, resulting in negative free cash flow of $0.7 billion.
Review of operations
• IOC: production in line with H1 2024, improved operational
stability drove higher production in Q2 after recovering from low weight yield
at the concentrator in Q1. Shipments were down 8%, mainly driven by timing of
vessels at the port.
• TiO(2): slag production was stable, driven by improved furnace
efficiency and capacity at RTIT Quebec Operations.
• Borates: 1% YoY increase in production driven by improvements in
plant stability and logistics which offset an unscheduled plant outage to
address process line scaling issues, which have now been resolved.
• Lithium: 18kt lithium carbonate equivalent production (Rio Tinto
share) since completion of the acquisition in March. Mt Cattlin spodumene
operation in Western Australia was placed on care and maintenance by end of
March 2025, as previously communicated by Arcadium in 2024. Production at
Fenix was affected by snowfall-related energy outages in May and transport
system issues in April, both since resolved.
(1) There is no overall financial impact to the Rio Tinto Group, with the
offset reflected centrally.
8. Capital projects
Project Total Capital remaining to be spent from Status/Milestones
(Rio Tinto 100% capital cost 1 July 2025
owned unless (100% unless
otherwise stated) otherwise stated)
Ongoing
Iron ore
Project: Western Range $1.3bn $0.25bn • Officially opened on 6 June 2025 with Western Australian Premier
Roger Cook and Federal Resources Minister Madeleine King joining Yinhawangka
Location: WA, Australia (Rio Tinto share)(1) (Rio Tinto Traditional Owners and senior representatives from Rio Tinto and joint venture
partner China Baowu Group (Baowu) to mark the milestone.
Ownership: Rio Tinto (54%) and China Baowu Steel Group Co. Ltd (46%) share)
• Production ramp-up over the remainder of 2025 continues, as
Capacity: 25 Mtpa planned.
Approval: Sept 2022
First production: March 2025
To note: The project includes construction of a primary crusher and an 18
kilometre conveyor connection to the Paraburdoo processing plant.
Project: Brockman (Brockman Syncline 1) $1.8bn $1.7bn • Enabling works continue to progress well.
• Key contractors mobilising and main bulk earthworks underway.
Location: WA, Australia
Ownership: 100%
Capacity: 34 Mtpa
Approval: Oct 2024 (Mar 2025 was government approvals)
Planned first production: 2027
To note: The project is to extend the life of the Brockman regions in WA and
sustain production from iron ore operations
Project: Hope Downs 2 (incl. Bedded Hilltop) $0.8bn $0.7bn • Received all necessary State and Federal Government approvals.
(Rio Tinto share) (Rio Tinto • Commencement of main works construction now enabled.
Location: WA, Australia share)
Ownership: Rio Tinto (50%) and Hancock Prospecting (50%)
Capacity: 31 Mtpa
Approval: September 2024 (June 2025 was government approvals)
Planned first production: 2027
To note: The project is to extend the life of the Hope Downs 1 operation in
WA.
Project: Simandou $6.2bn $3.1bn • Simandou first shipment accelerated to around November 2025. Ore
will be railed from the SimFer mine to the main rail line via the SimFer rail
Location: Guinea, Africa (Rio Tinto spur and initially shipped through the WCS port while construction of the
SimFer port is finalised.
SimFer mine ownership: SimFer (85%), Government of Guinea (GoG) (15%) share)
• For 2025, we expect 0.5 to 1.0 Mt of shipments (SimFer scope from
SimFer mine capacity: 60 Mtpa (27 Mtpa RT share) Blocks 3 & 4).
Approval: July 2024 • Non-managed infrastructure - our partners confirm that
construction is progressing well and is on track. Highlights include track
Planned first production: 2025 and first shipment accelerated to around laying on the mainline rail, now complete, to enable first shipped ore from
November 2025, ramping up over 30 months to full capacity both Simandou mines through the rail system and WCS port around November 2025.
To note: Investment in the Simandou high-grade iron ore project in Guinea in • SimFer mine(4) is on track - bulk earthworks are progressing and
partnership with CIOH, a Chinalco-led consortium (the SimFer joint venture) permanent process facilities construction has commenced. First ore is expected
and co-development of the rail and port infrastructure with Winning Consortium through the permanent crushing facilities in H2 2026, on schedule and aligned
Simandou² (WCS), Baowu and the Republic of Guinea (the partners) for the with plan. Ore continues to be crushed and stockpiled through the temporary
export of up to 120 million tonnes per year of iron ore mined by SimFer's and crushers.
WCS's respective mining concessions.³ The SimFer joint venture⁴ will
develop, own and operate a 60 million tonne per year⁵ mine in blocks 3 & • SimFer rail spur - is progressing well, with tunnel excavation
4. WCS will construct the project's ~536 kilometre shared dual track main breakthrough achieved in June and track laying continuing ahead of plan
line, a 16 kilometre spur connecting its mine to the mainline as well as the (connects the multi-use TransGuinean railway line from our mine operations to
WCS barge port, while SimFer will construct the ~70 kilometre spur line, the port facilities). Bulk earth works and final bridge girders complete.
connecting its mining concession to the main rail line, and the transhipment
vessel (TSV) port. • SimFer port - continues to advance ahead of plan. Fabrication of
the transhipment vessels has commenced at the shipyard in China.
• Workforce across all the SimFer scope of mine, rail and port has
reached 21,800 with 81% national Guinean participation.
Aluminium
Project: Low-carbon AP60 aluminium smelter $1.3bn $0.6bn • Project work progresses.
Location: Quebec, Canada • Construction progress included mechanical, piping, electrical and
instrumentation activities with prioritisation on building activities.
Ownership: Rio Tinto (100%)
• Total project costs have increased by $155m to ~$1.3bn (previously
Capacity: Project will add 96 new AP60 pots, increasing AP60 capacity by $1.1bn) primarily due to contractor performance challenges, external cost
160,000 tonnes of primary aluminium per annum inflation and adjustments in delivery model, and commissioning is now expected
by Q1 2026 (previously H1 2026) four months faster.
Approval: June 2023
Planned start date: Commissioning is expected by Q1 2026, smelter fully ramped
up by end of 2026
To note: The investment includes up to $113 million of financial support from
the Quebec government. This new capacity is expected to be in addition to
30,000 tonnes of new recycling capacity at Arvida, which will open in the
fourth quarter of 2025.
Copper
Project: Oyu Tolgoi underground mine $7.06bn $0.3bn • Concentrator conversion - filtration and thickener facilities have
commenced load-commissioning. Ball Mill construction is complete, and load
Location: Mongolia commissioning forecast for completion in Q3.
Ownership: Rio Tinto (66%), Government of Mongolia (34%) • Primary crusher 2 - construction progressing to plan and remains
on track to be completed during Q4 2025.
Capacity: from both the open pit and underground mines, average of ~500kt(6)
per year from 2028 to 2036.
Approval: 2016
Planned production: 2024, ramp-up till 2028
To note: Oyu Tolgoi is set to become the world's 4th largest copper mine by
2030
Project: Kennecott open pit extension $1.9bn $0.9bn • Stripping will continue through 2027, with sustainable ore
production from the second phase of the push back expected to be reached in H2
Location: Utah, United States 2027.
Ownership: Rio Tinto (100%)
Approval: 2019
To note: The project scope includes mine stripping activities and some
infrastructure development, including tailings facility expansion. The project
will allow mining to continue into a new area of the orebody between 2026 and
2032.
Project: Kennecott North Rim Skarn (NRS)(7) underground development $0.6bn $0.3bn • Production from NRS is now expected to commence at the end of 2025
(previously H2 2025).
Location: Utah, United States
Ownership: Rio Tinto (100%)
Capacity: around 250,000 tonnes through to 2033(8)
Approval: June 2023
Planned first production: Q4 2025
To note: Original approval for $0.5bn with a further $0.1 billion approved in
December 2024 for additional infrastructure and geotechnical controls.
Lithium
Project: Rincon expansion $2.5bn $2.3bn • Starter plant - final system testing and commissioning completed.
Location: Salta province, Argentina • Expansion project - construction is scheduled to begin in Q3 2025,
subject to permitting.
Ownership: Rio Tinto (100%)
Capacity: 60ktpa (battery grade lithium carbonate)
Approval: Dec 2024
Planned first production: 2028 with three-year ramp-up to full capacity
To note: Project consists of the 3kt starter plant and 57kt expansion program.
The mine is expected to have a 40-year⁹ life and operate in the first
quartile of the cost curve.
Project: Fenix expansion (1B) $0.7bn $0.2bn • Mechanical Vapour Recompression plant commissioned, to support
planned first production.
Location: Catamarca province, Argentina
Ownership: Rio Tinto (100%)
Capacity: 10ktpa LCE (battery grade lithium carbonate)
Planned first production: 2026
To note: product is carbonate, chloride
Project: Sal de Vida $0.7bn $0.2bn • Project achieved liming plant mechanical completion during the
quarter.
Location: Catamarca province, Argentina
Ownership: Rio Tinto (100%)
Capacity: 15ktpa
Planned first production: 2026
To note: product is carbonate
Project: Nemaska Lithium $1.1bn $0.6bn • Project work progresses.
(Rio Tinto share)
Location: Quebec, Canada
Ownership: Rio Tinto (50%), Investissement Québec (50%)
Capacity: 28kpta LCE (100%)
Planned first production: 2028
To note: product is integrated lithium hydroxide
1. Rio Tinto share of the Western Range capital cost includes 100% of
funding costs for Paraburdoo plant upgrades.
2. WCS is the holder of Simandou North Blocks 1 & 2 (with the
Government of Guinea holding a 15% interest in the mining vehicle and WCS
holding 85%) and associated infrastructure. WCS was originally held by WCS
Holdings, a consortium of Singaporean company, Winning International Group
(50%) and Weiqiao Aluminium (part of the China Hongqiao Group) (50%). On 19
June 2024, Baowu Resources completed the acquisition of a 49% share of WCS
mine and infrastructure projects with WCS Holdings holding the remaining 51%.
In the case of the mine, Baowu also has an option to increase to 51% during
operations. During construction, SimFer will hold 34% of the shares in the WCS
infrastructure entities with WCS holding the remaining 66%.
3. WCS holds the mining concession for Blocks 1 & 2, while SimFer
holds the mining concession for Blocks 3 & 4. SimFer and WCS will
independently develop their mines.
4. SimFer Jersey Limited is a joint venture between the Rio Tinto Group
(53%) and Chalco Iron Ore Holdings Ltd (CIOH) (47%), a Chinalco-led joint
venture of leading Chinese SOEs (Chinalco (75%), Baowu (20%), China Rail
Construction Corporation (2.5%) and China Harbour Engineering Company (2.5%)).
SimFer S.A. is the holder of the mining concession covering Simandou Blocks 3
& 4, and is owned by the Guinean State (15%) and SimFer Jersey Limited
(85%). SimFer Infraco Guinée S.A. will deliver SimFer's scope of the
co-developed rail and port infrastructure, and is co-owned by SimFer Jersey
(85%) and the Guinean State (15%). SimFer Jersey will ultimately own 42.5% of
Compagnie du Transguinéen, which will own and operate the co-developed
infrastructure during operations.
5. The estimated annualised capacity of approximately 60 million dry
tonnes per annum iron ore for the Simandou life of mine schedule was
previously reported in a release to the Australian Securities Exchange (ASX)
dated 6 December 2023 titled "Investor Seminar 2023". Rio Tinto confirms that
all material assumptions underpinning that production target continue to apply
and have not materially changed.
6. The 500 thousand tonne per year copper production target (stated as
recoverable metal) for the Oyu Tolgoi underground and open pit mines for the
years 2028 to 2036 was previously reported in a release to the Australian
Securities Exchange (ASX) dated 11 July 2023 "Investor site visit to Oyu
Tolgoi copper mine, Mongolia". All material assumptions underpinning that
production target continue to apply and have not materially changed.
7. The NRS Mineral Resources and Ore Reserves, together with the Lower
Commercial Skarn (LCS) Mineral Resources and Ore Reserves, form the
Underground Skarns Mineral Resources and Ore Reserves.
8. The 250 thousand tonne copper production target for the Kennecott
underground mines over the years 2023 to 2033 was previously reported in a
release to the Australian Securities Exchange (ASX) dated 20 June 2023 "Rio
Tinto invests to strengthen copper supply in US". All material assumptions
underpinning that production target continue to apply and have not materially
changed.
9. The production target of approximately 53 kt of battery grade lithium
carbonate per year for a period of 40 years was previously reported in a
release to the ASX dated 4 December 2024 titled "Rincon Project Mineral
Resources and Ore Reserves: Table 1". Rio Tinto confirms that all material
assumptions underpinning that production target continue to apply and have not
materially changed. Plans are in place to build for a capacity of 60 kt of
battery grade lithium carbonate per year with debottlenecking and improvement
programs scheduled to unlock this additional throughput.
9. Future options
Project Status
Iron Ore: Pilbara brownfields
Projects: Pilbara mine replacement projects - Greater Nammuldi and West • Continue to advance our next tranche of Pilbara mine replacement
Angelas projects.
Location: WA, Australia • Environmental and heritage approvals are underway, with timelines
subject to these approvals.
Capacity: over the medium term, our Pilbara system capacity remains between
345 and 360 million tonnes per year. Meeting this range, and the planned • The Greater Nammuldi project continues to progress at a rate
product mix, will require the approval and delivery of the next tranche of behind the original development schedule.
replacement mines over the next five years.
Iron Ore: Rhodes Ridge
Location: WA, Australia • Mitsui's proposed acquisition of a 40% interest in the Rhodes
Ridge Joint Venture from Rio Tinto's partners remains subject to regulatory
Ownership: Rio Tinto (50%), Mitsui & Co. (40%), AMB Holdings Pty Ltd (10%) approvals and other closing conditions.
Capacity: 40 Mtpa (initial capacity)
First ore: end of decade
To note: pre-feasibility study remains on track to be completed in 2025
subject to relevant approvals. The development would use Rio Tinto's rail,
port and power infrastructure.
Copper: Resolution
Location: Arizona, US • United States Forest Service (USFS) republished the Final
Environmental Impact Statement and draft Record of Decision on 20 June 2025,
Ownership: Rio Tinto (55%), BHP (45%) which starts a 45-day comment period and allows the USFS to complete the
congressionally mandated land exchange. The land exchange will enable the
To note: proposed underground copper mine in the Copper Triangle, in Arizona. future underground mine development and place thousands of acres of land into
permanent conservation.
• On 27 May 2025, the U.S. Supreme Court denied Apache Stronghold's
appeal requesting a hearing in its case to stop the land exchange between
Resolution Copper and the federal government. Then, on 23 June 2025, Apache
Stronghold filed a petition asking the Court to reconsider its decision.
• Resolution Copper continues to engage several federally recognised
Native American Tribes to partner on co-management of cultural heritage and
advance the Emory Oak collaborative restoration program.
Copper: Winu
Location: WA, Australia • Following the term sheet signed in December 2024, Rio Tinto and
Sumitomo Metal Mining Co (SMM) signed final joint venture agreements during
Ownership: Rio Tinto (70%), Sumitomo Metal Mining (SMM) (30%), once the May. The transaction is expected to close in 2025, subject to regulatory
transaction has closed. approvals and the satisfaction of customary conditions.
To note: In late 2017, we discovered copper-gold mineralisation at the Winu • A pre-feasibility study for the Winu project with an initial
project (Paterson Province in Western Australia). In 2021, we reported our development of processing capacity of up to 10 Mtpa is expected to be
first Indicated Mineral Resource. The pathway remains subject to regulatory completed in 2025, along with the submission of an Environmental Review
and other required approvals. The pre-feasibility study with the initial Document under the Western Australian EPA Environmental Impact Assessment
development of processing capacity of up to 10 million tonnes per year process.
continues and is expected to be completed in 2025, along with the submission
of an Environmental Review Document under the EPA Environmental Impact
Assessment process. Project Agreement negotiations with Nyangumarta and the
Martu Traditional Owner Groups remain our priority.
Copper: La Granja
Location: Cajamarca, Peru • Drilling program completed and progressing the project's
feasibility study.
Ownership: Rio Tinto (45%), First Quantum Minerals (55%)
To note: In August 2023, we completed a transaction to form a joint venture
with First Quantum Minerals (FQM) that will work to unlock the development of
the La Granja project, one of the largest undeveloped copper deposits in the
world, with potential to be a large, long-life operation. FQM acquired its
stake for $105 million. It will invest up to a further $546 million into the
joint venture to sole fund capital and operational costs to take the project
through a feasibility study and toward development.
Project Status
Aluminium: Arctial partnership
Location: Finland • Arctial JV was formally established in Q2 2025. Pre-feasibility
study and environmental impact study assessment have both started and are
To note: Partnership agreement with the Swedish investment company Vargas, expected to run until Q4 2025.
Mitsubishi Corporation and other international and local industry partners to
study a low carbon aluminium greenfield opportunity in Finland. As the
strategic industrial partner, Rio Tinto will provide the Arctial partnership
with access to its proven industry-leading AP60 technology and assist in what
would be the first AP60 deployment in an aluminium smelter outside Quebec,
Canada.
Lithium
Location: Canada and Argentina • Canada: work in progress at Galaxy.
• Argentina: work in progress at Cauchari, Fenix and Sal de Vida
next phases.
Lithium: Jadar
Location: Serbia • On 4 June 2025, the European Union designated Jadar as a strategic
project under the Critical Raw Materials Act (CRMA), confirming it is crucial
Ownership: Rio Tinto (100%) to Serbia and Europe's secure supply of materials for the energy transition.
This provides additional independent assurance that the project can be
To note: Development of the greenfield Jadar lithium-borates project in Serbia developed according to Serbian and EU standards.
will include an underground mine with associated infrastructure and equipment,
as well as a beneficiation chemical processing plant. • Continued the application process for obtaining the Exploitation
Field Licence (EFL) (the EFL is essential for commencing fieldwork, including
detailed geotechnical investigations).
• We remain focused on consultation with all key stakeholders,
including providing comprehensive factual information about the project.
DIRECTORS' REPORT
for the half year ended 30 June 2025
Review of operations and important events
A detailed review of the Group's operations, the results of those operations
during the half year ended 30 June 2025 and likely future developments are
given on pages 1 to 26. Important events that have occurred during the period
and up until the date of this report are set out below.
Financial
On 12 March 2025, we announced we had priced US$9.0 billion of fixed and
floating rate SEC-registered debt securities. The bonds were issued by Rio
Tinto Finance (USA) plc and were fully and unconditionally guaranteed by Rio
Tinto plc and Rio Tinto Limited.
On 27 March 2025, we published our 2024 Taxes and Royalties Paid Report. Rio
Tinto paid US$8.4 billion of taxes and royalties and a further US$1.8 billion
on behalf of its employees during 2024.
On 29 May 2025, we published our report on payments to governments made by Rio
Tinto and its subsidiary undertakings for the year ended 31 December 2024 as
required under the UK's Report on Payments to Governments Regulations 2014 (as
amended in December 2015).
Operations
On 6 March 2025, we announced we will invest $1.8 billion to develop the
Brockman Syncline 1 mine project (BS1), extending the life of the Brockman
region in the West Pilbara of Western Australia and sustaining production from
the company's world class iron ore operations.
On 6 March 2025, we completed the acquisition of Arcadium Lithium plc
("Arcadium Lithium") (NYSE: ALTM) (ASX: LTM) for $6.7 billion, following the
sanctioning of the Scheme of Arrangement by the Royal Court of Jersey on 5
March. Rio Tinto is now the ultimate parent company of Arcadium Lithium, which
is known as Rio Tinto Lithium, and includes the Rincon lithium project.
On 19 May 2025, we announced we had signed binding agreements with
Corporación Nacional Del Cobre de Chile ("Codelco") to form a joint venture
to develop and operate a high-grade lithium project in the Salar de Maricunga
in Chile. The agreement is the next step in a broader strategic partnership to
strengthen both Rio Tinto's and Chile's positions as leading suppliers of
materials for the global energy transition. The transaction to form the joint
venture is expected to close by the end of the first quarter of 2026, subject
to receipt of all applicable regulatory approvals and the satisfaction of
other customary closing conditions.
On 24 June 2025, we announced Rio Tinto and Hancock Prospecting will invest
$1.61 billion (Rio Tinto share $0.8 billion) to develop the Hope Downs 2 iron
ore project in Western Australia's Pilbara region. The Hope Downs 2 project,
to mine Rio Tinto and Hancock Prospecting's Hope Downs 2 and Bedded Hilltop
deposits, has now received all necessary State and Federal Government
approvals.
People
On 19 February 2025, we announced that Sam Laidlaw would step down as a
Non-Executive Director at the conclusion of the Rio Tinto Limited annual
general meeting on 1 May 2025.
On 19 February 2025, we announced that Kaisa Hietala would step down as a
Non-Executive Director at the conclusion of the Rio Tinto Limited annual
general meeting on 1 May 2025.
On 22 May 2025, we announced that Jakob Stausholm will step down as Chief
Executive of the Group at the conclusion of a succession process.
Rio Tinto 2025 Annual General Meetings (AGMs)
The annual general meetings of Rio Tinto plc and Rio Tinto Limited were held
on 3 April 2025 and 1 May 2025 respectively.
At Rio Tinto plc's AGM on 3 April 2025, Resolution 22 (Authority to purchase
Rio Tinto plc shares), put to Rio Tinto plc shareholders only, was passed with
less than 80% of votes in favour. Shining Prospect (a subsidiary of the
Aluminium Corporation of China "Chinalco") voted against it. Chinalco has not
sold any of its shares in Rio Tinto plc and now has a holding of over 14%
given its non-participation in the Company's significant share buy-back
programmes. This places Chinalco close to the 14.99% holding threshold agreed
with the Australian Government at the time of its original investment in Rio
Tinto.
Directors
The Directors serving on the Boards of Rio Tinto plc and Rio Tinto Limited as
at 30 June 2025 were as follows:
Notes Date of appointment
Chair
Dominic Barton (N, P&R and S) 4 April 2022
Executive Directors
Jakob Stausholm, Chief Executive 3 September 2018
Peter Cunningham, Chief Financial Officer 17 June 2021
Non-Executive Directors
Sharon Thorne (Senior Independent Director) (A&R and N) 1 July 2024
Simon Henry (A&R and N) 1 April 2017
Jennifer Nason (A&R and P&R) 1 March 2020
Ngaire Woods (N and S) 1 September 2020
Ben Wyatt (A&R, N and P&R) 1 September 2021
Dean Dalla Valle (N, P&R and S) 1 June 2023
Susan Lloyd-Hurwitz (P&R) 1 June 2023
Martina Merz (S) 1 February 2024
Joc O'Rourke (A&R and S) 25 October 2023
Notes - (A&R) Audit & Risk Committee, (P&R) People &
Remuneration Committee, (N) Nominations Committee, (S) Sustainability
Committee.
Dividend
The 2024 final dividend, equivalent to 225.0 US cents per share, was paid on
17 April 2025 to holders of Rio Tinto plc and Rio Tinto Limited ordinary
shares and Rio Tinto plc ADR holders. Rio Tinto plc shareholders received
175.99 pence per share for the final dividend and Rio Tinto Limited
shareholders received 371.32 Australian cents per share for the final dividend
based on the applicable exchange rates on 8 April 2025. ADR holders receive
dividends at the declared rate in US dollars.
The 2025 interim dividend, equivalent to 148 US cents per share will be paid
on 25 September 2025 to Rio Tinto Limited, Rio Tinto plc and Rio Tinto plc ADR
shareholders on the register at the close of business on 15 August 2025. The
ex-dividend date for the 2025 interim dividend for Rio Tinto Limited and Rio
Tinto plc is 14 August 2025. For holders of Rio Tinto plc ADRs, the
ex-dividend date is 15 August 2025.
Principal risks and uncertainties
The principal risks and uncertainties that could materially impact our ability
to deliver on our strategic priorities are set out on pages 91 to 98 of the
2024 Annual Report. For the remaining six months of the financial year, these
remain broadly consistent with the trends reported in the Annual Report.
We continue to monitor and respond to changes in our risk profile, including
those arising from changes in the macroeconomic and geopolitical environment.
Publication of half year results
In accordance with the UK Financial Conduct Authority's Disclosure Guidance
& Transparency Rules and the Australian Securities Exchange Listing Rules,
the half year results will be made public and are available on the Rio Tinto
Group website.
Auditor's independence declaration
KPMG, the auditors of Rio Tinto Limited, have provided the auditor's
independence declaration as required under section 307C of the Corporations
Act 2001 in Australia. This has been reproduced on page 60 and forms part of
this report.
The Directors' report is made in accordance with a resolution of the Board.
Dominic Barton
Chair
30 July 2025
Condensed consolidated interim financial statements for the
six months ended 30 June 2025
Contents
Interim financial statements Page number
Consolidated income statement 31
Consolidated statement of comprehensive income 32
Consolidated cash flow statement 33
Consolidated balance sheet 34
Consolidated statement of changes in equity 35
Selected explanatory notes to the interim financial statements
1 Basis of preparation 36
2 Changes in accounting policies 37
3 Segmental information 39
4 Segmental information - additional information 42
5 Impairment 43
6 Taxation 44
7 Acquisitions and disposals 45
8 Cash and cash equivalents 48
9 Close-down, restoration and environmental provisions 48
10 Financial instruments 49
11 Commitments and contingencies 53
12 Events after the balance sheet date 55
Directors' declaration 56
Independent Auditors' Review Reports of KPMG LLP ("KPMG UK") to Rio Tinto plc 57
and of KPMG ("KPMG Australia") to the members of Rio Tinto Limited
Lead Auditor's Independence Declaration under Section 307C of the Australian 60
Corporations Act 2001
Additional voluntary disclosure for the shareholders
Rio Tinto financial information by business unit 61
Alternative performance measures 64
Metal prices and exchange rates 71
Consolidated income statement
Six months ended 30 June Note 2025 2024
US$m US$m
Consolidated operations
Consolidated sales revenue 3,4 26,873 26,802
Net operating costs (excluding items disclosed separately) (19,450) (18,096)
Net impairment (charges)/reversals 5 (122) 41
Exploration and evaluation expenditure (net of profit from disposal of (330) (488)
interests in undeveloped projects)
Operating profit 6,971 8,259
Share of profit after tax of equity accounted units 717 422
Profit before finance items and taxation 7,688 8,681
Finance items
Net exchange (losses)/gains on external net debt and intragroup balances (294) 43
Gains/(losses) on derivatives not qualifying for hedge accounting 23 (81)
Finance income 248 272
Finance costs (544) (381)
Amortisation of discount on provisions (384) (419)
(951) (566)
Profit before taxation 6,737 8,115
Taxation 6 (2,201) (2,225)
Profit after tax for the period 4,536 5,890
- attributable to owners of Rio Tinto (net earnings) 4,528 5,808
- attributable to non-controlling interests 8 82
Basic earnings per share 278.8c 357.9c
Diluted earnings per share 276.5c 355.8c
The notes on pages 36 to 55 are an integral part of these condensed
consolidated interim financial statements.
Consolidated statement of comprehensive income
Six months ended 30 June 2025 2024
US$m US$m
Profit after tax for the period 4,536 5,890
Other comprehensive income/(loss)
Items that will not be reclassified to the income statement:
Remeasurement gains on pension and post-retirement healthcare plans 62 115
Changes in the fair value of equity investments held at fair value through 14 (14)
other comprehensive income (FVOCI)
Tax relating to these components of other comprehensive income (14) (30)
Share of other comprehensive gains of equity accounted units, net of tax 1 4
63 75
Items that have been/may be subsequently reclassified to the income statement:
Currency translation adjustment((a)) 2,068 (1,085)
Fair value movements:
- Cash flow hedge gains 73 -
- Cash flow hedge (gains)/losses transferred to the income statement (115) 7
Net change in costs of hedging reserve 2 2
Tax relating to these components of other comprehensive income 12 (2)
Share of other comprehensive income/(loss) of equity accounted units, net of 32 (21)
tax
2,072 (1,099)
Total other comprehensive income/(loss) for the period, net of tax 2,135 (1,024)
Total comprehensive income for the period 6,671 4,866
- attributable to owners of Rio Tinto 6,543 4,846
- attributable to non-controlling interests 128 20
(a) Excludes a currency translation gain of US$153 million (2024: charge of
US$99 million) arising on Rio Tinto Limited's share capital for the period
ended 30 June 2025, which is recognised in the consolidated statement of
changes in equity. Refer to the consolidated statement of changes in equity on
page 35.
Consolidated cash flow statement
Six months ended 30 June Note 2025 2024
US$m US$m
Cash flows from consolidated operations((a)) 8,917 9,673
Dividends from equity accounted units 440 421
Cash flows from operations 9,357 10,094
Net interest paid (327) (305)
Dividends paid to holders of non-controlling interests in subsidiaries (53) (91)
Tax paid (2,053) (2,642)
Net cash generated from operating activities 6,924 7,056
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets((b)) (4,734) (4,018)
Sales of property, plant and equipment and intangible assets 7 17
Acquisitions of subsidiaries, joint ventures and associates, net of cash 7 (6,022) -
acquired
Purchases of financial assets (26) (53)
Sales of financial assets((c)) 118 424
Net funding of equity accounted units((b)) (378) (36)
Other investing cash flows (187) 122
Net cash used in investing activities (11,222) (3,544)
Cash flows before financing activities (4,298) 3,512
Cash flows from financing activities
Equity dividends paid to owners of Rio Tinto (3,762) (4,121)
Proceeds from additional borrowings, net of issue costs((d)) 15,952 62
Repayment of borrowings and associated derivatives((d)) (8,021) (76)
Lease principal payments (235) (212)
Proceeds from issue of equity to non-controlling interests((b)) 786 445
Other financing cash flows - 1
Net cash from/(used in) financing activities 4,720 (3,901)
Effects of exchange rates on cash and cash equivalents 107 (30)
Net increase/(decrease) in cash and cash equivalents 529 (419)
Opening cash and cash equivalents less overdrafts 8,484 9,672
Closing cash and cash equivalents less overdrafts 8 9,013 9,253
(a) Cash flows from consolidated operations 2025 2024
US$m US$m
Profit after tax for the period 4,536 5,890
Adjustments for:
- Taxation 6 2,201 2,225
- Finance items 951 566
- Share of profit after tax of equity accounted units (717) (422)
- Net impairment charges/(reversals) 5 122 (41)
- Depreciation and amortisation 2,958 2,821
- Provisions (including exchange differences on provisions) 341 (41)
Utilisation of other provisions (150) (51)
Utilisation of provisions for close-down and restoration 9 (422) (361)
Utilisation of provisions for post-retirement benefits and other employment (87) (61)
costs
Change in inventories (250) (41)
Change in receivables and other assets (81) 107
Change in trade and other payables (299) (751)
Other items((e)) (186) (167)
8,917 9,673
(b) In 2025, our net cash outflow in relation to the Simandou iron ore
project was US$486 million (30 June 2024:US$331 million). This includes cash
outflows of US$822 million (30 June 2024: US$742 million) for purchases of
property, plant and equipment, and US$331 million (30 June 2024: nil) as net
funding of equity accounted units for the funding of shared infrastructure in
the WCS Rail and Port entities. We received related cash inflows of US$667
million (30 June 2024: US$411 million) from Chalco Iron Ore Holdings Ltd
(CIOH) for cash calls by SimFer Jersey Limited.
(c) In 2025, we received net proceeds of US$116 million (30 June 2024:
US$422 million) from our sales and purchases of investments within a
separately managed portfolio of fixed income instruments. Purchases and sales
of these securities are reported on a net cash flow basis within "Sales of
financial assets" or "Purchases of financial assets" depending on the overall
net position at each reporting date.
(d) On 6 March 2025, we drew down on our US$7 billion bridge loan facility
to fund the acquisition of Arcadium Lithium plc. Refer to note 7 for further
details. This was subsequently repaid on 19 March 2025 following our US$9
billion bond issuance of fixed and floating rate SEC-registered debt
securities on 12 March 2025. The funds were received net of issuance costs
and discount. Refer to note 10 for further details.
(e) In 2025, other items includes the recognition of realised gains of
US$23 million on currency forwards not designated as hedges (30 June 2024:
realised losses US$78 million).
Consolidated balance sheet
As at Note 30 June 2025 31 December 2024
US$m US$m
Non-current assets
Goodwill 2,556 727
Intangible assets 5,165 2,804
Property, plant and equipment 79,131 68,573
Investments in equity accounted units 5,436 4,837
Inventories 308 222
Deferred tax assets 3,971 4,016
Receivables and other assets 1,655 1,397
Other financial assets 1,624 1,090
99,846 83,666
Current assets
Inventories 6,831 5,860
Receivables and other assets 4,573 4,241
Tax recoverable 221 105
Other financial assets 319 419
Cash and cash equivalents 8 9,015 8,495
20,959 19,120
Total assets 120,805 102,786
Current liabilities
Borrowings (448) (180)
Leases (427) (354)
Other financial liabilities (93) (112)
Trade and other payables (9,233) (8,178)
Tax payable (629) (585)
Close-down, restoration and environmental provisions 9 (1,252) (1,183)
Provisions for post-retirement benefits and other employment costs (427) (359)
Other provisions (1,230) (792)
(13,739) (11,743)
Non-current liabilities
Borrowings (21,583) (12,262)
Leases (1,182) (1,059)
Other financial liabilities (530) (591)
Trade and other payables (894) (543)
Tax payable (40) (28)
Deferred tax liabilities (4,091) (2,635)
Close-down, restoration and environmental provisions 9 (15,278) (14,548)
Provisions for post-retirement benefits and other employment costs (1,149) (1,097)
Other provisions (352) (315)
(45,099) (33,078)
Total liabilities (58,838) (44,821)
Net assets 61,967 57,965
Capital and reserves
Share capital((a))
- Rio Tinto plc 207 207
- Rio Tinto Limited 3,213 3,060
Share premium account 4,328 4,326
Other reserves 7,078 5,114
Retained earnings 43,377 42,539
Equity attributable to owners of Rio Tinto 58,203 55,246
Attributable to non-controlling interests 3,764 2,719
Total equity 61,967 57,965
(a) At 30 June 2025, Rio Tinto plc had 1,254.0 million ordinary shares in
issue and held by the public, and Rio Tinto Limited had 371.2 million shares
in issue and held by the public. There were no cross holdings of shares
between Rio Tinto Limited and Rio Tinto plc in either period presented.
As required to be disclosed under the ASX Listing Rules, the net tangible
assets per share amounted to US$31.06 (31 December 2024: US$31.84).
Consolidated statement of changes in equity
Six months ended 30 June 2025 Attributable to owners of Rio Tinto
Share capital Share premium Other reserves Retained earnings Total Non-controlling Total
US$m account US$m US$m US$m interests equity
US$m US$m US$m
Opening balance 3,267 4,326 5,114 42,539 55,246 2,719 57,965
Total comprehensive income for the period((a)) - - 1,967 4,576 6,543 128 6,671
Currency translation arising on Rio Tinto Limited's share capital 153 - - - 153 - 153
Dividends((b)) - - - (3,762) (3,762) (194) (3,956)
Acquisition - newly consolidated operation - - - - - 321 321
Own shares purchased from Rio Tinto shareholders to satisfy share awards to - - (43) (26) (69) - (69)
employees((c))
Change in equity interest held by Rio Tinto - - - (3) (3) 3 -
Treasury shares reissued and other movements - 2 - - 2 - 2
Equity issued to holders of non-controlling interests - - - - - 787 787
Employee share awards charged to the income statement - - 40 53 93 - 93
Closing balance 3,420 4,328 7,078 43,377 58,203 3,764 61,967
Six months ended 30 June 2024 Attributable to owners of Rio Tinto
Share capital Share premium Other reserves Retained earnings Total Non-controlling Total
US$m account US$m US$m US$m interests equity
US$m US$m US$m
Opening balance 3,584 4,324 8,328 38,350 54,586 1,755 56,341
Total comprehensive income for the period((a)) - - (1,050) 5,896 4,846 20 4,866
Currency translation arising on Rio Tinto Limited's share capital (99) - - - (99) - (99)
Dividends((b)) - - - (4,121) (4,121) (310) (4,431)
Own shares purchased from Rio Tinto shareholders to satisfy share awards to - - (12) (2) (14) - (14)
employees((c))
Change in equity interest held by Rio Tinto - - - (1) (1) 1 -
Equity issued to holders of non-controlling interests - - - - - 445 445
Employee share awards charged to the income statement - - 29 27 56 - 56
Closing balance 3,485 4,324 7,295 40,149 55,253 1,911 57,164
(a) Refer to the Consolidated statement of comprehensive income for
further details. Adjustments to other reserves include currency translation
attributable to owners of Rio Tinto, other than that arising on Rio Tinto
Limited's share capital.
(b) Dividends per share announced or paid during the period are
summarised below:
Six months ended 30 June 2025 2024
US cents US cents
Dividends per share: Ordinary - paid during the period 225.0 258.0
Ordinary dividends per share: announced with the results for the period 148.0 177.0
(c) Net of contributions received from employees for share awards.
Selected explanatory notes to the interim financial statements
1. Basis of preparation
The condensed consolidated interim financial statements included in this
report have been prepared in accordance with International Accounting
Standards (IAS) 34 "Interim Financial Reporting" as issued by the
International Accounting Standards Board (IASB) and as adopted for use in the
United Kingdom (UK), the UK law (United Kingdom Companies Act 2006) applicable
to companies reporting under International Financial Reporting Standards
(IFRS), applicable Australian law (Australian Corporations Act 2001) and in
accordance with an order, under section 340 of the Corporations Act 2001,
issued by the Australian Securities and Investments Commission (ASIC) on
11 July 2024 (ASIC class order).
These condensed consolidated interim financial statements represent a
'condensed set of financial statements' as referred to in the Disclosure
Guidance and Transparency Rules sourcebook (DTR) issued by the Financial
Conduct Authority (FCA) applicable to interim financial reporting.
Accordingly, they do not include all of the information required for a full
annual financial report and are to be read in conjunction with the Group's
annual financial statements for the year ended 31 December 2024.
The 2024 annual financial statements were prepared on a going concern basis in
accordance with UK-adopted international accounting standards, applicable UK
law and applicable Australian law as amended by the ASIC class order and to
meet IAS as issued by the IASB and interpretations issued from time to time by
the IFRS Interpretations Committee (IFRS IC) which were mandatory at
31 December 2024.
The above accounting standards and interpretations are collectively referred
to as 'IFRS' in this report and contain the principles we use to create our
accounting policies. Where necessary, adjustments are made to the locally
reported assets, liabilities, and results of subsidiaries, joint arrangements
and associates to bring their accounting policies in line with ours for
consistent reporting.
These condensed consolidated interim financial statements are unaudited and do
not constitute statutory accounts as defined in Section 434 of the Companies
Act 2006. The financial information as at 31 December 2024 included in this
report has been extracted from the full financial statements filed with the
Registrar of Companies. The Auditors' report on these full financial
statements was unqualified, did not include a reference to any matters to
which the auditor drew attention by way of emphasis of matter and did not
contain statements under section 498 (2) (regarding adequacy of accounting
records and returns), or under section 498 (3) (regarding provision of
necessary information and explanations) of the Companies Act 2006.
Going concern
Management has prepared detailed cash flow forecasts for the next 18 months
and has updated life-of-mine plan models with longer-term cash flow
projections. These forecasts demonstrate that the Group has sufficient cash,
other liquid resources and undrawn credit facilities to enable it to meet its
obligations as they fall due. As such, the Directors considered it appropriate
to adopt the going concern basis of accounting in preparing the interim
financial information.
1. Basis of preparation (continued)
Alternative performance measures
We present certain non-IFRS financial measures (non-IFRS measures), which are
reconciled to directly comparable IFRS financial measures on pages 64 to 70 of
this report. These non-IFRS measures herein, referred to as alternative
performance measures (APMs), are used by management to assess the performance
of the business and may therefore be useful to investors. They are not a
substitute for the IFRS measures and should be considered supplementary to
those measures.
Reconciliation with Australian Accounting Standards
Our financial statements have been prepared in accordance with IFRS, as
defined in the "Basis of preparation" section on page 36, which differs in
certain respects from the version of IFRS that is applicable in Australia,
referred to as Australian Accounting Standards (AAS). We are required to
disclose the effect of the adjustments to our consolidated income statement,
consolidated total comprehensive income/(loss) and consolidated shareholders'
funds if our accounts were prepared under the version of IFRS that is
applicable in Australia. This is in order to satisfy the obligations of Rio
Tinto Limited to prepare consolidated accounts under Australian company law,
as amended by an order issued by the Australian Securities and Investments
Commission on 11 July 2024.
Prior to 1 January 2004, our financial statements were prepared in accordance
with UK Generally Accepted Accounting Practice (UK GAAP). Under IFRS, goodwill
on acquisitions prior to 1998, which was eliminated directly against equity in
the Group's UK GAAP financial statements, has not been reinstated. This was
permitted under the rules governing the transition to IFRS set out in IFRS 1.
The equivalent Australian Standard, AASB 1, does not provide for the netting
of goodwill against equity. As a consequence, shareholders' funds under AAS
include the residue of such goodwill, which amounted to US$384 million at
30 June 2025 (31 December 2024: US$385 million).
Save for the exception described above, the Group's financial statements
prepared in accordance with IFRS are consistent with the requirements of AAS.
2. Changes in accounting policies
The condensed consolidated interim financial statements have been prepared on
the basis of accounting policies, methods of computation and presentation
consistent with those applied in the financial statements for the year ended
31 December 2024, except for the accounting requirements set out below,
effective as at 1 January 2025.
New standards and amendments applicable for the current period
Lack of Exchangeability (Amendments to IAS 21 "The Effects of Changes in
Foreign Exchange Rates")
We adopted amendment to IAS 21 which requires an entity to apply a consistent
approach in assessing whether a currency is exchangeable into another currency
and, when it is not, to determine the exchange rate to use. The amendment also
requires disclosure of information that help the users to understand the
nature and financial impact of the lack of exchangeability, as well as the
methods and assumptions used in estimating the exchange rate. The amendment
does not have a material impact on the Group.
New standards or amendments issued but not yet effective
During the six months ended 30 June 2025, we have not early adopted any
amendments, standards or interpretations that have been issued but are not yet
effective.
IFRS 18 Presentation and Disclosure in Financial Statements (mandatory in
2027) will replace IAS 1. The new standard requires that companies classify
all income and expenses into 5 categories in the statement of profit or loss,
namely the operating, investing, financing, discontinued operations and income
tax categories. Management defined performance measures are disclosed in a
single note and enhanced guidance is provided on how to group information in
the financial statements. In addition, all entities are required to use the
operating profit subtotal as the starting point for the statement of cash
flows. We continue to assess the detailed implications of applying the new
standard and expect that changes will be required to the presentation and
disclosures in our financial statements.
Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments:
Disclosures (mandatory in 2026) will help companies better report the
financial effects of nature-dependent electricity contracts, which are often
structured as power purchase agreements (PPAs). The amendments include:
clarifying the application of the 'own-use' requirements, permitting hedge
accounting if these contracts are used as hedging instruments; and adding new
disclosure requirements to enable investors to understand the effect of these
contracts on a company's financial performance and cash flows. We continue to
assess the impacts from these amendments.
3. Segmental information
Our reportable segmental structure is principally based on product groups (PG)
whose leaders, together with global support functions leaders make up the
Executive Committee. The Executive Committee members each report directly to
our Chief Executive who is the chief operating decision maker (CODM) and is
responsible for allocating resources and assessing performance of the
operating segments. The CODM's primary measure of performance is underlying
EBITDA (as defined on page 41).
Our reportable segments are as follows.
Reportable segment Principal activities
Iron Ore Iron ore mining and salt and gypsum production in Western Australia.
Aluminium Bauxite mining; alumina refining; aluminium smelting and recycling.
Copper Mining and refining of copper, gold, silver, molybdenum, other by-products and
licencing of extraction technologies.
Minerals Includes mining and processing of borates, diamonds, iron concentrate and
pellets from the Iron Ore Company of Canada, lithium and titanium dioxide
feedstock.
Management responsibility during the build phase of the Simandou iron ore
project falls under the Chief Technical Officer, Mark Davies. Whilst this is
classified as "Other operations", and sits below reportable segments, we
continue to show this separately due to the significance of funding and spend
on the project. Accountability for Rio Tinto Guinea, our in-country external
affairs office remains with Bold Baatar, and has therefore moved from the
Copper product group to "Other operations" following his change in role to
Chief Commercial Officer during the second half of 2024. Accordingly, prior
period amounts have been adjusted for comparability even though there is no
material impact as a result of the change. During the period we acquired
Arcadium Lithium plc; its results are included in the Minerals reportable
segment from 6 March 2025.
3. Segmental information (continued)
2025 2024
Six months ended 30 June Segmental revenue((a)) Underlying EBITDA((b)) Capital expenditure((c)) Segmental revenue((a)) Underlying EBITDA((b)) Capital expenditure((c))
US$m US$m US$m US$m US$m US$m
Adjusted
Iron Ore 12,518 6,669 1,447 15,206 8,807 1,258
Aluminium 7,753 2,363 756 6,486 1,577 705
Copper 6,208 3,105 831 4,408 1,841 970
Minerals 2,887 286 826 2,738 687 271
Reportable segments total 29,366 12,423 3,860 28,838 12,912 3,204
Simandou iron ore project - (21) 822 - (7) 742
Other operations 157 16 5 49 55 12
Inter-segment transactions (122) 3 (107) 10
Share of equity accounted units((d)) (2,528) (1,978)
Central pension costs, share-based payments, insurance and derivatives (17) (158)
Restructuring, project and one-off costs (320) (111)
Central costs (427) (494)
Central exploration and evaluation expenditures (110) (114)
Proceeds from disposal of property, plant and equipment 7 17
Other items 40 43
Consolidated sales revenue 26,873 26,802
Purchases of property, plant and equipment and intangible assets 4,734 4,018
Underlying EBITDA((e)) 11,547 12,093
(a) Segmental revenue includes consolidated sales revenue plus the
equivalent sales revenue of equity accounted units (EAUs) in proportion to our
equity interest (after adjusting for sales to/from subsidiaries). Segmental
revenue measures revenue on a basis that is comparable to our underlying
EBITDA metric.
(b) Underlying EBITDA (calculated on page 41) is reported to provide
greater understanding of the underlying business performance of Rio Tinto's
operations.
(c) Capital expenditure for reportable segments includes the net cash
outflow on purchases less disposals of property, plant and equipment,
capitalised evaluation costs and purchases less disposals of other intangible
assets. The details provided include 100% of subsidiaries' capital expenditure
and Rio Tinto's share of the capital expenditure of joint operations.
(d) Consolidated sales revenue includes subsidiary sales of US$128
million (30 June 2024: US$121 million) to equity accounted units which are
not included in segmental revenue. Segmental revenue includes the Group's
proportionate share of product sales by equity accounted units (after
adjusting for sales to subsidiaries) of US$2,656 million (30 June 2024:
US$2,099 million) which are not included in consolidated sales revenue.
(e) Pre-tax and pre-divestment expenditure on exploration and evaluation
charged to the profit and loss account in 30 June 2025 was US$334 million,
compared with US$487 million in 30 June 2024. Approximately 33% of the spend
was by central exploration, 10% by Minerals (with the majority focusing on
lithium), 36% by Copper, 19% by Iron Ore and 2% by Aluminium. Qualifying
expenditure on the Rincon lithium project has been capitalised since 1 July
2024, accounting for most of the decrease in expense.
3. Segmental information (continued)
Reconciliation of profit after tax to underlying EBITDA
Underlying EBITDA represents profit before taxation, net finance items,
depreciation and amortisation adjusted to exclude the EBITDA impact of items
which do not reflect the underlying performance of our reportable segments.
Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance.
The following items are excluded from profit after tax in arriving at
underlying EBITDA in each period irrespective of materiality:
- all depreciation and amortisation in subsidiaries and the
corresponding share of profit in EAUs
- all taxation and finance items in subsidiaries and the corresponding
share of profit in EAUs
- unrealised (gains)/losses on embedded derivatives not qualifying for
hedge accounting (including foreign exchange)
- net (gains)/losses on consolidation or disposal of interests in
businesses
- net impairment charges and reversals including corresponding amounts
in share of profit in EAUs
- the underlying EBITDA of discontinued operations
- adjustments to closure provisions where the adjustment is associated
with an impairment charge and for legacy sites where the disturbance or
environmental contamination relates to the pre-acquisition period.
In addition, there is a final judgemental category which includes, where
applicable, other credits and charges that, individually or in aggregate if of
a similar type, are of a nature or size to require exclusion in order to
provide additional insight into underlying business performance. For the
periods ended 30 June 2025 and 30 June 2024, there were no items in this
category.
Six months ended 30 June 2025 2024
US$m US$m
Profit after tax for the period 4,536 5,890
Taxation 2,201 2,225
Profit before taxation 6,737 8,115
Depreciation and amortisation in subsidiaries, excluding capitalised 2,845 2,719
depreciation((a))
Depreciation and amortisation in equity accounted units 303 275
Finance items in subsidiaries 951 566
Taxation and finance items in equity accounted units 730 483
Unrealised gains on embedded commodity and currency derivatives not qualifying (144) (3)
for hedge accounting (including foreign exchange)
Net impairment charges/(reversals)((b)) 122 (18)
Change in closure estimates (non-operating and fully impaired sites)((c)) 3 (44)
Underlying EBITDA 11,547 12,093
(a) Depreciation and amortisation in subsidiaries for the period ended 30
June 2025 is net of capitalised depreciation of US$113 million (30 June 2024:
US$102 million).
(b) Refer to note 5 for allocation of net impairment charges and reversals
between consolidated amounts and share of profit in EAUs.
(c) For the period ended 30 June 2024, the credit to the income statement
relates to the impact of a change in discount rate, expressed in real-terms,
from 2.0% to 2.5% as applied to provisions for close-down, restoration and
environmental liabilities at legacy sites where the environmental damage
preceded ownership by Rio Tinto.
4. Segmental information - additional information
Consolidated sales revenue by destination((a))
Six months ended 30 June 2025 2024 2025 2024
% % US$m US$m
Greater China 55.2 58.1 14,832 15,569
US 17.9 16.0 4,801 4,288
Asia (excluding Greater China and Japan) 6.8 6.9 1,820 1,834
Japan 6.0 6.6 1,612 1,769
Europe (excluding UK) 5.5 5.1 1,489 1,373
Canada 3.0 3.0 813 800
Australia 1.7 1.8 449 489
UK 0.2 0.2 44 64
Other countries 3.7 2.3 1,013 616
Consolidated sales revenue 100.0 100.0 26,873 26,802
(a) Consolidated sales revenue by geographical destination is based on the
ultimate country of the product's destination, if known. Where the ultimate
destination is not known, we have defaulted to the shipping address of the
customer. Rio Tinto is domiciled in both the UK and Australia.
Consolidated sales revenue by product
Six months ended 30 June Revenue from Other Consolidated Revenue from contracts Other Consolidated sales revenue((a))
contracts revenue sales revenue((a)) with customers revenue 2024
with 2025 2025 2024 2024 US$m
customers US$m US$m US$m US$m
2025
US$m
Iron ore 13,408 (224) 13,184 16,572 (527) 16,045
Aluminium, alumina and bauxite 7,365 46 7,411 6,105 54 6,159
Copper 2,952 139 3,091 2,194 33 2,227
Industrial minerals (comprising titanium dioxide slag, zircon, borates and 1,204 (4) 1,200 1,173 (2) 1,171
salt)
Gold 681 12 693 345 5 350
Lithium 308 - 308 - - -
Other products and freight services((b)) 988 (2) 986 850 - 850
Consolidated sales revenue 26,906 (33) 26,873 27,239 (437) 26,802
(a) Consolidated sales revenue includes both revenue from contracts with
customers, accounted for under IFRS 15 "Revenue from Contracts with
Customers", and subsequent movements in provisionally priced receivables,
accounted for under IFRS 9, and included in "Other revenue" above.
(b) "Other products and freight services" includes metallic co-products,
diamonds, molybdenum, silver and other commodities.
5. Impairment
2025 2024
Six months ended 30 June Pre-tax amount Taxation Non-controlling Net amount Pre-tax amount
US$m
interest
US$m
US$m
US$m US$m
Minerals - RTITQO (122) 36 - (86) -
Aluminium - Tiwai Point - - - - 41
Aluminium - Porto Trombetas (MRN) - - - - (23)
Net impairment (charges)/reversals (122) 36 - (86) 18
Allocated as:
Property, plant and equipment (122) 41
Share of profit after tax of equity accounted units - (23)
Net impairment (charges)/reversals (122) 18
Six months ended 30 June 2025 2024
US$m US$m
Comprising:
Impairment (charges)/reversals of consolidated balances (122) 41
Impairment charges related to EAUs (pre-tax) - (35)
Net impairment (charges)/reversals in the financial information by business (122) 6
unit (page 61)
Taxation 36 49
Net impairment (charges)/reversals in the income statement (86) 55
30 June 2025
Minerals - Rio Tinto Iron and Titanium Quebec Operations (RTITQO) and QIT
Madagascar Minerals (QMM)
We progressed a business transformation at RTITQO during the period in
response to challenging market conditions for our products at the Sorel site,
including TiO(2) and metallics. This transformation, which includes the
adjustment of the business footprint to projected demand, is underway and is
expected to take up to 24 months to complete its core components. We have
identified these conditions as an impairment trigger and have therefore
performed an impairment test for the cash-generating unit which comprises the
mines and processing facilities at RTITQO (in Canada) and QMM (in Madagascar).
We expect the transformation programme to result in significant improvements
in operating costs, including opportunities to reduce carbon emissions and
therefore carbon costs. However for the purposes of this test, a risk
adjustment has been applied to reduce the forecast cash flows to reflect a
market participant perspective that the value of the projected initiatives may
not fully deliver the expected benefit.
Using a fair value less cost of disposal methodology and discounting
real-terms post-tax cash flows at an effective rate of 7.6% we have determined
the recoverable amount to be US$1,780 million. This has resulted in a pre-tax
impairment charge of US$122 million (post-tax US$86 million) and has been
allocated to property, plant and equipment in Canada.
To further illustrate the sensitivity of the impairment outcome to the cost of
carbon, the post-tax net present value of the cash-generating unit would be
US$250 million lower if the carbon tax per tonne was increased by 25% from
2040 with all other valuation inputs remaining unchanged. To mitigate this
risk, management has identified programmes which we expect to reduce the
carbon emissions of these operations and therefore reduce the forecast carbon
cost to the RTITQO business.
5. Impairment (continued)
30 June 2024
In 2024, we recorded an impairment reversal of US$41 million at Tiwai Point
(NZAS) as well as an impairment charge at Porto Trombetas (MRN) of US$35
million pre-tax and US$23 million post-tax (which was included within our
share of profit after tax of equity accounted units).
Details of these items are described in the 2024 Annual Report.
6. Taxation
Prima facie tax reconciliation
Six months ended 30 June 2025 2024
US$m US$m
Profit before taxation((a)) 6,737 8,115
Prima facie tax payable at UK rate of 25%((b)) 1,684 2,029
Higher rate of taxation of 30% on Australian earnings((b)) 267 325
Other tax rates applicable outside the UK and Australia((b)) (116) (136)
Tax effect of profit from equity accounted units and related expenses((a)) (179) (106)
Impact of changes in tax rates 21 (15)
Resource depletion allowances (7) (7)
Recognition of previously unrecognised deferred tax assets (24) (49)
Write-down of previously recognised deferred tax assets 134 42
Utilisation of previously unrecognised deferred tax assets (74) (9)
Unrecognised current period operating losses((c)) 196 146
Adjustments in respect of prior periods 116 14
Other items((d)) 183 (9)
Total taxation charge 2,201 2,225
(a) The Group profit before tax includes profit after tax of equity
accounted units. Consequently, the tax effect on the profit from equity
accounted units is included as a separate reconciling item in this prima facie
tax reconciliation.
(b) As a UK headquartered and listed Group, the reconciliation of expected
tax on accounting profit to tax charge uses the UK corporate tax rate to
calculate the prima facie tax payable. Rio Tinto is also listed in Australia,
and the reconciliation includes the impact of the higher tax rate in Australia
where a significant proportion of the Group's profits are currently earned.
The impact of other tax rates applicable outside the UK and Australia is also
included. The weighted average statutory corporate tax rate on profit before
tax is approximately 30% (30 June 2024: 29%).
(c) Unrecognised current period operating losses include tax losses around
the Group for which no tax benefit is currently recognised due to uncertainty
regarding whether suitable taxable profits will be earned in future to obtain
value for the tax losses.
(d) "Other items" includes less than US$1 million (30 June 2024: US$1
million) current tax expense related to Pillar Two measures; the global
minimum tax of 15% formulated by the Organisation for Economic Co-operation
and Development (OECD).
7. Acquisition and disposals
Acquisitions - 30 June 2025
Arcadium Lithium plc
On 9 October 2024, Rio Tinto and Arcadium Lithium plc (Arcadium Lithium)
announced a definitive agreement under which Rio Tinto would acquire 100% of
Arcadium Lithium in an all-cash transaction for $5.85 per share (the
'transaction'). On 6 March 2025, the transaction was completed following the
sanctioning of the Scheme of Arrangement by the Royal Court of Jersey and
receipt of final regulatory approvals. On completion, the acquisition
established Rio Tinto as a global leader in the supply of energy transition
materials and as a major lithium producer, with one of the world's largest
lithium resource bases.
The transaction has been accounted for as business combination under IFRS 3
"Business Combinations" using the acquisition method of accounting.
For the four months post-acquisition, Arcadium Lithium contributed US$308
million of revenue and US$50 million (loss) to profit before tax, inclusive of
an US$82 million amortisation charge for provisional purchase price allocation
adjustments. Had the acquisition taken place at the beginning of the 2025
financial year, the revenue and profit before tax would not be materially
different to a proportionate increment of an additional two months.
Given the timing of the acquisition, we have not yet fully completed the
analysis to assign fair values to all assets acquired and liabilities assumed
and, therefore, the fair values presented below are provisional. At 30 June
2025, the remaining items to finalise include the fair value of intangible
assets, property, plant and equipment, other assets and liabilities, and
consequentially goodwill and deferred tax. This will be subject to further
adjustment as we continue to refine estimates and assumptions based on
information available about facts and circumstances that existed at the
acquisition date. These refinements may result in material changes to the
estimated fair value of assets acquired and liabilities assumed. The
allocation of the purchase price to the fair value of acquired assets and
liabilities assumed will be completed within 12 months of the acquisition
date.
Identifiable assets acquired and liabilities assumed Provisional fair values at 6 March 2025
US$bn
Intangible assets 2.2
Property, plant and equipment (including mineral interests) 5.5
Cash and cash equivalents 0.3
Borrowings((a)) (1.6)
Close-down, restoration and environmental provisions (0.3)
Other provisions (0.4)
Other assets and liabilities 0.2
Deferred tax liabilities (net of deferred tax assets) (1.1)
Net assets 4.8
Non-controlling interest (NCI)((b)) (0.3)
Goodwill((c)) 1.8
Net attributable assets (including Goodwill) 6.3
(a) Borrowings includes a US$0.2 billion loan advanced by Rio Tinto to
Arcadium Lithium in January 2025.
(b) NCI relates to the Olaroz lithium carbonate mine in Argentina and the
Nemaska Lithium development project in Canada, of which Arcadium Lithium holds
interests of 66.5% and 50%, respectively. It has been valued at the pro rata
share of the net identifiable assets.
(c) Provisional goodwill has been allocated to the Rio Tinto Lithium
cash-generating units (including Rincon), and is not deductible for tax
purposes. It principally relates to deferred tax liabilities on non-tax
deductible fair value adjustments. It also includes synergies from
complementary technologies and geographies and Rio Tinto's financial strength
and project development experience that can accelerate volume growth. There
have been no other additions or disposals of goodwill in the period.
7. Acquisition and disposals (continued)
Presentation in cash flow statement 2025
US$bn
Cash payment in consideration of equity to shareholders of Arcadium Lithium 6.3
plc
less: cash and cash equivalents balance acquired (0.3)
Acquisitions of subsidiaries, joint ventures and associates, net of cash 6.0
acquired
Total cash paid on 6 March 2025 was US$6.7 billion, including US$6.3 billion
paid in consideration of equity to the shareholders of Arcadium Lithium plc
and US$0.4 billion paid to holders of convertible loan notes. As a result of
the acquisition, the Group's net debt increased by approximately US$7.6
billion. This comprises US$7.4 billion change in net debt on acquisition plus
US$0.2 billion advanced to Arcadium Lithium prior to acquisition.
Impact of the acquisition on net debt 2025
US$bn
Borrowings of Arcadium Lithium 1.6
less: convertible loan notes settled on change of control (0.4)
less: cash and cash equivalents acquired (0.3)
less: loan advanced to Arcadium prior to acquisition (0.2)
Acquired net debt 0.7
Cash payment in consideration of equity to shareholders of Arcadium Lithium 6.3
plc
Cash payment to settle convertible loan notes 0.4
Change in net debt on acquisition 7.4
Transaction costs of US$0.1 billion have been expensed and are included in
operating expenses in the statement of profit or loss and are part of
operating cash flows in the statement of cash flows.
7. Acquisition and disposals (continued)
Proposed acquisition of Salar de Maricunga SpA
On 19 May 2025, Rio Tinto and Corporación Nacional Del Cobre de Chile
(Codelco) signed binding agreements to form a joint venture to develop and
operate a high-grade lithium project in the Salar de Maricunga SpA (the
'Company') in Chile.
Under the agreement, Rio Tinto will acquire a 49.99% interest in Salar de
Maricunga SpA, through which Codelco (with its 50.01% interest) holds its
licenses and mining concessions in the Salar de Maricunga.
Rio Tinto will initially fund US$350 million towards additional studies and
resource analysis to progress the project through to a final investment
decision. A further US$500 million will be invested once a decision is made to
proceed with the project, towards construction costs, and an additional US$50
million if the joint venture achieves its aim of delivering first lithium by
the end of 2030. The partners will fund further capital requirements in line
with their share of ownership of the joint venture.
The transaction is expected to close by the end of the first quarter of 2026,
subject to receipt of all applicable regulatory approvals and the satisfaction
of other customary closing conditions.
Acquisitions - 30 June 2024
There were no material acquisitions during the 6 months ended 30 June 2024.
In the second half of 2024, we acquired Sumitomo Chemical Company Limited's
20.64% interest in NZAS, which owns and operates the Tiwai Point aluminium
smelter in New Zealand. This increased our interest in NZAS to 100%, with the
transaction being accounted for as a business combination achieved in stages.
We also acquired a 34% equity interest in Winning Consortium Simandou Railway
Pte. Ltd and Winning Consortium Simandou Ports Pte. Ltd (together referred to
as "WCS Rail and Port entities"), as well as a total additional 14.11%
interest in BSL, increasing our total interest in the investment in associate
to 73.5%.
These transactions are described in the 2024 Annual Report and did not have a
material impact on profit or loss in the periods presented.
Disposals - 30 June 2025
There were no material disposals during the 6 months ended 30 June 2025.
Proposed divestment of 30% of Winu copper-gold project
On 8 May 2025, Rio Tinto entered into a binding joint venture agreement with
Sumitomo Metal Mining Co (SMM) to deliver the Winu copper-gold project (Winu),
located in the Great Sandy Desert region of Western Australia. Under the
agreements, Rio Tinto will continue to develop and operate Winu, and SMM will
pay Rio Tinto up to US$430 million for a 30% share of the project's assets and
liabilities. This includes US$195 million up front and up to US$235 million in
deferred consideration contingent on future milestones.
The transaction is expected to close in second half of 2025, subject to
regulatory approvals and the satisfaction of customary conditions.
Disposals - 30 June 2024
There were no material disposals during the 6 months ended 30 June 2024
In the second half of 2024 we completed our sale of the Sweetwater uranium
mill facility together with mining projects (collectively known as "Wyoming
Uranium") as well as the sale of Dampier Salt Limited's Lake MacLeod salt and
gypsum operation.
8. Cash and cash equivalents
Closing cash and cash equivalents less overdrafts for the purposes of the cash
flow statement differs from cash and cash equivalents on our balance sheet as
per the following reconciliation:
Closing cash and cash equivalents less overdrafts 30 June 31 December 30 June
2025
2024
2024
US$m US$m US$m
Balance per Group balance sheet 9,015 8,495 9,256
Bank overdrafts repayable on demand (unsecured) (2) (11) (3)
Balance per Group cash flow statement 9,013 8,484 9,253
9. Close-down, restoration and environmental provisions
30 June 2025((a))
31 December 2024
US$m US$m
Opening balance 15,731 17,150
Adjustment on currency translation 636 (1,128)
Adjustments to mining properties/right of use assets:
- changes to existing and new provisions (59) 851
- change in discount rate((b)) - (787)
Charged/(credited) to profit:
- increases to existing and new provisions 38 435
- change in discount rate((b)) - (235)
- decreases and unused amounts reversed (9) (88)
- exchange (gains)/losses on provisions (45) 26
- amortisation of discount 378 843
Utilised in the period (422) (1,142)
Acquisition - newly consolidated operation 280 61
Transfers and other movements 2 (255)
Closing balance 16,530 15,731
Balance sheet analysis:
Current 1,252 1,183
Non-current 15,278 14,548
Total 16,530 15,731
(a) Close-down, restoration and environmental provisions at 30 June 2025
have not been adjusted for closure-related receivables amounting to
US$375 million (31 December 2024: US$350 million) due from the ERA trust
fund and other financial assets held for the purposes of meeting closure
obligations. These are included within "Receivables and other assets" on the
balance sheet.
(b) Close-down, restoration and environmental provisions are based on
risk-adjusted cash flows expressed in real terms. On 30 June 2024, we revised
the closure discount rate from 2.0% to 2.5%, applied prospectively from that
date. This assumption is based on the currency in which we plan to fund the
closures and our expectation of long-term interest rate and exchange rate
parity in the locations of our operations. There was no change to the closure
discount rate during the 6 months ended 30 June 2025 or second half of 2024.
10. Financial instruments
Valuation hierarchy of financial instruments carried at fair value on a
recurring basis
The table below shows the classifications of our financial instruments by
valuation method in accordance with IFRS 13 "Fair Value Measurement" at
30 June 2025 and 31 December 2024.
All instruments shown as being held at fair value have been classified as fair
value through the profit and loss unless specifically footnoted.
30 June 2025 31 December 2024
Held at fair value Held at amortised cost Total Held at fair value Held at amortised cost Total
US$m US$m US$m US$m
Level 1((a)) Level 2((b)) Level 3((c)) Level 1((a)) Level 2((b)) Level 3((c))
US$m US$m US$m US$m US$m US$m
Assets
Cash and cash equivalents((d)) 3,033 - - 5,982 9,015 4,893 - - 3,602 8,495
Investments in equity shares and funds((e)) 119 - 235 - 354 96 - 183 - 279
Other investments, including loans((f)) 115 - 290 135 540 230 - 275 104 609
Trade and other financial receivables((g)) 10 1,077 - 2,548 3,635 15 1,379 - 1,948 3,342
Loans to equity accounted units - - - 682 682 - - - 509 509
Forward contracts and option contracts: designated as hedges((h)) - - 11 - 11 - - 27 - 27
Forward, option and embedded derivatives contracts, not designated as - 17 170 - 187 - 42 19 - 61
hedges((h))
Derivatives related to net debt((i)) - 169 - - 169 - 24 - - 24
Liabilities
Trade and other financial payables((j)) - (45) - (7,627) (7,672) - (144) - (6,392) (6,536)
Forward, option and embedded derivatives contracts, designated as hedges((h)) - - (222) - (222) - - (180) - (180)
Forward, option and embedded derivatives contracts, not designated as - (47) (116) - (163) - (48) (108) - (156)
hedges((h))
Derivatives related to net debt((i)) - (238) - - (238) - (367) - - (367)
(a) Valuation is based on unadjusted quoted prices in active markets for
identical financial instruments.
(b) Valuation is based on inputs that are observable for the financial
instruments, which include quoted prices for similar instruments or identical
instruments in markets which are not considered to be active, or inputs,
either directly or indirectly based on observable market data.
10. Financial instruments (continued)
(c) Valuation is based on inputs that cannot be observed using market data
(unobservable inputs). The change in valuation of our level 3 instruments for
the period to 30 June 2025 and 31 December 2024 is as follows.
30 June 2025 31 December 2024
Level 3 financial assets and liabilities US$m US$m
Opening balance 216 147
Currency translation adjustments 5 (12)
Total realised gains/(losses) included in:
- net operating costs 19 (32)
Total unrealised gains included in:
- net operating costs 172 22
Total unrealised gains transferred into other comprehensive income through 9 34
cash flow hedges
Additions to financial assets 47 88
Disposals/maturity of financial instruments (100) (31)
Closing balance 368 216
Net gains included in the income statement for assets and liabilities held at 158 3
year end
(d) Our Cash and cash equivalents of US$9,015 million (31 December 2024:
US$8,495 million) includes US$3,033 million (31 December 2024: US$4,893
million)relating to money market funds which are treated as FVTPL under IFRS 9
with the fair value movements reported as finance income.
(e) Investments in equity shares and funds include US$279 million
(31 December 2024: US$221 million) of equity shares, not held for trading,
where we have irrevocably elected to present fair value gains and losses on
revaluation in other comprehensive income. The election is made at an
individual investment level.
(f) Other investments, including loans, covers cash deposits in
rehabilitation funds, government bonds, managed investment funds and royalty
receivables.
(g) Trade receivables include provisionally priced invoices. The related
revenue is initially based on forward market selling prices for the quotation
periods stipulated in the contracts with changes between the provisional price
and the final price recorded separately within "Other revenue". The selling
price can be measured reliably for the Group's products, as it operates in
active and freely traded commodity markets. At 30 June 2025, US$1,058 million
(31 December 2024: US$1,374 million) of provisionally priced receivables were
recognised.
(h) Level 3 derivatives mainly consist of derivatives embedded in
electricity purchase contracts linked to the LME, midwest premium and billet
premium with terms expiring between 2025 and 2036 (31 December 2024: 2025 and
2036). Derivatives related to renewable power purchase agreements are linked
to forward electricity prices with terms expiring between 2026 and 2054
(31 December 2024: 2026 and 2054).
(i) Net debt derivatives include interest rate swaps and cross-currency
swaps.
(j) Trade and other financial payables comprise trade payables, other
financial payables, accruals and amounts due to equity accounted units.
There were no material transfers between level 1 and level 2, or between level
2 and level 3 in the current or prior period.
10. Financial instruments (continued)
Valuation techniques and inputs
The techniques used to value our more significant fair value
assets/(liabilities) categorised under level 2 and level 3 are summarised
below:
30 June 2025 31 December 2024
Description Fair value Fair value Valuation technique Significant inputs
US$m US$m
Level 2
Interest rate swaps 68 (156) Discounted cash flows • Applicable market quoted swap yield curves
• Credit default spread
Cross-currency interest rate swaps (137) (187) Discounted cash flows • Applicable market quoted swap yield curves
• Credit default spread
• Market quoted FX rate
Provisionally priced receivables 1,058 1,374 Closely related listed product • Applicable forward quoted metal price
Level 3
Renewable power purchase agreements (4) (111) Discounted cash flows • Forward electricity price
• Energy volume
Derivatives embedded in electricity contracts (152) (132) Option pricing model • LME forward aluminium price
• Midwest premium and billet premium
Royalty receivables 265 252 Discounted cash flows • Forward commodity price
• Mine production
Sensitivity analysis in respect of level 3 financial instruments
For assets/(liabilities) classified under level 3, the effect of changing the
significant unobservable inputs on carrying value has been calculated using a
movement that we deem to be reasonably probable.
Net derivative liabilities related to our renewable power purchase agreements
have a fair value of US$4 million at 30 June 2025 (31 December 2024: US$111
million). The fair value is calculated as the present value of the future
contracted cash flows using risk-adjusted forecast prices including credit
adjustments. A 10% increase in forecast electricity prices over the remaining
term of the contracts would result in a US$569 million (31 December 2024:
US$499 million) increase in fair value and a 10% decrease in forecast
electricity prices would result in a US$570 million (31 December 2024: US$500
million) decrease in fair value.
To value long-term aluminium embedded power derivatives, we use unobservable
inputs when the term of the derivative extends beyond observable market
prices. Changing the level 3 inputs to reasonably possible alternative
assumptions does not change the fair value significantly, taking into account
the expected remaining term of contracts for either reported period. The fair
value of these derivatives is a net liability of US$152 million at 30 June
2025 (31 December 2024: US$132 million).
10. Financial instruments (continued)
Royalty receivables include amounts arising from our previously divested coal
businesses with a fair value of US$265 million (31 December 2024: US$252
million). These are classified as "Other investments, including loans" within
"Other financial assets". The fair values are determined using level 3
unobservable inputs. These royalty receivables include US$104 million from
forecast production beyond 2030. These have not been adjusted for potential
changes in production rates that could occur due to climate change targets
impacting the operator.
The main unobservable input is the long-term coal price used over the life of
these royalty receivables. A 15% increase in the coal spot price would result
in a US$25 million (31 December 2024: US$24 million) increase in the fair
value. A 15% decrease in the coal spot price would result in a US$122 million
(31 December 2024: US$61 million) decrease in the fair value. We have used a
15% assumption to calculate our exposure as it represents the annual coal
price movement that we deem to be reasonably possible (on an annual basis over
the long run).
Fair values disclosure of financial instruments
The following table shows the carrying value and fair value of our borrowings
including those which are not carried at an amount which approximates their
fair value 30 June 2025 and 31 December 2024. The fair values of some of our
financial instruments approximate their carrying values because of their short
maturity, or because they carry floating rates of interest.
30 June 2025 31 December 2024
Carrying Fair Carrying Fair
value value value value
US$m US$m US$m US$m
Listed bonds((a)) 17,355 16,944 8,137 7,702
Oyu Tolgoi project finance 3,854 4,109 3,852 4,103
Other 822 781 453 416
Total borrowings (including overdrafts) 22,031 21,834 12,442 12,221
(a) On 12 March 2025, we issued US$9 billion of fixed and floating rate
SEC-registered debt securities. The bonds consist of eight tranches of varying
principal amount, tenor and coupon. One tranche consisting of US$500 million
three-year notes is priced at a floating rate coupon of Compounded SOFR plus
0.84% maturing in 2028, with the remaining seven tranches priced at fixed
coupons ranging between 4.375% and 5.875% and maturity dates ranging between
2027 and 2065.
Borrowings relating to listed bonds are categorised as level 1 in the fair
value hierarchy while those relating to project finance drawn down by Oyu
Tolgoi use a number of level 3 valuation inputs. Our remaining borrowings have
a fair value measured by discounting estimated cash flows with an applicable
market quoted yield, and are categorised as level 2 in the fair value
hierarchy.
The Group's borrowings of US$22,031 million (31 December 2024: US$12,442
million) include US$3,921 million (31 December 2024: US$3,945 million) of
subsidiary entity borrowings that are subject to various financial and general
covenants; the non-compliance with these covenants, if not remediated, would
permit the lender to immediately call the loan and borrowings. The covenants
with all respective borrowers were in compliance as at 30 June 2025 and are
expected to be in compliance within 12 months after the reporting date. This
includes our project finance borrowings in Oyu Tolgoi (OT) which require
that OT maintains a certain level of debt-equity ratio and debt service
coverage ratio. Based on our forecasting, we consider this risk of
non-compliance with these covenants to be remote.
11. Commitments and contingencies
Contingent liabilities - subsidiaries, joint operations, joint ventures and
associates
Contingent liabilities, indemnities and other performance guarantees represent
the potential outflow of funds from the Group for the satisfaction of
obligations, including those under contractual arrangements (eg undertakings
related to supplier agreements) not provided for on the balance sheet, where
the likelihood of the contingent liabilities, guarantees or indemnities being
called is assessed as possible rather than probable or remote.
Contingent liabilities, indemnities and other performance guarantees were
US$197 million at 30 June 2025 (31 December 2024: US$192 million).
There were no material contingent liabilities arising in relation to the
Group's joint ventures and associates.
Disclosure is made for material contingent liabilities unless the possibility
of any loss arising is considered remote based on our judgement and legal
advice. These are quantified unless, in our judgement, the amount cannot be
reliably estimated. The unit of account for claims is the matter taken as a
whole and therefore when a provision has been recorded for the best estimate
of the cost to settle the obligation there is no further contingent liability
component. This means that when a provision is recognised for the best
estimate of the expenditure required to settle the present obligation from a
single past event, a further contingent liability is not reported for the
maximum potential exposure in excess of that already provided.
We have not established provisions for certain additional legal claims in
cases where we have assessed that a payment is either not probable or cannot
be reliably estimated. A number of our companies are, and will likely continue
to be, subject to various legal proceedings and investigations that arise from
time to time. As a result, the Group may become subject to substantial
liabilities that could affect our business, financial position and reputation.
Litigation is inherently unpredictable and large judgments may at times occur.
The Group may in the future incur judgments or enter into settlements of
claims that could lead to material cash outflows. We do not believe that any
of these proceedings will have a materially adverse effect on our financial
position.
Contingent liabilities - not quantifiable
The current status of contingent liabilities where it is not practicable to
provide a reliable estimate of possible financial exposure is:
Litigation disputes
Litigation matter Latest update
2011 Contractual payments in Guinea In 2023, we resolved a previously self-disclosed investigation by the SEC into
certain contractual payments totalling US$10.5 million made to a consultant
who had provided advisory services in 2011, relating to the Simandou project
in the Republic of Guinea. In August 2023, the UK Serious Fraud Office closed
its case and announced that the Australian Federal Police maintains a live
investigation into the matter. Rio Tinto continues to co-operate fully with
relevant authorities.
At 30 June 2025, the outcome of this investigation remains uncertain, but it
could ultimately expose the Group to material financial cost. No provision has
been recognised for the investigation. We believe this case is unwarranted and
will defend the allegation vigorously.
11. Commitments and contingencies (continued)
Other contingent liabilities
We continue to modernise agreements with Traditional Owner groups in response
to the Juukan Gorge incident. We have created provisions, within "Other
provisions", based on our best estimate of historical claims. However, the
process is incomplete and it is possible that further claims could arise
relating to past events.
Close-down, restoration and environmental provisions are not recognised for
those operations that have no known restrictions on their lives as the date of
closure cannot be reliably estimated. This applies primarily to our Canadian
aluminium smelters, which are not dependent upon a specific orebody and have
access to indefinite-lived power from owned hydropower stations with water
rights permitted by local governments. In these instances, a closure
obligation may exist at the reporting date. However, due to the indefinite
nature of asset lives it is not possible to arrive at a sufficiently reliable
estimate for the purposes of recognising a provision. Close-down, restoration
and environmental provisions are recognised at these operations for separately
identifiable closure activities which can be reasonably estimated, such as the
demolition and removal of fixed structures after a predetermined period. Any
contingent liability for these assets will crystallise into a closure
provision if and when a decision is taken to cease operations.
Capital commitments
Our capital commitments include:
- open purchase orders for managed operations and non-managed tolling
entities
- expenditure on major projects already authorised by our Investment
Committee for non-managed operations.
Our capital commitments do not include those relating to lease obligations.
Capital commitments, excluding the Group's share of joint venture capital
commitments, were US$8,519 million (31 December 2024: US$5,556 million). On a
legally enforceable basis, capital commitments excluding the Group's share of
EAU capital commitments would be approximately US$2,905 million (2024:
US$1,872 million) as many of the contracts relating to the Group's projects
have various cancellation clauses.
The Group's share of joint venture capital commitments was US$1,107 million at
30 June 2025 (31 December 2024: US$1,551 million).
The capital commitments for Simandou are reported on a 100% basis for the
SimFer mine and the SimFer scope of infrastructure as managed operations. The
Group's share of EAU capital commitments reported in relation to WCS Rail and
Port entities represents SimFer Jersey Limited's 34% investment in those EAUs,
inclusive of funding due from non-controlling interests.
12. Events after the balance sheet date
On 23 July 2025, Rio Tinto and Empresa Nacional de Minería (ENAMI), a
state-owned Chilean mining company, signed a binding agreement to form a joint
venture to develop the Salares Altoandinos lithium project in the Atacama
region.
Rio Tinto has agreed to acquire a controlling 51% interest in the project,
with ENAMI holding the remaining 49%. Rio Tinto will sole fund the
pre-feasibility and further studies, subject to the joint venture progressing
through investment stage-gates.
The transaction is expected to close in the first half of 2026, subject to
receipt of all applicable regulatory approvals and the satisfaction of other
customary closing conditions.
Directors' declaration
Directors' statement of responsibility
In the Directors' opinion:
The condensed consolidated interim financial statements on pages 31 to 55
including the notes have been prepared in accordance with IAS 34 'Interim
Financial Reporting' as adopted by the UK, applicable UK law, and applicable
Australian law as amended by the Australian Securities and Investments
Commission Order dated 11 July 2024. We have used the most appropriate
accounting policies for Rio Tinto's business, supported by reasonable and
prudent judgements.
The condensed consolidated interim financial statements give a true and fair
view of the Rio Tinto Group's financial position as at 30 June 2025 and of
its performance, as represented by the results of its operations,
comprehensive income and expense and its cash flows for the six months then
ended. There are reasonable grounds to believe that each of the Rio Tinto
Group, Rio Tinto Limited and Rio Tinto plc will be able to pay its debts as
and when they become due and payable.
The interim management report includes a fair review of the information
required by DTR 4.2.7R and DTR 4.2.8R, namely:
- an indication of important events that have occurred during the first
six months and their impact on the condensed set of consolidated interim
financial statements, and a description of the principal risks and
uncertainties for the remaining six months of the financial year; and
- material related-party transactions in the first six months and any
material changes in the related-party transactions described in the last
annual report.
Signed in accordance with a resolution of the Board of Directors.
Dominic Barton
Chair
30 July 2025
Jakob Stausholm
Chief Executive
30 July 2025
Peter Cunningham
Chief Financial Officer
30 July 2025
Independent Auditors' Review Reports of KPMG LLP ("KPMG UK") to Rio Tinto plc
and of KPMG ("KPMG Australia") to the members of Rio Tinto Limited
Conclusions
For the purpose of these reports, the terms 'we' and 'our' denote KPMG UK in
relation to UK responsibilities and reporting obligations to Rio Tinto plc,
and KPMG Australia in relation to Australian responsibilities and reporting
obligations to the members of Rio Tinto Limited.
We have been engaged by Rio Tinto Group ("the Group") to review and have
reviewed the accompanying condensed consolidated interim financial statements
("Interim Financial Statements") in the 2025 Half Year Results ("Half Year
Results") of the Rio Tinto Group as at and for the six month period ended
30 June 2025 which comprises the:
• Consolidated income statement
• Consolidated statement of comprehensive income;
• Consolidated cash flow statement;
• Consolidated balance sheet;
• Consolidated statement of changes in equity; and
• The related explanatory notes to the Interim Financial Statements
on pages 36 to 55.
The Rio Tinto Group consists of Rio Tinto plc, Rio Tinto Limited and their
respective subsidiaries including the Group's share of joint arrangements and
associates as at and for the six months ended 30 June 2025. KPMG Australia
considers the Directors' Declaration, on page 56, to be part of the Interim
Financial Statements when forming its conclusion.
Review conclusion by KPMG UK
Based on our review, nothing has come to our attention that causes us to
believe that the Interim Financial Statements in the Half Year Results for the
six months ended 30 June 2025 are not prepared, in all material respects, in
accordance with IAS 34 Interim Financial Reporting as adopted for use in the
UK and the Disclosure Guidance and Transparency Rules ("the DTR") of the UK's
Financial Conduct Authority ("the UK FCA").
Review conclusion by KPMG Australia
Based on our review, which is not an audit, we have not become aware of any
matter that makes us believe that the Interim Financial Statements of the Rio
Tinto Group, including the Directors' Declaration, does not comply with the
Australian Corporations Act 2001, as amended by the Australian Securities and
Investments Commission Order dated 11 July 2024, including:
• giving a true and fair view of the Group's financial position as
at 30 June 2025 and of its performance for the six months ended on that date;
and
• complying with International Accounting Standards ("IAS") 34
Interim Financial Reporting as adopted for use in the UK and the Australian
Corporations Regulations 2001.
KPMG, an Australian partnership and KPMG LLP, a UK limited liability
partnership, are member firms of the KPMG global organisation of independent
member firms affiliated with KPMG International Limited, a private English
company limited by guarantee. All rights reserved. The KPMG name and logo are
trademarks used under license by the independent member firms of the KPMG
global organisation. KPMG Australia's liability limited by a scheme approved
under Professional Standards Legislation.
Basis for conclusions
KPMG UK conducted its review in accordance with International Standard on
Review Engagements (UK) 2410 Review of Interim Financial Information Performed
by the Independent Auditor of the Entity ("ISRE (UK) 2410") issued for use in
the UK.
In conducting its review, KPMG UK has complied with the ethical and
independence requirements of the UK FRC Ethical Standards as applied to listed
public interest entities.
KPMG Australia conducted its review in accordance with Auditing Standard on
Review Engagements ASRE 2410 Review of a Financial Report Performed by the
Independent Auditor of the Entity ("ASRE 2410"), as issued by the Australian
Auditing and Assurance Standards Board.
KPMG Australia are independent of the Group in accordance with the auditor
independence requirements of the Australian Corporations Act 2001 and the
ethical requirements of the Accounting Professional and Ethical Standards
Board's APES 110 Code of Ethics for Professional Accountants (including
Independence Standards) ("the Code") that are relevant to our audit of the
annual financial report in Australia. In conducting its review, KPMG Australia
have also fulfilled its other ethical responsibilities in accordance with
these requirements.
Auditors' responsibilities for the review of the Interim Financial Statements
A review of Interim Financial Statements consists of making enquiries,
primarily of persons responsible for financial and accounting matters, and
applying analytical and other review procedures. We read the other information
that accompanies the Interim Financial Statements and is contained in the Half
Year Results and consider whether it contains any apparent misstatements or
material inconsistencies with the information in the Interim Financial
Statements.
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK) or Australian Auditing Standards
and consequently does not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit.
Accordingly, neither KPMG UK nor KPMG Australia express an audit opinion.
KPMG Australia's responsibility is to express a conclusion on the Interim
Financial Statements, including the Directors' Declaration, based on its
review. ASRE 2410 requires KPMG Australia to conclude whether they have
become aware of any matter that makes them believe that the Interim Financial
Statements, including the Directors' Declaration, do not comply with the
Corporations Act 2001, as amended by the Australian Securities and Investments
Commission Order dated 11 July 2024, including giving a true and fair view of
the Group's financial position as at 30 June 2025 and its performance for the
six months ended on that date, and complying with IAS 34 Interim Financial
Reporting as adopted or use in the UK and the Australian Corporations
Regulations 2001.
KPMG UK's responsibilities are further described in the Our responsibility
section of our report.
KPMG UK's conclusions relating to going concern
Based on KPMG UK's review procedures, which are less extensive than those
performed in an audit as described in the Basis for conclusions section of
this report, nothing has come to KPMG UK's attention that causes us to believe
that the Directors have inappropriately adopted the going concern basis of
accounting, or that the Directors have identified material uncertainties
relating to going concern that have not been appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410. However, future events or conditions may cause the Group to
cease to continue as a going concern, and the above conclusions are not a
guarantee that the Group will continue in operation.
Responsibilities of the Directors for the Interim Financial Statements and
Half Year Results
The Half Year Results, including the Interim Financial Statements, are the
responsibility of, and has been approved by, the Directors of Rio Tinto plc
and the Directors of Rio Tinto Limited.
The Directors of Rio Tinto plc are responsible for:
• preparing the half-yearly financial report in accordance with the
DTR of the UK FCA;
• preparing the Interim Financial Statements in accordance with IAS
34 Interim Financial Reporting as adopted for use in the UK. As disclosed in
note 1, the annual financial statements of the group are prepared in
accordance with UK-adopted international accounting standards; and
• assessing the Group's ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless the Directors either intend to
liquidate the Group or to cease operations, or have no realistic alternative
but to do so.
The Directors of Rio Tinto Limited are responsible for:
• the preparation of Interim Financial Statements, including the
Directors' Declaration, that give a true and fair view in accordance with IAS
34 Interim Financial Reporting as adopted for use in the UK and the Australian
Corporations Act 2001 as amended by the Australian Securities and Investments
Commission Order dated 11 July 2024.
• such internal control as the Directors determine is necessary to
enable the preparation of the Interim Financial Statements, including the
Directors' Declaration, that give a true and fair view and is free from
material misstatement, whether due to fraud or error.
Our responsibility
KPMG UK's responsibility is to express to the Rio Tinto plc a conclusion on
the Interim Financial Statements in the Half Year Results based on its
review. KPMG UK's conclusion, including its conclusions relating to going
concern, are based on procedures that are less extensive than audit
procedures, as described in the Basis for conclusion section of this report.
The purpose of our review work and to whom we owe our responsibilities
KPMG UK's report is made solely to Rio Tinto plc in accordance with the terms
of KPMG UK's engagement to assist the Company in meeting the requirements of
the DTR of the UK FCA. KPMG UK's review has been undertaken so that we might
state to Rio Tinto plc those matters we are required to state to it in this
report and for no other purpose. To the fullest extent permitted by law, we
do not accept or assume responsibility to anyone other than Rio Tinto plc for
our review work, for this report, or for the conclusions we have reached.
KPMG Australia's report is made solely to Rio Tinto Limited's members, as a
body, in accordance with the Australian Corporations Act 2001 as amended by
the Australian Securities and Investments Commission Order dated 11 July
2024. Our review work has been undertaken so that we might state to the
members of Rio Tinto Limited those matters we are required to state to them in
this report, and the further matters we are required to state to them in
accordance with the terms agreed with Rio Tinto Limited, and for no other
purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than Rio Tinto Limited's members, as a body,
for our review work, for this report, or for the conclusion we have reached.
Jonathan Downer
Graham Hogg
for and on behalf of KPMG LLP
KPMG
Chartered
Accountants
Partner
15 Canada
Square
Level 8/235 St Georges Terrace
London
Perth WA 6000
E14
5GL
Australia
United Kingdom
30 July
2025
30 July 2025
Lead Auditor's Independence Declaration under Section 307C of the Australian
Corporations Act 2001
To the Directors of Rio Tinto Limited
I declare that, to the best of my knowledge and belief, in relation to the
review of Rio Tinto Limited for the six months ended 30 June 2025 there have
been:
a) no contraventions of the auditor independence requirements as set out
in the Australian Corporations Act 2001 in relation to the review; and
b) no contraventions of any applicable code of professional conduct in
relation to the review.
This declaration is in respect of Rio Tinto Limited and the entities it
controlled as at or during the six-months ended 30 June 2025.
KPMG
Graham Hogg
Partner
Perth
30 July 2025
KPMG, an Australian partnership and a member firm of the KPMG global
organisation of independent member firms affiliated with KPMG International
Limited, a private English company limited by guarantee. All rights reserved.
The KPMG name and logo are trademarks used under license by the independent
member firms of the KPMG global organisation.
KPMG Australia's liability is limited by a scheme approved under Professional
Standards Legislation.
Rio Tinto financial information by business unit
Segmental revenue((a)) for the six months ended 30 June Underlying EBITDA((a)) Depreciation and amortisation for the six months ended 30 June
for the six months ended 30 June
Rio Tinto 2025 2024 2025 2024 2025 2024
interest US$m US$m US$m US$m US$m US$m
% Adjusted((j)(m))
Iron Ore
Pilbara (b) 11,786 14,398 6,678 8,856 1,087 1,087
Dampier Salt 68.4% 135 199 36 61 7 11
Evaluation projects/other (c) 1,575 1,649 (152) (246) 1 -
Intra-segment (c) (978) (1,040) 107 136 - -
Total Iron Ore segment 12,518 15,206 6,669 8,807 1,095 1,098
Aluminium
Bauxite (d) 2,030 1,407 1,049 513 153 203
Alumina (e) 2,287 1,510 898 175 62 66
North American Aluminium (f) 3,844 3,435 494 811 386 397
Pacific Aluminium (g) 1,633 1,368 99 182 86 76
Intra-segment and other (2,338) (1,576) (47) (20) - -
Integrated operations 7,456 6,144 2,493 1,661 687 742
Other product group items 297 342 1 10 - -
Product group operations 7,753 6,486 2,494 1,671 687 742
Evaluation projects/other - - (131) (94) - -
Total Aluminium segment 7,753 6,486 2,363 1,577 687 742
Copper
Kennecott 100% 1,483 1,250 560 456 306 382
Escondida 30% 2,205 1,676 1,602 1,128 232 216
Oyu Tolgoi 66% 1,916 1,022 1,252 509 330 178
Product group operations 5,604 3,948 3,414 2,093 868 776
Evaluation projects/other (m) 604 460 (309) (252) 1 3
Total Copper segment 6,208 4,408 3,105 1,841 869 779
Minerals
Iron Ore Company of Canada 58.7% 1,074 1,333 202 540 121 113
Rio Tinto Iron & Titanium (h) 897 839 111 348 118 104
Rio Tinto Borates 100% 415 388 109 96 31 33
Diamonds (i) 162 149 (55) (63) 3 19
Product group operations (excluding Rio Tinto Lithium) 2,548 2,709 367 921 273 269
Evaluation projects/other (j) 31 29 (123) (103) 1 -
Minerals (excluding Rio Tinto Lithium) 2,579 2,738 244 818 274 269
Rio Tinto Lithium (j) 308 - 42 (131) 113 -
Total Minerals segment 2,887 2,738 286 687 387 269
Reportable segments total 29,366 28,838 12,423 12,912 3,038 2,888
Simandou iron ore project (k) - - (21) (7) 5 -
Other operations (l)(m) 157 49 16 55 161 157
Inter-segment transactions (c) (122) (107) 3 10
Central pension costs, share-based payments, insurance and derivatives (17) (158)
Restructuring, project and one-off costs (320) (111)
Central costs (427) (494) 56 51
Central exploration and evaluation (110) (114)
Underlying EBITDA/earnings 11,547 12,093
Items excluded from underlying EBITDA/earnings 141 59
Reconciliation to consolidated income statement
Share of EAUs sales and inter-subsidiary/EAUs sales (2,528) (1,978)
Impairment charges net of reversals (n) (122) 6
Depreciation and amortisation in subsidiaries excluding capitalised (2,845) (2,719)
depreciation
Depreciation and amortisation in EAUs (303) (275) (302) (275)
Taxation and finance items in EAUs (730) (483)
Finance items (951) (566)
Consolidated sales revenue/profit before taxation/depreciation and 26,873 26,802 6,737 8,115 2,958 2,821
amortisation
Rio Tinto financial information by business unit (continued)
Capital expenditure((o)) Operating assets((p))
for the six months ended 30 June as at
Rio Tinto 2025 2024 30 June 2025 31 December 2024
interest US$m US$m US$m US$m
%
Iron Ore
Pilbara (b) 1,434 1,247 18,708 17,016
Dampier Salt 68.4% 13 11 86 5
Evaluation projects/other (c) - - 585 718
Intra-segment (c) - - (110) (193)
Total Iron Ore segment 1,447 1,258 19,269 17,546
Aluminium
Bauxite (d) 66 71 2,183 2,289
Alumina (e) 119 130 588 804
North American Aluminium (f) 524 457 11,996 10,516
Pacific Aluminium (g) 46 47 685 706
Intra-segment and other 1 - 340 795
Total Aluminium segment 756 705 15,792 15,110
Copper
Kennecott 100% 289 332 2,497 2,391
Escondida 30% - - 2,997 2,779
Oyu Tolgoi 66% 541 635 16,973 16,692
Product group operations 830 967 22,467 21,862
Evaluation projects/other 1 3 299 262
Total Copper segment 831 970 22,766 22,124
Minerals
Iron Ore Company of Canada 58.7% 148 117 1,273 1,240
Rio Tinto Iron & Titanium (h) 105 97 3,345 3,215
Rio Tinto Borates 100% 26 23 445 475
Diamonds (i) 3 34 (90) (38)
Product group operations (excluding Rio Tinto Lithium) 282 271 4,973 4,892
Evaluation projects/other (j) 14 - 70 50
Minerals (excluding Rio Tinto Lithium) 296 271 5,043 4,942
Rio Tinto Lithium (j) 530 - 9,195 1,088
Total Minerals segment 826 271 14,238 6,030
Reportable segments total 3,860 3,204 72,065 60,810
Simandou iron ore project (k) 822 742 2,937 2,106
Other operations (l) 5 12 (1,487) (1,446)
Inter-segment transactions (c) 19 22
Other items 40 43 (734) (755)
Total 4,727 4,001 72,800 60,737
Add back: Proceeds from disposal of property, plant and equipment 7 17
Total purchases of property, plant & equipment and intangibles as per cash 4,734 4,018
flow statement
Add: Net debt (14,597) (5,491)
Equity attributable to owners of Rio Tinto 58,203 55,246
Notes to financial information by business unit
Business units are classified according to the Group's management structure.
Our management structure is based on product groups together with global
support functions whose leaders make up the Executive Committee. The Executive
Committee members each report directly to our Chief Executive who is the chief
operating decision maker and is responsible for allocating resources and
assessing performance of the operating segments. Finance costs and net debt
are managed on a Group-wide basis and are therefore excluded from the
segmental results.
The disclosures in this note include certain alternative performance measures
(non-IFRS measures). For more information on the non-IFRS measures used by the
Group, including definitions and calculations, refer to section entitled
alternative performance measures (pages 64 to 70). Ownership interests are
100% unless otherwise shown.
a. Segmental revenue is defined within Alternative performance measures
section on page 64. Underlying EBITDA is defined and calculated within the
Alternative performance measures section on pages 64 to 65.
b. Pilbara represents the Group's holding in Hamersley, Hope Downs
Joint Venture (50%), Western Range Joint Venture (54%) and Robe River Iron
Associates (65%). The Group's net beneficial interest in Robe River Iron
Associates is 53%, as 30% is held through a 60% owned subsidiary and 35% is
held through a 100% owned subsidiary.
c. Segmental revenue, Underlying EBITDA, and Operating assets within
Evaluation projects/other include activities relating to the shipment and
blending of Pilbara and Iron Ore Company of Canada (IOC) iron ore inventories
held portside in China and sold to domestic customers. Transactions between
Pilbara and our portside trading business are eliminated through the Iron Ore
"intra-segment" line and transactions between IOC and the portside trading
business are eliminated through "inter-segment transactions".
d. Bauxite represents the Group's interest in Gove and Weipa, Porto
Trombetas (22%) and Sangarédi (22.9%).
e. Alumina represents the Group's interest in Jonquière (Vaudreuil),
Yarwun, Queensland Alumina (80%) and São Luis (Alumar) (10%).
f. North American Aluminium represents the Group's interest in Alma,
Arvida, Arvida AP60, Grande-Baie, ISAL, Kitimat, Laterrière, Alouette (40%),
Bécancour (25.1%), Sohar (20%) and Matalco (50%).
g. Pacific Aluminium represents the Group's interest in Bell Bay,
Boyne Island (73.5%), Tiwai Point and Tomago (51.6%). On 30 September 2024,
our interest in Boyne Island was increased from 59.4% to 71.05% following our
acquisition of Mitsubishi Corporation's 11.65% interest in Boyne Smelters
Limited (BSL). On 1 November 2024, our interest was further increased to
73.5% following our acquisition of Sumitomo Chemical Company's (SCC) 2.46%
interest in BSL. On 1 November 2024, we also acquired SCC's 20.64% interest
in New Zealand Aluminium Smelters, increasing our interest from 79.36% to
100%.
h. Includes our interests in Rio Tinto Iron and Titanium Quebec
Operations, QIT Madagascar Minerals (QMM, economic interest of 85%) and
Richards Bay Minerals (attributable interest of 74%).
i. Relates to our interest in the Diavik diamond mine and diamond
marketing operations.
j. Rio Tinto Lithium represents the Group's interest in Rincon and,
following the acquisition of Arcadium Lithium on 6 March 2025, the following
operating mines: Olaroz (66.5%), Hombre Muerto, Mount Cattlin, assets under
construction in Argentina and Canada (including Nemaska at 50%), undeveloped
properties and downstream processing facilities in Argentina, USA, UK, China
and Japan (75%). Previously, Rincon was included within Minerals evaluation
projects /other; this has been adjusted for comparability with no overall
change to the product group totals.
k. Rio Tinto SimFer UK Limited (which is wholly owned by the Group)
holds a 53% interest in SimFer Jersey Limited (SimFer Jersey) which in turn,
has an 85% interest in SimFer S.A., the company that will carry out the
Simandou mining operations in Guinea, and an 85% interest in the company which
will deliver SimFer Jersey's scope of the co-developed rail and port
infrastructure. SimFer Jersey at present has a 100% interest in the companies
that will own and operate the transhipment vessels, however this is
anticipated to reduce to 85% with the Government of Guinea taking a 15%
interest before operations commence. These entities, together with the equity
accounted WCS Rail and Port entities (refer to Note 32 of the Financial
Statements to our 2024 Annual Report), are referred to as the Simandou iron
ore project.
l. Other operations includes our 98.43% interest in Energy Resources
of Australia (increased from 86.3% in November 2024 - refer to note 30 of the
Financial Statements to our 2024 Annual Report), sites being rehabilitated
under the management of Rio Tinto Closure, Rio Tinto Marine, and the remaining
legacy liabilities of Rio Tinto Coal Australia. These include provisions for
onerous contracts, in relation to rail infrastructure capacity, partly offset
by financial assets and receivables relating to contingent royalties and
disposal proceeds.
m. Accountability for Rio Tinto Guinea, our in-country external affairs
office remains with Bold Baatar, and has therefore moved from the Copper
product group to "Other operations" following his change in role to Chief
Commercial Officer during the second half of 2024. Accordingly, prior period
amounts have been adjusted for comparability even though there is no material
impact as a result of the change.
n. Refer to note 5 for allocation of net impairment charges/reversals
between consolidated amounts and share of profit in EAUs.
o. Capital expenditure is the net cash outflow on purchases less sales
of property, plant and equipment, capitalised evaluation costs and purchases
less sales of other intangible assets as derived from the consolidated cash
flow statement. The details provided include 100% of subsidiaries' capital
expenditure and Rio Tinto's share of the capital expenditure of joint
operations but exclude equity accounted units.
p. Operating assets of the Group represents equity attributable to Rio
Tinto adjusted for net debt. Operating assets of subsidiaries, joint
operations and the Group's share relating to equity accounted units are made
up of net assets adjusted for net debt and post-retirement assets and
liabilities, net of tax. Operating assets are stated after the deduction of
non-controlling interests; these are calculated by reference to the net assets
of the relevant companies (ie inclusive of such companies' debt and amounts
due to or from Rio Tinto Group companies).
Alternative performance measures
The Group presents certain alternative performance measures (non-IFRS
measures) which are reconciled to directly comparable IFRS financial measures
below. These non-IFRS measures, hereinafter referred to as alternative
performance measures (APMs), are used by management to assess the performance
of the business and provide additional information, which investors may find
useful. APMs are presented in order to give further insight into the
underlying business performance of the Group's operations.
APMs are not consistently defined and calculated by all companies, including
those in the Group's industry. Accordingly, these measures used by the Group
may not be comparable with similarly titled measures and disclosures made by
other companies. Consequently, these APMs should not be regarded as a
substitute for the IFRS measures and should be considered supplementary to
those measures.
The following tables present the Group's key financial measures not defined
according to IFRS and a reconciliation between those APMs and their nearest
respective IFRS measures.
APMs derived from the income statement
The following income statement measures are used by the Group to provide
greater understanding of the underlying business performance of its operations
and to enhance comparability of reporting periods. They indicate the
underlying commercial and operating performance of our assets including
revenue generation, productivity and cost management.
Segmental revenue
Segmental revenue includes consolidated sales revenue plus the equivalent
sales revenue of equity accounted units (EAUs) in proportion to our equity
interest (after adjusting for sales to/from subsidiaries).
Underlying EBITDA
Underlying EBITDA represents profit before taxation, net finance items,
depreciation and amortisation adjusted to exclude the EBITDA impact of items
which do not reflect the underlying performance of our reportable segments.
The reconciliation of profit after tax to underlying EBITDA can be found in
the segmental information note on page 41.
Underlying EBITDA margin
Underlying EBITDA margin is defined as underlying EBITDA divided by the
aggregate of consolidated sales revenue and our share of equity account unit
sales after eliminations.
Six months ended 30 June 2025 2024
US$m US$m
Underlying EBITDA 11,547 12,093
Consolidated sales revenue 26,873 26,802
Share of equity accounted unit sales and inter-subsidiary/equity accounted 2,528 1,978
unit sales eliminations
29,401 28,780
Underlying EBITDA margin 39 % 42 %
Alternative performance measures (continued)
Pilbara underlying FOB EBITDA margin
The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara
underlying EBITDA divided by Pilbara segmental revenue, excluding freight
revenue.
Six months ended 30 June 2025 2024
US$m US$m
Pilbara
Underlying EBITDA 6,678 8,856
Pilbara segmental revenue 11,786 14,398
Less: Freight revenue (848) (1,145)
Pilbara segmental revenue, excluding freight revenue 10,938 13,253
Pilbara underlying FOB EBITDA margin 61 % 67 %
Underlying EBITDA margin from integrated operations and product group operations
Aluminium - integrated operations Copper - product group operations Minerals - product group operations (excluding Rio Tinto Lithium)
Six months ended 30 June 2025 2024 2025 2024 2024
US$m US$m US$m US$m 2025 US$m
US$m
Underlying EBITDA 2,493 1,661 3,414 2,093 367 921
Segmental revenue 7,456 6,144 5,604 3,948 2,548 2,709
Underlying EBITDA margin 33 % 27 % 61 % 53 % 14 % 34 %
Underlying earnings
Underlying earnings represents net earnings attributable to the owners of Rio
Tinto, adjusted to exclude items that do not reflect the underlying
performance of the Group's operations.
Exclusions from underlying earnings are those gains and losses that,
individually or in aggregate with similar items, are of a nature and size to
require exclusion in order to provide additional insight into underlying
business performance.
The following items are excluded from net earnings in arriving at underlying
earnings in each period irrespective of materiality:
• net (gains)/losses on consolidation or disposal of interests in
businesses
• net impairment charges and reversals
• (profit)/loss after tax from discontinued operations
• exchange and derivative gains and losses. This adjustment includes
exchange (gains)/losses on external net debt and intragroup balances,
unrealised (gains)/losses on currency and interest rate derivatives not
qualifying for hedge accounting, unrealised (gains)/losses on certain
commodity derivatives not qualifying for hedge accounting, and unrealised
(gains)/losses on embedded derivatives not qualifying for hedge accounting
• adjustments to closure provisions where the adjustment is
associated with an impairment charge, or for legacy sites where the
disturbance or environmental contamination relates to the pre-acquisition
period.
In addition, there is a final judgemental category which includes, where
applicable, other credits and charges that, individually or in aggregate if of
a similar type, are of a nature or size to require exclusion in order to
provide additional insight into underlying business performance. For the
periods ended 30 June 2025 and 30 June 2024, there were no items in this
category.
Exclusions from underlying earnings relating to equity accounted units are
stated after tax and included in the column "Pre-tax".
Alternative performance measures (continued)
Reconciliation of net earnings to underlying earnings
Six months ended 30 June Pre-tax Taxation Non-controlling Net amount Net amount
2025 2025 interests 2025 2024
US$m US$m 2025 US$m US$m
US$m
Net earnings 6,737 (2,201) (8) 4,528 5,808
Items excluded from underlying earnings
Net impairment charges/(reversals) (note 5) 122 (36) - 86 (55)
Foreign exchange and derivative losses/(gains):
- Exchange losses/(gains) on external net debt, intragroup balances and 276 24 - 300 (30)
derivatives((a))
- (Gains)/losses on currency and interest rate derivatives not qualifying (9) 2 (4) (11) 75
for hedge accounting((b))
- Gains on embedded commodity derivatives not qualifying for hedge (147) 48 - (99) (7)
accounting((c))
Change in closure estimates (non-operating and fully impaired sites)((d)) 3 - - 3 (41)
Total excluded from underlying earnings 245 38 (4) 279 (58)
Underlying earnings 6,982 (2,163) (12) 4,807 5,750
(a) Exchange losses/(gains) on external net debt, intragroup balances and
derivatives includes post-tax losses on intragroup balances of US$528 million
(30 June 2024: US$162 million gain) offset by post-tax gains on external net
debt of US$228 million (30 June 2024: US$132 million loss), primarily as a
result of the Australian dollar strengthening against the US dollar compared
to the 31 December 2024 spot rate.
(b) Valuation changes on currency and interest rate derivatives, which do
not qualify for hedge accounting, other than those embedded in commercial
contracts, and the currency revaluation of embedded US dollar derivatives
contained in contracts held by entities whose functional currency is not the
US dollar.
(c) Valuation changes on derivatives, embedded in commercial contracts
(such as power purchase arrangements) that do not qualify for hedge accounting
but for which there will be an offsetting change in future Group earnings.
(d) In 2025, the charge to the income statement relates to change in
timing of underlying closure cash flows for legacy sites where the
environmental damage preceded ownership by Rio Tinto. In 2024, a post-tax
credit of US$41 million arose from the change in discount rate, from 2.0% to
2.5% as applied to provisions for close-down, restoration and environmental
liabilities at legacy sites where the environmental damage preceded ownership
by Rio Tinto.
Basic underlying earnings per share
Basic underlying earnings per share is calculated as underlying earnings
divided by the weighted average number of shares outstanding during the
period.
Six months ended 30 June 2025 2024
Net earnings (US$ million) 4,528 5,808
Weighted average number of shares (millions) 1,623.8 1,622.7
Basic earnings per ordinary share (cents) 278.8 357.9
Items excluded from underlying earnings per share (cents)((a)) 17.2 (3.6)
Basic underlying earnings per ordinary share (cents) 296.0 354.3
(a) Calculation of items excluded from underlying earnings per share.
Six months ended 30 June 2025 2024
Items excluded from underlying earnings (US$m) 279.0 (58.0)
Weighted average number of shares (millions) 1,623.8 1,622.7
Items excluded from underlying earnings per share (cents) 17.2 (3.6)
We have provided basic underlying earnings per share as this allows the
comparability of financial performance adjusted to exclude items which do not
reflect the underlying performance of the Group's operations.
Alternative performance measures (continued)
Interest cover
Interest cover is a financial metric used to monitor our ability to service
debt. It represents the number of times finance income and finance costs
(including amounts capitalised) are covered by profit before taxation, before
finance income, finance costs, share of profit after tax of equity accounted
units and items excluded from underlying earnings, plus dividends from equity
accounted units.
Six months ended 30 June 2025 2024
US$m US$m
Profit before taxation 6,737 8,115
Add back
Finance income (248) (272)
Finance costs 544 381
Share of profit after tax of equity accounted units (717) (422)
Items excluded from underlying earnings 245 (34)
Add: Dividends from equity accounted units 440 421
Calculated earnings 7,001 8,189
Finance income 248 272
Finance costs (544) (381)
Add: Amounts capitalised (169) (222)
Total net finance costs before capitalisation (465) (331)
Interest cover 15 25
Payout ratio
The payout ratio is used by us to guide the dividend policy we implemented in
2016, under which we have sought to return 40-60% of underlying earnings, on
average through the cycle, to shareholders as dividends. It is calculated as
total equity dividends per share to owners of Rio Tinto declared in respect of
the financial year divided by underlying earnings per share (as defined
above). Dividends declared usually include an interim dividend paid in the
year, and a final dividend paid after the end of the year. Any special
dividends declared in respect of the financial year are also included.
Six months ended 30 June 2025 2024
(cents) (cents)
Interim dividend declared per share 148.0 177.0
Underlying earnings per share 296.0 354.3
Payout ratio 50 % 50 %
Alternative performance measures (continued)
APMs derived from cash flow statement
Capital expenditure
Capital expenditure includes the net sustaining and development expenditure on
property, plant and equipment, and on intangible assets. This is equivalent to
"Purchases of property, plant and equipment and intangible assets" in the cash
flow statement less "Sales of property, plant and equipment and intangible
assets".
This measure is used to support management's objective of effective and
efficient capital allocation as we need to invest in existing assets in order
to maintain and improve productive capacity, and in new assets to drive
business growth.
Six months ended 30 June 2025 2024
US$m US$m
Purchase of property, plant and equipment and intangible assets 4,734 4,018
Less: Sales of property, plant and equipment and intangible assets (7) (17)
Capital expenditure 4,727 4,001
Rio Tinto share of capital investment
Rio Tinto's share of capital investment represents our economic investment in
capital projects. This measure represents the Group's share of funding for
capital projects which are jointly funded with other shareholders and which
may differ from the consolidated basis included in the Capital expenditure
APM.
The measure is based upon purchase of property, plant and equipment and
intangible assets and adjusted to deduct equity or shareholder loan financing
provided to partially owned subsidiaries by non-controlling interests in
respect of major capital projects in the period. In circumstances where the
funding to be provided by non-controlling interests is not received in the
same period as the underlying capital investment, this adjustment is applied
in the period in which the underlying capital investment is made, not when the
funding is received. Where funding which would otherwise be provided directly
by shareholders is replaced with project financing, an adjustment is also made
to deduct the share of project financing attributable to the non-controlling
interest. This adjustment is not made in cases where Rio Tinto has
unilaterally guaranteed this project financing. Lastly, funding contributed by
the Group to Equity Accounted Units for its share of investment in their major
capital projects is added to the measure. No adjustment is made to the Capital
expenditure APM where capital expenditure is funded from the operating cash
flows of the subsidiary or EAU.
Six months ended 30 June 2025 2024
US$m US$m
Purchase of property, plant and equipment and intangible assets 4,734 4,018
Funding provided by the group to EAUs((a)) 331 -
Total capital investment 5,065 4,018
Less: Equity or shareholder loan financing received/due from non-controlling (554) (349)
interests((b))
Rio Tinto share of capital investment 4,511 3,669
(a) In 2025, funding provided by the group to EAUs relates to funding of
WCS rail and port entities (WCS) in relation to the Simandou project,
consisting of a direct equity investment in WCS of US$148 million and loans
provided totalling US$183 million.
(b) In 2025, we received US$667 million from Chalco Iron Ore Holdings Ltd
(CIOH) interests of which US$456 million relates to CIOH's 47% share of
capital expenditure incurred on the Simandou project and associated funding
provided by the Group to EAUs during the current year on an accruals basis. We
also received US$89 million from Investissement Québec (IQ) in respect of
their 50% share of capital expenditure incurred on the Nemaska lithium
development project. The equivalent amount, on an accruals basis, of
US$98 million is included in Rio Tinto share of capital investment.
Alternative performance measures (continued)
Free cash flow
Free cash flow is defined as net cash generated from operating activities
minus purchases of property, plant and equipment and intangibles and payments
of lease principal, plus proceeds from the sale of property, plant and
equipment and intangible assets.
This measures the net cash returned by the business after the expenditure of
sustaining and development capital. This cash can be used for shareholder
returns, reducing debt and other investing/financing activities.
Six months ended 30 June 2025 2024
US$m US$m
Net cash generated from operating activities 6,924 7,056
Less: Purchase of property, plant and equipment and intangible assets (4,734) (4,018)
Less: Lease principal payments (235) (212)
Add: Sales of property, plant and equipment and intangible assets 7 17
Free cash flow 1,962 2,843
APMs derived from the balance sheet
Net debt
Net debt is total borrowings plus lease liabilities less cash and cash
equivalents and other liquid investments, adjusted for derivatives related to
net debt.
Net debt measures how we are managing our balance sheet and capital structure.
Six months ended 30 June 2025
Financial liabilities Other assets
Borrowings Lease liabilities((b)) Derivatives related to net debt Cash and cash equivalents including overdrafts Other investments Net debt
US$m
excluding overdrafts US$m ((c)) ((a)) ((d))
((a)) US$m US$m US$m
US$m
At 1 January (12,431) (1,413) (343) 8,484 212 (5,491)
Foreign exchange adjustment (68) (52) 62 107 1 50
Cash movements excluding exchange movements (7,917) 235 (14) 129 (116) (7,683)
Acquisition - newly consolidated operation (1,553) (51) - 293 - (1,311)
Other non-cash movements (60) (328) 226 - - (162)
At 30 June (22,029) (1,609) (69) 9,013 97 (14,597)
(a) Borrowings excluding overdrafts of US$22,029 million (31 December
2024: US$12,431 million) differs from Borrowings on the balance sheet as it
excludes bank overdrafts of US$2 million (31 December 2024: US$11 million)
which has been included in cash and cash equivalents for the net debt
reconciliation.
(b) Other non-cash movements in lease liabilities include the net impact
of additions, modifications and terminations during the period.
(c) Included within "Derivatives related to net debt" are interest rate
and cross-currency interest rate swaps that are in hedge relationships with
the Group's debt.
(d) Other investments includes US$97 million (31 December 2024: US$212
million) of highly liquid financial assets held in a separately managed
portfolio of fixed income instruments classified as held for trading.
Alternative performance measures (continued)
Net gearing ratio
Net gearing ratio is defined as net debt divided by the sum of net debt and
total equity at the end of each period. It demonstrates the degree to which
the Group's operations are funded by debt versus equity.
30 June 2025 31 December 2024
US$m US$m
Net debt 14,597 5,491
Total equity 61,967 57,965
Net debt plus total equity 76,564 63,456
Net gearing ratio 19% 9%
Underlying return on capital employed
Underlying return on capital employed (ROCE) is defined as underlying earnings
excluding net interest divided by average capital employed (operating assets).
Underlying ROCE measures how efficiently we generate profits from investment
in our portfolio of assets.
Six months ended 30 June 2025 2024
US$m US$m
Profit after tax attributable to owners of Rio Tinto (net earnings) 4,528 5,808
Items added back to derive underlying earnings 279 (58)
Underlying earnings 4,807 5,750
Add/(deduct):
Finance income per the income statement (248) (272)
Finance costs per the income statement 544 381
Tax on finance cost (57) (105)
Non-controlling interest share of net finance costs (285) (236)
Net interest cost in equity accounted units (Rio Tinto share) 28 28
Net interest (18) (204)
Adjusted underlying earnings 4,789 5,546
Annualised adjusted underlying earnings 9,578 11,092
Equity attributable to owners of Rio Tinto - beginning of the period 55,246 54,586
Net debt - beginning of the period 5,491 4,231
Operating assets - beginning of the period 60,737 58,817
Equity attributable to owners of Rio Tinto - end of the period 58,203 55,253
Net debt - end of the period 14,597 5,077
Operating assets - end of the period 72,800 60,330
Average operating assets 66,769 59,574
Underlying return on capital employed 14 % 19 %
Metal prices and exchange rates
Six months to 30 June 2025 Six months to 30 June 2024 Increase/ (Decrease) Year to
31 December 2024
Metal prices - average for the period
Copper - US cents/lb 428 412 4 % 415
Aluminium - US$/tonne 2,539 2,358 8 % 2,419
Gold - US$/troy oz 3,067 2,203 39 % 2,386
Six month average to 30 June At 30 June At 31 December
Exchange rates against the US dollar 2025 2024 Increase/ (Decrease) 2025 2024 Increase/ (Decrease) 2024
Pound sterling 1.30 1.27 2 % 1.37 1.26 9 % 1.25
Australian dollar 0.63 0.66 (4) % 0.65 0.67 (2) % 0.62
Canadian dollar 0.71 0.74 (4) % 0.73 0.73 - % 0.70
Euro 1.09 1.08 1 % 1.17 1.07 9 % 1.04
South African rand 0.054 0.053 2 % 0.056 0.054 4 % 0.053
Forward-looking statements
This report includes "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts included in this report, including, without
limitation, those regarding Rio Tinto's financial position, business strategy,
plans and objectives of management for future operations (including
development plans and objectives relating to Rio Tinto's products, production
forecasts and reserve and resource positions), are forward-looking statements.
The words "intend", "aim", "project", "anticipate", "estimate", "plan",
"believes", "expects", "may", "should", "will", "target", "set to" or similar
expressions, commonly identify such forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties
and other factors which may cause the actual results, performance or
achievements of Rio Tinto, or industry results, to be materially different
from any future results, performance or achievements expressed or implied by
such forward-looking statements. Such forward-looking statements are based on
numerous assumptions regarding Rio Tinto's present and future business
strategies and the environment in which Rio Tinto will operate in the future.
Among the important factors that could cause Rio Tinto's actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, but are not limited to: an inability to
live up to Rio Tinto's values and any resultant damage to its reputation; the
impacts of geopolitics on trade and investment; the impacts of climate change
and the transition to a low-carbon future; an inability to successfully
execute and/or realise value from acquisitions and divestments; the level of
new ore resources, including the results of exploration programmes and/or
acquisitions; disruption to strategic partnerships that play a material role
in delivering growth, production, cash or market positioning; damage to Rio
Tinto's relationships with communities and governments; an inability to
attract and retain requisite skilled people; declines in commodity prices and
adverse exchange rate movements; an inability to raise sufficient funds for
capital investment; inadequate estimates of ore resources and reserves; delays
or overruns of large and complex projects; changes in tax regulation; safety
incidents or major hazard events; cyber breaches; physical impacts from
climate change; the impacts of water scarcity; natural disasters; an
inability to successfully manage the closure, reclamation and rehabilitation
of sites; the impacts of civil unrest; the impacts of the Covid-19 pandemic;
breaches of Rio Tinto's policies, standard and procedures, laws or
regulations; trade tensions between the world's major economies; increasing
societal and investor expectations, in particular with regard to
environmental, social and governance considerations; the impacts of
technological advancements; and such other risks identified in Rio Tinto's
most recent Annual Report and accounts in Australia and the United Kingdom and
the most recent Annual Report on Form 20-F filed with the United States
Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to, or
filed with, the SEC. Forward-looking statements should, therefore, be
construed in light of such risk factors and undue reliance should not be
placed on forward-looking statements. These forward-looking statements speak
only as of the date of this report. Rio Tinto expressly disclaims any
obligation or undertaking (except as required by applicable law, the UK
Listing Rules, the Disclosure Guidance and Transparency Rules of the Financial
Conduct Authority and the Listing Rules of the Australian Securities Exchange)
to release publicly any updates or revisions to any forward-looking statement
contained herein to reflect any change in Rio Tinto's expectations with regard
thereto or any change in events, conditions or circumstances on which any such
statement is based.
Nothing in this report should be interpreted to mean that future earnings per
share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed
its historical published earnings per share.
Contacts Please direct all enquiries to media.enquiries@riotinto.com
Media Relations, United Kingdom Media Relations, Australia Media Relations,
Matthew Klar Matt Chambers Canada
M +44 7796 630 637 M +61 433 525 739
Simon Letendre
David Outhwaite Bruce Tobin M +1 514 796 4973
M +44 7787 597 493 M +61 419 103 454
Malika Cherry
Rachel Pupazzoni M +1 418 592 7293
M +61 438 875 469
Vanessa Damha
M +1 514 715 2152
Investor Relations, United Kingdom Investor Relations, Australia Media Relations,
Rachel Arellano Tom Gallop US
M +61 439 353 948
M +44 7584 609 644
Phoebe Lee
Jesse Riseborough
M +61 413 557 780
David Ovington
M +1 202 394 9480
M +44 7920 010 978
Laura Brooks
M +44 7826 942 797
Weiwei Hu
M +44 7825 907 230
Rio Tinto plc Rio Tinto Limited
6 St James's Square Level 43, 120 Collins Street
London SW1Y 4AD
United Kingdom Melbourne 3000
T +44 20 7781 2000 Australia
Registered in England
No. 719885
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404
riotinto.com
This announcement is authorised for release to the market by Rio Tinto's Group
Company Secretary.
LEI: 213800YOEO5OQ72G2R82
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