Finding better ways to provide the materials the world needs
Our business
We operate in 35 countries where our 60,000 employees are working to find better ways to provide the materials the world needs
Our purpose in action
Continuous improvement and innovation are part of our DNA
Innovation
The need for innovation is greater than ever
We supply the metals and minerals used to help the world grow and decarbonise
Iron Ore
The primary raw material used to make steel, which is strong, long-lasting and cost-efficient
Lithium
The lightest of all metals, it is a key element needed for low-carbon technologies
Copper
Tough but malleable, corrosion-resistant and recyclable, and an excellent conductor of heat and transmitter of electricity
Bringing to market materials critical to urbanisation and the transition to a low-carbon economy
Oyu Tolgoi
One of the most modern, safe and sustainable operations in the world
Rincon Project
A long-life, low-cost and low-carbon lithium source
Simandou Project
The world’s largest untapped high-grade iron ore deposit
Providing materials the world needs in a responsible way
Climate Change
We’re targeting net zero emissions by 2050
Nature solutions
Our nature-based solutions projects complement the work we're doing to reduce our Scope 1 and 2 emissions
Enabling ESG transparency
Our START™ initiative tracks traceability and responsible production of Rio Tinto materials.
We aim to deliver superior returns to our shareholders while safeguarding the environment and meeting our obligations to wider society
Reports 2024
Download our 2024 suite of reports, including our 2024 Taxes and Royalties Paid Report, detailing $8.4 billion of taxes and royalties paid globally during the year
Get the latest news, stories and updates
Things You Can't Live Without
Our podcast discussing what needs to happen to create a sustainable future for the everyday items we have come to rely on
Refuelling the mining industry
How can we power the world’s biggest machines with new fuel solutions?
Forging a low-carbon future
How we're working to decarbonise iron ore and steel
Discover more about life at Rio Tinto
Graduates and students
If you want to drive real change, we have just the place to do it
Empowering families with flexibility
Supporting new parents of any gender with equal access to parental leave
Available jobs
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LONDON--(BUSINESS WIRE)-- Rio Tinto Chief Executive Jakob Stausholm said: "We remain focused on delivering on our long-term strategy, with a steady improvement in operating performance and some notable advances in our growth agenda. We continue to strengthen our partnership with the Mongolian government following commencement of underground mining at Oyu Tolgoi, delivered first iron ore from the Gudai-Darri mine and approved early works funding at the Rincon lithium project.
"Market conditions were good, albeit below last year's record levels. We delivered largely flat production and solid financial results, with underlying EBITDA of $15.6 billion, free cash flow of $7.1 billion and underlying earnings of $8.6 billion, after taxes and government royalties of $4.8 billion. As a result, we are paying our second highest ever interim dividend of $4.3 billion, a 50% payout, in line with our policy. The market environment has become more challenging at the end of the period.
"We are committed to making lasting, long-term change to our culture, including to our workplace culture, and to building better relationships with Indigenous peoples, communities and partners. The progress we are making will ensure we continue to deliver attractive returns to shareholders, invest in sustaining and growing our portfolio, and make a broader contribution to society in the drive to net-zero carbon emissions."
Six months ended 30 June
2022
2021
2020
Change vs 2021
Change vs 2020
Net cash generated from operating activities (US$ millions)
10,474
13,661
5,628
(23)%
86%
Purchases of property, plant and equipment and intangible assets (US$ millions)
3,146
3,336
2,693
(6)%
17%
Free cash flow1 (US$ millions)
7,146
10,181
2,809
(30)%
154%
Consolidated sales revenue (US$ millions)
29,775
33,083
19,362
(10)%
54%
Underlying EBITDA1 (US$ millions)
15,597
21,037
9,640
(26)%
62%
Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions)
8,908
12,313
3,316
(28)%
169%
Underlying earnings per share1 (EPS) (US cents)
532.7
751.9
293.7
(29)%
81%
Ordinary dividend per share (US cents)
267.0
376.0
155.0
72%
Special dividend per share (US cents)
—
185.0
(100)%
n/a
Total dividend per share (US cents)
561.0
(52)%
Underlying return on capital employed (ROCE)1
34%
50%
21%
At 30 June 2022
At 31 December 2021
Net cash 1 (US$ millions)
291
1,576
1 This financial performance indicator is a non-IFRS (as defined below) alternative performance measure ("APM"). 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. First half 2022 and first half 2021 APMs are reconciled to directly comparable International Financial Reporting Standards (IFRS) financial measures on pages 69 to 76. First half 2020 APMs are reconciled within the 2020 Half Year Results release on our website. Our financial results are prepared in accordance with IFRS - see page 42 for further information. Footnotes are set out in full on page 7.
Energy Resources of Australia (ERA)
As the majority shareholder of ERA, we were disappointed to learn of the material cost and schedule overruns on the Ranger rehabilitation project in Australia’s Northern Territory, announced earlier this year. We remain committed to ensuring the rehabilitation project is completed to a standard that will establish an environment similar to the adjacent Kakadu National Park. We also acknowledge the Traditional Owners, the Mirarr People’s opposition to developing the Jabiluka uranium deposit and restate our full support for ERA’s commitment that the deposit would never be developed without the Mirarr People’s consent.
Since ERA announced the material cost and schedule overruns, we have sought to work constructively with ERA’s Independent Board Committee as they seek to find a funding solution. Rio Tinto’s position is that the terms should reflect:
These talks are ongoing as we work to ensure ERA has the means to complete this critical rehabilitation project.
The full H1 2022 interim results release is available here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220726006194/en/
Media Relations, UK
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Media Relations, Americas
S imon Letendre M +1 514 796 4973
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Investor Relations, Australia
A mar Jambaa M +61 472 865 948
Investor Relations, UK
M enno Sanderse M: +44 7825 195 178
David Ovington M +44 7920 010 978
Clare Peever M +44 7788 967 877
Rio Tinto plc
6 St James’s Square London SW1Y 4AD United Kingdom
T +44 20 7781 2000 Registered in England No. 719885
Rio Tinto Limited
Level 7, 360 Collins Street Melbourne 3000 Australia
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Category: General
Source: Rio Tinto