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 $8.4 billion of taxes and royalties paid globally during the year
Get the latest news, stories and updates
Things You Can't Live Without
Our podcast discussing what needs to happen to create a sustainable future for the everyday items we have come to rely on
Refuelling the mining industry
How can we power the world’s biggest machines with new fuel solutions?
Forging a low-carbon future
How we're working to decarbonise iron ore and steel
Discover more about life at Rio Tinto
Graduates and students
If you want to drive real change, we have just the place to do it
In-house consulting
Discover how our in-house consultancy team, PACE, offers a unique opportunity to help shape Rio Tinto from the inside
Available jobs
Join our team
LONDON--(BUSINESS WIRE)-- Rio Tinto (LSE:RIO) (ASX:RIO):
2023
2022
Change
Net cash generated from operating activities (US$ millions)
6,975
10,474
(33)%
Purchases of property, plant and equipment and intangible assets (US$ millions)
3,001
3,146
(5)%
Free cash flow1 (US$ millions)
3,769
7,146
(47)%
Consolidated sales revenue (US$ millions)
26,667
29,775
(10)%
Underlying EBITDA1 (US$ millions)
11,728
15,597
(25)%
Profit after tax attributable to owners of Rio Tinto (net earnings)2 (US$ millions)
5,117
8,943
(43)%
Underlying earnings per share (EPS)1 2 (US cents)
352.9
534.9
(34)%
Ordinary dividend per share (US cents)
177.0
267.0
Underlying return on capital employed (ROCE)1
20%
34%
At 30 June 2023
At 31 Dec 2022
Net debt1 (US$ millions)
4,350
4,188
Rio Tinto Chief Executive Jakob Stausholm said: "We have a clear pathway to building an even stronger Rio Tinto and continue to gain momentum in our strategy to set the business up for long-term success. We are making good progress on pursuing our four objectives as we build further momentum in our Pilbara iron ore business, mindful that we need to raise our game across many of our other operations.
"Our disciplined investment in lifting the health of our assets and focus on culture, mindset and relationships is delivering results, with our Pilbara iron ore business consistently improving its performance with five consecutive quarters of year-on-year growth. We are taking real steps to shape our portfolio for the future, with first sustainable production from Oyu Tolgoi underground, just as we doubled our exposure through the acquisition of Turquoise Hill Resources. Last week we signed an agreement to form the Matalco aluminium joint venture to enter the exciting and fast growing aluminium recycling industry in North America. And the Simandou iron ore project in Guinea is advancing at pace, with final approvals expected later this year.
"Our robust financials, despite softer market conditions, are driven by the quality of our assets and our great people, delivering underlying EBITDA of $11.7 billion, free cash flow of $3.8 billion and underlying earnings of $5.7 billion, after taxes and government royalties of $4.1 billion. Our balance sheet strength enables us to continue to invest with discipline while also paying an interim ordinary dividend of $2.9 billion, a 50% payout, in line with our practice.
"We will continue paying attractive dividends and investing in the long-term strength of our business as we sustain and grow our portfolio, while contributing to society's drive to net zero."
The 2023 Half Year Results release is available here.
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” (APM) and the detailed reconciliations on pages 71 to 80 . Our financial results are prepared in accordance with IFRS — see page 39 for further information. Footnotes are set out in full on page 25.
2 Comparative information has been restated to reflect the adoption of narrow scope amendments to IAS12 'Income Taxes', refer to page 41 for details.
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Investor Relations, Australia Tom Gallop M +61 439 353 948 Amar Jambaa M +61 472 865 948 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 43, 120 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia ABN 96 004 458 404
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