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
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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
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If you want to drive real change, we have just the place to do it
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LONDON--(BUSINESS WIRE)-- Rio Tinto Chief Executive Jakob Stausholm said: "We are building a stronger Rio Tinto and delivering against our four objectives. Our operational performance has improved, as evidenced by a number of second half records being set at our Pilbara iron ore mine and rail system. We are also investing for the future, doubling our stake in the Oyu Tolgoi copper-gold project in Mongolia through the acquisition of Turquoise Hill Resources, progressing the Rincon Lithium Project in Argentina and reaching milestone agreements that underpin the long-term success of our Pilbara iron ore business.
"We continue to focus on making lasting change to strengthen our workplace culture and to building better relationships with Indigenous peoples, communities and other partners. At all times we will seek to find better ways, in line with our purpose. We clearly have more to do but I am encouraged by the progress we are making.
"Despite challenging market conditions, we remain resilient because of the quality of our assets, our great people and the strength of our balance sheet. That is why we delivered strong financial results with underlying EBITDA of $26.3 billion, free cash flow of $9.0 billion and underlying earnings of $13.3 billion, after taxes and government royalties of $8.4 billion. This enables us to continue to invest in strengthening the business while also paying a total dividend of $8.0 billion, a 60% payout, in line with our policy.
"The uplift in our operational performance, strengthening of external relationships and investment in the long-term strength of the business ensure we will be able to continue to pay attractive dividends and invest in sustaining and growing our portfolio, while contributing to society's drive to net zero."
At year end
2022
2021
2020
Change vs 2021
Change vs 2020
Net cash generated from operating activities (US$ millions)
16,134
25,345
15,875
(36)%
2%
Purchases of property, plant and equipment and intangible assets (US$ millions)
6,750
7,384
6,189
(9)%
9%
Free cash flow1 (US$ millions)
9,010
17,664
9,407
(49)%
(4)%
Consolidated sales revenue (US$ millions)
55,554
63,495
44,611
(13)%
25%
Underlying EBITDA1 (US$ millions)
26,272
37,720
23,902
(30)%
10%
Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions)
12,420
21,094
9,769
(41)%
27%
Underlying earnings per share (EPS)1 (US cents)
819.6
1,321.1
769.6
(38)%
6%
Ordinary dividend per share (US cents)
492.0
793.0
464.0
Special dividend per share (US cents)
—
247.0
93.0
(100)%
Total dividend per share (US cents)
1,040.0
557.0
(53)%
(12)%
Net (debt)/cash1 (US$ millions)
(4,188)
1,576
(664)
Underlying return on capital employed (ROCE)1
44%
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. APMs are reconciled to directly comparable IFRS financial measures on pages 68 to 77. Our financial results are prepared in accordance with IFRS — see page 35 for further information. Footnotes are set out in full on page 17.
Solid financial results in 2022, set against a context of record prices in 2021
Delivering on our strategy
The 2022 full year results release is available here.
Footnotes
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. APMs are reconciled to directly comparable International Financial Reporting Standards (IFRS) financial measures on pages 68 to 77. Our financial results are prepared in accordance with IFRS - see page 35 for further information.
2. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs. In 2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings.
3. Rio Tinto share includes 100% of funding costs for Paraburdoo plant upgrades.
This announcement is authorised for release to the market by Rio Tinto’s Group Company Secretary.
LEI: 213800YOEO5OQ72G2R82
Classification: 3.1 Additional regulated information required to be disclosed under the laws of a Member State
View source version on businesswire.com: https://www.businesswire.com/news/home/20230221005718/en/
Please direct all enquiries to media.enquiries@riotinto.com Media Relations, UK Matthew Klar M+ 44 7796 630 637 David Outhwaite M +44 7787 597 493 Media Relations, Americas Simon Letendre M +514 796 4973 Malika Cherry M +1 418 592 7293 Media Relations, Australia Matt Chambers M +61 433 525 739 Jesse Riseborough M +61 436 653 412 Alyesha Anderson M +61 434 868 118 Investor Relations, UK Menno Sanderse M: +44 7825 195 178 David Ovington M +44 7920 010 978 Clare Peever M +44 7788 967 877 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 riotinto.com Category: General
Source: Rio Tinto