Rio Tinto (RIO) 6-K31 Jul 242024 Q2 Current report (foreign)Financial data

Company Profile

Cover page

Cover page	6 Months Ended
Cover page	Jun. 30, 2024
Document Information [Line Items]
Document Type	6-K
Entity File Number	001-10533
Entity Registrant Name	Rio Tinto plc
Entity Address, Address Line One	6 St James’s Square
Entity Address, City or Town	London
Entity Address, Postal Zip Code	SW1Y 4AD
Entity Address, Country	GB
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000863064
Current Fiscal Year End Date	--12-31
Document Period End Date	Jun. 30, 2024
Rio Tinto Limited
Document Information [Line Items]
Entity File Number	001-34121
Entity Registrant Name	Rio Tinto Limited
Entity Address, Address Line One	Level 43, 120 Collins Street
Entity Address, City or Town	Melbourne
Entity Address, Postal Zip Code	Victoria 3000
Entity Address, Country	AU

Group income statement

Group income statement - USD ($) $ in Millions	6 Months Ended
Group income statement - USD ($) $ in Millions	Jun. 30, 2024	Jun. 30, 2023
Consolidated operations
Consolidated sales revenue	$ 26,802	$ 26,667
Net operating costs (excluding items disclosed separately)	(18,096)	(17,535)
Net impairment reversals/(charges)	41	(1,175)
Exploration and evaluation expenditure (net of profit from disposal of interests in undeveloped projects)	(488)	(710)
Operating profit	8,259	7,247
Share of profit after tax of equity accounted units	422	431
Profit before finance items and taxation	8,681	7,678
Finance items
Net exchange gains on external net debt and intragroup balances	43	103
(Losses)/gains on derivatives not qualifying for hedge accounting	(81)	32
Finance income	272	245
Finance costs	(381)	(536)
Amortisation of discount on provisions	(419)	(592)
Net finance income (expense)	(566)	(748)
Profit before taxation	8,115	6,930
Taxation	(2,225)	(1,983)
Profit after tax for the period	5,890	4,947
– attributable to owners of Rio Tinto (net earnings)	5,808	5,117
– attributable to non-controlling interests	$ 82	$ (170)
Basic earnings per share (in USD per share)	$ 3.579	$ 3.157
Diluted earnings per share (in USD per share)	$ 3.558	$ 3.139

Group statement of comprehensiv

Group statement of comprehensive income - USD ($) $ in Millions		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
Statement of comprehensive income [abstract]
Profit after tax for the period		$ 5,890	$ 4,947
Items that will not be reclassified to the income statement:
Re-measurement gains/(losses) on pension and post-retirement healthcare plans		115	(53)
Changes in the fair value of equity investments held at fair value through other comprehensive income (FVOCI)		(14)	(17)
Tax relating to these components of other comprehensive income		(30)	16
Share of other comprehensive income/(loss) of equity accounted units, net of tax		4	(3)
Items that will not be reclassified to profit or loss		75	(57)
Items that have been/may be subsequently reclassified to the income statement:
Currency translation adjustment	[1]	(1,085)	(387)
Fair value movements:
– Cash flow hedge gains		0	50
– Cash flow hedge losses/(gains) transferred to the income statement		7	(26)
Net change in costs of hedging reserve		2	2
Tax relating to these components of other comprehensive loss		(2)	(16)
Share of other comprehensive (loss)/income of equity accounted units, net of tax		(21)	11
Items that will be reclassified to profit or loss		(1,099)	(366)
Total other comprehensive (loss) for the period, net of tax		(1,024)	(423)
Total comprehensive income for the period	[2]	4,866	4,524
– attributable to owners of Rio Tinto		4,846	4,698
– attributable to non-controlling interests		$ 20	$ (174)

[1] Excludes a currency translation charge of US$99 million (30 June 2023: US$66 million) arising on Rio Tinto Limited’s share capital for the period ended 30 June 2024, which is recognised in the Group statement of changes in equity on page 31 . Refer to the Group 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.

Group statement of comprehens_2

Group statement of comprehensive income (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Statement of comprehensive income [abstract]
Currency translation charge	$ 99	$ 66

Group cash flow statement

Group cash flow statement - USD ($) $ in Millions		6 Months Ended
Group cash flow statement - USD ($) $ in Millions		Jun. 30, 2024	Jun. 30, 2023
Statement of cash flows [abstract]
Cash flows from consolidated operations	[1]	$ 9,673	$ 9,435
Dividends from equity accounted units		421	287
Cash flows from operations		10,094	9,722
Net interest paid		(305)	(286)
Dividends paid to holders of non-controlling interests in subsidiaries		(91)	(46)
Tax paid		(2,642)	(2,415)
Net cash generated from operating activities		7,056	6,975
Cash flows from investing activities
Purchases of property, plant and equipment and intangible assets		(4,018)	(3,001)
Sales of property, plant and equipment and intangible assets		17	8
Acquisitions of subsidiaries, joint ventures and associates		0	(15)
Purchases of financial assets		(53)	(16)
Sales of financial assets	[2]	424	862
Net funding of equity accounted units		(36)	(88)
Other investing cash flows		122	14
Net cash used in investing activities		(3,544)	(2,236)
Cash flows before financing activities		3,512	4,739
Cash flows from financing activities
Equity dividends paid to owners of Rio Tinto		(4,121)	(3,691)
Proceeds from additional borrowings	[3]	62	1,858
Repayment of borrowings and associated derivatives		(76)	(272)
Lease principal payments		(212)	(213)
Proceeds from issue of equity to non-controlling interests	[4]	445	61
Purchase of non-controlling interest		0	(23)
Other financing cash flows		1	0
Net cash used in financing activities		(3,901)	(2,280)
Effects of exchange rates on cash and cash equivalents		(30)	(59)
Net (decrease)/increase in cash and cash equivalents		(419)	2,400
Opening cash and cash equivalents less overdrafts		9,672	6,774
Closing cash and cash equivalents less overdrafts		$ 9,253	$ 9,174

[1] (a) Cash flows from consolidated operations 2024 2023 Profit after tax for the period 5,890 4,947 Adjustments for: – Taxation 6 2,225 1,983 – Finance items 566 748 – Share of profit after tax of equity accounted units (422) (431) – Net impairment (reversals)/charges 5 (41) 1,175 – Depreciation and amortisation 2,821 2,485 – Provisions (including exchange differences on provisions) (41) 63 Utilisation of other provisions (51) (44) Utilisation of provisions for close-down and restoration 9 (361) (333) Utilisation of provisions for post-retirement benefits and other employment costs (61) (115) Change in inventories (41) (293) Change in receivables and other assets 107 (6) Change in trade and other payables (751) (628) Other items (e) (167) (116) 9,673 9,435 During the six months to 30 June 2024, we received net proceeds of US$422 million (30 June 2023: US$801 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. On 7 March 2023, we issued US$650 million 10-year fixed rate, and US$1.1 billion of 30-year fixed rate, SEC-registered bonds. The 10-year notes, which mature on 9 March 2033, have a coupon of 5% and the 30-year notes, which mature on 9 March 2053 have a coupon of 5.125%. The funds were received net of issuance fees and discount. On 28 June 2024, we received a payment of US$411 million from Chalco Iron Ore Holdings Ltd (CIOH) in relation to their share of cash expenditure for the Simandou iron ore project in Guinea incurred up until the end of December 2023 to progress critical works. On 11 July 2024, we received a further US$575 million from CIOH for cash calls by Simfer Jersey to 30 June 2024. Refer to note 12 for further details.

Group cash flow statement (Pare

Group cash flow statement (Parenthetical) - USD ($) $ in Millions			6 Months Ended
		Mar. 07, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from consolidated operations
Profit after tax for the period			$ 5,890	$ 4,947
Adjustments for:
– Taxation			2,225	1,983
Adjustments for finance income (cost)			566	748
– Share of profit after tax of equity accounted units			(422)	(431)
– Net impairment (reversals)/charges			(41)	1,175
– Depreciation and amortisation			2,821	2,485
– Provisions (including exchange differences on provisions)			(41)	63
Utilisation of other provisions			(51)	(44)
Utilisation of provisions for close-down and restoration			(361)	(333)
Utilisation of provisions for post-retirement benefits and other employment costs			(61)	(115)
Change in inventories			(41)	(293)
Change in receivables and other assets			107	(6)
Change in trade and other payables			(751)	(628)
Other items	[1]		(167)	(116)
Cash flows from consolidated operations	[2]		9,673	9,435
Net proceeds from sale and purchase of investments	[3]		424	862
Proceeds from issue of equity to non-controlling interests	[4]		445	61
Not Designated As Hedging Instrument
Adjustments for:
Adjustments for (losses) gains on change in fair value of derivatives			(78)	32
Rio Tinto Finance (USA) plc Bonds Five Percentage Due Two Thousand And Thirty Three
Adjustments for:
Notional amount		$ 650
Borrowings, interest rate		5%
Rio Tinto Finance (USA) plc Bonds Five Percentage Due Two Thousand And Thirty Three \| Fixed interest rate
Adjustments for:
Borrowings term		10 years
Rio Tinto Finance (USA) plc Bonds Five Point One Two Five Percentage Due Two Thousand And Fifty Three
Adjustments for:
Notional amount		$ 1,100
Borrowings, interest rate		5.125%
Rio Tinto Finance (USA) plc Bonds Five Point One Two Five Percentage Due Two Thousand And Fifty Three \| Fixed interest rate
Adjustments for:
Borrowings term		30 years
Fixed Income Instruments
Adjustments for:
Net proceeds from sale and purchase of investments			$ 422	$ 801

[1] Other items includes the recognition of realised losses of US$78 million on currency forwards not designated as hedges (30 June 2023: realised gains US$32 million). (a) Cash flows from consolidated operations 2024 2023 Profit after tax for the period 5,890 4,947 Adjustments for: – Taxation 6 2,225 1,983 – Finance items 566 748 – Share of profit after tax of equity accounted units (422) (431) – Net impairment (reversals)/charges 5 (41) 1,175 – Depreciation and amortisation 2,821 2,485 – Provisions (including exchange differences on provisions) (41) 63 Utilisation of other provisions (51) (44) Utilisation of provisions for close-down and restoration 9 (361) (333) Utilisation of provisions for post-retirement benefits and other employment costs (61) (115) Change in inventories (41) (293) Change in receivables and other assets 107 (6) Change in trade and other payables (751) (628) Other items (e) (167) (116) 9,673 9,435 During the six months to 30 June 2024, we received net proceeds of US$422 million (30 June 2023: US$801 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. On 28 June 2024, we received a payment of US$411 million from Chalco Iron Ore Holdings Ltd (CIOH) in relation to their share of cash expenditure for the Simandou iron ore project in Guinea incurred up until the end of December 2023 to progress critical works. On 11 July 2024, we received a further US$575 million from CIOH for cash calls by Simfer Jersey to 30 June 2024. Refer to note 12 for further details.

Group balance sheet

Group balance sheet - USD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Non-current assets
Goodwill		$ 785	$ 797
Intangible assets		3,773	4,389
Property, plant and equipment		66,579	66,468
Investments in equity accounted units		4,454	4,407
Inventories		202	214
Deferred tax assets		3,435	3,624
Receivables and other assets		1,665	1,659
Other financial assets		572	481
Total non-current assets		81,465	82,039
Current assets
Inventories		6,517	6,659
Receivables and other assets		3,884	3,945
Tax recoverable		196	115
Other financial assets		569	1,118
Cash and cash equivalents		9,256	9,673
Total current assets		20,422	21,510
Total assets		101,887	103,549
Current liabilities
Borrowings		(767)	(824)
Leases		(332)	(345)
Other financial liabilities		(305)	(273)
Trade and other payables		(7,689)	(8,238)
Tax payable		(227)	(542)
Close-down, restoration and environmental provisions		(1,737)	(1,523)
Provisions for post-retirement benefits and other employment costs		(362)	(361)
Other provisions		(615)	(637)
Total current liabilities		(12,034)	(12,743)
Non-current liabilities
Borrowings		(12,115)	(12,177)
Leases		(1,085)	(1,006)
Other financial liabilities		(524)	(513)
Trade and other payables		(564)	(596)
Tax payable		(30)	(31)
Deferred tax liabilities		(2,443)	(2,584)
Close-down, restoration and environmental provisions		(14,134)	(15,627)
Provisions for post-retirement benefits and other employment costs		(1,080)	(1,197)
Other provisions		(714)	(734)
Total non-current liabilities		(32,689)	(34,465)
Total liabilities		(44,723)	(47,208)
Net assets		57,164	56,341
Capital and reserves
Share premium account		4,324	4,324
Other reserves		7,295	8,328
Retained earnings		40,149	38,350
Equity attributable to owners of Rio Tinto		55,253	54,586
Attributable to non-controlling interests		1,911	1,755
Total equity		57,164	56,341
Rio Tinto Plc
Capital and reserves
Share capital	[1]	207	207
Rio Tinto Limited
Capital and reserves
Share capital	[1]	$ 3,278	$ 3,377

[1] At 30 June 2024, Rio Tinto plc had 1,252.6 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.

Group balance sheet (Parentheti

Group balance sheet (Parenthetical) shares in Millions	Jun. 30, 2024 shares
Rio Tinto Plc \| Shares Held By Public
Statements [Line Items]
Number of shares outstanding	1,252.6
Rio Tinto Limited
Statements [Line Items]
Number of shares issued and fully paid	371.2

Group statement of changes in e

Group statement of changes in equity - USD ($) $ in Millions		Total	Total	Share capital	Share premium account	Other reserves	Retained earnings	Non-controlling interests
Opening balance at Dec. 31, 2022		$ 52,741	$ 50,634	$ 3,537	$ 4,322	$ 7,755	$ 35,020	$ 2,107
Total comprehensive income for the period	[1]	4,524	4,698			(379)	5,077	(174)
Currency translation arising on Rio Tinto Limited's share capital		(66)	(66)	(66)
Dividends	[2]	(3,953)	(3,691)				(3,691)	(262)
Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees	[3]	(6)	(6)			(3)	(3)
Treasury shares reissued and other movements		2	2		2
Equity issued to holders of non-controlling interests		61						61
Employee share awards charged to the income statement		54	54			27	27
Closing balance at Jun. 30, 2023		53,357	51,625	3,471	4,324	7,400	36,430	1,732
Opening balance at Dec. 31, 2023		56,341	54,586	3,584	4,324	8,328	38,350	1,755
Total comprehensive income for the period	[1]	4,866	4,846			(1,050)	5,896	20
Currency translation arising on Rio Tinto Limited's share capital		(99)	(99)	(99)
Dividends	[2]	(4,431)	(4,121)				(4,121)	(310)
Own shares purchased from Rio Tinto shareholders to satisfy share awards to employees	[3]	(14)	(14)			(12)	(2)
Change in equity interest held by Rio Tinto		0	(1)				(1)	1
Equity issued to holders of non-controlling interests		445						445
Employee share awards charged to the income statement		56	56			29	27
Closing balance at Jun. 30, 2024		$ 57,164	$ 55,253	$ 3,485	$ 4,324	$ 7,295	$ 40,149	$ 1,911

[1] Refer to the Group 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. Dividends per share announced or paid during the period are summarised below: Six months ended 30 June 2024 US$ 2023 US$ Dividends per share: Ordinary - paid during the period 258.0c 225.0c Ordinary dividends per share: announced with the results for the period 177.0c 177.0c Net of contributions received from employees for share awards.

Group statement of changes in_2

Group statement of changes in equity (Parenthetical) - $ / shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Dividends per share: Ordinary - paid during the period (USD per share)	$ 2.580	$ 2.250
Final Dividends
Ordinary dividends per share: announced with the results for the period (in USD per share)	$ 1.770	$ 1.770

Basis of preparation

Basis of preparation	6 Months Ended
Basis of preparation	Jun. 30, 2024
Basis Of Presentation [Abstract]
Basis of preparation	Basis of preparation The unaudited 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). These unaudited condensed consolidated interim financial statements 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 2023. The 2023 annual financial statements were prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS) 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 2023. 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. 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.

Changes in accounting policies

Changes in accounting policies	6 Months Ended
Changes in accounting policies	Jun. 30, 2024
Basis Of Presentation [Abstract]
Changes in accounting policies	Changes in accounting policies The unaudited 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 2023, except for the accounting requirements set out below, effective as at 1 January 2024. New standards and amendments applicable for the current period Classification of liabilities as current or non-current liabilities with covenants (Amendments to IAS 1 "Presentation of Financial Statements") We adopted the Amendments to IAS 1 which specify the requirements for classifying liabilities as current or non-current. The amendments clarify that a right to defer settlement must exist at the end of the reporting period and that classification is unaffected by the likelihood that an entity will exercise its deferral right. In addition, a requirement has been introduced whereby an entity must disclose when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months. The amendments do not have a material impact on the Group. 2. Changes in accounting policies (continued) Lease liability in a sale and leaseback (Amendments to IFRS 16 “Leases”) We adopted the Amendments to IFRS 16 which specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction. The amendments do not have an impact on the Group. Supplier finance arrangements (Amendments to IAS 7 “Statement of Cash Flows” and IFRS 7 “Financial Instruments: Disclosures”) We adopted the Amendments to IAS 7 and IFRS 7 which clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The amendments do not have a material impact on the Group. We have applied a transition exemption not to provide the disclosures in the interim period in the year of initial application. New standards or amendments issued but not yet effective During the six months ended 30 June 2024, we have not early adopted any amendments, standards or interpretations that have been issued but are not yet effective.

Segmental information

Segmental information	6 Months Ended
Segmental information	Jun. 30, 2024
Disclosure of operating segments [abstract]
Segmental information	3. Segmental information Our management structure is based on product groups (PG) 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 (CODM) and is responsible for allocating resources and assessing performance of the operating segments. The CODM’s primary measure of profit is underlying EBITDA (as defined on page 37 ). 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, titanium dioxide feedstock and iron concentrate and pellets from the Iron Ore Company of Canada. Also includes diamond mining, sorting and marketing and development projects for battery materials, such as lithium. Management responsibility for the Simandou iron ore project in Guinea ('Simandou') during the build phase of the project falls under the Chief Technical Officer and, therefore, is included in "Other Operations", which is below reportable segments in our segmental analysis. 3. Segmental information (continued) 2024 2023 Six months ended 30 June Segmental revenue (a) US$m Underlying EBITDA (b) US$m Capital expenditure (c) US$m Segmental revenue (a) US$m Underlying EBITDA (b) US$m Capital expenditure (c) US$m Iron Ore 15,206 8,807 1,258 15,600 9,792 1,094 Aluminium 6,486 1,577 705 6,263 1,140 597 Copper 4,408 1,804 970 3,487 1,082 917 Minerals 2,738 687 271 2,889 689 304 Reportable segments total 28,838 12,875 3,204 28,239 12,703 2,912 Other operations 49 85 754 97 (395) 32 Inter-segment transactions (107) 10 (154) (17) Share of equity accounted units (d) (1,978) (1,515) Central pension costs, share-based payments, insurance and derivatives (158) 167 Restructuring, project and one-off costs (111) (84) Central costs (494) (512) Central exploration and evaluation expenditures (114) (134) Proceeds from disposal of property, plant and equipment 17 8 Other items 43 49 Consolidated sales revenue 26,802 26,667 Purchases of property, plant and equipment and intangible assets 4,018 3,001 Underlying EBITDA 12,093 11,728 (a) Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units 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 37 ) 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$121 million (30 June 2023: US$21 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$2,099 million (30 June 2023: US$1,536 million) which are not included in consolidated sales revenue. 3. Segmental information (continued) Reconciliation of profit after tax to underlying EBITDA Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of items which do not reflect the underlying performance of our reportable segments. Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from profit after tax in arriving at underlying EBITDA in each period irrespective of materiality: – Depreciation and amortisation in subsidiaries, excluding capitalised depreciation; – Depreciation and amortisation in equity accounted units; – Taxation and finance items in subsidiaries; – Taxation and finance items in equity accounted units; – Unrealised gains/(losses) on embedded derivatives not qualifying for hedge accounting; – Net gains/(losses) on disposal of interests in subsidiaries; – Impairment charges net of reversals; – The underlying EBITDA of discontinued operations; – Adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period. In addition, there is a final judgmental category which includes, where applicable, other credits and charges that, individually or in aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. For the periods ended 30 June 2024 and 30 June 2023, there were no items in this category. Six months ended 30 June 2024 US$m 2023 US$m Profit after tax for the period 5,890 4,947 Taxation 2,225 1,983 Profit before taxation 8,115 6,930 Depreciation and amortisation in subsidiaries, excluding capitalised depreciation (a) 2,719 2,405 Depreciation and amortisation in equity accounted units 275 238 Finance items in subsidiaries 566 748 Taxation and finance items in equity accounted units 483 373 Gains on embedded commodity derivatives not qualifying for hedge accounting (including foreign exchange) (3) (112) Net impairment (reversals)/charges (b) (18) 1,175 Change in closure estimates (non-operating and fully impaired sites) (c) (44) (29) Underlying EBITDA 12,093 11,728 (a) Depreciation and amortisation in subsidiaries for the period ended 30 June 2024 is net of capitalised depreciation of US$102 million (30 June 2023: US$80 million). (b) Refer to note 5 for allocation of net impairment (reversals)/charges 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% (30 June 2023: from 1.5% to 2.0%) as applied to provisions for close-down, restoration and environmental liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto.

Segmental information - additio

Segmental information - additional information	6 Months Ended
Segmental information - additional information	Jun. 30, 2024
Disclosure of operating segments [abstract]
Segmental information - additional information	4. Segmental information - additional information Consolidated sales revenue by destination (a) Six months ended 30 June 2024 % 2023 % 2024 US$m 2023 US$m Greater China 58.1 58.1 15,569 15,482 United States of America 16.0 14.6 4,288 3,885 Asia (excluding Greater China and Japan) 6.9 7.3 1,834 1,957 Japan 6.6 6.7 1,769 1,791 Europe (excluding UK) 5.1 5.8 1,373 1,537 Canada 3.0 2.9 800 785 Australia 1.8 1.7 489 451 UK 0.2 0.2 64 66 Other countries 2.3 2.7 616 713 Consolidated sales revenue 100.0 100.0 26,802 26,667 (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 contracts with customers 2024 US$m Other revenue (a) 2024 US$m Consolidated sales revenue 2024 US$m Revenue from contracts with customers 2023 US$m Other revenue (a) 2023 US$m Consolidated sales revenue 2023 US$m Iron ore 16,572 (527) 16,045 16,319 12 16,331 Aluminium, alumina and bauxite 6,105 54 6,159 6,194 (45) 6,149 Copper 2,194 33 2,227 1,695 (6) 1,689 Industrial minerals (comprising titanium dioxide slag, zircon, borates and salt) 1,173 (2) 1,171 1,246 (1) 1,245 Gold 345 5 350 236 3 239 Diamonds 149 — 149 250 — 250 Other products and freight services (b) 701 — 701 765 (1) 764 Consolidated sales revenue 27,239 (437) 26,802 26,705 (38) 26,667 (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, molybdenum, silver and other commodities.

Impairment

Impairment	6 Months Ended
Impairment	Jun. 30, 2024
Disclosure of impairment loss and reversal of impairment loss [abstract]
Impairment	5. Impairment Six months ended 30 June Pre-tax amount 2024 US$m Taxation 2024 US$m Non-controlling interest 2024 US$m Net Amount 2024 US$m Pre-tax amount 2023 US$m Aluminium – Tiwai Point 41 37 — 78 — Aluminium – Porto Trombetas (MRN) (23) — — (23) — Aluminium – Alumina refineries — — — — (1,175) Net impairment reversals/(charges) 18 37 — 55 (1,175) Allocated as: Property, plant and equipment 41 (1,175) Share of profit after tax of equity accounted units (23) Net impairment reversals/(charges) 18 (1,175) Comprising: Impairment reversals/(charges) of consolidated balances 41 (1,175) Impairment charges related to EAUs (pre-tax) (35) — Net impairment reversals/(charges) in the financial information by business unit (page 51 6 (1,175) Taxation 49 347 Non-controlling interests — — Net impairment reversals/(charges) in the income statement 55 (828) 30 June 2024 Aluminium - Tiwai Point, New Zealand On 30 May 2024, we signed 20-year power arrangements with electricity generators Meridian Energy, Contact Energy and Mercury NZ to set pricing for an aggregate of 572 megawatts of electricity to meet the smelter's electricity needs. These new arrangements have been identified as an impairment reversal trigger as they give us confidence that the smelter can continue operations competitively beyond the existing supply arrangement which ran to December 2024. An impairment reversal is limited by the amount of depreciation that would have been charged had the previous impairments not occurred. In this case, as the previous depreciation period was until December 2024, the impairment reversal is limited to US$41 million. The recoverable amount for the cash-generating unit, based on value-in-use assumptions aligned with the near-term business plan, comfortably exceeds the carrying value incorporating an impairment reversal amount and, therefore, the previous impairments have been reversed to the maximum extent possible. This impairment reversal also resulted in the recognition of deferred tax assets of US$37 million due to the improved forecast for taxable profits. Aluminium - Porto Trombetas (MRN), Brazil In preparing the local accounts for the year to 31 December 2023, after the publication of the 2023 Form 20-F, the directors of Mineração Rio do Norte S.A. (MRN) recorded a local impairment charge triggered by cost increases, unfavourable exchange rates and declining sales prices. The Rio Tinto share of that impairment is US$35 million pre-tax and US$23 million post-tax, and is included within the current period share of profit after tax of equity accounted units. Rio Tinto's share of bauxite produced by MRN is vertically integrated into our Quebec Smelter cash-generating unit included in North America Aluminium operations. We reviewed the carrying value of the investment in equity accounted unit as part of this cash-generating unit and did not identify indicators of impairment. 30 June 2023 Aluminium - Alumina refineries, Australia The Gladstone alumina refineries are responsible for more than half of our scope 1 carbon dioxide emissions in Australia and therefore have been a key focus as we evaluate options to decarbonise our assets. In March 2023, the Australian Parliament legislated to introduce a requirement for large heavy industrial carbon emitters to purchase carbon credits based on their scope 1 emissions with a reducing baseline for these emissions. The challenging market conditions facing these assets, together with our improved understanding of the capital requirements for decarbonisation and the legislated cost escalation for carbon emissions, were identified as impairment triggers during the six months ended 30 June 2023. Using a fair value less cost of disposal methodology and discounting real-terms post-tax cash flows at 6.6%, we recognised a pre-tax impairment charge of US$1,175 million (post-tax US$828 million). This represented a full impairment of the property, plant and equipment at the Yarwun alumina refinery (US$948 million) and an impairment of US$227 million for the property, plant and equipment of Queensland Alumina Limited ('QAL'). These impairments reflect market participant assumptions and the difficult trading conditions for these assets which have operated below our planned output during the first half of 2023. For QAL, the recoverable amount (net present value of US$325 million) was represented by future cash flows attributable to the double digestion project. This major capital project improves the energy efficiency of the alumina production process and significantly reduces carbon emissions. These cash flows were risk adjusted to reflect the pre-feasibility study stage of project evaluation. If investment in the double digestion project was not approved, the post-tax impairment charge would have been US$325 million greater and result in a full impairment of QAL. Impact of climate change on our business - Gladstone alumina refineries We are committed to the decarbonisation of our assets to reduce Scope 1 and 2 emissions by 50% by 2030 and to net zero emissions by 2050 relative to our 2018 equity baseline. We anticipate that further carbon action may be necessary to align with the goals of the Paris agreement to limit temperature increases to 1.5 o C. To illustrate the sensitivity of the refinery valuations to the cost of carbon credits, we modelled a 10% increase in those unit costs across all years, before the impact of decarbonisation projects with all other inputs to the 30 June 2023 impairment valuation remaining constant. For QAL, this sensitivity indicated a reduction in the pre-tax value by US$99 million; however, this was expected to be largely mitigated by decarbonisation projects, including double digestion. There was no impact at Yarwun as all property, plant and equipment was already fully impaired.

Taxation

Taxation	6 Months Ended
Taxation	Jun. 30, 2024
Major components of tax expense (income) [abstract]
Taxation	6 Prima facie tax reconciliation Six months ended 30 June 2024 US$m 2023 US$m Profit before taxation (a) 8,115 6,930 Prima facie tax payable at UK rate of 25% (2023: 23.5%) (b) 2,029 1,628 Higher rate of taxation of 30% on Australian earnings (2023: 30%) 325 373 Other tax rates applicable outside the UK and Australia (136) (130) Tax effect of profit from equity accounted units and related expenses (a) (106) (101) Impact of changes in tax rates (15) — Resource depletion allowances (7) (6) Recognition of previously unrecognised deferred tax assets (49) (62) Write-down of previously recognised deferred tax assets 42 40 Utilisation of previously unrecognised deferred tax assets (9) (10) Unrecognised current period operating losses (c) 146 259 Adjustments in respect of prior periods 14 (4) Other items (9) (4) Total taxation charge 2,225 1,983 (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. In 2024, the UK tax rate for the period was 25% (2023: 23.5%) due to the previously reported increase in the UK corporation tax rate from 19% to 25% effective 1 April 2023. 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 29% (30 June 2023: 30%) (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 the future to obtain value from the tax losses. Future tax developments We continue to monitor and evaluate the domestic implementation by relevant countries of the Organisation for Economic Co-operation and Development’s (OECD) Pillar Two which seeks to apply a 15% global minimum tax. Pillar Two was substantively enacted by the United Kingdom on 20 June 2023, with application from 1 January 2024.

Acquisition and disposals

Acquisition and disposals	6 Months Ended
Acquisition and disposals	Jun. 30, 2024
Disclosure Of Acquisitions And Disposals [Abstract]
Acquisition and disposals	7. Acquisition and disposals There were no material acquisitions and disposals during the six months to 30 June 2024 or the six months to 30 June 2023. In the second half of 2023, we completed the acquisition of a 57.7% share in Agua de la Falda establishing the Nuevo Cobre exploration and evaluation project and acquired a 50% interest in the Matalco aluminium recycling joint venture. We also completed the sale of a 55% interest in the undeveloped La Granja project in Peru. These transactions are described in the 2023 Form 20-F and did not have a material impact on profit or loss in the periods presented.

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
Cash and cash equivalents	Jun. 30, 2024
Subclassifications of assets, liabilities and equities [abstract]
Cash and cash equivalents	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 US$m US$m US$m Balance per Group balance sheet 9,256 9,673 9,179 Bank overdrafts repayable on demand (unsecured) (3) (1) (5) Balance per Group cash flow statement 9,253 9,672 9,174

Close-down, restoration and env

Close-down, restoration and environmental provisions	6 Months Ended
Close-down, restoration and environmental provisions	Jun. 30, 2024
Disclosure of other provisions [abstract]
Close-down, restoration and environmental provisions	9. Close-down, restoration and environmental provisions 30 June 2024 (a) 31 December 2023 US$m US$m Opening balance 17,150 15,759 Adjustment on currency translation (395) 241 Adjustments to mining properties/right of use assets: – changes to existing and new provisions 25 629 – change in discount rate (b) (787) (921) Charged/(credited) to profit: – increases to existing and new provisions 79 1,654 – change in discount rate (b) (235) (168) – decreases and unused amounts reversed (27) (195) – exchange losses/(gains) on provisions 14 (16) – amortisation of discount 412 955 Utilised in the period (361) (777) Transfers and other movements (4) (11) Closing balance 15,871 17,150 Balance sheet analysis: Current 1,737 1,523 Non-current 14,134 15,627 Total 15,871 17,150 (a) Close-down, restoration and environmental provisions at 30 June 2024 have not been adjusted for closure-related receivables amounting to US$364 million (31 December 2023: US$366 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 of US$15,871 million (31 December 2023: US$17,150 million) are based on risk-adjusted cash flows expressed in real terms. The recent upward trajectory in interest rates has resulted in expectations of higher yields from long-dated bonds, including the 30-year US Treasury Inflation Protected Securities, which is a key input to our closure provision discount rate. On 30 June 2024, we revised the closure discount rate from 2.0% to 2.5% (30 June 2023: from 1.5% to 2.0%), 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.

Financial instruments

Financial instruments	6 Months Ended
Financial instruments	Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract]
Financial instruments	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 2024 and 31 December 2023. 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 2024 31 December 2023 Held at fair value Held at amortised cost Total Held at fair value Held at amortised cost Total Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Assets Cash and cash equivalents (d) 4,129 — — 5,127 9,256 2,722 — — 6,951 9,673 Investments in equity shares and funds (e) 82 — 136 — 218 85 — 96 — 181 Other investments, including loans (f) 474 — 300 21 795 896 — 228 153 1,277 Trade and other financial receivables (g) 16 1,115 — 2,055 3,186 9 1,383 — 1,851 3,243 Forward, option and embedded derivatives contracts, not designated as hedges (h) — 32 59 — 91 — 28 26 — 54 Derivatives related to net debt (i) — 37 — — 37 — 87 — — 87 Liabilities Trade and other financial payables (j) — (80) — (6,005) (6,085) — (47) — (6,277) (6,324) Forward, option and embedded derivatives contracts, designated as hedges (h) — — (158) — (158) — — (174) — (174) Forward, option and embedded derivatives contracts, not designated as hedges (h) — (64) (65) — (129) — (63) (29) — (92) Derivatives related to net debt (i) — (532) — — (532) — (516) — — (516) (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 2024 and 31 December 2023 is as follows: 30 June 2024 31 December 2023 Level 3 financial assets and liabilities US$m US$m Opening balance 147 131 Currency translation adjustments (1) (2) Total realised gains/(losses) included in: – consolidated sales revenue — 12 – net operating costs (11) (18) Total unrealised gains/(losses) included in: – net operating costs 94 43 Total unrealised gains/(losses) transferred into other comprehensive income through cash flow hedges 9 (1) Additions to financial assets/(liabilities) 50 29 Disposals/maturity of financial instruments (16) (47) Closing balance 272 147 Net gains included in the income statement for assets and liabilities held at period end 84 31 (d) Our Cash and cash equivalents of US$9,256 million (31 December 2023: US$9,673 million), includes US$4,129 million (31 December 2023: US$2,722 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements reported as finance income. (e) Investments in equity shares and funds include US$192 million (31 December 2023: US$157 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 (FVOCI). 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 2024, US$1,080 million (31 December 2023: US$1,362 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 2023: 2025 and 2036). Derivatives related to renewable power purchase agreements are linked to forward electricity prices with terms expiring between 2053 and 2054. (i) Net debt derivatives include interest rate swaps and cross-currency swaps. As part of the International Swaps and Derivatives Association (ISDA) Fallbacks Protocol, on 1 July 2023 we completed the transition of our US LIBOR derivatives to SOFR on cessation of US LIBOR at 30 June 2023. There was no impact on our hedging arrangements after taking into account the IFRS 9 ‘Financial Instruments’ LIBOR reform reliefs. (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 2024 31 December 2023 Description Fair value Fair value Valuation technique Significant Inputs Level 2 Interest rate swaps (212) (163) Discounted cash flows • Applicable market quoted swap yield curves • Credit default spread Cross currency interest rate swaps (283) (266) Discounted cash flows • Applicable market quoted swap yield curves • Credit default spread • Market quoted FX rate Provisionally priced receivables 1,080 1,362 Closely related listed product • Applicable forward quoted metal price Level 3 Renewable power purchase agreements (7) — Discounted cash flows • Forward electricity price • Energy volume Derivatives embedded in electricity contracts (157) (186) Option pricing model • LME forward aluminium price • Midwest premium and billet premium Royalty receivables 279 214 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$7 million at 30 June 2024 (31 December 2023: nil). 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 contract would result in a US$221 million increase in fair value and a 10% decrease in forecast electricity prices would result in a US$221 million decrease in fair value. To value the 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$157 million at 30 June 2024 (31 December 2023: US$186 million). 10. Financial instruments (continued) Royalty receivables include amounts arising from our divested coal businesses with a carrying value of US$279 million (31 December 2023: US$214 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$97 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$26 million increase (31 December 2023: US$64 million increase) in the carrying value. A 15% decrease in the coal spot price would result in a US$81 million decrease (31 December 2023: US$39 million decrease) in the carrying 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 probable (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 2024 and 31 December 2023. 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 2024 31 December 2023 Carrying Fair Carrying Fair Listed bonds 8,532 8,221 8,607 8,672 Oyu Tolgoi project finance 3,851 4,085 3,850 4,090 Other 499 501 544 494 Total borrowings (including overdrafts) 12,882 12,807 13,001 13,256 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. In the prior period, we refinanced the Oyu Tolgoi project finance on 16 February 2023 with a syndicate of international financial institutions, export credit agencies and commercial lenders. The lenders agreed to a deferral of the principal repayments by three years to June 2026 and to an extension of the final maturity date by five years from 2030 to 2035. As part of refinancing, the debt transitioned to the SOFR benchmark to which we applied the Phase 2 IBOR reform relief under IFRS 9. The refinancing did not result in a derecognition of the drawn down amount, however we recognised an accounting loss on modification of US$123 million related to changes other than the benchmark transition and capitalised transaction costs incurred of US$50 million. 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. Our borrowings are subject to a number of financial and non-financial covenants. The Group complied with these covenants during the period ending 30 June 2024 and expects to comply with these covenants for at least 12 months after the reporting date.

Commitments and contingencies

Commitments and contingencies	6 Months Ended
Commitments and contingencies	Jun. 30, 2024
Capital commitments [abstract]
Commitments and contingencies	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 (for example, 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$445 million at 30 June 2024 (31 December 2023: US$435 million). There were no material contingent liabilities arising in relation to the Group’s joint ventures and associates. 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 2024, 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 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 pre-determined 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. Capital commitments, excluding the Group's share of joint venture capital commitments, were US$6,251 million (31 December 2023: US$4,385 million). They do not include the estimated incremental capital expenditure relating to decarbonisation projects of US$5 billion to US$6 billion between 2022 and 2030 unless otherwise contractually committed. On a legally enforceable basis, capital commitments would be approximately US$2.1 billion (31 December 2023: US$1.4 billion) as many of the contracts relating to the Group’s projects have various cancellation clauses.

Events after the balance sheet

Events after the balance sheet date	6 Months Ended
Events after the balance sheet date	Jun. 30, 2024
Disclosure of non-adjusting events after reporting period [abstract]
Events after the balance sheet date	12. Events after the balance sheet date On 11 July 2024, we received US$575 million from CIOH for its share of 2024 cash calls for the period ended 30 June 2024, which are scheduled based on budgeted expenditure. On 15 July 2024, all conditions required for Rio Tinto’s investment to develop the Simandou high-grade iron ore deposit in Guinea were satisfied, including the completion of necessary Guinean and Chinese regulatory approvals. On the same date, Simfer Jersey's investment in Winning Consortium Simandou (WCS) for co-development of the rail and port infrastructure became unconditional. On 17 July 2024, Simfer Jersey received equity injections of US$166 million from Rio Tinto and US$147 million from CIOH. These were used to acquire a 34% equity interest in the WCS Ports and Railway entities for combined consideration of US$313 million. Further shareholder loan funding to the WCS entities was made on the same day directly by Rio Tinto and CIOH in proportion to their 53%:47% ownership interest of Simfer Jersey.

Basis of preparation (Policies)

Basis of preparation (Policies)	6 Months Ended
Basis of preparation (Policies)	Jun. 30, 2024
Basis Of Presentation [Abstract]
Basis of preparation	Basis of preparation The unaudited 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). These unaudited condensed consolidated interim financial statements 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 2023. The 2023 annual financial statements were prepared on a going concern basis in accordance with International Financial Reporting Standards (IFRS) 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 2023. 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.
Going concern	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.
Changes in accounting policies	Changes in accounting policies The unaudited 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 2023, except for the accounting requirements set out below, effective as at 1 January 2024.

Segmental information (Tables)

Segmental information (Tables)	6 Months Ended
Segmental information (Tables)	Jun. 30, 2024
Disclosure of operating segments [abstract]
Summary of operating segments	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, titanium dioxide feedstock and iron concentrate and pellets from the Iron Ore Company of Canada. Also includes diamond mining, sorting and marketing and development projects for battery materials, such as lithium. 2024 2023 Six months ended 30 June Segmental revenue (a) US$m Underlying EBITDA (b) US$m Capital expenditure (c) US$m Segmental revenue (a) US$m Underlying EBITDA (b) US$m Capital expenditure (c) US$m Iron Ore 15,206 8,807 1,258 15,600 9,792 1,094 Aluminium 6,486 1,577 705 6,263 1,140 597 Copper 4,408 1,804 970 3,487 1,082 917 Minerals 2,738 687 271 2,889 689 304 Reportable segments total 28,838 12,875 3,204 28,239 12,703 2,912 Other operations 49 85 754 97 (395) 32 Inter-segment transactions (107) 10 (154) (17) Share of equity accounted units (d) (1,978) (1,515) Central pension costs, share-based payments, insurance and derivatives (158) 167 Restructuring, project and one-off costs (111) (84) Central costs (494) (512) Central exploration and evaluation expenditures (114) (134) Proceeds from disposal of property, plant and equipment 17 8 Other items 43 49 Consolidated sales revenue 26,802 26,667 Purchases of property, plant and equipment and intangible assets 4,018 3,001 Underlying EBITDA 12,093 11,728 (a) Segmental revenue includes consolidated sales revenue plus the equivalent sales revenue of equity accounted units 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 37 ) 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$121 million (30 June 2023: US$21 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$2,099 million (30 June 2023: US$1,536 million) which are not included in consolidated sales revenue. Reconciliation of profit after tax to underlying EBITDA Underlying EBITDA represents profit before taxation, net finance items, depreciation and amortisation adjusted to exclude the EBITDA impact of items which do not reflect the underlying performance of our reportable segments. Items excluded from profit after tax are those gains and losses that, individually or in aggregate with similar items, are of a nature and size to require exclusion in order to provide additional insight into the underlying business performance. The following items are excluded from profit after tax in arriving at underlying EBITDA in each period irrespective of materiality: – Depreciation and amortisation in subsidiaries, excluding capitalised depreciation; – Depreciation and amortisation in equity accounted units; – Taxation and finance items in subsidiaries; – Taxation and finance items in equity accounted units; – Unrealised gains/(losses) on embedded derivatives not qualifying for hedge accounting; – Net gains/(losses) on disposal of interests in subsidiaries; – Impairment charges net of reversals; – The underlying EBITDA of discontinued operations; – Adjustments to closure provisions where the adjustment is associated with an impairment charge and for legacy sites where the disturbance or environmental contamination relates to the pre-acquisition period. In addition, there is a final judgmental category which includes, where applicable, other credits and charges that, individually or in aggregate if of a similar type, are of a nature or size to require exclusion in order to provide additional insight into underlying business performance. For the periods ended 30 June 2024 and 30 June 2023, there were no items in this category. Six months ended 30 June 2024 US$m 2023 US$m Profit after tax for the period 5,890 4,947 Taxation 2,225 1,983 Profit before taxation 8,115 6,930 Depreciation and amortisation in subsidiaries, excluding capitalised depreciation (a) 2,719 2,405 Depreciation and amortisation in equity accounted units 275 238 Finance items in subsidiaries 566 748 Taxation and finance items in equity accounted units 483 373 Gains on embedded commodity derivatives not qualifying for hedge accounting (including foreign exchange) (3) (112) Net impairment (reversals)/charges (b) (18) 1,175 Change in closure estimates (non-operating and fully impaired sites) (c) (44) (29) Underlying EBITDA 12,093 11,728 (a) Depreciation and amortisation in subsidiaries for the period ended 30 June 2024 is net of capitalised depreciation of US$102 million (30 June 2023: US$80 million). (b) Refer to note 5 for allocation of net impairment (reversals)/charges 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% (30 June 2023: from 1.5% to 2.0%) as applied to provisions for close-down, restoration and environmental liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto.

Segmental information - addit_2

Segmental information - additional information (Tables)	6 Months Ended
Segmental information - additional information (Tables)	Jun. 30, 2024
Disclosure of operating segments [abstract]
Consolidated revenue by destination	Consolidated sales revenue by destination (a) Six months ended 30 June 2024 % 2023 % 2024 US$m 2023 US$m Greater China 58.1 58.1 15,569 15,482 United States of America 16.0 14.6 4,288 3,885 Asia (excluding Greater China and Japan) 6.9 7.3 1,834 1,957 Japan 6.6 6.7 1,769 1,791 Europe (excluding UK) 5.1 5.8 1,373 1,537 Canada 3.0 2.9 800 785 Australia 1.8 1.7 489 451 UK 0.2 0.2 64 66 Other countries 2.3 2.7 616 713 Consolidated sales revenue 100.0 100.0 26,802 26,667 (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	Consolidated sales revenue by product Six months ended 30 June Revenue from contracts with customers 2024 US$m Other revenue (a) 2024 US$m Consolidated sales revenue 2024 US$m Revenue from contracts with customers 2023 US$m Other revenue (a) 2023 US$m Consolidated sales revenue 2023 US$m Iron ore 16,572 (527) 16,045 16,319 12 16,331 Aluminium, alumina and bauxite 6,105 54 6,159 6,194 (45) 6,149 Copper 2,194 33 2,227 1,695 (6) 1,689 Industrial minerals (comprising titanium dioxide slag, zircon, borates and salt) 1,173 (2) 1,171 1,246 (1) 1,245 Gold 345 5 350 236 3 239 Diamonds 149 — 149 250 — 250 Other products and freight services (b) 701 — 701 765 (1) 764 Consolidated sales revenue 27,239 (437) 26,802 26,705 (38) 26,667 (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, molybdenum, silver and other commodities.

Impairment (Tables)

Impairment (Tables)	6 Months Ended
Impairment (Tables)	Jun. 30, 2024
Disclosure of impairment loss and reversal of impairment loss [abstract]
Summary of impairment charges	Six months ended 30 June Pre-tax amount 2024 US$m Taxation 2024 US$m Non-controlling interest 2024 US$m Net Amount 2024 US$m Pre-tax amount 2023 US$m Aluminium – Tiwai Point 41 37 — 78 — Aluminium – Porto Trombetas (MRN) (23) — — (23) — Aluminium – Alumina refineries — — — — (1,175) Net impairment reversals/(charges) 18 37 — 55 (1,175) Allocated as: Property, plant and equipment 41 (1,175) Share of profit after tax of equity accounted units (23) Net impairment reversals/(charges) 18 (1,175) Comprising: Impairment reversals/(charges) of consolidated balances 41 (1,175) Impairment charges related to EAUs (pre-tax) (35) — Net impairment reversals/(charges) in the financial information by business unit (page 51 6 (1,175) Taxation 49 347 Non-controlling interests — — Net impairment reversals/(charges) in the income statement 55 (828)

Taxation (Tables)

Taxation (Tables)	6 Months Ended
Taxation (Tables)	Jun. 30, 2024
Major components of tax expense (income) [abstract]
Summary of prima facie tax reconciliation	Prima facie tax reconciliation Six months ended 30 June 2024 US$m 2023 US$m Profit before taxation (a) 8,115 6,930 Prima facie tax payable at UK rate of 25% (2023: 23.5%) (b) 2,029 1,628 Higher rate of taxation of 30% on Australian earnings (2023: 30%) 325 373 Other tax rates applicable outside the UK and Australia (136) (130) Tax effect of profit from equity accounted units and related expenses (a) (106) (101) Impact of changes in tax rates (15) — Resource depletion allowances (7) (6) Recognition of previously unrecognised deferred tax assets (49) (62) Write-down of previously recognised deferred tax assets 42 40 Utilisation of previously unrecognised deferred tax assets (9) (10) Unrecognised current period operating losses (c) 146 259 Adjustments in respect of prior periods 14 (4) Other items (9) (4) Total taxation charge 2,225 1,983 (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. In 2024, the UK tax rate for the period was 25% (2023: 23.5%) due to the previously reported increase in the UK corporation tax rate from 19% to 25% effective 1 April 2023. 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 29% (30 June 2023: 30%) (c)

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
Cash and cash equivalents (Tables)	Jun. 30, 2024
Subclassifications of assets, liabilities and equities [abstract]
Schedule of 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 US$m US$m US$m Balance per Group balance sheet 9,256 9,673 9,179 Bank overdrafts repayable on demand (unsecured) (3) (1) (5) Balance per Group cash flow statement 9,253 9,672 9,174

Provisions including post-retir

Provisions including post-retirement benefits (Tables)	6 Months Ended
Provisions including post-retirement benefits (Tables)	Jun. 30, 2024
Disclosure of other provisions [abstract]
Summary of provisions including post-retirement benefits	30 June 2024 (a) 31 December 2023 US$m US$m Opening balance 17,150 15,759 Adjustment on currency translation (395) 241 Adjustments to mining properties/right of use assets: – changes to existing and new provisions 25 629 – change in discount rate (b) (787) (921) Charged/(credited) to profit: – increases to existing and new provisions 79 1,654 – change in discount rate (b) (235) (168) – decreases and unused amounts reversed (27) (195) – exchange losses/(gains) on provisions 14 (16) – amortisation of discount 412 955 Utilised in the period (361) (777) Transfers and other movements (4) (11) Closing balance 15,871 17,150 Balance sheet analysis: Current 1,737 1,523 Non-current 14,134 15,627 Total 15,871 17,150 (a) Close-down, restoration and environmental provisions at 30 June 2024 have not been adjusted for closure-related receivables amounting to US$364 million (31 December 2023: US$366 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 of US$15,871 million (31 December 2023: US$17,150 million) are based on risk-adjusted cash flows expressed in real terms. The recent upward trajectory in interest rates has resulted in expectations of higher yields from long-dated bonds, including the 30-year US Treasury Inflation Protected Securities, which is a key input to our closure provision discount rate. On 30 June 2024, we revised the closure discount rate from 2.0% to 2.5% (30 June 2023: from 1.5% to 2.0%), 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.

Financial instruments (Tables)

Financial instruments (Tables)	6 Months Ended
Financial instruments (Tables)	Jun. 30, 2024
Disclosure of detailed information about financial instruments [abstract]
Summary of fair value of financial instruments	The table below shows the classifications of our financial instruments by valuation method in accordance with IFRS 13 “Fair Value Measurement” at 30 June 2024 and 31 December 2023. 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 2024 31 December 2023 Held at fair value Held at amortised cost Total Held at fair value Held at amortised cost Total Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Level 1 (a) US$m Level 2 (b) US$m Level 3 (c) US$m Assets Cash and cash equivalents (d) 4,129 — — 5,127 9,256 2,722 — — 6,951 9,673 Investments in equity shares and funds (e) 82 — 136 — 218 85 — 96 — 181 Other investments, including loans (f) 474 — 300 21 795 896 — 228 153 1,277 Trade and other financial receivables (g) 16 1,115 — 2,055 3,186 9 1,383 — 1,851 3,243 Forward, option and embedded derivatives contracts, not designated as hedges (h) — 32 59 — 91 — 28 26 — 54 Derivatives related to net debt (i) — 37 — — 37 — 87 — — 87 Liabilities Trade and other financial payables (j) — (80) — (6,005) (6,085) — (47) — (6,277) (6,324) Forward, option and embedded derivatives contracts, designated as hedges (h) — — (158) — (158) — — (174) — (174) Forward, option and embedded derivatives contracts, not designated as hedges (h) — (64) (65) — (129) — (63) (29) — (92) Derivatives related to net debt (i) — (532) — — (532) — (516) — — (516) (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. 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 2024 and 31 December 2023 is as follows: 30 June 2024 31 December 2023 Level 3 financial assets and liabilities US$m US$m Opening balance 147 131 Currency translation adjustments (1) (2) Total realised gains/(losses) included in: – consolidated sales revenue — 12 – net operating costs (11) (18) Total unrealised gains/(losses) included in: – net operating costs 94 43 Total unrealised gains/(losses) transferred into other comprehensive income through cash flow hedges 9 (1) Additions to financial assets/(liabilities) 50 29 Disposals/maturity of financial instruments (16) (47) Closing balance 272 147 Net gains included in the income statement for assets and liabilities held at period end 84 31 (d) Our Cash and cash equivalents of US$9,256 million (31 December 2023: US$9,673 million), includes US$4,129 million (31 December 2023: US$2,722 million) relating to money market funds which are treated as fair value through profit or loss (FVPL) under IFRS 9 with the fair value movements reported as finance income. (e) Investments in equity shares and funds include US$192 million (31 December 2023: US$157 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 (FVOCI). 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 2024, US$1,080 million (31 December 2023: US$1,362 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 2023: 2025 and 2036). Derivatives related to renewable power purchase agreements are linked to forward electricity prices with terms expiring between 2053 and 2054. (i) Net debt derivatives include interest rate swaps and cross-currency swaps. As part of the International Swaps and Derivatives Association (ISDA) Fallbacks Protocol, on 1 July 2023 we completed the transition of our US LIBOR derivatives to SOFR on cessation of US LIBOR at 30 June 2023. There was no impact on our hedging arrangements after taking into account the IFRS 9 ‘Financial Instruments’ LIBOR reform reliefs. (j) Trade and other financial payables comprise trade payables, other financial payables, accruals and amounts due to equity accounted units. The techniques used to value our more significant fair value assets/(liabilities) categorised under level 2 and level 3 are summarised below: 30 June 2024 31 December 2023 Description Fair value Fair value Valuation technique Significant Inputs Level 2 Interest rate swaps (212) (163) Discounted cash flows • Applicable market quoted swap yield curves • Credit default spread Cross currency interest rate swaps (283) (266) Discounted cash flows • Applicable market quoted swap yield curves • Credit default spread • Market quoted FX rate Provisionally priced receivables 1,080 1,362 Closely related listed product • Applicable forward quoted metal price Level 3 Renewable power purchase agreements (7) — Discounted cash flows • Forward electricity price • Energy volume Derivatives embedded in electricity contracts (157) (186) Option pricing model • LME forward aluminium price • Midwest premium and billet premium Royalty receivables 279 214 Discounted cash flows • Forward commodity price • Mine production 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 2024 and 31 December 2023. 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 2024 31 December 2023 Carrying Fair Carrying Fair Listed bonds 8,532 8,221 8,607 8,672 Oyu Tolgoi project finance 3,851 4,085 3,850 4,090 Other 499 501 544 494 Total borrowings (including overdrafts) 12,882 12,807 13,001 13,256
Summary of changes in the fair value of Level 3 financial assets and financial liabilities	The change in valuation of our level 3 instruments for the period to 30 June 2024 and 31 December 2023 is as follows: 30 June 2024 31 December 2023 Level 3 financial assets and liabilities US$m US$m Opening balance 147 131 Currency translation adjustments (1) (2) Total realised gains/(losses) included in: – consolidated sales revenue — 12 – net operating costs (11) (18) Total unrealised gains/(losses) included in: – net operating costs 94 43 Total unrealised gains/(losses) transferred into other comprehensive income through cash flow hedges 9 (1) Additions to financial assets/(liabilities) 50 29 Disposals/maturity of financial instruments (16) (47) Closing balance 272 147 Net gains included in the income statement for assets and liabilities held at period end 84 31

Commitments and contingencies (

Commitments and contingencies (Tables)	6 Months Ended
Commitments and contingencies (Tables)	Jun. 30, 2024
Capital commitments [abstract]
Summary of 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 2024, 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.

Segmental information - Summary

Segmental information - Summary of performance of operating segments (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of operating segments [line items]
Consolidated sales revenue	$ 26,802	$ 26,667
Underlying EBITDA	12,093	11,728
Proceeds from disposal of property, plant and equipment	17	8
Purchases of property, plant and equipment and intangible assets	4,018	3,001
Subsidiaries
Disclosure of operating segments [line items]
Share of sales revenue of equity accounted units	121	21
Other operations
Disclosure of operating segments [line items]
Consolidated sales revenue	49	97
Underlying EBITDA	85	(395)
Capital expenditure	754	32
Share of equity accounted units
Disclosure of operating segments [line items]
Share of equity accounted units	(1,978)	(1,515)
Central pension costs, share-based payments, insurance and derivatives
Disclosure of operating segments [line items]
Underlying EBITDA	(158)	167
Restructuring, project and one-off costs
Disclosure of operating segments [line items]
Underlying EBITDA	(111)	(84)
Central costs
Disclosure of operating segments [line items]
Underlying EBITDA	(494)	(512)
Central exploration and evaluation expenditures
Disclosure of operating segments [line items]
Underlying EBITDA	(114)	(134)
Other items
Disclosure of operating segments [line items]
Capital expenditure	43	49
Gross product sales
Disclosure of operating segments [line items]
Share of sales revenue of equity accounted units	2,099	1,536
Operating segments \| Reportable segments
Disclosure of operating segments [line items]
Consolidated sales revenue	28,838	28,239
Underlying EBITDA	12,875	12,703
Capital expenditure	3,204	2,912
Operating segments \| Iron Ore
Disclosure of operating segments [line items]
Consolidated sales revenue	15,206	15,600
Underlying EBITDA	8,807	9,792
Capital expenditure	1,258	1,094
Operating segments \| Aluminium
Disclosure of operating segments [line items]
Consolidated sales revenue	6,486	6,263
Underlying EBITDA	1,577	1,140
Capital expenditure	705	597
Operating segments \| Copper
Disclosure of operating segments [line items]
Consolidated sales revenue	4,408	3,487
Underlying EBITDA	1,804	1,082
Capital expenditure	970	917
Operating segments \| Minerals
Disclosure of operating segments [line items]
Consolidated sales revenue	2,738	2,889
Underlying EBITDA	687	689
Capital expenditure	271	304
Inter-segment transactions
Disclosure of operating segments [line items]
Consolidated sales revenue	(107)	(154)
Underlying EBITDA	$ 10	$ (17)

Segmental information - Reconci

Segmental information - Reconciliation of underlying EBITDA to profit after taxation (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022
Disclosure of operating segments [line items]
Profit after tax for the period	$ 5,890	$ 4,947
Taxation	2,225	1,983
Profit before taxation	8,115	6,930
Depreciation and amortisation in subsidiaries excluding capitalised depreciation	2,719	2,405
Depreciation and amortisation in equity accounted units	275	238
Finance items in subsidiaries	566	748
Taxation and finance items in equity accounted units	483	373
Gains on embedded commodity derivatives not qualifying for hedge accounting (including foreign exchange)	(3)	(112)
Net impairment (reversals)/charges	(18)	1,175
Change in closure estimates (non-operating and fully impaired sites)	(44)	(29)
Underlying EBITDA	12,093	11,728
Capitalised depreciation	$ 102	$ 80
Close down restoration and environmental
Disclosure of operating segments [line items]
Closure discount rate	0.025	0.020	0.015

Segmental information - addit_3

Segmental information - additional information - Disclosure of sales revenue by destination (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	100%	100%
Consolidated sales revenue	$ 26,802	$ 26,667
Greater China
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	58.10%	58.10%
Consolidated sales revenue	$ 15,569	$ 15,482
United States of America
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	16%	14.60%
Consolidated sales revenue	$ 4,288	$ 3,885
Asia (excluding Greater China and Japan)
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	6.90%	7.30%
Consolidated sales revenue	$ 1,834	$ 1,957
Japan
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	6.60%	6.70%
Consolidated sales revenue	$ 1,769	$ 1,791
Europe (excluding UK)
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	5.10%	5.80%
Consolidated sales revenue	$ 1,373	$ 1,537
Canada
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	3%	2.90%
Consolidated sales revenue	$ 800	$ 785
Australia
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	1.80%	1.70%
Consolidated sales revenue	$ 489	$ 451
UK
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	0.20%	0.20%
Consolidated sales revenue	$ 64	$ 66
Other countries
Disclosure of geographical areas [line items]
Sales revenue by destination (as a percent)	2.30%	2.70%
Consolidated sales revenue	$ 616	$ 713

Segmental information - addit_4

Segmental information - additional information - Consolidated sales revenue by product (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of products and services [line items]
Revenue from contracts with customers	$ 27,239	$ 26,705
Other revenue	(437)	(38)
Consolidated sales revenue	26,802	26,667
Iron Ore
Disclosure of products and services [line items]
Revenue from contracts with customers	16,572	16,319
Other revenue	(527)	12
Consolidated sales revenue	16,045	16,331
Aluminium, alumina and bauxite
Disclosure of products and services [line items]
Revenue from contracts with customers	6,105	6,194
Other revenue	54	(45)
Consolidated sales revenue	6,159	6,149
Copper
Disclosure of products and services [line items]
Revenue from contracts with customers	2,194	1,695
Other revenue	33	(6)
Consolidated sales revenue	2,227	1,689
Industrial minerals (comprising titanium dioxide slag, zircon, borates and salt)
Disclosure of products and services [line items]
Revenue from contracts with customers	1,173	1,246
Other revenue	(2)	(1)
Consolidated sales revenue	1,171	1,245
Gold
Disclosure of products and services [line items]
Revenue from contracts with customers	345	236
Other revenue	5	3
Consolidated sales revenue	350	239
Diamonds
Disclosure of products and services [line items]
Revenue from contracts with customers	149	250
Other revenue	0	0
Consolidated sales revenue	149	250
Other products and freight services
Disclosure of products and services [line items]
Revenue from contracts with customers	701	765
Other revenue	0	(1)
Consolidated sales revenue	$ 701	$ 764

Impairment - Summary of impairm

Impairment - Summary of impairment charges (Detail) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment charges (reversal), Pre-tax amount	$ 18	$ (1,175)
Impairment charges (reversal), tax	37
Non-controlling interests	0	0
Net impairment reversals/(charges) in the income statement	55	(828)
Impairment reversals/(charges) of consolidated balances	41	(1,175)
Impairment charges related to EAUs (pre-tax)	(35)	0
Net impairment reversals/(charges) in the financial information by business unit (page #)	6	(1,175)
Taxation	49	347
Tiwai Point \| Aluminium
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment charges (reversal), Pre-tax amount	41	0
Impairment charges (reversal), tax	37
Non-controlling interests	0
Net impairment reversals/(charges) in the income statement	78
Porto Trombetas (MRN) \| Aluminium
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment charges (reversal), Pre-tax amount	(23)	0
Impairment charges (reversal), tax	0
Non-controlling interests	0
Net impairment reversals/(charges) in the income statement	(23)
Alumina refineries \| Aluminium
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment charges (reversal), Pre-tax amount	0	(1,175)
Impairment charges (reversal), tax	0
Non-controlling interests	0
Net impairment reversals/(charges) in the income statement	0	(828)
Impairment reversals/(charges) of consolidated balances		(1,175)
Property, plant and equipment
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment charges (reversal), Pre-tax amount	41	$ (1,175)
Investment in equity accounted units (EAUs)
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment charges (reversal), Pre-tax amount	$ (23)

Impairment - Narrative (Details

Impairment - Narrative (Details) $ in Millions		6 Months Ended
Impairment - Narrative (Details) $ in Millions	May 30, 2024 MW	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Power arrangement, term of agreement	20 years
Power arrangement, amount of power with set pricing (in megawatts) \| MW	572
Impairment (reversal) charge		$ (18)	$ 1,175
Deferred tax assets		3,435		$ 3,624
Impairment charges, net		(55)	828
Impairment (reversals net of charges)/charges		(41)	1,175
Impairment Charge (Reversal)
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Deferred tax assets		37
Porto Trombetas (MRN)
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment (reversal) charge		35
Impairment charges, net		23
Property, plant and equipment
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment (reversal) charge		(41)	1,175
Tiwai Point \| Aluminium
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment (reversal) charge		(41)	0
Impairment charges, net		(78)
Alumina refineries \| Aluminium
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment (reversal) charge		0	1,175
Impairment charges, net		$ 0	$ 828
Discount rate applied to cash flow projections			6.60%
Impairment (reversals net of charges)/charges			$ 1,175
Reduction in carbon emissions			0.50
Increase in carbon tax			0.10
Yarwun Alumina Refinery \| Aluminium \| Property, plant and equipment
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment (reversals net of charges)/charges			$ 948
Queensland Alumina Limited (QAL) \| Aluminium
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment (reversals net of charges)/charges			99
Recoverable amount of asset			325
Expected post-tax impairment charge if project not approved			325
Queensland Alumina Limited (QAL) \| Aluminium \| Property, plant and equipment
Disclosure of impairment loss recognised or reversed for cash-generating unit [line items]
Impairment (reversals net of charges)/charges			$ 227

Taxation - Summary of prima fac

Taxation - Summary of prima facie tax reconciliation (Detail) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Apr. 01, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Major components of tax expense (income) [abstract]
Profit before taxation			$ 8,115	$ 6,930
Applicable tax rate	25%	19%	25%	23.50%
Prima facie tax payable at UK rate of 23.5% (2022: 19%)			$ 2,029	$ 1,628
Higher rate of taxation of 30% on Australian earnings (2023: 30%)			325	373
Other tax rates applicable outside the UK and Australia			(136)	(130)
Tax effect of profit from equity accounted units and related expenses			(106)	(101)
Impact of changes in tax rates			(15)	0
Resource depletion allowances			(7)	(6)
Recognition of previously unrecognised deferred tax assets			(49)	(62)
Write-down of previously recognised deferred tax assets			42	40
Utilisation of previously unrecognised deferred tax assets			(9)	(10)
Unrecognised current year operating losses			146	259
Adjustments in respect of prior periods			14	(4)
Other items			(9)	(4)
Total taxation charge			$ 2,225	$ 1,983
Weighted average statutory tax rate			29%	30%
Current tax expense			$ 1

Acquisition and disposals (Deta

Acquisition and disposals (Detail)	6 Months Ended
Acquisition and disposals (Detail)	Dec. 31, 2023
La Granja \| First Quantum Minerals ("First Quantum")
Disclosure Of Acquisitions And Disposals [Line Items]
Percent of ownership interest in exploration and evaluation assets, sold	55%
Meridian Minera Limitada \| Agua De La Falda
Disclosure Of Acquisitions And Disposals [Line Items]
Percentage of voting equity interests acquired	57.70%
Giampaolo Group \| Matalco Canada Inc.
Disclosure Of Acquisitions And Disposals [Line Items]
Percentage of ownership interest in joint venture acquired	50%

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Subclassifications of assets, liabilities and equities [abstract]
Balance per Group balance sheet	$ 9,256	$ 9,673	$ 9,179
Bank overdrafts repayable on demand (unsecured)	(3)	(1)	(5)
Balance per Group cash flow statement	$ 9,253	$ 9,672	$ 9,174	$ 6,774

Provisions including post-ret_2

Provisions including post-retirement benefits - Summary of provisions, including post-retirement benefits (Detail) - Close down restoration and environmental $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023	Dec. 31, 2022 USD ($)
Disclosure of other provisions [Line Items]
Opening balance	$ 17,150	$ 15,759
Adjustment on currency translation	(395)	241
Adjustments to mining properties/right of use assets:
– changes to existing and new provisions	25	629
– change in discount rate	(787)	(921)
Charged/(credited) to profit:
– increases to existing and new provisions	79	1,654
– change in discount rate	(235)	(168)
– decreases and unused amounts reversed	(27)	(195)
– exchange losses/(gains) on provisions	14	(16)
– amortisation of discount	412	955
Utilised in the period	(361)	(777)
Transfers and other movements	(4)	(11)
Closing balance	15,871	17,150
Balance sheet analysis:
Current	1,737	1,523
Non-current	14,134	15,627
Total	15,871	17,150		$ 15,759
Closure related receivables	$ 364	$ 366
Closure discount rate	0.025		0.020	0.015

Financial instruments - Summary

Financial instruments - Summary of fair value of financial instruments (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Assets
Cash and cash equivalents	$ 9,256	$ 9,673	$ 9,179
Investments in equity shares and funds	218	181
Investments in equity shares and funds	4,454	4,407
Other investments, including loans	795	1,277
Trade and other financial receivables	3,186	3,243
Derivatives related to net debt	37	87
Liabilities
Trade and other financial payables	(6,085)	(6,324)
Derivatives related to net debt	(532)	(516)
Not Designated As Hedging Instrument
Assets
Forward, option and embedded derivatives contracts	91	54
Liabilities
Forward, option and embedded derivatives contracts	(129)	(92)
Hedging instruments
Liabilities
Forward, option and embedded derivatives contracts	(158)	(174)
Fair value
Assets
Cash and cash equivalents	9,256
Held at amortised cost
Assets
Cash and cash equivalents	5,127	6,951
Investments in equity shares and funds	0	0
Other investments, including loans	21	153
Trade and other financial receivables	2,055	1,851
Derivatives related to net debt	0	0
Liabilities
Trade and other financial payables	(6,005)	(6,277)
Derivatives related to net debt	0	0
Held at amortised cost \| Not Designated As Hedging Instrument
Assets
Forward, option and embedded derivatives contracts	0	0
Liabilities
Forward, option and embedded derivatives contracts	0	0
Held at amortised cost \| Hedging instruments
Liabilities
Forward, option and embedded derivatives contracts	0	0
Level 1 \| Fair value
Assets
Cash and cash equivalents	4,129	2,722
Investments in equity shares and funds	82	85
Other investments, including loans	474	896
Trade and other financial receivables	16	9
Derivatives related to net debt	0	0
Liabilities
Trade and other financial payables	0	0
Derivatives related to net debt	0	0
Level 1 \| Fair value \| Not Designated As Hedging Instrument
Assets
Forward, option and embedded derivatives contracts	0	0
Liabilities
Forward, option and embedded derivatives contracts	0	0
Level 1 \| Fair value \| Hedging instruments
Liabilities
Forward, option and embedded derivatives contracts	0	0
Level 2 \| Fair value
Assets
Cash and cash equivalents	0	0
Investments in equity shares and funds	0	0
Other investments, including loans	0	0
Trade and other financial receivables	1,115	1,383
Derivatives related to net debt	37	87
Liabilities
Trade and other financial payables	(80)	(47)
Derivatives related to net debt	(532)	(516)
Level 2 \| Fair value \| Not Designated As Hedging Instrument
Assets
Forward, option and embedded derivatives contracts	32	28
Liabilities
Forward, option and embedded derivatives contracts	(64)	(63)
Level 2 \| Fair value \| Hedging instruments
Liabilities
Forward, option and embedded derivatives contracts	0	0
Level 3 \| Fair value
Assets
Cash and cash equivalents	0	0
Investments in equity shares and funds	136	96
Other investments, including loans	300	228
Trade and other financial receivables	0	0
Derivatives related to net debt	0	0
Liabilities
Trade and other financial payables	0	0
Derivatives related to net debt	0	0
Level 3 \| Fair value \| Not Designated As Hedging Instrument
Assets
Forward, option and embedded derivatives contracts	59	26
Liabilities
Forward, option and embedded derivatives contracts	(65)	(29)
Level 3 \| Fair value \| Hedging instruments
Liabilities
Forward, option and embedded derivatives contracts	$ (158)	$ (174)

Financial instruments - Summa_2

Financial instruments - Summary of changes in fair value of Level 3 financial assets and financial liabilities (Detail) - Level 3 - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about financial instruments [line items]
Opening balance	$ 147	$ 131
Currency translation adjustments	(1)	(2)
Total realised gains/(losses) included in consolidated sales revenue	0	12
Total realised gains/(losses) included in net operating costs	(11)	(18)
Total unrealised gains included in net operating costs	94	43
Total unrealised gains/(losses) transferred into other comprehensive income through cash flow hedges	9	(1)
Additions to financial assets/(liabilities)	50	29
Disposals/maturity of financial instruments	(16)	(47)
Closing balance	272	147
Net gains included in the income statement for assets and liabilities held at period end	$ 84	$ 31

Financial instruments - Additio

Financial instruments - Additional information (Detail) - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Feb. 16, 2023	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents		$ 9,256	$ 9,673	$ 9,179
Equity shares and quoted funds		218	181
Accounting loss	$ 123
Borrowing costs capitalised	$ 50
Oyu Tolgoi
Disclosure of detailed information about financial instruments [line items]
Deferral of the principal repayments (in years)	3 years
Extension of final maturity date (in years)	5 years
Forecast
Disclosure of detailed information about financial instruments [line items]
Expected unconditional guaranteed royalty payments to be received		97
Financial assets measured at fair value through other comprehensive income, category
Disclosure of detailed information about financial instruments [line items]
Equity shares and quoted funds		192	157
Fair value
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents		9,256
Level 1 \| Fair value
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents		4,129	2,722
Equity shares and quoted funds		$ 82	85
Level 3
Disclosure of detailed information about financial instruments [line items]
Percentage change in forecast electricity prices		10%
Increase in carrying value of renewable power purchase agreements due to forecast electricity prices		$ 221
Decrease in carrying value of renewable power purchase agreements due to forecast electricity prices		$ 221
Change in coal spot price		15%
Increase in carrying value of forward contract due to coal spot price assumptions		$ 26	64
Decrease in carrying value of forward contract due to decrease in spot price		81	39
Level 3 \| Discounted cash flows \| Forward Electricity Price And Energy Volume \| Renewable power purchase agreements
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value		7	0
Level 3 \| Fair value
Disclosure of detailed information about financial instruments [line items]
Cash and cash equivalents		0	0
Equity shares and quoted funds		136	96
Level 3 \| Royalty Receivables \| Discounted cash flows \| Forward Commodity Price And Mine Production, Measurement Input
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value		$ 279	$ 214

Financial instruments - Summa_3

Financial instruments - Summary of valuation techniques and inputs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Level 2 \| Applicable Forward Quoted Metal Prices, Measurement Input \| Closely related listed product \| Provisionally Priced Receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	$ 1,080	$ 1,362
Level 3 \| Forward Commodity Price And Mine Production, Measurement Input \| Discounted cash flows \| Royalty Receivables
Disclosure of detailed information about financial instruments [line items]
Financial assets, at fair value	279	214
Interest rate swaps \| Level 2 \| Applicable Market Quoted Swap Yield Curves and Credit Spread, Measurement Input \| Discounted cash flows
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	(212)	(163)
Cross currency interest rate swaps \| Level 2 \| Applicable Market Quoted Swap Yield Curves, Credit Spread And Market Quoted Foreign Exchange Rate, Measurement Input \| Discounted cash flows
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	(283)	(266)
Renewable power purchase agreements \| Level 3 \| Forward Electricity Price And Energy Volume \| Discounted cash flows
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	(7)	0
Derivatives embedded in electricity contracts \| Level 3 \| LME Forward Aluminum Price And Midwest Premium And Billet Premium, Measurement Input \| Option pricing model
Disclosure of detailed information about financial instruments [line items]
Financial liabilities, at fair value	$ (157)	$ (186)

Financial instruments - Carryin

Financial instruments - Carrying amounts and fair values (Detail) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Disclosure of detailed information about borrowings [line items]
Borrowings (including overdrafts), carrying value	$ 12,882	$ 13,001
Borrowings (including overdrafts), fair value	12,807	13,256
Listed bonds
Disclosure of detailed information about borrowings [line items]
Borrowings (including overdrafts), carrying value	8,532	8,607
Borrowings (including overdrafts), fair value	8,221	8,672
Oyu Tolgoi project finance
Disclosure of detailed information about borrowings [line items]
Borrowings (including overdrafts), carrying value	3,851	3,850
Borrowings (including overdrafts), fair value	4,085	4,090
Other
Disclosure of detailed information about borrowings [line items]
Borrowings (including overdrafts), carrying value	499	544
Borrowings (including overdrafts), fair value	$ 501	$ 494

Commitments and contingencies_2

Commitments and contingencies (Details) - USD ($) $ in Millions		6 Months Ended
	Mar. 06, 2023	Jun. 30, 2024	Dec. 31, 2023
Other Disclosures [Line Items]
Contingent liabilities indemnities and other performance guarantees		$ 445	$ 435
Contingent liabilities incurred in relation to interests in joint ventures		0
Capital commitments		6,251	4,385
Contractual capital commitments		2,100	1,400
Bottom of range
Other Disclosures [Line Items]
Estimated incremental capital expenditures related to decarbonisation projects		5,000
Top of range
Other Disclosures [Line Items]
Estimated incremental capital expenditures related to decarbonisation projects		6,000
Rio Tinto Finance Usa Limited And Rio Tinto Finance Usa Plc \| Contingent liabilities related to joint ventures
Other Disclosures [Line Items]
Contractual payments	$ 10.5
Joint ventures
Other Disclosures [Line Items]
Capital commitments		$ 154	$ 227

Events after the balance shee_2

Events after the balance sheet date (Details) - USD ($) $ in Millions					6 Months Ended
		Jul. 17, 2024	Jul. 11, 2024	Jun. 28, 2024	Jun. 30, 2024	Jun. 30, 2023
Entity Information [Line Items]
Proceeds from issue of equity to non-controlling interests	[1]				$ 445	$ 61
Acquisition of equity interest					$ 0	$ 15
Simandou Iron Ore Project
Entity Information [Line Items]
Proceeds from issue of equity to non-controlling interests				$ 411
Cash Calls Received after the Balance Sheet Date \| Simandou Iron Ore Project
Entity Information [Line Items]
Proceeds from issue of equity to non-controlling interests			$ 575
Cash Calls Received after the Balance Sheet Date \| Simfer Jersey Limited
Entity Information [Line Items]
Proceeds from issue of equity to non-controlling interests			$ 575
Equity Injections After The Balance Sheet Date \| Simfer Jersey Limited
Entity Information [Line Items]
Acquisition of equity interest		$ 166
Equity Injections After The Balance Sheet Date \| Simfer Jersey Limited \| Chalco Iron Ore Holdings Ltd
Entity Information [Line Items]
Acquisition of equity interest		147
Purchase of equity interest after the Balance Sheet Date \| WCS Ports And Railway Entities
Entity Information [Line Items]
Acquisition of equity interest		$ 313
Proportion of ownership interest in associates, percent acquired		34%
Purchase of equity interest after the Balance Sheet Date \| Simfer Jersey Limited \| Ordinary shares
Entity Information [Line Items]
Proportion of ownership interest in subsidiary		53%
Purchase of equity interest after the Balance Sheet Date \| Simfer Jersey Limited \| Chalco Iron Ore Holdings Ltd \| Ordinary shares
Entity Information [Line Items]
Proportion of ownership interest in subsidiary		47%

[1] On 28 June 2024, we received a payment of US$411 million from Chalco Iron Ore Holdings Ltd (CIOH) in relation to their share of cash expenditure for the Simandou iron ore project in Guinea incurred up until the end of December 2023 to progress critical works. On 11 July 2024, we received a further US$575 million from CIOH for cash calls by Simfer Jersey to 30 June 2024. Refer to note 12 for further details.