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Borrowings and other financial liabilities (Tables) | 12 Months Ended
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Dec. 31, 2018
Borrowings And Other Financial Liabilities [Abstract] |
Summary of borrowings |
|  |  |  | Non-current |  | Current |  | Total |  | Non-current |  | Current |  | Total |
|  |  |  |  | 2018 |  |  | 2018 |  |  | 2018 |  |  | 2017 |  |  | 2017 |  |  | 2017 |
Borrowings at 31 December | Note |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |
Rio Tinto Finance plc Euro Bonds 2.0% due 2020 (a) (b) |  |  |  |  | 468 |  |  | - |  |  | 468 |  |  | 921 |  |  | - |  |  | 921 |
Rio Tinto Finance (USA) Limited Bonds 4.125% 2021 (a) |  |  |  |  | - |  |  | - |  |  | - |  |  | 428 |  |  | - |  |  | 428 |
Rio Tinto Finance (USA) Limited Bonds 3.750% 2021 (a) |  |  |  |  | - |  |  | - |  |  | - |  |  | 347 |  |  | - |  |  | 347 |
Rio Tinto Finance (USA) plc Bonds 3.5% 2022 (a) |  |  |  |  | - |  |  | - |  |  | - |  |  | 227 |  |  | - |  |  | 227 |
Rio Tinto Finance (USA) plc Bonds 2.875% 2022 (a) |  |  |  |  | - |  |  | - |  |  | - |  |  | 377 |  |  | - |  |  | 377 |
Rio Tinto Finance plc Euro Bonds 2.875% due 2024 (a) (b) |  |  |  |  | 514 |  |  | - |  |  | 514 |  |  | 644 |  |  | - |  |  | 644 |
Rio Tinto Finance (USA) Limited Bonds 3.75% 2025 (a) |  |  |  |  | 1,170 |  |  | - |  |  | 1,170 |  |  | 1,192 |  |  | - |  |  | 1,192 |
Rio Tinto Finance (USA) Limited Bonds 7.125% 2028 (a) |  |  |  |  | 927 |  |  | - |  |  | 927 |  |  | 965 |  |  | - |  |  | 965 |
Alcan Inc. Debentures 7.25% due 2028 |  |  |  |  | 104 |  |  | - |  |  | 104 |  |  | 105 |  |  | - |  |  | 105 |
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029 (a) (b) |  |  |  |  | 633 |  |  | - |  |  | 633 |  |  | 669 |  |  | - |  |  | 669 |
Alcan Inc. Debentures 7.25% due 2031 |  |  |  |  | 421 |  |  | - |  |  | 421 |  |  | 422 |  |  | - |  |  | 422 |
Alcan Inc. Global Notes 6.125% due 2033 |  |  |  |  | 741 |  |  | - |  |  | 741 |  |  | 740 |  |  | - |  |  | 740 |
Alcan Inc. Global Notes 5.75% due 2035 |  |  |  |  | 288 |  |  | - |  |  | 288 |  |  | 287 |  |  | - |  |  | 287 |
Rio Tinto Finance (USA) Limited Bonds 5.2% 2040 (a) |  |  |  |  | 1,095 |  |  | - |  |  | 1,095 |  |  | 1,102 |  |  | - |  |  | 1,102 |
Rio Tinto Finance (USA) plc Bonds 4.75% 2042 (a) |  |  |  |  | 462 |  |  | - |  |  | 462 |  |  | 467 |  |  | - |  |  | 467 |
Rio Tinto Finance (USA) plc Bonds 4.125% 2042 (a) |  |  |  |  | 685 |  |  | - |  |  | 685 |  |  | 691 |  |  | - |  |  | 691 |
Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027 (c) |  |  |  |  | 676 |  |  | - |  |  | 676 |  |  | 674 |  |  | - |  |  | 674 |
Oyu Tolgoi LLC Commercial Banks "B Loan" LIBOR plus 3.4% due 2027 (c) |  |  |  |  | 1,588 |  |  | - |  |  | 1,588 |  |  | 1,588 |  |  | - |  |  | 1,588 |
Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028 (c) |  |  |  |  | 272 |  |  | - |  |  | 272 |  |  | 255 |  |  | - |  |  | 255 |
Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029 (c) |  |  |  |  | 871 |  |  | - |  |  | 871 |  |  | 869 |  |  | - |  |  | 869 |
Oyu Tolgoi LLC International Financial Institutions "A Loan" LIBOR plus 3.78% due 2030 (c) |  |  |  |  | 768 |  |  | - |  |  | 768 |  |  | 761 |  |  | - |  |  | 761 |
Loans from equity accounted units |  |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | 31 |  |  | 31 |
Other secured loans |  |  |  |  | 345 |  |  | 42 |  |  | 387 |  |  | 451 |  |  | 79 |  |  | 530 |
Other unsecured loans |  |  |  |  | 373 |  |  | 264 |  |  | 637 |  |  | 393 |  |  | 435 |  |  | 828 |
Finance leases |  | 23 |  |  | 39 |  |  | 5 |  |  | 44 |  |  | 49 |  |  | 4 |  |  | 53 |
Bank overdrafts |  | 21 |  |  | - |  |  | 1 |  |  | 1 |  |  | - |  |  | 3 |  |  | 3 |
Total borrowings including overdrafts (d) |  |  |  |  | 12,440 |  |  | 312 |  |  | 12,752 |  |  | 14,624 |  |  | 552 |  |  | 15,176 |
(a) | These borrowings are subject to the hedging arrangements summarised below. Fair value hedge accounting has been applied except for the Rio Tinto Finance plc Sterling Bonds 4.0% due 2029 which has cash flow hedge accounting applied.
(b) | Rio Tinto has a US$10 billion (2017: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.6 billion equivalent at 31 December 2018 (2017: US$2.2 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.6 billion (2017: US$ 2.2 billion) in aggregate.
(c) | These borrowings relate to the Oyu Tolgoi LLC project finance facility. The project finance facility provides for interest-only payments for the first five years followed by minimum repayments according to a stepped amortisation schedule for the remaining life of the facility. The due dates stated represent the final repayment date. The interest rates stated are pre-completion and will increase by 1% post-completion.
(d) | The Group’s borrowings of US$12.8 billion (2017: US$15.2 billion) include US$2.4 billion (2017: US$2.7 billion) which relates to subsidiary entity borrowings that are without recourse to the Group, and US$4.6 billion (2017: US$4.7 billion) which is subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2018.
Summary of borrowings and other financial liabilities |
|  | Non-current |  | Current |  | Total |  | Non-current |  | Current |  | Total |
|  |  | 2018 |  |  | 2018 |  |  | 2018 |  |  | 2017 |  |  | 2017 |  |  | 2017 |
Other financial liabilities |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |
Derivative financial instruments |  |  | 407 |  |  | 95 |  |  | 502 |  |  | 481 |  |  | 50 |  |  | 531 |
Other financial liabilities |  |  | - |  |  | 666 |  |  | 666 |  |  | 43 |  |  | 302 |  |  | 345 |
Total other financial liabilities |  |  | 407 |  |  | 761 |  |  | 1,168 |  |  | 524 |  |  | 352 |  |  | 876 |
Total borrowings including overdrafts (as above) |  |  | 12,440 |  |  | 312 |  |  | 12,752 |  |  | 14,624 |  |  | 552 |  |  | 15,176 |
Total borrowings and other financial liabilities |  |  | 12,847 |  |  | 1,073 |  |  | 13,920 |  |  | 15,148 |  |  | 904 |  |  | 16,052 |

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