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Principal subsidiaries | 12 Months Ended
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Dec. 31, 2018
Disclosure Of Significant Investments In Subsidiaries [Abstract] |
Principal subsidiaries | Notes to the 2018 financial statements continued 33 Principal subsidiaries At 31 December 2018
Company and country of incorporation/ operation |  | Principal activities |  | Class of shares held |  | Proportion of class held (%) |  |  | Group interest (%) |  |  | Non-controlling interest (%)
Australia |  |  |  |  |  |  |  |  |  |  |  |
Argyle Diamonds Limited |  | Mining and processing of diamonds |  | Ordinary |  | 100 |  |  | 100 |  |  | -
Dampier Salt Limited |  | Salt and gypsum |  | Ordinary |  | 68.36 |  |  | 68.36 |  |  | 31.64
Energy Resources of Australia Limited |  | Uranium mining |  | Ordinary |  | 68.39 |  |  | 68.39 |  |  | 31.61
Hamersley Iron Pty Limited |  | Iron ore mining |  | Ordinary |  | 100 |  |  | 100 |  |  | -
North Mining Limited (a) |  | Iron ore mining |  | Ordinary |  | 100 |  |  | 100 |  |  | -
Queensland Coal Pty Limited (b) |  | Coal mining |  | Ordinary |  | 100 |  |  | 100 |  |  | -
Rio Tinto Aluminium (Holdings) Limited |  | Bauxite mining; alumina production; primary aluminium smelting |  | Ordinary |  | 100 |  |  | 100 |  |  | -
Robe River Mining Co Pty Ltd (a) |  | Iron ore mining |  | Class A |  | 40 |  |  | 60 |  |  | 40
|  |  |  | Class B |  | 76.36 |  |  |  |  |
Brazil |  |  |  |  |  |  |  |  |  |  |  |
Alcan Alumina Ltda. (c) |  | Alumina production and bauxite mining |  | Quota |  | 100 |  |  | 100 |  |  | -
Canada |  |  |  |  |  |  |  |  |  |  |  |
Iron Ore Company of Canada (d) |  | Iron ore mining; iron ore pellets |  | Common |  | 58.72 |  |  | 58.72 |  |  | 41.28
Rio Tinto Fer et Titane Inc. |  | Titanium dioxide feedstock; high purity iron and steel |  | Common |  | 100 |  |  | 100 |  |  | -
|  |  | Class B preference |  | 100 |  |  | 100 |  |  | -
|  |  | CAD 0.01 preferred |  | 100 |  |  | 100 |  |  | -
Rio Tinto Alcan Inc. |  | Bauxite mining; alumina refining; aluminium smelting |  | Common |  | 100 |  |  | 100 |  |  | -
Diavik Diamond Mines (2012) Inc. (e) |  | Diamond mining and processing |  | Common |  | 100 |  |  | 100 |  |  | -
Guinea |  |  |  |  |  |  |  |  |  |  |  |
Simfer Jersey Limited (f) |  | Iron ore project |  | Ordinary |  | 53 |  |  | 53 |  |  | 47
Madagascar |  |  |  |  |  |  |  |  |  |  |  |
QIT Madagascar Minerals SA (g) |  | Ilmenite mining |  | Common |  | 80 |  |  | 80 |  |  |
|  |  |  | Investment certificates |  | 100 |  |  | 100 |  | 15
|  |  |  | Voting certificates |  | 80 |  |  | 80 |  |  | 20
Mongolia |  |  |  |  |  |  |  |  |  |  |  |
Turquoise Hill Resources Ltd (including Oyu Tolgoi LLC) (h) |  | Copper and gold mining |  | Common |  | 50.79 |  |  | 50.79 |  |  | 49.21
Namibia |  |  |  |  |  |  |  |  |  |  |  |
Rössing Uranium Limited (i) |  | Uranium mining |  | B N$1 |  | 71.22 |  |  | 68.62 |  |  | 31.38
|  |  |  | C N10c |  | 70.59 |  |  |  |  |  |
South Africa |  |  |  |  |  |  |  |  |  |  |  |
Richards Bay Titanium (Proprietary) Limited (j) |  | Titanium dioxide;high purity iron production |  | B Ordinary |  | 100 |  |  |  |  |  |
|  |  |  | B preference |  | 100 |  | 74 |  |  | 26
|  |  |  | Parent Preference |  | 100 |  |  |  |  |
Richards Bay Mining (Proprietary) Limited (j) |  | Ilmenite, rutile and zircon mining |  | B Ordinary |  | 100 |  |  |  |  |  |
|  |  |  | B preference |  | 100 |  | 74 |  |  | 26
|  |  |  | Parent Preference |  | 100 |  |  |  |  |
US |  |  |  |  |  |  |  |  |  |  |  |
Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) |  | Copper and gold mining, smelting and refining and exploration activities |  | Common US$0.01 |  | 100 |  |  | 100 |  |  | -
U.S. Borax Inc. |  | Mining, refining and marketing of borates |  | Common US$0.10 |  | 100 |  |  | 100 |  |  | -
This list includes only those companies that have a more significant impact on the profit or assets of the Group. Refer to note 47 for a list of related undertakings. The Group’s principal subsidiaries are mostly held by intermediate holding companies and not directly by Rio Tinto plc or Rio Tinto Limited.
(a) | Robe River Mining Co Pty Ltd (which is 60% owned by the Group) holds a 30% interest in Robe River Iron Associates (Robe River). North Mining Ltd (which is wholly owned by the Group) holds a 35% interest in Robe River. Through these companies the Group recognises a 65% share of the assets, liabilities, revenues and expenses of Robe River, with a 12% non-controlling interest. The Group therefore has a 53% beneficial interest in Robe River.
(b) | Queensland Coal Pty Limited was the main legal entity that held the Group’s interests in Hail Creek (82%) and Kestrel (80%). These were unincorporated arrangements that were not entities; the Group recognised its share of assets, liabilities, revenues and expenses relating to these arrangements. On 1 August 2018, the Group sold its 82% interest in the Hail Creek coal mine and its 80% interest in the Kestrel underground coal mine.
(c) | Alcan Alumina Ltda holds the Group’s 10% interest in Consórcio De Alumínio Do Maranhão, a joint operation in which the Group participates but is not a joint operator. The Group recognises its share of assets, liabilities, revenues and expenses relating to this arrangement.
(d) | Iron Ore Company of Canada is incorporated in the US, but operates in Canada.
(e) | Diavik Diamond Mines (2012) Inc. (DDMI) is the legal entity that owns the Group’s 60% interest in the Diavik Joint Venture, an unincorporated arrangement. The Group recognises its share of assets, revenue and expenses relating to this arrangement. Liabilities are recognised according to DDMI’s contractual obligations, with a corresponding 40% receivable or contingent asset representing the co-owner’s share where applicable.
(f) | Simfer Jersey Limited, a company incorporated in Jersey in which the Group has a 53% interest, has an 85% interest in Simfer S.A. the company that operates the Simandou mining project in Guinea. The Group therefore has a 45.05% indirect interest in Simfer S.A. These entities are consolidated as subsidiaries and together referred to as the Simandou iron ore project.
(g) | The Group’s shareholding in QIT Madagascar Minerals SA carries an 80% economic interest and 80% of the total voting rights; a further 5% economic interest is held through non-voting investment certificates to give an economic interest of 85%. The non-controlling interests have a 15% economic interest and 20% of the total voting rights.
(h) | The Group has a 50.79% interest in Turquoise Hill Resources Ltd, which holds a 66% interest in Oyu Tolgoi LLC (OT) which is a subsidiary of Turquoise Hill Resources Ltd. The Group therefore has a 33.5% indirect interest in OT. Turquoise Hill Resources Ltd is incorporated in Canada but operates principally in Mongolia.
(i) | The Group’s shareholding in Rössing Uranium Limited entitles it to 35.57% of the total voting rights; the non-controlling interests hold 64.43% of the total voting rights. Rössing is consolidated by virtue of the Group’s board control. The Government of Namibia has the ability to veto matters that are considered not to be in the interest of Namibia; this is considered to be a protective right. Rio Tinto therefore has control of Rössing and consolidates it as a subsidiary. At 31 December 2018, assets and liabilities held for sale included our entire interest in Rössing Uranium Limited.
(j) | Additional classes of shares issued by Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited representing non-controlling interests are not shown. The Group’s total legal and beneficial interest in Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited is 74%.
Summary financial information for subsidiaries that have non-controlling interests that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries’ financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments, and before intercompany eliminations.
| Iron Ore Company of Canada |  | Iron Ore Company of Canada |  | Energy Resources of Australia |  | Energy Resources of Australia |  | Turquoise Hill (a)(b) |  | Turquoise Hill (a)(b) |
| 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
| US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |
Revenue |  | 1,561 |  |  | 1,867 |  |  | 151 |  |  | 157 |  |  | 1,180 |  |  | 940 |
Profit/(loss) after tax |  | 298 |  |  | 377 |  |  | (241 | ) |  | (29 | ) |  | 139 |  |  | 22 |
– attributable to non-controlling interests |  | 122 |  |  | 156 |  |  | 1 |  |  | (9 | ) |  | 14 |  |  | (49 | )
– attributable to Rio Tinto |  | 176 |  |  | 221 |  |  | (242 | ) |  | (20 | ) |  | 125 |  |  | 71 |
Other comprehensive (loss)/income |  | (136 | ) |  | 144 |  |  | 2 |  |  | - |  |  | (4 | ) |  | 4 |
Total comprehensive income/(loss) |  | 162 |  |  | 521 |  |  | (239 | ) |  | (29 | ) |  | 135 |  |  | 26 |
Non-current assets |  | 2,376 |  |  | 2,535 |  |  | 74 |  |  | 57 |  |  | 10,375 |  |  | 9,008 |
Current assets |  | 459 |  |  | 714 |  |  | 311 |  |  | 406 |  |  | 3,813 |  |  | 4,953 |
Current liabilities |  | (351 | ) |  | (449 | ) |  | (123 | ) |  | (128 | ) |  | (540 | ) |  | (504 | )
Non-current liabilities |  | (791 | ) |  | (838 | ) |  | (522 | ) |  | (356 | ) |  | (4,367 | ) |  | (4,311 | )
Net assets/(liabilities) |  | 1,693 |  |  | 1,962 |  |  | (260 | ) |  | (21 | ) |  | 9,281 |  |  | 9,146 |
– attributable to non-controlling interests |  | 699 |  |  | 809 |  |  | (6 | ) |  | (7 | ) |  | 3,936 |  |  | 3,982 |
– attributable to Rio Tinto |  | 994 |  |  | 1,153 |  |  | (254 | ) |  | (14 | ) |  | 5,345 |  |  | 5,164 |
Cash flow from operations |  | 553 |  |  | 840 |  |  | (64 | ) |  | (2 | ) |  | 357 |  |  | 295 |
Dividends paid to non-controlling interests |  | (178 | ) |  | (162 | ) |  | - |  |  | - |  |  | - |  |  | - |
(a) | Turquoise Hill Resources Ltd holds a controlling interests in OT.
(b) | Under the terms of the project finance facility held by OT, there are certain restrictions on the ability of OT to make shareholder distributions.
Notes to the 2018 financial statements continued 33 Principal subsidiaries continued
|  |  | Robe River Mining Co Pty |  | Robe River Mining Co Pty |  | Other companies and eliminations (c) |  | Other companies and eliminations (c) |  | Robe River |  | Robe River |
|  |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |
|  |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |  | US$m |
Revenue |  |  |  | 1,082 |  |  | 1,164 |  |  | 1,262 |  |  | 1,351 |  |  | 2,344 |  |  | 2,515 |
Profit after tax |  |  |  | 561 |  |  | 617 |  |  | 543 |  |  | 637 |  |  | 1,104 |  |  | 1,254 |
– attributable to non-controlling interests |  |  |  | 218 |  |  | 242 |  |  | - |  |  | - |  |  | 218 |  |  | 242 |
– attributable to Rio Tinto |  |  |  | 343 |  |  | 375 |  |  | 543 |  |  | 637 |  |  | 886 |  |  | 1,012 |
Other comprehensive (loss)/income |  |  |  | (313 | ) |  | 238 |  |  | (203 | ) |  | 158 |  |  | (516 | ) |  | 396 |
Total comprehensive income |  |  |  | 248 |  |  | 855 |  |  | 340 |  |  | 795 |  |  | 588 |  |  | 1,650 |
Non-current assets |  |  |  | 2,610 |  |  | 2,927 |  |  | 3,739 |  |  | 4,187 |  |  | 6,349 |  |  | 7,114 |
Current assets (d) |  |  |  | 710 |  |  | 875 |  |  | 2,368 |  |  | 1,149 |  |  | 3,078 |  |  | 2,024 |
Current liabilities |  |  |  | (111 | ) |  | (186 | ) |  | (235 | ) |  | (1,357 | ) |  | (346 | ) |  | (1,543 | )
Non-current liabilities (d) |  |  |  | (117 | ) |  | (174 | ) |  | (3,977 | ) |  | (2,244 | ) |  | (4,094 | ) |  | (2,418 | )
Net assets |  |  |  | 3,092 |  |  | 3,442 |  |  | 1,895 |  |  | 1,735 |  |  | 4,987 |  |  | 5,177 |
– attributable to non-controlling interests |  |  |  | 1,237 |  |  | 1,375 |  |  | - |  |  | - |  |  | 1,237 |  |  | 1,375 |
– attributable to Rio Tinto |  |  |  | 1,855 |  |  | 2,067 |  |  | 1,895 |  |  | 1,735 |  |  | 3,750 |  |  | 3,802 |
Cash flow from operations |  |  |  | 933 |  |  | 1,048 |  |  | 1,151 |  |  | 1,207 |  |  | 2,084 |  |  | 2,255 |
Dividends paid to non-controlling interests |  |  |  | (224 | ) |  | (230 | ) |  | - |  |  | - |  |  | (224 | ) |  | (230 | )
(c) | “Other companies and eliminations” includes North Mining Limited (a wholly owned subsidiary of the Group which accounts for its interest in Robe River) and goodwill of US$351 million (2017: US$389 million) that arose on the Group’s acquisition of its interest in Robe River.
(d) | The 2017 comparative has been adjusted to more appropriately classify certain balances.

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