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v3.19.3.a.u2

Borrowings and other financial liabilities (Tables) | 12 Months Ended
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Dec. 31, 2019
Borrowings And Other Financial Liabilities [Abstract] |
Summary of borrowings |
| Note |  | Non-current 2019 US$m |  | Current 2019 US$m |  | Total 2019 US$m |  | Non-current 2018 US$m |  | Current 2018 US$m |  | Total 2018 US$m |
Rio Tinto Finance plc Euro Bonds 2.0% due 2020(a)(b) |  | — |  | 455 |  | 455 |  | 468 |  | — |  | 468 |
Rio Tinto Finance plc Euro Bonds 2.875% due 2024(a)(b) |  | 508 |  | — |  | 508 |  | 514 |  | — |  | 514 |
Rio Tinto Finance (USA) Limited Bonds 3.75% 2025(a) |  | 1,229 |  | — |  | 1,229 |  | 1,170 |  | — |  | 1,170 |
Rio Tinto Finance (USA) Limited Bonds 7.125% 2028(a) |  | 958 |  | — |  | 958 |  | 927 |  | — |  | 927 |
Alcan Inc. Debentures 7.25% due 2028(a) |  | 104 |  | — |  | 104 |  | 104 |  | — |  | 104 |
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029(a)(b) |  | 647 |  | — |  | 647 |  | 633 |  | — |  | 633 |
Alcan Inc. Debentures 7.25% due 2031 |  | 419 |  | — |  | 419 |  | 421 |  | — |  | 421 |
Alcan Inc. Global Notes 6.125% due 2033 |  | 742 |  | — |  | 742 |  | 741 |  | — |  | 741 |
Alcan Inc. Global Notes 5.75% due 2035 |  | 289 |  | — |  | 289 |  | 288 |  | — |  | 288 |
Rio Tinto Finance (USA) Limited Bonds 5.2% 2040(a) |  | 1,137 |  | — |  | 1,137 |  | 1,095 |  | — |  | 1,095 |
Rio Tinto Finance (USA) plc Bonds 4.75% 2042(a) |  | 483 |  | — |  | 483 |  | 462 |  | — |  | 462 |
Rio Tinto Finance (USA) plc Bonds 4.125% 2042(a) |  | 716 |  | — |  | 716 |  | 685 |  | — |  | 685 |
Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027(c) |  | 676 |  | 3 |  | 679 |  | 676 |  | — |  | 676 |
Oyu Tolgoi LLC Commercial Banks "B Loan" LIBOR plus 3.4% due 2027(c) |  | 1,581 |  | 8 |  | 1,589 |  | 1,588 |  | — |  | 1,588 |
Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028(c) |  | 273 |  | 3 |  | 276 |  | 272 |  | — |  | 272 |
Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029(c) |  | 869 |  | 5 |  | 874 |  | 871 |  | — |  | 871 |
Oyu Tolgoi LLC International Financial Institutions "A Loan" LIBOR plus 3.78% due 2030(c) |  | 771 |  | 4 |  | 775 |  | 768 |  | — |  | 768 |
Other secured loans |  | 302 |  | 45 |  | 347 |  | 345 |  | 42 |  | 387 |
Other unsecured loans |  | 382 |  | 197 |  | 579 |  | 373 |  | 264 |  | 637 |
Lease liabilities | 23 |  | 1,007 |  | 302 |  | 1,309 |  | 39 |  | 5 |  | 44 |
Bank overdrafts | 21 |  | — |  | — |  | — |  | — |  | 1 |  | 1 |
Total borrowings including overdrafts(d) |  | 13,093 |  | 1,022 |  | 14,115 |  | 12,440 |  | 312 |  | 12,752 |
(a) | These borrowings are subject to hedging arrangements and are summarised in the interest rate risk section of note 30.
(b) | Rio Tinto has a US$10 billion (2018: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.6 billion equivalent at 31 December 2019 (2018: US$1.6 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.6 billion (2018: US$1.6 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 from 2016 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$14.1 billion (2018: US$12.8 billion) include US$4.5 billion (2018: US$4.6 billion) of subsidiary entity borrowings that are subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2019.
Summary of borrowings and other financial liabilities |
| Non-current 2019 US$m |  | Current 2019 US$m |  | Total 2019 US$m |  | Non-current 2018 US$m |  | Current 2018 US$m |  | Total 2018 US$m |
Derivative financial instruments | 248 |  | 103 |  | 351 |  | 407 |  | 95 |  | 502 |
Other financial liabilities | — |  | 247 |  | 247 |  | — |  | 666 |  | 666 |
Total other financial liabilities | 248 |  | 350 |  | 598 |  | 407 |  | 761 |  | 1,168 |
Total borrowings including overdrafts (as above) | 13,093 |  | 1,022 |  | 14,115 |  | 12,440 |  | 312 |  | 12,752 |
Total borrowings and other financial liabilities | 13,341 |  | 1,372 |  | 14,713 |  | 12,847 |  | 1,073 |  | 13,920 |

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