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Rio Tinto financial information by business unit | 12 Months Ended
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Dec. 31, 2019
Disclosure Of Financial Information By Business Unit [Abstract] |
Rio Tinto financial information by business unit |
|  | Gross revenue(a) for the year ended 31 December | EBITDA(b) for the year ended 31 December | Net earnings(c) for the year ended 31 December
Rio Tinto interest % | 2019 US$m |  | 2018 US$m |  | 2017 US$m |  | 2019 US$m |  | 2018 US$m |  | 2017 US$m |  | 2019 US$m |  | 2018 US$m |  | 2017 US$m |
Iron Ore |  |  |  |  |  |  |  |  |  |
Pilbara | (d) | 23,681 |  | 18,359 |  | 18,143 |  | 15,936 |  | 11,267 |  | 11,383 |  | 9,619 |  | 6,460 |  | 6,576 |
Dampier Salt | 68.4 | 271 |  | 246 |  | 215 |  | 75 |  | 56 |  | 27 |  | 27 |  | 18 |  | 3 |
Evaluation projects/other |  | 123 |  | 126 |  | 108 |  | 87 |  | 55 |  | 137 |  | (8 | ) | 53 |  | 116 |
Total Iron Ore |  | 24,075 |  | 18,731 |  | 18,466 |  | 16,098 |  | 11,378 |  | 11,547 |  | 9,638 |  | 6,531 |  | 6,695 |
Aluminium | (e) |  |  |  |  |  |  |  |  |
Bauxite |  | 2,459 |  | 2,324 |  | 2,019 |  | 969 |  | 790 |  | 804 |  | 441 |  | 412 |  | 463 |
Alumina |  | 2,657 |  | 3,340 |  | 2,661 |  | 628 |  | 1,137 |  | 454 |  | 301 |  | 634 |  | 180 |
Intrasegment |  | (825 | ) | (861 | ) | (790 | ) | (10 | ) | (7 | ) | (25 | ) | (7 | ) | (5 | ) | (17 | )
Bauxite & Alumina |  | 4,291 |  | 4,803 |  | 3,890 |  | 1,587 |  | 1,920 |  | 1,233 |  | 735 |  | 1,041 |  | 626 |
Primary Metal |  | 4,940 |  | 6,468 |  | 5,808 |  | 755 |  | 1,418 |  | 1,762 |  | 40 |  | 595 |  | 778 |
Pacific Aluminium |  | 2,204 |  | 2,541 |  | 2,305 |  | (22 | ) | 148 |  | 453 |  | (137 | ) | — |  | 176 |
Inter-segment and other |  | (2,256 | ) | (3,226 | ) | (2,321 | ) | 36 |  | (88 | ) | (19 | ) | 26 |  | (67 | ) | (12 | )
Integrated operations |  | 9,179 |  | 10,586 |  | 9,682 |  | 2,356 |  | 3,398 |  | 3,429 |  | 664 |  | 1,569 |  | 1,568 |
Other product group items |  | 1,065 |  | 1,479 |  | 1,214 |  | (202 | ) | (440 | ) | (132 | ) | (161 | ) | (344 | ) | (100 | )
Product group operations |  | 10,244 |  | 12,065 |  | 10,896 |  | 2,154 |  | 2,958 |  | 3,297 |  | 503 |  | 1,225 |  | 1,468 |
Evaluation projects/other |  | 96 |  | 126 |  | 109 |  | 131 |  | 137 |  | 126 |  | 96 |  | 122 |  | 115 |
Total Aluminium |  | 10,340 |  | 12,191 |  | 11,005 |  | 2,285 |  | 3,095 |  | 3,423 |  | 599 |  | 1,347 |  | 1,583 |
Copper & Diamonds |  |  |  |  |  |  |  |  |  |
Rio Tinto Kennecott | 100.0 | 1,879 |  | 1,862 |  | 1,352 |  | 843 |  | 785 |  | 539 |  | 397 |  | 293 |  | 78 |
Escondida | 30.0 | 2,136 |  | 2,274 |  | 1,811 |  | 1,034 |  | 1,301 |  | 1,030 |  | 325 |  | 506 |  | 325 |
Grasberg joint venture | (g) | — |  | 457 |  | 33 |  | — |  | 281 |  | (3 | ) | — |  | 217 |  | (169 | )
Oyu Tolgoi and Turquoise Hill | (h) | 1,166 |  | 1,180 |  | 940 |  | 357 |  | 375 |  | 256 |  | 25 |  | 69 |  | 36 |
Diamonds | (i) | 619 |  | 695 |  | 706 |  | 151 |  | 301 |  | 287 |  | (21 | ) | 118 |  | 92 |
Product group operations |  | 5,800 |  | 6,468 |  | 4,842 |  | 2,385 |  | 3,043 |  | 2,109 |  | 726 |  | 1,203 |  | 362 |
Evaluation projects/other |  | 15 |  | — |  | — |  | (312 | ) | (267 | ) | (205 | ) | (172 | ) | (149 | ) | (99 | )
Total Copper & Diamonds |  | 5,815 |  | 6,468 |  | 4,842 |  | 2,073 |  | 2,776 |  | 1,904 |  | 554 |  | 1,054 |  | 263 |
Energy & Minerals |  |  |  |  |  |  |  |  |  |
Rio Tinto Coal Australia | (j) | — |  | 989 |  | 2,829 |  | — |  | 893 |  | 1,223 |  | — |  | 591 |  | 716 |
Iron Ore Company of Canada | 58.7 | 2,189 |  | 1,583 |  | 1,867 |  | 1,024 |  | 586 |  | 770 |  | 332 |  | 166 |  | 235 |
Rio Tinto Iron & Titanium | (k) | 1,938 |  | 1,782 |  | 1,763 |  | 611 |  | 510 |  | 546 |  | 254 |  | 174 |  | 201 |
Rio Tinto Borates | 100.0 | 593 |  | 622 |  | 630 |  | 180 |  | 197 |  | 244 |  | 96 |  | 111 |  | 126 |
Uranium | (l) | 375 |  | 415 |  | 417 |  | 55 |  | 18 |  | 15 |  | 25 |  | (4 | ) | (26 | )
Product group operations |  | 5,095 |  | 5,391 |  | 7,506 |  | 1,870 |  | 2,204 |  | 2,798 |  | 707 |  | 1,038 |  | 1,252 |
Simandou iron ore project | (m) | — |  | — |  | — |  | (12 | ) | (15 | ) | (13 | ) | (5 | ) | (7 | ) | (6 | )
Evaluation projects/other |  | 55 |  | 60 |  | 43 |  | (96 | ) | (49 | ) | (9 | ) | (91 | ) | (36 | ) | (7 | )
Total Energy & Minerals |  | 5,150 |  | 5,451 |  | 7,549 |  | 1,762 |  | 2,140 |  | 2,776 |  | 611 |  | 995 |  | 1,239 |
Other operations | (n) | 18 |  | 9 |  | 10 |  | (77 | ) | (70 | ) | (116 | ) | (89 | ) | (102 | ) | (138 | )
Inter-segment transactions |  | (31 | ) | (15 | ) | (15 | ) | (9 | ) | — |  | — |  | (3 | ) | — |  | — |
Product group total |  | 45,367 |  | 42,835 |  | 41,857 |  | 22,132 |  | 19,319 |  | 19,534 |  | 11,310 |  | 9,825 |  | 9,642 |
Central pension costs, share-based payments and insurance |  |  |  |  | 59 |  | (128 | ) | (68 | ) | 60 |  | (90 | ) | (48 | )
Restructuring, project and one-off costs |  |  |  |  | (183 | ) | (272 | ) | (177 | ) | (94 | ) | (190 | ) | (124 | )
Central costs |  |  |  |  | (496 | ) | (552 | ) | (491 | ) | (550 | ) | (410 | ) | (311 | )
Exploration and evaluation |  |  |  |  | (315 | ) | (231 | ) | (218 | ) | (231 | ) | (193 | ) | (178 | )
Net interest |  |  |  |  |  |  |  | (122 | ) | (134 | ) | (354 | )
Underlying EBITDA/earnings |  |  |  |  | 21,197 |  | 18,136 |  | 18,580 |  | 10,373 |  | 8,808 |  | 8,627 |
Items excluded from underlying EBITDA/earnings |  | — |  | — |  | 10 |  | (722 | ) | 5,127 |  | 1,912 |  | (2,363 | ) | 4,830 |  | 135 |
EBITDA/net earnings |  |  |  |  | 20,475 |  | 23,263 |  | 20,492 |  | 8,010 |  | 13,638 |  | 8,762 |
Reconciliation to Group income statement |  |  |  |  |  |  |  |  |  |
Share of equity accounted unit sales and |  |  |  |  |  |  |  |  |  |
intra-subsidiary/equity accounted unit sales |  | (2,202 | ) | (2,313 | ) | (1,837 | ) |  |  |  |  |  |
Depreciation and amortisation in subsidiaries |  |  |  |  |  |  |  |  |  |
excluding capitalised depreciation |  |  |  |  | (4,272 | ) | (3,909 | ) | (4,302 | ) |  |  |
Impairment charges |  |  |  |  | (3,487 | ) | (132 | ) | (796 | ) |  |  |
Depreciation and amortisation in equity accounted units |  |  |  |  | (653 | ) | (650 | ) | (648 | ) |  |  |
Taxation and finance items in equity accounted units |  |  |  |  | (296 | ) | (372 | ) | (272 | ) |  |  |
Consolidated sales revenue/profit on ordinary activities before finance items and taxation |  | 43,165 |  | 40,522 |  | 40,030 |  | 11,767 |  | 18,200 |  | 14,474 |  |  |  |
|  | Capital expenditure(o) for the year ended 31 December | Depreciation and amortisation for the year ended 31 December | Operating assets(p) as at 31 December | Employees for the year ended 31 December
| Rio Tinto interest % | 2019 US$m |  | 2018 US$m |  | 2017 US$m |  | 2019 US$m |  | 2018 US$m |  | 2017 US$m |  | 2019 US$m |  | 2018 US$m |  | 2017 US$m |  | 2019 |  | 2018 |  | 2017 |
Iron Ore |  |  |  |  |  |  |  |  |  |  |  |  |
Pilbara | (d) | 1,720 |  | 1,288 |  | 1,201 |  | 1,704 |  | 1,682 |  | 1,645 |  | 13,865 |  | 14,486 |  | 16,535 |  | 10,634 |  | 10,422 |  | 10,159 |
Dampier Salt | 68.4 | 21 |  | 14 |  | 13 |  | 19 |  | 20 |  | 22 |  | 152 |  | 165 |  | 150 |  | 347 |  | 239 |  | 232 |
Evaluation projects/other |  | — |  | — |  | — |  | — |  | — |  | — |  | 2 |  | 2 |  | 2 |  | — |  | — |  | — |
Total Iron Ore |  | 1,741 |  | 1,302 |  | 1,214 |  | 1,723 |  | 1,702 |  | 1,667 |  | 14,019 |  | 14,653 |  | 16,687 |  | 10,981 |  | 10,661 |  | 10,391 |
Aluminium | (e) |  |  |  |  |  |  |  |  |  |  |  |
Bauxite |  | 387 |  | 953 |  | 825 |  | 286 |  | 165 |  | 123 |  | 2,597 |  | 2,494 |  | 1,897 |  | 2,940 |  | 2,676 |  | 2,534 |
Alumina |  | 282 |  | 218 |  | 108 |  | 187 |  | 194 |  | 209 |  | 2,009 |  | 2,721 |  | 2,733 |  | 2,269 |  | 2,009 |  | 2,012 |
Intrasegment |  | — |  | — |  | — |  | — |  | — |  | — |  | (27 | ) | (20 | ) | (18 | ) | — |  | — |  | — |
Bauxite & alumina |  | 669 |  | 1,171 |  | 933 |  | 473 |  | 359 |  | 332 |  | 4,579 |  | 5,195 |  | 4,612 |  | 5,209 |  | 4,685 |  | 4,546 |
Primary Metal |  | 658 |  | 595 |  | 389 |  | 682 |  | 615 |  | 665 |  | 9,674 |  | 9,306 |  | 9,946 |  | 6,357 |  | 6,497 |  | 6,404 |
Pacific Aluminium |  | 129 |  | 115 |  | 109 |  | 154 |  | 149 |  | 196 |  | 970 |  | 1,156 |  | 1,016 |  | 2,356 |  | 2,278 |  | 2,173 |
Inter-segment and other |  | — |  | — |  | 5 |  | — |  | (1 | ) | 6 |  | 807 |  | 789 |  | 772 |  | 127 |  | 180 |  | 222 |
Integrated operations |  | 1,456 |  | 1,881 |  | 1,436 |  | 1,309 |  | 1,122 |  | 1,199 |  | 16,030 |  | 16,446 |  | 16,346 |  | 14,049 |  | 13,640 |  | 13,345 |
Other product group items | (f) | — |  | (508 | ) | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Product group operations |  | 1,456 |  | 1,373 |  | 1,436 |  | 1,309 |  | 1,122 |  | 1,199 |  | 16,030 |  | 16,446 |  | 16,346 |  | 14,049 |  | 13,640 |  | 13,345 |
Evaluation projects/other |  | — |  | — |  | — |  | 3 |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Total Aluminium |  | 1,456 |  | 1,373 |  | 1,436 |  | 1,312 |  | 1,122 |  | 1,199 |  | 16,030 |  | 16,446 |  | 16,346 |  | 14,049 |  | 13,640 |  | 13,345 |
Copper & Diamonds |  |  |  |  |  |  |  |  |  |  |  |  |
Rio Tinto Kennecott | 100.0 | 444 |  | 318 |  | 249 |  | 457 |  | 427 |  | 422 |  | 2,012 |  | 1,864 |  | 1,936 |  | 2,066 |  | 1,993 |  | 1,734 |
Escondida | 30.0 | 315 |  | 302 |  | 248 |  | 508 |  | 518 |  | 507 |  | 2,871 |  | 3,057 |  | 3,369 |  | 1,068 |  | 1,087 |  | 1,079 |
Grasberg joint venture | (g) | — |  | 171 |  | 138 |  | — |  | 30 |  | 42 |  | — |  | — |  | 1,137 |  | — |  | 1,615 |  | 1,642 |
Oyu Tolgoi and Turquoise Hill | (h) | 1,289 |  | 1,284 |  | 901 |  | 208 |  | 219 |  | 344 |  | 6,780 |  | 6,072 |  | 4,725 |  | 3,152 |  | 2,863 |  | 2,835 |
Diamonds | (i) | 38 |  | 64 |  | 85 |  | 144 |  | 118 |  | 132 |  | 195 |  | 267 |  | 441 |  | 940 |  | 967 |  | 922 |
Product group operations |  | 2,086 |  | 2,139 |  | 1,621 |  | 1,317 |  | 1,312 |  | 1,447 |  | 11,858 |  | 11,260 |  | 11,608 |  | 7,226 |  | 8,525 |  | 8,212 |
Evaluation projects/other |  | 1 |  | 11 |  | 1 |  | 3 |  | 5 |  | 5 |  | 152 |  | 129 |  | 135 |  | 150 |  | 146 |  | 142 |
Total Copper & Diamonds |  | 2,087 |  | 2,150 |  | 1,622 |  | 1,320 |  | 1,317 |  | 1,452 |  | 12,010 |  | 11,389 |  | 11,743 |  | 7,376 |  | 8,671 |  | 8,354 |
Energy & Minerals |  |  |  |  |  |  |  |  |  |  |  |  |
Rio Tinto Coal Australia | (j) | — |  | 32 |  | 84 |  | — |  | 34 |  | 152 |  | — |  | (837 | ) | 1,040 |  | — |  | 1,005 |  | 1,924 |
Iron Ore Company of Canada | 58.7 | 255 |  | 189 |  | 202 |  | 172 |  | 154 |  | 157 |  | 803 |  | 975 |  | 988 |  | 2,617 |  | 2,397 |  | 2,382 |
Rio Tinto Iron & Titanium | (k) | 249 |  | 169 |  | 119 |  | 193 |  | 201 |  | 219 |  | 3,507 |  | 3,390 |  | 3,881 |  | 4,115 |  | 4,058 |  | 4,048 |
Rio Tinto Borates | 100.0 | 43 |  | 44 |  | 28 |  | 60 |  | 62 |  | 65 |  | 525 |  | 518 |  | 523 |  | 924 |  | 980 |  | 936 |
Uranium | (l) | 5 |  | 8 |  | 21 |  | 3 |  | 4 |  | 37 |  | (363 | ) | (406 | ) | (327 | ) | 857 |  | 1,324 |  | 1,307 |
Product group operations |  | 552 |  | 442 |  | 454 |  | 428 |  | 455 |  | 630 |  | 4,472 |  | 3,640 |  | 6,105 |  | 8,513 |  | 9,764 |  | 10,597 |
Simandou iron ore project | (m) | (1 | ) | — |  | — |  | — |  | — |  | — |  | 20 |  | 15 |  | 17 |  | 74 |  | 70 |  | 10 |
Evaluation projects/other |  | — |  | — |  | — |  | — |  | — |  | — |  | 37 |  | 41 |  | 41 |  | 53 |  | 33 |  | 25 |
Total Energy & Minerals |  | 551 |  | 442 |  | 454 |  | 428 |  | 455 |  | 630 |  | 4,529 |  | 3,696 |  | 6,163 |  | 8,640 |  | 9,867 |  | 10,632 |
Other operations | (n) | (4 | ) | 12 |  | (35 | ) | 177 |  | 26 |  | 32 |  | (83 | ) | (442 | ) | (328 | ) | 159 |  | 187 |  | 203 |
Product group total |  | 5,831 |  | 5,279 |  | 4,691 |  | 4,960 |  | 4,622 |  | 4,980 |  | 46,505 |  | 45,742 |  | 50,611 |  | 41,205 |  | 43,026 |  | 42,925 |
Inter-segment transactions |  |  |  |  |  |  |  | 127 |  | 129 |  | 206 |  |  |  |
Net assets of disposal groups held for sale | (q) |  |  |  |  |  |  | — |  | 440 |  | 370 |  |  |  |
Other items |  | 64 |  | 65 |  | 70 |  | 77 |  | 43 |  | 42 |  | (2,449 | ) | (2,880 | ) | (2,631 | ) | 4,802 |  | 4,432 |  | 3,882 |
Less: equity accounted units |  | (456 | ) | (500 | ) | (417 | ) | (653 | ) | (650 | ) | (647 | ) | — |  | — |  | — |  | — |  | — |  | — |
Total |  | 5,439 |  | 4,844 |  | 4,344 |  | 4,384 |  | 4,015 |  | 4,375 |  | 44,183 |  | 43,431 |  | 48,556 |  | 46,007 |  | 47,458 |  | 46,807 |
Add back: Proceeds from disposal of property, plant and equipment |  | 49 |  | 586 |  | 138 |  |  |  |  |  |  |  |  |  |
Total capital expenditure per cash flow statement |  | 5,488 |  | 5,430 |  | 4,482 |  |  |  |  |  |  |  |  |  |
Less: Net (debt)/cash |  |  |  |  |  |  |  | (3,651 | ) | 255 |  | (3,845 | ) |  |  |
Less: EAU funded balances excluded from net debt |  |  |  |  |  |  |  | — |  | — |  | — |  |  |  |
Equity attributable to owners of Rio Tinto |  |  |  |  |  |  |  | 40,532 |  | 43,686 |  | 44,711 |  |  |  |
Business units are classified according to the Group’s management structure. We have adjusted certain comparative amounts to represent changes in management responsibility. Effective from the first half of 2019, Dampier Salt has moved from the Energy & Minerals Product Group to the Iron Ore Product Group.
(a) | Gross sales revenue includes the sales revenue of equity accounted units on a proportionately consolidated basis (after adjusting for sales to subsidiaries) in addition to consolidated sales. Consolidated sales revenue includes subsidiary sales to equity accounted units which are not included in gross sales revenue.
(b) | EBITDA of subsidiaries and the Group’s share of EBITDA relating to equity accounted units represents profit before: tax, net finance items, depreciation and amortisation charged to the income statement in the period. Underlying EBITDA excludes the EBITDA impact of the same items that are excluded from underlying earnings.
(c) | Represents profit after tax for the period attributable to the owners of the Rio Tinto Group. Business unit earnings are stated before finance items but after the amortisation of discount related to provisions. Earnings attributed to business units do not include amounts that are excluded in arriving at underlying earnings.
(d) | Pilbara represents the Group’s 100% holding in Hamersley, 50% holding in Hope Downs Joint Venture and 65% holding in Robe River Iron Associates. The Group’s net beneficial interest in Robe River Iron Associates is 53%, as 30% is held through a 60% owned subsidiary and 35% is held through a 100% owned subsidiary.
(e) | Presented on an integrated operations basis, splitting activities between Bauxite & Alumina, Primary Metal, Pacific Aluminium and other integrated operations (which reflect the results of the integrated production of aluminium) and other product group items which relate to other commercial activities.
(f) | In 2018, Aluminium capital expenditure was reported net of US$508 million proceeds received from the sale of surplus land at Kitimat. These proceeds were not included in Aluminium’s free cash flow and the associated gain was excluded from business unit earnings and EBITDA.
(g) | Through a joint venture agreement with Freeport-McMoRan Inc. (Freeport), we were entitled to 40% of material mined above an agreed threshold as a consequence of expansions and developments of the Grasberg facilities since 1998 (until 21 December 2018). On 21 December 2018, we sold our entire interest in the Grasberg mine to PT Indonesia Asahan Aluminium (Persero) (Inalum).
(h) | Our interest in Oyu Tolgoi is held indirectly through our 50.8% investment in Turquoise Hill Resources Ltd (TRQ), where TRQ’s principal asset is its 66% investment in Oyu Tolgoi LLC, which owns the Oyu Tolgoi copper-gold mine.
(i) | Includes our interests in Argyle (100%) and Diavik (60%).
(j) | Includes our 82% interest in the Hail Creek coal mine (until 1 August 2018), our 80% interest in the Kestrel underground coal mine (until 1 August 2018) and interests in the Winchester South (until 1 June 2018) and Valeria development projects (until 1 August 2018).
On 1 June 2018, we sold our entire 75% interest in the Winchester South coal development project in Queensland, Australia, to Whitehaven Coal Limited for US$200 million. On 1 August 2018, we sold our entire 82% interest in the Hail Creek coal mine and 71.2% interest in the Valeria coal development project in Queensland, Australia, to Glencore for US$1.7 billion. On 1 August 2018, we sold our entire 80% interest in the Kestrel underground coal mine in Queensland, Australia, to a consortium comprising private equity manager EMR Capital (EMR) and PT Adaro Energy Tbk (Adaro), an Indonesian listed coal company, for US$2.25 billion. On 1 September 2017, we sold our 100% shareholding in Coal & Allied Industries Limited to Yancoal Australia Limited for US$2.69 billion (before working capital adjustments). Rio Tinto Coal Australia’s operating assets of US$(837) million at 31 December 2018 included provisions for onerous contracts in relation to rail infrastructure capacity and capital gains tax payable on the divestments announced in the year, partly offset by financial assets and receivables relating to contingent royalties and disposal proceeds. Following a change in management responsibility, at 31 December 2019, these amounts are now reported within Other operations, with no restatement of comparative amounts.
(k) | Includes our interests in Rio Tinto Fer et Titane (100%), QIT Madagascar Minerals (QMM, 80%) and Richards Bay Minerals (attributable interest of 74%).
(l) | Includes our interests in Energy Resources of Australia (68.4%) and, until 16 July 2019, Rössing Uranium Limited (Rössing) (68.6%). On 16 July 2019, we sold our entire 68.6% interest in Rössing to China National Uranium Corporation Limited (CNUC).
(m) | Simfer Jersey Limited, in which the Group has a 53% interest, has an 85% interest in Simfer S.A., the company that manages the Simandou 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.
(n) | Other operations include our 100% interest in the Gove alumina refinery, Rio Tinto Marine and, with effect from the first half of 2019, the remaining operating assets of Rio Tinto Coal Australia. As at 31 December 2019, these include provisions for onerous contracts in relation to rail infrastructure capacity, partly offset by deferred tax assets and financial assets and receivables relating to contingent royalties and disposal proceeds. Refer to note (j).
(o) | Capital expenditure is the net cash outflow on purchases less sales of property, plant and equipment, capitalised evaluation costs and purchases less sales 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 and equity accounted units.
(p) | Operating assets of subsidiaries is comprised of net assets excluding post-retirement assets and liabilities, net of tax, and before deducting net debt. Operating assets are stated after the deduction of non- controlling interests – these are calculated by reference to the net assets of the relevant companies (ie inclusive of such companies’ debt and amounts due to or from Rio Tinto Group companies).
(q) | Assets and liabilities held for sale at 31 December 2018 included our interest in Rössing Uranium Limited, the ISAL smelter, the Aluchemie anode plant, and the Alufluor aluminium fluoride plant. At 31 December 2017 it included our interest in the Dunkerque aluminium smelter and certain other separate assets.

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