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v3.19.3.a.u2

Borrowings and other financial liabilities | 12 Months Ended
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Dec. 31, 2019
Borrowings And Other Financial Liabilities [Abstract] |
Borrowings and other financial liabilities | 22 Borrowings and other financial liabilities Borrowings at 31 December
| 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$4.6 billion) of subsidiary entity borrowings that are subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2019.
Other financial liabilities
| Non-current 2019 US$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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