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Principal associates (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure of associates [abstract]  
Summary of principal associates
At 31 December 2019 -
Company and country of incorporation/operation
Principal activities
Number of
shares held

Class of
shares held
Proportion
of class
held (%)


Group
interest
(%)
Australia

 
 
 


 
Boyne Smelters Limited(a)
Aluminium smelting
153,679,560

Ordinary
59.4


59.4
Brazil

 
 
 


 
 
 
 
 
 
 
 
 
Mineração Rio do Norte S.A.(b)
Bauxite mining
25,000,000,000

Ordinary
12.5


12
47,000,000,000

Preferred
11.75


 
 
 
 
 
 
 
 
US

 
 
 


 
Halco (Mining) Inc.(c)

4,500

Common
45


45

This list includes only those associates that have a more significant impact on the profit or operating assets of the Group. Refer to note 47 for a list of related undertakings.
The Group’s principal associates are held by intermediate holding companies and not directly by Rio Tinto plc or Rio Tinto Limited.
(a)
The parties that collectively control Boyne Smelters Limited do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the parties. Although each combination requires Rio Tinto’s approval, this is not joint control as defined under IFRS 11. Rio Tinto is therefore determined to have significant influence over this company.
(b)
Although the Group holds only 12% of Mineração Rio do Norte S.A., it has representation on its board of directors and a consequent ability to participate in the financial and operating policy decisions. It is therefore determined that Rio Tinto has significant influence.
(c)
Halco (Mining) Inc. has a 51% indirect interest in Compagnie des Bauxites de Guinée, a bauxite mine, the core assets of which are located in Guinea.

Summary information for associates that are material to the Group
This summarised financial information is shown on a 100% basis. It represents the amounts shown in the associate’s financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto.

Boyne Smelters Limited(a)
2019
US$m

Boyne Smelters Limited(a)
2018
US$m

Revenue
—

—

Loss after tax
(7
)
(12
)
Other comprehensive loss(b)
(3
)
(68
)
Total comprehensive loss
(10
)
(80
)
Non-current assets
1,229

1,268

Current assets
96

93

Current liabilities
(114
)
(113
)
Non-current liabilities
(814
)
(842
)
Net assets
397

406
Reconciliation of financial information for principal associates by carrying value
Reconciliation of the above amount to the investment recognised in the Group balance sheet
Group interest
59.4%

59.4%

Net assets
397

406

Group's ownership interest
236

241

Loans to equity accounted units
113

129

Carrying value of Group's interest
349

370


(a)
Boyne Smelters Limited is a tolling operation; as such it is dependent on its participants for funding which is provided through cash calls. Rio Tinto has made certain prepayments to Boyne for toll processing of alumina. These are charged to Group operating costs as processing takes place.
(b)
Other comprehensive loss” is net of amounts recognised by subsidiaries in relation to quasi equity loans.
Summary information for joint ventures and associates that are not individually material to the group
Summary information for joint ventures and associates that are not individually material to the Group

Joint
Ventures
2019
US$m

Joint
Ventures
2018
US$m

Associates
2019
US$m

Associates
2018
US$m

Carrying value of Group's interest
—

—

704

679


 
 
 
 
Profit after tax
—

—

3

9

Other comprehensive income
—

—

10

(23
)
Total comprehensive income
—

—

13

(14
)