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Borrowings and other financial liabilities (Tables)
 12 Months Ended
Dec. 31, 2020
Borrowings And Other Financial Liabilities [Abstract]  
Summary of borrowings

Note
Non-current
2020
US$m
Current
2020
US$m
Total
2020
US$m
Non-current
2019
US$m
Current
2019
US$m
Total
2019
US$m
Rio Tinto Finance plc Euro Bonds 2.0% due 2020(a)(b)(c)
— — — — 455 455 
Rio Tinto Finance plc Euro Bonds 2.875% due 2024(a)(b)
555 — 555 508 — 508 
Rio Tinto Finance (USA) Limited Bonds 3.75% 2025(a)
1,299 — 1,299 1,229 — 1,229 
Rio Tinto Finance (USA) Limited Bonds 7.125% 2028(a)
1,005 — 1,005 958 — 958 
Alcan Inc. Debentures 7.25% due 2028(a)
109 — 109 104 — 104 
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029(a)(b)
717 — 717 647 — 647 
Alcan Inc. Debentures 7.25% due 2031(d)
438 — 438 419 — 419 
Alcan Inc. Global Notes 6.125% due 2033(d)
744 — 744 742 — 742 
Alcan Inc. Global Notes 5.75% due 2035(d)
292 — 292 289 — 289 
Rio Tinto Finance (USA) Limited Bonds 5.2% 2040(a)
1,173 — 1,173 1,137 — 1,137 
Rio Tinto Finance (USA) plc Bonds 4.75% 2042(a)
501 — 501 483 — 483 
Rio Tinto Finance (USA) plc Bonds 4.125% 2042(a)
743 — 743 716 — 716 
Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027(e)
674 4 678 676 3 679 
Oyu Tolgoi LLC Commercial Banks "B Loan" LIBOR plus 3.4% due 2027(e)
1,571 10 1,581 1,581 8 1,589 
Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028(e)
275 2 277 273 3 276 
Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029(e)
867 5 872 869 5 874 
Oyu Tolgoi LLC International Financial Institutions "A Loan" LIBOR plus 3.78% due 2030(e)
771 6 777 771 4 775 
Other secured loans
246 68 314 302 45 347 
Other unsecured loans
322 256 578 382 197 579 
Lease liabilities22 945 233 1,178 1,007 302 1,309 
Total borrowings including overdrafts(f)
13,247 584 13,831 13,093 1,022 14,115 
(a)These borrowings are subject to hedging arrangements and are summarised in the interest rate risk section of note 29.
(b)Rio Tinto has a US$10 billion (2019: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.2 billion equivalent at 31 December 2020 (2019: US$1.6 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.3 billion (2019: US$1.6 billion) in aggregate.
(c)On 11 May 2020, we repaid our €402 million (nominal value) Rio Tinto Finance plc Euro Bonds on their maturity. The cash outflow relating to the repayment of the bonds and the realised loss on the derivatives have been recognised within "Repayment of borrowings and associated derivatives" in the Group cash flow statement and totalled US$526 million.
(d)In 2020 we entered into new swaps to convert the interest payable in relation to these bonds from fixed to floating rates. Refer to Note 29 for more details.
(e)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.
(f)The Group’s borrowings of US$13.8 billion (2019: US$14.1 billion) include US$4.5 billion (2019: US$4.5 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 2020.
Summary of borrowings and other financial liabilities
Other financial liabilities

Non-current
2020
US$m
Current
2020
US$m
Total
2020
US$m
Non-current
2019
US$m
Current
2019
US$m
Total
2019
US$m
Derivative financial instruments
161 23 184 248 103 351 
Other financial liabilities(a)
— — — — 247 247 
Total other financial liabilities
161 23 184 248 350 598 
Total borrowings including overdrafts (as above)
13,247 584 13,831 13,093 1,022 14,115 
Total borrowings and other financial liabilities
13,408 607 14,015 13,341 1,372 14,713 
(a)At 31 December 2019, other financial liabilities included US$207 million in relation to the share buy-back programme, which was completed in February 2020.