213800YOEO5OQ72G2R82 2022-01-01 2022-12-31 213800YOEO5OQ72G2R82 2021-01-01 2021-12-31 213800YOEO5OQ72G2R82 2020-01-01 2020-12-31 213800YOEO5OQ72G2R82 2022-01-01 213800YOEO5OQ72G2R82 2021-01-01 213800YOEO5OQ72G2R82 2020-01-01 213800YOEO5OQ72G2R82 2022-12-31 213800YOEO5OQ72G2R82 2021-12-31 213800YOEO5OQ72G2R82 2020-12-31 iso4217:USD iso4217:USD xbrli:shares 213800YOEO5OQ72G2R82 2021-12-31 ifrs-full:IssuedCapitalMember 213800YOEO5OQ72G2R82 2021-12-31 ifrs-full:SharePremiumMember 213800YOEO5OQ72G2R82 2021-12-31 ifrs-full:OtherReservesMember 213800YOEO5OQ72G2R82 2021-12-31 ifrs-full:RetainedEarningsMember 213800YOEO5OQ72G2R82 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800YOEO5OQ72G2R82 2021-12-31 ifrs-full:NoncontrollingInterestsMember 213800YOEO5OQ72G2R82 2022-01-01 2022-12-31 ifrs-full:IssuedCapitalMember 213800YOEO5OQ72G2R82 2022-01-01 2022-12-31 ifrs-full:SharePremiumMember 213800YOEO5OQ72G2R82 2022-01-01 2022-12-31 ifrs-full:OtherReservesMember 213800YOEO5OQ72G2R82 2022-01-01 2022-12-31 ifrs-full:RetainedEarningsMember 213800YOEO5OQ72G2R82 2022-01-01 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800YOEO5OQ72G2R82 2022-01-01 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800YOEO5OQ72G2R82 2022-12-31 ifrs-full:IssuedCapitalMember 213800YOEO5OQ72G2R82 2022-12-31 ifrs-full:SharePremiumMember 213800YOEO5OQ72G2R82 2022-12-31 ifrs-full:OtherReservesMember 213800YOEO5OQ72G2R82 2022-12-31 ifrs-full:RetainedEarningsMember 213800YOEO5OQ72G2R82 2022-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800YOEO5OQ72G2R82 2022-12-31 ifrs-full:NoncontrollingInterestsMember 213800YOEO5OQ72G2R82 2020-12-31 ifrs-full:IssuedCapitalMember 213800YOEO5OQ72G2R82 2020-12-31 ifrs-full:SharePremiumMember 213800YOEO5OQ72G2R82 2020-12-31 ifrs-full:OtherReservesMember 213800YOEO5OQ72G2R82 2020-12-31 ifrs-full:RetainedEarningsMember 213800YOEO5OQ72G2R82 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800YOEO5OQ72G2R82 2020-12-31 ifrs-full:NoncontrollingInterestsMember 213800YOEO5OQ72G2R82 2021-01-01 2021-12-31 ifrs-full:IssuedCapitalMember 213800YOEO5OQ72G2R82 2021-01-01 2021-12-31 ifrs-full:SharePremiumMember 213800YOEO5OQ72G2R82 2021-01-01 2021-12-31 ifrs-full:OtherReservesMember 213800YOEO5OQ72G2R82 2021-01-01 2021-12-31 ifrs-full:RetainedEarningsMember 213800YOEO5OQ72G2R82 2021-01-01 2021-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800YOEO5OQ72G2R82 2021-01-01 2021-12-31 ifrs-full:NoncontrollingInterestsMember 213800YOEO5OQ72G2R82 2019-12-31 ifrs-full:IssuedCapitalMember 213800YOEO5OQ72G2R82 2019-12-31 ifrs-full:SharePremiumMember 213800YOEO5OQ72G2R82 2019-12-31 ifrs-full:OtherReservesMember 213800YOEO5OQ72G2R82 2019-12-31 ifrs-full:RetainedEarningsMember 213800YOEO5OQ72G2R82 2019-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800YOEO5OQ72G2R82 2019-12-31 ifrs-full:NoncontrollingInterestsMember 213800YOEO5OQ72G2R82 2019-12-31 213800YOEO5OQ72G2R82 2020-01-01 2020-12-31 ifrs-full:IssuedCapitalMember 213800YOEO5OQ72G2R82 2020-01-01 2020-12-31 ifrs-full:SharePremiumMember 213800YOEO5OQ72G2R82 2020-01-01 2020-12-31 ifrs-full:OtherReservesMember 213800YOEO5OQ72G2R82 2020-01-01 2020-12-31 ifrs-full:RetainedEarningsMember 213800YOEO5OQ72G2R82 2020-01-01 2020-12-31 ifrs-full:EquityAttributableToOwnersOfParentMember 213800YOEO5OQ72G2R82 2020-01-01 2020-12-31 ifrs-full:NoncontrollingInterestsMember
Annual Report
2022
Our operations are located on land and
waters that have belonged to Indigenous
peoples for thousands of years. Werespect
their ongoing deep connection to Country
and recognise their vast knowledge of
the land, water and environment. We pay
respects to Elders, bothpast and present,
and acknowledge the important role
Indigenous peoples play within our
business and ourcommunities.
For more information
visit riotinto.com
Contents
Strategic report
2022 year in review and our purpose 1
At a glance 2
150 years of RioTinto 4
Chair’s statement 6
Chief Executive’s Q&A 8
Living our purpose 10
Strategic context 12
Our strategy and four objectives 13
Our people and culture 16
Our business model 17
Our stakeholders 18
Key performance indicators 20
Chief Financial Officer’s statement 25
Financial review 26
Portfolio management 32
Business reviews
Innovation through collaboration 34
Iron Ore 36
Aluminium 38
Copper 40
Minerals 42
Commercial 44
Our approach to sustainability 46
Risk report
Risk management 76
Principal risks and uncertainties 79
Five-year review 87
Directors’ report
Governance
Chair’s introduction 89
Board of Directors 90
Executive Committee 92
Board insights 94
Our stakeholders – our Section 172(1) statement 95
Matters discussed in 2022 99
Governance framework 100
Evaluating our performance 101
Nominations Committee report 102
Audit & Risk Committee report 104
Sustainability Committee report 108
Remuneration report
Annual statement by the People & Remuneration Committee Chair 110
Remuneration at a glance 114
Implementation report 118
Additional statutory disclosure 136
Compliance with governance
codes and standards 142
Financial statements
About Rio Tinto 148
About the presentation of our financial statements 148
Group income statement 156
Group statement of comprehensive income 157
Group cash flow statement 158
Group balance sheet 159
Group statement of changes in equity 160
Notes to the 2022 financial statements 161
RioTinto plc company balance sheet 243
RioTinto plc company statement of changes in equity 244
Australian Corporations Act – Summary of ASIC Relief 249
Directors’ declaration 250
Independent auditors’ reports 251
Auditors’ independence declaration 269
RioTinto financial information by business unit 270
Alternative Performance Measures 273
Financial summary 2013-2022 279
Production, Ore Reserves,
Mineral Resources and Operations
Metals and Minerals Production 281
Mineral Resources and Ore Reserves 283
Competent Persons 307
Mines and production facilities 308
Additional information
Independent limited assurance report 335
Shareholder information 338
Contact details 346
Cautionary statement about forward-looking statements 347
Cover | Oyu Tolgoi copper-gold mine, Mongolia.
1Annual Report 2022 | riotinto.com
Strategic report
2022 year
in review
Our purpose
Finding better ways
TM
to provide the
materials the world needs
For 150 years, we have been
looking for new and better
ways of doing things.
Our drive for innovation and continuous
improvement is at the core of our purpose.
Today, you will find our teams around the
world seeking opportunities to reduce our
carbon footprint, partnering to develop new
technologies to decarbonise steel and
aluminium production, and creating new
products from waste. Our ambition is to be a
business with a commodity mix that is aligned
with evolving customer demand in a
decarbonising world.
But we cannot do it on our own. So we strive
to create partnerships that solve problems
and create win-win solutions with lower
societal and environmental impact. The
approach applies as much to large-scale,
transformational innovation as to incremental
everyday progress, such as our safety and
operational performance.
And we are finding better ways to
partner with Indigenous peoples and host
communities. From continuing to rebuild
our relationships to putting in place our
new co-management agreements and
improved ways of working, we are focusing
on open and transparent engagement.
Our aspiration is to be the partner of choice
for communities, governments, customers,
suppliers and joint venture partners.
We want to be a home to curious people
who care about their work and colleagues,
are courageous about the challenges they
face and find better ways to do things.
For more information
about sustainability, see page 46.
For more information
about our financial review, see page 26.
1. The independent cultural heritage audits undertaken by Environment Resources Management (ERM) were a Board action in
response to the 2020 Board review of cultural heritage management. All 37 audits were finalised in 2022.
2. A reconciliation of underlying EBITDA to its closest IFRS measure is presented on page 163.
All-injury
frequencyrate Fatalities
Consolidated
salesrevenues
Net cash generated
from operating
activities
0.40
(2021: 0.40)
Zero
(2021: zero)
$55.6bn
(2021: $63.5bn)
$16.1bn
(2021: $25.3bn)
Scope 1 and 2
greenhouse
gasemissions
Women in our
workforce
Profit after tax
attributable to
owners of RioTinto
Underlying
EBITDA
2
30.3Mt
(equity CO
2
e)
(2021: 31.0Mt)
22.9%
(2021: 21.6%)
$12.4bn
(net earnings)
(2021: $21.1bn)
$26.3bn
(2021: $37.7bn)
Independent cultural
heritage audits
completed
1
Total dividend
pershare
37
(2021: 20)
492 cents
(2021: 1,040 cents)
Operations and projects
2
Iron Ore
Aluminium
Copper
Operations
Projects
Minerals
Annual Report 2022 | riotinto.com2
Our products
Our portfolio includes iron ore, aluminium,
bauxite, alumina, copper, diamonds, titanium
dioxide, lithium, salt and borates.
For more information
see pages 36-43.
Our business
We operate in 35
1
countries where our 54,000 employees are working to find better ways to
provide the materials the world needs. Our portfolio includes iron ore, copper, aluminium, lithium
and other materials needed for people, communities and nations to grow and prosper, and for the
world to cut carbon emissions to net zero.
We have been mining for 150 years, and we continue to build on a history and knowledge that span
generations and continents. Today, our business relies on technology such as automation and
artificial intelligence to help us run safer, more efficient operations and leave a lighter footprint.
Iron Ore Aluminium
At a glance
Segmental
revenue
$30.9bn
(2021: $39.6bn)
Underlying
EBITDA
$18.6bn
(2021: $27.6bn)
Production
(100%basis)
324.1Mt
iron ore
(2021: 319.7Mt)
Segmental
revenue
$14.1bn
(2021: $12.7bn)
Underlying
EBITDA
$3.7bn
(2021: $4.4bn)
Production
(ourshare)
54.6Mt
bauxite
(2021: 54.3Mt)
3,009kt
aluminium
(2021: 3,151kt)
Employees
15,000
(2021: 13,000)
Employees
15,000
(2021: 14,000)
1. Includes our mines and production facilities, main exploration activities and countries where we have a significant presence through
activities including research and development, commercial, sales, and corporate functions.
2. This map does not include our offices, processing and shipping facilities, or research and development centres. Operations and
projects are indicated according to their product group. For example, Simandou is an iron ore project but is reported under Copper.
The Iron Ore Company of Canada is an iron ore operation but is reported under Minerals due to the management structure.
Thedots on the map are indicative and in some locations we have more assets than visually represented due to the size of the map.
3Annual Report 2022 | riotinto.com
Strategic report
Outlook
We have a strong portfolio of assets across six continents. Our focus is on growing our business
while decarbonising, providing products to our customers that support the transition to a low-carbon
economy and delivering attractive returns to our shareholders.
Many of our products are essential for the energy transition: we expect this new source of demand,
combined with traditional sources, to drive significant volume growth in our products over the
coming decades. In developed markets, customer demand for low-carbon and recycled materials is
growing with supply security top of mind. In developing economies, reliable access to raw materials
for domestic processing is critical. We have the people, orebodies, technology, processing
capabilities, access to capital and relationships to meet these diversifying needs.
Copper Minerals
Segmental
revenue
$6.7bn
(2021: $7.8bn)
Underlying
EBITDA
$2.4bn
(2021: $4.0bn)
Production
(ourshare)
521kt
mined copper
(2021: 494kt)
Segmental
revenue
$6.8bn
(2021: $6.5bn)
Underlying
EBITDA
$2.4bn
(2021: $2.6bn)
Production
(ourshare)
1,200kt
titanium dioxide
slag
(2021: 1,014kt)
10.3Mt
iron ore pellets
andconcentrate
(2021: 9.7Mt)
Employees
8,000
(2021: 7,000)
Employees
9,000
(2021: 9,000)
Annual Report 2022 | riotinto.com4
150 years of RioTinto
For 150 years, we have been striving to find better ways – in how we face
challenges, find solutions, celebrate our successes, and learn from our failures.
Ourstrength and scale reflect the courage shown by past generations, and the
curiosity of our current employees, who continue to shape important partnerships
with companies, communities, and countries – constantly evolving our business
and our products to support the world around us.
We have marked a wide range of milestones through our 150 years of operation;
these are a few of the moments that shaped the RioTinto of today.
1873
RioTinto commences
copper mining in Spain
The RioTinto Company was registered in
London after a British-European investor
group bought the RioTinto mines in Spain,
first mined in Phoenician and Roman times.
We introduced new processing facilities and
techniques that transformed the operation,
and by the turn of the century, we were
producing 10% of the world’s copper.
1929-1953
Exploring new lands
We looked beyond Spain’s borders for growth
opportunities, setting up a series of joint ventures
to explore and develop mines, starting in 1929
with the great copper belt of what is now known
as Zambia. Come 1952, our exploration team
expanded into South Africa and Canada, and the
following year Australia, resulting in new uranium
mines in Canada and Australia.
1955-1963
The red cliffs of Australia
In 1955, a geologist discovered bauxite
in Queensland and commercial bauxite
mining began at Weipa in 1963, where we
still mine today.
2007
Becoming a global leader
inaluminium
We acquired Alcan, becoming a global
leader in aluminium, and further diversifying
our portfolio. Through this deal, we also
obtained access to water rights and
renewable power through a vast network
of hydropower facilities in Canada, a
major competitive advantage to our
smelting business. While Alcan was
clearly a leader in green aluminium, the
acquisition resulted in an unsustainable
level of debt when the global financial
crisis happened and left the company
in a vulnerable financial situation.
2000-2022
Shaping our portfolio
At the turn of the new century, we embarked on an acquisition and
divestment programme, which simplified the business, focused the Group
on large, low-cost mines and culminated in our divestment of our coal
assets in 2018. We became the first major miner to cease coal production.
We acquired North Ltd in 2000, significantly expanding our iron ore assets,
including mines, railand port capacity. And in 2006, we partnered with
Ivanhoe Mines to construct and operate Oyu Tolgoi in Mongolia. In 2022,
we acquired full ownership of Turquoise Hill Resources Ltd, increasing our
direct ownership in Oyu Tolgoi to66%.
2008-2019
Technology redefines thebusiness
In an attempt to transform the efficiency and safety of the way we mine,
we partnered with Komatsu to be among the first in the world to trial the world’s
first driverless haul trucks. This initiative set us on a path to become a global
leader in fully integrated, automated mining. In 2019, together with our partner
Hitachi, we launched the world’s first fully autonomous, long-distance,
heavy-haul rail network – AutoHaul
TM
.
5Annual Report 2022 | riotinto.com
Strategic report
1961-1973
The founding of our iron ore
business in the Pilbara
In 1961, geologists set out across Western
Australia to assess the iron ore prospects.
By1965, the signing of a long-term contract to
supply the Japanese steel mills enabled us to
develop our first iron ore mine in the Pilbara,
and in 1966 we shipped our first iron ore to
Japan. By 1973, we had started shipping to
South Korea and China. Our partnerships with
these countries endure today.
1989
Securing copper and
mineralassets
We were ready to focus solely on mining,
so sold all oil and gas assets and set our sights
on BP Minerals. We acquired Kennecott’s
Bingham Canyon copper and gold mine in Utah,
US. Thepurchase also secured the RTIT Quebec
Operations
1
in Quebec, Canada and interests in
QIT Madagascar Minerals and Richards Bay
Minerals in South Africa.
1995
Becoming RioTinto
In one of the most significant events in our
history, the RTZ Corporation PLC merged with
ConZinc RioTinto of Australia (CRA) to form
RTZ-CRA. In 1997, we changed our name to
Rio Tinto plc/Ltd (dual listed), becoming one
of the largest mining companies in theworld.
1998
Tragedy sharpens
safety focus
A horrific disaster at our talc mine in
Lassing, Austria, claimed the lives of ten
members of our rescue team following a
series of collapses. The profound impact
of the Lassing disaster was a catalyst for
major change in the way we manage safety.
We had our first fatality-free year in 2019,
with no fatalities since.
2002
China supporting
the ironoreboom
The rapid industrialisation of the
Chinese economy and the emergence
of China as a global economic power
was a major catalyst for our iron ore
business in the early 2000s. In 2002,
we set up a joint venture with Baosteel
Group to supply 10 million tonnes of iron
ore per year over 20 years, supporting
the expansion of our business in the
Pilbara and marking our continuing and
vital partnership withChina.
2018-2019
A step closer to carbon-free
aluminium smelting
In 2018, we formed ELYSIS, in partnership
with Alcoa and supported by Apple and the
Governments of Canada and Quebec,
which later delivered a disruptive
technology that eliminates all direct
greenhouse gas emissions from the
aluminium smelting process.
2020
Juukan Gorge rock shelters
Our destruction of the Juukan Gorge rock
shelters in Western Australia fell far short of
our values and breached the trust placed
in us by the Traditional Owners of the lands
on which we operate. It is our collective
responsibility to earn back the trust that has
been lost, improve our internal practices
and culture to minimise our impacts, and
manage cultural heritageresponsibly.
2021-2022
Creating a safe, respectful
and inclusive workplace
In 2021, we commissioned an independent
review of our workplace culture to better
understand, prevent and respond to harmful
behaviours across our operations. The review
found disturbing cases of discrimination and
sexual harassment in the business. We are now
working to implement the 26 recommendations
of the report, and to evolve our culture to create
a safe, respectful and inclusive workplace.
1. Previously known as QIT Fer et Titane.
Annual Report 2022 | riotinto.com6
Chair’s statement
2022 saw RioTinto deliver another
set of strong financial results, while
keeping our operations fatality-free.
Inrecognition of this, the Board is
recommending a final dividend of
225US cents (2021: 417 US cents),
taking total dividends declared to
shareholders this year to $8billion.
More broadly, Jakob Stausholm and his
Executive team have led the Group out of a
challenging period, with the foundations now
being laid for us to become the global mining
company of choice.
A lot remains to be done. We must continue to
focus on the pursuit of our four key objectives:
becoming the best operator, having impeccable
environmental, social and governance (ESG)
credentials, excelling in development and
strengthening the Group’s social licence.
Inparticular, we must continue to strive for
greater consistency in our operating
performance. This year, we have secured a
healthy pipeline of future growth projects –
Oyu Tolgoi (with the successful buyout of
Turquoise Hill minority shareholders), Rhodes
Ridge and Rincon, and the Western Range
replacement project. These now need to be
successfully developed, while we continue our
efforts to realise other critical growth projects,
such as Simandou, Resolution and Jadar.
Finally, we must focus on embedding the
important culture and leadership changes that
are such critical enablers for achieving our
strategic objectives and to creating the future
organisation that we all wish to see.
Building a thriving culture
I believe everything we aspire to achieve should
be underpinned by our people feeling emotionally
safe, empowered, included and respected.
Oneof my priorities as Chair is to ensure that
we create a work environment where everyone
can be at their best.
I commend Jakob and the Executive Committee
for the care and courage shown in commissioning
and openly sharing the external review of the
company’s workplace culture at the beginning of
2022. Since then, agreat deal has been done to
make positive change. The Board and I fully support
the implementation of the 26 recommendations
made in the Everyday Respect Report, which we
are monitoring closely. We are working closely
with Elizabeth Broderick, the former Australian
Sex Discrimination Commissioner who conducted
the report, on how we, as a Board, can help ensure
progress and lead by example in embedding the
culture changes that we all wish to see. Wehave
also reinforced the Board and the Executive
Committee’s commitment in this area, by
expanding our new Remuneration & People
Committee’s scope to include an ongoing focus
on people andculture.
Incentivising the things that matter
One of the key learnings from the past few years
is that how we achieve our strategy is just as
important as what we achieve. As our strategy
has evolved, so has the need for an appropriate
incentive framework to better support it. In 2022,
we undertook a review of our incentives and, from
2023, our Group short-term incentive plan (STIP),
which applies to around 24,000 employees,
willhave a greater focus on how outcomes are
achieved. By driving delivery of our four objectives
in a manner consistent with our values and
behaviours and which advance our culture change
agenda, we are confident that we will see great
progress towards our strategic ambitions.
For more information
about changes to STIP, see the Remuneration
report on pages112-113.
Seizing opportunities
Since joining as Chair, I have visited sites
around the world and all of our hub offices,
interacting with employees across all levels of
the organisation. I have been amazed by the
calibre of talent – from our engineers to our
economists, from our ecologists to our
explorers. There has been one common trait
among everyone I have met – a focus on
finding better ways of working and a
determination to innovate.
The shift to electric vehicles and renewable
power will require more copper, aluminium,
lithium and high-quality iron ore to decarbonise
society, but developing new mines is becoming
more challenging. To excel in this future
development, we must seek to partner with a
strengthened social licence and to operate
with impeccable ESG credentials. Strategically,
we must think long term if we are to harness
the right opportunities, while also keeping
shorter-term opportunities and risks sharply
inview.
Alongside supplying the materials for the world’s
energy transition, we are aiming to reduce our
own emissions by 50% by 2030 and to reach
net zero by 2050. This a challenging set of
targets but ones that we are determined to
achieve. We are delivering this through a range
of initiatives and partnerships that are helping
us decarbonise our existing operations and
secure green energy, as we support the
development of low-carbon solutions to help
our customers meet their owngoals.
With access to more than four million hectares
of land globally, we are looking to implement
natural climate solutions on a significant scale.
We also have the opportunity to be a leader in
environment by finding better ways to manage
water, care for species and rehabilitate land.
Theseare areas where our drive to improve
can bring significant social and local benefits.
As we enter 2023, the global operating
environment has certainly become more volatile
and complex and yet there is a sense that
RioTinto has reached an inflection point,
withstrong momentum in the business.
7Annual Report 2022 | riotinto.com
Strategic report
Engaging with stakeholders and
theworkforce
The Board is passionate about further
strengthening our relationships with our
shareholders, customers, local communities
and other partners to incorporate a broad
range of views in our decision making. As travel
restrictions began to ease in 2022, we stepped
up meeting people in person, including regular
dialogue with the Indigenous peoples of the
land on which we operate, local communities,
governments and, of course, our customers,
suppliers and shareholders.
We also hosted three civil society roundtables,
in Australia, Europe and North America. Engaging
with civil society organisations is an important
way for us to challenge ourselves to keep
improving. One of the key topics of interest
at this year’s roundtables was the role that
RioTinto can play in protecting biodiversity,
as well as in the world’s transition to a
low-carbon future.
I am encouraged by the progress our
Communities and Social Performance teams
have made this year, with new co-management
agreements in place and improved ways of
working to deliver better outcomes for
Indigenous peoples. A highlight of 2022 was the
creation of the Juukan Gorge Legacy Foundation
as part of a remedy agreement reached with the
Puutu Kunti Kurrama and Pinikura Aboriginal
Corporation relating to the destruction of the
rock shelters at Juukan Gorge in 2020. Earlier in
the year, I was grateful to meet with the Puutu
Kunti Kurrama and Pinikura people for the first
time and at a second meeting later in the year
Iheard how they feel our engagement and
remediation have been progressing. As the
leadership team continues to embed the values
and new purpose across the business, I am
convinced we will see even greater progress.
The Board also met with employees, through
site visits, town halls and listening sessions.
Feedback suggests that, although we need to
continue to improve, people are optimistic
about the changes taking place, with good
support for the new purpose and the Everyday
Respect initiative. We are successful in
attracting talented people, including more
women, into RioTinto, but must now focus
onretention.
For more information
about the Board’s engagement with our
stakeholders, see pages95-98.
Board changes
We have had some changes to the Board over
the past year. Simon Thompson stepped down
as Chairman in May 2022, and Hinda Gharbi
retired from the Board at the conclusion of our
annual general meeting in April. Our thanks go
to Simon and Hinda for their outstanding
service and contribution.
In 2022, we evaluated the mix of skills and
experience on the Board, and concluded
that we need to refresh our composition,
with a particular focus on deepening our
mining, operations and projects experience,
as well as our renewable energy and
sustainability capabilities. In December 2022,
we announced the appointment of Kaisa
Hietala as a Non-Executive Director with
effect from 1 March 2023. Kaisa brings a deep
understanding of renewables and sustainability
from her experience in the resources industry,
as well as broad commercial capabilities, and
these are all qualities that will be invaluable as
we work to ensure RioTinto thrives in a
decarbonising world.
Separately, we have taken a fresh look at our
governance arrangements to ensure that the
Board and our committees are focusing our
time on supporting the delivery of the Group’s
strategic objectives. This includes putting a
greater emphasis on people and culture, on
risk management and resilience capabilities,
and on strengthening our social licence
through stakeholder engagement.
For more information
see my introduction to the Corporate
Governance report on page 89.
“...as I look to the future, I am
confident that we have all of
the right ingredients in place
– great people, world-class
assets, emerging technologies
and new partnerships.”
Looking ahead
As we enter 2023, we will need to maintain a
keen eye on near-term opportunities and risks,
while always creating sufficient time and space
to capture key strategic opportunities as they
emerge for the longerterm.
Without doubt, there is considerable work
ahead – to create a safe and empowering
culture, to improve the consistency of our
operational performance, to anticipate and
respond to a shifting competitive landscape
and to continue to strengthen our partnerships.
But as I look to the future, I am confident that
we have all of the right ingredients in place –
great people, world-class assets, emerging
technologies and new partnerships.
As we reach our 150
th
anniversary this year,
wehave an opportunity to place the energy
transition at the heart of our new strategy as
we seek to diversify and extend our portfolio.
This opportunity is now embodied in our new
purpose: Finding better ways to provide the
materials the world needs. And it is this new
purpose that will drive the right decisions for
our business, our shareholders, our other
stakeholders and the environment.
Let me end by thanking the leadership
team and the many thousands of RioTinto
employees, contractors and partners who
delivered for the company and its shareholders
during the year.
Dominic Barton
Chair
22 February 2023
Annual Report 2022 | riotinto.com8
How can evolving our culture unlock
improvements needed to make us the
best operator?
Changing our culture is key to achieving each
of our four objectives. When people feel
respected and valued, they feel empowered to
be their best selves and bring their best ideas.
For example, our Safe Production System (SPS)
relies on this – unlocking the potential of our
employees, their skills and expertise, and
creating stable, predictable operations. I’ve
been impressed by our progress in 2022,
achieving a number of operational records,
including a record second half performance
across the Pilbara iron ore mine and rail system.
We now have 30 deployments at 16 sites and
86 Kaizens (rapid problem-solving activities)
completed or in progress. We are seeing
excellent results. Where we have been
deploying the SPS, we have sites that are safer,
more engaged employees, and assets that are
more productive. We will continue to deploy
the SPS to more sites in 2023.
More broadly, we are embedding a change in
mindset and behaviours throughout the
organisation, with the implementation of the
Everyday Respect Report recommendations
being absolutely crucial to driving this change.
Achieving culture change will take time, but we
are heading in the right direction.
How are we progressing our objective to
achieve impeccable ESG credentials?
Starting with our social licence, for the past
twoyears we have been changing the way we
partner, especially with Indigenous peoples
and the communities where we work. Moving
to a model of co-management of land and
waters, and improving our agreements, will
deliver more enduring socioeconomic, heritage
and environmental outcomes and, in turn,
greater certainty for mine development.
Andwe have continued to develop cultural
competency across the Group to help us
become a better partner.
How did we perform in 2022?
This year has been all about progressing our
strategy and delivering against our four
objectives to build a stronger Rio Tinto for the
long term. The strong foundations of our business
– world-class assets, great people and strength
of balance sheet – allowed us to achieve solid
financial performance despite the challenging
environment we faced. We definitely made
progress in 2022, but there is lots more to do.
Most importantly, 2022 was our fourth
consecutive fatality-free year. But we continue
to see serious incidents in our business and
therefore we must continue to focus, every day,
on strengthening our safety culture. This is
about bringing together best practices from
across the business and beyond to inform and
improve our risk management and work
planning. In terms of financials, we generated
underlying earnings of $13.3 billion (2021:
$21.4 billion) and net cash generated from
operating activities of $16.1 billion (2021:
$25.3 billion). Profit after tax attributable to
owners of RioTinto was $12.4 billion (2021:
$21.1 billion) and our balance sheet remains
strong with net debt of $4.2 billion (2021: net
cash of $1.6 billion). As a result, the Board has
recommended a final ordinary dividend of
225US cents per share, resulting in total
shareholder returns declared this year of
$8billion. This represents a pay-out ratio of
60%, in line with our policy.
What was the thinking behind the new
purpose, “finding better ways to provide
the materials the world needs”?
Defining our purpose was an exciting process.
We looked at what society needs and then
considered our own strengths and found ten
words that really capture our contribution to
the world. It’s partly in our DNA, and partly
about setting the direction for the company to
evolve. It speaks to our drive for both
innovation and continuous improvement, while
also emphasising how materials are produced.
Consumers are looking for lower-carbon
materials, which must be produced responsibly,
and we are continuously seeking ways to do
things better.
2022 highlights
Zero
fatalities
(2021: zero)
$16.1bn
net cash generated from
operating activities
(2021: $25.3bn)
$12.4bn
profit after tax attributable to
owners of RioTinto
(2021: $21.1bn)
$8bn
total dividend declared
(2021: $16.8bn)
Q&A with Jakob Stausholm
Chief Executive’s Q&A
9Annual Report 2022 | riotinto.com
Strategic report
In terms of climate change, quite frankly we
have not advanced our abatement projects as
fast as we would like. But despite that our
Scope 1 and 2 emissions were 7% below our
2018 baseline. Our capital spend on
decarbonisation was also lower than we
anticipated in 2021. It is important to note that
this is a multi-decade journey and today we
have a more robust roadmap to our 2030 and
2050 targets.
We are ramping up our technical skills, building
competencies and capabilities, and forming
partnerships across our value chain to find
solutions to some of the bigger challenges we
are facing. We have set up six large abatement
programmes focused on the decarbonisation
challenges that cut across our product groups:
repowering our Pacific Aluminium Operations,
renewables, ELYSIS
TM
, alumina process heat,
minerals processing and diesel transition.
Wehave also established one additional
programme to increase our investments in
nature-based solutions projects and expect
these to make a more significant contribution
to our targets. Some of the technology we
need to reach net zero by 2050 does not exist
today, so we established the Office of the Chief
Scientist and increased our yearly research
and development target spend to $400 million.
We know we can’t solve these challenges
alone, so we’re also partnering with other
organisations to find solutions. The ELYSIS
partnership to develop emissions-free
aluminium smelting technology is a good
example of this.
Our objective to excel in development is
all about growing in materials enabling
the low-carbon transition. How did we
perform in 2022?
We expect the energy transition will add as
much as 25% in additional demand above
traditional sources across our key products by
2035. That is why our strategy is about growing
in the materials required to achieve the energy
transition, such as copper, lithium and
high-quality iron ore.
A highlight this year was resetting our
relationship with the Mongolian Government
and successfully executing our first significant
M&A in a decade through our acquisition of
Turquoise Hill Resources Ltd. This doubled our
interest in Oyu Tolgoi to 66%, a mine that is on
track to be the fourth-largest copper mine in
the world.
We progressed our Western Range and
Rhodes Ridge iron ore projects in Western
Australia, positioning us strongly to meet future
customer needs. They are both exciting
developments – Western Range represents
our first co-designed mine with Traditional
Owners, and the Rhodes Ridge deposits are
among the largest and highest quality
undeveloped resources globally.
At the Simandou iron ore project in Guinea, we
are working through all necessary permits and
approvals in relation to the infrastructure. We
have also hired critical roles with a significant
focus on local Guinean businesses.
In lithium, we acquired the Rincon project in
Argentina for $825 million. We have also
approved $194 million to develop a small
starter battery-grade lithium carbonate plant
with a capacity of 3,000 tonnes per year and
first saleable production in 2024. As part of this,
we are progressing early works, including
constructing a camp and airstrip. We also
continue to believe that the Jadar lithium-
borate project in Serbia can contribute to
enhancing the electric vehicle supply chain
ecosystem in Serbia. We are exploring options
with all stakeholders on how to progress this
world-class opportunity to the highest
environmental standards.
Our fourth objective, strengthening our
social licence, is ultimately judged by
others. What have been some of your
highlights this year?
We’ve been working hard to implement
meaningful change in the way we partner with
communities. Over the past 12 months we have
signed new agreements with the Yindjibarndi
and Yinhawangka people in Australia, and the
Pekuakamiulnuatsh First Nation in Canada.
Most notably, in November we signed an
agreement with the Puutu Kunti Kurrama and
Pinikura people to create the Juukan Gorge
Legacy Foundation as part of the remedy for
the destruction of the rock shelters in May 2020.
This is a significant step forward, but we know it
will be a long journey to rebuild trust.
What is the focus of 2023?
I am really excited about the momentum
we’re building. We have a clear purpose, an
ambitious strategy, and I am convinced we
have the best people in the industry. The early
evidence of progress against each of the four
objectives is heartening, not just in terms of our
2022 performance, but also in giving us
confidence that we have a truly exciting
improvement journey in the years to come.
For me, 2023 is all about making further
progress against our strategy and delivering on
our key projects. We will continue to empower
and unleash the quality of our people through
the SPS and develop both leadership and
technical excellence. We will advance projects
like Rincon and Simandou, and at Oyu Tolgoi
we expect to reach sustainable production in
the first quarter of the year. As we mark 150
years of RioTinto, we will reflect on our past
and the role it has played in our evolution and
in helping us live our purpose in the future.
Ourpeople are at the very centre of this –
over the next year we will continue our work to
transform our culture and how we partner with
our stakeholders. I want to thank our thousands
of employees and contractors, host
governments and communities, customers,
shareholders and partners. Together, we’re
committed to finding better ways to deliver well
into the next 150years.
Jakob Stausholm
Chief Executive
22 February 2023
“The early evidence of
progress against each of the
four objectives is heartening,
not just in terms of our 2022
performance, but also in giving
us confidence that we have a
truly exciting improvement
journey in the years to come.”
Annual Report 2022 | riotinto.com10
Living our purpose
Delivered through our strategy and four objectives
We have put climate change and the low-carbon transition at the heart of our strategy.
We are decarbonising our assets; helping our customers decarbonise by developing new products and technologies;
andgrowing in materials essential for the energy transition.
We will deliver our strategy through four clear objectives (indicated below), which guide how we operate.
Progressing our strategy and four objectives will ensure that we provide the materials the world needs while maximising
shareholder returns and strengthening our position as a partner of choice for our customers and other key stakeholders.
Finding better ways to provide
the materials the world needs
Our purpose defines our role in the world and guides strategic decisions that balance the
needs of our business, our stakeholders and the environment.
Excel in
development
Deliver organic and inorganic
growth, on time, on budget
Impeccable
ESG credentials
Strengthen track record
and transparency
Best
operator
Expand capability
and leadership
Social licence
Earn trust by building meaningful relationships and partnerships
Underpinned by our approach to sustainability
We want all our stakeholders to benefit from our success. Our purpose guides our efforts to provide
people and communities with economic opportunities; to safeguard and promote the health, wellbeing and
human rights of people and communities; to combat climate change; and to be excellent stewards
of the natural resources entrusted to us. This is how we strengthen our social licence and
achieve impeccableESGcredentials.
We align our work with the United Nations Sustainable Development Goals,
the global blueprint for a sustainable future.
For more information
about our stakeholders, see pages 18-19 and 95-98.
For more information
about our approach to sustainability, see page 46.
For more information
about our strategy, see page 13.
11Annual Report 2022 | riotinto.com
Strategic report
Reflected in remuneration
STIP metrics
1
Financial scorecard: unflexed
financials and best operator objective
through flexed financials
Strategic scorecard with
performance measures (including
safety, climate change, diversity,
reputation, people and culture) linked
to our four objectives
Individual multiplier to reflect values
LTIP metrics
TSR relative to the EMIX
Global Mining Index
TSR relative to the MSCI
World Index
Enabled by our people and culture, and guided by our values
Our purpose is a unifying force that is underpinned by our values of care, courage and curiosity. Together with our Code of
Conduct, our values guide how we work and treat each other, the communities in which we operate and our environment.
Care
For people, for the communities in
which we operate and for our
environment
Courage
To try new things, speak up
and do what is right
Curiosity
To collaborate, learn and innovate
For more information
about our values, see page 16.
For more information
about our Code of Conduct, see page 74.
Tracked and measured
We measure our strategic progress through a mix of financial and non-financial KPIs that align with our purpose and
strategy. In addition to key financial, operational and safety performance metrics, we track progress across ESG themes
including gender diversity and carbon emissions.
KPIs
Our Remuneration Policy is designed to support
the delivery of our strategy in a responsible and
sustainable way that reflects our purpose and
values. It considers our financial and safety
performance, our culture and our ESG measures,
such as accelerating decarbonisation and
strengthening our social licence. The main
elements include base salary, short-term
incentive plan (STIP) and long-term incentive
plan (LTIP).
For more information
about remuneration, see pages 110-135.
All-injury frequency rate
(AIFR)
Total shareholder return
(TSR)
Underlying earnings
and underlying EBITDA
Underlying return on
capital employed (ROCE)
Net cash generated
from operating activities
Free cash flow Net cash/(debt)
Scope 1 and 2
greenhouse gas emissions
Gender diversity
Overseen by our Board
Our success depends on effective and responsive corporate governance. Our Board oversees how we deliver
on our purpose and strategy and continually monitors our culture to make sure it aligns with our values.
TheBoard also oversees how we manage social and environmental risks, and monitors our performance to
ensure we generate value for shareholders while our business contributes to wider society.
For more information
about our Board, see pages 90-91, 94 and 99-101.
1. From 2023, we have updated our STIP to ensure our performance management and incentives for around 24,000 people are aligned to our strategy and culture journey.
For more information
about out KPIs, see pages 20-24.
Annual Report 2022 | riotinto.com12
Strategic
context
Our strategy is informed by a deep analysis of the interplay of
global megatrends, explored through the lens of plausible
scenarios. These set the context for our industry and underpin
our portfolio choices and how we operate. Our success relies
on our ability to strengthen our resilience to the physical,
societal and economic effects of climate change and the
energy transition, while building partnerships and capabilities
that enable us to secure new opportunities.
Energy transition and climate action
While global efforts to tackle climate change
have continued, the long-term pledges
made by governments and companies still
fall short of what is required to limit the global
temperature rise to below 1.5°C above
pre-industrial levels. In recognition of this,
andfaced with increasing societal demands,
governments are creating new policies to
support the development of low-carbon
economies. These include the US’s Inflation
Reduction Act (IRA) and the EU’s Carbon
Border Adjustment Mechanism (CBAM).
Increasing electrification and renewable
energy incentives will bolster demand for
several commodities, including lithium,
copper, aluminium and high-grade iron ore.
Interventions by governments are becoming
as important as traditional market forces for
commodity trajectories and will have important
implications for project economics and
regional price premiums. New policies could
help incentivise new mining projects and
accelerate the deployment of large-scale
renewable energy and firming solutions
essential for steel and aluminium production.
Geopolitical tensions and global
supply disruption
The compound effects of COVID-19 and
ongoing geopolitical issues have resulted in
major disruption to the global supply of goods
and services. The onset of the Russia-Ukraine
war resulted in extreme price volatility for fossil
fuels and several metals, contributing to record
inflation in some jurisdictions. The ongoing
global energy crisis and growing concerns
about an economic downturn have continued
to erode trust in global institutions, fuelling a
backlash against globalisation in some
quarters. In addition, we have seen increasing
regional tensions surrounding new climate
policies as governments look to tackle climate
change while addressing energy supply issues.
Supply chain disruptions have helped support
prices for several key products including
ironore, aluminium, copper and nickel,
whereRussia is a major global supplier.
However, the mining sector has faced
headwinds, including increased energy
costs and ongoing mobility and procurement
challenges, which have put pressure on
margins across most commodities. Geopolitical
tensions have also exacerbated concerns
for critical mineral supply, with governments
showing increasing support for new projects
to help diversify and nearshoresupply.
Evolving customer demands
Customers are becoming more ESG-conscious
in their purchasing behaviours, taking into
consideration a range of sustainability themes
beyond carbon footprint, including biodiversity,
water consumption, waste generation and
social impact. This is helping to drive a holistic
shift towards increasingly transparent,
sustainable and circular value chains.
Mining companies will need to work closely
with a range of stakeholders to improve their
ESG metrics and attract new customers and
partners. A key opportunity is in recycling,
which could allow metal suppliers to supplement
their low-carbon primary products with highly
sustainable recycled materials to create
unique commercial offerings for customers.
Nature-based solutions could also provide new
revenue streams, while creating opportunities
for communities and helping drive emissions
towards net zero.
Our scenario approach
We use global scenarios in our strategy
and capital allocation processes to stress
test our portfolio and investment decisions
under alternative macroeconomic settings.
Our scenario framework focuses on two
prevailing macro-level business concerns:
the speed of global economic growth and
the trajectory of climate action, each
heavily influenced by global geopolitics
and governance.
Consistent with the Task Force on Climate-
related Financial Disclosures (TCFD)
recommendations, our central reference
case commodity forecasts and valuations
are informed by a blend of our two core
scenarios (Competitive Leadership and
Fragmented Leadership). These are used to
derive critical accounting estimates and are
included as inputs for impairment testing;
estimating remaining economic life for units
of production, depreciation and discounting;
and closure and rehabilitation provisions.
Further detail is provided in “Impact of
climate change on the Group” section to the
financial statements on pages 152-155.
Weuse additional scenarios (including our
Aspirational Leadership scenario, which is
aligned with the stretch goal of the Paris
Agreement) to further stress test decisions
and assess potential risks to our portfolio.
Our two core scenarios
Competitive Leadership reflects a world
of high growth and strong climate action
post-2030, with change driven by policy
and competitive innovation. A proactive
reform environment encourages business
innovation and helps boost investment and
productivity. This allows global GDP to
continue growing at near recent historical
levels with an increasing contribution from
India and other developing countries.
Fragmented Leadership represents a
world where economic growth and climate
action are constrained by ineffective
policy and rising social and geopolitical
tensions. In this world, investment in new
technologies slows and their global
adoption is highly inconsistent. This,
combined with more significant climate
damage, results in weaker long-term
productivity growth.
For more information
about our scenarios, methodology and
portfolio implications, see our 2022 Climate
Change Report at riotinto.com/climatereport.
13Annual Report 2022 | riotinto.com
Strategic report
Climate change and the low-carbon transition are at the
heart of our strategy. We aim to strengthen our resilience to
changing market fundamentals and pursue new opportunities
and partnerships that help deliver strong returns and growth
options for our business, reduce our environmental footprint
and aid our customers in their efforts to decarbonise.
Our strategy
and four
objectives
Best operator
We aim to improve our operational performance
by identifying and replicating best practices
across our portfolio and empowering our
people to make positivechanges.
Excel in development
We will expand and progress our pipeline
of growth opportunities and build capabilities
and partnerships to execute projects and
establish a strong track record of capital-
efficient delivery.
Impeccable ESG credentials
We will strive to align our business priorities
with society’s expectations and ensure
sustainability considerations are at the
core of every decision we make.
Social licence
We need to be humbler and more responsive,
building meaningful relationships and
partnerships with our stakeholders by listening,
learning and respecting diverse perspectives.
Our culture is a key enabler of our
strategic ambitions. It will guide
us on the journey to best operator,
make us a better partner and help us
solve problems as we work towards
netzero.
By building a safe, respectful and
inclusive workplace, we can attract
and retain curious people who care
about their work and colleagues and
are courageous about finding better
ways to do things – this is how we
will deliver on our purpose.
Our strategy has three pillars
Accelerate the decarbonisation of
our assets
Due to the scale of our mining operations
and processing activities we have significant
Scope1 and 2 emissions (30.3Mt CO
2
e).
Weare working with a range of stakeholders
to find commercial and technology solutions
to repower our assets, deploy large-scale
renewables, scale up ELYSIS
TM
, decarbonise
process heat and replace diesel across
ourportfolio.
Develop products and technologies
that help our customers decarbonise
Our Scope 3 emissions were 584Mt CO
2
e
in 2022 – over 1% of the global total. We are
working closely with our customers and others
to develop more secure and sustainable value
chains and accelerate the development of
cleaner production pathways for our products.
Processing of iron ore accounts for two-thirds
of our Scope 3 emissions.
Grow in materials essential for the
energy transition
The energy transition will create significant
additional demand for our commodities,
including copper, lithium and aluminium.
Weaim to grow in these commodities as well
as in the production of high-quality iron ore.
This iron ore will support the production of
low-carbon steel required for infrastructure for
the energy transition and ongoing urbanisation.
We will deliver our strategy through four objectives, which guide how we want to run our business: to be the best operator,
toachieve impeccable ESG credentials, to excel in development and to strengthen our social licence. These essential
components will help improve our productivity, reduce capital intensity and assist us in becoming a partner of choice for a
range of stakeholders globally.
Social licence
Earn trust by building meaningful relationships and partnerships
Excel in
development
Deliver organic and inorganic
growth, on time, on budget
Impeccable
ESG credentials
Strengthen track record
and transparency
Best
operator
Expand capability
and leadership
Annual Report 2022 | riotinto.com14
Progress against our strategy in 2022
Accelerate the decarbonisation
ofour assets
Develop products and
technologies that help our
customers decarbonise
Grow in materials enabling
theenergy transition
Commitments
To strengthen our alignment with the Paris
Agreement and our long-term
1
ambition of
achieving net zero emissions by 2050:
– We aim to reduce our Scope 1 and 2
emissions by 15% by 2025 and by 50%
by 2030 (against our 2018 equity baseline).
– We expect to invest an estimated
$7.5 billion in decarbonisation projects
by 2030, predominantly in the second
half of the decade. Long-term contracts
and operational expenditure will also be
an important additional part of our
decarbonisation spend.
To work with our customers to tackle full
value chain emissions and reduce our
significant indirect Scope 3 emissions:
– We will increase research and development
to accelerate the development of cleaner
products for our customers.
– We will step up our customer engagements
and partnerships to help them meet their
Scope 1 and 2 emissions goals.
– We plan to deploy net zero vessels by
2030 and reach net zero emissions from
shipping our products by 2050.
To capture new growth opportunities with a
focus on materials that will see strong demand
growth from the low-carbon transition:
– Our ambition is to increase our growth
capital to $2 billion in 2023 and up to
$3 billion annually in 2024 and 2025.
– We will seek to grow further in copper and
battery materials and bring additional
tonnes of high-grade iron ore and
low-carbon aluminium to market.
– We will maintain our strong commitment
to disciplined capital allocation.
Highlights
High-grade iron ore/green steel
– Pilbara: Planned investment of
$600 million in 230MW of solar power
facilities and 200MWh of storage.
This is in addition to the 34MW solar
facility installed at Gudai-Darri.
– Pilbara: Developed partnerships with
Scania, Caterpillar, Volvo and Komatsu to
deploy more efficient autonomous haulage
solutions and battery-powered trucks.
– Marine biofuels: Joined a trial with BP.
– Blast furnace optimisation: Extended our
collaboration with over 20 customers,
such as Baowu, POSCO, Nippon Steel
Corporation and Shougang, with potential
carbon emissions reductions of up to 30%.
– BioIron
TM
: Successfully piloted an
innovative, low-carbon iron-making
process on Pilbara iron ore.
– Hydrogen-based DRI
2
: Collaborated with
BlueScope and Salzgitter Flachstahl to
test direct reduction of our products using
green hydrogen and develop cleaner
processing options.
– Simandou: Signed a non-binding term
sheet with our partners to progress the
co-development of infrastructure.
Theproject will deliver high-grade
ironore, suitable for the DRI-EAF
3
steelmaking process.
Aluminium
– Queensland smelter repowering:
Commenced evaluation of proposals to
repower our aluminium assets with up to
4GW of wind and solar, backed up by
energy firming and storagesolutions.
– Queensland Alumina: Progressed to
a pre-feasibility study for a double
digestion project to reduce emissions
and operational expenditure.
– ELYSIS
TM
: Conducted commercial
testing of direct emissions-free
smelting technology with 450kA cells
under construction.
– Low-carbon material: Partnered with
organisations including Volvo, Ford and
AB InBev (Corona Canada).
– Arvida: Invested in a new aluminium
recycling facility and plans to replace
our closing smelter with an expansion
of the AP60 smelter to produce
low-carbon aluminium.
– Alma: Committed $188 million to
expand production of higher-value
low-carbon billets.
– Laterrière Plant: Commissioned a new
aluminium remelt furnace.
Copper, Minerals
– Rio Tinto Iron and Titanium (RTIT)
Quebec Operations: Committed
$537 million (C$737 million) in partnership
with the Government of Canada to
decarbonise RTIT Quebec Operations
and boost critical mineralsprocessing.
– Richards Bay Minerals: Partnered with
Voltalia for solar power (20-year power
purchase agreement).
– Renewable diesel: Launched a pilot
at Boron, with trials also planned
forKennecott.
– Nuton
TM
: Joined strategic partnerships to
test leaching technology on legacy
copper waste and sulphide orebodies.
– Critical minerals from waste: Began
extracting tellurium concentrate at
Kennecott. Achieved first production
of scandium oxide and demonstration
of an innovative spodumene (lithium)
concentration process at our Critical
Minerals and Technology Centre
(RTITQuebec Operations).
– Oyu Tolgoi: Acquired full ownership of
Turquoise Hill Resources Ltd (TRQ) for
$3.1 billion, increasing our direct project
ownership to 66%.
– Rincon: Acquired Rincon for $825 million
and approved funding of $194 million for
early works to develop an accelerated
starter plant with plannedexpansion.
1. Our net zero commitment applies to our Scope 1 and 2 emissions only and ultimately aims to balance any remaining emissions with removals from the atmosphere. For planning purposes, we define
short term as up to two years, medium term as two to ten years and long term as beyond ten years. For our analysis of physical climate risks, we define short term as 2030, medium term is 2050 and
long term is 2100.
2. Direct Reduced Iron.
3. Direct Reduced Iron – Electric Arc Furnace.
15Annual Report 2022 | riotinto.com
Strategic report
Best operator Impeccable ESG Excel in development Social licence
Approach
– A strong safety performance
remains our top priority – we
will never be complacent.
– We are implementing the
Safe Production System (SPS)
as a new, people-centric
approach to engage our
workforce and develop and
share best practice solutions
across our assets.
– We are simplifying our
systems and processes to
enable more agile decision
making and empower
ourpeople.
– We have embedded ESG
considerations in every
decision we make, from
our community work to
addressing climate change.
– We are striving to be a
responsible and trusted
steward of resources by
driving end-to-end best
practices, standards
and assurance across
ourbusiness.
– We are committed to creating
a safer, equal and equitable
workplace for our people.
– We are developing a pipeline
of growth options leveraged
towards the energy transition
while maintaining our
absolute commitment to
capital discipline.
– We are assessing new
technologies, partnerships
and operational synergies to
unlock value and bring
projects online faster.
– We are further building our
capabilities in business
development and project
execution including in
downstream processing
and renewable energy.
– We are stepping up our
external engagements to
develop deeper connections
with all stakeholders and
build mutually beneficial
partnerships.
– We are building cultural
capability and competency
across the Group to ensure
we fully understand, value
and partner with our
hostcommunities.
– We are committed to sharing
best practices globally.
Highlights
– We completed our fourth
consecutive fatality-free year
with our all-injury frequency
rate (AIFR) remaining stable at
0.40 compared to 2021.
– We completed 30 SPS
deployments across 16
sites with several rapid
improvement projects
underway to improve
performance and safety.
– We established an Innovation
and Technology Centre to
improve our health and
safety, boost productivity and
support growth opportunities.
– We launched the Building
Safe and Respectful
Workplaces pilot programme,
with BHP, Fortescue and the
Australian Minerals and
Energy Skills Alliance.
– We continued the roll-out
of the Voyager development
programme across our
seniorleaders.
– We released the Everyday
Respect external review of
our workplace culture, with
actions and training being
rolled out across the business.
– We introduced a new
communities and social
performance strategy with
updated standards, targets
and vision for the business.
– We have changed the way
we engage with Traditional
Owner and First Nation groups
(see the social licence column).
– We set up six large carbon
abatement programmes
focused on repoweringour
Pacific Aluminium
Operations,renewables,
ELYSIS
TM
, alumina process
heat, minerals processing and
diesel transition.
– The Steel Decarbonisation
team has advanced 49
projects with more than
30partners.
– We established a dedicated
team to secure nature-based
solutions projects that help
offset emissions, improve
biodiversity and create
opportunities for communities.
– We advanced several key
projects, firing 19 drawbells at
the Oyu Tolgoi underground
project in 2022 and
commissioning Pilbara
mines equivalent to 120Mt.
– We progressed studies
for Rincon, Resolution,
Kennecott underground and
several replacement projects
with ongoing stakeholder
engagement at Jadar
andSimandou.
– We are undertaking 32
research and development
projects focused on reducing
capital intensity and
unlocking revenue streams.
– We completed several key
energy infrastructure projects
including the Kemano Tunnel
2 project (Kitimat) and the
installation of 34MW of
renewables at Gudai-Darri.
– In Australia we signed
new agreements with
the Yinhawangka and
Yindjibarndi Aboriginal
Corporations and the
PuutuKunti Kurrama and
Pinikura people.
– We committed A$250 million
to support the Western
Australian State Government’s
new Resources Community
Investment Initiative.
– In Canada we signed an
initial agreement with the
Pekuakamiulnuatsh First
Nation to co-create terms of
a long-term partnership.
– We have reset our
relationship with the
Government of Mongolia
for Oyu Tolgoi.
– We enhanced our internal
human rights expertise and
updated our Human Rights
Policy to reflect emerging
trends and expectations.
Progress against our four objectives in 2022
Annual Report 2022 | riotinto.com16
Our people and culture
Our values guide how we work together and how we treat each
other, the communities we operate in, and our environment. We
act with care, courage and curiosity, empowering our people to
build meaningful relationships and find better ways to provide the
materials the world needs. To help embed our values throughout
the business, we updated our Code of Conduct in early 2023.
Care
We act with care by prioritising the physical
and emotional safety and wellbeing of those
around us.
We respect others, build trusting relationships
and consider the impact of our actions.
We look for ways to contribute to a better
future for our people, communities and
theplanet.
Courage
We act with courage by showing integrity,
speaking up when something is not right and
taking decisive action when needed.
We are not afraid to try new things.
We respond positively in difficult situations
and demonstrate commitment to achieving
sharedgoals.
Curiosity
We act with curiosity by inviting diverse ideas
and collaborating to achieve more together
than can be done alone.
We are continuously learning and creatively
looking for better and safer ways of doingthings.
We draw inspiration from others and the world
aroundus.
We are finding better ways
to support and empower our
people, which means creating
an environment where
everyone feels comfortable
being themselves, has the
courage to speak up if
something is not right and
listens to each other with
care and curiosity.
Oyu Tolgoi copper-gold mine, Mongolia.
Guided by our values, we are committed to
building a safe, respectful and inclusive workplace.
There are elements of our culture today that we
are proud of and want to amplify, such as our
commitment to safety, teamwork and agility in
times of change. But we know there is more to do
in some areas, and we recognise that how we
achieve is just as important as what weachieve.
In February 2022, we reported the findings
and recommendations from the Everyday
Respect Report, an independent review of
our workplace culture that we commissioned
to better understand, prevent and respond
to harmful behaviours across our global
operations. We know from the findings that
we can do better as a company. We aspire
to be a home for curious people who care
about their work and colleagues and are
courageous about finding better ways to do
things. This starts with ensuring everyone feels
safe, respected and included. Implementing
the 26 recommendations from the report is
one way we are evolving our culture, this was
a primary focus for 2022 and it will continue
in2023.
We have accelerated some immediate actions:
– Building capable leaders. We have trained
91% of our leaders in the foundations of
building psychological safety and moving
from bystander to upstander, exceeding our
target of 80% by the end of2022.
– Creating safe and inclusive facilities. Allsites
have completed a self-assessment of their
facilities, and unsafe areas such as locks,
lighting and access to amenities have been
updated. This work is ongoing and done in
collaboration with our employees to make
our facilities safe and more inclusive.
– Providing a more people-centric response.
We expanded the scope of work for the
Business Conduct Office (BCO) and
developed a discrete unit that will be
responsible for delivering safe, confidential
and caring support. For more information
about the BCO and our confidential reporting
programme myVoice, see page74.
We want to play our part in eliminating harmful
behaviours, and we are also working closely
with industry bodies across the globe to
implement changes and collectively evolve
ourindustry.
To further support our culture journey, in 2022
we also:
– Updated our global minimum standard
for paid parental leave to suit different
familyneeds.
– Continued to increase the number of women
in our workforce, from 21.6% to 22.9%.
– Developed, empowered and invested in our
people through the Safe Production System
and the Voyager development programme
for senior leaders.
– Reviewed our incentives and performance
management framework. From 2023, our
performance management and incentives
for around 24,000 people will be aligned to
our strategy and culture journey, focusing on
both how and what we deliver.
For more information
about our people, seepages 59-60.
For more information
about the Everyday Respect initiative,
visitriotinto.com/everydayrespect.
17Annual Report 2022 | riotinto.com
Strategic report
Our business model
Our ability to create value is underpinned by the quality of our assets, the
capabilities of our people, our operational and sustainability performance,
innovative partnership and disciplined capital allocation.
Underpinned by disciplined capital allocation
Our business is underpinned by a disciplined approach to capital allocation; we strive to use every
dollar prudently. Today, our balance sheet is a key strength, providing a resilient platform for strong
and consistent shareholder returns, as well as enabling us to invest throughout the commodity cycle.
1
Explore and
evaluate
2
Develop and
innovate
3
Mine and
process
4
Market and
deliver
5
Repurpose
and renew
We use some of the most advanced
exploration technologies in the world to find
potential sources of minerals and metals.
Weconsider new commodities and products
with an understanding of customers’ and
communities’ needs. We are also mindful
of our potential future social and environmental
impact as well as the diversity and balance
of our portfolio.
With the low-carbon transition at the heart
of our strategy, we will continue to focus our
exploration efforts on commodities essential
for the energy transition. We also evaluate
emerging opportunities in the circular economy
and green energy production.
We aim to grow our business while finding
better ways to provide the materials the world
needs. As we develop new mining and
processing options, we are also investing in
research and development projects to help
improve our productivity, reduce capital
intensity, unlock new revenue opportunities
and improve our environmental and social
performance. Reaching our net zero ambition
will rely on new technologies, and we work with
a range of value chain participants to
accelerate the development of greener
production pathways.
We develop opportunities with a focus on safety,
potential returns and long-term value, and
sustainability. We partner with a growing network
of stakeholders – governments, communities,
customers and suppliers – to expand our
understanding, capabilities and, ultimately, our
ability to develop and operate new projects.
We share best practices across our assets to
support safe, productive and environmentally
responsible operational performances.
Ouroperations benefit local economies by
contributing training and skills development,
jobs, taxes and royalties, contracts with local
businesses, and social and community
investment. We also support the economic
diversification of regions where we are based,
in alignment with national and regional
development plans, playing our role in ensuring
our host communities can thrive long after
our operations close. Ourambition is for our
operations to reach net zero carbon emissions
by 2050.
By understanding and respecting our business
partners, employees, communities and the
environment, we can create sustainable value
for all ourstakeholders.
We align our products with market and
customer needs. Our minerals and metals are
essential as enablers of the energy transition
and are used in a vast array of everyday
products – from electric vehicles to
smartphones to skyscrapers. The transition
to net zero will create additional demand for
materials such as copper, lithium, aluminium
and high-quality iron ore. We will support
growth in these commodities while developing
new technologies and products that help our
customers decarbonise.
Our network of rail, ports and ships enables us
to control end-to-end logistics to deliver our
products safely, efficiently and reliably.
We aim to design and run our assets in a way
that creates a positive legacy once our mining
or processing activity concludes. We engage
stakeholders of our sites nearing closure –
including Indigenous peoples, government,
employees and host communities – and
actively involve them in the planning.
Each of our sites has rehabilitation plans that
we review every year. Planning and operating
with the future in mind is integral to running
a safe, responsible and profitable business.
Annual Report 2022 | riotinto.com18
Our stakeholders
Partnerships and collaboration
are essential to the long-term
success of our business.
They give us a competitive
edge and allow us to work
more thoughtfully and
responsibly, benefiting from
the expertise and insight of
others. By engaging with our
stakeholders and listening to
their views, we can make a
more meaningful contribution
to society while becoming a
more valuable company for
ourshareholders.
Section 172(1) statement
This stakeholder section,
together with our stakeholder
pages in the Governance
section (pages 95-98),
explains how the Board takes
account of stakeholder
interests. Thesecomprise our
“Section 172(1) statement”.
Workforce
Our people are key to our success. We are
focusing on creating a safe, respectful and
inclusive workplace where our people feel
empowered and engaged. Guided by our
values, we are evolving our culture: we are
implementing the recommendations from the
Everyday Respect Report, rolling out the Safe
Production System, enhancing our safety
maturity model, empowering our people,
training our leaders and listening to employee
feedback through our employee survey. In our
most recent survey conducted in October
2022, our employee satisfaction score (eSAT)
increased by two points (71 to 73). Weare
making good progress, but we know there is
more to do.
Communities
Communities are the places and the people
who make up where we live, work and call
home – from the Gobi Desert in Mongolia,
to KwaZulu-Natal, South Africa, and
Saguenay–Lac-Saint-Jean, Quebec, Canada.
We continue to strive to engage consistently
and honestly with communities on a range of
issues, such as jobs and local procurement,
aswell as the impact of our operations on the
local environment. Over the past few years, we
have focused on our own standards of open
and transparent engagement. For example, we
are moving to a model of co-management of
Country in our Pilbara iron ore business, and
we are updating our agreements with
Indigenous peoples.
Governments
Governments – national, state and provincial,
and local – are important stakeholders for
our business. They regulate our operations,
are among our commercial partners, and
receive revenue from our taxes and royalties.
Our economic contribution can be significant
for national budgets and local development
priorities, such as job creation and skills
training. It is important that we engage with
officials on issues such as how we explore,
mine and process ore; conditions of land tenure;
health, safety and environment; taxation;
intellectual property; competition and foreign
investment; data privacy; conditions of trade
and export; and infrastructure access.
For more information
see page 97.
$75bn
Paid in taxes and royalties
globally over the past ten years
$6.9bn
Corporate tax paid in 2022
(2021:$8.5bn)
2
$6.1bn
Corporate tax paid in Australia in 2022
(2021: $7.7bn)
1. Includes our total workforce based on managed operations (excludes the Group’s share of non-managed operations and joint ventures)
as of 31 December 2022.
2. When combined with royalties and other taxes, and with our share of taxes and royalties paid by equity accounted units, this resulted in
payments to governments of around $10.5 billion (2021: over $13 billion), including over $8 billion paid in Australia (2021:over $11 billion).
28
Organisations participated in our 2022 CSO
roundtable discussions in person
3
Roundtables held in London, Sydney and
Montreal in 2022. Topics discussed included
climate change, biodiversity, recycling,
water management, human rights, cultural
heritage, communities and transparency
Civil society organisations
We can only help to address the world’s many
complex environmental, social and governance
challenges, such as climate change, human
rights violations, bribery and corruption,
through collaboration with civil society
organisations (CSOs) and other stakeholders.
Our senior leaders regularly engage with
CSOs, and although our opinions may differ
from time to time, we respect their views and
value the challenges they set for us to improve
performance across our business. We hold
yearly roundtable discussions with CSOs in
Australia, Europe and North America. In 2022,
one of the key topics of discussion was our role
in the world’s transition to a low-carbon future.
For more information
see page 96.
$62.6m
Voluntary social investment in 2022
(2021: $72.1m)
52,000
1
Employees across six continents
(2021: 47,000)
73
Employee satisfaction score (eSAT)
(2021: 71)
For more information
see page 95.
For more information
see page 96.
19Annual Report 2022 | riotinto.com
Strategic report
Investors
Our investors include pension funds, global fund
managers, bondholders, and tens of thousands
of individuals around the world, including
approximately 30,000 RioTinto employees.
Itis important that we understand our investors’
needs and their vision for the company. We
therefore communicate and engage extensively
with them throughout the year, both in person
and through virtual forums across multiple
jurisdictions. In addition to our annual general
meetings in the UK and Australia, we also held
two investor seminars in 2022, one in London
and one in Sydney, where our Executive
Committee launched our new purpose
externally and provided an update on our
progress against our strategy.
Customers
Our customers’ needs are central to our
operational decision making. Using the insights
generated from everything we buy, sell and move
around the world, our Commercial team works
closely with customers to ensure that we deliver
products that meet their specific requirements.
Every year, we ask our customers for their
feedback via a survey and the insights help us
deliver new and better products and services.
Where possible, we partner to co-develop
solutions that support our environmental, social
and governance commitments. For example,
in2022, we signed a separate memorandum of
understanding with both Volvo Group and Ford
Motor Company to supply low-carbon materials
for a range of their products.
1. Shareholders, primarily through myShare, our global employee share plan.
Suppliers
Engaging with suppliers is an important way
in which we can have a positive impact on
communities. We partner with, and help
develop, local businesses where we operate,
sothey can share in our success. Having good
relationships with our suppliers also helps
us take part in technological and market
developments, and we continually strive to
improve our supplier experiences. As with our
customers, we ask our suppliers to share their
feedback in a yearly survey to better understand
how we can develop our collaboration. We work
closely with our suppliers to create innovative
partnerships, such as our partnership with
Scania where we are trialling agile autonomous
haul trucks.
$8.0bn
Total dividends declared to shareholders
(2021: $16.8bn)
2,000
Customers across multiple industries
andcountries
$22.5bn
Spent with suppliers globally in 2022
(2021: $19.8bn)
30,000
RioTinto employees own shares
inthecompany
1
(2021: 25,000)
$55.6bn
Consolidated sales revenue in 2022
(2021: $63.5bn)
549Mt CO
2
e
Scope 3 emissions from the processing
ofour products
(2021: 523Mt CO
2
e)
40%
Increase in spend with Indigenous suppliers in
Australia from 2021 to 2022 to A$565 million
(2021: by 40% from 2020 to 2021 to A$400 million)
26Mt CO
2
e
Scope 3 emissions from all procurement
(2021: 26Mt CO
2
e)
For more information
see page 98.
For more information
see page 98.
For more information
see page 97.
A change of approach
We have worked with the Yinhawangka
people to co-develop a social cultural heritage
management plan as part of our proposed
development of the Western Range iron ore
mine in the Pilbara, Western Australia. The plan
includes clearly defined roles and responsibilities
regarding life of mine planning, heritage site
protection, water management, land access,
cultural awareness training and ongoing
monitoring of the area. See an interview with
Clint, Traditional Owner Engagement Lead in
our Iron Ore business, where he shares how the
Western Range engagement process differed
to our past approach.
Learn more
about how we work with
communities on our website.
Annual Report 2022 | riotinto.com20
2018 0.44
2020
2019 0.42
2021 0.40
2022
0.40
0.37
Key performance indicators
We use a range of financial and non-financial metrics to measure
Group performance against our four objectives: to be best
operator; to achieve impeccable environmental, social and
governance (ESG) credentials; to excel in development; and to
strengthen our social licence.
Alignment to our four objectives
All-injury frequency rate
(AIFR)
per 200,000 hours worked
Definition
We define AIFR as the number of injuries per
200,000 hours worked by employees and
contractors at the operations that we manage.
It includes medical treatment cases, restricted
workday and lost-day injuries.
Relevance to strategy
The safety and wellbeing of our employees and
contractors is our number one priority and
essential to everything we do.
We are committed to having a safe work
environment and our focus is on maintaining
zero fatalities, preventing catastrophic events
and reducing injuries. We continue to
implement our safety maturity model (SMM)
which, as our blueprint for safety, describes the
systems and behaviours we apply to create a
strong safety culture. In 2023, we will begin
planning for the integration of our SMM with
our Safe Production System. This is our new,
people-centric approach to engage our
workforce and develop and share best practice
solutions across our assets.
We continue to share learnings and strengthen
our partnerships with industry and associated
committees (eg the International Council on
Mining and Metals), contracting partners and
local communities to improve health, safety
and wellbeing outcomes.
Link to executive remuneration
AIFR and SMM are included as performance
metrics in the safety component of the
short-term incentive plan (see pages 121-122).
Our performance in 2022
We had a fourth year in a row of zero fatalities.
Our AIFR has remained stable at 0.40 compared
to 2021.
Forward plan
We will renew focus on our critical risk
management programme. We will also work
on embedding enhancements to the SMM.
We will increase our focus on managing
psychosocial hazards, and continue to
innovate to reduce exposure to safety and
health risks.
We will continue to implement our major hazard
standards, including process safety,
underground safety and tailings, and apply
strong assurance processes.
Alignment to our four objectives
andassociated risks
– Best operator
– Impeccable ESGcredentials
For more information
see page 79.
Social licence
Earn trust by building meaningful relationships and partnerships
Excel in
development
Deliver organic and inorganic
growth, on time, on budget
Impeccable
ESG credentials
Strengthen track record
and transparency
Best
operator
Expand capability
and leadership
21Annual Report 2022 | riotinto.com
Strategic report
2018
Underlying earnings
2019
Underlying earnings
2020
Underlying earnings
2021
Underlying earnings
2022
Underlying earnings
Underlying EBITDA
Underlying EBITDA
Underlying EBITDA
Underlying EBITDA
Underlying EBITDA
8,8088,808
10,37310,373
12,44812,448
21,38021,380
13,27513,275
26,27226,272
37,72037,720
23,90223,902
21,19721,197
18,13618,136
2018 33.4%
2020
2019 49.6%
2021 263.3%
2022 134.3%
110.1%
Total shareholder return (TSR)
1
measured over the preceding five years
(using annual average share price)
Definition
TSR is a combination of share price
appreciation (using annual average share
price) and dividends paid and reinvested to
show the total return to the shareholder over
the preceding five years.
Relevance to strategy
Our strategy aims to maximise shareholder
returns through the commodity cycle, and TSR
is a direct measure of that.
Link to executive remuneration
TSR is reflected in the long-term incentive plan,
measured equally against the EMIX Global
Mining Index and the MSCI World Index
(seepages 124-125).
1. The TSR calculation for each period is based on the change in the calendar-year average share prices for RioTinto plc and RioTinto Limited over the preceding five years. This is consistent with the
methodology used for calculating the vesting outcomes for Performance Share Awards (PSA). The data presented in this chart accounts for the dual corporate structure ofRioTinto.
Our performance in 2022
TSR performance over the five-year period
was driven principally by movements in
commodity prices and changes in the global
macro environment. RioTinto significantly
outperformed both the EMIX Global Mining
Index and the MSCI World Index over the
five-year period.
Forward plan
We will continue to focus on generating free
cash flow from our operations. This allows
us to return cash to shareholders (short-term
returns) while investing in the business
(long-term returns).
Alignment to our four objectives
andassociated risks
– Best operator
– Impeccable ESG credentials
– Excel in development
– Social licence
For more information
see page 79.
Underlying earnings and
underlying EBITDA
$ millions
Definition
Underlying earnings and underlying EBITDA
are non-IFRS measures.
Underlying earnings represents net earnings
attributable to the owners of Rio Tinto,
adjusted to exclude items that do not reflect
the underlying performance of the Group’s
operations. For more information on these
exclusions and a reconciliation to the nearest
IFRS measures refer to Alternative Performance
Measures (pages 273-278).
Underlying EBITDA is a segmental performance
measure and represents profit before tax, net
finance items, depreciation and amortisation.
Exclusions from underlying EBITDA and a
reconciliation to the nearest IFRS measures
can be found in note 1.
Relevance to strategy
These financial KPIs measure how well we are
managing costs, increasing productivity and
generating the most revenue from each of
ourassets.
Link to executive remuneration
Underlying earnings are reflected in the
short-term incentive plan. In the longer term,
both measures influence TSR, which is the
primary measure for the long-term incentive
plan (see pages 124-125).
Our performance in 2022
Underlying earnings of $13.3 billion were
$8.1 billion lower than in 2021. Underlying
EBITDA of $26.3 billion was $11.4 billion lower
than in 2021. The 30% decrease in underlying
EBITDA resulted from lower iron ore prices,
higher energy and raw material costs, partially
offset by movements in sales volumes.
Forward plan
We will continue to drive attractive margins and
returns throughout the cycle through a focus
on best operating performance and a
disciplined focus on cash costs.
Alignment to our four objectives
andassociated risks
– Best operator
For more information
see page 79.
Annual Report 2022 | riotinto.com22
Key performance indicators continued
2018 11,821
2020
2019 14,912
2021 25,345
2022 16,134
15,875
2018 19%
2020
2019 24%
2021 44%
2022 25%
27%
Our performance in 2022
Net cash generated from operating activities of
$16.1 billion was 36% lower than 2021. This was
primarily due to lower iron ore prices, higher
energy and raw material costs partially offset
by lower taxes paid.
Forward plan
We will focus on effectively delivering strong
and resilient cash flows from our quality
portfolio of assets throughout the cycle.
Net cash generated from
operating activities
$ millions
Definition
This KPI refers to cash generated by our
operations after tax and interest, including
dividends received from equity accounted
units and dividends paid to non-controlling
interests in subsidiaries.
Relevance to strategy
This KPI measures our ability to convert
underlying earnings into cash.
Link to executive remuneration
Net cash generated from operating activities is
included in the short-term incentive plan. In the
longer term, the measure influences TSR, which
is included in the long-term incentive plan
(seepages 124-125).
Alignment to our four objectives
andassociated risks
– Best operator
For more information
see page 79.
Underlying return on capital
employed (ROCE)
%
Definition
Underlying ROCE is a non-IFRS measure
defined as underlying earnings excluding net
interest divided by average capital employed
(operating assets). For more information
and a reconciliation of underlying ROCE
to the nearest comparable IFRS measure,
see Alternative Performance Measures
(pages273-278).
Relevance to strategy
Our portfolio of low-cost, long-life assets
delivers attractive returns throughout the cycle
and has been reshaped significantly in recent
years. Underlying ROCE measures how
efficiently we generate profits from investment
in our portfolio of assets.
Link to executive remuneration
Underlying earnings, as a component of
underlying ROCE, is included in the short-term
incentive plan. In the longer term, underlying
ROCE also influences TSR, which is
included in the long-term incentive plan
(see pages 124-125).
Our performance in 2022
Underlying ROCE decreased 19 percentage
points to 25% in 2022, reflecting the decrease
in underlying earnings driven by lower iron ore
prices, and an increase in capital employed
due to capital expenditure and acquisitions.
Forward plan
We will continue to focus on maximising returns
from our assets over the short, medium and
long term. We will invest in value-accretive
growth options for materials that will be
privileged in a decarbonising world.
Alignment to our four objectives
andassociated risks
– Best operator
– Excel in development
For more information
see page 79.
23Annual Report 2022 | riotinto.com
Strategic report
2018 6,977
2020
2019 9,158
2021 17,664
2022
9,010
9,407
2018
2020
2019
2021
2022
255
(3,651)
1,576
(4,188)
(664)
Free cash flow
$ millions
Definition
Free cash flow is a non-IFRS measure defined
as net cash generated from operating activities
minus purchases of property, plant and
equipment, intangibles, and payments
of lease principal, plus proceeds from the
sale of property, plant and equipment, and
intangible assets. For more information and a
reconciliation of free cash flow to the nearest
comparable IFRS measure, see Alternative
Performance Measures (pages273-278).
Relevance to strategy
This KPI measures the net cash returned by the
business after the expenditure of sustaining
and growth capital. This cash can be used for
shareholder returns, reducing debt and
otherinvestment.
Link to executive remuneration
Free cash flow is included in the short-term
incentive plan. In the longer term, the measure
influences TSR, which is included in the
long-term incentive plan (see pages 124-125).
Our performance in 2022
Free cash flow decreased by $8.7 billion to
$9 billion in 2022, primarily due to the decrease
in net cash generated from operating activities.
This was partially offset by a decrease in
replacement and development capital
expenditure as projects reached completion.
Forward plan
We will focus on effectively delivering strong
and resilient cash flows from our quality
portfolio of assets throughout the cycle.
Alignment to our four objectives
andassociated risks
– Best operator
– Excel in development
For more information
see page 79.
Net (debt)/cash
$ millions
Definition
Net (debt)/cash is a non-IFRS measure defined
as total borrowings plus lease liabilities less
cash and cash equivalents and other liquid
investments, adjusted for derivatives related to
net (debt)/cash (see note 19 of the financial
statements). For more information and a
reconciliation of net (debt)/cash to the nearest
comparable IFRS measure, see Alternative
Performance Measures (pages 273-278).
Relevance to strategy
This KPI measures how we are managing our
balance sheet and capital structure. A strong
balance sheet is essential for giving us the
flexibility to take advantage of opportunities as
they arise, and for returning cash to shareholders.
Link to executive remuneration
Net cash/(debt) is, in part, an outcome of
free cash flow, which itself is reflected in the
short-term incentive plan. In the longer term,
net cash/(debt) influences TSR, which is
reflected in the long-term incentive plan
(seepages 124-125).
Alignment to our four objectives
andassociated risks
– Best operator
– Excel in development
For more information
see page 79.
Our performance in 2022
Net cash reduced by $5.8 billion in 2022,
resulting in a net debt position of $4.2 billion.
This reflected $11.7 billion returned to
shareholders in the year, $3.0 billion
1
acquisition of the remaining non-controlling
interest of TRQ and $0.8 billion acquisition
of the Rincon Lithium Project, partially offset
by $9.0 billion of free cash flow and the
$0.5 billion received from the sale of the
Cortezroyalty.
Forward plan
We will focus on effectively delivering strong
and resilient cash flows from our quality
portfolio of assets throughout the cycle.
1. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs.
In 2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings.
Annual Report 2022 | riotinto.com24
Key performance indicators continued
2018 17.7%
2020
2
2019 18.4%
2020
2
20.1%
2021
2022
21.6%
22.9%
19.0%
2019 31.4
2021
2020 31.7
2022 30.3
31.0
2018
1
32.5
Scope 1 and 2
greenhouse gas emissions
(equity Mt CO
2
e)
Definition
We measure our Scope 1 and 2 greenhouse
gas emissions on an equity basis. It includes
the equity share of Scope 1 and 2 emissions
from managed and non-managed operations
expressed in million metric tonnes of carbon
dioxide equivalent.
Relevance to strategy
Climate risks and opportunities have formed
part of our strategic thinking and investment
decisions for over two decades. The low-carbon
transition is at the heart of our business strategy.
We focus on growth in the materials that enable
the transition, decarbonising our operations
and partnering with our customers to
decarbonise our value chains.
Link to executive remuneration
Climate change is included in our ESG metrics
for executive remuneration with a weighting
of 5% of the short-term incentive plan
(see pages 121-122). In 2022, we approved
or delivered abatement projects towards
our 2025 target that would contribute
0.29Mt CO
2
of abatement compared
to an abatement target of 0.8Mt that year.
Our performance in 2022
In 2022, our Scope 1 and 2 emissions were
30.3Mt CO
2
e, 7% below our 2018 baseline.
This reduction is primarily the result of
switching to renewable power at Kennecott
and Escondida in prior years, as well as lower
than planned production from our Kitimat and
Boyne aluminium smelters in 2022. We did not
advance the actual implementation of our
abatement projects as fast as we would have
liked last year. Challenges have included late
delivery of equipment, resourcing constraints
impacting study progress, construction and
commissioning delays, and project readiness.
Forward plan
We announced ambitious climate targets in
2021 and aim to reduce emissions from our
operations by 15% by 2025 and by 50% by
2030. We are committed to reaching net zero
emissions by 2050. In 2022, we established six
abatement programmes, with dedicated people,
to focus on the decarbonisation challenges that
cut across our product groups: repowering our
Pacific Aluminium Operations, renewables,
ELYSIS
TM
, alumina process heat, minerals
processing and diesel transition. We are building
capability and gaining a deeper understanding
of our decarbonisation challenge and are better
placed to deliver the structural change needed
to achieve our 2030 target.
Our progress and plans to meet these targets
are summarised in the Climate Action Plan in our
2022 Climate Change Report, which can be
found at riotinto.com/climatereport.
1. The 2018 figure is the baseline for our 2025 and 2030 targets and is adjusted to include emissions from acquisitions and exclude emissions from divestments. Actual emissions in 2018 were 33.7 MtCO
2
e.
2. Baseline reset with definition for 2020 to 2021 gender diversity.
3. In 2020, we updated our definition of our total workforce to include those employees who were unavailable for work (eg on parental leave) and temporary contractors. Note: less than 1% of the
workforce gender is undeclared.
4. 1.37 percentage points rounded to 1.4 percentage points.
Alignment to our four objectives
andassociated risks
– Best operator
– Impeccable ESG credentials
– Excel in development
– Social licence
For more information
see page 79.
Gender diversity
representation of women within our workforce
Definition
Includes our total workforce based on
managed operations (excludes the Group’s
share of non-managed operations and
jointventures)
3
.
Relevance to strategy
Inclusion and diversity are imperative for
the sustainable success of the business.
Our sustained performance and growth
rely on having workforce diversity that is
representative of the communities in which
we operate and having a workplace where
people are valued for who they are and
encouraged to contribute to their full potential.
Link to executive remuneration
In 2022, our target was to increase the
proportion of women in our workforce by 2
percentage points. This target is included in
our ESG metrics for executive remuneration,
with a weighting of 5% of the short-term
incentive plan. For more information,
seepages121-122.
Our performance in 2022
In 2022, we increased our representation of
women at RioTinto by 1.4 percentage points
4
from 21.6% to 22.9%. This falls short of our 2
percentage points target. The increases were
distributed across all levels of the organisation
with senior leaders increasing from 27.4% to
28.3%, and operations and general support
increasing by 1.1 percentage points to 16.2%.
Forward plan
Our aspiration to increase the proportion of
women in our workforce by 2 percentage
points year-on-year will continue in 2023.
The implementation of the Everyday Respect
Report recommendations remain our priority
and we are confident that this will improve both
the attraction and retention of women and
other diverse groups to RioTinto. For more
information about the Everyday Respect
initiative, visit riotinto.com/everydayrespect.
Alignment to our four objectives
andassociated risks
– Best operator
– Impeccable ESG credentials
– Social licence
For more information
see page 79.
&'#$',,!'*$$'!#/80011#+#,1




-*'"$',,!'*/#02*10
'GD8;@3@5;3>D7EG>FEI7D7EA>;6E7F
393;@EF35A@F7JFA8D75AD6BD;57E3@6D7EG>FE
;@/:;>7F:74GE;@7EED7?3;@76D7E;>;7@F
5K5>;53>5AEF;@8>3F;A@3557>7D3F76>736;@9FA
BD7EEGD7A@?3D9;@E/77JB7D;7@5765AEF
;@5D73E7E3E3D7EG>FA8'.!F:7
5A??A6;FK5K5>73@64DA3643E76?3D=7F
;@8>3F;A@'GD8A5GE:3E477@FAD7?3;@
6;E5;B>;@76>736;@9FA@7F53E:97@7D3F76
8DA?AB7D3F;@935F;H;F;7EA8N4;>>;A@
G@67D>K;@973D@;@9EA8N4;>>;A@3@6BDA8;F
38F7DF3J3FFD;4GF34>7FAAI@7DEA8*;A,;@FAA8
N4;>>;A@
/7?3;@F3;@76AGD8;@3@5;3>EFD7@9F:7@6;@9
F:7K73DI;F:@7F674FA8N4;>>;A@
5A?B3D76I;F:3@7F53E:BAE;F;A@A8
N4;>>;A@3FF:77@6A8I;F:F:7
?AH7?7@FD78>75F;@9;@B3DFAGD35CG;E;F;A@E
A8F:7,GDCGA;E7 ;>>*7EAGD57E,*)
?;@AD;F;7E3@6F:7*;@5A@$;F:;G?(DA<75F;@
D97@F;@3,:;E43>3@57E:77FEFD7@9F:
7@34>7EGEFADG@AGD4GE;@7EE5A@E;EF7@F>K
3@6?3;@F3;@;@H7EF?7@FD793D6>7EEA8I:7D7
I73D7;@F:75K5>7/76A@AF:3H73@7F674F
F3D97F4GF:3H73BD;@5;B>7E43E763BBDA35:
FA3@5:ADF:743>3@57E:77F3DAG@63E;@9>7
5D76;FD3F;@9
'0!'.*',#"',3#01',%$-/%/-41&,"
"#!/ -,'01'-,
/7I;>>5A@F;@G7FA;@H7EF5A@E;EF7@F>KF:DAG9:
F:75K5>743>3@5;@9@73DF7D?D7FGD@EFA
E:3D7:A>67DEI;F:D7;@H7EF?7@F8AD9DAIF:3@6
67D;E=;@98GFGD753E:8>AIEEE7@F;3>53B;F3>
D7?3;@EAGDBD;AD;FK8AD53B;F3>3>>A53F;A@!F
;@5>G67EEGEF3;@;@953B;F3>FA7@EGD7F:7
;@F79D;FKA8AGD3EE7FE:;9:D7FGD@;@9
D7B>357?7@FBDA<75FE3@66753D4A@;E3F;A@
;@H7EF?7@F,:;E;E8A>>AI764KAD6;@3DK
6;H;67@6EI;F:;@AGDI7>>7EF34>;E:76D7FGD@E
BA>;5K/7F:7@F7EF;@H7EF?7@F;@5A?B7>>;@9
9DAIF:BDA<75FE393;@EF674F?3@397?7@F
3@6366;F;A@3>53E:D7FGD@EFAE:3D7:A>67DE
!@I7?367EA?7E;9@;8;53@F
;@H7EF?7@FE;@9DAIF:I;F:F:7N4;>>;A@
35CG;E;F;A@A8*;@5A@3@6F:7N4;>>;A@
BGD5:3E7A8@A@5A@FDA>>;@9;@F7D7EFE;@,*)
9;H;@9GE3E:3D7:A>6;@9;@F:7'KG
,A>9A;5ABB7D9A>6?;@7AGD>3D97EF9DAIF:
BDA<75F'GD7JB>AD3F;A@3@67H3>G3F;A@EB7@6
3>EA93F:7D76?A?7@FG?3FN4;>>;A@I;F:
9D77@8;7>67JB>AD3F;A@?3;@>K8A5GE76A@
5ABB7D3@67H3>G3F;A@BD;AD;F;E76A@F:AE7
BDA<75FEI:7D7I77JB75F@73DF7D?
;@H7EF?7@F675;E;A@E3B;F3>7JB7@6;FGD7
675D73E764KFAN4;>>;A@D78>75F;@93
EFDA@97D-+6A>>3D3@6F:7EG557EE8G>
5A??;EE;A@;@9A8AGD(;>43D3;DA@AD7
D7B>357?7@FBDA<75FE;@/7EF7D@GEFD3>;3
/77JB75F36;E5;B>;@76;@5D73E7;@53B;F3>
7JB7@6;FGD7AH7DF:75A?;@9K73DE3EAGD
9DAIF:BDA<75FE3557>7D3F73@6
6753D4A@;E3F;A@BDA<75FE36H3@57,:;E;E
5D;F;53>FA7@EGD7I7:3H7F:7D;9:FBADF8A>;AFA
=77B5D73F;@9H3>G78AD675367EFA5A?7FA
47@78;F8DA?F:77@7D9KFD3@E;F;A@
3#/%#.6-21-,1&#-/"',/6
"'3'"#,"-3#/1&#.010#3#,6#/0
'GDE:3D7:A>67DD7FGD@EBA>;5K63F7E435=FA
/7:3H75A??;FF76FAD7FGD@;@9FA
A8G@67D>K;@973D@;@9EA@3H7D397
F:DAG9:F:75K5>7I;F:366;F;A@3>D7FGD@E;@
B7D;A6EA8EFDA@973D@;@9E3@653E:
97@7D3F;A@'H7DF:7B3EFE7H7@K73DEI7
:3H7B3;6AGF3FF:7FAB7@6A8F:7D3@973F
8ADF:7AD6;@3DK6;H;67@6;@735:K73D
/7:3H7D7?3;@76H7DK5A@E;EF7@FI;F:AGD
E:3D7:A>67DD7FGD@EBA>;5KI;F:F:7B3KAGF
D3F;A9;H;@9GEEA?78>7J;4;>;FKI;F:D793D6FA
F:7?35DA75A@A?;57@H;DA@?7@F!FD7?3;@E
35AD7B3DFA8AGD7CG;FKEFADKI:;5:I7E77
3EB3D3?AG@F8AD?3;@F3;@;@96;E5;B>;@7'GD
8;@3@5;3>EFD7@9F:?73@EF:3FI753@D7;@H7EF
8AD9DAIF:3557>7D3F7AGD6753D4A@;E3F;A@
3@65A@F;@G7FAB3K3FFD35F;H76;H;67@6E
F:DAG9:F:75K5>7
ADI73D7D7FGD@;@9A8G@67D>K;@9
73D@;@9EFAE:3D7:A>67DEI:;5:7CG3F7EFA3
8G>>K73DAD6;@3DK6;H;67@6A8-+57@FE
B7DE:3D7AD4;>>;A@
,#/%61/,0'1'-,"/'3#0""'1'-,*
*-,%1#/+3*2#
/78AD7E773E;9@;8;53@FGB>;8F;@@7I67?3@6
8DA?F:77@7D9KFD3@E;F;A@P366;@93E?G5:
3EAH7D3@634AH7FD36;F;A@3>EAGD57EA8
67?3@6A@35ABB7D7CG;H3>7@F43E;E35DAEE
AGD=7KBDA6G5FE4K
753D4A@;E3F;A@;EF:7D78AD7BAE;F;H78ADAGD
;@6GEFDK;H7@F:3FF:7IAD>6I;>>@776?AD7
3>G?;@;G??AD75ABB7D?AD7:;9:9D367
;DA@AD73@6?AD7>;F:;G?F:;E;EI:7D7I73D7
8A5GE;@9AGD9DAIF:;@H7EF?7@FE
&3$"2)(&.&1"3&%'1/-/0&1"3*.(
"$3*5*3*&2
#*,,*/.
N4;>>;A@
1/'*3"'3&13"7"331*#43"#,&3//6.&12/'*/
*.3/.&3&"1.*.(2
#*,,*/.
N4;>>;A@
.%&1,8*.(&"1.*.(2
#*,,*/.
N4;>>;A@
AI7H7DI7I;>>A@>K;@H7EF;@CG3>;FK3EE7FE
I:;5:9;H7DA4GEFD7FGD@EG@67D3D3@97A8
75A@A?;597ABA>;F;53>3@653D4A@E57@3D;AE
5D73F;@93D7E;>;7@FBADF8A>;AI;F:E;9@;8;53@F
GBE;67FAF:77@7D9KFD3@E;F;A@/7I;>>
5A@F;@G7FA3>>A53F7AGD53B;F3>I;F:9D73F
6;E5;B>;@73@6D7?3;@5A??;FF76FA3FFD35F;H7
E:3D7:A>67DD7FGD@EG@67DB;@@764KAGD
D7E;>;7@F53E:8>AIE3@6F:7EFD7@9F:A8AGD
43>3@57E:77F
&3&14..*.()"-
:;78;@3@5;3>'88;57D
74DG3DK
25Annual Report 2022 | riotinto.com
Strategic report
',,!'*/#3'#4
#6$',,!'*&'%&*'%&10
!@366;F;A@FA!*+

?73EGD7E?3@397?7@FGE7E@A@(

?73EGD7E;@F7D@3>>K
FA3EE7EEB7D8AD?3@57G>>D75A@5;>;3F;A@E3D7BDAH;676A@B3973@6B397EFA
,:7E7N?73EGD7E3D7:;9:>;9:F76I;F:F:7EK?4A>V
38&"1&.%   :3@97
&7F53E:97@7D3F768DA?AB7D3F;@935F;H;F;7E-+?;>>;A@E   
(GD5:3E7EA8BDAB7DFKB>3@F3@67CG;B?7@F3@6;@F3@9;4>73EE7FE-+?;>>;A@E   
D7753E:8>AI

-+?;>>;A@E
  
A@EA>;63F76E3>7ED7H7@G7-+?;>>;A@E   
-@67D>K;@9!,

-+?;>>;A@E
  
(DA8;F38F7DF3J3FFD;4GF34>7FAAI@7DEA8*;A,;@FA@7F73D@;@9E-+?;>>;A@E   
-@67D>K;@973D@;@9EB7DE:3D7(+

-+57@FE
  
'D6;@3DK6;H;67@6B7DE:3D7-+57@FE   
+B75;3>6;H;67@6B7DE:3D7-+57@FE =  
,AF3>6;H;67@6B7DE:3D7-+57@FE   
&7F674F53E:

-+?;>>;A@E
 
-@67D>K;@9D7FGD@A@53B;F3>7?B>AK76*'


 
-*'"$',,!'*/#02*10',0#1%',01!-,1#51-$/#!-/"./'!#0',
P 4;>>;A@@7F53E:97@7D3F768DA?AB7D3F;@935F;H;F;7E>AI7D
F:3@,:;E;@5>G676;F7?EA83@A@D75GDD;@9@3FGD7I:;5:I7D7
@AFD7BD7E7@F3F;H7A8F:7G@67D>K;@9EFD7@9F:A8F:7B7D8AD?3@57A8
F:74GE;@7EEI:;5:;@399D793F7D76G576AB7D3F;@953E:8>AI4K
3DAG@64;>>;A@D7753E:8>AI

A84;>>;A@;@5>G67653B;F3>
7JB7@6;FGD7A84;>>;A@I:;5:675D73E763EI7
5A??;EE;A@76AGD5GDD7@FBDA9D3??7A8(;>43D3D7B>357?7@F
BDA<75FE@AF34>KG63;3DD;
P 4;>>;A@A8@7F73D@;@9E>AI7DF:3@D78>75F76F:7
?AH7?7@F;@5A??A6;FKBD;57EF:7;?B35FA8:;9:7D7@7D9K3@6D3I
?3F7D;3>EBD;57EA@AGDAB7D3F;A@E3@6:;9:7DD3F7EA8;@8>3F;A@A@AGD
AB7D3F;@95AEFE3@65>AEGD7>;34;>;F;7E8875F;H7F3JD3F7A@@7F
73D@;@9EA85A?B3D76I;F:;@I;F:F:7;@5D73E7
47;@9BD;?3D;>K6G7FAF:74;>>;A@ID;F76AI@A86787DD76F3J
3EE7FE;@F:7-+
P 4;>>;A@G@67D>K;@9!,

I3E47>AII;F:3@
G@67D>K;@9!,?3D9;@

A8
P 4;>>;A@G@67D>K;@973D@;@9E

G@67D>K;@9(+

A8-+57@FE
I7D747>AI
P 4;>>;A@A8@7F674F

3FK73D7@65A?B3D76I;F:@7F53E:

A8
N4;>>;A@3FF:7EF3DFA8F:7K73DBD;?3D;>KD78>75F76F:78D7753E:
8>AI

A84;>>;A@A88E7F4K4;>>;A@A853E:D7FGD@EFA
E:3D7:A>67DE3@64;>>;A@8ADF:735CG;E;F;A@EA8,GDCGA;E7 ;>>
*7EAGD57E,*)

3@6*;@5A@$;F:;G?(DA<75F
P 4;>>;A@8G>>K73D6;H;67@67CG;H3>7@FFA-+57@FEB7DE:3D7
,:;ED7BD7E7@FEA8G@67D>K;@973D@;@9E;@>;@7I;F:AGD
E:3D7:A>67DD7FGD@EBA>;5K
#0'*'#,1!0&$*-4$/-+-.#/1'-,0
&+'5+2*+*
+)+1(+5

173D7@676
757?47D

%#1 -+?
&7F53E:97@7D3F768DA?AB7D3F;@935F;H;F;7E  
(GD5:3E7EA8BDAB7DFKB>3@F3@67CG;B?7@F3@6;@F3@9;4>73EE7FE  
+3>7EA8BDAB7DFKB>3@F3@67CG;B?7@F = 
$73E7BD;@5;B3>B3K?7@FE  
5++)'6.,03:

 
;EBAE3>E  
3E:D757;BF8DA?E3>7A8ADF7LDAK3>FK  Q
;H;67@6EB3;6FA7CG;FKE:3D7:A>67DE  
5CG;E;F;A@ED7>3F;@9FA*;@5A@3@6%5I7@ABB7D  Q
(GD5:3E7A8F:7?;@AD;FK;@F7D7EF;@,GDCGA;E7 ;>>*7EAGD57E$F6

 Q
'F:7D  
+)5+'6+2)5+'6+/22+7*+(7)'6.

 
 !@F7D@3F;A@3>;@3@5;3>*7BADF;@9+F3@63D6E
 7@7D3>>K557BF7655AG@F;@9(D;@5;B>7E
 ,:;E8;@3@5;3>B7D8AD?3@57;@6;53FAD;E3@A@!*+3E678;@7647>AI3>F7D@3F;H7B7D8AD?3@57?73EGD7(%!F;EGE76;@F7D@3>>K4K?3@397?7@FFA3EE7EEF:7B7D8AD?3@57A8F:74GE;@7EE3@6
;EF:7D78AD75A@E;67D76D7>7H3@FFAD7367DEA8F:;E6A5G?7@F!F;EBD7E7@F76:7D7FA9;H7?AD75>3D;FK3DAG@6F:7G@67D>K;@94GE;@7EEB7D8AD?3@57A8F:7DAGBSEAB7D3F;A@E(%E3D7D75A@5;>76
FA6;D75F>K5A?B3D34>7!*+8;@3@5;3>?73EGD7EA@B397EFA'GD8;@3@5;3>D7EG>FE3D7BD7B3D76;@355AD63@57I;F:!*+QE77B3978AD8GDF:7D;@8AD?3F;A@
 ,AF3>5A@E;67D3F;A@A8?;>>;A@8ADF:7?;@AD;FK;@F7D7EF;@,*)7J5>G67EFD3@E35F;A@5AEFEA8?;>>;A@!@I7B3;6?;>>;A@FAE:3D7:A>67DE3@6?;>>;A@A8FD3@E35F;A@5AEFE
!@I77JB75FFAB3KF:7D7?3;@;@9?;>>;A@A8FD3@E35F;A@5AEFE3@63BBDAJ;?3F7>K?;>>;A@FA6;EE7@F;@9E:3D7:A>67DE67B7@6;@9A@F:7AGF5A?73@6F;?;@9A86;EE7@FBDA5776;@9E
Annual Report 2022 | riotinto.com26
P 4;>>;A@;@@7F53E:97@7D3F768DA?AB7D3F;@935F;H;F;7E
>AI7DF:3@I3EBD;?3D;>K6D;H7@4KBD;57?AH7?7@FE8ADAGD
?3<AD5A??A6;F;7E3@634;>>;A@D;E7;@IAD=;@953B;F3>BD;?3D;>K
6G7FA7>7H3F76BD;57E8ADD3I?3F7D;3>E;@3>G?;@;G?;@H7@FADK/7
3>EA;@5GDD76EA?7;F7?EA83@A@D75GDD;@9@3FGD7I:;5:I7D7@AF
D7BD7E7@F3F;H7A8F:7G@67D>K;@9EFD7@9F:A8F:7B7D8AD?3@57A8F:7
4GE;@7EE,:7E75A?BD;E76:;9:7DF3JB3K?7@FED7>3F;H7FABDA8;F;@
3E3D7EG>FA834;>>;A@4;>>;A@8;@3>B3K?7@FFAF:7
GEFD3>;3@,3J3F;A@'88;57,';@D7EB75FA8BDA8;FE
4;>>;A@4;>>;A@E7FF>7?7@FI;F:F:7,';@D7EB75FA8
:;EFAD;53>K73DE3@64;>>;A@A853E:>AEE7E8DA?5GDD7@5K:7697E
A@AGD7JF7D@3>6;H;67@6EFF:77@6A8I7:36@A?3F7D;3>
AGFEF3@6;@9F3JB3K34>7A@GEFD3>;3@BDA8;FE
 /7?367EA?7E;9@;8;53@F;@H7EF?7@FE;@9DAIF:I;F:F:7N4;>>;A@
35CG;E;F;A@A8*;@5A@3@6F:7N4;>>;A@

BGD5:3E7A8@A@
5A@FDA>>;@9;@F7D7EFE;@,*);@5>G6;@9FD3@E35F;A@5AEFE9;H;@9GE3
E:3D7:A>6;@9;@F:7'KG,A>9A;5ABB7D9A>6?;@7AGD>3D97EF
9DAIF:BDA<75F'GD53B;F3>7JB7@6;FGD7A84;>>;A@7@5A?B3EE76
4;>>;A@A89DAIF:53B;F3>4;>>;A@A8D7B>357?7@F53B;F3>
N4;>>;A@A8EGEF3;@;@953B;F3>3@64;>>;A@A86753D4A@;E3F;A@
EB7@6/78G@676AGD53B;F3>7JB7@6;FGD78DA?AB7D3F;@935F;H;F;7E
3@67JB75FFA5A@F;@G78G@6;@9AGD53B;F3>BDA9D3??78DA?;@F7D@3>
EAGD57E7J57BF8ADF:7'KG,A>9A;G@67D9DAG@667H7>AB?7@FI:;5:
;EBDA<75F8;@3@576
P 4;>>;A@A86;H;67@6EB3;6;@47;@9F:78;@3>AD6;@3DK
3@6EB75;3>6;H;67@6EB3;6;@BD;>4;>>;A@3@6F:7
;@F7D;?AD6;@3DK6;H;67@6B3;6;@+7BF7?47D4;>>;A@;@5>G6;@9
8AD7;9@7J5:3@97;?B35FE
P ,:734AH7?AH7?7@FEFA97F:7DI;F:6;EBAE3>E;@5>G6;@9F:7
?;>>;A@A853E:D757;H768DA?F:7E3>7A8F:79DAEEBDA6G5F;A@DAK3>FK
3FF:7ADF7LA?B>7J;@&7H363-+ADF7LDAK3>FKD7EG>F76;@
@7F53E:

675D73E;@94K4;>>;A@;@3@693H7D;E7FA@7F
674F

A84;>>;A@3F757?47D
,"#/*6',%,"2,"#/*6',%#/,',%0 6./-"2!1%/-2.
.%&1,8*.( .%&1,8*.(&"1.*.(2
    :3@97     :3@97
!&"1&.%&%&$&-#&1 %#1 -+?  %#1 -+? 
!DA@'D7          
>G?;@;G?         
ABB7D         
%;@7D3>E          
"+4357'(0+6+-1+27737'0          
'F:7DAB7D3F;A@E          
!@F7DE79?7@FFD3@E35F;A@E          
7@FD3>B7@E;A@5AEFEE:3D743E76B3K?7@FE;@EGD3@573@667D;H3F;H7E         
*7EFDG5FGD;@9BDA<75F3@6A@7A885AEFE        
'F:7D57@FD3>5AEFE         
7@FD3>7JB>AD3F;A@3@67H3>G3F;A@        
&7F;@F7D7EF     
$37'0          
-@67D>K;@9!,3@6G@67D>K;@973D@;@9E3D7(%EGE764K?3@397?7@FFA3EE7EEF:7B7D8AD?3@57A8F:74GE;@7EE3@6BDAH;67366;F;A@3>;@8AD?3F;A@I:;5:;@H7EFADE?3K8;@6GE78G>(%E
3D7D75A@5;>76FA6;D75F>K5A?B3D34>7!*+8;@3@5;3>?73EGD7EA@B397EFA
-,1',2',%1-',3#01',%/##,$'#*"#5.*-/1'-,
/7:3H73EFDA@9BADF8A>;AA89D77@8;7>67JB>AD3F;A@BDA<75FE;@
73D>K7JB>AD3F;A@3@6EFG6;7EEF397EI;F:35F;H;FK;@5AG@FD;7E
35DAEEE7H7@5A??A6;F;7E,:;E;ED78>75F76;@AGDBD7F3J57@FD3>
EB7@6A8N?;>>;A@;@,:74G>=A8F:;E7JB>AD3F;A@
7JB7@6;FGD7I3E8A5GE76A@5ABB7DBDA<75FE;@GEFD3>;3
A>A?4;3&3?;4;3(7DGF:7-@;F76+F3F7E3@623?4;3
6;3?A@6E;@@9A>33@6:73HK?;@7D3>E3@6EBDA<75FE;@
GEFD3>;33@6+AGF:8D;53JB>AD3F;A@;EA@9A;@98AD@;5=7>;@
3@3633@6;@>3@63@6;@>;F:;G?35DAEE3>>D79;A@EI;F:
ABBADFG@;F;7E7?7D9;@9;@F:7-@;F76+F3F7E3@68D;53%;@7
>73E77JB>AD3F;A@5A@F;@G763F*;A,;@FA?3@39764GE;@7EE7E
;@5>G6;@9(;>43D3!DA@;@GEFD3>;3;3H;=;@3@3633@63B7
1AD=43GJ;F7AB7D3F;A@E;@GEFD3>;3
-++#,1/6-,$',,!'*/#02*10
,ABDAH;67366;F;A@3>;@E;9:F;@FAF:7B7D8AD?3@57A8AGD4GE;@7EEI7
D7BADFG@67D>K;@9!,3@6G@67D>K;@973D@;@9E,:7BD;@5;B3>
835FADE7JB>3;@;@9F:7?AH7?7@FE;@G@67D>K;@9!,3D7E7FAGF;@
F:;EF34>7
%#1
82*+50</2-$ 
(D;57E 
J5:3@97D3F7E  
.A>G?7E3@6?;J 
7@7D3>;@8>3F;A@  
@7D9K  
'B7D3F;@953E:G@;F5AEFE  
;9:7D7JB>AD3F;A@3@67H3>G3F;A@7JB7@6;FGD7 
&A@53E:5AEFEAF:7D  
82*+50</2-$  
 ,:;E8;@3@5;3>B7D8AD?3@57;@6;53FAD;E3@A@!*+3E678;@7647>AI3>F7D@3F;H7B7D8AD?3@57?73EGD7(%!F;EGE76;@F7D@3>>K4K?3@397?7@FFA3EE7EEF:7B7D8AD?3@57A8F:74GE;@7EE3@6
;EF:7D78AD75A@E;67D76D7>7H3@FFAD7367DEA8F:;E6A5G?7@F!F;EBD7E7@F76:7D7FA9;H7?AD75>3D;FK3DAG@6F:7G@67D>K;@94GE;@7EEB7D8AD?3@57A8F:7DAGBSEAB7D3F;A@E(%E3D7D75A@5;>76
FA6;D75F>K5A?B3D34>7!*+8;@3@5;3>?73EGD7EA@B397EFA'GD8;@3@5;3>D7EG>FE3D7BD7B3D76;@355AD63@57I;F:!*+QE77B3978AD8GDF:7D;@8AD?3F;A@
 ,AF3>5A@E;67D3F;A@A8?;>>;A@8ADF:7?;@AD;FK;@F7D7EF;@,*)7J5>G67EFD3@E35F;A@5AEFEA8?;>>;A@!@I7B3;6?;>>;A@FAE:3D7:A>67DE3@6?;>>;A@A8FD3@E35F;A@5AEFE
!@I77JB75FFAB3KF:7D7?3;@;@9?;>>;A@A8FD3@E35F;A@5AEFE3@63BBDAJ;?3F7>K?;>>;A@FA6;EE7@F;@9E:3D7:A>67DE67B7@6;@9A@F:7AGF5A?73@6F;?;@9A86;EE7@FBDA5776;@9E
27Annual Report 2022 | riotinto.com
Strategic report
-*'"$',,!'*/#02*10'+.!1#" 60'%,'$'!,1
+-3#+#,10',!-++-"'16./'!#0
/7E3IE;9@;8;53@F?AH7?7@F;@BD;5;@98ADAGD5A??A6;F;7E3?;6EF
9DAI;@9D757EE;A@873DE3@63675>;@7;@5A@EG?7D5A@8;67@57
%AH7?7@FE;@5A??A6;FKBD;57ED7EG>F76;@3?;>>;A@675>;@7;@
G@67D>K;@9!,AH7D3>>5A?B3D76I;F:,:;EI3EBD;?3D;>K8DA?
>AI7D;DA@AD7BD;57E?;>>;A@3@6>AI7D$A@6A@%7F3>J5:3@97
$%5ABB7DBD;57E3@63@793F;H7BDAH;E;A@3>BD;5;@9;?B35F
 ?;>>;A@
,:;EI3EB3DF>KA88E7F4K3BD;57GB>;8F8ADAGD>G?;@;G?4GE;@7EE
?;>>;A@6D;H7@4K38;DEF:3>8D;E7;@$%BD;57E;?BDAH76
BDA6G5FBD7?;G?E3@6:;9:7D3>G?;@3BD;5;@9I:;5:87>>3I3KE:3DB>K
;@F:7E75A@6:3>8/7:3H7;@5>G6763F34>7A8BD;57E3@67J5:3@97
D3F7EA@B397
,:7?A@F:>K3H7D397(>3FFE;@67J8AD;DA@8;@7E5A@H7DF76FA3D77
A@A3D6'43E;EI3E>AI7DA@3H7D3975A?B3D76I;F:
,:73H7D397$%BD;578AD5ABB7DI3E>AI7DI:;>7F:73H7D397
$%3>G?;@;G?BD;57I3E:;9:7D5A?B3D76I;F:,:79A>6
BD;57I3E8>3F5A?B3D76I;F:
,:7?;6I7EFBD7?;G?6GFKB3;68AD3>G?;@;G?;@F:7-+3H7D3976
B7DFA@@7:;9:7DF:3@;@
#)#/*-!*!2//#,!'#0"2/',%
A?B3D76I;F:A@3H7D397F:7-+6A>>3DEFD7@9F:7@764K
393;@EFF:7GEFD3>;3@6A>>3D3@64K393;@EFF:73@36;3@6A>>3D
GDD7@5K?AH7?7@FE;@5D73E76G@67D>K;@9!,4K?;>>;A@
D7>3F;H7FA
+./-3#+#,1',0*#03-*2+#0,"+'5
;9:7DE3>7EHA>G?7E3@65:3@97E;@BDA6G5F?;J35DAEEF:7BADF8A>;A
;@5D73E76G@67D>K;@9!,4K?;>>;A@5A?B3D76FA,:;E
I3E?AEF>K3FFD;4GF34>7FA;@5D73E76;DA@AD7E3>7E8DA?F:7D3?BGBA8
G63;3DD;3>A@9I;F::;9:7DBADFE;67E3>7E;@:;@33@683HAGD34>7
H3>G736676BDA6G5FBD7?;G?E8ADAGD>G?;@;G?4GE;@7EE
+.!1-$/'0',%',$*1'-,,"0'%,'$'!,1*6&'%&#/#,#/%6
./'!#0
H7D397?AH7?7@FE;@7@7D9KBD;57E5A?B3D76I;F:D76G576
G@67D>K;@9!,4K?;>>;A@?3;@>K6G7FA:;9:7D6;7E7>BD;57E
8ADAGDFDG5=EFD3;@E3@6E:;BE!@366;F;A@D;E;@997@7D3>BD;57;@8>3F;A@
35DAEEAGD9>A43>AB7D3F;A@ED7EG>F76;@3?;>>;A@D76G5F;A@;@
G@67D>K;@9!,;@5>G6;@94;>>;A@8ADF:7;?B35FA8:;9:7DF:3@
7JB75F76;@8>3F;A@A@5>AEGD7BDAH;E;A@E8AD5>AE76AD8G>>K;?B3;D76
E;F7E3@67@H;DA@?7@F3>>;34;>;F;7E
'0!'.*',#"$-!20-,!-010-$$0#10-+#-$1&#+/)#1
*',)#"',!/#0#0
/7D7?3;@768A5GE76A@5AEF5A@FDA>F:DAG9:AGFF:7K73D;@B3DF;5G>3D
?3;@F3;@;@96;E5;B>;@7A@8;J765AEFE AI7H7D3D;E7;@AGDAB7D3F;@9
53E:G@;F5AEFED76G576G@67D>K;@9!,4K?;>>;A@A@3G@;F
5AEF43E;E5A?B3D76I;F:,:;E?3;@>KD78>75F765K5>;53>5AEF
BD7EEGD7E8DA?:;9:7D?3D=7F>;@=76BD;57E8ADD3I?3F7D;3>E;@
B3DF;5G>3D;@AGD>G?;@;G?4GE;@7EE/73>EA7JB7D;7@5768;J765AEF
;@788;5;7@5;7E8DA?>AI7DHA>G?7E3FAGD(35;8;53>G?;@3D78;@7D;7E3@6
3FF:7AK@73>G?;@;G?E?7>F7D6G7FABDA6G5F;A@6;EDGBF;A@E!@
366;F;A@I7;@5D73E76D7EAGD5;@9;@AGD;DA@AD74GE;@7EEFAEGBBADF
F:7D3?BGB3FG63;3DD;3@6F3D97F76;@H7EF?7@F;@B;F:73>F:3@6
3EE7F?3;@F7@3@5735DAEEF:7(;>43D3
,!/#0',%-2/%*- *#5.*-/1'-,,"#3*21'-,
!1'3'16
/7;@5D73E76AGD7JB>AD3F;A@3@67H3>G3F;A@7JB7@6;FGD74K
?;>>;A@ADFA?;>>;A@,:;EI3E?3;@>K3FFD;4GF34>7FA
;@5D73E7635F;H;FK3FF:7+;?3@6AG;DA@AD7BDA<75F;@G;@733@6F:7
*;@5A@$;F:;G?(DA<75F;@D97@F;@3
-,!0&!-010-1&#/
%AH7?7@FE;@@A@53E:5AEFEA@7A883@6AF:7D;F7?E;@5D73E76
G@67D>K;@9!,4K?;>>;A@5A?B3D76I;F:,:;E?3;@>K
D78>75F76F:735CG;E;F;A@A8F:7D7?3;@;@9A8;3H;=;@&AH7?47D
?;>>;A@>AI7D;@5D7?7@F3>'.!5AEFE?;>>;A@
93;@A@3EE7FE3>73F#7@@75AFF?;>>;A@3@6>AI7D5:3D97EFAF:7
;@5A?7EF3F7?7@FA@GB63F7EFA5>AEGD75AEF7EF;?3F7ED7>3F;@9FA
5>AE763@6>7935KE;F7E?;>>;A@,:;EI3EB3DF;3>>KA88E7F4K
D76G57653B35;FK3FF:7#;F;?3F3>G?;@;G?E?7>F7D?;>>;A@3E
D3?BGB35F;H;F;7EBDA9D7EE76;@8A>>AI;@9F:7EFD;=7I:;5:
5A??7@576;@"G>K
#1#/,',%0
,:7BD;@5;B3>835FADE7JB>3;@;@9F:7?AH7?7@FE;@G@67D>K;@973D@;@9E3@6@7F73D@;@9E3D7E7FAGF47>AI
%#1
2+7+'52/2-6  
,AF3>5:3@97E;@G@67D>K;@9!,  
!@5D73E7;@67BD75;3F;A@3@63?ADF;E3F;A@BD7F3J;@G@67D>K;@973D@;@9E 
!@5D73E7;@;@F7D7EF3@68;@3@57;F7?EBD7F3J;@G@67D>K;@973D@;@9E  
75D73E7;@F3JA@G@67D>K;@973D@;@9E 
75D73E7;@G@67D>K;@973D@;@9E3FFD;4GF34>7FANAGFE;67;@F7D7EFE  
$37'0).'2-+6/282*+50</2-+'52/2-6 
.'2-+6/2+;)086/326,53182*+50</2-+'52/2-6
/D;F7A88A8767D3>6787DD76F3J3EE7FE;@F:7-@;F76+F3F7E 
%AH7?7@F;@7J5:3@976;887D7@57E3@693;@E>AEE7EA@67D;H3F;H7E 
3;@D75A9@;E764K#;F;?3FD7>3F;@9FA$&3@363EBDA<75F  
$AEEA@6;EBAE3>A8;@F7D7EF;@EG4E;6;3DK 
%AH7?7@F;@;?B3;D?7@F5:3D97E@7FA8D7H7DE3>E 
%AH7?7@F;@5>AEGD77EF;?3F7E@A@AB7D3F;@93@68G>>K;?B3;D76E;F7E  
3;@A@E3>7A8ADF7LDAK3>FK  
2+7+'52/2-6  
Annual Report 2022 | riotinto.com28
Financial review continued
#./#!'1'-,,"+-/1'01'-,,#17',1#/#01,"$',,!#
'1#+0715,",-,!-,1/-**',%',1#/#010
,:767BD75;3F;A@3@63?ADF;E3F;A@5:3D97I3E?;>>;A@:;9:7DF:3@
?3;@>K6G7FA3@;@5D73E7;@53B;F3>;E765>AEGD75AEFE;@3F3
@G?47DA8AGD>G?;@;G?E;F7E'GD53B;F3>43E7I3E3>EA:;9:7D;@!DA@
'D7ABB7D3@6%;@7D3>E3E3D7EG>FA8AGD;@H7EF?7@F35F;H;F;7E,:;E
I3EB3DF;3>>KA88E7F4K3EFDA@97D-+6A>>3D393;@EFF:7GEFD3>;3@6A>>3D
!@F7D7EF3@68;@3@57;F7?EBD7F3JI7D7:;9:7D?3;@>K3E3D7EG>FA83
?;>>;A@;@5D73E7;@3?ADF;E3F;A@A86;E5AG@FA@BDAH;E;A@E3E
:;9:7D;@8>3F;A@:363@;?B35FA@F:7DAGBE5>AEGD73@6D7EFAD3F;A@
7@H;DA@?7@F3>>;34;>;F;7E,:73?ADF;E3F;A@5:3D97A8?;>>;A@
?;>>;A@;@5ADBAD3F7E3@7EF;?3F7A8;@8>3F;A@3FF:7EF3DFA8
735:E;J?A@F:D7BADF;@9B7D;A6FF:77@6A8735::3>8K73DI7
GB63F7F:7G@67D>K;@953E:8>AIE8ADF:7>3F7EF7EF;?3F7A87JB7D;7@576
;@8>3F;A@8ADF:75GDD7@F8;@3@5;3>K73D3@6D75AD6F:;E3ET5:3@97EFA
7J;EF;@9BDAH;E;A@EUADAB7D3F;@9E;F7EF:;E36<GEF?7@FGEG3>>KD7EG>FE
;@35ADD7EBA@6;@936<GEF?7@FFA(DAB7DFKB>3@F3@67CG;B?7@F3@6
8AD5>AE763@68G>>K;?B3;D76E;F7EF:736<GEF?7@F;E5:3D976AD5D76;F76
FAF:7!@5A?7EF3F7?7@F,:7E7;@5A?7EF3F7?7@F3?AG@FE3D7
;@5>G676I;F:;@G@67D>K;@973D@;@9E7J57BF8ADF:7D7?73EGD7?7@FA8
BDAH;E;A@E8AD>7935KE;F7EF:3FI7D7@7H7DAB7D3F764K*;A,;@FA
,:778875F;H75ADBAD3F7;@5A?7F3JD3F7A@BD7F3J73D@;@9E
7J5>G6;@97CG;FK355AG@F76G@;FEI3E5A?B3D76I;F:;@
,:778875F;H7F3JD3F7A@BD7F3J73D@;@9E;@GEFD3>;3I3E
;@5A?B3D76I;F:;@/7D735:7639D77?7@FI;F:F:7
GEFD3>;3@,3J3F;A@'88;57,'A@3>>F3J?3FF7DE;@6;EBGF7EB3DFA8
F:;E39D77?7@F;@G9GEFI7B3;6F:7,'366;F;A@3>F3JA8
?;>>;A@8ADF:7B7D;A68DA?FA'H7DF:;EK73DB7D;A6I7
B3;6@73D>K4;>>;A@;@F3J3@6DAK3>F;7E;@GEFD3>;3
1#+0#5!*2"#"$/-+2,"#/*6',%#/,',%0
,:7!@8>3F;A@*76G5F;A@5FA8;@F:7-@;F76+F3F7E?3K9;H7D;E7FA
;@H7EF?7@F5D76;FEA@EA?7A8AGD7J;EF;@9BDA<75FEI;F:>A@97D63F76
BDA<75FEBAF7@F;3>>K475A?;@9?AD783HAGD34>7 AI7H7D;F3>EA
;@5>G67E3@7IADBAD3F7>F7D@3F;H7%;@;?G?,3JD79;?7I:;5::3E
>76FAF:7DAGBD7H;7I;@9F:753DDK;@9H3>G7A8-+767D3>6787DD76
F3J43>3@57E,:7D7EG>F;@9?;>>;A@ID;F76AI@A8767D3>6787DD76
F3J3EE7FE:3E477@7J5>G6768DA?G@67D>K;@973D@;@9EA@F:79DAG@6E
A8?3F7D;3>;FK
!@I7D75A9@;E763@7J5:3@973@667D;H3F;H7>AEEA8?;>>;A@
,:;E;@5>G67E>AEE7EA8?;>>;A@A@D7H3>G3F;A@A857DF3;@67D;H3F;H7E
I:;5:6A@AFCG3>;8K8AD:7697355AG@F;@9,:7E7;@5>G675GDD7@5K
:7697ED7>3F;@9FAAGD7JF7D@3>6;H;67@6E3@67J5:3@97>AEE7EA8
?;>>;A@A@-+6A>>3D674F;@@A@-+6A>>3D8G@5F;A@3>5GDD7@5KDAGB
5A?B3@;7EB3DF>KA88E7F4K?;>>;A@A87J5:3@9793;@EA@
;@FD39DAGB43>3@57E,:7E7>AEE7E5A?B3D76I;F:393;@A8
?;>>;A@9;H;@9D;E7FA3@G@83HAGD34>7K73DA@K73D?AH7?7@FA8
?;>>;A@,:77J5:3@9793;@E3D7>3D97>KA88E7F4K5GDD7@5KFD3@E>3F;A@
>AEE7ED75A9@;E76;@7CG;FK,:7CG3@FG?A8-+6A>>3D674F;E>3D97>K
G@38875F763@6I7I;>>D7B3K;F8DA?-+6A>>3DE3>7ED757;BFE
GD;@9$&3@3637>75F76FAF7D?;@3F7F:7;DABF;A@FABGD5:3E7
366;F;A@3>>3@63F#;F;?3F3@363,:;ED7EG>F76;@3?;>>;A@93;@
I:;5:;@5>G67EF:7D7>73E7A86787DD76;@5A?73@6D757;BFA83
53@57>>3F;A@877B3K?7@FGD;@9I7D75A9@;E763?;>>;A@
93;@A@D75A9@;F;A@A83@7II:3D83F#;F;?3FF:3FI3E4G;>F3@6B3;68AD
4K$&3@363,:7E793;@E:3H7477@7J5>G6768DA?G@67D>K;@9
73D@;@9E5A@E;EF7@FI;F:BD;ADK73DE3EF:7K3D7B3DFA83E7D;7EA8
?3F7D;3>FD3@E35F;A@EG@D7>3F76FAF:75AD74GE;@7EE
!?B3;D?7@F5:3D97E@7FA8D7H7DE3>E675D73E764K?;>>;A@
5A?B3D76I;F:!@I7;?B3;D76F:7D7?3;@;@98G>>H3>G7A8
F:7AK@7+?7>F7D;@)G77@E>3@6GEFD3>;33E3D7EG>FA8D76G576
53B35;FK3@6F:7:;9:5AEFA87@7D9K8DA?F:75A3>8;D76BAI7DEF3F;A@
;?B35F;@975A@A?;5B7D8AD?3@57!@I73>EA5A?B>7F76F:7E3>7
A8F:7*AG9:D;67DGD3@;G?G@67H7>AB76BDA<75F;@+3E=3F5:7I3@
3@363I:;5:D7EG>F76;@3D7H7DE3>A8BD7H;AGE;?B3;D?7@FE
,:7D7;E367F3;>767JB>3@3F;A@A8F:7;?B3;D?7@FBDA57EEA@B397E
FA
!@I7D75A9@;E76?;>>;A@;@5>AEGD75AEFED7BD7E7@F;@9
36<GEF?7@FEFAF:75>AEGD77EF;?3F7ED7>3F;@9FA>7935KE;F7EI:7D7F:7
6;EFGD43@57BD757676AI@7DE:;B4K*;A,;@FA;@5>G6;@9;@8>3F;A@3DK
;@5D73E7EFABDAH;E;A@E8ADF:7E7E;F7E;@7J57EEA8F:7G@I;@6A8
6;E5AG@F,:;EI3E?;>>;A@>AI7DF:3@5>AEGD75:3D97EI:;5:
D7>3F76FA@7D9K*7EAGD57EA8GEFD3>;3*AH7D78;@7DK3@6
;3H;=5>AEGD7BDAH;E;A@;@5D73E7E3@68GDF:7D;@5D73E7E3F3@G?47DA8
F:7DAGBE>7935KE;F7EI:7D7F:76;EFGD43@57BD757676AGD
AI@7DE:;B
!@I75A?B>7F76F:7?;>>;A@E3>7A839A>6DAK3>FKI:;5:I3E
D7F3;@768A>>AI;@9F:76;EBAE3>A8F:7ADF7L?;@7;@,:753DDK;@9
H3>G7A8F:7DAK3>FK3F757?47DI3E?;>>;A@D7EG>F;@9;@3
BAEFF3J93;@A8?;>>;A@,:;E:3E477@7J5>G6768DA?G@67D>K;@9
73D@;@9EA@F:79DAG@6EA8?3F7D;3>;FK
/-$'1
&7F73D@;@9E3@6G@67D>K;@973D@;@9ED787DFA3?AG@FE3FFD;4GF34>7FA
F:7AI@7DEA8*;A,;@FA,:7@7FBDA8;F3FFD;4GF34>7FAF:7AI@7DEA8*;A
,;@FA;@I3E4;>>;A@4;>>;A@/7D75AD6763BDA8;F
38F7DF3J;@A84;>>;A@4;>>;A@A8I:;5:3BDA8;FA8
4;>>;A@4;>>;A@I3E3FFD;4GF34>7FA@A@5A@FDA>>;@9
;@F7D7EFE
#1#/,',%0,"2,"#/*6',%#/,',%0
,:76;887D7@57E47FI77@G@67D>K;@973D@;@9E3@6@7F73D@;@9E3D7E7FAGF;@F:;EF34>73>>@G?47DE3D738F7DF3J3@67J5>G67@A@5A@FDA>>;@9
;@F7D7EFE
&+'5+2*+*
+)+1(+5

173D7@676
757?47D

%#1 -+?
%2*+50</2-+'52/2-6  
7+16+;)08*+*,53182*+50</2-+'52/2-6
!?B3;D?7@F5:3D97E@7FA8D7H7DE3>E  
3;@ED75A9@;E764K#;F;?3FD7>3F;@9FA$&3@363EBDA<75F  
$AEEA@6;EBAE3>A8;@F7D7EF;@EG4E;6;3DK  Q
AD7;9@7J5:3@973@667D;H3F;H793;@EA@@7F674F3@6;@FD39DAGB43>3@57E3@667D;H3F;H7E@AFCG3>;8K;@98AD:7697355AG@F;@9  
:3@97;@5>AEGD77EF;?3F7E@A@AB7D3F;@93@68G>>K;?B3;D76E;F7E  
3;@A@E3>7A8ADF7LDAK3>FK  Q
/D;F7A88A8767D3>6787DD76F3J3EE7FE;@F:7-@;F76+F3F7E  Q
+7+'52/2-6  
'@B397EFAF:7D7;E367F3;>76D75A@5;>;3F;A@8DA?G@67D>K;@973D@;@9EFA@7F73D@;@9E;@5>G6;@9BD7F3J3?AG@FE3@6366;F;A@3>
7JB>3@3FADK@AF7E,:76;887D7@57E47FI77@(DA8;F¨ëà F3J3@6G@67D>K;@9!,3D7E7FAGF;@F:7F34>7A@B397
29Annual Report 2022 | riotinto.com
Strategic report
*,!#0&##1
&7F53E:

D76G5764K4;>>;A@;@D7EG>F;@9;@3@7F674F

BAE;F;A@A84;>>;A@3FN757?47D,:;ED78>75F764;>>;A@
D7FGD@76FAE:3D7:A>67DE;@F:7K73D4;>>;A@

35CG;E;F;A@A8F:7
D7?3;@;@9@A@5A@FDA>>;@9;@F7D7EFA8,*)3@64;>>;A@35CG;E;F;A@A8
F:7*;@5A@$;F:;G?(DA<75FB3DF;3>>KA88E7F4K4;>>;A@A88D7753E:
8>AI3@6F:74;>>;A@D757;H768DA?F:7E3>7A8F:7ADF7LDAK3>FK
'GD@7F973D;@9D3F;A

@7F674F53E:FAFAF3>53B;F3>I3E3F
N757?47DN757?47DE77B397
'GDFAF3>8;@3@5;@9>;34;>;F;7E7J5>G6;@9@7F674F67D;H3F;H7E3F
N757?47DE77B397I7D74;>>;A@N757?47D
4;>>;A@3@6F:7I7;9:F763H7D397?3FGD;FKI3E3DAG@6
K73DEFN757?47D3BBDAJ;?3F7>KA8F:7E7>;34;>;F;7E
I7D73F8>A3F;@9;@F7D7EFD3F7E7J5>G6;@9>73E7E,:7?3J;?G?
3?AG@FI;F:;@@A@5GDD7@F4ADDAI;@9E?3FGD;@9;@3@KA@753>7@63D
K73D;E4;>>;A@I:;5:?3FGD7E;@
/7:36N4;>>;A@;@53E:3@653E:7CG;H3>7@FEB>GEAF:7DE:ADFF7D?
53E:;@H7EF?7@FE3FN757?47DN757?47D
N4;>>;A@
/-3'0'-,$-/!*-02/#!-010
FN757?47DBDAH;E;A@E8AD5>AE76AI@3@6D7EFAD3F;A@5AEFE
3@67@H;DA@?7@F3>5>73@GBA4>;93F;A@EI7D7N4;>>;A@
N757?47DN4;>>;A@,:7BD;@5;B3>?AH7?7@FE6GD;@9F:7
K73DI7D7F:7D7EG>FA83D7?73EGD7?7@FA8G@67D>K;@953E:8>AIE
;@5>G6;@9F:778875FA8;@8>3F;A@,:;EI3ED75AD6763E3@;@5D73E7FA
?;@;@9BDAB7DF;7E8AD5GDD7@FAB7D3F;@9E;F7EN4;>>;A@3@63E3
5:3D97FABDA8;F8AD>7935KE;F7EN4;>>;A@>EA5A@FD;4GF;@9FAF:7
;@5D73E7;@F:7BDAH;E;A@I3E3?ADF;E3F;A@A86;E5AG@FN4;>>;A@
I:;5:;@5>G67EF:778875FA8:;9:7D;@8>3F;A@;@F:7K73D,:7E7;@5D73E7E
I7D7B3DF>KA88E7F4KGF;>;E3F;A@A8F:7BDAH;E;A@F:DAG9:EB7@6
N4;>>;A@3@63I73=7DGEFD3>;3@6A>>3D3@36;3@6A>>3D3@6
+AGF:8D;53@D3@6393;@EFF:7-+6A>>3DN4;>>;A@
'8F:7N4;>>;A@;@BDAH;E;A@EN4;>>;A@D7>3F7EFAAB7D3F;@9E;F7E
3@6N4;>>;A@;E8AD>7935KE;F7E*7?3;@;@9>;H7EA8AB7D3F;A@E3@6
;@8D3EFDG5FGD7D3@978DA?A@7FAAH7DK73DEI;F:3@3H7D3978AD3>>
E;F7EI7;9:F764KBD7E7@F5>AEGD7A4>;93F;A@A83DAG@6K73DE
K73DE
,:7BDAH;E;A@E3D743E76A@D;E=36<GEF76D73>53E:8>AIEGE;@93D73>
D3F76;E5AG@FD3F7A8FAD78>75FA4>;93F;A@E3FF:7BD7E7@FH3>G7A8
53E:8>AIEA@757?47DF7D?E
!@I77JB75FFAGF;>;E73DAG@64;>>;A@A8F:7BDAH;E;A@E3EI7
36H3@57AGD5>AEGD735F;H;F;7E3FD9K>7*AH73>G?;@3D78;@7DK
3@6>7935KE;F7E
2/0&/#&-*"#//#12/,0.-*'!6
,:7A3D6;E5A??;FF76FA?3;@F3;@;@93@3BBDABD;3F743>3@5747FI77@53E:D7FGD@EFAE:3D7:A>67DE3@6;@H7EF?7@F;@F:74GE;@7EEI;F:F:7
;@F7@F;A@A8?3J;?;E;@9>A@9F7D?E:3D7:A>67DH3>G7
FF:77@6A8735:8;@3@5;3>B7D;A6F:7A3D667F7D?;@7E3@3BBDABD;3F7FAF3>>7H7>A8AD6;@3DK6;H;67@6B7DE:3D7,:;EF3=7E;@FA355AG@FF:7
D7EG>FE8ADF:78;@3@5;3>K73DF:7AGF>AA=8ADAGD?3<AD5A??A6;F;7EF:7A3D6SEH;7IA8F:7>A@9F7D?9DAIF:BDAEB75FEA8F:74GE;@7EE3@6F:7
5A?B3@KSEA4<75F;H7A8?3;@F3;@;@93EFDA@943>3@57E:77F,:7;@F7@F;A@;EF:3FF:743>3@5747FI77@F:7;@F7D;?3@68;@3>6;H;67@647I7;9:F76FA
F:78;@3>6;H;67@6
,:7A3D67JB75FEFAF3>53E:D7FGD@EFAE:3D7:A>67DEAH7DF:7>A@97DF7D?FA47;@3D3@97A8FAA8G@67D>K;@973D@;@9E;@399D793F7
F:DAG9:F:75K5>75=@AI>769;@9F:75K5>;53>@3FGD7A8F:7;@6GEFDK;F;EF:7A3D6SE;@F7@F;A@FAEGBB>7?7@FF:7AD6;@3DK6;H;67@6I;F:366;F;A@3>
D7FGD@EFAE:3D7:A>67DE;@B7D;A6EA8EFDA@973D@;@9E3@653E:97@7D3F;A@
.6-21/1'--,1&#-/"',/6"'3'"#,"

%#(2

-+4@
5*/2'5<*/9 /*+2*
!@F7D;?  
;@3>  
800<+'535*/2'5<*/9 /*+2*  
!'<3875'7/33235*/2'5<*/9 /*+2*      
**/7/32'05+78526
+B75;3>6;H;67@63@@AG@576;@"G>KB3;6;@+7BF7?47D @3 
+B75;3>6;H;67@63@@AG@576;@74DG3DKB3;6;@BD;> @3 
$37'0)'6.5+78526736.'5+.30*+56*+)0'5+*  
31(/2+*737'0'6
3,82*+50</2-+'52/2-6   
 3E76A@I7;9:F763H7D397@G?47DA8E:3D7E3@6675>3D766;H;67@6EB7DE:3D78ADF:7D7EB75F;H7B7D;A6E3@67J5>G6;@98AD7;9@7J5:3@97;?B35FEA@B3K?7@F
/767F7D?;@76;H;67@6E;@-+6A>>3DE/7675>3D73@6B3K*;A,;@FAB>56;H;67@6E;@BAG@6EEF7D>;@93@6*;A,;@FA$;?;F766;H;67@6E;@GEFD3>;3@
6A>>3DE,:78;@3>6;H;67@6:3E477@5A@H7DF763F7J5:3@97D3F7E3BB>;534>7A@74DG3DKF:7>3F7EFBD35F;534>763F7478AD7F:7
6;H;67@6I3E675>3D76?7D;53@7BAE;F3DK*757;BF*:A>67DED757;H7N6;H;67@6E3FF:7675>3D76D3F7;@-+6A>>3DE
 ,:;E8;@3@5;3>B7D8AD?3@57;@6;53FAD;E3@A@!*+3E678;@7647>AI3>F7D@3F;H7B7D8AD?3@57?73EGD7(%!F;EGE76;@F7D@3>>K4K?3@397?7@FFA3EE7EEF:7B7D8AD?3@57A8F:74GE;@7EE3@6
;EF:7D78AD75A@E;67D76D7>7H3@FFAD7367DEA8F:;E6A5G?7@F!F;EBD7E7@F76:7D7FA9;H7?AD75>3D;FK3DAG@6F:7G@67D>K;@94GE;@7EEB7D8AD?3@57A8F:7DAGBSEAB7D3F;A@E(%E3D7D75A@5;>76
FA6;D75F>K5A?B3D34>7!*+8;@3@5;3>?73EGD7EA@B397EFA'GD8;@3@5;3>D7EG>FE3D7BD7B3D76;@355AD63@57I;F:!*+QE77B3978AD8GDF:7D;@8AD?3F;A@
 ,AF3>5A@E;67D3F;A@A8?;>>;A@8ADF:7?;@AD;FK;@F7D7EF;@,*)7J5>G67EFD3@E35F;A@5AEFEA8?;>>;A@!@I7B3;6?;>>;A@FAE:3D7:A>67DE3@6?;>>;A@A8FD3@E35F;A@5AEFE
!@I77JB75FFAB3KF:7D7?3;@;@9?;>>;A@A8FD3@E35F;A@5AEFE3@63BBDAJ;?3F7>K?;>>;A@FA6;EE7@F;@9E:3D7:A>67DE67B7@6;@9A@F:7AGF5A?73@6F;?;@9A86;EE7@FBDA5776;@9E
Annual Report 2022 | riotinto.com30
1%*."18%*5*%&.%0&12)"1&%&$,"1&%  
"/3$/2735384
!@F7D;?-+57@FE  
;@3>-+57@FE  
G>>K73D-+57@FE  
"/3$/27340)
!@F7D;?-#B7@57
ĖĖĕŪĚė

;@3>-#B7@57 
G>>K73D-#B7@57 ĘĔĚŪĝĜ 
"/3$/273/1/7+*
!@F7D;?GEFD3>;3@57@FE
ėĜėŪěĔ

;@3>GEFD3>;3@57@FE 
G>>K73DGEFD3>;3@57@FE ěĕĔŪĕĝ 
0&$*",%*5*%&.%0&12)"1&%&$,"1&%  
"/3$/2735384
!@F7D;?-+57@FE 2' 
;@3>-+57@FE 2' 
G>>K73D-+57@FE 2' 
"/3$/27340)
!@F7D;?-#B7@57 2' 
;@3>-#B7@57 2' 
G>>K73D-#B7@57 2' 
"/3$/273/1/7+*
!@F7D;?GEFD3>;3@57@FE 2' 
;@3>GEFD3>;3@57@FE 2' 
G>>K73DGEFD3>;3@57@FE 2' 
,:78;@3>AD6;@3DK6;H;67@6FA47B3;6FAAGD*;A,;@FA$;?;F76
E:3D7:A>67DEI;>>478G>>K8D3@=76,:7A3D67JB75FE*;A,;@FA$;?;F76
FA47;@3BAE;F;A@FAB3K8G>>K8D3@=766;H;67@6E8ADF:78AD7E7734>7
8GFGD7
'@BD;>I7I;>>B3KF:78;@3>AD6;@3DK6;H;67@6FA
:A>67DEA8AD6;@3DKE:3D7E3@6:A>67DEA8*EA@F:7D79;EF7D3FF:7
5>AE7A84GE;@7EEA@%3D5:D75AD663F7,:77J6;H;67@6
63F7;E%3D5:
*;A,;@FAB>5E:3D7:A>67DE?3K5:AAE7FAD757;H7F:7;D6;H;67@6;@
GEFD3>;3@6A>>3DEAD&7I273>3@66A>>3DE3@6*;A,;@FA$;?;F76
E:3D7:A>67DE?3K5:AAE7FAD757;H7F:7;DE;@BAG@6EEF7D>;@9AD&7I
273>3@66A>>3DEGDD7@5K5A@H7DE;A@EI;>>4743E76A@F:7BAG@6
EF7D>;@9GEFD3>;3@6A>>3D3@6&7I273>3@66A>>3D7J5:3@97D3F7E8;H7
4GE;@7EE63KE478AD7F:76;H;67@6B3K?7@F63F7*;A,;@FAB>53@6*;A
,;@FA$;?;F76E:3D7:A>67DE?GEFD79;EF7DF:7;D5GDD7@5K7>75F;A@E4K
%3D5:
/7I;>>AB7D3F7AGD;H;67@6*7;@H7EF?7@F(>3@E8ADF:78;@3>
6;H;67@6H;E;FD;AF;@FA5A?8AD67F3;>E*;A,;@FAB>53@6*;A,;@FA
$;?;F76E:3D7:A>67DES7>75F;A@@AF;578ADF:7;H;67@6*7;@H7EF?7@F
(>3@E?GEF47D757;H764K%3D5:(GD5:3E7EG@67DF:7
;H;67@6*7;@H7EF?7@F(>3@3D7?367A@AD3EEAA@3EBD35F;534>7
38F7DF:76;H;67@6B3K?7@F63F73@63FBD7H3;>;@9?3D=7FBD;57E,:7D7
;E@A6;E5AG@F3H3;>34>7
2/.6-21/1'-&03#/%#"-3#/1&#.010#3#,
6#/0
ĕĜęŪėę
ėĖĚŪĘĝ
31Annual Report 2022 | riotinto.com
Strategic report
2017 60%60%
83%83%
2018 60%60%
71%71%
2019
60%60%
70%70%
2020 60%60%
72%72%
2021
60%60%
79%79%
2016 60%60%
70%70%
2022
60%60%
Ordinary dividend Additional return
-/1$-*'-+,%#+#,1
.'1*./-(#!10
001/5&%01/+&$32
*/*.3/
/6.&%4.,&22
/3)&16*2&23"3&%
$37'0'44539+*
)'4/7'0)367
820+66
37.+5:/6+67'7+* 3"342*,&23/.&2
-+.*#1#"',
!@H7EF?7@F;@G63;3DD;3@7IBDA6G5F;A@:G4;@F:7(;>43D3
D79;A@A8/7EF7D@GEFD3>;3,:7;@H7EF?7@F;@5ADBAD3F7E3
BDA57EE;@9B>3@F3@6;@8D3EFDG5FGD7;@5>G6;@93=;>A?7FD7
D3;>>;@75A@@75F;@9F:7?;@7FAAGD7J;EF;@9@7FIAD=
4@ /767>;H7D768;DEFAD7;@"G@7(DA6G5F;A@8DA?F:7?;@7D3?B76GB;@
F:7E75A@6:3>8A8F:7K73D3@6I77JB75FG63;3DD;FAD735:;FE
@3?7B>3F753B35;FKA8?;>>;A@FA@@7B7DK73DA@3EGEF3;@7643E;E6GD;@9
,:7?;@7:3E3@7JB75F76>;87A8?AD7F:3@K73DE
!@H7EF?7@F;@F:7*A47*;H7D"A;@F.7@FGD7/7EF@97>3E3@6
3@6%7E33@6 3F*A47.3>>7K;@F:7(;>43D3FAEGEF3;@
BDA6G5F;A@53B35;FK
4@
*;A,;@FAE:3D7
!@F:7F:;D6CG3DF7DA8%7E3D75F;8;53F;A@IAD=EI7D7EG557EE8G>>K
5A?B>7F76I;F:F:7B>3@FAB7D3F;@93F67E;9@D3F7E;@3>FD3;@>A36AGFF;7
;@IAD=E3F%7E3"I7D73>EA5A?B>7F76I;F:8;DEFAD735:;7H76
!@H7EF?7@F;@3E75A@6FG@@7>3FF:7%/#7?3@A
:K6DABAI7D835;>;FK3F#;F;?3FD;F;E:A>G?4;33@363I:;5:
I;>>7@EGD7F:7>A@9F7D?D7>;34;>;FKA8F:7BAI7DEGBB>KFAF:7
#;F;?3FE?7>F7D
4@ ,:7@7I=;>A?7FD7FG@@7>BDA6G576;FE8;DEF?793I3FFA87>75FD;5;FK;@
"G>K38F7D5A@EFDG5F;A@I3E5A?B>7F76;@%3K
,%-',%
/-,/#
!@H7EF?7@F;@F:7/7EF7D@*3@97;DA@AD7BDA<75F3<A;@FH7@FGD7
47FI77@*;A,;@FA3@6:;@33AIG+F77>DAGBA$F6
;@F:7(;>43D3FAEGEF3;@BDA6G5F;A@A8F:7(;>43D3>7@6
8DA?*;A,;@FAE7J;EF;@9(3D34GD6AA:G4
4@
*;A,;@FAE:3D7

@@AG@576;@+7BF7?47DF:7?;@7I;>>:3H73BDA6G5F;A@53B35;FKA8
?;>>;A@FA@@7EB7DK73D,:7BDA<75F;@5>G67E5A@EFDG5F;A@A83BD;?3DK
5DGE:7D3@63@=;>A?7FD75A@H7KAD5A@@75F;A@FAF:7(3D34GD6AA
BDA57EE;@9B>3@F3D>KIAD=E5A@EFDG5F;A@5A??7@576;@3@6?3<AD
5A@FD35FE:3H7477@3I3D6764K*;A,;@FA;DEFBDA6G5F;A@;E3@F;5;B3F76
;@
-..#/
(:3E7FIAA8F:7EAGF:I3>>BGE:435=FA7JF7@6?;@7>;873F
#7@@75AFF4K38GDF:7DE;JK73DE?;>>;A@;@H7EF?7@F;@
G@67D9DAG@65:3D35F7D;E3F;A@EFG6;7E;EA@9A;@9I;F:
?;>>;A@;@67H7>AB?7@F53B;F3>3BBDAH76FA5A??7@57
G@67D9DAG@6?;@;@9
4@ BBDAH76;@757?47DF:7;@H7EF?7@FI;>>8GDF:7D7JF7@6EFD;BI3EF7
DA5=?;@;@93@6EGBBADF366;F;A@3>;@8D3EFDG5FGD767H7>AB?7@F,:;EI;>>
3>>AI?;@;@9FA5A@F;@G7;@FA3@7I3D73A8F:7AD74A6K47FI77@3@6

7H7>AB?7@FA8F:7'KG,A>9A;G@67D9DAG@65ABB7D9A>6?;@7
;@%A@9A>;3*;A,;@FAI:;5:;E7JB75F76FABDA6G578DA?
F:7AB7@B;F3@6G@67D9DAG@63@3H7D397A8MFA@@7E

A85ABB7DB7DK73D8DA?FA3@63@3H7D397A8
MFA@@7E

A85ABB7DB7DK73D8AD38GDF:7D8;H7K73DE
5A?B3D76I;F:FA@@7E;@AB7@B;F
4@

,:7BDA<75FI3EAD;9;@3>>K3BBDAH76;@%3K8AD4;>>;A@I;F:3@
366;F;A@3>4;>>;A@3BBDAH764KF:7*;A,;@FAA3D6;@757?47D
8A>>AI;@95A?B>7F;A@A8F:778;@;F;H7EF;?3F7KF:77@6A83FAF3>
A86D3I47>>E:36477@8;D76(DA9D7EE;A@3557>7D3F763E3D7EG>FA8
;?BDAH7?7@F;@;F;3F;H7E;?B>7?7@F764KF:7'KG,A>9A;F73?E4D;@9;@9
BDA<75F768;DEFEGEF3;@34>7BDA6G5F;A@8DA?(3@7>8ADI3D6FAF:78;DEF
CG3DF7DA8,:;E8A>>AI76F:75A?BD7:7@E;H739D77?7@F47FI77@F:7
'KG,A>9A;B3DF@7DE3@@AG@576;@"3@G3DK
',#/*0
7H7>AB?7@FA8F:72G>F;+AGF:BDA<75F3F*;5:3D6E3K%;@7D3>E
*%;@+AGF:8D;53*;A,;@FA
4@ BBDAH76;@BD;>FAG@67DB;@*%SEEGBB>KA8L;D5A@3@6;>?7@;F7
AH7DF:7>;87A8F:7?;@7,:7BDA<75FD7?3;@EA@8G>>EGEB7@E;A@
7H7>AB?7@FA8F:79D77@8;7>6"363D>;F:;G?4AD3F7EBDA<75F;@
+7D4;3,:767H7>AB?7@FI;>>;@5>G673@G@67D9DAG@6?;@7I;F:
3EEA5;3F76;@8D3EFDG5FGD73@67CG;B?7@F;@5>G6;@97>75FD;5:3G>
FDG5=E3EI7>>3E347@78;5;3F;A@5:7?;53>BDA57EE;@9B>3@F
4@ ,:7A3D65A??;FF76F:78G@6;@9;@"G>KEG4<75FFAD757;H;@93>>
D7>7H3@F3BBDAH3>EB7D?;FE3@6>;57@57E/73D78A5GE76A@5A@EG>F3F;A@
I;F:3>>EF3=7:A>67DEFA7JB>AD73>>ABF;A@E8A>>AI;@9F:7AH7D@?7@FA8
+7D4;3E53@57>>3F;A@A8F:7+B3F;3>(>3@;@"3@G3DK
 *;A,;@FAE:3D7;@5>G67EA88G@6;@95AEFE8AD(3D34GD6AAB>3@FGB9D367E
 ,:7=FB3F3D97FEF3F763ED75AH7D76?7F3>8ADF:7'KG,A>9A;G@67D9DAG@63@6AB7@B;F?;@7E;EG@67DB;@@764K(DAH76'D7*7E7DH7E3@64K(DA434>7'D7*7E7DH7E8ADF:7K73DE
FA,:7=FB3BDA6G5F;A@F3D97F8ADF:78A>>AI;@98;H7K73DE;EG@67DB;@@764K(DAH76'D7*7E7DH7E3@64K(DA434>7'D7*7E7DH7E,:7E7BDA6G5F;A@F3D97FE:3H7477@
E5:76G>768DA?5GDD7@F?;@767E;9@E4KA?B7F7@F(7DEA@E;@355AD63@57I;F:F:7D7CG;D7?7@FEA8F:7!
 
 5AEF3@6E5:76G>7D78AD753EFI3EB7D8AD?76;@"G@73@67EF;?3F7EF:3F4;>>;A@;ED7CG;D76FA5A?B>7F7F:7 G9A&ADF:BDA<75F3@;@5D73E7A84;>>;A@47KA@6F:7
78;@;F;H7EF;?3F7,:7*78AD753EF7J5>G67E;?B35FEA8'.!D7EFD;5F;A@E3D;E;@938F7D"G@7,:7D78AD753EFD7?3;@EEG4<75FFA'KG,A>9A;A3D63BBDAH3>
Annual Report 2022 | riotinto.com32
212/#-.1'-,0
/-,/#'* / /-4,$'#*"0
'H7DF:7?76;G?F7D?AGD(;>43D3EKEF7?53B35;FKD7?3;@E47FI77@
3@6?;>>;A@FA@@7EB7DK73D%77F;@9F:;ED3@973@6F:7B>3@@76
BDA6G5F?;JI;>>D7CG;D7F:73BBDAH3>3@667>;H7DKA8F:7@7JFFD3@5:7A8
D7B>357?7@F?;@7E
!@366;F;A@FA/7EF7D@*3@97D73F7D(3D34GD6AAI:;5::3E5A??7@57673D>K
IAD=E5A@EFDG5F;A@AF:7D=7KBDA<75FEFA4767>;H7D76AH7DF:7@7JF8;H7K73DE;@5>G67
AB7AI@E+GEF3;@;@9 AB7AI@E3@676676 ;>>FAB/7EF@97>3E
+GEF3;@;@9D73F7D&3??G>6;+GEF3;@;@93@6DA5=?3@+GEF3;@;@9DA5=?3@
+K@5>;@7/75A@F;@G7FAIAD=5>AE7>KI;F:>A53>5A??G@;F;7E,D36;F;A@3>'I@7DE
3@69AH7D@?7@FFABDA9D7EE3BBDAH3>E8ADF:7@7I?;@;@9BDA<75FE
/-,/#&-"#0'"%#
!@'5FA47D*;A,;@FA3@6/D;9:F(DAEB75F;@9(FK$F639D776
FA?A67D@;E7F:7<A;@FH7@FGD75AH7D;@9F:7*:A67E*;697BDA<75F;@F:7
3EF7D@(;>43D3BDAH;6;@93B3F:I3K8AD67H7>AB?7@FGF;>;E;@9*;A,;@FASE
D3;>BADF3@6BAI7D;@8D3EFDG5FGD7*:A67E*;6975A@F3;@E4;>>;A@FA@@7E
A8:;9:9D367%;@7D3>*7EAGD57E3F3@3H7D3979D367A87,:7
BDA<75FSEFAF3>D7EAGD574;>>;A@FA@@7E3F3@3H7D3979D367A87
D7BD7E7@FE3BBDAJ;?3F7>KA@7F:;D6A8AGD7J;EF;@9*7EAGD5743E7;@F:7
(;>43D3

D7EAGD576D;>>;@9BDA9D3??7;E5GDD7@F>KG@67DI3KFAEGBBADF
8GFGD7BDA<75FEFG6;7E
,:7B3DF;5;B3@FE:3H75A??7@5763@'D67DA8%39@;FG67EFG6K5A@6G5F764K*;A
,;@FAI:;5:I;>>5A@E;67DF:767H7>AB?7@FA83@AB7D3F;A@478AD7F:77@6A8F:7
675367I;F:;@;F;3>B>3@F53B35;FKA8GBFA?;>>;A@FA@@7E3@@G3>>KEG4<75FFAF:7
D757;BFA8D7>7H3@F3BBDAH3>E/77JB75FFA5A?B>7F7F:7*:A67E*;697'D67DA8
%39@;FG67EFG6K;@
/-,/#'+,"-2
,:7+;?3@6AG;DA@AD7BDA<75F;@G;@73

5A@F3;@EA@7A8F:7IAD>6SE
>3D97EF=@AI@G@67H7>AB76:;9:9D367>AI;?BGD;FK;DA@AD767BAE;FE
67?3@68ADI:;5:;E;@5D73E;@93EEF77>?3=7DE>AA=FAD76G5753D4A@
7?;EE;A@E+;?3@6AG;EE7FFA6;H7DE;8KAGDEFDA@9;DA@AD7BADF8A>;A
5A?B>7?7@F;@9AGD:;9:9D367!DA@'D7A?B3@KA83@363BDA6G5FE
3@6EGBBADF;@9F:7>A@9F7D?3FFD35F;H7@7EEA8AGD(;>43D3>7@6WA887D;@9
&79AF;3F;A@EFAI3D6EF:75A67H7>AB?7@FA8BDA<75F;@8D3EFDG5FGD7BDA9D7EE768GDF:7D
I;F:F:7757?47DE;9@;@9A83@A@4;@6;@9F7D?E:77F47FI77@AGD+;?87D<A;@F
H7@FGD73AIG/;@@;@9A@EADF;G?+;?3@6AG/+3@6F:7AH7D@?7@FA8
G;@73

,:7F7D?E:77F8GDF:7D7EF34>;E:7EF:75A67H7>AB?7@FBD;@5;B>7E8A>>AI;@9
F:7;@5ADBAD3F;A@A8$3A?B39@;76G,D3@EG;@O7@A@"G>K3@6;E3B;HAF3>
@7JFEF7BFAI3D6EE75GD;@9F:7E:3D7:A>67D39D77?7@F5AEF7EF;?3F7E3@6D79G>3FADK
3GF:AD;FK3BBDAH3>E@757EE3DKFABDA9D7EEF:75A67H7>AB?7@FA8D3;>3@6BADF
835;>;F;7E
'1&'2+',!-,
/75A?B>7F76F:735CG;E;F;A@A8F:7*;@5A@$;F:;G?(DA<75F;@+3>F3
BDAH;@57D97@F;@3;@%3D5:7H7>AB?7@FA83E?3>>EF3DF7D43FF7DK
9D367>;F:;G?53D4A@3F7B>3@FI;F:353B35;FKA8FA@@7EB7DK73D;E
G@67DI3K
!@"G>KI73BBDAH76?;>>;A@A8;@H7EF?7@F3@6?;>>;A@8AD73D>KIAD=EFA
EGBBADF38G>>E53>7AB7D3F;A@FA477JB7@E76F:DAG9:7JB>AD3F;A@3@67H3>G3F;A@
7JB7@6;FGD7A@EFDG5F;A@35F;H;F;7EBDA9D7EE76A@B:3E7A@753?B835;>;F;7EI;F:
DAA?E8ADB7DEA@E5A?B>7F76;DEFD;BB7D?;FEI7D7D757;H763@65A@FD35FADE
?A4;>;E76;DEFE3>734>7BDA6G5F;A@8DA?F:7E?3>>EF3DF7DB>3@F;E7JB75F76;@F:78;DEF
:3>8A8
-..#/#0-*21'-,
,:7*7EA>GF;A@ABB7DBDA<75F;E3BDABAE76G@67D9DAG@65ABB7D?;@7;@
F:7ABB7D,D;3@9>7;@D;LA@3-@;F76+F3F7E!F:3EF:7BAF7@F;3>FAEGBB>K
GBFAA8-+5ABB7D67?3@6
,:7-+AD7EF+7DH;575A@F;@G76IAD=FABDA9D7EEF:7;@3>@H;DA@?7@F3>!?B35F
+F3F7?7@F3@65A?B>7F735F;A@E@757EE3DK8ADF:7>3@67J5:3@97/75A@F;@G76FA
36H3@57B3DF@7DE:;B6;E5GEE;A@EI;F:E7H7D3>8767D3>>KD75A9@;E76&3F;H7?7D;53@
,D;47EI:A3D7B3DFA8F:78AD?3>5A@EG>F3F;A@BDA57EE
-..#/',2
!@>3F7I76;E5AH7D765ABB7D9A>6?;@7D3>;E3F;A@3FF:7/;@GBDA<75F
;@F:7(3F7DEA@(DAH;@57;@/7EF7D@GEFD3>;3!@I7D7BADF76AGD8;DEF
!@6;53F76%;@7D3>*7EAGD57,:7B3F:I3K;E7JB75F76FAF3=7>A@97DF:3@
AD;9;@3>>K3@F;5;B3F763@6D7?3;@EEG4<75FFAD79G>3FADK3@6AF:7DD7CG;D76
3BBDAH3>E
/75A@F;@G76FAEFD7@9F:7@AGDD7>3F;A@E:;BE3@636H3@57639D77?7@F?3=;@9I;F:
AGD:AEF,D36;F;A@3>'I@7DEF:7%3DFG3@6&K3@9G?3DF39DAGBE(>3@@766D;>>;@9
8;7>6IAD=3@6EFG6K35F;H;F;7E5A@F;@G76EFD7@9F:7@;@9F:767H7>AB?7@FB3F:I3K
3:736A83BB>;53F;A@E8ADD79G>3FADK3@6AF:7DD7CG;D763BBDAH3>E
*2+','2+
$1+!+AGD<A;@FH7@FGD7I;F:>5A3EGBBADF764KBB>7F:7AH7D@?7@F
A83@3633@6F:7AH7D@?7@FA8)G7475;E67H7>AB;@934D73=F:DAG9:
;@7DF3@A67F75:@A>A9KF:3F7>;?;@3F7E3>>6;D75F9D77@:AGE793E7E8DA?F:7
3>G?;@;G?E?7>F;@9BDA57EE
A@EFDG5F;A@A8F:78;DEF5A??7D5;3>E53>7BDAFAFKB757>>E;EG@67DI3K3FAGD>?3
E?7>F7D3@6;E7JB75F76FA475A?7AB7D3F;A@3>;@$1+!+3;?EFA:3H7;FE
F75:@A>A9K3H3;>34>78AD;@EF3>>3F;A@8DA?3@6BDA6G5F;A@A8>3D97DHA>G?7EA8
53D4A@8D773>G?;@;G?3BBDAJ;?3F7>KFIAK73DE>3F7D
 ,:7%;@7D3>*7EAGD577EF;?3F7E8ADF:7*:A67E*;697"A;@F.7@FGD7".I7D7D7BADF76;@AGDD7>73E76FAF:7GEFD3>;3@+75GD;F;7EJ5:3@97+0A@74DG3DK3@6
8AD?B3DFA8F:7(;>43D3%;@7D3>*7EAGD577EF;?3F7ED7BADF76;@AGDD7>73E76FAF:7+0A@74DG3DK,:7A?B7F7@F(7DEA@ED7EBA@E;4>78ADD7BADF;@9F:7E7
%;@7D3>*7EAGD577EF;?3F7EI7D7%D(+3HADKI:A;E37>>AIA8,:7GEFD3>3E;3@!@EF;FGF7A8%;@;@93@6%7F3>>GD9K3@6%E&D3<=AH;5:3@6%D#K@96A@I:A3D7%7?47DEA8,:7
GEFD3>3E;3@!@EF;FGF7A8%;@;@93@6%7F3>>GD9K/73D7@AF3I3D7A83@K@7I;@8AD?3F;A@AD63F3F:3F?3F7D;3>>K38875FEF:7E7%;@7D3>*7EAGD577EF;?3F7E3@65A@8;D?F:3F3>>?3F7D;3>3EEG?BF;A@E
3@6F75:@;53>B3D3?7F7DEG@67DB;@@;@9F:77EF;?3F75A@F;@G7FA3BB>K3@6:3H7@AF?3F7D;3>>K5:3@976,:78AD?3@65A@F7JF;@I:;5:F:7A?B7F7@F(7DEA@ES8;@6;@9E3D7BD7E7@F76:3H7@AF
477@?3F7D;3>>K?A6;8;768DA?I:7@F:7KI7D7D7BADF76%;@7D3>*7EAGD57E3D7CGAF76;@F:;ED7>73E7A@343E;E3E6DK;@E;FGFA@@7E
 ,:7+;?3@6AG;DA@AD7BDA<75FAB7D3F7EG@67DF:7+;?87D<A;@FH7@FGD7I:7D7F:7AH7D@?7@FA8G;@73:A>6E3@6+;?87D"7DE7K:A>6E+;?87D"7DE7K;EAI@764K*;A,;@FA3@6
:3>5A!DA@'D7 A>6;@9E!' !' ;EAI@764K:;@3>5A3AIG:;@3;H;>@9;@77D;@9A@EFDG5F;A@ADBAD3F;A@3@6:;@3 3D4AGD@9;@77D;@9
A?B3@K ,:;EEFDG5FGD7:3E477@;@B>357E;@57
 ,:;E8A>>AI76@AF;8;53F;A@FA*;A,;@FA3@6F:7AH7D@?7@FA8G;@73A83AIGSE73D>;7D7@FDK;@FA3F7D?E:77F39D77?7@FI;F:/+;@D7EB75FA83@;@H7EF?7@F;@FA/+?;@74>A5=E3@6
3@6;@8D3EFDG5FGD7H7:;5>7P3@39D77?7@FI7>5A?764K*;A,;@FA
33Annual Report 2022 | riotinto.com
Strategic report
Annual Report 2022 | riotinto.com34
Innovation
through
collaboration
Working safer and smarter
While empowering our people to find more
efficient ways of working, we always treat
their health and safety as our most important
priority. In 2022, we introduced several new
technologies to help us work safer and smarter.
For example, we are trialling agile autonomous
haul trucks together with Scania at our
Channar operation in Western Australia’s
Pilbara region. We use these driverless vehicles
in a simulated load and haul cycle environment,
and they offer a range of potential safety,
productivity and decarbonisation benefits.
Channar is the first active site for these
vehicles, with plans for a future transition to
electric-powered vehicles.
We are also trialling battery-powered electric
vehicles underground at our Kennecott
operations. As well as offering significant
productivity and decarbonisation opportunities,
these vehicles also protect the health and
safety of our people by minimising exposure
to potentially dangerous diesel emissions and
particulates underground. We will use the
lessons we learn at Kennecott as we continue
these trials on other sites in 2023.
We are also partnering with other suppliers,
including Komatsu, Caterpillar and Volvo, to
progress options for electrified vehicles, with
further trials to take place in the coming years.
In parallel, we are also working to reduce
emissions from our fleet today using biofuels.
In2022, we began trials of renewable diesel
at our Boron and Kennecott operations.
We are also focusing on learning and
implementing lessons from our own pockets
of excellence. In 2021, we launched the Safe
Production System (SPS) to improve how we
operate our assets, manage performance and
help our people innovate. Through SPS, we are
drawing on data more efficiently to understand
asset health, maintenance scheduling and
bottleneck solutions. We have started to see
improved production efficiency, safety and
engagement at the sites where we have
deployed SPS.
For more information
about SPS, see our website.
Our Pioneer Portal, used to source innovative
solutions to current business challenges,
continued to deliver new ideas. In 2022, we
launched six new challenges through the portal,
focused on developing our people, reducing our
environmental footprint, recovering value from
our water, and progressing our work towards net
zero. We received more than 200 submissions
from across the world, resulting in 20 new
partnerships underpinned by more than
$40 million in research and development (R&D)
funds, significantly reducing our discovery and
development cycles.
Product innovation
We have continued our focus on applied
innovation and R&D to address technical
barriers that may help unlock new orebodies or
significantly reduce environmental, social and
governance (ESG) impacts. These include:
– Copper: advancing commercialisation
opportunities for our proprietary Copper
Heap Leach technology via the Nuton
TM
Venture and a range of existing product
group and exploration deployment options.
– Rincon: developing process technical
support for progression of our operations,
including a focus on water recovery and
recycling and process optimisation.
– Aluminium: progressing ELYSIS, our joint
venture with Alcoa, supported by Apple and
the Governments of Canada and Quebec.
ELYSIS is developing a breakthrough
technology that eliminates all direct
greenhouse gases from the aluminium
smelting process. Construction of the first
commercial-scale prototype cells of
ELYSIS
TM
inert anode technology is
underway at our Alma smelter, and they are
expected to become operational in 2023.
– Green steelmaking: development of the
innovative BioIron
TM
process and hydrogen-
based steelmaking, and creating a deeper
understanding of Pilbara ore characteristics
for performance in a green steelmaking world.
– Technology leveraging: fast-tracking ideas
from our R&D network. Driving R&D ideas
and delivery for growth, closure and ESG
priorities with a specific focus on resolving
technical barriers within critical metals
extraction, future net zero flowsheets,
mineralised carbon sequestration, dry stack
tailings, zero carbon ilmenite smelting, dry
processing and hydrogen-based processing.
– Capability investments: planning to add
battery materials and mineralised carbon
sequestration testing facilities.
Accelerating the net zero transition
We cannot realise a decarbonised world
without significant progress in technology
solutions. Partnering with suppliers, industry
and other organisations to reduce emissions,
as well as growing and developing new
markets, remain key components in our
decarbonisation journey. Through these
partnerships, we are switching to renewable
power, electrifying processing and, where
possible, running electric mobile fleets.
For more information
about how we are working to decarbonise
the steel and aluminium value chain,
see our 2022 Climate Change Report
at riotinto.com/climatereport.
For 150 years, we have been looking for
new and better ways of doing things.
This drive for continuous improvement
is at the core of our purpose, but we
cannot do it on our own. Together with
our partners, we work on inventing new
processes and technologies that can
make mining safer, more sustainable
and more efficient.
Many of the challenges that lie ahead – from
decarbonising our operations to improving
productivity – will need new technologies
and approaches, some of which have not yet
been developed. Nurturing an innovative
culture will be essential to helping us meet
these challenges.
Look inside a mine of the future
TM
Autonomous drills, water carts and fuelling units are just a few examples of how innovation is
shaping our iron ore operations at Gudai-Darri in Western Australia, our most technologically
advanced mine yet. Learn more on our website about how we are partnering with global leaders in
technology to ensure Gudai-Darri remains at the pioneering edge of mining well into the future.
For more information
visit www.riotinto.com/news/stories/look-inside-future-mine.
35Annual Report 2022 | riotinto.com
Strategic report
What is our biggest challenge with the
energytransition?
Speed. The energy transition will require a
herculean effort from governments, society
and industry to pull this off. An average mine
takes eight years of permitting before it can be
brought onstream. We also need to transform
our flowsheets so that the supply we bring
onstream does not have a disproportionate
social and environmental cost – the technologies
required for this still need much work. We need
to create whole supply chains to support
theseefforts.
We know we cannot do this alone, and we need
to bring the outside world in. This is a crucial
time to partner with universities, companies and
our competitors to create a lower carbon future
and bring in new ideas and technologies as well
as development partners to build and install
infrastructure in our operations.
Who are some of these partners and what do
they specialise in?
There are many examples, so I will just touch
on what we are doing with start up companies
and universities. We created a small venture
capital fund to invest in start ups, and we are
impressed with the science and technologies
being explored. Some of these concepts
sound a bit like magic, but to give you a
snapshot they involve pulling CO
2
out of the air,
low-carbon cementitious products, using
biomass as a reductant, aluminium ion batteries
and using renewable power to convert water
into hydrogen. We have formed several
partnerships with universities.
Where do you see our biggest opportunity?
We are researching, developing and
implementing so many new technologies to
supply the minerals we need for the energy
transition as well as reducing the carbon, waste
and water footprint of our operations. This may
result in new business streams in CO
2
capture
and hydrogen, and the sale of what we once
thought of as waste, as products.
Nigel, you were appointed Chief Scientist in
2021. Where do you think we need to focus
our future efforts?
Our job is to find solutions for the big
challenges across our business. These include
health and safety, ESG, carbon abatement,
productivity, and growth in critical metals
and minerals. We play an important role in
introducing new science, technology and
expertise to solve problems and identify
opportunities; accelerating delivery and
facilitating technology and R&D solutions; and
collaborating with our product groups to build
our internal skills and create an environment
where R&D can flourish. We will continue to
focus on these areas in 2023.
Through an R&D lens, what critical metals and
minerals are we focusing on for the future?
Our products are critical to the energy
transition. We will need more aluminium and
copper as we electrify the world and replace
fossil fuels, and this will also drive steel growth.
Other minerals and metals will be required to
supply the emerging technologies of the
energy transition. Battery systems require
lithium and nickel; fuel cells require scandium,
cerium, zirconium and yttrium; green hydrogen
electrolyzers need iridium, ruthenium, and
titanium; flow batteries need vanadium; our 5G
phones need gallium and indium; electric
vehicles need neodymium and praseodymium;
and next generation solar panels will need
tellurium. We are focusing on resetting the
carbon footprint of today’s products; valorising
waste or extracting critical minerals in our
waste streams; and growing copper, lithium
and other battery minerals. We have already
had some success: at Kennecott we have
extracted tellurium, at Sorel-Tracy, we have
extracted scandium and we are finding more
opportunities to extract other critical minerals
and find uses for our wastes.
Partnerships
An interview with Nigel Steward, Chief Scientist, RioTinto
“This is a crucial time to partner with
universities, companies and our
competitors to create a lower carbon
future and bring in new ideas and
technologies as well as development
partners to build and install
infrastructure in our operations.”
Nigel Steward
Chief Scientist
Some of our new initiatives and partnerships in 2022
– We have set up a new China Technology
and Innovation Centre (CTIC) to harness
China’s leading expertise in research,
technology and innovation to help
solve some of our operational and
businesschallenges.
– We are exploring carbon storage potential
with a team of climate innovation and
research leaders. This three-year project,
backed by the US Department of Energy’s
ARPA-E innovation challenge, will explore
new approaches to safely and permanently
store carbon as rock.
– We have become a member of the Australian
Remote Operations for Space and Earth
organisation, to support our development of
new flowsheets for criticalminerals.
– We have become a member of the MIT
Future Energy Systems Initiative, the MIT
Industrial Liaison Programme, and the MIT
Regional Entrepreneurship Acceleration
Programme in Western Australia in
partnership with Woodside.
– We are partnering with BHP on new tailings
technology that could significantly increase
water recovery from mine tailings.
Through our venture capital fund, we have
invested in technology and start ups to help solve
critical business challenges. These include:
– Lumo Analytics: rapid characterisation of
exploration drill core using laser induced
breakdown spectroscopy.
– TerraCO
2
: supplementary cementitious
materials from copper tailings to lower the
carbon dioxide emissions of cement and
concrete production.
– CarbonCapture Inc.: direct air capture
technology to remove carbon dioxide from
the atmosphere.
– Aymium: production of high quality,
lowimpurity BioChar to support the
net zero CO
2
reduction projects for
ilmenitesmelting.
– Electric Hydrogen: low-cost green
hydrogen production to decarbonise iron
and titanium smelting, alumina calcination
and steel making.
– ElectraLith: electrically-driven filtration
process to extract lithium from brine.
– NanoOne: innovative cathode materials
manufacturing for batteries in electric
vehicles and energy storage.
Annual Report 2022 | riotinto.com36
Enabling the low-carbon transition
In 2022, our Iron Ore business’s absolute
greenhouse gas (GHG) emissions were
3.1MtCO
2
e (on an equity basis), an increase
of 0.50MtCO
2
e compared to the 2018
emissions baseline. This was driven
by an increase in diesel emissions due to
increased haul distances, pre-strip ratios
and material movement.
With abundant wind and solar resources in
the Pilbara, we are developing large-scale
renewables projects to contribute to our
emissions reductions targets.
For more information
about our decarbonisation efforts in
the Iron Ore product group, see our
2022 Climate Change Report at
riotinto.com/climatereport.
Iron Ore
We are one of the world’s leading producers of iron ore,
the primary raw material in steelmaking. In the Pilbara region
of Western Australia, we operate a network of 17 iron ore
mines, four port terminals and a rail network spanning nearly
2,000 kilometres. Steel remains essentialfor ongoing
urbanisation and will support the global shift to decarbonise.
Snapshot of the year
0.68
AIFR
(2021: 0.67)
68%
Pilbara underlying
FOB EBITDA margin
(2021: 76%)
$18.6bn
Underlying
EBITDA
(2021: $27.6bn)
$30.9bn
Segmental
revenue
(2021: 39.6bn)
$2.9bn
Capital
expenditure
(2021: $3.9bn)
$14.0bn
Net cash generated
from operating
activities
(2021: $19.2bn)
3.1Mt
Scope 1 and 2
GHGemissions
(equity Mt CO
2
e)
(2021: 3.0Mt)
15,000
Employee
numbers
(2021: 13,000)
Safety
The number of potentially fatal incidents (PFIs)
in Iron Ore increased to 25, with vehicle
collisions/rollovers and falling objects accounting
for the highest number of incidents. Our all-injury
frequency rate (AIFR) increased to 0.68
compared to 0.67 for 2021, withthe rate of
injuries in our contractor workforce decreasing.
We are committed to preventing harm to our
people. In 2022, we developed the mentally
healthy Iron Ore strategy to mature our
workplace safety culture and create an
environment where our people are both
physically and psychologically safe
andhealthy.
With changes in workforce dynamics, in
particular levels of experience, we examined
underlying organisational and people factors
to determine the most critical gaps to be
addressed. We made significant progress on
influencing mindsets, behaviours and the felt
experience; however, more work is underway
to strengthen the application of existing safety
systems such as critical risk management.
For more information
about our global health and safety initiatives,
seepages 57-58.
In January 2023, a radioactive capsule was lost
after being sent offsite to Perth. The capsule
was subsequently recovered in a search
operation led by Western Australia’s
Department of Fire and Emergency Services
and supported by other agencies. The safety
of our communities, our employees, and
contractors is our main priority and we are
undertaking an investigation, with involvement
of the relevant specialist contractor, to ensure it
does not happen again.
For more information
see the media release on our website.
37Annual Report 2022 | riotinto.com
Strategic report
“Last year, we continued to
strengthen our partnerships with
local communities and Traditional
Owners, and made substantial
progress in securing the future of
our Pilbara business.”
Simon Trott
Chief Executive, Iron Ore
Read the full interview with Simon
on our website.
Financial performance
We achieved a number of operational records
across the mine and rail system in the second
half of 2022, due to operational improvements
and the ramp-up of Gudai-Darri. In the year,
we safely commissioned our Pilbara projects,
despite challenging conditions with COVID-19,
labour and supply chain disruptions. The focus
now moves to the next tranche of mines
starting with Western Range.
Underlying EBITDA of $18.6 billion was
33%lower than 2021, due to lower prices
($8.8 billion), following the 25% drop in the
monthly average Platts index for 62% iron fines
adjusted to an FOB basis. Higher sales volumes
were achieved from our portside operations in
China, which improved underlying EBITDA by
$0.6 billion. We also increased resourcing to
support the ramp-up at Gudai-Darri and
targeted investment in pit health and asset
maintenance across the Pilbara.
This additional investment, together with rising
input prices, including diesel price escalation
and labour, resulted in 2022 Pilbara unit cash
costs of $21.3per tonne (excluding COVID-19
costs of $0.4 per tonne). This compared with
$18.6 per tonne in 2021 (excluding COVID-19
costs of $0.5 per tonne).
Our Pilbara operations delivered an underlying
FOB EBITDA margin of 68%, compared with
76% in 2021, largely due to the change in the
iron ore price.
We price the majority of our iron ore sales
(77%) by reference to the average index price,
for the month of shipment. In 2022, we priced
approximately 10% of sales with reference to
the prior quarter’s average index lagged by
one month with the remainder sold either on
current quarter average, current month
average or on the spot market. We made
approximately 72% of sales including freight
and 28% on an FOB basis.
We achieved an average iron ore price
of$97.6 per wet metric tonne on an FOB
basis (2021: $132.3 per wet metric tonne)
across our product suite. This equates to
$106.1 per dry metric tonne, assuming 8%
moisture (2021: $143.8 per dry metric tonne),
which compares with the monthly average
Platts index for 62% iron fines converted to
an FOB basis of $109.8 per dry metric tonne
(2021: $146.9 per dry metric tonne). The 3%
lower realised price compared to the Platts
index was due to lower average grades,
partially offset by higher premiums for
lumpproducts.
Segmental revenue for our Pilbara operations
included freight revenue of $2.2 billion (2021:
$2.7billion).
Net cash generated from operating activities
of$14.0 billion was $5.2 billionlower than 2021,
with lower pricing partly offset by a monetisation
of working capital. Free cash flow of $11.0 billion
was $4.1 billionlower than 2021 due to the factors
above, partially offset by a $1.0 billionreduction
in capital expenditure to $2.9 billion following
completion of brownfield mine replacement
tie-in projects.
Review of operations
Pilbara operations produced 324.1 million
tonnes (Rio Tinto share 272.9 million tonnes),
1%higher than 2021. Shipments of 321.6 million
tonnes (Rio Tinto share 270.8 million tonnes),
inline with 2021, included 35.5 million tonnes of
lower grade SP10 products, 11% of shipments,
on a 100% basis (2021: 11% of shipments).
Performance improvements continued
across the system and we achieved a number
of operational records in the second half
across the mine and rail system. System
inventories at the end of December were
healthy, including strong blasted stocks,
mine stocks and port stocks.
Our iron ore portside sales in China were
24.3 million tonnes in 2022 (14.0 million tonnes
in 2021). At the end of the December, inventory
levels were 7.8 million tonnes, including 5.5 million
tonnes of Pilbara product. In 2022, approximately
80% of our portside sales were either screened
or blended in Chinese ports.
For more information
about our capital projects and future growth
options, see pages 32-33.
Iron Ore
Year ended 31 December 2022 2021 Change
Pilbara production (million tonnes – 100%) 324.1 319.7 1%
Pilbara shipments (million tonnes – 100%) 321.6 321.6 –%
Salt production (million tonnes – Rio Tinto share)
1
5.8 5.8 (2)%
Segmental revenue (US$ millions) 30,906 39,582 (22)%
Average realised price (US$ per dry metric tonne, FOB basis) 106.1 143.8 (26)%
Underlying EBITDA (US$ millions) 18,612 27,592 (33)%
Pilbara underlying FOB EBITDA margin
2
68% 76%
Underlying earnings (US$ millions) 11,182 17,323 (35)%
Net cash generated from operating activities (US$ millions) 14,005 19,177 (27)%
Capital expenditure (US$ millions)
3
(2,940) (3,947) (26)%
Free cash flow (US$ millions) 11,033 15,172 (27)%
Underlying return on capital employed
4
62% 100%
1. Dampier Salt is reported within Iron Ore, reflecting management responsibility. Iron Ore Company of Canada continues to be
reported within Minerals. The Simandou iron ore project in Guinea is reported within Copper.
2. The Pilbara underlying free on board (FOB) EBITDA margin is defined as Pilbara underlying EBITDA divided by Pilbara segmental
revenue, excludingfreightrevenue.
3. 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.
4. Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average
capital employed.
Annual Report 2022 | riotinto.com38
Enabling the low-carbon transition
In 2022, our Aluminium business’s absolute
greenhouse gas emissions (21.1Mt CO
2
e) were
4.4% lower than the 2018 equity baseline
(22.0Mt CO
2
e). This reduction includes
improvements in processing efficiency,
increased use of hydroelectric boilers in
refining instead of natural gas boilers, and
reduced aluminium production at the Kitimat
smelter, which continues to ramp up after a
strike in 2021. The 2022 emissions intensity of
our managed Atlantic smelters, powered by
hydroelectricity, was 2.21Mt CO
2
e per tonne of
aluminium. Our Vaudreuil alumina refinery has
one of the lowest carbon footprints of any
metallurgical alumina refinery in the
worldtoday.
For more information
about our decarbonisation efforts in
the Aluminium product group, see our
2022 Climate Change Report at
riotinto.com/climatereport.
Aluminium
As a global leader in low-carbon aluminium, we are uniquely
positioned to further decarbonise our business and support the
world’s transition towards a lower-carbon footprint. A critical
material – lightweight and infinitely recyclable – aluminium is
found in diverse products ranging from solar panels to electric
vehicles and smartphones.
Snapshot of the year
0.35
AIFR
(2021: 0.33)
29%
Underlying EBITDA
margin (integrated
operations)
(2021: 38%)
$3.7bn
Underlying
EBITDA
(2021: $4.4bn)
$14.1bn
Segmental
revenue
(2021: $12.7bn)
$1.4bn
Capital
expenditure
(2021: $1.3bn)
$3.1bn
Net cash generated
from operating
activities
(2021: $3.6bn)
21.1Mt
Scope 1 and 2
GHGemissions
(equity Mt CO
2
e)
(2021: 21.7Mt)
15,000
Employee
numbers
(2021: 14,000)
Safety
In 2022, we continued to progress in our safety
maturity journey, expanding our focus on
contractors and integrating health and
environment into the daily leadership rituals.
OurPacific assets significantly improved their
all-injury frequency rate (AIFR) to a best-ever
of 0.27, while a difficult year at Kitimat
contributed to an AIFR in the Atlantic of 0.43,
for an overall AIFR of 0.35 in 2022 compared to
0.33 in 2021. The number of potentially fatal
incidents (PFIs) in our business remained
steady in 2022 (29), and we remain committed
to reducing these risks. The work programme
we commenced in 2021 to address overhead
crane asset maintenance continued into 2022,
and the number of PFIs relating to falling
objects has reduced by 47% compared to
2021. Wewill be integrating the learnings from
the 2022 safety maturity model assessments
to strengthen our front-line risk assessment
and critical risk management programme,
aswell as our Safe Production System to reduce
fatality risk, prevent injuries and stabilise our
operations. The occupied building programme
helped remove over 2,000 of our workforce
from buildings with exposure to process
hazards in our business. This programme is a
significant step forward for process safety.
For more information
about our global health and safety initiatives,
seepages 57-58.
39Annual Report 2022 | riotinto.com
Strategic report
“2022 has been a year of transition
for our Aluminium business.
Wesustained investment to
strengthen the health of our assets,
and announced several growth
projects including AP60, Alma’s
billet centre and early stage
expansions in recycling.”
Ivan Vella
Chief Executive, Aluminium
Read the full interview with Ivan
on our website.
Financial performance
Strong pricing in the first half fell away sharply
in the second, which, together with rising
energy and raw materials costs, led to a
significant margin squeeze on our Aluminium
business and a 16% decrease in underlying
EBITDA for the year as a whole. Underlying
EBITDA margin fell nine percentage points, but
remained robust for the year at 29%.
Underlying EBITDA of $3.7 billion benefited
from higher product premiums for primary
metal in addition to the stronger pricing
environment for primary metal and alumina in
the first half. However, this was offset by higher
coal prices and costs for key materials such as
caustic soda, coke, pitch and anodes, leading
to an increase in cash costs for alumina and
primary metal. We achieved an average
realised aluminium price of $3,330 per tonne,
15% higher than 2021 ($2,899 per tonne).
Average realised aluminium prices comprise
the LME price, a market premium and a
value-added product (VAP) premium.
The cash LME price averaged $2,703 per
tonne, 9%higher than 2021, while in our key
US market, the Midwest premium duty paid,
which is 57% of our volumes (2021: 55%),
increased by 12% to $655 per tonne (2021:
$584 per tonne). Our VAP sales were
stable at 50% of the primary metal we
sold (2021: 50%) and generated product
premiums averaging $431 per tonne of
VAP sold (2021: $230 per tonne).
Our conversion of underlying EBITDA to cash
remained relatively strong, with net cash
generated from operating activities of
$3.1 billion and free cash flow of$1.7 billion.
Review of operations
Bauxite production of 54.6 million tonnes was
1%higher than 2021, despite equipment
reliability issues at Weipa and Gove in Australia.
We shipped 38.0 million tonnes of bauxite to third
parties in 2022, 1% higher than 2021. In 2022,
segmental revenue for bauxite increased9% to
$2.4 billion this includes freight revenue of
$635 million (2021: $462 million).
Alumina production of 7.5 million tonnes was
4%lower than 2021. The refineries in the
Pacific (Yarwun and Queensland Alumina
Limited) were impacted by a range of
challenges in 2022, including unplanned
outages and equipment reliability issues.
COVID-19 absenteeism impacted production
in early 2022 but eased in the second half.
Production at the Vaudreuil refinery in Quebec
remained stable.
As the result of Queensland Alumina Limited's
(QAL) activation of a step-in process following
sanction measures by the Australian Government,
we have taken on 100% of capacity for as long
as the step-in continues. We are using Rusal’s
20% share of capacity under the tolling
arrangement with QAL. Thisadditional output
is excluded from our production results as
QAL remains 80% owned by Rio Tinto and
20% owned by Rusal.
Aluminium production of 3.0 million tonnes was
4%lower than 2021, due to reduced output at
our Kitimat smelter in British Columbia, Canada
and Boyne smelter in Queensland, Australia.
The rate of pot restarts at Kitimat picked
up in the fourth quarter and Boyne smelter
cell recovery efforts continued on plan.
Recovery at both smelters is progressing,
with full ramp-up expected to be completed
during the course of 2023. All of our other
aluminium smelters continued to demonstrate
stable performance.
For more information
about our capital projects and future growth
options, see pages 32-33.
Aluminium
Year ended 31 December 2022 2021 Change
Bauxite production (‘000 tonnes – Rio Tinto share) 54,618 54,326 1%
Alumina production (‘000 tonnes – Rio Tinto share) 7,544 7,894 (4)%
Aluminium production (‘000 tonnes – Rio Tinto share) 3,009 3,151 (4)%
Segmental revenue (US$ millions) 14,109 12,695 11%
Average realised aluminium price (US$ per tonne) 3,330 2,899 15%
Underlying EBITDA (US$ millions) 3,672 4,382 (16)%
Underlying EBITDA margin (integrated operations) 29% 38%
Underlying earnings (US$ millions) 1,472 2,468 (40)%
Net cash generated from operating activities (US$ millions) 3,055 3,606 (15)%
Capital expenditure – excluding EAUs (US$ millions)
1
(1,377) (1,300) 6%
Free cash flow (US$ millions) 1,652 2,272 (27)%
Underlying return on capital employed
2
10% 16%
1. 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. It excludes equity accounted units (EAUs).
2. Underlying return on capital employed (ROCE) is defined as underlying earnings excluding net interest divided by average
capital employed.
Annual Report 2022 | riotinto.com40
Enabling the low-carbon transition
In 2022, our Copper business’s absolute
greenhouse gas emissions (1.5Mt CO
2
e)
were 57% lower than the 2018 equity baseline
(3.5Mt CO
2
e). And we were down 33% in
emissions year-on-year. The decrease in
emissions was mainly driven by the closure
of the coal-fired power plant at Kennecott in
2019, with the balance of power met by the
utility with commensurate renewable energy
certificates. Escondida also completed its
repowering in 2021, sourcing green power
for its operations. In 2022, we considered
long-term sustainable green power solutions,
and how to address emissions from diesel
haulage with ongoing trials and studies.
Thishas involved collaborative partnerships
with third parties.
For more information
about our decarbonisation efforts in
the Copper product group, see our
2022 Climate Change Report at
riotinto.com/climatereport.
Copper
Copper is essential to creating a sustainable, low-carbon world.
Rapid electrification across all aspects of daily life is set to drive
long-term demand for copper. With assets spanning the globe
and an evolving suite of technologies to enable low-carbon
production, we are accelerating growth and decarbonisation
by producing the materials that enable a cleaner future.
Snapshot of the year
0.22
AIFR
(2021: 0.21)
49%
Underlying EBITDA
margin (product
group operations)
(2021: 59%)
$2.4bn
Underlying
EBITDA
(2021: $4.0bn)
$6.7bn
Segmental
revenue
(2021: $7.8bn)
$1.6bn
Capital
expenditure
(2021: $1.3bn)
$1.4bn
Net cash generated
from operating
activities
(2021: $2.6bn)
1.5Mt
Scope 1 and 2
GHGemissions
(equity Mt CO
2
e)
(2021: 2.2Mt)
8,000
Employee
numbers
(2021: 7,000)
Safety
Our operations and projects continued to
progress on their safety maturity journey
throughout 2022. We recorded zero fatalities
for the fourth consecutive year; however, we
continued to see a steady rate of potentially
fatal incidents (PFIs) across our assets and the
number of PFIs (18) has not changed compared
to 2021.
We ended 2022 with an all-injury frequency
rate (AIFR) of 0.16 among our employees and
0.26 among our contractors. Our overall AIFR
has increased slightly to 0.22 compared to
0.21in 2021, with significant improvement for
employees compared to 2021 (0.26) and a
regression for contractors compared to 2021
(0.17). Criticalrisk management remains a
priority. Recognising the disruption caused
by the COVID-19 pandemic, we are also
increasing our focus on employee wellbeing.
For more information
about our global health and safety initiatives,
seepages 57-58.
41Annual Report 2022 | riotinto.com
Strategic report
“2022 has been a year of achievements.
In January we reached an agreement
with the Government of Mongolia,
started the undercut at Oyu Tolgoi and
completed the acquisition of Turquoise
Hill Resources in December. In Guinea,
we signed the infrastructure joint
venture with our Chinese partners and
the Government to unlock Simandou.”
Bold Baatar
Chief Executive, Copper
Read the full interview with Bold
on our website.
Financial performance
Underlying EBITDA was down40% to
$2.4 billion, with $0.7 billion of the reduction
a result of lower copper prices, particularly
in the second half of the year. An anticipated
decrease in by-product sales volumes
(particularly lower gold in concentrate at Oyu
Tolgoi), rising cash costs, higher energy prices
and an increase in exploration and evaluation
expenditure also impacted EBITDA in 2022.
Underlying EBITDA margin remained strong
at49%.
Our copper unit costs, at 163 cents per pound,
increased by 81 cents, largely driven by the
decline in by-product credits, together with
rising input and higher labour costs, following
the implementation of new labour laws in
Mongolia and a new five-year collective
bargaining agreement at Kennecott.
We generated $1.4 billion in net cash from
operating activities, a 48%decrease on 2021,
from the same drivers as underlying EBITDA,
together with a smaller increase in working
capital compared to 2021.
Negative free cash flow of $0.3 billion reflected
the significant investment of $2.0 billion in our
projects, an increase of 26% on 2021. This mainly
related to the ongoing development of the Oyu
Tolgoi underground project, underground
growth projects at Kennecott and the
Simandou iron ore project in Guinea.
Review of operations
Mined copper production, at 521 thousand
tonnes, was 6%higher than 2021 due to higher
grades at Kennecott and Escondida, partly
offset by lower grades and recoveries at Oyu
Tolgoi as a result of planned mine sequencing.
The 4% increase in refined copper production
to 209 thousand tonnes mainly reflected a
furnace failure in 2021 at Kennecott which
resulted in the smelter being offline for the
majority of the fourth quarter of 2021.
Unplanned maintenance was required in the
fourth quarter of 2022 in our anode furnaces,
leading to extended downtime and continued
poor anode production.
Oyu Tolgoi underground project
A comprehensive agreement was reached with
the Government of Mongolia on 25 January
2022, resetting the relationship between the
partners, increasing the value the project
delivers for Mongolia, and allowing
underground operations to commence.
In 2022, Rio Tinto and the Government of
Mongolia remained focused on supporting
Oyu Tolgoi to reach the sustainable production
milestone, and continuing progress on the
remaining measures contained in Mongolian
Parliamentary Resolution 103.
At the end of 2022, a total of 19 drawbells had
been fired. Drawbell progression accelerated as
a result of improvement initiatives implemented
by the Oyu Tolgoi teams, bringing projected
first sustainable production from Panel 0 forward
to the first quarter of 2023 (previously first half
of 2023).
At the end of December, shafts 3 and 4 sinking
had reached 378 metres and 507 metres below
ground level respectively. Operational safety
sinking pauses have caused some delays
against the 2022 reforecast
5
to shaft sinking.
Final depths required for shafts 3 and 4 are
1,148 and 1,149 metres below ground level
respectively. Construction of conveyor-to-
surface works continued with civil scope of
works completed and other contractors
mobilised to site.
Study work for Panels 1 and 2, which are
required to support the ramp-up to 95,000
tonnes of ore per day, remains on track to be
completed in the first half of 2023. It will
incorporate any ventilation impacts due to the
shaft 3 and 4 delays as a result of COVID-19
restrictions and reprioritisation of the mobilised
workforce over the course of 2022.
On 16 December, we completed the
acquisition of Turquoise Hill Resources Ltd
(TRQ) for consideration of approximately
$3.1 billion
6
, simplifying ownership of the Oyu
Tolgoi mine, significantly strengthening our
copper portfolio, and demonstrating our
long-term commitment to the project and
Mongolia. We now hold a 66% direct interest
with the remaining 34% owned by the
Government of Mongolia through Erdenes Oyu
Tolgoi. This is allowing us to focus fully on
strengthening our relationship with the
Government of Mongolia and moving the
project forward with a simpler and more
efficient ownership and governance structure.
For more information
about our capital projects and future growth
options, see pages 32-33.
Copper
Year ended 31 December 2022 2021 Change
Mined copper production (‘000 tonnes – Rio Tinto share) 521.1 493.5 6%
Refined copper production (‘000 tonnes – Rio Tinto share) 209.2 201.9 4%
Segmental revenue (US$ millions) 6,699 7,827 (14)%
Average realised copper price (US cents per pound)
1
403 424 (5)%
Underlying EBITDA (US$ millions) 2,376 3,969 (40)%
Underlying EBITDA margin (product group operations) 49% 59%
Underlying earnings (US$ millions) 521 1,579 (67)%
Net cash generated from operating activities (US$ millions)
2
1,374 2,634 (48)%
Capital expenditure – excluding EAUs
3
(US$ millions) (1,622) (1,328) 22%
Free cash flow (US$ millions) (265) 1,295 (120)%
Underlying return on capital employed (product group operations)
4
6% 14%
1. Average realised price for all units sold. Realised price does not include the impact of the provisional pricing adjustments, which
negatively impacted revenues by $175 million (2021: $246 million benefit).
2. Net cash generated from operating activities excludes the operating cash flows of equity accounted units (EAUs) but includes
dividends from EAUs (Escondida).
3. 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. It excludes EAUs.
4. Underlying return on capital employed (ROCE) is defined as underlying earnings (product group operations) excluding net
interest divided by average capital employed.
5. A cost and schedule reforecast was performed in June 2022 and estimates that $7.06 billion is required to complete the Hugo North 1 project (an increase of $0.3 billion beyond the 2020 Definitive
Estimate). The 2022 Reforecast excludes impacts of COVID-19 restrictions arising after June 2022. The 2022 reforecast remains subject to Oyu Tolgoi Board approval.
6. Total consideration of $3,139 million for the minority interest in TRQ excludes transaction costs of $74 million. In 2022, we paid $2,928 million to shareholders and $33 million of transaction costs.
In2023, we expect to pay the remaining $41 million of transaction costs and approximately $211 million to dissenting shareholders, depending on the outcome and timing of dissent proceedings.
Annual Report 2022 | riotinto.com42
Enabling the low-carbon transition
In 2022, our Minerals product group’s absolute
greenhouse emissions were 4.0Mt CO
2
e, an
increase of approximately 12.5% from 2021
levels
1
. The increase in emissions was mainly
driven by Richards Bay Minerals (RBM)
operating continuously in 2022 as opposed
to reduced production in 2021. In 2022,
we also advanced several key strategic
decarbonisation projects. For example, we
signed a 130MW solar power purchase
agreement with Voltalia at RBM in South Africa,
which would eventually deliver abatement of
more than 200kt CO
2
/year in 2025. We have
also partnered with the Government of Canada
in support of technological innovations at our
RioTinto Iron and Titanium Quebec Operations
in Sorel-Tracy, such as the BlueSmelting
TM
project, a new ilmenite smelting technology
that, if fully implemented, has the potential to
deliver a reduction of up to 70% in the site’s
overall greenhouse gas emissions.
For more information
about our decarbonisation efforts in
the Minerals product group, see our
2022 Climate Change Report at
riotinto.com/climatereport.
Minerals
Our Minerals portfolio includes a global suite of businesses
producing materials essential to a low-carbon future and projects
well-positioned to meet the growing demand for electric vehicles.
We produce high-grade, low-impurity iron ore pellets and
concentrate, titanium dioxide, diamonds and borates from our
operations in Canada, Madagascar, South Africa and the US.
1. Our baseline emissions have been adjusted to reflect the increase in RioTinto’s ownership interest of Diavik Diamond Mine from 60% to 100% in November 2021.
Snapshot of the year
0.38
AIFR
(2021: 0.38)
40%
Underlying EBITDA
margin (product
group operations)
(2021: 43%)
$2.4bn
Underlying
EBITDA
(2021: $2.6bn)
$6.8bn
Segmental
revenue
(2021: $6.5bn)
$0.7bn
Capital
expenditure
(2021: $0.6bn)
$1.5bn
Net cash generated
from operating
activities
(2021: $1.4bn)
4.0Mt
Scope 1 and 2
GHGemissions
(equity Mt CO
2
e)
(2021: 3.5Mt)
9,000
Employee
numbers
(2021: 9,000)
Safety
For the fourth consecutive year, we recorded
zero fatalities. In 2022, we saw an increase in
the number of potentially fatal incidents (PFIs)
with 19 this year, compared to 16 in 2021.
Therate of injuries remained the same, with
our all-injury frequency rate (AIFR) at 0.38.
However, we ended 2022 with a significant
increase in the AIFR of our contractor
workforce, going from 0.22 in 2021 to
0.42in2022.
In 2023, we will continue our improvement
journey, enabled by the safety maturity model,
including health and environment, to achieve
our objectives of creating a safe and
productive workplace for our employees
and contractor partners.
For more information
about our global health and safety initiatives,
seepages 57-58.
43Annual Report 2022 | riotinto.com
Strategic report
“We’re working hard in the critical
minerals space. For example, we’re
extracting high purity scandium
oxide from the waste streams of
titanium dioxide production, and
we continue to invest in research
and development and form key
partnerships with experts from
industry, academia and government.”
Sinead Kaufman
Chief Executive, Minerals
Read the full interview with Sinead
on our website.
Financial performance
In 2022, we benefited from strong market
conditions for titanium dioxide pigment and
borates, partially offset by a weaker market for
iron ore pellets and concentrate, albeit off
record levels. We also saw higher diamond
prices compared with 2021, following a
pandemic-related build up of demand and
low inventory levels.
Underlying EBITDA of $2.4 billion was 7%
lower than 2021, primarily due to inflationary
pressures, energy price increases and Rincon
evaluation costs. This was partially offset by
prices and higher EBITDA in relation to the
increased ownership in Diavik.
Net cash generated from operating activities of
$1.5 billion was 6%higher than 2021, while free
cash flow of $0.8 billion was 7%higher,
reflecting a higher EBITDA cash conversion
supported by lower dividends paid to holders
of non-controlling interests at Iron Ore
Company of Canada.
Review of operations
Production of iron ore pellets and concentrate
at IOC was 6%higher than 2021 due to the
successful deployment of the Safe Production
System (SPS) at the concentrator, which was
completed in the year. Record performance
metrics were achieved in the year, including
monthly records for concentrate production
and total material moved in the second quarter.
Planning for SPS deployment at the pellet plant
commenced in December.
Titanium dioxide production of 1.2 million
tonnes was 18%higher than 2021 due to
community disruptions at Richards Bay
Minerals (RBM) in South Africa in 2021,
and continued improved performance of
operations at Rio Tinto Iron and Titanium
Quebec Operations, Canada. Nationwide
loadshedding of electrical power caused
production constraints at RBM in late 2022.
Borates production was 9%higher than 2021,
with strong production rates, higher grades
and improved equipment reliability.
Our share of carats recovered was 21%
higher than 2021, from our increased share
of production since taking 100% ownership
of Diavik in November 2021, partly offset by
lower carats recovered due to lower grades.
For more information
about our capital projects and future growth
options, see pages 32-33.
Lithium, a material for the future
The Rincon Lithium Project – a large,
undeveloped lithium-brine project
located in the heart of the “lithium
triangle” in Argentina – will be a valuable
source of rapidly produced, high-quality
lithium for the global energy transition.
A long-life, scalable resource capable
of producing battery-grade lithium
carbonate from raw brine, the project will
help us deliver this vital resource to the
global energy industry while meeting our
commitment to decarbonise our
operations by 2050.
With the Rincon acquisition completed
in early 2022, we are now developing a
three thousand tonne per annum lithium
carbonate starter plant. To optimise the
process and recoveries, we also
continue to produce battery-grade
lithium carbonate from raw brine from
the existing pilot plant operating at site.
We are now advancing detailed studies
for the full scale of operation and
progressing exploration activities to
further understand Rincon’s basin and
brine reservoir. We continue to engage
with communities, the province of Salta
and the Government of Argentina to
ensure an open and transparent
dialogue with stakeholders about the
works underway.
Minerals
Year ended 31 December 2022 2021 Change
Iron ore pellets and concentrates production
1
(million tonnes –
Rio Tinto share) 10.3 9.7 6%
Titanium dioxide slag production (‘000 tonnes – Rio Tinto share) 1,200 1,014 18%
Borates production (‘000 tonnes – Rio Tinto share) 532 488 9%
Diamonds production (‘000 carats – Rio Tinto share)
2
4,651 3,847 21%
Segmental revenue (US$ millions) 6,754 6,481 4%
Underlying EBITDA (US$ millions) 2,419 2,603 (7)%
Underlying EBITDA margin (product group operations) 40% 43%
Underlying earnings (US$ millions) 849 888 (4)%
Net cash generated from operating activities (US$ millions) 1,522 1,433 6%
Capital expenditure (US$ millions)
3
(679) (644) 5%
Free cash flow (US$ millions) 814 762 7%
Underlying return on capital employed (product group operations)
4
22% 21%
1. Iron Ore Company of Canada (IOC) continues to be reported within Minerals.
2. On 17 November 2021, Rio Tinto’s interest in Diavik increased from 60% to 100%. Production and financials reflect this from
1 November 2021.
3. 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.
4. Underlying return on capital employed (ROCE) is defined as underlying earnings (product group operations) excluding net
interest divided by average capital employed.
Annual Report 2022 | riotinto.com44
Commercial
Our Commercial team includes global
sales and marketing, procurement,
and marine and logistics operations.
We are the primary interface with
markets, customers and suppliers –
local, regional and global – through a
network of over 20,000 active suppliers
and almost 2,000 customers.
As the key interface to the market, our Commercial
team works very closely with our customers
and suppliers. We generate insights and
opportunities to unlock the full commercial
potential across our value chains, always
striving to find better ways to provide the
materials the world needs.
Finding solutions to shipping’s global carbon emissions
Maritime shipping is responsible for around one billion tonnes of CO
2
emissions every year,
accounting for nearly 3% of global carbon emissions. As the largest shipper by tonnage in the
world, we have a role to play. We are actively exploring partnerships to achieve our commitment to
have net zero vessels in our portfolio by 2030, while taking actions to reduce emissions through
efficiency initiatives and alternative fuels.
For more information
visit www.riotinto.com/news/stories/decarbonising-the-high-seas.
consumers can see how products were
made from the mine to their hands and make
more informed choices on what they buy.
– Signing a separate MoU with both Shougang
Group and Salzgitter Flachstahl, and continuing
significant partnerships with Nippon Steel
Corporation, BlueScope, and Baowu to
develop low-carbon solutions for the steel
value chain. We have also successfully
proven the effectiveness of BioIron
TM
,
a low-carbon iron-making process using
raw sustainable biomass andmicrowaves.
Supplier partnerships
In the areas where we operate, we work hard
to partner with and develop local businesses
so they can share in our success. In 2022, we
increased our spend with Indigenous suppliers
in Australia by 40% from 2021 to A$565 million.
We also actively seek partnerships with our
suppliers to reduce our own emissions.
In2022, we have:
– Continued our partnership with Scania to
develop smaller and more agile autonomous
haul trucks. In April 2022, we launched new
trials on Scania’s 40-tonne-payload
autonomous mining trucks and quickly
reached a key milestone of driverless
operation in a simulated load and haul
cycle environment. These trucks will
require less energy and have a smaller
infrastructure footprint.
– Signed an MoU with Volvo Group to work
towards decarbonising our operations
through piloting Volvo’s sustainable
autonomous hauling solutions.
– Joined the First Movers Coalition, a global
initiative to help commercialise zero-carbon
technologies by harnessing purchasing
power and supply chains.
For more information
about our decarbonisation initiatives,
see our 2022 Climate Change Report
at riotinto.com/climatereport.
Safety and wellbeing
In 2022, we recorded zero fatalities and a 0.14
all-injury frequency rate (AIFR), compared to 0.07
for 2021. As we continue to navigate COVID-19
impacts, we have maintained our strong focus on
critical risk management and prevention
programmes across areas of greatest exposure.
We continue to work on our safety performance
within our maritime fleet of 17 owned, and more
than 230 contracted, vessels. Although we had no
fatalities on our managed operations in 2022,
tragically, there was a fatality on one of the
non-managed marine vessels and, in a separate
incident, another mariner suffered a permanent
disabling injury. We are determined to improve
maritime safety for our industry and we are
working closely with our shipping partners,
industry associations and other mining companies.
Customer partnerships
In our mission to find better ways to provide the
materials the world needs, we partner with
customers to work towards our shared goal of
enabling the world’s transition to a low-carbon
future. In2022, some initiatives included:
– Signing a separate memorandum of
understanding (MoU) with both the Ford
Motor Company and Volvo Group, each
of which leverages our advantage as a
one-stop multi-commodity supplier for
sustainable products and solutions in the
low-carbon transition. Ford will also explore
becoming the foundational customer for our
Rincon Lithium Project in Argentina to
support its production of electric vehicles.
– Strengthening our low-carbon product
offering with aluminium produced by ELYSIS
TM
emissions-free smelting technology, used
by Apple (in their iPhone SE), and Corona
Canada (in Canada’s first specially marked,
low-carbon aluminiumcans).
– Leveraging START
TM
, our blockchain
technology, to provide over 110 customers
with 14 key ESG metrics. Via a QR code,
Snapshot of the year
$55.6 billion
Group consolidated sales revenue
(2021: $63.5bn)
2,600
sea voyages
2,100
contracts under management
(2021: 2,100)
$20.7 billion
in contestable spend globally
(2021: $17.9bn)
106,000
shipments by rail, truck and containers
A$565 million
spent with Indigenous suppliers in Australia,
an increase of 40% from 2021
(2021: A$400m)
42%
increase in spend with Chinese suppliers
from 2021
(2021: 44%)
45Annual Report 2022 | riotinto.com
Strategic report
Combined shipments from major producers
were effectively unchanged year-on-year in
2022, but remained below the volume
delivered in 2018. Meanwhile, a combination of
price-related and other external factors reduced
overall seaborne supply. These included
small-scale, high-cost producers who
discontinued operations when prices declined
below break-even points; supply disruptions
due to the war in Ukraine; and India’s decision
to impose export tariffs on iron ore. Despite the
introduction of a range of supportive policies
and growth targets, China’sdomestic iron ore
production also declined year-on-year in 2022
following a number of safety accidents and the
imposition of operatingrestrictions.
Aluminium
The aluminium price rose in the first quarter
of 2022 to a multi-year high, on expectations
of stronger demand outlook and Russian
aluminium supply cuts, both of which
eventually did not materialise. The price then
fell to its low point in the third quarter as fears
of a global economic slowdown set in, and
Chinese aluminium production rose on restarts
and commissioning of new capacity. Chinese
aluminium domestic demand also weakened
due to COVID-19 restrictions, especially in the
building and construction sector. However, the
aluminium price stabilised in the fourth quarter
as a result of a high level of smelter curtailments
in Europe given high energy costs, and
curtailments in Southern China given drought
conditions and low hydropower levels.
Global aluminium inventories remained low
and the market deficit provided support to the
aluminium price. Elevated carbon raw material
and energy prices resulted in the industry
facing a significant margin squeeze in the
second half of 2022.
Copper
After a record quarterly average price was
reached in the first quarter of 2022, copper
prices trended down from late April, as a wave
of uncertainty surrounding the global economy
and China’s COVID-zero policy weighed on
the prospects for copper demand. The average
price in the third quarter was the lowest
quarterly average since the fourth quarter
of 2020. Global visible copper cathode
inventories fell to multi-year lows, providing
support to prices.
Mine supply growth, while remaining positive,
stalled in 2022 due to issues such as water
availability, geological and geotechnical
challenges, and slower project ramp-ups
contributing to a higher level of disruptions to
production. Mine supply growth is expected to
return over the 2023 to 2024 period, as
committed projects get underway after
earlierdelays.
“Commercial is the key interface
between our assets and the markets,
our customers and suppliers. Our
mission is to generate insights and
opportunities to unlock RioTinto’s
full commercial potential across our
value chains and future growth
opportunities. We will always strive
to find better ways to serve our
customers and provide the materials
the world needs.”
Alf Barrios
Chief Commercial Officer
Read the full interview with Alf
on our website.
Marine and logistics
To deliver our climate commitments on
shipping, we are focusing on improving fuel
efficiency, increasing the use of transitional
fuels and partnering to develop end-state fuels.
In 2021, we committed to reduce our CO
2
emissions intensity in shipping by 40% by
2025, five years ahead of the International
Maritime Organisation (IMO) deadline. To date,
we have achieved a 30% intensity reduction in
conventional fuel use from an IMO 2008
baseline through operational and technical
measures such as weather routing, schedule
optimisation and vessel modifications.
We have a year-long biofuel trial underway
and we recently received the first of nine
dual-fuelled liquified natural gas-powered
vessels that we are introducing into our fleet.
We continue to support new technologies
and industry collaborations that will contribute
to the industry’s low-carbon transition,
including through our strategic partnerships
with the Maersk Mc-Kinney Moller Center for
Zero Carbon Shipping and the Global
MaritimeForum.
For more information
about our shipping decarbonisation efforts,
seeour 2022 Climate Change Report at
riotinto.com/climatereport.
Commercial insight
and outlook
Economic growth and commodity demand
started positively in 2022 as the world
continued its recovery from the pandemic
downturn. However, the large supply shock
brought about by the war in Ukraine led to
energy security concerns and exacerbated
inflationary pressures, while a resurgence of
COVID-19 lockdowns and outbreak in China
affected business activities and consumer
confidence. High inflation prompted many
countries, led by the US, to aggressively tighten
monetary policy to re-establish price stability.
These risks are carried over to 2023, and the
global economy is expected to slow further.
China’s economic recovery from COVID-19
remains volatile, while the Chinese Government
provides support to stabilise the economy,
especially in the infrastructure and real
estatesectors.
Iron ore
Following three consecutive years of growth
to a 2021 all-time high, iron ore demand
simultaneously contracted in China and the
rest of the world for the first time since the
beginning of the COVID-19 pandemic. The
Chinese property market slump continued to
worsen, while extended COVID-19 restrictions
impacted China’s steel demand, exerting
downward pressure on prices. There were also
headwinds to ex-China iron ore demand,
which was negatively impacted by sharply
higher energy and raw materials costs to steel
producers. Iron ore prices were more resilient
and market fundamentals tighter than
consensus expectations because the demand
weakness was offset, and at times outweighed,
by even lower supply.
Minerals
There was low demand growth for titanium
dioxide (TiO
2
)pigment in 2022 as weakness in
China and the EU was only partially offset by
growth in North America. Nevertheless, prices
were supported by tight global high-grade
supply. Inventories remained low in 2022 but
are expected to grow in 2023. Structural
factors relating to orebody depletion remain
favourable for high-grade TiO
2
feedstock and
zircon markets.
Lithium prices remained elevated on strong
demand. The electric vehicle market continues
to experience strong growth, supported by
government policies.
There was strong buying activity for borates in
2022 due to persistent supply tightness, resulting
in prices closing the year at a decade high.
In diamonds, prices started 2022 with strong
growth but have cooled amid weakening
demand. Global diamond supply remains
stable, which is resulting in some inventory
accumulation through the supply chain.
Annual Report 2022 | riotinto.com4646
Our approach
to sustainability
For 150 years, we have been
entrusted with accessing the
world’s essential materials and
making them available for
society’s use.
These resources are finite, and as temporary
custodians of the land where we operate, we
have a responsibility to extract the full value
from the minerals and materials we produce in
the safest and most sustainable way possible.
Our approach to sustainability is guided by our
purpose: finding better ways to provide the
materials the world needs. Our shareholders,
employees and host governments expect us to
find ways to lower our impact, decarbonise our
operations and increase circularity, while
contributing to a positive legacy for the host
communities and countries where we operate.
And we have a big role to play in the world’s
transition to a low-carbon future – the materials
we produce are essential in many low-carbon
technologies. It means we must deliver our own
decarbonisation, alongside investing in
research and development that enables our
customers to decarbonise more quickly.
We know that responsibly managing our
business impacts is fundamental if we want to
continue to grow and deliver on our strategy.
Two of our core objectives in our strategy
relate to strengthening our social licence and
achieving impeccable environmental, social
and governance (ESG) credentials. As part of
these commitments, we align our business
priorities with society’s expectations and
ensure sustainability considerations are at the
core of every decision we make.
To meet our goals, we are focusing on
developing the right mindset and culture,
encouraging our people to work together to
find new solutions and building partnerships
with those who share our ambition for a more
sustainable future.
Renewable hydropower. The Saguenay – Lac-Saint-Jean, Canada.
47Annual Report 2022 | riotinto.com
Strategic report
Low-intensity
materials
Economic
opportunity &
just transition
Scope 1 & 2
reduction
Community
engagement &
social investment
Environmental
stewardship
Health, safety
& wellbeing
Mining
& metal
practices
Talent,
diversity &
inclusion
Heritage,
culture &
Indigenous
peoples
Human
rights
Transparent,
values-based,
ethical business
operations
SDG 17
S
u
p
p
o
r
t
i
n
g
S
D
G
3
4
5
1
0
1
5
L
e
a
d
S
D
G
1
2
L
e
a
d
S
D
G
8
S
u
p
p
o
r
t
i
n
g
S
D
G
6
9
1
3
1
5
Systems impactFoundations
Sustainability framework
Planet People and society
Systems impact Foundations
Becoming a trusted
steward of resources
Supplying
low-intensity materials
Supporting social and
economic opportunity
Becoming a socially
responsible business partner
Our sustainability framework
Our sustainability framework describes how we manage the
ESG issues that are important to us and our stakeholders,
andhow we contribute to the United Nations Sustainable
Development Goals (UN SDGs).
Our sustainability framework guides our work towards achieving
impeccable ESG credentials and strengthening our social licence. This
includes providing people and communities with economic
opportunities; safeguarding and promoting the health, wellbeing and
human rights of people and communities; combatting climate change;
and being excellent stewards of the natural resources entrusted to us.
Our commitment to running a transparent, values-based, ethical
business underpins all our work.
People and society:
Supporting social and economic opportunity
We aim to:
– Provide people and communities with social and economic
opportunities so that they can live and grow sustainably.
– Play our role to advance a fair and socially inclusive energytransition.
Becoming a socially responsible business partner
We aim to:
– Build a healthy, diverse and inclusive workforce, support local
communities to achieve their goals and aspirations and deliver positive
social outcomes.
Planet:
Supplying low-intensity materials
We aim to:
– Decarbonise our value chains (Scope 3) and maximise the full value of
our resources.
– Encourage circularity and provide critical minerals that the world
needs to advance.
Becoming a trusted steward of resources
We aim to:
– Decarbonise our operations (Scope 1 and 2 reduction).
– Minimise environmental and heritage impacts and act as a responsible
steward of water and biodiversity to strengthen our resilience to a
changing environment, assessing impacts across the supply chain.
The United Nations Sustainable Development Goals
Our approach to sustainability aligns with the United Nations Sustainable
Development Goals (UN SDGs), which are recognised as the global
blueprint for a sustainable future. The SDGs are a useful reference point
to ensure our sustainable focus areas reflect society’s expectations and
help us direct our efforts where they can deliver the most impact.
Oursustainability framework focuses on the two lead goals that we feel
are most relevant to operating our business responsibly and where we
can have the biggest impact: responsible consumption and production
(SDG 12) and decent work and economic growth (SDG 8).
Our business operations also contribute to eight supporting SDGs (3, 4,
5, 6, 9, 10, 13, 15), while partnerships for the goals (SDG 17) reflects our
approach to sustainability and is fundamental to the way we run
ourbusiness.
For more information
about our approach to the UN SDGs, see our website.
Annual Report 2022 | riotinto.com48
Materiality to Rio Tinto
Materiality to stakeholders
Lower materiality Medium materiality Higher materiality
Respecting
human rights
Climate
change
Cultural &
heritage site
management
Health, safety &
wellbeing
Inclusion, diversity & equality
ESG transparency
& disclosure
Water management
Business
Business
performance
integrity &
governance
Local
community
relations
Tailings &
mineral waste
management
Biodiversity & ecosystems
Closure, post-mining
&land rehabilitation
Pandemic response
& public health
Employment &
talent retention
Supply chain
transparency
Impact of
technology
End-to-end
materials
management
Responsible
tax & royalty
payments
Risk management &
cyber security
Future-proof
assets
Industrial
environment
impacts
How we report on sustainability
We want to ensure all our stakeholders benefit from the
success of our business. To do this, our priorities and
performance must align with society’s expectations, which
are constantly evolving. So each year we complete a
sustainability materiality assessment to understand which
issues and topics matter most to, and have the greatest
impact on, our stakeholders and ourbusiness.
Wegather information on sustainability topics and their impact from
internal and external stakeholders and employees via interviews, surveys,
and reviews of publicly available materials. We ask them what is
important now, and what they think will be important in five to tenyears.
The insights we gather through this process also guide our approach to
sustainability and how we reportexternally.
What is important now
Our internal and external stakeholders are broadly aligned on the four
most important sustainability topics. Climate change is the most
important issue and includes concerns about emissions reduction and
how resilient and adaptable our business is to cope with climate-induced
change. Respecting human rights; cultural and heritage site
management; and health, safety and wellbeing are other highly material
topics. For our business, the safety and wellbeing of our people remains
our highest priority (see page 57). Business integrity, governance, and
local community relations are important topics as we continue to build
trusting relationships with our partners, employees and host countries.
What will be important in the future
Our internal and external stakeholders feel that climate change will only
continue to increase in importance over the next decade, as will
geopolitical uncertainty, the impact of technology, respecting human
rights, business integrity and governance, supply chain transparency and
end-to-end materials management. Other emerging critical topics
include water management due to the reliance of local communities and
mining operations on an increasingly scarce resource, and biodiversity
due to the increasing impacts of climate change. Managing all these well
will be integral to our social licence to operate.
Reporting our performance
Our sustainability materiality assessment records the threshold at which
an issue or topic becomes important enough for us to report on
externally. The importance of a topic is based on the significance of its
impact on stakeholders. A sustainability materiality assessment differs
from financial materiality, which may use financial metrics or other
quantitative analyses to determine what would be considered a
significant or material impact.
As a member of the International Council on Mining and Metals (ICMM),
we commit to reporting on our sustainability performance against Global
Reporting Initiative (GRI) standards and implementing the ICMM
Performance Expectations (PEs).
The ICMM Mining Principles framework focuses on the implementation
of systems and practices related to a broad range of sustainability areas.
In line with the ICMM’s requirements, all 29 Rio Tinto managed operating
and refining assets completed an ICMM PEs self-assessment before
30 September 2022. A self-assessment was also completed for Rio Tinto
Corporate. These assets met the requirements in the areas of ethical
business practice, decision making and stakeholder engagement.
49Annual Report 2022 | riotinto.com
Strategic report
How we report
Annual
Report
Climate Change
reports
1
CSP
Report
2
Tax
reports
3
Human Rights
reports
4
Sustainability Fact
Book
Linking sustainability to purpose and strategy
Materiality and material topics
Climate change
Economic contribution
Human rights
Indigenous peoples
Memberships and certifications
Sustainability data and trends
1. Includes our 2022 Climate Change Report and Scope 1, 2 and 3 Emissions Calculation Methodology.
2. Our Communities and Social Performance Commitments Disclosure Report will from 2023 be incorporated into our 2023 Annual Report.
3. Includes our Taxes Paid Report and Country-by-Country Report.
4. Includes our Modern Slavery & Human Trafficking Statement and our Voluntary Principles on Security and Human Rights Report.
For more information
see the full reporting suite on our website.
Ourteams identified opportunities to improve our performance in human
rights, risk management, health and safety, environmental performance,
conservation of biodiversity, responsible production and social
performance. We will work through these opportunities with our assets
over the coming months.
The majority of our sustainability reporting is incorporated into this
Annual Report and supplemented by our full 2022 Sustainability Fact
Book containing current and historical data on topics including health,
safety, environment, climate, communities, human rights, responsible
sourcing, ICMM PEs and transparency.
For more information
see our Sustainability Fact Book at riotinto.com/sustainabilityreporting.
Governance and assurance
The Sustainability Committee oversees strategies to manage social and
environmental risks, including management processes and standards.
The Committee reviews the effectiveness of management policies and
procedures relating to safety, health, employment practices (apart from
remuneration, which is the responsibility of the People & Remuneration
Committee), relationships with neighbouring communities, environment,
security and human rights, land access, political involvement and
sustainable development. Given its strategic significance, climate
change is overseen directly by theBoard.
For more information
about our Sustainability Committee, see page 108.
This year, the Group’s auditor KPMG was again engaged to provide the
Directors of Rio Tinto with assurance on selected sustainability subject
matters. KPMG’s limited assurance statement satisfies the requirements
of subject matters 1 to 4 of the ICMM assurance procedure.
For more information
about our external auditors and internal assurance, see page 106.
Non-financial information statement
The Sustainability section includes information required by regulation in
relation to:
– Environmental matters – pages 66-70
– Our employees – pages 59-60
– Social matters – pages 53-56
– Human rights – page 61
– Corruption and bribery – pages 73-75.
Other related information can be found here:
– Our business model – page 17
– Principal risks and how they are managed – pages 76-86
– Non-financial key performance indicators – pages 50-51.
Notes on data
The data summarised in this Sustainability section relates to calendar
years. Unless stated otherwise, parameters are reported for all managed
operations without adjustment for equity interests. Where possible, we
include data for operations acquired before 1 October of the reporting
period. Divested operations are included in data collection processes up
until the transfer of management control.
Annual Report 2022 | riotinto.com50
Supplying low-intensity materials
Key achievements
Becoming a trusted steward of resources
7% reduction
in Scope 1 and 2 greenhouse gas emissions
below our 2018 baseline.
(2021: 4.3%)
5 of the 7
water stewardship targets remain on track for
attainment in 2023. For more information about
individual water target performance in 2022,
see pages 67-68.
(2021: 5 of 7)
8 submissions
from technology innovators selected
to progress beyond the Charge on
InnovationChallenge.
40-tonne-payload
agile autonomous haul trucks trialled with
Scania at our mine in Western Australia’s
Pilbara region, offering potential environmental
and productivity benefits.
522km
2
cumulative land rehabilitated to end of 2022,
mostly at our bauxite mines in Australia, mineral
sands mines in South Africa and Madagascar,
and at our iron ore mines and exploration areas
in the Pilbara, Western Australia.
(2021: 494km
2
)
$4 million
to explore new approaches in carbon
mineralisation technology as a way to safely
and permanently store carbon as rock.
2022 sustainability targets and key achievements
Supporting SDGsLead SDGs
Supporting SDGsLead SDGs
$537 million
(C$737 million) to be invested over eight years
to decarbonise our RioTinto Ironand Titanium
(RTIT) QuebecOperations in partnership with
the Government of Canada.
$29 million
invested in constructing an aluminium
recycling facility at our Arvida Plant in
Saguenay–Lac-Saint-Jean, Quebec, Canada
toexpand our offering of low-carbon
aluminium solutions.
One-year biofuel trial
in partnership with BP to reduce carbon
emissions from our marinefleet.
First production
of spodumeneconcentrate, a mineral used in
the production of lithium for batteries, at a
demonstration plant in our RTIT Quebec
Operations in Canada.
1.2 million
low-carbon beverage cans produced as part
of our partnership with Corona Canada.
Thecans were made using our aluminium
leveraging ELYSIS
TM
technology.
Around 20tonnes
of tellurium can now be produced every year at
Kennecott in Utah, US. Tellurium is a critical
mineral used in advanced thin film photovoltaic
solarpanels.
Key achievements
Target
To achieve net zero emissions from our
operations (Scope 1 and 2) by 2050.
Targets
To reduce our absolute Scope 1 and 2
greenhouse gas emissions by 15% by
2025 and by 50% by 2030.
To achieve local water stewardship targets
for selected sites by 2023.
51Annual Report 2022 | riotinto.com
Strategic report
Key achievements
Key achievements
Supporting social and economic opportunity
Becoming a socially responsible business partner
$2.7 billion
spent with local
1
suppliers, which represents
14.5% of total contestable spend.
Zero fatalities
at managed operations.
(2021: 0 fatalities)
0.40
all-injury frequency rate (AIFR).
(2021: 0.40)
1.37 million
critical risk management (CRM)verifications.
(2021: 1.31 million)
$188 million
spent with Indigenous suppliers inCanada.
2.8% increase
in the rate of new occupational illnesses
since2021.
9 assets
achieved an exposure reduction to known
health risks (airborne contaminants and noise).
(2021: 13 assets)
$25.5 million
invested through the Rio Tinto COVID-19 Fund
between 2020 and 2022 to support global
grass-roots, community COVID-19
preparedness and recovery programmes.
22.9%
of our workforce are women, up 1.4%
from2021
2
.
25%
of executive leaders are women, same as2021.
28.3%
of senior leadership are women, up 0.9%
from2021.
30%
of Board roles are held by women, down 6.4%
from 2021.
$62.6 million
contributed to community programmes across
a wide range of social and economic categories.
(2021: $72.1 million)
2-point increase
in our employee satisfaction score (eSAT)
since 2021 (from 71 to 73).
(2021: 2-point decrease)
6 formal agreements
signed with Indigenous rights holders across
our global footprint.
53%
of our graduate intake are women, down 5%
from 2021.
36%
of our graduates were from places where
we are developing new businesses, up 1%
from2021.
48% increase
in Australian Indigenous leaders.
(2021: 31 leaders; 2022: 46 leaders)
Lead SDGs Supporting SDGs
Supporting SDGs
Lead SDGs
Target
To increase contestable spend sourced
from suppliers local to our operations
year-on-year.
Targets
To reach zero fatalities and to eliminate
workplace injuries and catastrophic events.
All-injury frequency rate target: 0.38
To have all of our businesses identify
at least one critical health hazard material
to their business, and demonstrate a
year-on-year reduction of exposure
to that hazard.
To reduce the rate of new occupational
illnesses each year.
To improve diversity in our business by:
– Increasing women in the business
(including in senior leadership) by
2%each year.
– Aiming for 50% women in our
graduateintake.
– Aiming for 30% of our graduate intake to
be from places where we are developing
new businesses.
To improve our employee engagement
andsatisfaction.
1. We take a “site-centric” view of the definition of local, which allows operations to establish their own definition, based on a set of common principles. These principles require that each operation, in
defining “local” takes into consideration its geographic, social and economic area of impact as well as ownership. For example, suppliers located within the Pilbara Region of Western Australia are defined
as “local” for Rio Tinto Iron Ore’s Pilbara Operations. This approach is consistent with international best practice and aligns with the ICMM Social and Economic Reporting Framework guidance.
2. Women % increase is 1.37% rounded to 1.4%.
Annual Report 2022 | riotinto.com52
People and society
Our operations can have far-reaching impacts on society.
Wework hard to avoid or minimise adverse impacts and seek to
understand, and invest in, the diverse knowledge, cultures and
resources that exist in areas where we operate. Our ambition is to
contribute to positive and enduring outcomes for our workforce
and the countries and communities where we operate.
In 2022, we continued to progress on our objectives to achieve
impeccable ESG credentials and strengthen our social licence.
Among other initiatives, we focused on becoming a better partner
to our host communities, enhancing our safety maturity model, and
beginning to implement the Everyday Respect recommendations.
Simandou community project. Conakry, Guinea.
53Annual Report 2022 | riotinto.com
Strategic report
Community engagement and social investment
Communities and social performance targets
In 2022 we finalised a new suite of CSP targets, following the end of our previous target reporting period (2016-2021). The new targets will help us
monitor progress towards the core objectives of our CSP Group strategy. We have transitioned from having individually set and defined local asset
targets to common global targets, which will allow us to see progress across the Group as well as for individual assets. Our assets will continue to
maintain local targets and metrics, developed in consultation with local communities, in addition to the global targets. Reporting will evolve over the next
12 months.
Communities and social performance targets 2022-2026 Reporting status
By 2026, all sites to co-manage cultural heritage with communities and
knowledge holders.
Progress will be evaluated through a co-management maturity
assessment currently in development for reporting from 2023.
Year-on-year increase in contestable spend sourced from suppliers local to
ouroperations.
Baseline included in the 2022 Sustainability Fact Book for:
– Rio Tinto Group
– Product groups
Progress against target reported annually from 2023.
By 2026, 70% of total community investment to be through strategic, outcomes-
focused partnerships.
Progressive reporting through roll-out of the social investment
strategy and framework in 2023.
By 2024, 100% of employees in high human rights risk roles to complete yearly
job-specific and general human rights training.
By 2026, 100% of employees to complete yearly general human rightstraining.
Progressive reporting with 2022 focus on training development
and role mapping.
Effective communities and social performance
(CSP) is fundamental to our business. Without
the support of the communities where we live
and work, we cannot operate. We aim to
contribute to a shared future and positive
legacy by developing lasting relationships with
people, learning about and supporting their
goals and aspirations, avoiding or mitigating
adverse impacts, and respecting different
cultures and connections to lands and waters.
We are finding better ways to work with
communities and Indigenous peoples,
particularly in how we protect heritage. We are
moving to a model of co-management of land
and waters, and we are updating our
agreements to deliver more enduring
socioeconomic, heritage and environmental
outcomes. This, in turn, delivers greater
certainty for mine development.
Our CSP teams span our entire business and
work in partnership with communities to
understand how the work we do affects their
lives, culture and heritage. By doing so,
we can optimise benefits and reduce negative
impacts, both for local communities and
our business. Our teams include people who
have a range of expertise, from archaeologists,
anthropologists, social scientists and economic
development experts to human rights
specialists and operationalleaders. While these
teams lead our technical activities, our social
licence is the responsibility of all employees.
Everyone has a role to play in our engagement
with, and contribution to, host communities and
society more broadly.
Our CSP and site teams are also starting to
work with Indigenous communities to explore
opportunities for them to participate in
our climate initiatives.
Formore information
about our climate initiatives, see our
2022Climate Change Report at
riotinto.com/climatereport.
2022 progress
Strengthening social performance
We continue to strengthen our social
performance governance, capacity and
capability. In 2022, we launched our revised
Communities and Social Performance Standard.
It applies to all managed operations globally and
will help us work thoughtfully, responsibly and
transparently. Itprovides clear direction on what
success looks like and the minimum standard
expected across our global operations.
In 2022, we also launched the 2022 to 2027
Group CSP vision, goal and strategic framework,
which will guide our activities over the next five
years and help improve our performance. Our
CSP vision is to respect and enable communities
to realise their goals and aspirations and create
long-term shared benefits.
We continue to build internal capability and
collaboration across our teams working in CSP,
Indigenous Affairs and Cultural Heritage.
In2022, we held two global conferences in
Brisbane and Montreal for more than 260 CSP
employees to explore complex technical issues
and share good practice and learnings. These
conferences also offered the opportunity to
engage with civil society organisations,
investors and academia on emerging CSP
trends and practice. As we evolve our approach
to co-design and co-management, we continue
to listen to the wealth of knowledge that resides
both inside and outside our business.
QIT Madagascar Minerals (QMM)
In 2022, QMM worked together with national
and local authorities, representatives of the
communities and Traditional Owners to address
complaints raised by members of the local
communities through a grievance management
process. Throughout the year, the parties
continued to work together to find equitable and
sustainable solutions and we will continue to
work closely with the community on these
issues in 2023. Despite the challenges at QMM,
we are implementing initiatives to strengthen
our collaboration with the community.
Oneexample is our village nursery project,
which generates income for the community that
is supporting the rehabilitation of the area
surrounding the Mandena mine. In 2022, QMM
invested over $550,000 to support rehabilitation
activities, producing 300 tonnes of compost
and providing 1,500,000 seedlings used for
commercial tree planting, ecological restoration,
greening of the area around Mandena and an
offset plantation near the future mining lease in
Ambatoatsinana. Community associations are
the input suppliers, and some community
members are also employed. More than 400
households have benefited from QMM’s
rehabilitation activities. In addition, QMM will
increase its spending on its Corporate Social
Responsibility Policy over the next three years
to implement development projects in full
collaboration with the communities and for the
benefit of all local community members.
Resolution Copper project, Arizona, US
At our Resolution Copper project in Arizona,
we continue to strengthen relationships with
local communities and Native American
tribes by deepening our engagement and
partnershipsupport.
We recognise the enduring historical
connection Native American tribes have with
the land at, or near, the proposed mine and
we have partnered with the Tonto National
Forest Service and Native American tribes to
develop a programme to train tribal members
in archaeological surveys and to help us
identify sites of special significance to tribes.
For more information, see resolutioncopper.com
The project is going through comprehensive
and independent social and environmental
regulatory reviews. The US Forest Service
(USFS) published the Final Environmental
Impact Statement (FEIS) in January 2021.
InMarch 2021, the US Department of
Agriculture (USDA) directed the USFS to
retract the FEIS, which allowed the agency to
undertake further review and consultation.
Annual Report 2022 | riotinto.com54
Simandou project, Guinea
At our Simandou iron ore project in Guinea,
weare working with communities to help them
prepare for construction and future operations
by identifying and managing our impacts, and
designing and delivering local social investment
and regional economic development
programmes. In addition to implementing
environmental and social impact mitigation
measures, our teams are working with local
communities to enhance social infrastructure,
deliver livelihood restoration initiatives and
build community resilience.
Recognising the cumulative impacts that will
occur as a result of the development of
Simandou, we are also working with our
infrastructure and joint venture partners to
ensure the consistent application of
internationally recognised environmental and
social performance standards across the entire
project footprint. We are also working towards
raising local capacities to maximise local content.
Engaging with local entrepreneurs and investing
in training and development of local capacities is
key to optimise benefits to our host communities.
Oyu Tolgoi, Mongolia
We focus on long-term sustainable
development in Mongolia, increasing
transparency in our business processes and
building trust with local communities through
community investment and local employment.
In 2022, local employment at Oyu Tolgoi
increased by 25% from January to September
as a result of a comprehensive recruitment
process and local talent development.
Since 2015, Oyu Tolgoi has made a yearly
contribution of $5 million to a Development
Support Fund (DSF) – administered jointly by
Oyu Tolgoi and the community – for community
programmes and projects in the Umnugovi
aimag. In 2022, after reaching $38.9 million,
thefund invested in constructing a community
school, a kindergarten, and a health care centre,
increasing accessibility to quality educational
and healthcare services for community members
and creating more than 480 permanent jobs.
TheDSF also funded the Gobi History and
Nature Museum, which opened in May 2022.
Ithas already benefitted tourism in the region
by attracting more than 28,000 people, and it is
playing an important role in protecting and
promoting Mongolian cultural heritage.
We continue to engage with local communities
through the Khanbogd Tripartite Council (TPC).
In 2022, we focused on herder sustainable
livelihood, student scholarships and
pastureland water access.
Compagnie des Bauxites de Guinée SA
(CBG), Guinea
CBG is a bauxite operation in Guinea owned
by Halco Mining Inc. (51%) and the Guinean
Government (49%). Halco is a consortium
comprised of Rio Tinto (45%), Alcoa (45%)
and Dadco Investments (10%). Rio Tinto
participates on the boards of Halco and CBG,
with representation on various shareholder
oversight committees. Through our Board
and committee roles, we monitor and support
CBG’s approach to environmental protection,
community issues and human rights. We are
aware of the concerns regarding access to
land and water, and the pace of livelihood
restoration programmes as well as concerns
regarding CBG’s stakeholder engagement.
In2022, sustainability advisory committees at
Halco and CBG levels met regularly, strengthening
our oversight and providing support to CBG for
the improvement of CBG’s social and
environmental practices, including for the
development of an ongoing human rights due
diligence process. Both the Halco and CBG
advisory committees are closely following CBG’s
response to a complaint made to the International
Finance Corporation’s (IFC) Office of the
Compliance Advisor Ombudsman (CAO).
Themediation process facilitated by the CAO
has conducted seven sessions in 2022 and
through a collaborative approach the parties
made important progress towards an agreement
on the improvement of community access to
water. Halco continues to participate in the
mediation process as an observer, alongside
theIFC.
Panguna mine, Bougainville,
Papua New Guinea
The Panguna mine was operated by Bougainville
Copper Limited (BCL), majority-owned by Rio
Tinto, for 17 years from 1972 until 1989, when
operations were suspended due to a civil war,
which lasted until 1998. In 2016, Rio Tinto
transferred its 53.83% majority shareholding
in BCL to the Autonomous Bougainville
Government (ABG) and the Papua New Guinea
(PNG) Government for no consideration,
enabling the ABG and PNG to hold an
equal share in BCL of 36.4% each.
In September 2020, the Human Rights Law
Centre (HRLC) filed a complaint against Rio Tinto
on behalf of 156 Bougainville residents with the
Australian National Contact Point (AusNCP)
regarding the Panguna site.
In 2021, as an outcome of the AusNCP
engagement, a joint committee of stakeholders,
the Panguna Mine Legacy Impact Assessment
Committee, was formed to oversee a detailed
independent assessment of the Panguna
mine to identify and better understand the
environmental and human rights impacts
of the mine. The Committee is chaired by an
independent facilitator with representatives
from the ABG, the Independent State of PNG,
clan leaders and landowners, local communities,
Rio Tinto, BCL and HRLC. It has met regularly
since its formation.
In 2021, the Committee commissioned the
Panguna Mine Preparatory Phase Report
to inform priority areas for the Impact
Assessment. Completed in 2022, the report
identified risks of potential failure of the levee at
the former Main/Pump station, and potential
flooding events along the Kawerong and Jaba
river. On behalf of the ABG, Tetra Tech Coffey
completed on-the-ground investigations in
October 2022 and will present findings to the
ABG who will determine next steps.
In 2022, the Committee selected and endorsed
Tetra Tech Coffey to complete phase 1 of the
independent environmental, social and human
rights Legacy Impact Assessment. The Legacy
Impact Assessment began in December 2022
and will provide all parties with a clearer
understanding of the impacts, so that together
we can consider the best way forward.
Jadar lithium-borates project, Serbia
We continue to believe that the Jadar lithium-
borates project in Serbia can contribute to
enhancing the electric vehicle supply chain
ecosystem in Serbia. We continue to explore
options with all stakeholders on how to progress
this world-class opportunity to the highest
environmental standards.
Group-wide COVID-19 fund
In 2021, we committed $25 million to help the
communities where we live and work respond to
the pandemic. Our assets led the implementation
of the fund, supporting grassroots communities
across three pillars: response, recovery, and
resilience. The remaining funds were allocated in
April 2022 to support communities in Madagascar,
Mongolia, Serbia and South Africa. More
information is available on our website.
Social contribution
Supporting economic opportunities for our host
communities and regions is a key priority for us
and we strive to employ local people, buy local
products and engage local services. In 2022, our
total voluntary global social investment was
$62.6 million, covering a wide range of social and
economic programmes. In 2022, we spent
$2.7billion with suppliers local to our operations,
which is 14.5% of our total contestable spend.
88 Indigenous rangers
across 12 Pilbara Traditional Owner groups will be
supported to deliver cultural land management, through
our contribution of A$11.8 million over five years towards
Ranger Programs.
Humanitarian support
through $5 million donated to humanitarian efforts in
Ukraine. We also contributed A$271,530 through our
global employee appeal.
Residents of 10 towns
in the Shire of Ashburton and City of Karratha in the
Pilbara region of Western Australia will realise improved
social outcomes over the next ten years through our
A$75 million contribution.
Indigenous history
will be preserved through a two-year archaeological
partnership with the Cheslatta Carrier Nation in Canada,
to better understand the history of Indigenous
communities and human migrations.
1,000 people
in remote rural communities will have access to mobile
health care for the first time, through our contribution of
$375,000 to Clinic Mobile des Oubliés, a Guinean social
enterprise.
550,000+ students
in elementary and high schools in Quebec will have
access to a free homework helpline and learning website
through our contribution of C$1 million over three years.
Culturally safe care
for mothers and children will be made available to First
Nations and Inuit patients and families at Sainte-Justine
through our C$500,000 donation.
People and society continued
55Annual Report 2022 | riotinto.com
Strategic report
Update on our
communities and social
performance commitments
In October 2022, we released our final standalone
report on our progress on the commitments we
made after the tragic destruction of the rock
shelters at Juukan Gorge. Significant updates
since this report are summarised below under
three areas of interest: relationships, governance
and process, and leadership and inclusion.
For more information
see our 2022 Communities and
Social Performance Commitments
Disclosure Report on our website.
In 2023, we will repeat the feedback process
with Traditional Owners in the Pilbara. This will
provide a three-year longitudinal perspective
on our relationships. In parallel, we will
undertake a project to design and pilot a
community feedback process for host
communities where we operate globally.
Relationships
We have changed the way we engage with
Indigenous communities. We are progressively
working more closely in partnership with
Indigenous peoples across our operations to
preserve and protect cultural heritage. We are
moving to a model of co-management to
ensure Indigenous voices are heard as part of
our decision making.
Remedy agreement with the Puutu Kunti
Kurrama and Pinikura Aboriginal Corporation
In November 2022, we agreed with the Puutu
Kunti Kurrama and Pinikura Aboriginal
Corporation to create the Juukan Gorge Legacy
Foundation as part of a remedy agreement
relating to the destruction of the rock shelters at
Juukan Gorge in the Pilbara region of Western
Australia in May 2020. Financial support will
be provided to the Traditional Owner-led
foundation to progress major cultural and
social projects, including a new keeping place
for storing important cultural materials. The
agreement forms part of our commitment to
remedy and rebuild the relationship with the
Puutu Kunti Kurrama and Pinikura people.
For more information
see our website.
Updated agreement with the Yindjibarndi people
As part of our commitment to modernise our
relationships with Traditional Owners, in
November 2022, we signed an updated
agreement with Yindjibarndi Aboriginal
Corporation. The agreement aims to provide
better social and economic outcomes for future
generations and reflects our commitment to
create opportunities for Yindjibarndi people to
participate in our operations. The agreement
also includes support for Yindjibarndi Aboriginal
Corporation to develop community, commercial
and cultural projects and programmes to fulfil its
aspirations of self-determination.
For more information
see our website.
Pilbara Cultural Land Management project
As part of our A$11.8 million investment over five
years into Ranger programs in Western Australia,
we announced a partnership with the Pilbara
Cultural Land Management Project (PCLMP) in
October 2022. The PCLMP will enable 12 Pilbara
Traditional Owner groups to take part in training
programmes to help develop tools that support
cultural, heritage and environmental mapping,
monitoring and management. The project will
provide greater employment opportunities and
ongoing social and cultural benefits. For more
information, see our website.
We are also investing in developing and
diversifying individual Ranger Programs across
the Pilbara, partnering with Murujuga
Aboriginal Corporation, Karlka Nyiyaparli
Aboriginal Corporation and Yindjibarndi
Aboriginal Corporation. The Aboriginal-led
Ranger Programs provide connection to
culture, opportunities for healing and
strengthening families, and holistic support
to achieve generational change.
Working with Indigenous communities
inCanada
We continue to collaborate with Indigenous
groups in Canada to implement agreements.
We have 11 active long-term impact benefits/
participation agreements, and three potential
agreements are in discussion. Our agreements
include areas such as training and employment
procurement, land and water management,
joint environmental monitoring and community
investment. We are also working in partnership
with Indigenous communities to look at how we
protect and preserve cultural heritage.
At our Diavik Diamond Mine in the Northwest
Territories, we are working with Indigenous
partners to develop criteria for water quality to
ensure that water is healthy and safe from a
western science perspective and from a
traditional cultural use perspective. Thisinitiative
values both western science and traditional
knowledge and it will be evaluated equally by
the Wek’èezhìi Land and Water Board and the
regulator. It is part of a co-management
regulatory regime to ensure future traditional
use of the local land and water. In the northern
part of British Columbia, we have announced a
significant archaeological research project
together with the Cheslatta Carrier Nation.
Theproject will excavate sites of remarkable
cultural and historical significance that could
date back more than 10,000 years.
Economic contributions (US$ million)
2022 2021 2020 2019 2018
Profit after tax for the year 13,076 22,575 10,400 6,972 13,925
Underlying earnings 13,275 21,380 12,448 10,373 8,808
Underlying earnings per share (US cents) 819.6 1,321.1 769.6 636.3 512.3
Net cash generated from operating activities
1
16,134 25,345 15,875 14,912 11,821
Capital expenditure
2
(6,750) (7,384) (6,189) (5,488) (5,430)
Net (debt)/cash (4,188) 1,576 (664) (3,651) 255
Consolidated sales revenue 55,554 63,495 44,611 43,165 40,522
Employment costs (6,002) (5,513) (4,770) (4,522) (4,728)
Payables to governments
3
(9,313) (12,789) (8,224) (7,175) (7,217)
Amounts paid by Rio Tinto n/a
4
(13,334) (8,404) (7,635) (6,575)
Amounts paid by Rio Tinto on behalf of its employees n/a
4
(1,486) (1,353) (1,284) (1,342)
1. Data includes dividends from equity accounted units, and is after payments of interest, taxes and dividends to non-controlling interests in subsidiaries.
2. Capital expenditure is presented gross before taking into account any disposals of property, plant and equipment.
3. Payables to governments includes corporate taxes, government royalties and employer payroll taxes.
4. Our Taxes Paid Report will be published later this year on riotinto.com.
2022 2021 2020 2019
Community investment
1
(discretionary) 62.6 72.1^ 47 36.4
Development contributions
2
(non-discretionary) 18.2 19.1 12.8 12*
Payment to landowners
3
(non-discretionary) 299 222.9 165.9 147
* In 2019, $13 million was reported for development contributions. This has been revised down to $12 million due to an error noted in reporting.
^ The notable increase in community investment is associated with the completion of the $25 million COVID-19 pledge, a review of social investment strategies across product groups and the launch
of a number of significant multi-year partnerships, particularly through Rio Tinto Iron Ore and Rio Tinto corporate teams.
1. Community investments are voluntary financial commitments, including in-kind donations of assets and employee time, made by Rio Tinto managed operations to third parties to address identified
community needs or social risks.
2. Development contributions are defined as non-discretionary financial commitments, including in-kind donations of assets and employee time, made by Rio Tinto to a third party to deliver social,
economic and/or environmental benefits for a community, which Rio Tinto is mandated to make under a legally binding agreement, by a regulatory authority or otherwise by law.
3. Payment to landowners are non-discretionary compensation payments made by Rio Tinto to third parties under land access, mine development, native title, impact benefit and other legally binding
compensation agreements.
Annual Report 2022 | riotinto.com56
In the Saguenay–Lac-St-Jean region of Quebec,
we announced the signing of an agreement with
Pekuakamiulnuatsh First Nation in December
2022. This agreement – named Kuessilueu,
which means “the wind is turning” in Nelueun – is
the start of a collaborative process that will bring
Pekuakamiulnuatsh and Rio Tinto representatives
together in a co-designed approach to identify
priorities and recommendations on governance,
jobs and training, business opportunities, cultural
heritage, environment, partnerships, and energy
transition. The agreement will involve a large
group of people and aims to create a movement,
with each participant becoming an agent
of change in their respective area. As part of
this agreement, an Indigenous awareness
programme will be launched for our employees
inthe region.
Governance and process
During 2022, we continued to revise our
standards, systems and processes to ensure
we are working responsibly to avoid and
minimise impacts and risks to our operations,
people andcommunities.
Australian Advisory Group
We have established an Australian Advisory
Group (AAG) to provide guidance on current
and emerging issues, and better manage
policies and positions that are important to
both Australian communities and our broader
business. The group continues to refine
its scope and procedures for providing
high-quality advice to the Chief Executive
Australia and the Executive Committee.
Our cultural heritage risks
We have now operationalised the set of
controls that manage our cultural heritage risks,
with an emphasis placed on understanding the
control performance at a local level. Our global
Communities and Social Performance Area of
Expertise continues to provide subject matter
advice and support to our assets to strengthen
the risk assessment processes across
ourbusiness.
Independent cultural heritage
managementaudit
In 2020, we engaged Environmental Resources
Management (ERM) to undertake an independent
cultural heritage management audit across
all our sites. Phase one of the audit was
completed in mid-2022 and focused
on 20 audits across our Australian assets.
Field work for phase two was completed in
December 2022 and focused on 17 audits
across our non-Australian operations.
Phase one of the audit found that the changes
introduced over the past two years have
improved on-ground management. For example,
a number of assets globally are progressing
projects with community partners to document
intangible cultural heritage values. This includes
methodologies such as constellation mapping
and training on new methods for recording oral
histories. The report identified four areas for
improvement: managing water as a cultural
resource, managing artefacts, integrating data,
and continuing to build our team of experienced
cultural heritage practitioners.
A summary of audit findings from phase
one and two will be released at the end
of the first quarter in 2023. Based on the
recommendations, we will then work on a
response plan in consultation with our cultural
heritage teams and cultural heritage
knowledge and rights holders.
Leadership and inclusion
We are evolving our culture to encourage a
mindset and behavioural shift at all levels of
our organisation. We have a programme of
work in progress that focuses on advancing
respect for the peoples and cultures on
whose land we live and work, which links
closely to the work we are doing as part of
the Everyday Respect initiative.
We continue to increase the number of
Indigenous leaders in our business and
develop our cultural competency. Reducing
the barriers for Indigenous employees in our
business and increasing cultural intelligence
will help us become a better operator and a
more inclusive workplace.
For more information
see page 59.
In October 2022, we launched an internal
protocol for the use of Indigenous cultural
and intellectual property in Australia to ensure
we follow appropriate processes when
commissioning or reproducing Indigenous
design or artwork within our business and
engaging in Indigenous art and design
projects. This will continue to be rolled out
throughout 2023.
Truth and reconciliation in Canada
We continue to create learning opportunities
for our people in Canada to raise awareness
about the history, culture and rights of
Indigenous peoples. During National
Indigenous History Month, we held a series
of events focusing specifically on Indigenous
women. In September, we celebrated National
Truth and Reconciliation Day and hosted
a panel focusing on tangible ways to promote
reconciliation and create a more inclusive and
culturally safe work environment.
Addressing employment barriers in Canada
In addition to raising awareness, we have been
focusing on identifying and addressing some
of the recruitment opportunities and barriers for
Indigenous peoples, and particularly Innu First
Nations candidates. We prioritised eastern
Canada in 2022 and took a number of actions.
We established employment and training
committees in partnership with Indigenous job
placement agencies and we revised our
recruitment process, including hiring criteria,
pre-employment checks and verification
processes. These changes resulted in 31 new
Indigenous hires.
Indigenous participation
In 2021, our Iron Ore product group developed
an Indigenous participation strategy to attract
and develop Indigenous employees and
promote a culturally safe working environment.
Throughout 2022, we continued to make
significant progress. We have:
– Enhanced our recruitment processes.
– Updated our employment programme to
remove obstacles to employment and
provide training and development
opportunities for Indigenous peoples.
– Delivered a training programme to
increase the cultural knowledge of
non-Indigenous employees.
– Implemented an Indigenous participation
dashboard to ensure leaders are
enabled to make informed choices on
improvementinitiatives.
– Enhanced our Indigenous Talent Review
programme, which in 2022 saw 23
participants from a cohort of 151 promoted
to roles of Supervisor or above.
Indigenous leadership in Australia
As at end of 2022
46
Indigenous leaders in our workforce
(A-Hband)
(November 2020: 6)
39%
Women in our Indigenous leader cohort
(A-Hband)
1,549
Indigenous employees in our workforce
(equivalent to 6.6%)
87%
Cultural connection programme
participation among A-E leaders
16%
Indigenous graduates in cohort
(26 graduates in total)
94
Indigenous professionals participating in our
cultural onboarding programme
17
Indigenous leaders graduating from
RioInspire (Emerging Indigenous
Executive Leaders)
People and society continued
57Annual Report 2022 | riotinto.com
Strategic report
Health, safety and wellbeing
Caring for one another is one of our values –
it is part of who we are and the way we work,
every shift, every day. Nothing is more
important than the safety and wellbeing of our
employees, contractors and communities.
2022 progress
We have now exceeded four years without a
fatality. Although this is an important milestone,
it is not one we take for granted. While we
recognise the commitment made by all our
employees and contractors to make us a safer
company, we continue to believe all incidents
and injuries are preventable and focus on
identifying, managing and, where possible,
eliminating risks.
Although we had no fatalities on our managed
sites in 2022, we are saddened by the loss of
a mariner on board a non-managed chartered
vessel, and a permanent disabling injury
suffered by another mariner in a separate
incident, also on a non-managed chartered
vessel. We remain determined to improve
maritime safety for our industry through a
multi-year programme to identify, manage and
eliminate risks in the marine supply chain.
We continue to see serious incidents at
our own operations. Our main risks relate to
falling objects, fall from height, and vehicles
and driving.
Our all-injury frequency rate (AIFR) remained
stable at 0.40, compared to 2021. We continue
to see a disparity between the number of
injuries among employees and contractors, so
we remain focused on including contractors in
our safety culture.
Critical risk management (CRM) remains our
primary fatality elimination tool by helping
ensure that critical controls are in place and
working where there is a fatal risk. In the last
year, we continued to simplify our critical risk
content, particularly for risks of rail impact or
collision, mooring and drowning.
To address risks related to vehicles and driving,
in late 2021 we made significant changes to the
Group procedure for mass transportation, a
component of our vehicles and driving Group
standard. These changes included the
mandatory implementation of in-vehicle
monitoring systems, and fatigue and distraction
technology in all buses we operate, as well as
increased safety feature requirements for
vehicles purchased after January 2022. To
tackle risks associated with falling objects, in
the last year we also worked to improve the
asset integrity of overhead cranes across
ouroperations.
In 2023, we will re-focus our attention on CRM
to address the frequency of potentially fatal
incidents (PFIs) across all critical risks. We will
work to enhance the quality and impact of
verifications – used for checking that the right
critical controls are in place for each task – and
we will use the data we collect to understand
early trends, so that we can intervene before
incidents occur.
Across our business, our commitment remains on
advancing our safety culture. The safety maturity
model (SMM), introduced in 2019, was enhanced
in 2022 to provide our leaders and their teams
with clear guidance on managing health and
environment risks, as well as on integrating
contractors in a way that helps keep them safe.
We also directed our efforts towards better
understanding the felt experience of our
workforce and the effectiveness of safety rituals.
To help leaders understand and apply the SMM
enhancements, we ran a series of “teach-in”
sessions covering the key changes, including
maturity indicators (systems, symbols, behaviours
and felt experience), the importance of mindsets
in supporting behaviour and culture change,
and the critical steps in the assessment
process, including scoring. We also evolved
our assessor training programme to reflect
these enhancements, as well as to improve
assessors’ understanding of the model and
consistency in its application.
As a result of the enhancements we introduced to
the SMM, we also stepped up the requirements
for what defines each level of safety maturity
across our business. With the inclusion of
health, environment and contractors, we have
reset our expectations on how to lead for both
physical and psychological safety, while also
caring for the environment.
Although we know this will be a multi-year
journey, we are encouraged by the results of
the 2022 assessments, which deepened our
understanding of the safety culture at each site.
In addition, feedback received from site teams
confirmed that the assessments provided
actionable insight into where to focus to
become a safer workplace.
Mental health and wellbeing
Mental health is a core part of our safety
culture. We have a responsibility to support
the wellbeing of our people, beyond the
traditional areas of health and safety, and we
are committed to creating a work environment
that is free from psychological harm.
We understand that our employees’ mental
health can be impacted by psychosocial risks
at work, so we continue to strengthen our
psychosocial risk management. To support
an environment where everyone feels safe,
respected and included, we are progressing
all 26 recommendations from the Everyday
Respect Report, with a focus on training leaders
in building psychological safety and becoming
upstanders, rectifying any unsafe facilities and
building plans to make our facilities more
inclusive, and providing a more people-centric
response to support those impacted by harmful
behaviours and disrespect.
For more information
about the Everyday Respect initiative,
seepage16.
We are a member of the Minerals Council of
Australia (MCA) Psychosocial Risk Management
Working Group, chaired by MCA and industry
partners, to improve the understanding and
management of psychosocial risk within
ourindustry.
Our safety maturity model
Much of the success of our safety
culture is a result of the implementation
of our SMM, now in its fourth year.
TheSMM, as our blueprint for safety,
brings together the best practices from
across our business in leadership and
engagement, learning and improvement,
risk management and work planning.
Together, these practices define how we
can lead for physical and psychological
safety. Since implementing the model,
we have evolved our focus from
verifying systems and rituals to
assessing the impact of the model on
people’s mindsets. We believe all our
employees and contractors should feel
that they can work without injuring
themselves, speak up and make
decisions to keep themselves safe.
Wehave evolved the SMM accordingly,
including the way we train our assessors
and perform assessments at our sites.
In 2022, we continued our work to help leaders
recognise psychosocial hazards; assess the
risks; and implement, evaluate and monitor
effective controls, just as for any other health or
safety risk. We also continued embedding our
mental health framework to raise awareness of
mental wellbeing, reduce stigma and increase
the capacity of our leaders to recognise and
support individuals experiencing mental illness.
Aligned with our commitment to give our
employees the tools and skills they need to
support their mental health, we continue to
provide and promote the Employee Assistance
Programme (EAP), our mental health toolkit and
our global Peer Support Programme, which
includes more than 1,500 peer supporters
worldwide. We also support our people
through our domestic violence support
programmes, which cover 100% of employees.
We continued to support global mental health
campaigns such as R U OK? Day and World
Mental Health Day. In October 2022, we held
our mental health week to support mental
wellbeing in the communities where we
operate and encourage our people to look
out for one another. We ran a programme of
activities that included our first-ever global
calls dedicated to mental health. The full
communications programme reached
employees via leader and peer supporter
conversations, Yammer posts, intranet articles
and a combination of four live and recorded
webinars on topics such as resilience and the
connection between mental health and
menopause. We further encouraged
conversations by sharing employees’ stories
and experiences with mental health, and
having senior leaders and members of our
Executive Committee share their personal
reflections and commitment to mental health.
Annual Report 2022 | riotinto.com58
Safety and health performance
2022 2021 2020 2019 2018
Fatalities at managed operations 0 0003
All-injury frequency rate (per 200,000 hours worked) 0.40 0.40 0.37 0.42 0.44
Number of lost-time injuries
2
225 216 187 227 223
Lost-time injury frequency rate (per 200,000 hours worked)
3
0.25 0.25 0.22 0.27 0.26
Safety maturity model (SMM) score
4
4.7 5.7 5.4 4.5 –
Rate of new cases of occupational illness (per 10,000 employees)
5
14.9 14.5 17.1 20.5 29.1
Number of employees
6
54,000 49,000 47,500 46,000 47,500
Fines and prosecutions – safety (US$’000)
7
339.0 646.2 25.4 40.7 59.0
Fines and prosecutions – health (US$’000) 0 5 0 1.4 0
2. Figure in 2018 restated from that originally published to ensure comparability over time.
3. Figures in 2018, 2019 and 2021 restated from those originally published to ensure comparability over time.
4. Figures in the table represent the Rio Tinto Group average SMM score at the end of each year. Each year, assets are added or removed from the SMM programme based on project and closure
cycles. New assets to the programme are baselined in the first quarter of each year and added to the Group average at the end of the year. In 2022, enhancements made to the SMM assessment
approach significantly raised the bar for assessed maturity. This required a reset of all baseline scores at every operation, which were reduced by 1.5. A revised average maturity of 4.2 served as
baseline for 2022 assessments.
5. Rate of new cases of occupational illness (NCOI) = number of all new cases of occupational illnesses x 10,000/number of employees (based on average monthly statistics).
6. These figures include the Group’s share of joint ventures and associates (rounded).
7. In 2022, we paid safety fines resulting from non-compliances identified during MSHA inspections at our Boron Operations, California, US and Kennecott Copper and Bingham Canyon mines, Utah,
US. OSHA violations at our Wilmington operations, California US; violation of the Mine Health & Safety Act at Diavik Diamond Mine, Northwest territories Canada and a fine in the Magistrate’s Court of
Western Australia for an incident that occurred at our DSL-Port Hedland operations WA, Australia in 2018.
Contributing causes for newly reported illness cases (employees)
2022
Noise induced hearing loss 21
Musculoskeletal disorders 30
Mental stress 4
Others 14
Note: There can be one or more illness reported for each employee/contractor.
People and society continued
We also updated and simplified our guidance
notes on Occupational Exposure Limits and
Occupational Hygiene Statistics to simplify
these processes. This will help our teams
manage and report hygiene risks.
Recognising the need to improve the
transparency and detail of our health data,
we performed a Group Internal Audit
in 2022. We are now implementing the
audit recommendations by working to
improve the reporting of our data. These
recommendations include reviewing gaps in
guidance, updating our existing guidance to
address these gaps, re-training our health
practitioners and improving the available
consolidated reports to enable further insights.
Re-doubling our efforts on delivering products
that safeguard the environment, health and
safety of our communities and end-consumers,
we brought together colleagues from our
product groups, Health, Environment and
Commercial teams to develop a roadmap
for future-proofing our product stewardship.
HSES transformation
The Health, Safety, Environment and Security
Transformation Programme, implemented
across five sites, is simplifying the way we work
and increasing the value we get from the
information we collect, ultimately making our
business safer. We are piloting the core
modules at Bell Bay and Dampier Port in
Australia, and Boron in the US. At Saguenay–
Lac-St-Jean in Quebec, Canada, we are
piloting three of the environment modules: air,
water and greenhouse gas. Global deployment
of the core modules will start in 2023.
COVID-19
In 2022, as we entered the endemic stage
of the COVID-19 outbreak, we saw fewer
cases across our business. We stood down
our COVID-19 global Business Resilience
teams and transitioned our strategy for
managing the disease to a risk-based
approach, in the same way we manage other
infectious diseases. We continue to monitor the
situation and follow safety precautions to
reduce exposure to the virus and protect our
people, contractors, their families and the
communities where we operate. We also
continue to offer support to those impacted by
COVID-19, including long COVID and any
psychological impacts.
Occupational health
In 2022, we recorded a higher number of new
occupational health illnesses compared to the
previous year, with 69 (2021: 61
1
), in line with
our increased focus on medical assessments.
These assessments are a key requirement in
ensuring and maintaining our employees’
fitness for work, addressing legislative
requirements and managing risk profiles.
In the last year, we began work to standardise
and simplify such assessments to help improve
our health performance.
We also ran two workshops for our global
health practitioners to share learnings, best
practice and recent technology developments.
In 2022, we continued the post-pandemic
return to normal for occupational and industrial
hygiene sampling. This includes analysis of
noise, airborne particulates, gas and other
contaminants that can lead to adverse health
effects for our employees and contractors.
Wealso reinstated our health surveillance –
audiometry, spirometry and biological
monitoring – to proactively identify potential
occupational illnesses.
The data collected over 2022 allows for
semi-quantitative assessments of risk and
identifies areas where we can implement or
enhance control measures. Each product
group worked on identifying projects within
their assets which, with the support of the
Areas of Expertise, will be designed, developed
and implemented to reduce exposures for our
employees and contractors.
1. Originally reported as 51 in 2021 due to medical diagnosis and/or investigation outcomes finalised after the end of the year, resulting in additional occupational health illnesses reported after the
2021Annual Report publication.
59Annual Report 2022 | riotinto.com
Strategic report
Talent, diversity and inclusion
Our culture is a key enabler of our purpose.
Itwill make us a better partner and allow us to
attract and retain the people we need to
unleash the full potential of our business.
Weare finding better ways to support and
engage our people, which means creating an
environment where everyone feels comfortable
being themselves, has the courage to speak up
if something is not right and listens to each
other with care and curiosity.
2022 progress
At the beginning of the year, we reported
the findings and recommendations from
an independent review of our workplace
culture to better understand, prevent and
respond to harmful behaviours across our
globaloperations. The Everyday Respect
Report proposed 26 recommendations, all of
which we are implementing. This is just one
way we are evolving our culture to create a
safe, respectful and inclusive workplace.
For more information
about the immediate actions we have taken in
response to the Everyday Respect Report,
seepage 16.
Continuing to listen and learn
To help us understand how our people feel
about the company and our direction, we
conduct two annual Group-wide employee
engagement surveys. Close to 36,000
employees participated in our latest survey in
October 2022, and our employee satisfaction
score (eSAT)
1
improved from 71 in 2021 to 73.
The feedback shows that the changes we are
making are moving us in the right direction.
Evolving a culture takes time and commitment.
Continuing to focus on the evolution of our
culture will remain a key priority for everyone
in2023.
For more information
about our work to evolve our culture,
seepage16.
Building an inclusive and diverse workforce
Having an inclusive and diverse workforce is a
competitive advantage. It will enable us to find
better ways to do things and ensure that we
reflect the communities where we work.
In 2022, we extended our family-friendly
policies by updating our global standard for
paid parental leave to meet differing family
needs, ensuring that all new parents are eligible
for 18 weeks minimum paid parental leave.
We have been working on increasing the
representation of Indigenous employees in our
business and ensuring they have a stronger
voice. In 2022, we partnered with the Australian
Graduate School of Management at the
University of New South Wales to deliver the
RioInspire programme (formally known as the
Emerging Indigenous Executive Leaders
programme). The programme has been tailored
to focus on developing executive-ready
Indigenous leaders who will have an influential
role in shaping the future of our business.
Thefirst group of Rio Tinto Indigenous leaders
completed the globally recognised, six-month
programme in April2022.
We continue to focus on the representation
of women across all levels in our business.
In2022, we increased the representation of
women in our workforce from 21.6% to 22.9%.
Wehired 2,982 women in the last 12 months,
an18% increase on2021.
We continued to evolve our award-winning
graduate programme in 2022 and recruited our
biggest cohort yet with 265 graduate roles.
Ofthese, 53.2% were women and 36% were
from nationalities where we are building new
businesses
2
. In Australia, 15% of the graduate
intake (up from 10% in 2021) and 2.2% of our
vacation student programme (down from 15%
in 2021) were Indigenous.
Developing our people
We continue to invest in our people. Through
the Safe Production System (SPS), we are
empowering people to develop and share
sustainable, best-practice solutions to define
how to work safely and optimally. In 2022, our
focus has been on upskilling our people with
technical knowledge on best practices and
encouraging the right mindsets and behaviours
to better engage our people. To set us up for a
continued successful and rapid rollout of SPS
in 2023, we have now trained 20 Mindset and
Behaviour Coaches and 218 Change Partners,
and certified 61 leaders in SPS deployments.
For more information
about SPS, see page 34.
We know leaders play a critical role in shaping
our culture. In 2022, we continued to invest in
personal leadership development through the
Voyager programme. And as at 31 December
2022, more than 300 senior leaders have
experienced the Voyager journey.
We have also expanded our technical
expertise and now have 130 people formally
recognised as a technical RioExpert
TM
through
our RioExcel
TM
programme. And in partnership
with LinkedIn Learning, we launched an online
energy and climate change curriculum for
employees who want to understand more
about how they can contribute to reducing
both Rio Tinto’s and their personal
carbonfootprint.
Ensuring equality through pay equity
Ensuring that employees with similar skills,
knowledge, qualifications, experience and
performance are paid equally for the same or
comparable work is intrinsically linked to our
commitment to inclusion and diversity.
Our equal pay gap, the primary lens we use
when assessing gender pay, measures the
extent to which women and men employed
by our company in the same location and
performing work of equal value receive the
same pay. In 2022, we further reduced our
equal pay gap compared to 2021, which is now
1% in favour of men.
Gender pay gap is a measure of the difference
between the average earnings of women and
men across the Group (excluding incentive
pay), regardless of role, expressed as a
percentage of men’s earnings. In 2022, our
gender pay gap was just over 1% in favour of
women, consistent with previous years.
We are committed to eliminating any residual
pay inequities based on gender or other
non-legitimate dimensions of difference.
For more information
about our commitment to pay equity, see our
website riotinto.com/payequity
52,000
workforce of employees and contractors,
an increase of 9.8% since 2021 (47,000),
excludes non-managed operations.
11,062 new hires
of which 4,317 were contractors becoming
permanent employees (2021: 7,895 new hires
of which 3,098 were contractors).
22.9% women
in our workforce, an increase of 1.4%
3
since 2021
(21.6%). Workforce breakdown: 11,934 women;
40,119 men; 2 undeclared gender.
59% employees
participated in myShare
4
, an increase of 4%
(2021: 55%).
1. eSAT (employee satisfaction) is a measure of how happy employees are to work at Rio Tinto (average score).
2. Identifying with a nationality is not mandatory. More than 48% of our graduates have not formally reported a nationality.
3. Women % increase is 1.37% rounded to 1.4%.
4. myShare, our global employee share plan.
Annual Report 2022 | riotinto.com60
People and society continued
Workforce data by region
1,2
Region
Average
Employee
Headcount
3
Headcount
Distribution
% Absenteeism
4
Average
Contractor
Headcount
5
Headcount
Distribution
%
Africa 2,530 5.4% 78 1.5%
Americas 15,021 32.4% 1.3% 781 16.0%
Asia 5,113 11.0% 1.2% 146 3.0%
Australia/New Zealand 22,681 48.9% 4.5% 3,856 78.7%
Europe 1,085 2.3% 0.2% 37 0.8%
Total 46,430 100.0% 2.9% 4,898 100.0%
1. Includes our total workforce based on managed operations (excludes the Group’s share of non-managed operations and joint ventures) as of 31 December 2022.
2. Rates have been calculated based on average monthly headcount in the year.
3. Employee Headcount excludes Non-Executive Directors, contractors and people not available for work.
4. Absenteeism includes unplanned leave (sick leave, disability, parental and other unpaid leave) for populations on global, centralised HR systems. Non-Executive Directors and contractors.
5. Contractors include those engaged on temporary contracts to provide services under the direction of Rio Tinto leaders.
6. The sum of the categories may be slightly different to the Rio Tinto total shown due to rounding.
Workforce data by category and diversity
1,2,3
Category
Headcount
Distribution
%
Gender
4
Age Group Region
Women
(count)
Men
(count)
Women
%
Men
%
Under
30 30-39 40-49
Over
50 Africa Americas Asia
Australia/
NZ Europe
Senior leaders 1.1% 163 412 28.3% 71.7% 0.0% 8.4% 44.1% 47.5% 3.6% 26.4% 11.0% 46.3% 12.7%
Managers 7.8% 1,326 2,725 32.7% 67.3% 0.4% 25.9% 44.0% 29.7% 4.3% 34.0% 11.1% 44.9% 5.7%
Supervisory and professional 36.2% 5,646 13,181 30.0% 70.0% 11.4% 37.1% 29.9% 21.6% 5.0% 25.5% 15.0% 52.5% 2.0%
Operations and general support 54.2% 4,580 23,627 16.2% 83.8% 16.7% 29.3% 26.7% 27.3% 6.1% 34.9% 7.8% 49.8% 1.4%
Graduates 0.7% 216 165 56.7% 43.3% 86.8% 11.9% 1.3% 0.0% 6.3% 32.5% 14.7% 44.9% 1.6%
Total 100.0% 11,931 40,110 22.9% 77.1% 13.8% 31.5% 29.3% 25.4% 5.4% 31.4% 10.8% 50.3% 2.1%
1. Includes our total workforce based on managed operations (excludes the Group’s share of non-managed operations and joint ventures) as of 31 December 2022.
2. Excludes Non-Executive Directors, Executive Committee, contractors and people not available for work 2017-2020. From 2021, the definition used to calculate diversity was changed to include
people not available for work and contractors (those engaged on temporary contracts to provide services under the direction of Rio Tinto leaders) excluding project contractors.
3. Calculations have been completed in line with general rounding principles, assured by external auditors.
4. In 2022, two individuals’ gender was undeclared.
Employee hiring and turnover rates
1,2,3
Total
Gender
4
Age Group Region
Women Men Under 30 30-39 40-49 Over 50 Africa Americas Asia Australia/NZ Europe
Employee hiring rate
5, 6
21.1% 29.8% 70.2% 37.5% 33.5% 19.0% 9.9% 4.5% 27.0% 13.6% 52.5% 2.4%
Employee turnover rate
7
9.8% 10.1% 9.8% 14.3% 9.3% 7.9% 10.6% 4.7% 7.3% 4.4% 13.0% 14.0%
1. Includes our total workforce based on managed operations (excludes the Group’s share of non-managed operations and joint ventures) as of 31 December 2022.
2. Excludes Non-Executive Directors and contractors.
3. Rates have been calculated based on average monthly headcount in the year per category.
4. In 2022, two individuals’ gender was undeclared.
5. Total hiring rate is calculated as total employee hires over average employee headcount for the year.
6. Hiring rate includes total employee hires per category over total hires for the year.
7. Turnover rate excludes temporary workers and the reduction of employees due to business divestment. Turnover rate includes total terminations per category over average monthly headcount in the
year per category.
Empowering families
withflexibility
We have updated our global standard for paid
parental leave to better suit different family
needs. Many parents like Garry, who works in
our finance team in Singapore, have been able
to participate in recent months. With this
programme, Garry could take the full 18 weeks
and split the time into two blocks to allow for
more flexibility.
Learn more
about our updated parental leave policy in our
interview with Garry on our website.
61Annual Report 2022 | riotinto.com
Strategic report
Human rights
Respecting human rights relies on good
governance, knowing our potential impacts,
empowering and enabling our people, and
working with others to help avoid adverse
human rights impacts from occurring in the
firstplace.
Progress in 2022
Governance
The Sustainability Committee has overarching
accountability for our approach to human rights.
We are working on improving our human rights
performance, strengthening a range of areas to
help prevent our involvement in adverse human
rights impacts, and providing for, or cooperating
in, remediation when we identify that we have
caused or contributed toharm.
In 2022, we revised our Human Rights Policy to
advance our human rights performance in line
with our business objectives and values and to
meet external commitments and emerging
regulatory requirements. The updated policy
reflects emerging human rights areas including
just transition, human rights defenders and
human rights due diligence. It also reiterates
our commitment to implement the UN Guiding
Principles on Business and Human Rights
(UNGPs), the Organisation for Economic
Co-operation and Development (OECD)
Guidelines for Multinational Enterprises, the IFC
Performance Standards, the UN Global
Compact’s ten principles, the Maritime Labour
Convention, the ICMM Mining Principles, and
the Voluntary Principles on Security and
Human Rights (Voluntary Principles).
For more information
about our security and human rights work
programme, see our annual Voluntary Principles
Initiative Report, publishedon ourwebsite.
Our Group Internal Audit (GIA) team reviewed
the design of our modern slavery controls and
presented summary observations and
opportunities to the Sustainability Committee in
October 2022. The internal audit identified
opportunities to enhance management of
third-party risks across non-financial domains
(including modern slavery); to improve
governance over the management of modern
slavery risk; and to further improve Board
visibility of modern slavery disclosures. This was
part of a three-year phased approach to provide
assurance across our human rights programme.
We will implement the actions from the internal
audit during 2023, and will continue to work with
GIA to provide further assurance over our
human rights governance framework.
Obtaining feedback from stakeholders,
including receiving complaints or registering
grievances, is a vital part of our human rights
approach. Our stakeholders have access to
myVoice, our confidential, anonymous and
independently operated whistleblowing
programme, through which human rights
grievances can be reported.
Salient human rights issues
Consistent with the UN Declaration on the Rights
of Indigenous Peoples, we acknowledge and
respect Indigenous peoples’ connection to
lands and waters and commit to demonstrate
progress towards, or achievement of, Free,
Prior and Informed Consent of affected
Indigenous communities across all phases of
the assetlifecycle.
Aligned with the UNGPs, we continue to mature
our processes and systems. For example, we
identify the priority human rights issues that
could severely impact people through our
activities or business relationships. These
issues, listed below, consider our operational
footprint, value chain and external contexts
and remain unchanged from 2021:
– Land access and use
– Indigenous peoples’ rights
– Security
– Inclusion and diversity
– Community health, safety and wellbeing
– Workplace health and safety
– Labour rights (including modern slavery)
– Climate change and just transition
(respecting human rights while transitioning
to a low-carbon economy).
In 2022, several assets, including Simandou,
Oyu Tolgoi and those in Gladstone, Queensland,
Australia undertook risk assessments to review
their priority human rights issues. These
assessments provide assets with a more
complete understanding of their risk context
and are an important part of our commitment
to implement the UNGPs. This work will
continue into 2023.
Our business relationships
It is important that we address our potential
involvement in human rights harm that may
occur through relationships with our suppliers,
customers and joint venture partners. We
engage and collaborate with our business
partners to advance respect for human rights in
line with international standards, the UNGPs
and our values.
Using a risk-based approach, we pre-screen
potential business partners on human rights
and require suppliers (including subcontractors)
to adhere to our Supplier Code of Conduct,
which includes respect for human rights.
More than 17,000 business partners completed
baseline screening in 2022, and over 200 were
escalated for human rights review, which is
approximately a 60% increase compared to
2021. Our Commercial team also held
conversations about human rights with
several strategic suppliers at supplier
relationship meetings.
Modern slavery provisions are included in our
standard global supply contract and purchase
order terms and conditions, as well as our
marine chartering contracts. During 2022, we
updated human rights considerations in our
Supplier Code of Conduct and contributed
to updating our Code of Conduct – The Way
We Work, which was launched internally in
February 2023. In 2023, we will perform a more
detailed review of the Supplier Code of
Conduct to further clarify our expectations of
suppliers on human rights and other matters.
For more information
about our human rights and modern slavery
approach, see our annual Modern Slavery
Statement on our website.
Capacity building on human rights
In 2022, we enhanced our in-house human
rights expertise by establishing a dedicated
human rights team within the Communities
and Social Performance Area of Expertise.
However, we also believe everyone in the
business has a role to play in implementing our
commitment to respect human rights.
Our employees and contractors develop a
better understanding of human rights issues
through general and targeted training. In 2022,
our training objectives were to demystify
human rights and identify ways to integrate
and operationalise human rights. We hosted
39human rights workshops for our teams in
Ethics and Compliance, the Business Conduct
Office, Marine, Communities and Social
Performance, as well as joint venture partners
and other relevant stakeholders. Wealso
launched an online learning module to raise
awareness about modern slavery. Thismodule
is compulsory for our Commercial, Legal,
Ethics and Integrity, and Communities and
Social Performance Area of Expertise teams,
but it is available to everyone in the business.
Training feedback results indicated that over
90% of participants now understand what
modern slavery is, how to report a concern and
what we are doing to addressrisks.
Our Marine team continued to develop their
Seafarer Welfare and Safety Programme, which
included dedicated human rights training for
more than 108 marine officers and 77 seafarer
crew members in the Philippines and India.
We have summarised our human rights training
records in the 2022 Sustainability Fact Book.
We also participated in a number of
collaborative human rights initiatives in 2022
and continued our external engagement with
peers, civil society organisations, governments
and others to help inform our approach to
human rights management.
For more information
about how we engaged with our key
stakeholders, including civil society
organisations, see pages 55-56.
Annual Report 2022 | riotinto.com62
Planet
We take our role as long-term stewards of the world’s natural
resources, including land, water and the ecosystems they support,
seriously. We know that the way we produce these products is
just as important as the minerals and metalsthemselves.
In 2022, we continued to progress our objectives to achieve
impeccable ESG credentials and strengthen our social licence.
Among other initiatives, we focused on minimising the risks and
the environmental footprint of our operations and working on our
Climate Action Plan. We rehabilitated 16 square kilometres of land,
and to help us reduce our carbon footprint, we set up a new team
of specialists focusing on nature-based solutions. Our freshwater
consumption increased by 6GL, so reducing our extraction from
water sources of this quality continues to be a priority for us.
Employees maintaining the native Kakadu
species saplings, which will be planted at
the Ranger Mine rehabilitation areas.
Energy Resources Australia Ltd.
63Annual Report 2022 | riotinto.com
Strategic report
Climate change
and our related operational expenditure
increased to approximately $140 million in
2022. As a result, we are better placed to
deliver the complex and large-scale structural
changes to our energy system needed to
achieve our 2030 target.
We are progressing work towards 1GW of
renewable power in the Pilbara. In 2022, we
installed the first 34MW at Gudai-Darri and are
planning investments of $600 million for solar,
storage and transmission to deliver a further
230MW solar power and 200MWh storage
from 2023 to 2026. Once fully operational,
thiswill displace approximately 30% of our
gas usage. In other locations, power purchase
agreements can be a better option for us and
in 2022 we signed a 130MW solar power
purchase agreement for Richards Bay Minerals
in SouthAfrica.
Our Pacific Aluminium Operations are in
coal-based power grids and account for 28%
of our Scope 1 and 2 emissions. A formal
market Request for Proposals (RFP) was
undertaken in June 2022 to support the
development of large-scale wind and solar
power to supply power to the Boyne smelter
through the Queensland grid by 2030. This
smelter requires 960MW capacity of reliable
power to operate, which equates to at least
4GW of quality wind and solar power capacity
with firming. We continue to work with the
Queensland Government and energy providers
to design a renewable energy solution for
thissmelter.
Our Processing Centre of Excellence focuses on
decarbonising our harder-to-abate operations
in alumina, iron ore pelletisation and titanium
dioxide. In 2022, we agreed to partner with the
Government of Canada to invest $537 million
(C$737 million) to reduce emissions by up to
70% at the RioTinto Iron and Titanium Quebec
Operations. This work supports technological
innovations, including BlueSmelting
TM
, a new
ilmenite smelting technology that allows us to
reduce and eventually eliminate the use of coal
in the process. We also continued our studies
with the Australian Renewable Energy Agency
and Sumitomo Corporation on the role of
hydrogen in alumina refining.
Our experience with our abatement projects
and progress tracking suggests there will be
delays, and that we will require greater use of
offsets to achieve our 2025 target. We
established one additional programme to
increase our investments in nature-based
solutions projects. If done well, these projects
can play a substantial role in addressing
carbon emissions and biodiversity loss, while
also providing benefits to local communities.
Our people working on these “6+1”
programmes, along with our substantial
investments in technology development,
willdrive the innovation and solutions
needed to accelerate our low-carbon
transition and ensure the long-term resilience
of ourbusiness.
Decarbonising our value chains
Our Scope 3 emissions were 584Mt CO
2
e in
2022 – over 1% of the global total. This is
primarily from our customers in Asia processing
our iron ore into steel and bauxite into aluminium,
so our level of control is limited. Our approach
to Scope 3 emissions balances ambition,
pragmatism and our level of agency: it is
focused on our most significant sources and is
grounded in actions where we can have
impact. While it is clear that we have a key role
to play, we do not set an overall Scope 3
emissions target as we have limited ability to
directly influence the production processes of
our customers or their customers.
In 2022, we increased our engagement with
nearly all our direct iron ore and bauxite
customers and worked with them to optimise
their current operations and to develop the
low-carbon technologies needed to reduce
emissions across our value chains. It is
encouraging that this issue remains very high
on the agenda when we meet our customers.
An inevitable structural shift toward green steel
is underway. In the short term, the industry is
predominantly focusing on blast furnace
optimisation and we are working closely with
customers to support their ambitions. In the
medium term, the industry will move towards
cleaner processing routes such as Direct
Reduced Iron – Electric Arc Furnace (DRI-
EAF). Steelmakers will increasingly value higher
grade ores with less impurities that are more
energy efficient to process. Therefore, we are
working in partnerships with customers,
technology providers, universities and others to
develop low-carbon technologies to process
our iron ore into steel. This includes exploring
DRI pathways using hydrogen and sustainable
biomass. We are also working on options
to beneficiate and upgrade our Pilbara ores
to be better suited to low-carbon steel
makingtechnologies.
Learn more
about these partnerships in our
2022 Climate Change Report at
riotinto.com/climatereport.
Our total Scope 3 emissions from shipping and
logistics were 8.8Mt CO
2
e. Our shipping
emissions intensity was 30% below our 2008
baseline, putting us on track to meet the
International Maritime Organisation (IMO)
decarbonisation goal of a 40% reduction in
shipping emissions intensity by 2025, which is
five years ahead of the IMO deadline.
The low-carbon transition is at the heart of our
business strategy. We are focused on growth
in the materials that enable the transition,
decarbonising our operations and partnering
with our customers to decarbonise our value
chains. Our operational emissions targets are
ambitious: to reduce emissions by 15% by
2025 and 50% by 2030, reaching net zero by
2050. Our targets cover more than 95% of our
reported Scope 1 and 2 emissions and are
aligned with 1.5°C pathways.
The Board approves our overall strategy, our
policy positions and our Climate Change Report.
The Board sets the 2025, 2030 and 2050
emissions targets and monitors performance
against the targets and operational resilience.
The Chair of the Board is responsible for our
overall approach to climate change. The Board
and the Risk Management Committee provide
oversight of our principal risks and the Audit
Committee monitors the overall effectiveness
of our system of risk management and
internalcontrols.
The Principal Risks and Uncertainties section
in this report considers both physical climate
risks and low-carbon transition risks. The Chief
Executive is responsible for delivering the
Climate Action Plan approved by the Board.
Our approach to climate change and target
execution considerations integrates risk
management, portfolio reviews, capital
investments, annual financial planning and
government engagement.
2022 progress
In 2022, we worked towards our Climate Action
Plan that our shareholders approved in a
non-binding resolution at our annual general
meetings. The low-carbon transition is
complex: developing the technologies and
implementing the major projects needed to
decarbonise our business will take time.
In2022, our Scope 1 and 2 emissions were
30.3Mt CO
2
e (31.0Mt in 2021). This reduction
of 7% below our 2018 baseline is primarily the
result of switching to renewable power at
Kennecott and Escondida in prior years, as
well as lower than planned production from
Kitimat and Boyne Smelter in 2022. We did
not advance the actual implementation of our
abatement projects as fast as we would have
liked last year, so our capital expenditure on
decarbonisation projects was $94 million,
lower than we anticipated when we set our
targets. Challenges have included late delivery
of equipment, resourcing constraints impacting
study progress, construction and
commissioning delays, and project readiness.
Our “6+1” abatement programmes
In response, we established six abatement
programmes, with dedicated people, to focus
on the decarbonisation challenges that cut
across our product groups: repowering our
Pacific Aluminium Operations, renewables,
ELYSIS
TM
, alumina process heat, minerals
processing and diesel transition. We are
building capability and gaining a deeper
understanding of our decarbonisation
challenge (both constraints and opportunities),
Annual Report 2022 | riotinto.com64
Planet continued
Addressing the Task Force on Climate-related
Financial Disclosures (TCFD) recommendations
Climate-related disclosures on governance, strategy and risk management, as well as metrics and targets, are integrated into this report. However, given
constraints in our Annual Report, our 2022 Climate Change Report and our 2022 Sustainability Fact Book supplement these disclosures and are available
on our website at riotinto.com/reports. Together, these reports are consistent with the four thematic areas, 11 recommended disclosures and “Guidance
for All Sectors” set out in the October 2021 Implementing the Recommendations of the Task Force on Climate-Related Financial Disclosures. We will
continually enhance our reporting and further integrate climate disclosures as recommended by the TCFD in future Annual Reports. To aid readers,
thekey climate-related disclosures can be found in the index here:
TCFD recommendation Our response
Governance
Describe the Board’s oversight of
climate-related risks and opportunities.
2022 Annual Report:
– Governance framework: page 100
– Evaluating our performance: page 101
– Board skills matrix: page 103
– Audit & Risk Committee report: page 104
– Sustainability Committee report: page 108
2022 Climate Change Report:
– Climate governance: page 33
Describe management’s role in assessing
and managing climate-related risks and
opportunities.
2022 Climate Change Report:
– Our strategy and approach to climate change: pages 8-9
– Producing materials essential for the low-carbon transition:
pages 10-13
– Enhancing our resilience to physical climate risk:
pages28-31
– Climate governance: page 33
Strategy and risk management
Describe the climate-related risks and
opportunities the organisation has identified
over the short, medium, and long term.
2022 Annual Report:
– Strategic context and strategy: pages 12-13
– Corporate information (note h): pages 153-155
2022 Climate Change Report:
– Our strategy and approach to climate change: pages 8-9
– Producing materials essential for the low-carbon
transition: pages10-13
– Definition of short, medium, and long-term time horizons:
page 6
Describe the impact of climate-related risks
and opportunities on the organisation’s
businesses, strategy, andfinancial planning.
2022 Annual Report:
– Strategic context and strategy: pages 12-13
– Corporate information (note h): pages 153-155
2022 Climate Change Report:
– Our strategy and approach to climate change: pages 8-9
– Producing materials essential for the low-carbon transition:
pages 10-13
– Reducing the carbon footprint of our operations:
pages 14-18
– Partnering to reduce the carbon footprint across our value
chains: pages 22-27
– Capital allocation alignment with our decarbonisation
strategy: page 19
Describe the resilience of the organisation’s
strategy, taking into consideration different
climate-related scenarios, including a 2°C
or lower scenario.
2022 Climate Change Report:
– Our strategy and approach to climate change: pages 8-9
– How we have considered climate change scenarios in our
financial statements: pages 35-36
– Producing materials essential for the low-carbon
transition, including our approach to scenarios and
implications for our portfolio: pages 10-13
– Enhancing our resilience to physical climate risk: pages28-31
Describe the organisation’s
processes for identifying and
assessing climate-related risks.
2022 Annual Report:
– Risk management: pages 76-78
– Longer-term viability statement: page 78
– Principal risks and uncertainties: pages 79-81, 85
2022 Climate Change Report:
– Enhancing our resilience to physical climate risk:
pages 28-31
– Climate governance: page 33
Describe the organisation’s processes for
managing climate-related risks.
2022 Annual Report:
– Risk management: pages 76-78
– Longer-term viability statement: page 78
– Principal risks and uncertainties: pages 79-81, 85
2022 Climate Change Report:
– Enhancing our resilience to physical climate risk:
pages 28-31
– Climate governance: page 33
Describe how processes for identifying,
assessing, and managing climate-related
risks are integrated into the organisation’s
overall risk management.
2022 Annual Report:
– Risk management: pages 76-78
– Longer-term viability statement: page 78
– Principal risks and uncertainties: pages 79-81, 85
2022 Climate Change Report:
– Enhancing our resilience to physical climate risk:
page 28-31
– Climate governance: page 33
Metrics and targets
Disclose the metrics used by the
organisation to assess climate-related risks
and opportunities in line with its strategy
and risk management process.
2022 Annual Report:
– Key performance indicators: page 24
– Emissions metrics: page 65
2022 Climate Change Report:
– Capital allocation alignment with our decarbonisation
strategy: page 19
– Climate governance: page 33
– Emissions data: pages 37-39
2022 Sustainability Fact Book:
– Energy; GHG emissions; water
Disclose Scope 1, Scope 2 and, if
appropriate, Scope 3 greenhouse gas
(GHG) emissions and the related risks.
2022 Annual Report:
– Key performance indicators: page 24
– Emissions metrics: page 65
2022 Scope 1, 2 & 3 Emissions Calculation Methodology
– pages 3-5
2022 Sustainability Fact Book:
– Energy; GHG emissions; water
Describe the targets used by the
organisation to manage climate-related
risks and opportunities and performance
against targets.
2022 Annual Report:
– Key performance indicators: page 24
– Emissions metrics: page 65
2022 Climate Change Report:
– Our Climate Action Plan: pages 6-7
2022 Sustainability Fact Book:
– Energy; GHG emissions; water
65Annual Report 2022 | riotinto.com
Strategic report
Greenhouse gas emissions (GHG)
Scope 1, 2 and 3 GHG – equity basis
Equity GHG – million tonnes carbon dioxide equivalent (Mt CO
2
e) 2022 2021 2020 2019 2018
Scope 1 emissions 22.8 22.8 22.9 23 24.4
Scope 2 emissions 7.5 8.2 8.8 8.4 9.3
Total Scope 1 & 2 emissions 30.3 31 31.7 31.4 33.7
Carbon offsets retired 0.0*
Scope 3 emissions 583.9 558.3 576.2 – –
Operational emissions intensity (tCO
2
e / t Cu-eq)(equity)
1
6.2 6.3 6.2 6.1 6.1
Our 2030 greenhouse gas emissions targets are to reduce our absolute Scope 1 & 2 emissions by 15% by 2025 and 50% by 2030 compared with our
2018 equity baseline. Please see GHG Emissions Methodology sheet for details of our approach to reporting Scope 1, 2 & 3 emissions. Note that our 2022
equity emissions and our 2018 baseline do not include the additional equity share of the Oyu Tolgoi mine that was purchased in mid-December 2022.
Queensland Alumina Limited (QAL) is 80% owned by Rio Tinto and 20% owned by Rusal. However, as a result of QAL’s activation of a step-in process
following the Australian Government’s sanction measures, Rio Tinto is currently entitled to utilise 100% of the capacity at QAL, but paying 100% of the
costs for as long as that step-in continues. Our 2022 equity emissions and our 2018 baseline include QAL emissions on the basis of Rio Tinto’s 80%
ownership. In 2022, the additional emissions associated with the step-in were 0.53Mt. Rusal has commenced proceedings challenging the validity of
the step-in and the sanctions regime may change over time, such that the duration of the step-in remains uncertain. Historical Scope 1 and 2 emissions
have been restated to reflect improvements in data quality.
1. Historical information for copper equivalent intensity has been restated in line with the 2021 review of commodity pricing to allow comparability over time.
* We retired 10,000 offsets in 2022 as part of a trial carbon offset iron ore cargo with a steel producer in China. Further information on this transaction is provided in the 2022 Climate Change Report.
Scope 1 and 2 GHG – equity basis. Performance against target
Equity greenhouse gas emissions (Mt CO
2
e) 2022 2018
Baseline Scope 1 & 2 emissions 30.3
2018 emissions target baseline (adjusted for acquisitions & divestments) 32.5
2022 equity GHG by product group and source (Mt CO
2
e) Electricity
1
Anodes &
Reductants
Process
Heat
Mobile
Diesel Other
2022 Total
Emissions
(Mt CO
2
e)
Aluminium 9.5 5.0 5.2 0.3 1.2 21.1
Aluminium (Pacific) 7.7 1.7 0.2 0.0 0.2 9.7
Aluminium (Atlantic) 0.5 3.3 0.3 0.0 0.7 4.8
Bauxite & Alumina 1.2 0.0 4.7 0.2 0.3 6.5
Minerals (includes Iron Ore Company of Canada) 1.6 1.4 0.7 0.3 0.0 4.0
Iron Ore (includes Dampier Salt) 0.8 0.0 0.1 2.2 0.0 3.1
Copper 0.5 0.0 0.2 0.8 0.0 1.5
Other (includes Shipping and corporate functions) 0.1 0.0 0.0 0.5 0.0 0.6
Total 12.5 6.3 6.2 4.1 1.2 30.3
Note: The sum of the categories may be slightly different to the RioTinto total due to rounding.
1. Electricity includes imported power and own generation; process heat includes diesel consumption from stationary sources such as pumps; mobile diesel sources are haul trucks, locomotives and
other mining fleet.
2022 equity GHG by location (Mt CO
2
e)
Scope 1
Emissions
(Mt CO
2
e)
Scope 2
Emissions
(Mt CO
2
e)
Total
Emissions
(Mt CO
2
e)
Australia 12.6 5.6 18.2
Canada 6.1 0 6.1
South Africa 0.4 1.3 1.7
USA 10 1
Other: Rest of Africa 0.3 0 0.3
Other: Europe 0.3 0 0.3
Other: Asia, New Zealand, Central America, South America 2.1 0.6 2.7
Total 22.8 7.5 30.3
Scope 3 greenhouse gas emissions – equity basis
Total equity Scope 3 GHG (M tCO
2
e) 2022
2021
Restated
2020
Restated
Scope 3 emissions – Upstream 32.6 32.3* 30.4*
Scope 3 emissions – Downstream 551.3 526 545.8*
Total 583.9 558.3 576.2
* Numbers restated from those originally published to ensure comparability over time.
Annual Report 2022 | riotinto.com66
Environmental stewardship
Planet continued
We have also strengthened our approach to
environmental risk management by developing
a shared language and a standardised set of
controls, and ensuring we are assessing the full
breadth of potential environmental impacts in a
consistent way across our business.
As part of the Health, Safety, Environment and
Security Transformation Programme, we have
continued to develop and implement the
environment modules, with the “air” and “water”
modules in use at our Saguenay–Lac-Saint-
Jean operations in Quebec, Canada. The
programme will improve how we manage our
environmental data, allowing us to use this
information to support our decision making,
meet the growing demand for transparency,
and set meaningful targets for continuous
improvement in environmentalperformance.
We have also worked to ensure that
environmental management is consistent and
embedded across all processes in our
business and through the lifecycle of our
operations. To support our assets in managing
their environmental performance, we
incorporated environmental risk ownership and
performance measurement into the safety
maturity model (SMM), which focuses on
leadership behaviours in the field and critical
riskmanagement.
With our product groups, Health and
Commercial teams, we started developing a
roadmap for future-proofing our product
stewardship to ensure that we continue to
deliver products that safeguard the
environment, health and safety of our
communities and end-consumers.
As environmental stewards, we focus on
responsibly managing shared resources to
protect the health, safety and livelihoods of
local communities. We manage risk to minimise
adverse environmental impacts from our
operations and to sustain our shared
ecosystems, planet and natural resources for
future generations. In July 2022, the United
Nations recognised “the right to a clean,
healthy and sustainable environment”
as a human right, further underlining our
responsibilities to people and the planet.
2022 progress
As a forum member of the Taskforce on
Nature-related Financial Disclosures (TNFD),
we are preparing to pilot the prototype risk
management and opportunity disclosure
framework at our Simandou site in Guinea.
Thisframework will help businesses with the
transparency and management of nature-
related risks. We continue to provide feedback
on the framework through our membership of
the International Council on Mining and Metals
(ICMM). We are also refreshing our approach
to managing nature-related risk and
developing a pathway to increasing our
disclosures in line with TNFD.
For more information
about our nature-related disclosures,
see our 2022 Sustainability Fact Book
at riotinto.com/sustainabilityreporting.
Water
Water is a shared resource critical to sustaining
biodiversity, people and economic prosperity.
Increasingly disrupted weather patterns and
more extreme weather events due to climate
change, and a growing world population, mean
efficiently managing water is more important
than ever.
The way we think about water and manage
associated risks reflects the diversity of our
operations and geographic locations. A small
proportion of our assets operate in water-
scarce regions, while others must remove
excess water to allow safe mining operations.
These are examples of the many potential
risks we manage across the lifecycle of our
diverse operations.
We share water with the communities and
nature surrounding our operations, so we aim
to avoid permanent impacts on water
resources by carefully managing the quality
and quantity of the water we use and return to
the environment. This means balancing the
needs of our operations with those of the local
communities and ecosystems. We do this
while considering the impact of climate
change, already felt in the level of rainfall
and water security at some of our operations.
We understand this responsibility extends
beyond the life of our operations.
To address this complexity, we adopt a
catchment-level approach to developing
potential solutions and managing our risks and
impacts within our operations. Weuse baseline
water stress as determined by the World
Resource Institute to identify operational
catchments of most concern.
For more information
visit our website www.riotinto.com/water
Exploring
nature-based solutions
In 2022, we launched a new team of specialists
focused on nature-based solutions, who will
explore and invest in high-quality projects that
implement internationally accepted social and
environmental safeguards and contribute to
reducing our carbon footprint. As part of this
work, we will partner with host communities
and other local stakeholders to learn from them
and jointly find ways to improve the resilience
and protect the biodiversity of land in and
around our operations.
For more information
see our website.
67Annual Report 2022 | riotinto.com
Strategic report
2022 progress
Our water balance
Our Group water balance outlines where water was withdrawn from,
discharged to, recycled or reused, and consumed at our operations.
The reported categories correlate with the requirements of the ICMM,
Minerals Council of Australia and Global Reporting Initiatives.
We also report on our aggregated water balance for sites in water-
stressed areas. We assess baseline water stress using the World
Resources Institute’s Aqueduct Water Risk Atlas mapping tool.
For more information
see the 2022 Sustainability Fact Book at riotinto.com/sustainabilityreporting.
Group water risk profile (% of managed operations)
The water resource risk at Oyu Tolgoi in Mongolia is assessed as
moderate, even though it is located in the Gobi Desert. Oyu Tolgoi
sources its water requirements from a deep water supply, the Gunii
Hooloi aquifer, a 150-metre deep resource holding around 6.8 billion
cubic metres of non-drinkable saline water. Oyu Tolgoi uses this water
source efficiently with water recycling and conservation practices
implemented across the operation.
Water resource
Is there enough water available for both environment and community
needs, and our operational use?
9%11%22%58%
Water quality and quantity
Does the way we manage water on site, or discharge excess water,
cause environmental impacts or operational constraints?
Our QIT Madagascar Minerals (QMM) operation in Madagascar operates
in a highly sensitive area from a water, broader environment and community
perspective. The discharges from our operation have the potential to
impact receiving water quality and, therefore, the water quality risk is
assessed as high. We are working to improve management activities on
site, including our ability to more accurately measure our water discharge
quality, and the deployment of a dedicated water treatment plant to
adjust the discharge pH.
2%36%35%27%
Impacts associated with dewatering and water supply activities in the
Pilbara are recognised as a very high risk for our business. Returning
water to the aquifers impacted by our mining activities in a controlled
manner is the focus of a number of studies. We are working with
Traditional Owners on water management.
Dewatering
Does the removal of water from the operational areas of our sites impact
regional aquifers or our mine plans?
5% 9%16%27%43%
Low risk Moderate risk High risk Very high riskNot applicable
We may sometimes generate impacts that we are required to manage over
the long term, such as post-closure pit lakes in the Pilbara, or potential
seepage from our waste rock or tailings facilities in our aluminium and
copper sites. Our systems and standards aim to ensure that risks are
identified early and managed appropriately and responsibly throughout
the asset lifecycle.
Long-term obligations
Do our operational activities generate long-term or ongoing obligations
related to water?
15% 22%20%31%12%
Our water withdrawals
Our total operational withdrawals for 2022 were 1,119 GL, a 4% increase
compared with 2021. Freshwater, or category 1 quality, withdrawals
accounted for 432 GL or 39% of this total, which remains consistent with
our 2021 withdrawals. Freshwater is generally suitable for consumption
with minimal treatment required. Where possible, we aim to minimise our
extractions from water sources of this quality.
Total discharges for 2022 were 638 GL, a 3% reduction compared with
2021. Total water recycled or reused for 2022 was 328 GL, a 6%
increase over our 2021 performance.
To manage our water impacts, we first need
to understand the specific risks at more than
50 operating sites, as well as our overall Group
impacts. To do this, we have developed a water
risk framework that considers:
– Water resource
– Quality and quantity
– Dewatering
– Long-term obligations
We use this framework to identify, assess and
manage water risks. Thiscomprehensive
approach extends beyond our mandatory
reporting obligations and allows us to have
relevant conversations about water risks
internally and with stakeholders in the
communities where we operate. In 2022,
we continued to embed the last component
of the framework – the Group water control
library – which describes all controls identified
to manage our water risks.
Our Group water risk profile shows the level
of exposure against each of the four risk
categories. Most of our water risks sit in the
“low” to “moderate” range. There are some in
“very high” and “high” categories for each.
Regardless of the level of risk, we apply
rigorous standards and processes to
managethem.
Annual Report 2022 | riotinto.com68
Our five-year water targets allow us to be
more transparent about our water usage,
risk profile, management and specific
challenges. These targets, and the data
required to measure progress against them,
are helping us become better water stewards.
Our water targets were set in 2019 and consist
of one Group target and six site-based targets,
reflecting our catchment-based approach and
recognising that we manage vastly different
water-related risks across our business. The
site-based targets were chosen based on their
water risk profile, our ICMM commitments, and
local community and environmental
interdependencies.
We continued to make progress against our
Group target in 2022. We verified and updated
water allocation volume data and estimated
surface water catchment rainfall-runoff
volumes for all our managed operations.
Adisclosure platform has been developed
and is planned for public release in 2023.
In 2023, we will continue embedding our water
risk framework and associated controls across
our product groups and focus on delivering
our site-based targets. We will also begin the
development of our 2024-2029 water targets.
Our 2019–2023 water targets
Planet continued
Progress against our targets
Group target Water risk theme Status Commentary
RioTinto Group (Tier 1
1
)
By 2023, we will disclose – for all managed operations –
permitted surface water allocation volumes, annual
allocation usage and the associated surface water
allocation catchment rainfall-runoff volume estimate.
Water resource On track Progress remains on track. A disclosure platform has been
developed and is planned for public release in 2023.
Site-based target Water risk theme Status Commentary
Pilbara operations, Iron Ore (Tier 1)
Our Iron Ore product group will complete six managed
aquifer recharge investigations by 2023.
Dewatering
(aquifer reinjection)
On track Successful completion of four of the proposed six managed
aquifer recharge investigations.
Oyu Tolgoi, Copper (Tier 1)
Oyu Tolgoi will maintain average annual water use
efficiency at 550 L/tonne of ore to concentrator from
2019-23.
Water resource
(intensity and efficiency)
Achieved for
2019-22
Average annual water use efficiency maintained below
550 L/tonne for 2022.
Kennecott Utah Copper, Copper (Tier 1)
Kennecott will reduce average annual imported water per
ton of ore milled by 5% over the 2014-18 baseline of 393
gal/ton (1,487L/ton) at the Copperton Concentrator
by2023.
Water resource
(import reduction)
Not on track Kennecott has continued to focus on the target in 2022,
whichhas resulted in improved water intensity through the
concentrator, with the 2022 intensity 12% lower than in 2021.
This brings the intensity in line with the 2014-2018 baseline.
Ranger Mine
2
, Energy Resources of Australia Limited (ERA), Closure (Tier 1)
ERA will achieve the planned total process water inventory
treatment volume by 2023, as assumed in the Ranger
water model.
Quantity/quality
(inventory reduction)
Not on track In May 2022, ERA commenced a feasibility study update in
connection with a lower technical risk rehabilitation
methodology and to further refine the Ranger Project Area
rehabilitation execution scope, risks, cost and schedule. The
2022 Feasibility Study is forecast to be completed in September
2023 and will ultimately lead to a revised Mine Closure Plan,
incorporating an updated Ranger water model.
QIT Madagascar Minerals (QMM), Minerals (Tier 2
3
)
QMM will develop and implement an improved integrated
site water management approach by 2023.
Quantity/quality
(discharge quality)
On track In 2022, we completed the development of our long-term water
management strategy and implemented a pilot water treatment
plant that allowed us to discharge water compliant with pH and
aluminium criteria for the second half of the year. We are
working to improve our long-term water management practices
on site, including our ability to more accurately measure our
water discharge quality, and the deployment of a full-scale
dedicated water treatment plant.
Queensland Alumina Limited (QAL), Aluminium (non-managed joint venture) (Tier2)
QAL will complete the following four water-related
improvement projects from the QAL five-year environment
strategy by 2023:
– Project L1: integrity of bunds and drains
– Project W3: caustic pipe and wasteline 4 integrity
– Project W6: residue disposal area surface/ground
waterimpacts
– Project W7: residue disposal area release
to receiving environment
Quality/quantity
(discharge quality)
Joint venture
performance
improvement
On track Progress of nominated water-related improvement projects is
aligned with current project schedules.
For more information
about our progress against our site-based water targets, see our website www.riotinto.com/water
1. Tier 1 water targets form part of the RioTinto external limited assurance programme.
2. Ranger Mine is owned and operated by ERA; RioTinto is a 86.3% shareholder in ERA.
3. Tier 2 water targets do not form part of the RioTinto external limited assurance programme.
69Annual Report 2022 | riotinto.com
Strategic report
Biodiversity
improved geo-spatial data for our assets,
ensuring the protection of sensitive areas
in proximity to our activities.
As a founding partner of UNEP WCMC’s
19-year-old Proteus Partnership, and aligned
with our drive to build our internal capability,
we continued to deliver biodiversity training to
employees across the business. In 2022, we
prioritised QIT Madagascar Minerals (QMM),
Simandou and our Commercial team in China
to receive biodiversity training, which we
delivered in their respective languages.
We continue to innovate to help us become
better environmental stewards. At QMM and
Simandou, we have begun assessing the
feasibility of using new environmental DNA
technology to help us understand the full
scope of species in and around our operations,
allowing for more tailored and effective
mitigation measures. In 2023, we are looking to
expand this approach according to our sites’
risk prioritisation. At our Weipa operations in
Australia, we trialled machine learning to help
us with monitoring by replicating human
identification of the endangered Palm
Cockatoo, freeing up resources for increased
conservation work.
We also invested C$2.67 million to support the
Saguenay Fjord Ecosystem Research Group
in Quebec, Canada, which brings together
researchers and professionals from INREST
1
,
Université du Québec à Chicoutimi, and
Université Laval. The group will document and
understand the factors that influence the
Saguenay Fjord ecosystem, which is both a
unique natural ecosystem and a crucial
waterway for the economy of the Saguenay–
Lac-Saint-Jean region and the province of
Quebec. This knowledge will help keep our
shipping operations running in a way that is
safe for the Saguenay ecosystem.
In 2022, we completed an independent review
of the monitoring programmes of our high-
priority biodiversity sites, which included
ensuring that management plans and actions
adequately address risks to nature.
At the Simandou project in Guinea, and
drawing on data collected over the last
decade, in 2022 we continued updating our
baseline assessments. In the second quarter of
2023, we will publish the revised Environmental
and Social Impact Assessment.
The interconnected impacts of climate change
and biodiversity loss pose significant risks
to people and the environment. We recognise
our responsibility to effectively mitigate the
impact of our operations on nature, and we are
mindful of our own dependence on healthy
ecosystems to run a successful business.
Healthy natural environments with functioning
ecosystems are key to climate resilience.
They also provide important services to the
communities where we operate and our
business. We are committed to protecting
biodiversity and our ambition is to achieve no
net loss. This means striking a balance between
negative impacts on biodiversity and positive
outcomes achieved through mitigation.
2022 progress
We continue to assess the sensitivity of our
planned activities using combined global
datasets of threatened species and
conservation and protected areas, developed
by the UN Environment Programme World
Conservation Monitoring Centre (UNEP
WCMC). This helps inform our risk-prioritisation
of assets in areas of high biodiversity, including
exploration and project sites, and supports our
allocation of resources. In 2022, we enhanced
the resolution of our assessments with
Land
We are temporary custodians of the land on
which we operate, and we aim to rehabilitate
the land as soon as it becomes available.
2022 progress
In 2022, we rehabilitated 16 square kilometres
of land, mostly at our bauxite mines in Australia,
mineral sands mines in South Africa and
Madagascar, and at our iron ore mines and
exploration areas in the Pilbara, Western
Australia. In the southern Gobi Desert in
Mongolia, following successful rehabilitation of
the Oyu Tolgoi to Khanbogd Soum old dirt
road, we relinquished around 50 hectares of
land, returning the land back to its original use
of grazing by the local herders.
Through the development of our environmental
risk control libraries, we are also strengthening
how we plan for and implement progressive
rehabilitation.
In 2022, our land footprint – total disturbed
area – was 3,810 square kilometres, an
increase of 75 square kilometres compared
to 2021. This includes all disturbances to our
operating assets and activities, such as
exploration activities, smelters, mines and
supporting infrastructure.
Our rehabilitation teams partner with research
centres and universities to refine rehabilitation
approaches and improve outcomes. In 2022,
as a forum member of the Australian-led
Cooperative Research Centre for
Transformations in Mining Economies (CRC
TiME), we contributed to the coordinated
investment into innovative research that
addresses the complex challenges
underpinning mine closure and relinquishment.
For more information
about our closure work, see page 71.
We also completed several trials using satellite-
derived data to determine if we could measure
rehabilitation performance at a global scale,
while at the same time complementing the
monitoring data collected locally. In addition,
16 of our operations completed rehabilitation
trials to improve seed germination, erosion and
topsoil quality.
Waste
2022 progress
Waste and residues from our operational
activities are key areas of environmental risk
management. In 2022, we continued to focus
on managing potential contamination from
these sources. This included working to
remove all use of PFAS (perfluoroalkyl and
polyfluoroalkyl substances) in fire-suppression
systems at our sites by the end of 2022.
Although we removed the use of PFAS in the
majority of these systems, in some instances
this transition will not be completed until 2024
at the earliest. This is due to delays in starting
the retrofit or overhaul of major pieces of
infrastructure, as well as challenges in sourcing
alternative fluorine free substances for use in
fire-suppression systems in some jurisdictions.
At some of our long-life assets, we continually
evaluate past waste management practices
that have led to a need for remediation in the
present. For example, in 2022, we remained
focused on finding additional ways to transform
waste and by-products from our aluminium
operations into materials for use in the
construction and agricultural sectors.
We have assets with chemically reactive
mineral waste risks, which we manage by
conducting independent reviews to assess
the effectiveness of our risk management
programmes and identify areas for
improvement. In 2022, we conducted reviews
at Yarwun in Australia, Oyu Tolgoi in Mongolia,
and at Kennecott, Boron, Resolution Copper
and the Ridgeway closed site in the US.
For more information
about tailings, see page 71.
1. Northern Institute for Research in Environment and Occupational Health and Safety.
Annual Report 2022 | riotinto.com70
Air quality
Our emphasis is on reducing emissions at
source by upgrading equipment to use the
best available technologies, adding air
pollution control equipment, and using
renewable energy or alternative feed material
where possible. Our air quality management
programmes include monitoring, sampling at
source, incident tracking and risk assessments.
Many of our assets have multi-year air quality
improvement projects in place. For example,
at our Boron operations in California, US we
updated a boiler to reduce the amount of
nitrogen oxides emitted. At our Pilbara Iron Ore
operations, in a region prone to high dust
emissions, we created a working group to
improve our dust management. The group
developed and implemented new controls and
improved the dust management systems.
Operational environment overview
2022 2021 2020 2019 2018
Significant environmental incidents
1
0 3000
Fines and prosecutions – environment ($’000)
2
109.8 7.4 27.4 19.0 284.7
Land footprint – disturbed (cumulative square kilometres)
3
3,810 3,735 3,630 3,627 3,595
Land footprint – rehabilitated (cumulative square kilometres)
3
522 494 490 489 485
Mineral waste disposed or stored (million tonnes) 973 1,005 987 905 886
Non-mineral waste disposed or stored (million tonnes) 0.76 0.65 0.47 0.28 0.27
SOx emissions (thousand tonnes) 66.2 70.2 75.7 79.0 84.2
NOx emissions (thousand tonnes)
4
64.4 62.3 65.2 64.3 62.0
Fluoride emissions (thousand tonnes) 2.35 2.36 2.27 2.34 2.61
Particulate (PM
10
) emissions (thousand tonnes)
5
181.7 142.3 143.2 131.5 136.2
1. Significant environmental incident is an incident with an actual consequence rating of major or catastrophic. We measure and rate incidents according to their actual environmental and compliance
impacts using five severity categories: minor, medium, serious, major, or catastrophic. Major and catastrophic environmental incidents are usually reported to the relevant product group head and the
RioTinto Chief Executive as soon as possible.
2. In 2022 we paid environmental fines totalling $109,782 resulting from overflow of containment pond during high rainfall events at our Gove Operations, Australia; release of caustic solution to land at
Yarwun, Australia; the death of a goitered gazelle and cutting trees without a permit at Oyu Tolgoi, Mongolia; failing to meet PM
10
emission limit at Kennecott Utah Copper, US; non-compliance with
carbonaceous by-products storage at spent pot liner treatment plant, Canada; violation of hazardous materials transportation statute at Kitimat smelter, Canada; operation of gas pipeline without
estimated rehabilitation costing approval at Boyne smelter, Australia; and non-compliance related to storing contaminated soil, residual materials and sludge at Havre-Saint-Pierre and Lac Tio, Canada.
3. Figures in 2019-2021 have been restated from those originally published to ensure comparability over time.
4. The increase of NOx emissions from 2019-2020 is due to change in calculation method from emissions factors to direct measurement using stack sampling data. The figures for 2020 and 2021 have
been restated from those originally published to ensure comparability over time.
5. PM
10
emissions increased by 32kt in 2022 with the commencement of production at Gudai-Darri. We are trialing alternative dust suppressants.
Planet continued
Clean air is critical for the health of our
host communities and the surrounding
ecosystems. We are working to improve air
quality management, focusing on emissions
of particulate matter and gases from our
operational activities, including mining,
materials handling, processing and
transportation. The potentially hazardous
emissions we monitor at operations are:
– sulphur oxides (SOx), mainly at our
aluminium and copper smelters
– nitrogen oxides (NOx), mainly from
burning fossil fuels
– gaseous fluoride emissions from
aluminium smelters
– respirable particulate emissions (PM
10
and
PM
2.5
), very fine particles from mining and
processing operations and from burning
fossil fuels.
Forexample, at the West Angelas mine, we
installed a new dust collector which reduced
respirable dust (PM
10
) emissions by 59%.
In some instances, we did not comply with
permissible emission limits. For example,
in April, at our Arvida plant in Saguenay–Lac-
Saint-Jean, Quebec, Canada our continuous
monitoring system indicated that we exceeded
the monthly emission limit for dust and fluoride
in pot rooms. This had no adverse impact on air
quality, and we remained compliant with our
daily and annual limits. We investigated, made
adjustments to comply with the emission limit
and resumed compliance the following month.
With the evolution of climate and our operating
conditions, we are focusing on prevention
to make sure that we understand evolving
conditions and how we can adapt our operations.
Air quality control at Cape Lambert. The Pilbara, Western Australia.
71Annual Report 2022 | riotinto.com
Strategic report
Mining and metals practices
90+
legacy assets managed within
our portfolio
38
of our assets have asset closure
strategies in place
We played an active role in the ICMM tailings
working group in 2022, which published key
guidance materials to support the safe,
responsible management of tailings with
the goal of eliminating fatalities and
catastrophicevents.
These include:
– The Tailings Reduction Roadmap, which
provides strategic direction on how to
accelerate the development and adoption of
technologies to reduce tailings production.
– The Tailings Management Good Practice
Guide, which provides guidance on good
governance and engineering practices to
support continuous improvement in
tailingsmanagement.
– The Good Practice Guide training
materials, designed to build awareness
and capability in good governance and
tailings engineering practices.
In 2022, we also:
– Conducted multi-disciplinary risk assessments
for all our “very high” and “extreme”
consequence facilities.
– Continued to support the Future Tails
partnership, a collaboration between
Rio Tinto, BHP and the University of Western
Australia (UWA). In 2022, the Graduate
Certificate in Tailings Management at UWA
had 106 enrolled students from 12 countries
in micro-credentialled units. Two PhD
candidates also commenced their research
programmes in 2022.
– Partnered with BHP on tailings filtration
solutions at very high throughputs for copper
operations, which supports our goal of
increasing water recovery and recycling.
– Continued to regularly convene the Tailings
Management Committee with our
designated Accountable Executives, which
provides coordinated governance of tailings
management practices across the Group.
Tailings
We engage with stakeholders throughout the
lifecycle of our tailings storage facilities, from
design to closure. We also collaborate closely
with external bodies to improve the way tailings
are managed across our industry.
We manage 95 tailings storage facilities (TSFs)
across our global assets. There are a further 43
non-managed TSFs. Altogether, there are 57
active TSFs, 39 are inactive and 42 are closed.
There have been no external wall failures at any
of our TSFs for more than 20 years.
We work through technical committees and joint
venture relationships to support leading practice
in tailings management. Our full tailings
disclosure is available on our website riotinto.
com/tailings and we periodically update the list
of TSFs to reflect operational and ownership
changes, including changes due to the
transition to closure or remediation obligations
for legacy assets and reclassification of
facilities. Our list also includes links to TSFs
managed by our joint venture partners.
Our facilities are regulated and permitted and
have been managed for many years to comply
with local laws, regulations, permits, licences
and other requirements. Tailings management
has been included in the Group risk register
since 2010, and our Group safety standard for
tailings and water storage facilities has been in
place since 2015. Our internal assurance
processes verify that our managed TSFs
operate in accordance with this standard,
which we updated in 2020.
Our operational TSFs have emergency response
plans – tested through training exercises in
collaboration with stakeholders such as local
emergency services – and follow strict business
resilience and communications protocols.
2022 progress
In December 2022, we updated previously
disclosed information on our global TSFs.
All facilities were assigned a consequence
classification in accordance with the regulatory
or industry body that oversees tailings in each
region or jurisdiction. Additional technical
data from updated downstream impact
assessments, required under the Global
Industry Standard on Tailings Management
(GISTM) and our own internal standard for
tailings and water storage facilities, resulted in
a modification to hazard classifications of some
facilities. Consequence classifications are not
ratings of the condition of a facility or the
likelihood of failure; instead, they rate the
potential consequence if the facility were tofail.
Since the launch of GISTM in August 2020,
we have continued work on our implementation
plan. We have completed a gap analysis
against our internal tailings management,
environment, and communities and social
performance standards, and developed
improvement plans to close identified gaps.
Weare working towards having all TSFs with a
potential consequence rated “extreme” or
“very high” in conformance with GISTM by
August 2023, with all remaining facilities in
conformance by August 2025.
Closure
Through safe and responsible asset closure,
we are working to deliver shared benefits for
host communities, employees and investors;
positive ESG outcomes; and innovative
solutions that minimise long-term liabilities.
Wedo this in partnership with our stakeholders,
embedding closure considerations throughout
the lifespan of our assets – in the way we
design, build, run, close and transition them.
As temporary stewards of the land where we
operate, we partner with our stakeholders to
develop a shared vision for the future of the
lands and host communities. Balancing
environmental, financial and social considerations,
we look for opportunities associated with
progressive closure, remediation and
repurposing, and, where appropriate,
long-term monitoring and maintenance.
At the end of 2022, closure provisions on
our balance sheet totalled $15.8 billion
(2021:$14.5 billion).
2022 progress
Argyle diamond mine
We continue to close the Argyle diamond mine
in Western Australia. In 2022, we completed
the high-reach demolition of structures and
processing equipment on site and progressed
reprofiling and rehabilitation works. We are
engaging with Miriwoong and Gija Traditional
Owners on how to best support and expand
meaningful participation as we progress
closure activities.
Gove refinery and residue disposal areas
While mining continues at our Gove bauxite
operations in the Northern Territory in Australia,
we are implementing progressive closure
activities, including the decommissioning and
demolition of the refinery and progressive
capping of the bauxite residue disposal areas.
In 2022, we completed the relocation of
essential services, including electrical and
water, from the refinery footprint to begin
safe demolition. This work supports the security
of services for the town of Nhulunbuy
postclosure.
Ranger uranium mine
Energy Resources of Australia (ERA) is
rehabilitating the Ranger uranium mine in the
Northern Territory, Australia. We are committed
to the successful rehabilitation of Ranger to a
standard that will establish an environment
similar to the adjacent Kakadu National Park,
aWorld Heritage site. We acknowledge the
Traditional Owners, the Mirarr people’s,
consistent opposition to developing the
Jabiluka uranium deposit and restate our full
support for ERA’s commitment that the deposit
would never be developed without the Mirarr
people’s consent. Our utmost priority and
commitment is to the rehabilitation of the
Ranger Project Area in a way that is consistent
with the wishes of the Mirarr people.
Annual Report 2022 | riotinto.com72
We partner with universities, governments and
other organisations to find opportunities to
repurpose and reprocess mineral and industrial
waste, improve treatment and valorisation of
mining-influenced waters, and explore the
social aspects of mine closure.
For example:
– We joined the Mining Microbiome Analytics
Platform project to identify microbes that
could help the industry mine and remediate
sites more sustainably. For more information,
see our website.
– Through our joint venture partnership with
Regeneration Enterprises, we developed
partnership strategies on re-mining and
remediation of two legacy assets. We have
engaged key technology, research and
development, and ecological partners in our
closure work.
– We joined the National Alliance for Water
Innovation, a public-private partnership that
brings together a team of industry and
academic partners. The team examines the
critical technical barriers and research
needed to radically lower the cost and
energy of desalination to secure an
affordable, energy-efficient and resilient
water supply for the US economy.
– We continued engagement in partnership
with the Gove Peninsula Futures Reference
Group (GPRFG) to plan for a sustainable
future for Nhulunbuy and the Gove Peninsula
post-mining for the benefit of Yolngu land
owners, local communities and businesses.
Members include the Gumatj and Rirratjingu
Traditional Owners, the Northern Land
Council, the Northern Territory Government,
Australian Government and RioTinto.
Learnhow the GPRFG is supporting a
positive transition on their website
govefutures.nt.gov.au
For more information
about closure provisions and financial
statements, see page 182.
Following ERA’s announcement of cost and
schedule overruns in February 2022, we
sought to work constructively with ERA’s
Independent Board Committee (IBC) to find a
funding solution to meet its rehabilitation
obligations. This included engaging for several
months on an interim entitlement offer that was
deferred by the IBC in July 2022 when its
proposed terms failed to obtain major
shareholder support.
In October 2022, ERA’s IBC resigned as
directors of ERA to allow for the introduction
of new perspectives to address the
rehabilitation costs.
While a funding solution for the rehabilitation
is being identified and agreed by new ERA
Independent Directors, we agreed to amend
an existing A$100 million credit facility to assist
ERA with its management of immediate
liquidityissues.
Together with ERA and other key stakeholders
including the Mirarr people, we supported the
recent amendments to the Atomic Energy Act
1953 (Cth), which will allow rehabilitation
activities at Ranger to extend beyond the
previously legislated timeframe of
January2026.
Legacy assets
We manage over 90 legacy assets in nine
countries. Where appropriate, we rehabilitate
these sites and work with local stakeholders to
transition them to their next use. For example,
at Mount Rosser in Jamaica, an inactive bauxite
reside storage facility, we have covered 95%
of the site with vegetation, seeing a diverse
and sustainable mix of plant species all
using a top-soil-free rehabilitation method.
Weprogressed rehabilitation at Pohatcong,
apackaging site in New Jersey, US by
completing in-situ thermal remediation to
treat and eliminate contaminates in soil.
InFrance, we completed our post-mining
obligations at Le Thoronet, a former bauxite
mine, and handed back the site to the French
authorities for monitoring and maintenance.
Wecontinue to work in partnership with the
French Ministry of Ecological Transition to
further restore the site and create a diverse
space with public hiking trails set to open
in2023.
We continued work on our GISTM compliance
plan, and in 2022, we strengthened our
knowledge of legacy sites.
Strengthening our approach
We completed six asset closure strategies
in 2022, now in place for 38 of our operations.
These strategies create a progressive vision for
future land use after our operations cease and
focus on opportunities to reduce closure costs
and risks over the asset lifecycle. All of our
operating sites have closure plans. We review
these plans regularly to align with stakeholder
expectations and to incorporate lessons learned
from other closure projects. At operations
with joint ownership structures, we work in
partnership with other asset owners to ensure
closure is considered throughout asset design,
planning and operations.
Working in partnership
Successful closure needs to align with the
expectations of host communities and
governments. We are developing new
approaches to engagement, such as
co-creation of the future use and landform,
co-execution and co-governance. To achieve
this, we are working with host communities,
including Indigenous partners, on rehabilitation,
revegetation and long-term monitoring at
manysites.
We look for opportunities across our portfolio
to contribute to decarbonisation efforts for the
communities where we operate. For example,
at our Gove bauxite operations, we are working
to introduce solar power into the grid to
support sustainable power for the region
beyond mining.
Planet continued
The slow journey from red
mud to green plants
A once-barren area that for decades was the
collection point for red mud, which is waste
related to bauxite processing, Mount Rosser
in Jamaica is now an area of increasing plant
and animal diversity. It is replete with lessons
about ecology, chemistry, botany, relationships
with local communities, and the importance
of steadfast perseverance. Above all, this
decades-long remediation project demonstrates
that progress is possible even when there is no
easy solution.
Learn more
on our website.
73Annual Report 2022 | riotinto.com
Strategic report
Transparent, values-based
and ethical business
The way we do business is increasingly important to our investors,
host communities, workforce and broader society. They want to
know that we conduct ourselves responsibly and that suppliers
and customers across our value chain do so as well.
To help us continue to run a transparent, values-based
and ethical business, in 2022 we updated our Code of
Conduct – The Way We Work, which we launched internally in
February 2023. We also trained 24,857 of our people in how to
recognise and manage business integrity dilemmas and further
developed our confidential reporting programme myVoice.
Team meeting at the Brisbane corporate hub, Australia.
Annual Report 2022 | riotinto.com74
Transparent, values-based and ethical business continued
We want our people and partners to uphold the
highest standard of integrity, act ethically and
do the right thing. Sometimes this requires
courage, which is one of our three values.
2022 progress
Business integrity
During 2022, we delivered several compliance
programme improvements to ensure we
continued to be in line with our current
business integrity risks. We are exposed to
reputational, financial and non-financial risk
through the actions of third parties we engage
with. We are updating our Third-Party Risk
Management programme so we can optimise
risk assessments, processes, systems and
tools, and improve integration with other
associated business processes. Weare also
managing our risk exposure to economic
sanctions, monitoring new sanctions and
continuing our ongoing assessment of our
supply chains.
In 2022, we focused on how we monitor
key fraud controls. We conducted a fraud
riskassessment and reviewed the current
measures we have in place to prevent and
detect fraud risk. This will help us better
understand the root causes of fraud and
how we can improve our response.
We also updated our data privacy standard,
which sets out the minimum requirements for
how to collect and process personal data.
Ourmonitoring now covers requirements of
the data privacy programme.
Annual training
We know that our reputation as a business that
acts ethically and with integrity depends on
the actions and decisions we make every day.
We empower our people to seek guidance
when faced with an ethical or business integrity
dilemma – both to prevent incidents from
occurring, and to protect them and others from
harm. To help our workforce navigate grey
areas and spot business integrity red flags, we
have developed an online training course that
challenges them to make ethical decisions
through a number of interactive scenarios.
Ouronline business integrity induction training
provides all new joiners with an introduction to
ethics and compliance as well as the tools they
need to recognise and understand business
integrity risks. In addition to online training, the
Ethics and Compliance team provides ongoing
targeted face-to-face sessions on key risk
areas including bribery and corruption, data
privacy and competition.
24,857 employees
undertook compliance training in 2022
Code of Conduct
In early 2023, we launched our updated Code
of Conduct – The Way We Work, which is
available on our website at www.riotinto.com.
Our Code of Conduct will work as a central tool
in reshaping our culture and it demonstrates
what living our values of care, courage and
curiosity should look like. The code sets out
our commitment to conducting business
with integrity and provides clarity about the
behaviours we expect and why responsible
business conduct matters. The new code is
broader in scope than our previous code and
reflects changes in both internal and societal
expectations regarding business conduct.
Itwill help our people reflect on the potential
impacts our decisions may have on the
business and others. Updates to our Code of
Conduct will be made available on our website
pursuant to relevant laws and regulations.
myVoice, our confidential reporting programme
We have continued to develop our confidential
reporting programme myVoice, which is
designed to help our people voice concerns
about potential misconduct or improper
behaviour. Our care for our people and our
desire to understand contributing factors for
misconduct sit at the core of this programme.
The Business Conduct Office (BCO) is working
to increase transparency and improve how we
capture learnings from the myVoice programme
by expanding the team to include a reporting
and governance function. We continue to
see an increase in reporting and we believe
this means that more people are feeling
comfortable to share their concerns. In 2022,
we received 1,459 reports through the myVoice
programme channels. Of these cases, 63%
were substantiated, including 77 cases which
were reports received in 2021.
The BCO is currently implementing two key
recommendations from the Everyday Respect
Report that was released in February 2022.
We are setting up a discrete unit of experts
who will support and care for our people who
have been impacted by harmful and
disrespectful behaviours. The team will also be
available to support leaders and human
resources professionals in how to respond, and
other people who have been affected by those
behaviours. Separately we are also redesigning
our investigation process to make sure it is
trauma-informed, caring and people-centred.
The BCO reports to our Chief Legal
Officer, Governance & Corporate Affairs;
the Board; and the Global Ethics and
Compliance Committee.
For more information
about the Everyday Respect initiative,
visitriotinto.com/everydayrespect.
Ethics and compliance
myVoice* case activity
2022 2021 2020 2019 2018
Number of reports 1,459 1,246 748 805 679
Number of reports per 1,000 employees 28.1 26 16.3 17.9 14.3
Substantiated claims (%) 63% 51% 42% 34% 34%
* myVoice (introduced in 2021), replaced the programme formerly known as Talk to Peggy or Speak-OUT.