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Borrowings and other financial liabilities
 12 Months Ended
Dec. 31, 2020
Borrowings And Other Financial Liabilities [Abstract]  
Borrowings and other financial liabilities
21 Borrowings and other financial liabilities
Borrowings at 31 December

Note
Non-current
2021
US$m
Current
2021
US$m
Total
2021
US$m
Non-current
2020
US$m
Current
2020
US$m
Total
2020
US$m
Rio Tinto Finance plc Euro Bonds 2.875% due 2024(a)(b)
497 — 497 555 — 555 
Rio Tinto Finance (USA) Limited Bonds 3.75% 2025(a)(c)
— — — 1,299 — 1,299 
Rio Tinto Finance (USA) Limited Bonds 7.125% 2028(a)
934 — 934 1,005 — 1,005 
Alcan Inc. Debentures 7.25% due 2028(a)
105 — 105 109 — 109 
Rio Tinto Finance plc Sterling Bonds 4.0% due 2029(a)(b)
682 — 682 717 — 717 
Alcan Inc. Debentures 7.25% due 2031(a)
420 — 420 438 — 438 
Alcan Inc. Global Notes 6.125% due 2033(a)
722 — 722 744 — 744 
Alcan Inc. Global Notes 5.75% due 2035(a)
283 — 283 292 — 292 
Rio Tinto Finance (USA) Limited Bonds 5.2% 2040(a)
1,156 — 1,156 1,173 — 1,173 
Rio Tinto Finance (USA) plc Bonds 4.75% 2042(a)
495 — 495 501 — 501 
Rio Tinto Finance (USA) plc Bonds 4.125% 2042(a)
735 — 735 743 — 743 
Rio Tinto Finance (USA) Limited Bonds 2.75% 2051(a)(c)
1,225 — 1,225 — — — 
Oyu Tolgoi LLC MIGA Insured Loan LIBOR plus 2.65% due 2027(d)
597 76 673 674 4 678 
Oyu Tolgoi LLC Commercial Banks “B Loan” LIBOR plus 3.4% due 2027(d)
1,387 178 1,565 1,571 10 1,581 
Oyu Tolgoi LLC Export Credit Agencies Loan 2.3% due 2028(d)
237 41 278 275 2 277 
Oyu Tolgoi LLC Export Credit Agencies Loan LIBOR plus 3.65% due 2029(d)
805 61 866 867 5 872 
Oyu Tolgoi LLC International Financial Institutions “A Loan” LIBOR plus 3.78% due 2030(d)
744 32 776 771 6 777 
Other secured loans
— 246 246 246 68 314 
Other unsecured loans
332 176 508 322 256 578 
Lease liabilities22 1,039 324 1,363 945 233 1,178 
Bank overdrafts20— 2 2 — — — 
Total borrowings including overdrafts(e)
12,395 1,136 13,531 13,247 584 13,831 
(a)These borrowings are subject to hedging arrangements and are summarised in the interest rate risk section of note 29.
(b)Rio Tinto has a US$10 billion (2020: US$10 billion) European Debt Issuance Programme against which the cumulative amount utilised was US$1.1 billion equivalent at 31 December 2021 (2020: US$1.2 billion). The carrying value of these bonds after hedge accounting adjustments amounted to US$1.2 billion (2020: US$1.3 billion) in aggregate.
(c)On 28 October 2021, the Group issued US$1.25 billion of 30-year fixed rate debt with a coupon of 2.75%. We used the proceeds to complete a US$1.2 billion (nominal value) bond buy-back programme. The notes purchased and redeemed have been cancelled.
(d)These borrowings relate to the Oyu Tolgoi LLC project finance facility. The project finance facility provides for interest-only payments for the first five years from 2016 followed by minimum repayments according to a stepped amortisation schedule for the remaining life of the facility. The due dates stated represent the final repayment date. The interest rates stated are pre-completion and will increase by 1% post-completion.
(e)The Group’s borrowings of US$13.5 billion (2020: US$13.8 billion) include US$4.4 billion (2020: US$4.5 billion) of subsidiary entity borrowings that are subject to various financial and general covenants with which the respective borrowers were in compliance as at 31 December 2021.

Other financial liabilities

Non-current
2021
US$m
Current
2021
US$m
Total
2021
US$m
Non-current
2020
US$m
Current
2020
US$m
Total
2020
US$m
Derivative financial instruments
393 225 618 161 23 184 
Other financial liabilities— 20 20 — — — 
Total other financial liabilities
393 245 638 161 23 184 
Total borrowings including overdrafts (as above)
12,395 1,136 13,531 13,247 584 13,831 
Total borrowings and other financial liabilities
12,788 1,381 14,169 13,408 607 14,015