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Group cash flow statement - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Statement of cash flows [abstract]    
Cash flows from consolidated operations [1] $ 9,435 $ 13,912
Dividends from equity accounted units 287 633
Cash flows from operations 9,722 14,545
Net interest paid (286) (217)
Dividends paid to holders of non-controlling interests in subsidiaries (46) (41)
Tax paid (2,415) (3,813)
Net cash generated from operating activities 6,975 10,474
Cash flows from investing activities    
Purchases of property, plant and equipment and intangible assets (3,001) (3,146)
Sales of property, plant and equipment and intangible assets 8 1
Acquisitions of subsidiaries, joint ventures and associates (15) (825)
Purchases of financial assets (16) (66)
Sales of financial assets [2] 862 52
Net funding of equity accounted units (88) (48)
Other investing cash flows 14 10
Net cash used in investing activities (2,236) (4,022)
Cash flows before financing activities 4,739 6,452
Cash flows from financing activities    
Equity dividends paid to owners of Rio Tinto (3,691) (7,595)
Proceeds from additional borrowings [3] 1,858 144
Repayment of borrowings and associated derivatives (272) (211)
Lease principal payments (213) (183)
Proceeds from issue of equity to non-controlling interests 61 22
Purchase of non-controlling interests (23) 0
Other financing cash flows 0 1
Net cash used in financing activities (2,280) (7,822)
Effects of exchange rates on cash and cash equivalents (59) (26)
Net increase/(decrease) in cash and cash equivalents 2,400 (1,396)
Opening cash and cash equivalents less overdrafts 6,774 12,805
Closing cash and cash equivalents less overdrafts $ 9,174 $ 11,409
[1]
(a) Cash flows from consolidated operations
Profit after tax for the period (comparative restated)24,9479,448
Adjustments for:
– Taxation (comparative restated)2, 61,9832,867
– Finance items748359
– Share of profit after tax of equity accounted units(431)(468)
– Impairment charges51,175—
– Depreciation and amortisation2,4852,459
– Provisions (including exchange differences on provisions)963496
Utilisation of other provisions 9(44)(51)
Utilisation of provisions for close-down and restoration9(333)(256)
Utilisation of provisions for post-retirement benefits and other employment costs9(115)(122)
Change in inventories(293)(582)
Change in receivables and other assets(6)(128)
Change in trade and other payables(628)267
Other items(d)
(116)(377)
9,43513,912
[2] During the six months to 30 June 2023, we received net proceeds of US$801 million (30 June 2022: US$51 million) from our sales and purchases of investments within a separately managed portfolio of fixed income instruments. Purchases and sales of these securities are reported on a net cash flow basis within “Sales of financial assets” or “Purchases of financial assets” depending on the overall net position at each reporting date.
[3] On 7 March 2023, we issued US$650 million 10-year fixed rate, and US$1.1 billion of 30-year fixed rate, SEC-registered bonds. The 10-year notes, which mature on 9 March 2033, have a coupon of 5% and the 30-year notes, which mature on 9 March 2053 have a coupon of 5.125%. The funds were received net of issuance fees and discount. There were no issuances during the period ended 30 June 2022.