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Group Cash Flow Statement (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from consolidated operations      
Profit after tax for the year $ 9,953 [1] $ 13,048 [2],[3] $ 22,597 [1],[2]
Adjustments for:      
– Taxation (comparative restated) [1] 3,832 5,614 8,236
– Finance items 1,713 1,846 26
– Share of profit after tax of equity accounted units (675) (777) (1,042)
– Loss on disposal of interest in subsidiary 0 105 0
– Impairment charges of investments in equity accounted units after tax 0 202 0
– Net impairment charges/(reversals) 936 (150) 269
– Depreciation and amortisation 5,334 5,010 4,697
– Provisions (including exchange differences on provisions) 1,470 1,006 1,903
– Pension settlement 0 0 (291)
Utilisation of other provisions (104) (176) (128)
Utilisation of provisions for close-down and restoration (777) (609) (541)
Utilisation of provisions for post-retirement benefits and other employment costs (277) (254) (231)
Change in inventories (422) (1,185) (1,397)
Change in receivables and other assets [4] (418) 20 (367)
Change in trade and other payables (86) 700 685
Change in trade and other payables [5] (228) (1,242) (480)
Cash flows from consolidated operations [6] 20,251 23,158 33,936
Sales of financial assets [7],[8] 1,220 892 114
Amount held in trust fund 349 329  
Notional amount 1,050 1,216  
Purchase of non-controlling interest [9] 33 2,961 0
Gains on available-for-sale financial assets 0 116 $ 336
Diavik      
Adjustments for:      
Group interest (voting %)     60.00%
Not Designated As Hedging Instrument      
Adjustments for:      
Realised losses 57 459 $ 131
Mongolia | Oyu Tolgoi LLC      
Adjustments for:      
Payment for disputed tax matters     356
Turquoise Hill      
Adjustments for:      
Purchase of non-controlling interest   2,961  
Transaction costs $ 33 33  
Rio Tinto Finance (USA) plc Bonds 5.0% due 2033      
Adjustments for:      
Borrowings, interest rate 5.00%    
Rio Tinto Finance (USA) plc Bonds 2.75% due 2051      
Adjustments for:      
Notional amount     $ 1,250
Borrowings, interest rate     2.75%
Rio Tinto Finance (USA) plc Bonds 2.75% due 2051 | Fixed interest rate      
Adjustments for:      
Borrowings term     30 years
Rio Tinto Finance (USA) Limited Bonds 3.75% due 2025      
Adjustments for:      
Buy-back of bonds     $ 1,200
Cortez Royalty      
Adjustments for:      
Sales of financial assets   525  
Urealised gain on royalty   432  
Fixed Income Instruments      
Adjustments for:      
Sales of financial assets $ 1,157 $ 352 $ 107
[1] Comparative information has been restated to reflect the adoption of narrow-scope amendments to IAS 12. Refer to page 166 for details.
[2] Comparative information has been restated to reflect the adoption of narrow-scope amendments to IAS 12. Refer to page 166 for details.
[3] Comparative information has been restated to reflect the adoption of narrow-scope amendments to IAS 12. Refer to page 166 for details.
[4] In 2021, the Mongolian Tax Authority required payment by Oyu Tolgoi of US$356 million in relation to disputed tax matters. Oyu Tolgoi continues to dispute the matters and has classified
amounts subject to international arbitration as prepayments pending resolution.
[5] Other items includes the recognition of realised losses of US$57 million on currency forwards not designated as hedges (2022: realised losses US$459 million, 2021: realised losses
US$131 million). In 2022, other items also included the deduction of the US$432 million relating to the gain recognised on sale of the Cortez royalty shown in “Sale of financial assets” and in
2021 other items included US$336 million relating to a gain on recognition of a new wharf at Kitimat, Canada with no associated cash flow.
[6]
Notes to the Group Cash Flow Statement
(a) Cash flows from consolidated operations
Note
2023
US$m
2022
US$m
2021
US$m
Profit after tax for the year (comparative restated)(g)
9,953
13,048
22,597
Adjustments for:
– Taxation (comparative restated)(g)
3,832
5,614
8,236
– Finance items
1,713
1,846
26
– Share of profit after tax of equity accounted units
(675)
(777)
(1,042)
– Loss on disposal of interest in subsidiary
5
—
105
—
– Impairment charges of investments in equity accounted units after tax
4
—
202
—
– Net impairment charges/(reversals)
4
936
(150)
269
– Depreciation and amortisation
5,334
5,010
4,697
– Provisions (including exchange differences on provisions)
1,470
1,006
1,903
– Pension settlement
—
—
(291)
Utilisation of other provisions
36
(104)
(176)
(128)
Utilisation of provisions for close-down and restoration
14
(777)
(609)
(541)
Utilisation of provisions for post-retirement benefits and other employment costs
26
(277)
(254)
(231)
Change in inventories
(422)
(1,185)
(1,397)
Change in receivables and other assets(h)
(418)
20
(367)
Change in trade and other payables
(86)
700
685
Other items(i)
(228)
(1,242)
(480)
20,251
23,158
33,936
[7] In 2022, Sale of financial assets includes US$525 million of cash received from the sale of the gross production royalty at the Cortez Complex in Nevada, USA. Refer to note 1 and note 7.
[8] In 2023, we received net proceeds of US$1,157 million (2022: US$352 million and 2021: US$107 million) from our sales and purchases of investments within a separately managed portfolio of
fixed income instruments. Refer to note 19 for details. 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.
[9] On 16 December 2022, we acquired the remaining 49% share of Turquoise Hill Resources for expected consideration of US$3.2 billion inclusive of transaction fees. At 31 December 2022,
US$2,961 million had been paid, including US$33 million of transaction costs. In 2023, further transaction costs of US$33 million were paid, the balance to dissenting shareholders remains
unpaid.