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Principal subsidiaries - (Tables)
 12 Months Ended
Dec. 31, 2023
Disclosure of subsidiaries [abstract]  
Principal in subsidiaries The Group’s principal subsidiaries at 31 December 2023 are summarised in the table below.
Company and country of incorporation/operation
Principal activities
Class of shares
held
Proportion
of class
held (%)
Group
interest
(voting %)
Other
interest
(voting %)
Australia
Argyle Diamonds Limited
Mining and processing of diamonds (until
November 2020)
Class A
100
100
—
Class B
100
Dampier Salt Limited
Salt and gypsum production
Ordinary
68.36
68.36
31.64
Energy Resources of Australia Ltd
Uranium processing (until January 2021)
Class A
86.33
86.33
13.67
Ordinary
86.33
Hamersley Iron Pty Limited
Iron ore mining
Ordinary
100
100
—
North Mining Limited(a)
Iron ore mining
Ordinary
100
100
—
Preference
100
Rio Tinto Aluminium (Holdings) Limited
Bauxite mining, alumina production,
primary aluminium smelting
Ordinary
100
100
—
Robe River Mining Co Pty Ltd(a)
Iron ore mining
Class A
40
73.61
26.39
Class B
76.36
Argentina
Rincon Mining Pty Limited(b)
Exploration and development of lithium asset.
Ordinary
100
100
–
Brazil
Rio Tinto do Brasil Ltda.(c)
Alumina production and bauxite mining
Quota
100
100
—
Canada
Diavik Diamond Mines (2012) Inc.
Diamond mining and processing
Common
100
100
—
Iron Ore Company of Canada(d)
Iron ore mining; iron ore pellets production
Series A
91.41
58.72
41.28
Series E
100
Series F
100
Rio Tinto Alcan Inc.
Bauxite mining; alumina refining; aluminium
smelting
Common
100
100
—
Rio Tinto Fer et Titane Inc.
Titanium dioxide feedstock; high purity iron
and steel production
Common
100
100
—
Class B preference
100
Preference
100
Guinea
Simfer Jersey Limited(e)
Iron ore project
Ordinary
53
53
47
Madagascar
QIT Madagascar Minerals SA(f)
Ilmenite mining
Common
84.20
79.98
20.02
Investment
certificates
100
Mongolia
Oyu Tolgoi LLC
Copper and gold mining
Common
66
66
34
Singapore
Rio Tinto Singapore Holdings Pte Ltd
Commercial activities
Ordinary
100
100
–
South Africa
Richards Bay Titanium (Proprietary) Limited(g)
Titanium dioxide, high purity iron
production
B Ordinary
100
74
26
B Preference
100
Parent Preference
100
Richards Bay Mining (Proprietary) Limited(g)
Ilmenite, rutile and zircon mining
B Ordinary
100
74
26
B Preference
100
Parent Preference
100
United States
Kennecott Holdings Corporation (including
Kennecott Utah Copper and Kennecott
Exploration)
Copper and gold mining, smelting and
refining and exploration activities
Common
100
100
—
Nuton LLC
Technology venture including investments
and collaborations related to proprietary
nature-based copper leach technologies
and capabilities
Unit shares
100
100
—
U.S. Borax Inc.
Mining, refining and marketing of borates
Common
100
100
–
Resolution Copper Mining LLC
Exploration and development of copper
-
–
55
45
(a)Robe River Mining Co Pty Ltd (which is 60% owned by the Group) holds a 30% economic interest in Robe River Iron Associates (Robe River). North Mining Ltd (which is wholly owned by the
Group) holds a 35% economic interest in Robe River. Through these companies the Group recognises a 65% share of the assets, liabilities, revenues and expenses of Robe River, with a 12%
non-controlling interest. The Group therefore has a 53% economic interest in Robe River.
(b)Rincon Mining Pty Limited incorporated in Australia but operates in Argentina.
(c)Rio Tinto do Brasil Ltda holds the Group’s 10% interest in Consórcio de Alumínio do Maranhão, a joint operation in which the Group participates but is not a joint operator. The Group recognises
its share of assets, liabilities, revenues and expenses relating to this arrangement.
(d)Iron Ore Company of Canada is incorporated in the US, but operates in Canada.
(e)Rio Tinto Simfer UK Limited (which is wholly owned by the Group) holds a 53% interest in Simfer Jersey Limited (Simfer Jersey), a company incorporated in Jersey. Simfer Jersey, in turn, has an
85% interest in Simfer S.A., the company that operates the Simandou mining project in Guinea. As at 31 December 2023, Simfer Jersey also owns 100% of Simfer InfraCo Guinée S.A., a
company incorporated in Guinea, which will deliver Simfer’s scope of the co-developed rail and port infrastructure. The Group therefore has a 45.05% indirect interest in Simfer S.A. and a 53%
indirect interest in Simfer InfraCo Guinée S.A. These entities are consolidated as subsidiaries and together referred to as the Simandou iron ore project.
(f)The Group’s shareholding in QIT Madagascar Minerals SA (QMM) carries an 80% economic interest and 80% of the total voting rights; a further 5% economic interest is held through non-voting
investment certificates to give an economic interest of 85%. During the year, a Memorandum of Understanding (MoU) was signed with the Malagasy Government in relation to their fiscal regime
for QMM which expired at the end of May 2023. The MoU gives effect to the application of a new fiscal regime for the next 25 years, with terms effective as of 1 July 2023. Terms of the MoU
includes the granting of a 15% free-carry equity stake to the Malagasy Government that can no longer be diluted, while maintaining their current 20% of the voting rights. As a result, the
Malagasy Government's non-controlling interest has been recognised for the first time, and QMM's net earnings has been presented net of amounts attributable to non-controlling interests from
1 July 2023. The initial recognition of non-controlling interests, and any subsequent recognition arising from future contributions, gives rise to a charge within equity as the transaction is between
Rio Tinto and the Malagasy Government acting in their capacity as shareholders and there are no changes to the net assets of QMM. As at 31 December 2023, the value of QMM’s non-
controlling interest is US$16 million.
(g)Additional classes of shares issued by Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited representing non-controlling interests are not shown. The
Group’s total legal and beneficial interest in Richards Bay Titanium (Proprietary) Limited and Richards Bay Mining (Proprietary) Limited is 74%.
Subsidiaries financial information This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries’ financial statements prepared
in accordance with IFRS in line with the Group’s accounting policies, including fair value adjustments, and before intercompany eliminations.
Income statement summary for the year ended 31 December
Iron Ore
Company of
Canada
2023
US$m
Iron Ore
Company of
Canada
2022
US$m
restated(a)
Oyu Tolgoi
LLC
(b)(c)
2023
US$m
Oyu Tolgoi LLC
(b)(c)
2022
US$m
restated(a)
Revenue
2,314
2,634
1,625
1,424
Profit/(loss) after tax
445
756
(1,024)
(224)
–  attributable to non-controlling interests
184
312
(352)
(159)
–  attributable to Rio Tinto
261
444
(672)
(65)
Other comprehensive income/(loss)
60
(111)
—
—
Total comprehensive income/(loss)
505
645
(1,024)
(224)
Balance sheet summary as at 31 December
2023
US$m
2022
US$m
2023
US$m
2022
US$m
Non-current assets
3,170
2,963
15,335
13,667
Current assets
866
774
511
753
Current liabilities
(519)
(499)
(4,920)
(4,253)
Non-current liabilities
(1,005)
(973)
(12,544)
(10,731)
Net assets
2,512
2,265
(1,618)
(564)
–  attributable to non-controlling interests
1,052
946
(558)
(207)
–  attributable to Rio Tinto
1,460
1,319
(1,060)
(357)
Cash flow statement summary for the year ended 31 December
2023
US$m
2022
US$m
2023
US$m
2022
US$m
Cash flow from operations
801
1,153
345
406
Dividends paid to non-controlling interests
(103)
(142)
—
—
(a)Comparative information has been restated to reflect the adoption of narrow-scope amendments to IAS 12. Refer to page 166 for details.
(b)On 16 December 2022, we purchased the remaining 49% share of Turquoise Hill Resources Ltd. The Group now holds a 66% direct interest in Oyu Tolgoi LLC. Up until 15 December 2022 the
Group had a 51% interest in Turquoise Hill Resources Ltd, which held a 66% interest in OT and, therefore, had a 34% indirect interest in OT. Refer to note 5 for details.
(c)Under the terms of the project finance facility held by Oyu Tolgoi LLC, there are certain restrictions on the ability of Oyu Tolgoi LLC to make shareholder distributions.
30 Principal subsidiaries continued
Income statement summary for the year ended 31 December
Robe River
Mining Co Pty
2023
US$m
Robe River
Mining Co Pty
2022
US$m
restated(a)
Other
companies and
eliminations(b)
2023
US$m
Other
companies and
eliminations(b)
2022
US$m
restated(a)
Robe River
2023
US$m
Robe River
2022
US$m
restated(a)
Revenue
1,753
1,703
2,045
1,987
3,798
3,690
Profit after tax
848
814
825
865
1,673
1,679
–  attributable to non-controlling interests
339
323
—
—
339
323
–  attributable to Rio Tinto
509
491
825
865
1,334
1,356
Other comprehensive loss
40
(206)
36
(112)
76
(318)
Total comprehensive income
888
608
861
753
1,749
1,361
Balance sheet summary as at 31 December
2023
US$m
2022
US$m
2023
US$m
2022
US$m
2023
US$m
2022
US$m
Non-current assets
2,899
2,846
4,026
3,975
6,925
6,821
Current assets
808
756
711
609
1,519
1,365
Current liabilities
(157)
(112)
(358)
(2,724)
(515)
(2,836)
Non-current liabilities
(443)
(410)
(2,554)
(550)
(2,997)
(960)
Net assets
3,107
3,080
1,825
1,310
4,932
4,390
–  attributable to non-controlling interests
1,241
1,230
—
—
1,241
1,230
–  attributable to Rio Tinto
1,866
1,850
1,825
1,310
3,691
3,160
Cash flow statement summary for the year ended 31 December
2023
US$m
2022
US$m
2023
US$m
2022
US$m
2023
US$m
2022
US$m
Cash flow from operations
1,480
1,435
1,640
1,981
3,120
3,416
Dividends paid to non-controlling interests
(345)
(278)
—
—
(345)
(278)
(a)Comparative information has been restated to reflect the adoption of narrow-scope amendments to IAS 12. Refer to page 166 for details.
(b)“Other companies and eliminations” includes North Mining Limited (a wholly-owned subsidiary of the Group which accounts for its interest in Robe River) and goodwill of US$342 million (2022:
US$337 million) that arose on the Group’s acquisition of its interest in Robe River.