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Principal subsidiaries - (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of subsidiaries [abstract] |
Principal in subsidiaries | The Group’s principal subsidiaries at 31 December 2024 are summarised in the table below.
Company and country of incorporation/operation | Principal activities | Group interest (voting %)
Australia |  |
Dampier Salt Limited | Salt and gypsum production | 68.36
Energy Resources of Australia Ltd(a) | Uranium processing (until January 2021) | 98.43
Hamersley Iron Pty Limited | Iron ore mining | 100
North Mining Limited(b) | Iron ore mining | 100
Rio Tinto Aluminium (Holdings) Limited | Bauxite mining, alumina production, primary aluminium smelting | 100
Robe River Mining Co Pty Ltd(b) | Iron ore mining | 73.61
Argentina |  |
Rincon Mining Pty Limited(c) | Exploration and development of lithium asset | 100
Brazil |  |
Rio Tinto do Brasil Ltda.(d) | Alumina production and bauxite mining | 100
Canada |  |
Diavik Diamond Mines (2012) Inc. | Diamond mining and processing | 100
Iron Ore Company of Canada(e) | Iron ore mining; iron ore pellets production | 58.72
Rio Tinto Alcan Inc. | Bauxite mining; alumina refining; aluminium smelting | 100
Rio Tinto Fer et Titane Inc. | Titanium dioxide feedstock; high purity iron and steel production | 100
Jersey/Guinea |  |
SimFer Jersey Limited(f) | Iron ore project | 53
Madagascar |  |
QIT Madagascar Minerals SA(g) | Ilmenite mining | 80
Mongolia |  |
Oyu Tolgoi LLC | Copper and gold mining | 66
New Zealand |  |
New Zealand Aluminium Smelters Limited(h) | Aluminium smelting | 100
Singapore |  |
Rio Tinto Singapore Holdings Pte Ltd | Commercial activities | 100
South Africa |  |
Richards Bay Titanium (Proprietary) Limited | Titanium dioxide, high purity iron production | 74
Richards Bay Mining (Proprietary) Limited | Ilmenite, rutile and zircon mining | 74
United States |  |
Kennecott Holdings Corporation (including Kennecott Utah Copper and Kennecott Exploration) | Copper mining, smelting and refining and exploration activities | 100
Nuton LLC | Investments and collaborations related to proprietary nature-based copper leach technologies | 100
U.S. Borax Inc. | Mining, refining and marketing of borates | 100
Resolution Copper Mining LLC | Exploration and development of copper | 55
(a)In November 2024, our interest in Energy Resources of Australia (ERA) increased from 86.3% to 98.43% as a result of new shares issued to Rio Tinto under ERA’s entitlement offer to raise funds for the rehabilitation of the Ranger Project Area. (b)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. (c)Rincon Mining Pty Limited is incorporated in Australia but operates in Argentina. (d)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. (e)Iron Ore Company of Canada is incorporated in the US, but operates in Canada. (f)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 will carry out the Simandou mining operations in Guinea and an 85% interest in the company which will deliver Simfer Jersey’s scope of the co-developed rail and port infrastructure. SimFer Jersey at present has a 100% interest in the companies that will own and operate the transhipment vessels, however this is anticipated to reduce to 85% with the Government of Guinea taking a 15% interest before operations commence. These entities, together with the equity accounted WCS Rail and Port entities described in note 32, are referred to as the Simandou iron ore project. (g)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%. In the prior 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 gave 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 included 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 was recognised for the first time in 2023, 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, gave rise to a charge within equity as the transaction was between Rio Tinto and the Malagasy Government acting in their capacity as shareholders and there were no changes to the net assets of QMM. As at 31 December 2024, the value of QMM’s non-controlling interest is US$4 million (2023: US$16 million). (h)On 1 November 2024, our interest in NZAS ceased to be a joint operation and became a wholly owned subsidiary following the acquisition of Sumitomo Chemical Company’s 20.64% interest in the entity.
Subsidiaries financial information | This summarised financial information is shown on a 100% basis. It represents the amounts shown in the subsidiaries’ financial statements prepared in accordance with IFRS in line with the Group’s accounting policies, including fair value adjustments, and before intercompany eliminations.
Income statement summary for the year ended 31 December | Iron Ore Company of Canada 2024 US$m | Iron Ore Company of Canada 2023 US$m | Simfer Jersey 2024 US$m | Simfer Jersey 2023 US$m | Oyu Tolgoi LLC(a) 2024 US$m | Oyu Tolgoi LLC(a) 2023 US$m | Robe River Mining Co Pty 2024 US$m | Robe River Mining Co Pty 2023 US$m
Revenue | 2,255 | 2,314 | – | – | 2,184 | 1,625 | 1,746 | 1,753
Profit/(loss) after tax | 321 | 445 | (25) | (199) | (1,077) | (1,024) | 782 | 848
–attributable to non-controlling interests | 133 | 184 | (18) | (114) | (436) | (352) | 313 | 339
–attributable to Rio Tinto | 188 | 261 | (7) | (85) | (641) | (672) | 469 | 509
Other comprehensive (loss)/income | (205) | 60 | – | – | – | – | (279) | 40
Total comprehensive income/(loss) | 116 | 505 | (25) | (199) | (1,077) | (1,024) | 503 | 888
Balance sheet summary as at 31 December | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m
Non-current assets | 2,987 | 3,170 | 2,908 | 789 | 16,535 | 15,335 | 2,695 | 2,899
Current assets | 711 | 866 | 545 | 83 | 581 | 511 | 743 | 808
Current liabilities | (541) | (519) | (402) | (67) | (672) | (4,920) | (124) | (157)
Non-current liabilities | (937) | (1,005) | (45) | (1,016) | (18,860) | (12,544) | (422) | (443)
Net assets/(liabilities) | 2,220 | 2,512 | 3,006 | (211) | (2,416) | (1,618) | 2,892 | 3,107
–attributable to non-controlling interests | 934 | 1,052 | 1,335 | (130) | (994) | (558) | 1,153 | 1,241
–attributable to Rio Tinto | 1,286 | 1,460 | 1,671 | (81) | (1,422) | (1,060) | 1,739 | 1,866
Cash flow statement summary for the year ended 31 December | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m | 2024 US$m | 2023 US$m
Cash flow from operations | 735 | 801 | (850) | 262 | 1,039 | 345 | 1,274 | 1,480
Dividends paid to non-controlling interests | (165) | (103) | – | – | – | – | (282) | (345)
(a)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.

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