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Financial performance by segment (Tables) | 12 Months Ended
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Dec. 31, 2024
Disclosure of operating segments [abstract] |
Summary of operating segments |
| Segmental revenue US$m | Underlying EBITDA US$m | Capital expenditure(a) US$m
| 2024 | 2023 | 2022 | 2024 | 2023 Adjusted | 2022 Adjusted | 2024 | 2023 | 2022
Iron Ore | 29,339 | 32,249 | 30,906 | 16,249 | 19,974 | 18,612 | 3,012 | 2,588 | 2,940
Aluminium | 13,650 | 12,285 | 14,109 | 3,673 | 2,282 | 3,672 | 1,694 | 1,331 | 1,377
Copper | 9,275 | 6,678 | 6,699 | 3,437 | 1,960 | 2,566 | 2,055 | 1,976 | 1,622
Minerals | 5,531 | 5,934 | 6,754 | 1,080 | 1,414 | 2,419 | 798 | 746 | 679
Reportable segments total | 57,795 | 57,146 | 58,468 | 24,439 | 25,630 | 27,269 | 7,559 | 6,641 | 6,618
Simandou iron ore project | — | — | — | (22) | (539) | (189) | 1,832 | 266 | —
Other operations | 120 | 142 | 192 | 43 | (95) | (17) | 66 | 57 | 53
Inter-segment transactions | (209) | (231) | (256) | 9 | 8 | 24 |  |  |
Share of equity accounted units(b) | (4,048) | (3,016) | (2,850) |  |  |  |  |  |
Central pension costs, share-based payments, insurance and derivatives |  |  |  | 153 | 168 | 377 |  |  |
Restructuring, project and one-off costs |  |  |  | (254) | (190) | (173) |  |  |
Central costs |  |  |  | (816) | (990) | (766) |  |  |
Central exploration and evaluation expenditures |  |  |  | (238) | (100) | (253) |  |  |
Proceeds from disposal of property, plant and equipment |  |  |  |  |  |  | 30 | 9 | –
Other items |  |  |  |  |  |  | 134 | 113 | 79
Consolidated sales revenue | 53,658 | 54,041 | 55,554 |  |  |  |  |  |
Purchases of property, plant and equipment and intangible assets |  |  |  |  |  |  | 9,621 | 7,086 | 6,750
Underlying EBITDA(c) |  |  |  | 23,314 | 23,892 | 26,272 |  |  |
(a)Capital expenditure for reportable segments includes the net cash outflow on purchases less disposals of property, plant and equipment, capitalised evaluation costs and purchases less disposals of other intangible assets. The details provided include 100% of subsidiaries’ capital expenditure and Rio Tinto’s share of the capital expenditure of joint operations. (b)Consolidated sales revenue includes subsidiary sales of US$213 million (2023: US$20 million; 2022: US$50 million) to equity accounted units which are not included in segmental revenue. Segmental revenue includes the Group’s proportionate share of product sales by equity accounted units (after adjusting for sales to subsidiaries) of US$4,261 million (2023: US$3,036 million; 2022: US$2,900 million) which are not included in consolidated sales revenue. (c)Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in 2024 was US$935 million (note 8), compared with US$855 million in 2023 (excluding Simandou). Approximately 25% of the spend was by central exploration, 23% by Minerals (with the majority focusing on lithium), 36% by Copper, 14% by Iron Ore and 2% by Aluminium. In 2024, all qualifying expenditure relating to Simandou is being capitalised. Qualifying expenditure on the Rincon lithium project has been capitalised since 1 July 2024.
| 2024 US$m | 2023 US$m | 2022 US$m
Profit after tax for the year | 11,574 | 9,953 | 13,048
Taxation | 4,041 | 3,832 | 5,614
Profit before taxation | 15,615 | 13,785 | 18,662
Depreciation and amortisation in subsidiaries, excluding capitalised depreciation(a) | 5,744 | 4,976 | 4,871
Depreciation and amortisation in equity accounted units | 559 | 484 | 470
Finance items in subsidiaries | 876 | 1,713 | 1,846
Taxation and finance items in equity accounted units | 1,002 | 741 | 640
Unrealised losses/(gains) on embedded commodity and currency derivatives not qualifying for hedge accounting (including foreign exchange) | 73 | (15) | (6)
(Gains)/losses on consolidation and disposal of interests in businesses(b) | (1,214) | – | 105
Impairment charges net of reversals (note 4) | 573 | 936 | 52
Gain recognised by Kitimat relating to LNG Canada’s project(c) | – | – | (116)
Change in closure estimates (non-operating and fully impaired sites)(d) | 86 | 1,272 | 180
Gain on sale of the Cortez royalty(e) | – | – | (432)
Underlying EBITDA | 23,314 | 23,892 | 26,272
Depreciation and amortisation in subsidiaries for the year ended 31 December 2024 is net of capitalised depreciation of US$174 million (2023: US$358 million; 2022: US$139 million). (b)Gains on consolidation of businesses include the revaluation of our previously held interest in the NZAS joint operation as we acquired the remaining shares during the year and this became a subsidiary. Disposals include the sale of Wyoming Uranium and Lake MacLeod, as described in note 5. (c)During 2022, LNG Canada elected to terminate their option to purchase additional land and facilities for expansion of their operations at Kitimat, Canada. The resulting gain was excluded from underlying EBITDA consistent with prior years as it was part of a series of transactions that together were material. (d)In 2024, the charge to the income statement relates to the change in estimates of underlying closure cash flows, net of impact of a change in discount rate, expressed in real-terms, from 2.0% to 2.5% as applied to provisions for close-down, restoration and environmental liabilities at legacy sites where the environmental damage preceded ownership by Rio Tinto. In 2023, the charge includes US$873 million related to the closure provision update announced by ERA on 12 December 2023, together with the update included in their half year results for the period ended 30 June 2023, published in August 2023. This update was considered material and therefore it was aggregated with other closure study updates (see note 14) which were similar in nature and have been excluded from underlying EBITDA. The other closure study updates were at legacy sites managed by our central closure team as well as an update at Yarwun alumina refinery which was expensed due to the impairment earlier in the year. In 2022, the charge related to re-estimates of underlying closure cash flows for legacy sites where the environmental damage preceded ownership by Rio Tinto. (e)On 2 August 2022, we completed the sale of a gross production royalty which was retained following the disposal of the Cortez Complex in 2008. The gain recognised on sale of the royalty was excluded from underlying EBITDA on the grounds of individual magn itude.

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