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Entities accounted under the equity method Principal joint ventures | 12 Months Ended
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Dec. 31, 2024
Disclosure Of Joint Ventures And Associates [Abstract] |
Entities accounted under the equity method Principal joint ventures | 32 Entities accounted under the equity method Principal joint ventures The Group’s principal joint ventures at 31 December 2024 are summarised in the table below.
Company and country of incorporation/operation | Principal activities | Group interest (%)
Canada |  |
Matalco Canada Inc. | Aluminium recycling | 50
Chile |  |
Minera Escondida Ltda(a) | Copper mining and refining | 30
Oman |  |
Sohar Aluminium Co. L.L.C.(b) | Aluminium smelting, power generation | 20
United States |  |
Matalco USA, LLC | Aluminium recycling | 50
(a)The year-end of Minera Escondida Ltda is 30 June. The amounts included in the consolidated financial statements of Rio Tinto are however, based on financial statements of Minera Escondida Ltda that are coterminous with those of the Group. (b)Although the Group holds a 20% interest in Sohar Aluminium Co. L.L.C, decisions about relevant activities that significantly affect the retur ns that are generated require agreement of all parties to the arrangement. It is therefore determined that Rio Tinto has joint control.
| Other relevant judgements - accounting for Minera Escondida Ltda Judgement has been applied on the determination that Escondida is a joint venture. We have based this on the nature of significant commercial decisions, including those in relation to capital expenditure, which require approval of both Rio Tinto and its partner BHP (holders of a 57.5% interest). In contrast, our partner has assessed Rio Tinto’s rights as protective and concluded that it controls Escondida through its rights to direct relevant activities. Adoption of the equivalent judgement by the Group would result in reclassification of Escondida from a joint venture to an associate, with no other financial reporting consequence since accounting under the equity method would remain in place. |
Summary information for joint ventures that are material to the Group This summarised financial information is shown on a 100% basis. It represents the amounts shown in the joint ventures’ financial statements prepared in accordance with IFRS under Group accounting policies, including fair value adjustments and amounts due to and from Rio Tinto.
| Minera Escondida Ltda(a) 2024 US$m | Minera Escondida Ltda(a) 2023 US$m
Revenue | 11,413 | 9,187
Depreciation and amortisation | (1,417) | (1,183)
Other operating costs | (4,123) | (3,784)
Operating profit | 5,873 | 4,220
Finance expense | (233) | (283)
Income tax(b) | (2,707) | (1,773)
Profit after tax | 2,933 | 2,164
Other comprehensive income/(loss) | 14 | (13)
Total comprehensive income | 2,947 | 2,151
Non-current assets | 12,991 | 12,480
Current assets | 3,230 | 2,751
Current liabilities | (2,351) | (1,607)
Non-current liabilities | (5,585) | (5,192)
Net assets | 8,285 | 8,432
Assets and liabilities above include: |  |
–cash and cash equivalents | 677 | 360
–current financial liabilities | (170) | (677)
–non-current financial liabilities | (3,333) | (2,770)
Dividends received from joint venture (Rio Tinto share) | 1,035 | 578
Reconciliation of the above amounts to the investment recognised in the consolidated balance sheet
Group interest | Minera Escondida Ltda(a) 30% | Minera Escondida Ltda(a) 30%
Net assets (100%) | 8,285 | 8,432
Group’s ownership interest | 2,486 | 2,530
Carrying value of Group’s interest | 2,486 | 2,530
(a)In addition to its “Investment in equity accounted units”, the Group recognises deferred tax liabilities of US$349 million (2023: US$354 million) relating to tax on unremitted earnings of equity accounted units. (b)In 2023, income tax includes a charge of US$252 million for the revaluation of deferred tax balances following the substantive enactment of the Chilean Royalty Bill which, effective from 1 January 2024, implemented a 1% royalty on revenues, a margin based tax with rates ranging between 8% and 26%, and a 46.5% cap to the overall Chilean tax burden of mining companies. Principal associates The Group’s principal associates at 31 December 2024 are summarised in the table below.
Company and country of incorporation/operation | Principal activities | Group interest (%)
Australia |  |
Boyne Smelters Limited(a) | Aluminium smelting | 73.5
Brazil |  |
Mineração Rio do Norte S.A. | Bauxite mining | 22
Singapore/Guinea |  |
Winning Consortium Simandou Railway Pte. Ltd(b) | Rail and port infrastructure including trans-Guinean heavy haul rail system | 18.02
Winning Consortium Simandou Ports Pte. Ltd(b) | 18.02
United States |  |
Halco (Mining) Inc.(c) | Bauxite mining | 45
(a)The parties that collectively control Boyne Smelters Limited (BSL) do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the parties. Although each combination requires Rio Tinto’s approval, this is not joint control as defined under IFRS 11 “Joint Arrangements”. Rio Tinto is therefore determined to have significant influence over this company. During the period, we acquired an additional 14.11% interest (comprising 11.65% from Mitsubishi Corporation and 2.46% from Sumitomo Chemical Company) in BSL, increasing our total interest to 73.5%. BSL remains accounted for as an investment in associate under the equity method. (b)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. During the year, SimFer Jersey, through its wholly owned subsidiary, SimFer InfraCo Ltd., a company incorporated in the United Kingdom, acquired 34% interests in Winning Consortium Simandou Railway Pte. Ltd and Winning Consortium Simandou Ports Pte. Ltd (together referred to as “WCS Rail and Port entities”). Refer to note 5 for further details. The WCS Rail and Port entities are incorporated in Singapore, however their operations are in Guinea. As at 31 December 2024, the Group has an effective 18.02% indirect interest in the WCS Rail and Port entities. The Government of Guinea holds a 15% interest in the WCS Rail and Port operations and therefore we have a 15.32% indirect interest in those operations. (c)The Group holds a 45% interest in Halco (Mining) Inc., a non-managed associate. Halco (Mining) Inc., in turn, has a 51% indirect interest in Compagnie des Bauxites de Guinée, a bauxite mine, the core assets of which are located in Guinea. 32 Entities accounted under the equity method continued Summary information for joint ventures and associates that are not individually material to the Group
| 2024 US$m | 2023 US$m
Carrying value of Group's interest | 2,351 | 1,878
(Loss)/profit after tax | (42) | 26
Other comprehensive (loss)/income | (44) | 15
Total comprehensive (loss)/income | (86) | 41

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