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Consolidated cash flow statement - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of cash flows [abstract]      
Cash flows from consolidated operations [1] $ 19,859 $ 20,251 $ 23,158
Dividends from equity accounted units 1,067 610 879
Cash flows from operations 20,926 20,861 24,037
Net interest paid (685) (612) (573)
Dividends paid to holders of non-controlling interests in subsidiaries (477) (462) (421)
Tax paid (4,165) (4,627) (6,909)
Net cash generated from operating activities 15,599 15,160 16,134
Cash flows from investing activities      
Purchases of property, plant and equipment and intangible assets [2] (9,621) (7,086) (6,750)
Sales of property, plant and equipment and intangible assets 30 9 0
Acquisitions of subsidiaries, joint ventures and associates [2] (346) (834) (850)
Disposals of subsidiaries, joint ventures, joint operations and associates 427 0 80
Purchases of financial assets (113) (39) (55)
Sales of financial assets [3] 677 1,220 892
Net funding of equity accounted units [2] (784) (144) (75)
Other investing cash flows 136 (88) 51
Net cash used in investing activities (9,594) (6,962) (6,707)
Cash flows before financing activities 6,005 8,198 9,427
Cash flows from financing activities      
Equity dividends paid to owners of Rio Tinto (7,025) (6,470) (11,727)
Proceeds from additional borrowings, net of issue costs 261 1,833 321
Repayment of borrowings and associated derivatives (860) (310) (790)
Lease principal payments (455) (426) (374)
Cash inflows from share of expenditure incurred [2] 1,574 127 86
Purchase of non-controlling interest (591) (33) (2,961)
Other financing cash flows 2 2 (28)
Net cash used in financing activities (7,094) (5,277) (15,473)
Effects of exchange rates on cash and cash equivalents (99) (23) 15
Net (decrease)/increase in cash and cash equivalents (1,188) 2,898 (6,031)
Opening cash and cash equivalents less overdrafts 9,672 6,774 12,805
Closing cash and cash equivalents less overdrafts $ 8,484 $ 9,672 $ 6,774
[1]
Notes to the consolidated cash flow statement
(a) Cash flows from consolidated operations
Note
2024
US$m
2023
US$m
2022
US$m
Profit after tax for the year
11,574
9,953
13,048
Adjustments for:
– Taxation
4,041
3,832
5,614
– Finance items
876
1,713
1,846
– Share of profit after tax of equity accounted units
(838)
(675)
(777)
– (Gains)/losses on consolidation and disposal of interests in businesses
5
(1,214)
–
105
– Impairment charges of investments in equity accounted units after tax
4
–
–
202
– Net impairment charges/(reversals)
4
538
936
(150)
– Depreciation and amortisation
5,918
5,334
5,010
– Provisions (including exchange differences on provisions)
398
1,470
1,006
Utilisation of other provisions
36
(94)
(104)
(176)
Utilisation of provisions for close-down and restoration
14
(1,142)
(777)
(609)
Utilisation of provisions for post-retirement benefits and other employment costs
26
(133)
(277)
(254)
Change in inventories
205
(422)
(1,185)
Change in receivables and other assets
(202)
(418)
20
Change in trade and other payables
54
(86)
700
Other items(d)
(122)
(228)
(1,242)
19,859
20,251
23,158
[2] In 2024, our net cash outflow in relation to the Simandou iron ore project was US$1.3 billion. This includes cash outflows of US$1,831 million for purchase of property, plant and equipment,
US$313 million as acquisition of associates for WCS Rail and Port, and US$652 million as net funding of equity accounted units for the subsequent funding of that shared infrastructure. We
received related cash inflows of US$1,505 million from Chalco Iron Ore Holdings Ltd (CIOH) for cash calls by SimFerJersey Limited, of which US$411 million relates to CIOH’s share of
expenditure incurred up until the end of December 2023 to progress critical works.
[3] In 2024, we received net proceeds of US$675 million (2023: US$1,157 million and 2022: US$352 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.