May AOR 11 - Join here. | Page 11
May AOR 11 - Join here. | Page 11 | imm 5257 form 2017

The Hidden Agenda Of Imm 11 Form 11 | Imm 11 Form 11

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Revenues and earnings

May AOR 11 - Join here
May AOR 11 – Join here | imm 5257 form 2017

–    Circumscribed sales acquirement of $19.9 billion, $0.6 billion college than 2017 aboriginal half, with added volumes of adamant ore, bauxite and nut and college prices for aluminium and copper, offsetting the appulse of lower adamant ore prices and the denial of Atramentous & Allied.

–    Basal EBITDA of $9.2 billion was two per cent college than 2017 aboriginal half.

–    Able tax aggregate on basal antithesis of 28 per cent, in band with 2017 abounding year.

–    Net antithesis of $4.4 billion were in band with basal earnings. See table on folio 5.

 

Cash breeze and antithesis sheet

 

First bisected 2018

US$m

First bisected 2017

US$m

Net banknote generated from operating activities

5,228

6,306

Capital expenditure4

(2,363)

(1,758)

Sales of property, bulb and equipment

18

79

Free banknote flow3

2,883

4,627

Disposals

402

135

Dividends paid to disinterestedness shareholders

(3,177)

(2,248)

Share buy-back

(1,501)

(252)

Other

9

(246)

(Increase) / abridgement in net debt

(1,384)

2,016

–    Basal expenditure4 of $2.4 billion, of which $1.0 billion was comestible capex.

–    Delivered $0.3 billion of added chargeless banknote breeze from the mine-to-market productivity8 programme, bringing the accumulative absolute aback 2017 to $0.7 billion, as allotment of the $5.0 billion accumulative ambition from 2017 to 2021.

–    Paid the 2017 final allotment of $3.2 billion.

–    Advancing allotment buy-back with $1.5 billion of Rio Tinto plc shares repurchased and annulled in 2018 aboriginal half.

–    Maintained a able antithesis breadth with a $1.4 billion access in net debt to $5.2 billion, absorption 2018 aboriginal bisected operating banknote flows, net of the acquittal of 2017 Australian taxes in June 2018, the access in basal expenditure, the acquittal of the final allotment and the advancing allotment buy-back. 

 

 

Rio Tinto interest

Expected accretion (pre-tax)

 US$m

Expected achievement timing

Aluminium Dunkerque, France to Liberty House

100%

500

Q3 2018

ISAL aluminium smelter, Iceland to Hydro

100%

345

Q3 2018

Winer South atramentous development project, Queensland, Australia to Whitehaven Atramentous Limited

75%

2001,2

Completed

Hail Creek atramentous abundance and Valeria atramentous development project, both in Queensland, Australia to Glencore

82% / 71.2%

1,7002

Completed3

Kestrel underground atramentous mine, Queensland, Australia to EMR Basal and PT Adaro Action Tbk

80%

2,2501,2

Completed3

Total divestments appear in 2018 aboriginal half

 

4,995

 

1 In 2018 aboriginal bisected the Accumulation accustomed $150 actor for Winer South and $338 actor for Kestrel. Auctioning accretion for the Winer South atramentous development action are included aural Net banknote generated from operating activities.

2 Estimated absolute tax payable for these affairs is in the acclimation of $1 billion, accountable to anniversary tax adjustments. 

3 Completed on 1 August 2018.

 

–    In addition, Rio Tinto appear the signing of a non-binding Heads of Acceding to advertise its absorption in Grasberg to PT Indonesia Asahan Aluminium (Persero) (Inalum) for $3.5 billion. All parties access committed to assignment appear accordant and signing bounden agreements afore the end of 2018. Accustomed the acceding that abide to be agreed, there is no authoritativeness that a transaction will be completed. Any final agreements will be accountable to approval by the all-important government regulators and authorities.

 

Growth projects and development

–    Oyu Tolgoi underground nut abundance development in Mongolia (approved action absorb of$5.3 billion): architecture of aboriginal drawbell accustomed in 2020, with boilerplate anniversary accumulation of560 thousand tonnes amid 2025 and 20309.

–    Amrun bauxite action in Queensland (approved action absorb of $1.9 billion) charcoal on track, with accumulation and aircraft accustomed to arise in the aboriginal bisected of 2019, accretion bauxite exports by about 10 Mt/a.

–    AutoHaulTM action (automation of the Pilbara alternation system, accustomed action absorb of $940 million), accretion the accommodation of the abuse system. The action accustomed accreditation to run trains in chargeless access from the National Abuse Affirmation Regulator on 18 May 2018 and the aboriginal loaded chargeless alternation adventure took abode on 10 July 2018. Abounding accomplishing of the chargeless programme is accustomed by the end of 2018.

–    Assay and appraisal absorb of $232 actor in 2018 aboriginal half, an access of 33 per cent on 2017 aboriginal half, apprenticed primarily by added action at Resolution and acknowledging the aing beachcomber of beforehand projects.

 

Guidance

–    Added accumulative chargeless banknote breeze of $5.0 billion from the alpha of 2017 to the end of 2021 from mine-to-market abundance improvements8, including $0.4 billion in the added bisected of 2018. Targeting an anniversary avenue aggregate from mine-to-market abundance improvements of about $1.5 billion from 2021.

–    Basal expenditure4 accustomed to abide at about $5.5 billion in 2018 and about $6.0 billion in 2019. Basal aggregate in 2020 is revised to about $6.5 billion (previously about $6.0 billion). Anniversary year includes about $2.0 to $2.5 billion of comestible capex.

–    Able tax aggregate on basal antithesis of about 30 per cent accustomed in 2018.

–    Accumulation advice is banausic from the Added Division Operations Review.

 

 

 

 

 

 

 

1 Basal EBITDA, basal antithesis and basal antithesis per allotment are key banking achievement indicators which administration use internally to appraise achievement and are referred to as non-GAAP measures. They are presented actuality to accommodate greater compassionate of the basal business achievement of the Group’s operations. Net and basal antithesis chronicle to accumulation attributable to the owners of Rio Tinto. Basal EBITDA and antithesis are authentic on folio 14. Basal antithesis is accommodated to net antithesis on folio 72.

2 EBITDA allowance is authentic as Accumulation basal EBITDA disconnected by Artefact Accumulation absolute revenues as per the Banking Advice by Business Assemblage on folio 12 breadth it is accommodated to accumulation on accustomed activities afore accounts items and taxation and circumscribed sales revenue. This banking metric is acclimated by administration internally to appraise performance, and appropriately is advised accordant to users of the accounts.

3 Chargeless banknote breeze is authentic as Net banknote generated from operating activities beneath Purchases of property, bulb and accessories (PP&E) added Sales of PP&E. It is a key banking indicator which administration uses internally to appraise achievement and is appropriately advised accordant to users of the accounts.

4 Basal aggregate is presented gross, afore demography into anniversary any banknote inflows from disposals of property, bulb and equipment.

5 Net debt is authentic and accommodated to the antithesis breadth on folio 44.

6 Net gearing acclimation is authentic as net debt disconnected by the sum of net debt and absolute disinterestedness at anniversary aeon end.

7 These banking achievement indicators are those which administration use internally to appraise performance, and appropriately are advised accordant to users of the accounts.

8 Mine-to-market abundance improvements accredit to the added chargeless banknote breeze generated from post-tax operating banknote aggregate improvements and post-tax accumulated assets from abundance programmes. This banking achievement indicator is acclimated by administration internally to appraise performance, and appropriately is advised accordant to users of the accounts

9 This accumulation ambition was appear in a absolution to the bazaar on 6 May 2016. All absolute assumptions basement that ambition abide to administer and access not materially changed.

 

Underlying EBITDA, basal antithesis by artefact group

 

 First bisected 2018

US$m

First bisected 2017

US$m

 

Change

US$m

 

Change

%

Underlying EBITDA

 

 

 

 

Iron Ore

5,656

5,607

49

1%

Aluminium

1,831

1,666

165

10%

Copper & Diamonds

1,360

771

589

76%

Energy & Minerals

1,037

1,434

(397)

-28%

Other operations

(27)

(27)

Product Accumulation Total

9,857

9,478

379

4%

Other items

(559)

(351)

(208)

-59%

Exploration & evaluation

(100)

(85)

(15)

-18%

 

9,198

9,042

156

2%

 

 

 

 

 

Underlying earnings

 

 

 

 

Iron Ore

3,222

3,255

(33)

-1%

Aluminium

871

759

112

15%

Copper & Diamonds

450

(69)

519

n/a

Energy & Minerals

473

652

(179)

-27%

Other operations

(67)

(34)

(33)

-97%

Product Accumulation Total

4,949

4,563

386

8%

Other items

(329)

(226)

(103)

-46%

Exploration & evaluation

(86)

(76)

(10)

-13%

Net interest

(118)

(320)

202

63%

 

4,416

3,941

475

12%

Underlying EBITDA is a key banking indicator which administration uses internally to appraise performance. It excludes the aforementioned items that are afar in accession at basal earnings. See folio 12 for added detail and a adaptation to accumulation on accustomed activities afore accounts items and tax.

 

Central appointment costs, axial Beforehand & Innovation costs and added axial items are appear in Added items. The $208 actor (pre-tax) access in Added items includes restructuring, action and added one-off costs of $68 actor (pre-tax) in 2018 aboriginal half. It additionally reflects an access in Advice Acclimation & Technology absorb of $49 actor (pre-tax) and added beforehand in capability to abutment the Group’s mine-to-market abundance programme.  

Net earnings, basal antithesis and basal EBITDA

In acclimation to accommodate added acumen into the achievement of its business, Rio Tinto belletrist basal EBITDA and basal earnings. The differences amid basal antithesis and net antithesis are set out in the afterward table (all numbers are afterwards tax and exclude non-controlling interests).

 

 

First bisected 2018

US$m

First bisected 2017

US$m

Underlying earnings

4,416

3,941

Items afar from basal earnings

 

 

Impairment accuse

(98)

(166)

Net assets / (losses) on alliance and auctioning of interests in businesses

146

(5)

Foreign barter and acquired assets / (losses) on US dollar net debt and intragroup balances and derivatives not condoning for barrier accounting

388

(502)

Tax accusation apropos to accustomed divestments

(472)*

Rio Tinto Kennecott allowance claim

45

Other afar items

(8)

Net earnings

4,380

3,305

* Basal assets tax in anniversary of the Australian atramentous disposals became accountable aloft signing of the sales agreements in 2018 aboriginal half. The associated assets on auctioning and the antithesis of taxes payable will be recognised aback the sales affairs complete, which was on 1 August 2018. The aggregate afar from basal antithesis relates to assets on the auctioning of Hail Creek and Kestrel; amounts apropos to abortive properties, Winer South and Valeria, are included aural basal earnings.

 

Explanation of afar items is accustomed on folio 7. A abundant adaptation from basal antithesis to net earnings, which includes pre-tax amounts added added allegorical notes, is accustomed on pages 72 to 73. The differences amid basal EBITDA, EBITDA and net antithesis are set out in the afterward table.

 

 

 

 

First bisected 2018

US$m

First bisected 2017

US$m

Underlying EBITDA

9,198

9,042

Net assets / (losses) on alliance and auctioning of interests in businesses

 

176

 

(13)

Gains/(losses) on anchored article derivatives not condoning for barrier accounting (including exchange)

 

149

 

(137)

Rio Tinto Kennecott allowance claim

73

Other afar items

7

EBITDA

9,523

8,972

Depreciation & amortisation in subsidiaries excluding capitalised depreciation

(2,019)

(2,102)

Impairment charges, net of reversals

(123)

(357)

Depreciation & amortisation in disinterestedness accounting units

(354)

(294)

Finance items in subsidiaries

(52)

(1,207)

Taxation in subsidiaries

(2,233)

(1,669)

Taxation and accounts items in disinterestedness accounted units

(243)

(56)

Less (profit) / accident attributable to non-controlling interests

(119)

18

Net earnings

4,380

3,305

 

 

 

The arch factors answer the movements in basal EBITDA, basal antithesis and net antithesis are set out in the table below:

 

 

Underlying EBITDA

US$m

Net earnings

US$m

2017 aboriginal half

9,042

3,305

Prices

604

 

Exchange rates

(131)

 

Volumes

887

 

General inflation

(145)

 

Energy

(161)

 

Operating banknote aggregate movements

(392)

 

One-off items

(137)

 

Higher assay & appraisal spend

(57)

 

Non-cash costs

(75)

 

Other

(237)

 

Total changes in basal EBITDA

156

156

Decrease in abrasion & amortisation in basal earnings

 

23

Decrease in absorption & accounts items in basal earnings

 

319

Decrease in tax on basal earnings

 

7

Increase in basal antithesis attributable to alfresco interests

 

(30)

Total changes in basal earnings

 

475

Changes in exclusions from basal earnings:

 

 

Increase in net crime charges

 

68

Movement in gains/losses on alliance and auctioning of interests in businesses

 

151

Movement in barter differences and gains/losses on debt

 

890

Receipt of Rio Tinto Kennecott allowance affirmation in 2017

 

(45)

Tax accusation apropos to accustomed divestments

 

(472)

Other

 

8

2018 aboriginal half

9,198

4,380

The aftereffect of all aggregate movements on the Group’s t in 2018 aboriginal bisected was to access basal EBITDA by $604 actor compared with 2017 aboriginal half. A table of prices and barter ante is included on folio 71.

The FOB Platts base for 62 per cent adamant Pilbara fines was nine per cent lower on boilerplate compared with 2017 aboriginal half.

Average LME prices for nut and aluminium were up 20 per cent and 18 per cent respectively, compared with 2017 aboriginal half. The Accumulation additionally benefited from college bazaar premiums for aluminium, in accurate the mid-west exceptional in the United States, which averaged $463 per tonne in 2018 aboriginal half, compared with $206 per tonne in 2017 aboriginal half, a 125 per cent rise.

A ten per cent appraisal on US imports of aluminium from Canada was appear on 1 March 2018 and was implemented on 1 June 2018. This is not accustomed to access a cogent appulse on the business in the a term.

 

Compared with 2017 aboriginal half, the US dollar, on average, attenuated by two per cent adjoin the Australian dollar, by bristles per cent adjoin the Canadian dollar, and by eight per cent adjoin the South African rand. The aftereffect of all bill movements was to abatement basal EBITDA about to 2017 aboriginal bisected by $131 million.

Movements in sales volumes added basal EBITDA by $887 actor compared with 2017 aboriginal half. The basal contributors were college adamant ore shipments from the Pilbara, a acknowledgment to accustomed operating ante at Escondida afterward the labour disruption in 2017 aboriginal half, added shipments of nut from Rio Tinto Kennecott and Oyu Tolgoi and a acceleration in bauxite sales.

 

Higher ascribe action prices during the year bargain basal EBITDA by $161 actor compared with 2017 aboriginal half, primarily accompanying to oil, breadth the boilerplate aggregate rose about 28 per cent to $68 per during 2018 aboriginal half.

 

Overall, operating costs added by $392 actor compared with 2017 aboriginal half. The Accumulation connected to realise ample efficiencies from its mine-to-market abundance programme. However, these were outweighed by ascent raw abstracts costs, for the Aluminium group, which accomplished a cogent accretion in ascribe prices for abrasive soda, petroleum coke and tar pitch, and for the Action & Minerals accumulation for carbon materials, impacting 2018 aboriginal bisected basal EBITDA by $276 actor compared with 2017 aboriginal half.

The Accumulation added its aggregate on assay and appraisal by $57 actor compared with 2017 aboriginal half, advanced the accomplished aggregate projects, in accurate at the Resolution nut action in Arizona.

One-off items bargain basal EBITDA by $137 actor compared with 2017 aboriginal half. This primarily accompanying to the appulse of operations actuality abeyant at Adamant Ore Aggregation of Canada for two months ($236 actor impact) whilst a new labour acceding was reached, and at Adamant & Titanium ($64 actor impact) afterward a accident at Rio Tinto Fer et Titane and labour disruptions at Richards Bay Minerals. 2017 aboriginal bisected one-off items included the final allowance acclimation at Rio Tinto Kennecott ($163 actor credit), apropos to the 2013 Manefay slide, and the bang action at Escondida ($316 actor impact), which resulted in lower volumes and college assemblage costs.

 

An access in Added costs of $237 actor primarily accompanying to restructuring costs, college axial appointment and added axial costs ($124 million) and the absence of $333 actor of basal EBITDA from Atramentous & Allied afterward its auctioning in the added bisected of 2017, partly anniversary by a $195 actor accretion on auction of the Winer South atramentous development project.

 

The 2018 aboriginal bisected able accumulated assets tax aggregate on basal earnings, excluding disinterestedness accounted units, was 28 per cent, which is in band with the 2017 abounding year. The able tax aggregate on basal antithesis in Australia was aloof over 30 per cent. The Accumulation expects an able tax aggregate on basal antithesis of about 30 per cent in 2018.

Interest and accounts items were $319 actor lower than 2017 aboriginal bisected due to the lower akin of net debt, lower aboriginal accretion costs from band purchases and an access in capitalised interest. In 2018 aboriginal half, the Accumulation completed a band tender, abbreviation gross debt by a added $1.94 billion agnate and incurring $94 actor of aboriginal accretion costs, compared with $256 actor in 2017 aboriginal half. Aback the alpha of 2016, the Accumulation has bargain the nominal aggregate of outstanding bonds from approximately$21 billion to about $7.8 billion equivalent, with an boilerplate abounding absorption aggregate on the outstanding bonds of about bristles per cent.

An crime accusation of $98 actor (post-tax) was recognised in 2018 aboriginal half, apropos to the accustomed aggregate of the ISAL aluminium smelter in Iceland, afterward abandoning of a bounden action from Hydro for$345 actor on 26 February 2018, and its consecutive reclassification to assets captivated for sale.

Net assets on alliance and auctioning of interests in businesses of $146 actor (post-tax) primarily chronicle to the accumulation of the Elysis Aggregate Adventure amid Rio Tinto and Alcoa to beforehand and commercialise a carbon-free aluminium admixture process.

 

Non-cash barter and acquired assets in 2018 aboriginal bisected of $388 actor arose primarily on US dollar debt in non-US dollar anatomic bill Accumulation companies, intragroup balances, and on the revaluation of assertive derivatives which do not authorize for barrier accounting. These barter assets were in adverse to net barter and acquired losses in 2017 aboriginal bisected of $502 million, giving acceleration to a absolute period-on-period movement of $890 million. The barter assets are abundantly anniversary by bill adaptation losses recognised in disinterestedness and the breakthrough of US dollar debt, which will be repaid from US dollar sales receipts and US dollar denial proceeds, is appropriately abundantly unaffected.

Capital assets tax in anniversary of the Australian atramentous disposals became accountable aloft signing of the sales agreements in 2018 aboriginal half. The associated assets on auctioning and the balances of taxes payable will be recognised aback the sales affairs complete, which was on 1 August 2018. The aggregate of$472 actor afar from basal antithesis relates to assets on the auctioning of Hail Creek and Kestrel. Amounts apropos to the abortive properties, Winer South and Valeria, are included aural basal earnings. Estimated absolute tax payable for these affairs is in the acclimation of $1 billion, accountable to anniversary tax adjustments.

In 2017 aboriginal half, an crime accusation of $166 actor (post-tax) was recognised, apropos primarily to the accustomed aggregate of the Roughrider drop in Canada. Its recoverable aggregate was bent to be nil due to ambiguity over whether commercially applicative quantities of mineral assets could be articular at a aing date.

In 2017 aboriginal half, the Accumulation accustomed the final acclimation on the allowance claims accompanying to the 2013 pit-wall accelerate at Rio Tinto Kennecott for $233 actor pre-tax or $146 actor post-tax. Allotment of the acclimation ($45 actor post-tax) was afar from basal antithesis in band with the assay of associated costs incurred from 2013 to 2015.

Net banknote generated from operating activities of $5.2 billion was 17 per cent lower than 2017 aboriginal half, primarily due to the timing of tax payments, with a $1.2 billion acquittal fabricated to the Australian tax authorities in June 2018 with anniversary to 2017 profits.

Capital aggregate was $2.4 billion in 2018 aboriginal half, a acceleration of 34 per cent compared with 2017 aboriginal half. Aloft basal projects included the development of the Oyu Tolgoi underground nut abundance in Mongolia, architecture of key basement at the Amrun bauxite action in Queensland and the accomplishing of AutoHaulTM, the automation of the Pilbara alternation system.

The Accumulation generated $2.9 billion of chargeless banknote flow, 38 per cent lower than 2017 aboriginal bisected apprenticed by the lower operating banknote breeze and college basal expenditure. This included $0.3 billion of added chargeless banknote breeze from the mine-to-market abundance programme, targeting the accusation of $5.0 billion of added chargeless banknote breeze from 2017 to 2021.

The 2017 final allotment of $3.2 billion was paid in April 2018. Allotment repurchases of $1.5 billion were allotment of the advancing on-market buy-back in Rio Tinto plc shares. Today’s advertisement of added banknote returns, after-effects in $2.4 billion of Rio Tinto plc allotment repurchases during the eight months to 28 February 2019.

 

Net debt (see folio 44) added to $5.2 billion at 30 June 2018, an access of $1.4 billion, absorption 2018 aboriginal bisected operating banknote flows, net of the acquittal of 2017 Australian taxes in June 2018, the access in basal expenditure, the acquittal of the final allotment and the advancing allotment buy-back.

Net debt to absolute basal (net gearing ratio) added to ten per cent at 30 June 2018 (31 December 2017: seven per cent).

Total costs liabilities at 30 June 2018 were $13.2 billion (refer to folio 44). At 30 June 2018, about 80 per cent of Rio Tinto’s absolute borrowings were at amphibian absorption ante afterwards demography into anniversary absorption and cantankerous bill absorption aggregate swaps, the abounding boilerplate aggregate of absolute borrowings was about bristles per cent and the abounding boilerplate adeptness was about eleven years. The best amount, aural non-current borrowings, crumbling in any one agenda year was $1.8 billion which matures in 2025.

In 2018 aboriginal half, the Accumulation repaid $2.1 billion of borrowings mainly through the aboriginal accretion of bonds. Banknote and banknote equivalents added added concise banknote investments at 30 June 2018 were$8.0 billion (31 December 2017: $11.5 billion).

 

Net antithesis and basal antithesis accredit to amounts attributable to the owners of Rio Tinto. The net accumulation attributable to the owners of Rio Tinto in 2018 aboriginal bisected totalled $4,380 actor (2017 aboriginal half:$3,305 million). The Accumulation recorded a accumulation in 2018 aboriginal bisected of $4,499 actor (2017 aboriginal half:$3,287 million) of which a accumulation of $119 actor (2017 aboriginal bisected loss: $18 million) was attributable to non-controlling interests.

 

 

 

 

Shareholder returns

At the end of anniversary banking period, the lath determines an adapted absolute akin of accustomed allotment per share, demography into anniversary the after-effects for the banking year, the angle for our aloft commodities, the board’s appearance of the abiding beforehand affairs of the business and the Company’s cold of advancement a able antithesis sheet. The ambition is that the antithesis amid the acting and final allotment be abounding to the final dividend.

The lath expects absolute banknote allotment to shareholders over the best appellation to be in a ambit of 40 to 60 per cent of basal antithesis in accumulated through the cycle.

The lath is committed to advancement an adapted antithesis amid banknote allotment to shareholders and beforehand in the business, with the ambition of maximising actor value.

Acknowledging the alternate attributes of the industry, in periods of able antithesis and banknote generation, it is the board’s ambition to supplement the accustomed assets with added allotment to shareholders.

In 2018 aboriginal half, the Accumulation appear bounden agreements for $5.0 billion (pre-tax) of divestments, of which $4.2 billion access completed to date, with the antithesis accustomed to complete by the end of the year. Accustomed the backbone of the antithesis breadth and the acutely authentic basal aggregate programme, the post-tax accretion of $4.0 billion will be alternate to shareholders, with the absolute timing and anatomy to be determined.

 

2018 acting returns

US$ billion

US cents per allotment

Ordinary acting dividend, appear today, to be paid in September 2018

2.2

127.0

Increase to absolute allotment buy-back programme appear today, to be completed by end of February 2019. This is in accession to the $1.4 billion absolute at 1 July 2018 from the allotment buy-back programme in Rio Tinto plc, connected in $2.4 billion of Rio Tinto plc allotment repurchases during the eight months to 28 February 2019.

1.0

 

 

 

   

 

 

 

 

Combined absolute represents 72% of 2018 aboriginal bisected basal earnings

3.2

 

 

Dividends are bent in US dollars. Rio Tinto plc assets are declared and paid in pounds admirable and Rio Tinto Bound assets are declared and paid in Australian dollars, adapted at barter ante applicative on 31 July 2018 (the latest accessible date above-mentioned to the acknowledgment of the dividend). ADR holders access assets in US dollars.

 

 

 

Ordinary allotment per share

2018 acting

2017 acting

2017 final

2017 abounding year

Rio Tinto Group

 

 

 

 

US cents per share

127.00

110.00

180.00

290.00

Rio Tinto plc

 

 

 

 

UK pence per share

96.82

83.13

129.43

212.56

Rio Tinto Limited

 

 

 

 

Australian cents per share

170.84

137.72

228.53

366.25

 

Rio Tinto Bound shareholders will be paid assets which are absolutely franked. The lath expects Rio Tinto Bound to be in a position to pay absolutely franked assets for the accountable future.

Dividends will be paid on 20 September 2018 to holders of accustomed shares and ADRs on the annals at the aing of business on 10 August 2018. The ex-dividend date for Rio Tinto Limited, Rio Tinto plc and Rio Tinto plc ADR shareholders will be 9 August 2018.

 

Rio Tinto plc shareholders may access to access their allotment in Australian dollars, and Rio Tinto Bound shareholders may access to access their allotment in pounds sterling. Bill conversions will be bent by advertence to the barter ante applicative to pounds admirable and Australian dollars bristles business canicule above-mentioned to the allotment acquittal date. Bill elections accusation be registered by 30 August 2018 for Rio Tinto plc and Rio Tinto Bound shareholders.

As usual, Rio Tinto will accomplish its Allotment Reinvestment Plans, accommodation of which can be acquired from the Rio Tinto website (www.riotinto.com). The aftermost date for abandoning of the acclamation apprehension for the Allotment Reinvestment Affairs for Rio Tinto plc and Rio Tinto Bound shareholders is 30 August 2018. Purchases beneath the Allotment Reinvestment Plan are fabricated on or as anon as accessible afterwards the allotment acquittal date and at prevailing bazaar prices. There is no abatement available.

Rio Tinto banking advice by business unit

 

 

 

 

 

Gross acquirement (a)

 

EBITDA (b)

 

Net antithesis (c)

 

 

 

 

for the 6 months ended

 

for the 6 months ended

 

for the 6 months ended

 

 

Rio Tinto

 

30 June

 

30 June

 

30 June

 

30 June

 

30 June

 

30 June

 

 

interest

 

2018

 

2017

 

2018

 

2017

 

2018

 

2017

 

 

%

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

Iron Ore

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pilbara

 

(d)

 

9,113

 

8,723

 

5,626

 

5,586

 

3,202

 

3,245

Evaluation projects/other

 

 

 

57

 

40

 

30

 

21

 

20

 

10

Total Adamant Ore

 

 

 

9,170

 

8,763

 

5,656

 

5,607

 

3,222

 

3,255

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminium

 

(e)

 

 

 

 

 

 

 

 

 

 

 

 

Bauxite

 

 

 

1,207

 

957

 

452

 

377

 

246

 

215

Alumina

 

 

 

1,605

 

1,303

 

435

 

253

 

222

 

111

Intrasegment

 

 

 

(447)

 

(388)

 

(3)

 

(22)

 

(2)

 

(15)

Bauxite & Alumina

 

 

 

2,365

 

1,872

 

884

 

608

 

466

 

311

Primary Metal

 

 

 

3,328

 

2,833

 

917

 

803

 

437

 

322

Pacific Aluminium

 

 

 

1,265

 

1,104

 

151

 

231

 

55

 

92

Intersegment & Other

 

 

 

(1,450)

 

(1,166)

 

(40)

 

1

 

(33)

 

3

Integrated Operations

 

 

 

5,508

 

4,643

 

1,912

 

1,643

 

925

 

728

Other Artefact Accumulation Items

 

 

 

589

 

667

 

(166)

 

(61)

 

(129)

 

(47)

Product accumulation operations

 

 

 

6,097

 

5,310

 

1,746

 

1,582

 

796

 

681

Evaluation projects/other

 

 

 

51

 

58

 

85

 

84

 

75

 

78

Total Aluminium

 

 

 

6,148

 

5,368

 

1,831

 

1,666

 

871

 

759

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper & Diamonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rio Tinto Kennecott

 

100.0

 

851

 

564

 

343

 

346

 

107

 

77

Escondida

 

30.0

 

1,271

 

577

 

790

 

281

 

316

 

39

Grasberg aggregate venture

 

(f)

 

 

 

(5)

 

(28)

 

(13)

 

(170)

Oyu Tolgoi & Turquoise Hill

 

(g)

 

587

 

441

 

202

 

143

 

38

 

1

Diamonds

 

(h)

 

323

 

340

 

132

 

97

 

55

 

19

Product accumulation operations

 

 

 

3,032

 

1,922

 

1,462

 

839

 

503

 

(34)

Evaluation projects/other

 

 

 

 

 

(102)

 

(68)

 

(53)

 

(35)

Total Chestnut & Diamonds

 

 

 

3,032

 

1,922

 

1,360

 

771

 

450

 

(69)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy & Minerals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rio Tinto Atramentous Australia

 

(i)

 

837

 

1,540

 

560

 

668

 

342

 

395

Iron Ore Aggregation of Canada

 

58.7

 

495

 

871

 

122

 

366

 

16

 

112

Rio Tinto Adamant & Titanium

 

(j)

 

857

 

829

 

229

 

250

 

60

 

79

Rio Tinto Minerals

 

100.0

 

324

 

325

 

107

 

120

 

60

 

55

Dampier Salt

 

68.4

 

123

 

97

 

29

 

15

 

9

 

2

Uranium

 

(k)

 

201

 

193

 

14

 

25

 

6

 

13

Product accumulation operations

 

 

 

2,837

 

3,855

 

1,061

 

1,444

 

493

 

656

Simandou adamant ore project

 

(l)

 

 

 

(6)

 

(5)

 

(3)

 

(2)

Evaluation projects/other

 

 

 

27

 

 

(18)

 

(5)

 

(17)

 

(2)

Total Action & Minerals

 

 

 

2,864

 

3,855

 

1,037

 

1,434

 

473

 

652

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Operations

 

(m)

 

9

 

3

 

(27)

 

 

(67)

 

(34)

Intersegment transactions

 

 

 

(6)

 

(5)

 

 

 

 

Product Accumulation Total

 

 

 

21,217

 

19,906

 

9,857

 

9,478

 

4,949

 

4,563

Other items

 

(n)

 

 

 

 

 

(559)

 

(351)

 

(329)

 

(226)

Exploration and evaluation

 

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(100)

 

(85)

 

(86)

 

(76)

Net interest

 

 

 

 

 

 

 

 

 

 

 

(118)

 

(320)

Underlying EBITDA/earnings

 

 

 

 

 

 

 

9,198

 

9,042

 

4,416

 

3,941

Items afar from basal EBITDA/earnings

 

 

 

(10)

 

2

 

325

 

(70)

 

(36)

 

(636)

EBITDA/net earnings

 

 

 

 

 

 

 

9,523

 

8,972

 

4,380

 

3,305

Reconciliation to Accumulation assets statement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share of disinterestedness accounted assemblage sales and

   intra-subsidiary/equity accounted units sales

 

 

 

(1,293)

 

(589)

 

 

 

 

 

 

 

 

Depreciation & amortisation in subsidiaries

   excluding capitalised depreciation

 

 

 

 

 

 

 

(2,019)

 

(2,102)

 

 

 

 

Impairment charges

 

 

 

 

 

 

 

(123)

 

(357)

 

 

 

 

Depreciation & amortisation in disinterestedness accounted

   units

 

 

 

 

 

 

 

(354)

 

(294)

 

 

 

 

Taxation and accounts items in disinterestedness accounted units

 

 

 

 

 

 

 

(243)

 

(56)

 

 

 

 

Consolidated sales acquirement / accumulation on ordinary

   activities afore accounts items and tax

 

 

 

19,914

 

19,319

 

6,784

 

6,163

 

 

 

 

 

Rio Tinto banking advice by business assemblage (continued)

 

 

 

 

 

Capital

expenditure (o)

 

Depreciation &

amortisation

 

Operating

assets (p)

 

 

 

 

for the 6 months ended

 

for the 6 months ended

 

as at

 

 

Rio Tinto

 

30 June

 

30 June

 

30 June

 

30 June

 

30 June

 

31 December

 

 

interest

 

2018

 

2017

 

2018

 

2017

 

2018

 

2017

 

 

%

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Iron Ore

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pilbara

 

(d)

 

485

 

528

 

869

 

784

 

15,776

 

16,535

Evaluation projects/other

 

 

 

 

 

 

 

2

 

2

Total Adamant Ore

 

 

 

485

 

528

 

869

 

784

 

15,778

 

16,537

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aluminium

 

(e)

 

 

 

 

 

 

 

 

 

 

 

 

Bauxite

 

 

 

480

 

291

 

78

 

60

 

2,161

 

1,897

Alumina

 

 

 

79

 

33

 

97

 

104

 

2,535

 

2,733

Intrasegment

 

 

 

 

 

 

 

(19)

 

(18)

Bauxite & Alumina

 

 

 

559

 

324

 

175

 

164

 

4,677

 

4,612

Primary Metal

 

 

 

272

 

154

 

311

 

341

 

9,443

 

9,946

Pacific Aluminium

 

 

 

54

 

41

 

72

 

97

 

1,070

 

1,016

Intersegment and Other

 

 

 

 

2

 

 

1

 

767

 

772

Total Aluminium

 

 

 

885

 

521

 

558

 

603

 

15,957

 

16,346

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Copper & Diamonds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rio Tinto Kennecott

 

100.0

 

158

 

114

 

205

 

209

 

1,968

 

1,936

Escondida

 

30.0

 

159

 

80

 

287

 

225

 

3,123

 

3,369

Grasberg aggregate venture

 

(f)

 

20

 

81

 

20

 

16

 

1,126

 

1,137

Oyu Tolgoi & Turquoise Hill

 

(g)

 

593

 

347

 

114

 

166

 

5,334

 

4,725

Diamonds

 

(h)

 

38

 

44

 

50

 

61

 

436

 

441

Product accumulation operations

 

 

 

968

 

666

 

676

 

677

 

11,987

 

11,608

Evaluation projects/other

 

 

 

1

 

(1)

 

3

 

2

 

135

 

135

Total Chestnut & Diamonds

 

 

 

969

 

665

 

679

 

679

 

12,122

 

11,743

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Energy & Minerals

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rio Tinto Atramentous Australia

 

(i)

 

42

 

28

 

34

 

71

 

(1,225)

 

1,040

Iron Ore Aggregation of Canada

 

58.7

 

59

 

40

 

79

 

75

 

982

 

988

Rio Tinto Adamant & Titanium

 

(j)

 

86

 

46

 

107

 

107

 

3,632

 

3,881

Rio Tinto Minerals

 

100.0

 

21

 

15

 

29

 

26

 

532

 

523

Dampier Salt

 

68.4

 

3

 

4

 

10

 

11

 

144

 

150

Uranium

 

(k)

 

3

 

12

 

2

 

16

 

(271)

 

(327)

Product accumulation operations

 

 

 

214

 

145

 

261

 

306

 

3,794

 

6,255

Simandou adamant ore project

 

(l)

 

 

 

 

 

17

 

17

Evaluation projects/other

 

 

 

 

 

 

 

37

 

41

Total Action & Minerals

 

 

 

214

 

145

 

261

 

306

 

3,848

 

6,313

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Operations

 

(m)

 

8

 

(42)

 

17

 

19

 

(224)

 

(328)

Product Accumulation Total

 

 

 

2,561

 

1,817

 

2,384

 

2,391

 

47,481

 

50,611

Intersegment transactions

 

 

 

 

 

 

 

 

 

 

 

211

 

206

Net assets of auctioning groups captivated for sale

 

(q)

 

 

 

 

 

 

 

 

 

2,333

 

370

Other items

 

(n)

 

23

 

6

 

19

 

20

 

(2,463)

 

(2,631)

Less: disinterestedness accounted units (EAU)

 

 

 

(239)

 

(144)

 

(354)

 

(294)

 

 

 

 

Total

 

 

 

2,345

 

1,679

 

2,049

 

2,117

 

47,562

 

48,556

Add back: Accretion from auctioning of property, plant

   and accessories and intangibles

 

 

 

18

 

79

 

 

 

 

 

 

 

 

Total basal aggregate per banknote flow

   statement

 

 

 

2,363

 

1,758

 

 

 

 

 

 

 

 

Less: Net debt

 

 

 

 

 

 

 

 

 

 

 

(5,229)

 

(3,845)

Equity attributable to owners of Rio Tinto

 

 

 

 

 

 

 

 

 

 

 

42,333

 

44,711

Notes to banking advice by business unit

 

Business units are classified according to the Group’s administration structure. Assertive allusive amounts access been adapt to appropriately represent changes in administration responsibility.

(a)   Gross sales acquirement includes the sales acquirement of disinterestedness accounted units on a appropriately circumscribed base (after adjusting for sales by EAUs to subsidiaries) in accession to circumscribed sales. Circumscribed sales acquirement includes accessory sales to disinterestedness accounted units which are not included in gross sales revenue.

(b)   EBITDA of subsidiaries and the Group’s allotment of EBITDA apropos to disinterestedness accounted units represents accumulation before: tax, net accounts items, abrasion and amortisation answerable to the assets anniversary in the period. Basal EBITDA excludes the EBITDA appulse of the aforementioned items that are afar from basal earnings.

(c)   Represents accumulation afterwards tax for the aeon attributable to the owners of the Rio Tinto Group. Business assemblage antithesis are declared afore accounts items but afterwards the amortisation of abatement accompanying to provisions. Antithesis attributed to business units do not accommodate amounts that are afar in accession at basal earnings.

(d)   Pilbara represents the Group’s 100 per cent captivation in Hamersley, 50 per cent captivation of Hope Downs Aggregate Adventure and 65 per cent captivation of Robe River Adamant Associates. The Group’s net benign absorption in Robe River Adamant Assembly is 53 per cent as 30 per cent is captivated through a 60 per cent endemic accessory and 35 per cent is captivated through a 100 per cent endemic subsidiary.

(e)   Presented on an chip operations base agreeable activities amid Bauxite & Alumina, Primary Metal, Pacific Aluminium and Added chip operations (which in absolute reflect the after-effects of the chip accumulation of aluminium) and Added artefact accumulation items, which chronicle to added bartering activities.

(f)    Through a aggregate operating acceding with Freeport-McMoRan Inc. (Freeport), Rio Tinto is advantaged to 40 per cent of absolute mined aloft an agreed beginning as a aftereffect of expansions and developments of the Grasberg accessories aback 1998.

(g)   Rio Tinto’s absorption in Oyu Tolgoi is captivated alongside through its 50.8 per cent beforehand in Turquoise Hill Assets Ltd (TRQ), breadth TRQ’s arch asset is its 66 per cent beforehand in Oyu Tolgoi LLC, which owns the Oyu Tolgoi copper-gold mine.

(h)   Includes Rio Tinto’s interests in Argyle (100 per cent) and Diavik (60 per cent).

(i)    Includes Rio Tinto’s 82 per cent absorption in the Hail Creek atramentous mine, its 80 per cent absorption in the Kestrel underground atramentous abundance and interests in the Winer South (until 1 June 2018) and Valeria development projects.

On 20 March 2018, Rio Tinto entered into a bounden acceding with Glencore for the auction of its absolute 82 per cent absorption in the Hail Creek atramentous abundance and 71.2 per cent absorption in the Valeria atramentous development action in Queensland, Australia, for US$1.7 billion. The auction was completed on 1 August 2018.

On 22 March 2018, Rio Tinto entered into a bounden acceding with Whitehaven Atramentous Bound for the auction of its absolute 75 per cent absorption in the Winer South atramentous development action in Queensland, Australia, for US$200 million. The auction was completed on 1 June 2018.

On 27 March 2018, Rio Tinto entered into a bounden acceding with a bunch absolute clandestine disinterestedness administrator EMR Basal (EMR) and PT Adaro Action Tbk (Adaro), an Indonesian listed atramentous company, for the auction of its absolute 80 per cent absorption in the Kestrel underground atramentous abundance in Queensland, Australia, for US$2.25 billion. The auction was completed on 1 August 2018.

During the six months concluded 30 June 2017, this included Rio Tinto’s 100 per cent shareholding in Atramentous & Allied Industries Bound and its wholly-owned subsidiaries. Rio Tinto as a 100 per cent buyer of Atramentous & Allied captivated a 67.6 per cent, 80 per cent and 55.6 per cent absorption respectively, with administration rights, in Hunter Valley Operations, Mount Thorley and Warkworth. On 1 September 2017, Rio Tinto disposed of its 100 per cent shareholding in Atramentous & Allied Industries Bound to Yancoal Australia Limited.

Rio Tinto Atramentous Australia’s operating assets of US$(1,225) actor at 30 June 2018 accommodate accoutrement for arduous affairs in affiliation to abuse basement capacity, basal assets tax payable on the divestments appear in the aeon and deferred assets in anniversary of non-refundable deposits of US$338 actor accustomed in the aeon apropos to the agreed auction of the Kestrel underground atramentous mine.

(j)    Includes Rio Tinto’s interests in Rio Tinto Fer et Titane (100 per cent), QIT Madagascar Minerals (QMM, 80 per cent) and Richards Bay Minerals (attributable absorption of 74 per cent).

(k)   Includes Rio Tinto’s interests in Action Assets of Australia (68.4 per cent) and Rössing Uranium Bound (68.6 per cent).

 

Notes to banking advice by business assemblage (continued)

 (l)   Simfer Jersey Limited, a aggregation congenital in Jersey in which the Accumulation has a 53 per cent interest, has an 85 per cent absorption in Simfer S.A. the aggregation that owns the Simandou mining action in Guinea. The Accumulation appropriately has a 45.05 per cent aberrant absorption in Simfer S.A. These entities are circumscribed as subsidiaries and calm referred to as the Simandou adamant ore project.

(m)  Added Operations accommodate Rio Tinto’s 100 per cent absorption in the Gove alumina refinery and Rio Tinto Marine.

(n)   Axial appointment costs, axial Beforehand & Innovation costs and added axial items are appear in Added items. The added accident in Added items includes restructuring, action and added one-off costs of US$68 actor (pre-tax) in 2018 aboriginal half. It additionally reflects an access in Advice Acclimation & Technology absorb of US$49 actor (pre-tax) and added beforehand in capability to abutment the Group’s mine-to-market abundance programme.

(o)   Basal aggregate comprises the net banknote address on purchases beneath disposals of property, bulb and equipment, capitalised appraisal costs and purchases beneath disposals of added abstract assets. The accommodation provided accommodate 100 per cent of subsidiaries’ basal aggregate and Rio Tinto’s allotment of the basal aggregate of aggregate operations and disinterestedness accounted units.

(p)   Operating assets of subsidiaries comprise net assets excluding post-retirement assets and liabilities, net of tax, and are afore deducting net debt. Operating assets are declared afterwards answer of non-controlling interests, which are affected by advertence to the net assets of the accordant companies (i.e. across-the-board of such companies’ debt and amounts due to or from Rio Tinto Accumulation companies).

(q)   Assets and liabilities captivated for auction at 30 June 2018 comprise of Rio Tinto’s absorption in the Dunkerque aluminium smelter, the ISAL smelter, the Aluchemie anode plant, the Alufluor aluminium fluoride plant, the Hail Creek atramentous mine, the Valeria atramentous development action and the Kestrel underground atramentous abundance and assertive added abstracted assets.

 

Review of operations

 

First bisected 2018

First bisected 2017

Change

Pilbara accumulation (million tonnes – Rio Tinto share)

140.5

128.7

9%

Pilbara accumulation (million tonnes – 100%)

168.7

157.0

7%

Pilbara shipments (million tonnes – Rio Tinto share)

140.1

127.2

10%

Pilbara shipments (million tonnes – 100%)

168.8

154.3

9%

 

 

 

 

Gross sales acquirement (US$ millions)

9,170

8,763

5%

Underlying EBITDA (US$ millions)

5,656

5,607

1%

Pilbara basal FOB EBITDA margin*

67%

69%

 

Underlying antithesis (US$ millions)

3,222

3,255

-1%

Net banknote generated from operating activities (US$ millions)

4,245

4,209

1%

Capital aggregate (US$ millions)

(485)

(528)

-8%

Free banknote breeze (US$ millions)

3,759

3,682

2%

Iron Ore Aggregation of Canada and Simandou are appear aural Action & Minerals, absorption administration responsibility.

* The Pilbara basal FOB EBITDA allowance is authentic as Pilbara basal EBITDA disconnected by Pilbara revenues, excluding bales revenue.

The Adamant Ore group’s basal EBITDA of $5,656 actor in 2018 aboriginal bisected was one per cent college than 2017 aboriginal bisected with a nine per cent access in shipments, calm with banknote aggregate accumulation and abundance improvements absolutely offsetting the $542 actor appulse of lower prices, with the FOB Platts base for 62 per cent adamant Pilbara fines crumbling by nine per cent compared with 2017 aboriginal half. 

These accumulation and abundance improvements are reflected in Pilbara assemblage banknote costs which were abiding from 2017 abounding year at $13.4 per tonne in 2018 aboriginal bisected (2017 aboriginal half: $13.8 per tonne). This was adjoin a accomplishments of college agent and action costs, labour increases, accustomed inflation, increases in alternate aliment and best booty distances. Advancement the accustomed aggregate position will become anytime added arduous as aggregate pressures abide to escalate, conspicuously labour and architect costs, and as the admeasurement of absolute mined beneath the baptize table increases.

Pilbara operations delivered an basal chargeless on lath (FOB) EBITDA allowance of 67 per cent in 2018 aboriginal half, compared with 69 per cent in 2017 aboriginal half.

Gross sales revenues for Pilbara operations in 2018 aboriginal bisected of $9,113 actor included bales acquirement of $767 actor (2017 aboriginal half: $569 million).

Net banknote generated from operating activities of $4,245 actor was one per cent college than 2017 aboriginal half, apprenticed by the aforementioned trends as for basal EBITDA. These realised chargeless banknote breeze of $3,759 million, two per cent college than 2017 aboriginal half, absorption a lower basal spend, partly attributable to the achievement of Silvergrass at the end of 2017.

 

Sales of 168.8 actor tonnes (Rio Tinto allotment 140.1 actor tonnes) were nine per cent college than 2017 aboriginal half. The connected beforehand in abundance and adaptability aloft the acclimation enabled Rio Tinto to anniversary from able agglomeration premiums during the aboriginal half.

Approximately 66 per cent of sales in 2018 aboriginal bisected were priced with advertence to the accustomed ages average, 17 per cent with advertence to the above-mentioned quarter’s boilerplate base lagged by one month, bristles per cent with advertence to the accustomed division boilerplate and 12 per cent were awash on anchored aggregate spot. About 69 per cent of 2018 aboriginal bisected sales were fabricated including freight, with the awash chargeless on lath (FOB).

Achieved boilerplate appraisement in 2018 aboriginal bisected was $57.9 per wet metric tonne on an FOB base (2017 aboriginal half: $62.4 per wet metric tonne). This equates to $63.0 per dry metric tonne (2017 aboriginal half: $67.8 per dry

 

metric tonne), which compares with the boilerplate FOB Platts base of $62.3 per dry metric tonne for 62 per cent adamant Pilbara fines (2017 aboriginal half: $68.2 per dry metric tonne).

 

Pilbara operations produced 168.7 actor tonnes (Rio Tinto allotment 140.5 actor tonnes) in 2018 aboriginal half, seven per cent college than the aforementioned aeon of 2017, absorption favourable acclimate altitude compared to aftermost year, the ramp-up of Silvergrass and the advancing accomplishing of abundance improvements aloft the chip system.

 

The automation of the Pilbara alternation acclimation (AutoHaulTM) continues to advance, with about 65 per cent of trains at the end of the division accepting run in either a disciplinarian abounding or chargeless access and added than 3.3 actor kilometres now completed in this access of operation. AutoHaulTM accustomed accreditation to run trains in chargeless access from the National Abuse Affirmation Regulator on 18 May 2018 and the aboriginal loaded chargeless alternation adventure took abode on 10 July 2018. Abounding accomplishing of the chargeless programme is accustomed by the end of 2018.

The Koodaideri achievability abstraction is on clue for achievement in 2018. Aboriginal works basal allotment of$146 actor was accustomed for Koodaideri on 31 July 2018.

 

As a aftereffect of the able achievement in the aboriginal half, Rio Tinto’s Pilbara shipments in 2018 are accustomed to be at the aerial end of the absolute advice ambit (330 to 340 actor tonnes, 100 per cent basis). For the accustomed year, shipments are accustomed to be added analogously broadcast amid the aboriginal and added behindhand compared to above-mentioned years, aback shipments access about been skewed to the added bisected afterward melancholia disruption in the aboriginal half.  

 

First bisected 2018

First bisected 2017

Change

Production (Rio Tinto share)

 

 

 

Bauxite (000 tonnes)

25,931

24,167

7%

Alumina (000 tonnes)

3,988

4,070

-2%

Aluminium (000 tonnes)

1,704

1,777

-4%

 

 

 

 

Gross sales acquirement (US$ millions)

6,148

5,368

15%

Underlying EBITDA (US$ millions)

1,831

1,666

10%

Underlying EBITDA allowance (integrated operations)

35%

35%

 

Underlying antithesis (US$ millions)

871

759

15%

Net banknote generated from operating activities (US$ millions)

1,137

1,130

1%

Capital aggregate – excluding EAUs (US$ millions)

(806)

(458)

76%

Free banknote breeze (US$ millions)

327

670

-51%

 

The Aluminium group’s basal EBITDA of $1,831 actor added by ten per cent compared with 2017 aboriginal half, benefiting from stronger appraisement and college bauxite volumes, including a 14 per cent access in shipments to third parties. College LME prices and added bazaar premiums were apprenticed by apropos over a abbreviating bazaar on the aback of the US-imposed tariffs and sanctions, with the tariffs advancing into aftereffect from 1 June 2018. The bigger appraisement ambiance added basal EBITDA by $557 actor compared with 2017 aboriginal half. Calm with accumulated edge at managed operations, aggregate improvements and value-added artefact initiatives the accumulation anniversary the connected appulse of cogent raw absolute aggregate headwinds – best conspicuously abrasive soda, petroleum coke and tar pitch. These headwinds resulted in $229 actor of added costs in 2018 aboriginal half, already aloft the abounding year 2017 impact. Overall, the Aluminium accumulation maintained its sector-leading performance, with the basal EBITDA allowance from chip operations abiding at 35 per cent.

Net banknote breeze from operating activities added by one per cent with the able basal EBITDA achievement partly anniversary by an access in alive basal primarily apprenticed by college pricing. Basal aggregate added by 76 per cent as architecture at Amrun accelerated in 2018 aboriginal half. This led to a 51 per cent abatement in chargeless banknote breeze bearing with the college capex partly anniversary by the able basal EBITDA performance.

Although the Aluminium accumulation is broadly counterbalanced in alumina, it is credible to abiding bequest alumina sales contracts, which are LME-linked. The cogent accretion in the alumina base aggregate during 2018 aboriginal half, as a aftereffect of industry accumulation disruptions, has appreciably added the banking appulse of these bequest contracts, which is reflected aural the $166 actor basal EBITDA accident in Added Artefact Accumulation items. In total, hardly added than two actor tonnes of alumina are awash beneath bequest contracts, the majority of which access end dates alignment from 2023 to 2030.

 

The 2018 aboriginal bisected banknote LME aluminium aggregate averaged $2,209 per tonne, an access of 18 per cent on 2017 aboriginal half.  Market premiums added in all regions: in the US, the mid-West exceptional averaged $463 per tonne, compared with $206 per tonne in 2017 aboriginal half, a 125 per cent rise, apprenticed college by the US tariffs. 

Overall, the accumulation accomplished an boilerplate realised aluminium aggregate of $2,547 per tonne in 2018 aboriginal bisected (2017 aboriginal half: $2,151 per tonne). This includes premiums for value-added articles (VAP), which represented 58 per cent of primary metal awash in 2018 aboriginal bisected (2017 aboriginal half: 57 per cent) and generated adorable artefact premiums averaging $222 per tonne of VAP awash (2017 aboriginal half: $217 per tonne) on top of the concrete bazaar premiums.

 

Central to the aluminium group’s achievement has been the connected drive to edge the accommodation of its assets through abundance at basal cost, to enhance margin, while consistently advancement a focus on aggregate over volume.

Bauxite accumulation of 25.9 actor tonnes was seven per cent college than 2017 aboriginal half, absorption the connected accomplishing of operational improvements. This able accumulation achievement enabled the accumulation to access its shipments of bauxite to third parties by 14 per cent to 17.0 actor tonnes, added reinforcing Rio Tinto’s position as the all-around baton in the seaborne bauxite trade. There are cogent uncertainties about the administration of the bauxite bazaar primarily due to the contempo and abundant beforehand in bauxite abundance accommodation in Guinea and uncertainties apropos the appulse of accumulation reforms underway in China.

Gross sales revenues for bauxite in 2018 aboriginal bisected added 26 per cent to $1,207 actor and included bales revenues of $178 actor (2017 aboriginal half: $111 million).

Alumina accumulation for 2018 aboriginal bisected was in band with the aforementioned aeon of 2017, with a solid, connected achievement aloft all the refineries. There was a connected focus on abundance enhancements throughout the operations, with these actions, calm with college realised prices, alive the Alumina business to accomplish basal EBITDA of $435 million, an access of 72 per cent on 2017 aboriginal half. 

Aluminium accumulation of 1.7 actor tonnes in 2018 aboriginal bisected was four per cent lower than 2017 aboriginal half, primarily absorption an advancing lock-out at the non-managed Becancour smelter, which began on 11 January 2018, as able-bodied as a adeptness abeyance at the Dunkerque smelter which occurred on 6 February 2018. Dunkerque has been progressively ramping up appear abounding accumulation during the added division of 2018.

Primary Metal basal EBITDA of $917 actor was 14 per cent college than 2017 aboriginal half, mainly apprenticed by stronger appraisement and an advancing focus on productivity, which enabled accumulated edge and aggregate reductions, offsetting the impacts of raw abstracts aggregate escalation.

Pacific Aluminium basal EBITDA of $151 actor was 35 per cent lower than 2017 aboriginal half, absorption college action appraisement and college raw abstracts costs.

Following the advertisement by the United States Treasury Department on 6 April 2018, that it was implementing sanctions on assorted Russian individuals and companies, Rio Tinto appear on 13 April 2018 that it had advised arrange it had with impacted entities and was in the action of declaring force majeure on assertive contracts. However, the accord aeon was afterwards connected until 23 October 2018 and no force majeure declarations access been fabricated to date. Rio Tinto continues to adviser this bearings closely.

Binding offers for the auction of the Aluminium Dunkerque smelter in France for $500 actor and the ISAL smelter in Iceland for $345 actor were appear in the aboriginal division of 2018. The sales are accustomed to complete in the third division of 2018, accountable to satisfactory achievement of consultations with key stakeholders and applicative authoritative clearances.

 

The $1.9 billion Amrun bauxite action on the Cape York Peninsula in arctic Queensland is advancing to plan. The stacker and reclaimer access been transported to armpit afterward achievement of fabrication, whilst the shiploader accumulation is additionally advancing completion. The action charcoal on agenda for aboriginal accession in the aboriginal bisected of 2019.

The $0.7 billion1 bauxite action to aggrandize the accumulation accommodation of the Compagnie des Bauxites de Guinée (CBG) to 18.5 actor tonnes per annum1 charcoal on agenda with aboriginal accession from the amplification action accustomed in the fourth division of 2018.   

 

Rio Tinto’s accustomed allotment of accumulation in 2018 charcoal banausic at amid 49 and 51 actor tonnes of bauxite and 8.0 to 8.2 actor tonnes of alumina. Aluminium advice of 3.5 to 3.7 actor tonnes will be adapted afterward achievement of the auction of the Aluminium Dunkerque and ISAL smelters.

 

1 100 per cent basis. Rio Tinto’s allotment of capex and accumulation is 45 per cent.

 

 

First bisected 2018

First bisected 2017

Change

Production (Rio Tinto share)

 

 

 

Mined nut (000 tonnes)

296.1

208.9

42%

Refined nut (000 tonnes)

117.9

77.1

53%

Diamonds (000 carats)

9,241

8,487

9%

 

 

 

 

Gross sales acquirement (US$ millions)

3,032

1,922

58%

Underlying EBITDA (US$ millions)

1,360

771

76%

Underlying EBITDA margin

45%

40%

 

Underlying antithesis / (loss) (US$ millions)

450

(69)

n/a

Net banknote generated from operating activities (US$ millions)1

838

649

29%

Capital aggregate – excluding EAUs (US$ millions)

(810)

(585)

38%

Free banknote breeze (US$ millions)

28

62

-55%

1 Net banknote generated from operating activities excludes the operating banknote flows of disinterestedness accounted units (Escondida) but includes assets from the disinterestedness accounted units.

 

The Chestnut & Diamonds accumulation recorded basal EBITDA of $1,360 million, 76 per cent college than 2017 aboriginal half. This was apprenticed by college prices, added nut volumes at Rio Tinto Kennecott, Escondida and Oyu Tolgoi, and the absence of the one-off items from 2017 aboriginal half, in accurate the appulse of automated action at Escondida, partly anniversary by college banknote costs and added appraisal expenditure.

Gross sales revenues for the artefact accumulation of $3,032 actor were 58 per cent college than 2017 aboriginal half, absorption college prices and added nut volumes.

Cash breeze generated of $838 actor (inclusive of assets accustomed from Escondida) was 29 per cent college than 2017 aboriginal bisected admitting the non-recurrence of the final allowance acclimation apropos to the 2013 Manefay accelerate at Rio Tinto Kennecott. Alive capital, abundance and aggregate administration initiatives additionally contributed to favourable banknote flows, allowance to partially anniversary the appulse of raw abstracts and consumables aggrandizement at assertive sites. The accumulation delivered chargeless banknote breeze of $28 actor (inclusive of assets accustomed from Escondida) admitting a $225 actor access in basal aggregate as action ramped up at the Oyu Tolgoi Underground Project.

Average LME nut prices added 20 per cent to 315 cents per batter and the boilerplate gold aggregate added six per cent to $1,318 per ounce compared with 2017 aboriginal half.

The absolute appulse of aggregate changes on the Chestnut & Diamonds group, including the furnishings of conditional appraisement movements, resulted in an access in basal EBITDA of $291 actor compared with 2017 aboriginal half.

At 30 June 2018, the Accumulation had an estimated 264 actor pounds of nut sales that were provisionally priced at 312 cents per pound. The final aggregate of these sales will be bent during the added bisected of 2018. This compares with 250 actor pounds of accessible shipments at 31 December 2017, provisionally priced at 304 cents per pound.

Mined nut accumulation was 42 per cent college than 2017 aboriginal half, due to the ramp-up of Escondida production, afterward the labour abutment bang in 2017 aboriginal bisected and allotment of the Los Colorados concentrator in the added bisected of 2017, accumulated with increases at Rio Tinto Kennecott as mining action confused into a college brand breadth of the pit and agile abundance improved. College bulb throughput at Oyu Tolgoi additionally contributed to the absolute trend. The 53 per cent access in aesthetic nut accumulation reflected the absence of the 2017 aboriginal bisected smelter abeyance at Rio Tinto Kennecott and the acknowledgment to accustomed operating activities at Escondida.

 

On 12 July 2018, Rio Tinto appear that it had alive a non-binding acceding with PT Indonesia Asahan Aluminium (Persero) (Inalum), and Freeport-McMoRan Inc. (FCX) in affiliation to the aing buying of the Grasberg abundance in Indonesia. The Heads of Acceding accommodation the proposed arch acceding for the auction of Rio Tinto’s absolute absorption pursuant to a aggregate operating acceding with PT Freeport Indonesia (PT-FI) in Grasberg to Inalum, Indonesia’s accompaniment mining company, for $3.5 billion.

Separately, the acceding sets out a proposed transaction amid FCX and Inalum for the closing to buy an added pale in Grasberg as able-bodied as added acceding apropos to the aing buying and operation of Grasberg. All parties access committed to assignment appear accordant and signing bounden agreements afore the end of the added bisected of 2018. Accustomed the acceding that abide to be agreed, there is no authoritativeness that a transaction will be completed. Any final agreements will be accountable to applicative government and authoritative approvals.

In February 2018, PT-FI accustomed an addendum of its consign admittance to February 2019, with a acting Mining Licence renewed on a concise base while PT-FI continues to appoint with the Indonesian Government on affairs pertaining to in-country processing, ecology regulation, allotment denial action and the base aloft which operations at Grasberg will abide aloft 2021 with absorption to the rights conferred by its Adjustment of Work.

Rio Tinto is advertisement its metal allotment for 2018 aboriginal bisected as aught and expects its metal allotment for 2018 to be zero.

 

Rio Tinto is committed to alive with the Government of Mongolia and added key stakeholders in acclimation to fulfil all of the commitments beneath the Oyu Tolgoi Beforehand Agreement.

Oyu Tolgoi LLC (Oyu Tolgoi) has received, and is evaluating, a tax appraisal for approximately$155 actor from the Mongolian Tax Authority (the MTA) apropos to an assay on taxes imposed and paid by Oyu Tolgoi amid 2013 and 2015.

Rio Tinto continues to assignment with its ally to beforehand the best band-aid for a calm adeptness accumulation for the Oyu Tolgoi operation, afterward the Government of Mongolia’s abandoning of the Southern Arena Adeptness Area Cooperation Acceding (PSCA). The accommodation to aish the PSCA indicates that the Government of Mongolia no best angle the Tavan Tolgoi Adeptness Action as a applicative advantage for Oyu Tolgoi. As a result, and in band with the acceding of the 2009 Beforehand Agreement, Oyu Tolgoi is now answerable to bear a calm adeptness antecedent for the operation aural four years (by February 2022).

In March 2018, the Speaker of the Mongolian Parliament appointed a Aldermanic Alive Accumulation (Working Group) that consisted of 13 Assembly of Parliament to assay the accomplishing of the Beforehand Agreement.  The Alive Group’s fieldwork has been completed and advertisement is accustomed to be in the autumn aldermanic session, which starts on 1 October 2018.

Rio Tinto continues to altercate these affairs with the Government of Mongolia.

Diamond accumulation was nine per cent college than 2017 aboriginal bisected with college carat accumulation at Argyle due to an access in tonnes candy afterward bigger bulb availability offsetting hardly lower accumulation at Diavik due to lower recovered grades. 

 

Contractor numbers are aing their aiguille at the Oyu Tolgoi Underground Project, with a action workforce of over 7,500 at the end of June 2018, of which 89 per cent are Mongolian nationals. Shaft two accouterment and headframe accoutrement is in progress, and the shaft bristles blast acclimation has been absolutely commissioned and is now operational. Architecture of the aboriginal drawbell is still accustomed in mid-2020.

In December 2017, Rio Tinto accustomed a $368 actor accusation (Rio Tinto allotment 55 per cent or $202 million) to added beforehand the Resolution Chestnut action in the United States. The allotment will beforehand infrastructure, beforehand allowing and facilitate abundance planning as allotment of the pre-feasibility study.

Development of the A21 action at Diavik is advanced of agenda with aboriginal ore baldheaded in March and the abundance is accustomed to be at abounding accumulation accommodation during the fourth division of 2018.

Rio Tinto’s allotment of mined nut accumulation for 2018 is accustomed to be amid 510 and 610 thousand tonnes. Aesthetic nut accumulation is accustomed to be amid 225 to 265 thousand tonnes.

Diamond accumulation advice for 2018 is amid 17 and 20 actor carats.

 

 

First bisected 2018

First bisected 2017

Change

Production (Rio Tinto share)

 

 

 

Hard coking atramentous (000 tonnes)

3,276

3,138

4%

Thermal atramentous (000 tonnes)

2,130

2,022

5%

Iron ore pellets and concentrates (000 tonnes)

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3,236

5,262

-39%

Titanium dioxide charcoal (000 tonnes)

525

647

-19%

Borates (000 tonnes)

256

256

0%

Salt (000 tonnes)

3,176

2,327

36%

Uranium (000 lbs)

3,046

3,111

-2%

 

 

 

 

Gross sales acquirement (US$ millions)

2,864

3,855

-26%

Underlying EBITDA (US$ millions)

1,037

1,434

-28%

Underlying EBITDA margin

36%

37%

 

Underlying antithesis (US$ millions)

473

652

-27%

Net banknote generated from operating activities (US$ millions)

599

1,057

-43%

Capital aggregate (US$ millions)

(214)

(145)

48%

Free banknote breeze (US$ millions)

379

908

-58%

To acquiesce accumulation numbers to be compared on a like-for-like basis, accumulation from asset divestments completed in 2017 access been afar from the Rio Tinto allotment of accumulation abstracts but assets awash in 2018 abide in the comparative.

Iron Ore Aggregation of Canada and Simandou are appear aural Action & Minerals, absorption administration responsibility.

 

Underlying EBITDA for the Action & Minerals accumulation was $1,037 million, which, excluding the 2017 accession from Atramentous & Allied (divested in the added bisected of 2017), was six per cent lower than 2017 aboriginal bisected allusive of $1,101 million. The accumulation benefited from college prices for coking coal, titanium dioxide feedstocks, zircon and metallics. However, achievement was impacted by the abeyance of operations at Adamant Ore Aggregation of Canada, while aggregate acceding negotiations took place, at Rio Tinto Fer et Titane (RTFT) afterward a fatality, and at Richards Bay Minerals (RBM) due to advancing disruptions by contractors and their employees. The 2018 aboriginal bisected aftereffect additionally included a accretion recognised on the auction of the Winer South atramentous development action of $195m.

Gross sales revenues for the artefact accumulation were $2,864 million. Excluding the accession from Atramentous & Allied in 2017 aboriginal half, revenues were seven per cent lower than the allusive aeon of$3,078 million, absorption lower volumes in adamant ore and titanium dioxide feedstocks, partly anniversary by college prices.

Net banknote generated from operating activities of $599 actor in 2018 aboriginal half, which included $150 actor of accretion from the auction of the Winer South atramentous development project, was 25 per cent lower than 2017 aboriginal bisected operating banknote flows of $795 million, excluding the accession from Atramentous & Allied in 2017 aboriginal half.

 

Hard coking atramentous accumulation was four per cent college than 2017 aboriginal bisected due to the appulse of Cyclone Debbie in 2017.

Thermal atramentous accumulation for 2017 has been restated for allegory excluding accumulation of 9.9 actor tonnes (Rio Tinto share) from the now bald Atramentous & Allied assets.

Uranium accumulation was two per cent lower than 2017 aboriginal half, absorption lower accumulation at Action Assets of Australia as the operations connected to action absolute stockpiles, which was partly anniversary by college accumulation at Rössing due to college comminute grades.

In March 2018, Rio Tinto appear it had entered into bounden agreements for the auction of its absolute atramentous assets for absolute appliance of $4.15 billion, as follows:

·      On 20 March, it was appear that an acceding was alive with Glencore for the auction of Rio Tinto’s absolute 82 per cent absorption in the Hail Creek atramentous abundance and 71.2 per cent absorption in the Valeria atramentous development project, both in Queensland, Australia, for $1.7 billion;

 

·      On 22 March, it was appear that an acceding was alive with Whitehaven Atramentous Bound for the auction of Rio Tinto’s 75 per cent absorption in the Winer South atramentous development action in Queensland, Australia, for $200 million; and

 

·      On 27 March, it was appear that an acceding was entered into with a bunch absolute clandestine disinterestedness administrator EMR Basal and PT Adaro Action Tbk, an Indonesian listed atramentous company, for the auction of Rio Tinto’s absolute 80 per cent absorption in the Kestrel underground atramentous abundance in Queensland, Australia, for $2.25 billion.

 

The denial of Winer South completed during 2018 aboriginal half. Absolute appliance is comprised of $150 actor in banknote accustomed on the date of achievement and an absolute banknote acquittal of $50 actor due 12 months from the date of completion. The divestments of Hail Creek, Valeria and Kestrel completed on 1 August 2018. Estimated absolute tax payable for these affairs is in the acclimation of$1 billion, accountable to anniversary tax adjustments.

As the assets were classified as assets captivated for auction from the alpha of April 2018, no abrasion or amortisation has been recognised from that point.

 

Operations – Adamant Ore Aggregation of Canada (IOC)

Rio Tinto’s allotment of IOC pellet and administer accumulation of 3.2 actor tonnes was 39 per cent lower than 2017 aboriginal half, afterward the abeyance of operations on 27 March 2018 while aggregate acceding negotiations took abode with the bounded abutment workforce. During the added quarter, a new labour acceding was reached, the workforce alternate to assignment on 28 May 2018, and IOC accomplished a safe and acknowledged restart and ramp-up of operations to accustomed accumulation ante by the end of June 2018.

The development of the Wabush 3 accessible pit mine, accustomed in the aboriginal division of 2017, is advanced as planned and is accustomed to be in accumulation in the added bisected of 2018.

 

Operations – Minerals

Titanium dioxide charcoal accumulation was 19 per cent lower than 2017 aboriginal half, absorption the abeyance of operations at RTFT afterward a fatality, and advancing labour disruptions at RBM amid contractors and their employees.

On 26 April 2018, an agent suffered baleful injuries during an adventure at RTFT. As a result, operations were abeyant for a aeon of ten canicule while the adventure was advised and operations were accustomed to be safe to recommence. The safe restart and ramp-up to accustomed operations was accomplished by 2 July 2018.

 

On 27 July 2018, force majeure was declared on RTFT barter due to an adventitious abeyance of a furnace. The boiler will be repaired over the advancing months and is not accustomed to acknowledgment to abounding operation afore the end of the year.

Operations at RBM abide to be impacted by advancing labour disputes amid contractors and their employees. Afterward a abeyance in the aboriginal quarter, abundance and smelter operations restarted on 11 April 2018, but due to accessories accident the abundance will adeptness abounding accommodation afterwards this year. RBM declared force majeure on deliveries to its titanium dioxide feedstock customers, which will be aerial already the operation allotment to accustomed capacity. On 9 July 2018, a austere adventure occurred at RBM’s mining operation, connected in the accident of a aegis contractor. The adventure is now the accountable of a badge investigation. Rio Tinto’s accomplished antecedence is the affirmation of its people, and operations at RBM were briefly suspended. 

Production of borates and alkali were apprenticed by bazaar demand. College alkali accumulation in 2018 aboriginal bisected reflected adverse acclimate at Dampier Alkali in 2017 aboriginal half.

 

The Accumulation has cogent optionality in titanium dioxide feedstocks, accountable to bazaar conditions. Two of nine furnaces at RTFT abide idle, one of which is currently actuality rebuilt, forth with one of four furnaces at RBM. The focus charcoal on maximising the abundance of the furnaces currently in operation, and a accommodation to restart abandoned furnaces will be based on maximising aggregate over volume.

Work connected on the achievability abstraction for the Zulti South abundance amplification at RBM in South Africa, which has the abeyant to beforehand RBM’s bargain admixture accommodation and zircon production. The action charcoal one of the best abortive mineral beach deposits in the industry, accustomed its ample ilmenite adeptness with aerial rutile and zircon agreeable in the all-embracing mineral suite. It is accustomed that a accommodation as to whether to beforehand with the action will be fabricated in the aboriginal bisected of 2019. 

The Jadar action in Serbia is a lithium-borate drop credible by Rio Tinto in 2004. Prefeasibility assessments are advancing to authorize the bread-and-er business case for the action and to beforehand its ecology and socioeconomic appulse assessments. On 24 July 2017, Rio Tinto alive a Memorandum of Compassionate with the Government of Serbia to anatomy a aggregate alive accumulation to beforehand the abstraction and allowing appearance of the project.

Rio Tinto and Chinalco abide to authority discussions afterward the signing of a non-binding acceding on 28 October 2016 for Rio Tinto to advertise its absolute pale in the Simandou action in Guinea to Chinalco. The Heads of Acceding sets out the proposed arch acceding of the auction with the aim of signing a bounden agreement.

 

Guidance for Rio Tinto’s accustomed allotment of 2018 accumulation is 9.0 to 10.0 actor tonnes of adamant ore pellets and concentrates, 0.5 actor tonnes of boric oxide agnate accumulation and 6.2 to 7.2 actor pounds of uranium.

Following achievement of the atramentous asset divestments on 1 August 2018, 2018 accumulation advice is adapted to 4.0 actor tonnes of adamantine coking atramentous and 2.5 actor tonnes of thermal coal.

Guidance for Rio Tinto’s accustomed allotment of titanium dioxide charcoal accumulation in 2018 is 1.1 to 1.2 actor tonnes, to reflect the operational and labour disruptions encountered in the aboriginal half. Advice may be added adapted to reflect the advancing disruptions mentioned above.

 

 

First bisected 2018

First bisected 2017

Underlying EBITDA (US$ millions)

(27)

Underlying accident (US$ millions)

(67)

(34)

Capital aggregate (US$ millions)

(8)

42

Other operations relates to the Group’s aircraft operations and its bequest sites including the Gove alumina refinery, breadth accumulation was concise on 28 May 2014.

 

 

First bisected 2018

First bisected 2017

Underlying EBITDA (US$ millions)

(559)

(351)

Underlying accident (US$ millions)

(329)

(226)

Capital aggregate (US$ millions)

(23)

(6)

Central appointment costs, axial Beforehand & Innovation costs and added axial items are appear in Added items. The $208 actor (pre-tax) access in Added items includes restructuring, action and added one-off costs of $68 actor (pre-tax) in 2018 aboriginal half. It additionally reflects an access in Advice Acclimation & Technology absorb of $49 actor (pre-tax) and added beforehand in capability to abutment the Group’s mine-to-market abundance programme.

 

 

First bisected 2018

First bisected 2017

Central assay bulk (US$ millions)

(100)

(85)

 

Central assay & appraisal aggregate in 2018 aboriginal bisected resulted in a accusation to basal EBITDA of $100 million.

The assay & appraisal absorb aloft the Accumulation totalled $232 actor in 2018 aboriginal half. This included assay & appraisal absorb of $132 actor in the Artefact Groups, mostly in Copper.

Rio Tinto has a able portfolio of projects with action in 17 countries aloft some eight commodities. The aggregate of the assay aggregate in this division was focused on nut targets in Australia, Botswana, Canada, Chile, Kazakhstan, Mongolia, Namibia, Papua New Guinea, Peru, Serbia, Uganda, United States and Zambia. Mine-lease assay connected at a cardinal of Rio Tinto managed businesses including Pilbara Iron, RTIT in Canada, Oyu Tolgoi and Weipa.

 

The afterward sensitivities accord the estimated aftereffect on basal EBITDA d that anniversary abandoned aggregate or barter aggregate confused in isolation. The accord amid currencies and article prices is a circuitous one and movements in barter ante can affect movements in article prices and carnality versa. The barter aggregate sensitivities quoted beneath accommodate the aftereffect on operating costs of movements in barter ante but exclude the aftereffect of the revaluation of adopted bill alive capital. They should appropriately be acclimated with care.

 

 

 

Average appear price/exchange aggregate for2018 aboriginal bisected

$ actor appulse onfull year 2018underlying EBITDA

of a 10% change in prices/exchange rates

Aluminium

$2,209/t

849

Copper

315c/lb

456

Gold

$1,318/oz

49

Iron ore (62% Fe FOB)

$62/dmt

1,496

Australian dollar adjoin the US dollar

0.77

636

Canadian dollar adjoin the US dollar

0.78

151

Oil (Brent)

$68/bbl

62

 

 

A abundant assay of the Group’s operations, the after-effects of those operations during the bisected year concluded 30 June 2018 and acceptable aing developments are accustomed on pages 1 to 26. Important contest that access occurred during the aeon and up until the date of this address are set out below.

 

Financial

On 7 February 2018, Rio Tinto appear a $1.0 billion allotment buy-back programme of Rio Tinto plc shares, accustomed to complete by 31 December 2018. This was in accession to the $4.0 billion of allotment buy-backs appear in 2017, which included an A$750 actor off-market buy-back of Rio Tinto Bound shares.

On 16 February 2018, Rio Tinto appear that, afterward the Government of Mongolia’s abandonment from the Tavan Tolgoi adeptness project, Oyu Tolgoi will now be answerable to bear a calm adeptness antecedent for the operation aural four years. Rio Tinto will abide to assay its basal aggregate forecasts for the action but has already adapted $250 actor a year for the development of a adeptness base in Mongolia in its 2019 and 2020 capex forecasts.

On 20 March 2018, Rio Tinto appear a breakable action and band accretion exercise to added abate gross debt and use antithesis liquidity.  Accretion notices for about $1.4 billion of US dollar-denominated addendum were issued and invitations commenced to holders alfresco the United States to advertise up to about $850 actor agnate of its 2020 and 2024 Euro-denominated notes.  The affairs completed on 20 April 2018 and as a result, the Group’s gross debt was bargain by$1.94 billion equivalent. 

Following the advertisement by the United States Treasury Department on 6 April 2018 that it was implementing sanctions on assorted Russian individuals and companies, Rio Tinto appear on 13 April 2018 that it had advised arrange it had with impacted entities and was in the action of declaring force majeure on assertive contracts. The sanctions accord aeon has been connected until 23 October 2018 and no force majeure declarations access been fabricated to date.

 

Transactions

Binding offers for the auction of the Aluminium Dunkerque smelter in France for $500 actor and the ISAL aluminium smelter in Iceland for $345 actor were appear in the aboriginal division of 2018. The sales are accustomed to complete in the third division of 2018, accountable to satisfactory achievement of consultations with key stakeholders and applicative authoritative clearances.

On 1 June 2018, Rio Tinto appear it completed the auction of its 75 per cent absorption in the Winer South atramentous development action in Queensland, Australia, to Whitehaven Atramentous Limited. Absolute appliance of $200 actor is comprised of $150 actor in banknote accustomed on the date of achievement and an absolute banknote acquittal of $50 actor due 12 months from the date of completion.

On 12 July 2018, Rio Tinto appear that it had alive a non-binding acceding with PT Indonesia Asahan Aluminium (Persero) (Inalum), and Freeport-McMoRan Inc. (FCX) in affiliation to the aing buying of the Grasberg abundance in Indonesia. The Heads of Acceding accommodation the proposed arch acceding for the auction of Rio Tinto’s absolute absorption pursuant to a aggregate operating acceding with PT Freeport Indonesia (PT-FI) in Grasberg to Inalum, Indonesia’s accompaniment mining company, for $3.5 billion.

On 1 August 2018, Rio Tinto appear that the sales of its interests in the Kestrel and Hail Creek atramentous mines and Valeria atramentous development action had completed, with gross accretion of $3.95 billion.

 

People

With aftereffect from 1 January 2018, Rio Tinto appointed Simon Trott as arch bartering officer. Simon is additionally a affiliate of the Rio Tinto Controlling Committee.

 

The admiral confined on the boards of Rio Tinto plc and Rio Tinto Bound during and aback the end of the bisected year are:

 

Notes

Date of appointment

Chairman

 

 

Simon Thompson*

(N and R)

1 April 2014

 

 

 

Executive directors

 

 

Jean-Sébastien Jacques, arch executive

 

17 March 2016

Chris Lynch, arch banking officer**

 

1 September 2011

 

 

 

Non-executive directors

 

 

Ann Godbehere (senior absolute director) 

(A, R and N)

9 February 2010

Megan Clark

(R, N and S)

20 November 2014

David Constable

(A and N)

10 February 2017

Simon Henry

(A, N and S)

1 April 2017

Sam Laidlaw

(R, N and S)

10 February 2017

Michael L’Estrange

(N and S)

1 September 2014

 

*Simon Thompson was appointed to the lath as a non-executive administrator on 1 April 2014: he became administrator on 5 March 2018.

**Chris Lynch was appointed to the lath as a non-executive administrator on 1 September 2011: he became an controlling administrator on 18 April 2013.

 

Notes

(A) Assay Committee

(R) Remuneration Committee

(N) Nominations Committee

(S) Sustainability Committee

 

Jan Du Plessis stepped bottomward from the lath on 5 March 2018, accepting been a administrator aback 1 September 2008. Paul Tellier stepped bottomward from the lath on 2 May 2018, accepting been a administrator aback 25 October 2007.

Moya Greene has been appointed as an absolute non-executive administrator and will accompany the lath on 17 September 2018.

Jakob Stausholm has been appointed to accomplish Chris Lynch as arch banking officer. Mr Stausholm will accompany Rio Tinto as an controlling administrator and arch banking administrator on 3 September 2018. Chris Lynch will angle bottomward from the Rio Tinto lath on 3 September 2018 and will retire from Rio Tinto on 30 September 2018.

 

A 2017 final allotment was paid on 12 April 2018 to holders of Rio Tinto plc and Rio Tinto Bound accustomed shares and Rio Tinto plc ADR holders. The 2017 final dividend, agnate to 180.00 US cents per share, was bent by the lath on 7 February 2018. Rio Tinto plc shareholders accustomed 129.43 pence per allotment and Rio Tinto Bound shareholders accustomed 228.53 Australian cents per share, based on the applicative barter ante on 6 February 2018. Rio Tinto plc ADR holders accustomed 181.15 US cents per ADR, based on the barter aggregate on 5 April 2018 to catechumen from pounds admirable to US dollars.

The 2018 acting dividend, agnate to 127.00 US cents per share, will be paid on 20 September 2018 to holders of accustomed shares and ADRs. Rio Tinto plc shareholders will access 96.82 pence per allotment and Rio Tinto Bound shareholders will access 170.84 Australian cents per allotment based on the applicative barter ante on 13 September 2018. ADR holders access assets in US dollars, which will be adapted from pounds admirable by advertence to the barter aggregate applicative on 13 September 2018. The allotment will administer to Rio Tinto plc and ADR holders and to Rio Tinto Bound shareholders on the annals at the aing of business on 10 August 2018.

The arch risks and uncertainties that could materially affect Rio Tinto’s after-effects and operations are set out on pages 20 to 25 of the 2017 Anniversary address and are listed beneath the accident agency headings below. The Group’s appearance of its arch risks and uncertainties for the absolute six months of the banking year charcoal essentially unchanged. There may be added risks alien to Rio Tinto and added risks,

currently believed to be immaterial, which could about-face out to be material. These risks, whether they materialise abandoned or simultaneously, could decidedly affect the Group’s business and banking results.

The Accumulation will abide to adviser alien areas of ambiguity and blackmail carefully as able-bodied as abide acute on centralized controls, and absorb any added developments as allotment of the full-year appraisal of arch risks and uncertainties.

Market risks:

Commodity prices, apprenticed by appeal and accumulation for the Group’s products, alter alfresco of expectations over time.

Exchange aggregate variations and geopolitical issues may anniversary or aggravate this risk. Anticipating and responding to bazaar movements is inherently ambiguous and outcomes may vary.

China’s beforehand alleyway could appulse appeal for the Group’s articles alfresco of expectations.

Financial risks:

External contest and centralized conduct may appulse Accumulation liquidity.

Strategic risks:

Rio Tinto’s adeptness to defended planned aggregate by auspiciously alive divestments and acquisitions may vary.

The Group’s adeptness to bear projects auspiciously may vary.

Strategic partnerships comedy a absolute role in accustomed the Group’s production, banknote and bazaar positioning, and these may not consistently beforehand as planned.

Health, safety, ambiance and association (HSEC) risks:

Our operations and projects are inherently chancy with the abeyant to anniversary affliction or injury, accident to the environment, disruption to a association or a blackmail to claimed security.

Resources risks:

The success of the Group’s assay action may vary. In addition, estimates of ore affluence are based on ambiguous assumptions that, if changed, could aftereffect in the allegation to recapitulate ore affluence and abundance plans.

Operations, projects and bodies risks:

Operational arete is acquired from aerial operational and animal productivity, which requires affection people, processes and systems.

Attracting and appliance aptitude as the aggregation and industry evolves presents a connected challenge.

Stakeholder risks:

The Group’s operations are amid aloft a cardinal of jurisdictions, which exposes the Accumulation to a advanced ambit of economic, political, civic and authoritative environments.

Governance risks:

The Group’s acceptability and authoritative licences are abased aloft adapted business conduct and are threatened by a accessible accusation of abeyant misbehaviour or by authoritative investigation.

The admiral of Rio Tinto access that accomplished standards of accumulated babyminding are basal to its afterward of greater actor aggregate and access connected to administer the standards discussed in the Babyminding address on pages 49 to 110 of the 2017 Anniversary address which is accessible on the Rio Tinto Accumulation website: riotinto.com.

 

In accordance with the UK Banking Conduct Authority’s Acknowledgment Advice & Transparency Rules and the Australian Antithesis Barter Listing Rules, the bisected year after-effects will be fabricated accessible and are accessible on the Rio Tinto Accumulation website.

PricewaterhouseCoopers, the auditors of Rio Tinto Limited, access provided the auditor’s adeptness acknowledgment as adapted beneath area 307C of the Corporations Act 2001 in Australia. This has been reproduced on folio 67 and forms allotment of this report.

 

The Directors’ address is fabricated in accordance with a resolution of the board.

 

 

Simon ThompsonChairman1 August 2018

 

Capital projects

Rio Tinto has a programme of high-quality projects accustomed industry-leading allotment aloft a ample ambit of commodities.

(Rio Tinto 100% endemic unless contrarily stated)

Total approved

capital cost

(100% unless contrarily stated)

Investment in the Amrun bauxite abundance on the Cape York Peninsula in arctic Queensland, Australia, with a planned antecedent achievement of 22.8 actor tonnes a year.

$1.9bn

$0.7bn

Approved in December 2015, the action is advancing to plan. Achievement includes an accustomed 10 actor tonne access in anniversary exports with accumulation basal in the aboriginal bisected of 2019.

Investment in the Compagnie des Bauxites de Guinée (CBG) bauxite abundance to aggrandize accommodation from 14.5 to 18.5 actor tonnes a year. Rio Tinto’s allotment of capex is $0.3bn.

$0.7bn

 

$0.2bn

 

Approved in 2016. Costs completed in November 2016. Aboriginal incremental accession accustomed in the fourth division of 2018.

Copper & Diamonds

 

 

 

Project allotment for Grasberg, Indonesia, for 2018. Approval to abide beforehand in the pre-production architecture of the Grasberg Block Cave, the Deep Comminute Akin Zone underground mines, and the associated accustomed infrastructure.

$0.1bn

(RT share)

$0.1bn

Rio Tinto’s final allotment of basal aggregate will be afflicted in allotment by its allotment of accumulation over the aeon of investment. If the Grasberg auction closes, this basal aggregate will not be incurred.

Investment to extend abundance activity at Rio Tinto Kennecott, US, aloft 2019.

$0.9bn

$0.5bn

Funding for the assiduity of accessible pit mining via the advance aback of the south wall: the action abundantly consists of simple abundance stripping activities. Added allotment for added levels of decay abatement was accustomed in 2018 in acknowledgment to added geotechnical information.

Development of A21 aqueduct at the Diavik Diamond Abundance in Canada (Rio Tinto 60%). 

$0.2bn

(RT share)

 

 

Approved in November 2014, the development of the A21 aqueduct is accustomed to sustain accumulation levels. The action is advanced of agenda with aboriginal ore baldheaded in March 2018 and the abundance is accustomed to be at abounding accumulation accommodation during the fourth division of 2018.

Development of the Oyu Tolgoi underground abundance in Mongolia (Rio Tinto 34%), breadth boilerplate nut grades of 1.66 per cent are added than three times college than the accessible pit.

$5.3bn

$3.8bn

The action was accustomed in May 2016.  Shaft two accouterment and headframe accoutrement is in progress, and the shaft bristles blast acclimation has been absolutely commissioned and is now operational. Architecture of the aboriginal drawbell is still accustomed in mid-2020.

Investment in AutoHaulTM, the automation of the Pilbara alternation system, which is accustomed to access the accommodation of the railway, with added debottlenecking opportunities beyond.

$0.9bn

$0.1bn

Regulatory approval was accustomed in May 2018 and the aboriginal loaded chargeless alternation adventure from abundance to anchorage was completed in July 2018. Abounding accomplishing of the chargeless programme is accustomed by the end of 2018.

 

 

This advertisement includes “forward-looking statements” aural the acceptation of the Clandestine Antithesis Litigation Reform Act of 1995. All statements added than statements of absolute facts included in this announcement, including, afterwards limitation, those apropos Rio Tinto’s banking position, business strategy, affairs and objectives of administration for aing operations (including development affairs and objectives apropos to Rio Tinto’s products, accumulation forecasts and assets and adeptness positions), are advanced statements. The words “intend”, “aim”, “project”, “anticipate”, “estimate”, “plan”, “believes”, “expects”, “may”, “should”, “will”, “target”, “set to” or agnate expressions, frequently analyze such advanced statements.

Such advanced statements absorb accustomed and alien risks, uncertainties and added factors which may anniversary the absolute results, achievement or achievements of Rio Tinto, or industry results, to be materially altered from any aing results, achievement or achievements bidding or adumbrated by such advanced statements. Such advanced statements are based on abundant assumptions apropos Rio Tinto’s present and aing business strategies and the ambiance in which Rio Tinto will accomplish in the future. Among the important factors that could anniversary Rio Tinto’s absolute results, achievement or achievements to alter materially from those in the advanced statements are levels of absolute accumulation during any period, levels of appeal and bazaar prices, the adeptness to aftermath and carriage articles profitably, the appulse of adopted bill barter ante on bazaar prices and operating costs, operational problems, political ambiguity and bread-and-er altitude in accordant areas of the world, the accomplishments of competitors, activities by authoritative authorities such as changes in taxation or acclimation and such added accident factors articular in Rio Tinto’s best contempo Anniversary Address and Accounts in Australia and the United Kingdom and the best contempo Anniversary Address on Anatomy 20-F filed with the United States Antithesis and Barter Commission (the “SEC”) or Anatomy 6-Ks furnished to, or filed with, the SEC. Advanced statements should, therefore, be construed in ablaze of such accident factors and disproportionate affirmation should not be placed on advanced statements. These advanced statements allege abandoned as of the date of this announcement. Rio Tinto especially disclaims any obligation or adventure (except as adapted by applicative law, the UK Listing Rules, the Acknowledgment Advice and Transparency Rules of the Banking Conduct Authority and the Listing Rules of the Australian Antithesis Exchange) to absolution about any updates or revisions to any advanced anniversary absolute herein to reflect any change in Rio Tinto’s expectations with absorption thereto or any change in events, altitude or affairs on which any such anniversary is based.

Nothing in this advertisement should be interpreted to beggarly that aing antithesis per allotment of Rio Tinto plc or Rio Tinto Bound will necessarily bout or beat its absolute appear antithesis per share.

 

 

 

 

 

LEI: 213800YOEO5OQ72G2R82

Classification: 1.2 Bisected year banking belletrist and assay belletrist  

 

[email protected]

 

www.riotinto.com

 

 Follow @riotinto on Twitter

 

 

 

Illtud Harri

T 44 20 7781 1152

M 44 7920 503 600

 

David Outhwaite

T 44 20 7781 1623

M 44 7787 597 493

 

 

John Smelt

T 44 20 7781 1654

M 44 7879 642 675

 

David Ovington

T 44 20 7781 2051

M 44 7920 010 978

 

Nick Parkinson

T 44 20 7781 1552

M 44 7810 657 556

Jonathan Rose

T 61 3 9283 3088

M 61 447 028 913

 

 

 

 

Natalie Worley

T 61 3 9283 3063

M 61 409 210 462

 

Rachel Storrs

T 61 3 9283 3628

M 61 417 401 018

 

 

 

 

 

 

 

6 St James’s Square

London SW1Y 4AD

United Kingdom

 

T 44 20 7781 2000Registered in England

No. 719885

Level 7, 360 Collins Street

Melbourne 3000

Australia

 

T 61 3 9283 3333

Registered in Australia

ABN 96 004 458 404

 

 

 

 

Six months

 

Six months

 

 

to 30 June

 

to 30 June

 

 

2018

 

2017

 

 

US$m

 

US$m

Consolidated operations

 

 

 

 

Consolidated sales revenue

 

19,914

 

19,319

Net operating costs (excluding items credible separately)

 

(13,472)

 

(12,652)

Impairment charges(a)

 

(123)

 

(357)

Net gains/(losses) on alliance and auctioning of interests in businesses(b)

 

176

 

(13)

Exploration and appraisal costs

 

(232)

 

(175)

Profit apropos to interests in abortive projects(c)

 

195

 

1

Operating profit

 

6,458

 

6,123

Share of accumulation afterwards tax of disinterestedness accounted units

 

326

 

40

Profit afore accounts items and taxation

 

6,784

 

6,163

Finance items

 

 

 

 

Net barter gains/(losses) on alien debt and intragroup balances

 

385

 

(455)

Net losses on derivatives not condoning for barrier accounting

 

(14)

 

(7)

Finance income

 

100

 

68

Finance costs(d)

 

(332)

 

(595)

Amortisation of discount

 

(191)

 

(218)

 

 

(52)

 

(1,207)

Profit afore taxation

 

6,732

 

4,956

Taxation

 

(2,233)

 

(1,669)

Profit for the period

 

4,499

 

3,287

– attributable to owners of Rio Tinto

 

4,380

 

3,305

– attributable to non-controlling interests (profit/(loss))

 

119

 

(18)

 

 

 

 

 

Basic antithesis per share(e)

 

251.6c

 

184.0c

Diluted antithesis per share(e)

 

249.9c

 

182.7c

 

(a)  On 26 February 2018, Rio Tinto accustomed a bounden action from Hydro of US$345 million, accountable to final adjustments, to access Rio Tinto’s ISAL smelter in Iceland, its 53.3 per cent allotment in the Aluchemie anode bulb in the Netherlands and its 50 per cent allotment in the Aluminium fluoride bulb in Sweden. The accustomed accretion are lower than the antecedent accustomed aggregate of these assets, appropriately a pre-tax crime accusation of US$123 actor was recognised on reclassification of these assets to assets captivated for sale.

Following a assay of planned assay absorb in the six months concluded 30 June 2017, absolute aggregate to appraise the Roughrider drop in Canada was neither approaching nor planned. These affairs were articular as an crime indicator beneath IFRS 6 and the recoverable aggregate for the appraisal and assay assets was bent to be US$nil due to the cogent ambiguity over whether commercially applicative quantities of mineral assets could be articular at a aing date. Appropriately an crime accusation of US$357 actor was recorded in 2017 to absolutely write-off the mineral interests recognised on acquisition.

 

(b)  On 10 May 2018, Rio Tinto and Alcoa appear they had launched a new Aggregate Venture, Elysis, to beforehand and commercialise a carbon-free aluminium admixture process. Rio Tinto’s absorption in the aggregate adventure has been accounted for appliance the disinterestedness method. The patents contributed and bookish acreage licenced to the acclimation by Rio Tinto had no accustomed value, and appropriately a accretion has been recognised for the fair aggregate boost on accumulation of the arrangement. This accretion represents the admeasurement contributed by alfresco shareholders, connected in a pre-tax accretion of US$171 actor (US$141 actor afterwards tax).

 

(c)  On 1 June 2018, a pre-tax accretion of US$195 actor (US$135 actor afterwards tax) was recognised on the auction of the Group’s absorption in the Winer South atramentous development project.

 

(d)  Accounts costs in the assets anniversary accommodate ambiguity adjustments and are net of amounts capitalised of US$141 actor (30 June 2017: US$93 million).

Rio Tinto completed a band buy-back programme in April 2018 for US$1.9 billion (nominal value). The aboriginal accretion of these bonds accelerated the acceptance of aing absorption payments associated with them. Included in accounts costs in the six months concluded 30 June 2018 is a net accusation of US$94 actor attributable to aboriginal accretion of these bonds.

Rio Tinto completed a band buy-back programme in June 2017 for US$2.5 billion (nominal value). The aboriginal accretion of these bonds accelerated the acceptance of aing absorption payments associated with them. Included in accounts costs in the six months concluded 30 June 2017 is a net accusation of US$256 actor attributable to aboriginal accretion of these bonds.

 

(e)  For the purpose of artful basal antithesis per share, the abounding boilerplate cardinal of Rio Tinto plc and Rio Tinto Bound shares outstanding during the aeon was 1,740.9 actor (30 June 2017: 1,796.3 million), actuality the boilerplate cardinal of Rio Tinto plc shares outstanding of 1,328.9 actor (30 June 2017: 1,372.6 million), added the boilerplate cardinal of Rio Tinto Bound shares outstanding of 412.0 actor (30 June 2017: 423.7 million). The accumulation abstracts acclimated in the adding of basal and adulterated antithesis per allotment are the profits attributable to owners of Rio Tinto.

For the purpose of artful adulterated antithesis per share, the aftereffect of dilutive antithesis is added to the abounding boilerplate cardinal of shares. This aftereffect is affected beneath the treasury banal method.

Group anniversary of absolute income

 

 

 

Six months

 

Six months

 

 

to 30 June

 

to 30 June

 

 

2018

 

2017

 

 

US$m

 

US$m

Profit afterwards tax for the period

 

4,499

 

3,287

 

 

 

 

 

Other absolute income/(loss):

 

 

 

 

Items that will not be reclassified to accumulation or loss:

 

 

 

 

Actuarial gains/(losses) on cavalcade retirement anniversary plans

 

617

 

(99)

Changes in the fair aggregate of disinterestedness investments captivated at fair aggregate through

 

 

 

 

other absolute assets (‘FVOCI’)

 

(7)

 

Tax apropos to these apparatus of added absolute income

 

(159)

 

33

 

 

451

 

(66)

 

 

 

 

 

Items that access been/may be afterwards reclassified to accumulation or

   loss:

 

 

 

 

Currency adaptation adjustment(a)

 

(2,304)

 

2,120

Fair aggregate movements:

 

 

 

 

– Banknote breeze barrier gains

 

95

 

17

– Banknote breeze barrier losses/(gains) transferred to the assets statement

 

18

 

(39)

– Assets on revaluation of accessible for auction securities

 

 

9

– Losses on revaluation of accessible for auction antithesis transferred to the

 

 

 

 

income statement

 

 

8

Costs of hedging(b)

 

(29)

 

Tax apropos to these apparatus of added absolute income

 

(28)

 

Share of added absolute (loss)/income of disinterestedness accounted units, net of tax

 

(39)

 

24

Other absolute (loss)/income for the period, net of tax

 

(1,836)

 

2,073

Total absolute assets for the period

 

2,663

 

5,360

– attributable to owners of Rio Tinto

 

2,640

 

5,257

– attributable to non-controlling interests

 

23

 

103

 

(a)  Excludes a bill adaptation accident of US$231 actor (30 June 2017: accretion of US$243 million) arising on Rio Tinto Limited’s allotment basal for the aeon concluded 30 June 2018, which is recognised in the Accumulation anniversary of changes in equity. Accredit to Accumulation anniversary of changes in disinterestedness on folio 41.

(b)  As allotment of the band buy-back programme, cantankerous bill absorption aggregate swaps ambiguity the bonds repurchased were bankrupt out connected in the reclassification of US$3 actor aggregate of ambiguity to the assets anniversary and recognised aural accounts costs.

 

Group banknote breeze statement

 

 

 

 

 

Six months

 

Six months

 

 

 

 

to 30 June

 

to 30 June

 

 

 

 

2018

 

2017

 

 

 

 

US$m

 

US$m

Cash flows from circumscribed operations(a)

 

 

 

7,495

 

8,022

Dividends from disinterestedness accounted units

 

 

 

418

 

169

Cash flows from operations

 

 

 

7,913

 

8,191

 

 

 

 

 

 

 

Net absorption paid(b)

 

 

 

(338)

 

(609)

Dividends paid to holders of non-controlling interests in subsidiaries

 

(5)

 

(132)

Tax paid

 

 

 

(2,342)

 

(1,144)

Net banknote generated from operating activities

 

 

 

5,228

 

6,306

 

 

 

 

 

 

 

Cash flows from advance activities

 

 

 

 

 

 

Purchase of property, bulb and accessories and abstract assets

 

 

 

(2,363)

 

(1,758)

Acquisitions of subsidiaries, aggregate ventures and associates

 

 

 

(5)

 

Disposals of subsidiaries, aggregate ventures and associates(c)

 

 

 

402

 

135

Purchases of banking assets(d)

 

 

 

(1,063)

 

(16)

Sales of banking assets(d)

 

 

 

12

 

35

Sales of property, bulb and accessories and abstract assets

 

 

 

18

 

79

Net allotment of disinterestedness accounted units

 

 

 

(3)

 

(2)

Net banknote acclimated in advance activities

 

 

 

(3,002)

 

(1,527)

 

 

 

 

 

 

 

Cash flows afore costs activities

 

 

 

2,226

 

4,779

 

 

 

 

 

 

 

Cash flows from costs activities

 

 

 

 

 

 

Equity assets paid to owners of Rio Tinto

 

 

 

(3,177)

 

(2,248)

Proceeds from added borrowings

 

 

 

19

 

9

Repayment of borrowings(b)

 

 

 

(2,093)

 

(2,595)

Proceeds from affair of disinterestedness to non-controlling interests

 

 

 

38

 

143

Own shares purchased from owners of Rio Tinto

 

 

 

(1,501)

 

(252)

Purchase of non-controlling interests(e)

 

 

 

 

(194)

Other costs banknote flows

 

 

 

(45)

 

(18)

Net banknote flows acclimated in costs activities

 

 

 

(6,759)

 

(5,155)

Effects of barter ante on banknote and banknote equivalents

 

 

 

(20)

 

(27)

Net abatement in banknote and banknote equivalents

 

 

 

(4,553)

 

(403)

Opening banknote and banknote equivalents beneath overdrafts

 

 

 

10,547

 

8,189

Closing banknote and banknote equivalents beneath overdrafts(f)

 

 

 

5,994

 

7,786

 

 (a)   Cash flows from circumscribed operations

 

 

 

 

 

 

Profit afterwards tax for the period

 

 

 

4,499

 

3,287

Adjustments for:

 

 

 

 

 

 

Taxation

 

 

 

2,233

 

1,669

Finance items

 

 

 

52

 

1,207

Share of accumulation afterwards tax of disinterestedness accounted units

 

 

 

(326)

 

(40)

Net (gain)/loss on alliance and auctioning of interests in businesses

 

 

 

(176)

 

13

Impairment charges

 

 

 

123

 

357

Depreciation and amortisation

 

 

 

2,049

 

2,117

Provisions (including barter differences on provisions)

 

 

 

390

 

168

Utilisation of accouterment for post-retirement benefits

 

 

 

(138)

 

(171)

Utilisation of added provisions

 

 

 

(214)

 

(338)

Change in inventories

 

 

 

(463)

 

(331)

Change in barter and added receivables

 

 

 

137

 

464

Change in barter and added payables

 

 

 

(442)

 

(456)

Other items(g)

 

 

 

(229)

 

76

 

 

 

 

7,495

 

8,022

 

(b)  Rio Tinto completed a US$1.9 billion (nominal value) band buy-back programme in April 2018. The addendum purchased and adored access been cancelled. Net absorption paid includes US$80 actor actuality the acquittal of the premiums and the accelerated absorption associated with the band redemption.

 

Rio Tinto completed a US$2.5 billion (nominal value) band buy-back programme in June 2017. Net absorption paid includes US$259 actor actuality the acquittal of the premiums and the accelerated absorption associated with the band redemption.

 

(c)  Auctioning accretion in the six months to 30 June 2018 accommodate banknote accretion of US$60 actor accustomed in anniversary of the non-contingent adeptness receivable from Yancoal Australia Bound on the auction of Atramentous & Allied Industries Limited, which completed in the added bisected of 2017. In addition, non-refundable deposits of US$338 actor access been accustomed during the aeon apropos to the agreed auction of the Kestrel underground atramentous mine. The auction completed on 1 August 2018.

 

Disposal accretion of US$150 actor in anniversary of the Winer South atramentous development action are included in Net banknote generated from operating activities.

 

Disposal accretion in the six months to 30 June 2017 mainly chronicle to abandoning of the added and final instalment of funds for Rio Tinto’s auctioning of its 100 percent absorption in Lochaber, which was completed in November 2016.

 

(d)  During the six months to 30 June 2018, the Accumulation invested a added US$1.0 billion in a abandoned managed portfolio of anchored assets instruments. As there has been cogent turnover, administration has afresh adopted to address the purchases and sales of these antithesis on a net banknote breeze base in the accustomed year aural ‘Purchases of banking assets’.

 

(e)  In May 2017, the Group’s accessory Simfer Jersey Bound (Rio Tinto 53%) purchased a 4.25% absorption in Simfer SA from International Accounts Corporation for US$194 million.

 

(f)   Closing banknote and banknote equivalents beneath overdrafts for the purposes of the banknote breeze anniversary differs from banknote and banknote equivalents on the Accumulation antithesis breadth as per the afterward reconciliation:

 

 

 

30 June

 

31 December

 

30 June

 

 

2018

 

2017

 

2017

 

 

US$m

 

US$m

 

US$m

Cash and banknote equivalents per Accumulation antithesis sheet

 

5,989

 

10,550

 

7,746

Bank overdrafts (reported aural ‘borrowings and added financial

   liabilities’)

 

 

(3)

 

(30)

Cash and banknote equivalents included in assets of disposal

   groups captivated for sale

 

5

 

 

70

Cash and banknote equivalents beneath overdrafts per Accumulation banknote flow

   statement

 

5,994

 

10,547

 

7,786

 

(g)  Includes adjustments to add aback mark to bazaar assets of US$152 actor (June 2017: losses of US$123 million) mainly apropos to derivatives anchored in operational affairs and not appointed in a barrier relationship.

 

Group antithesis sheet

 

 

 

30 June

 

31 December

 

 

2018

 

2017

 

 

US$m

 

US$m

Non-current assets

 

 

 

 

Goodwill

 

953

 

1,037

Intangible assets

 

3,000

 

3,119

Property, bulb and equipment

 

57,742

 

62,093

Investments in disinterestedness accounted units

 

4,512

 

4,486

Inventories

 

133

 

160

Deferred tax assets

 

3,299

 

3,395

Trade and added receivables

 

1,705

 

1,724

Tax recoverable

 

28

 

30

Other banking assets (including loans to disinterestedness accounted units)

 

587

 

510

 

 

71,959

 

76,554

Current assets

 

 

 

 

Inventories

 

3,543

 

3,472

Trade and added receivables

 

2,840

 

3,443

Tax recoverable

 

85

 

129

Other banking assets (including loans to disinterestedness accounted units)

 

2,146

 

1,084

Cash and banknote equivalents

 

How to fill the Family Information form (IMM11E) – YouTube – imm ..
How to fill the Family Information form (IMM11E) – YouTube – imm .. | imm 5257 form 2017

5,989

 

10,550

 

 

14,603

 

18,678

Assets of auctioning groups captivated for sale(a)

 

3,029

 

494

Total assets

 

89,591

 

95,726

 

 

 

 

 

Current liabilities

 

 

 

 

Borrowings and added banking liabilities

 

(710)

 

(904)

Trade and added payables

 

(6,406)

 

(7,061)

Tax payable

 

(1,674)

 

(1,985)

Provisions including cavalcade retirement benefits

 

(1,167)

 

(1,275)

 

 

(9,957)

 

(11,225)

Non-current liabilities

 

 

 

 

Borrowings and added banking liabilities

 

(13,016)

 

(15,148)

Trade and added payables

 

(824)

 

(856)

Tax payable

 

(160)

 

(263)

Deferred tax liabilities

 

(3,815)

 

(3,628)

Provisions including cavalcade retirement benefits

 

(12,507)

 

(13,367)

 

 

(30,322)

 

(33,262)

Liabilities of auctioning groups captivated for sale(a)

 

(696)

 

(124)

Total liabilities

 

(40,975)

 

(44,611)

Net assets

 

48,616

 

51,115

 

 

 

 

 

Capital and reserves

 

 

 

 

Share capital(b)

 

 

 

 

– Rio Tinto plc

 

216

 

220

– Rio Tinto Limited

 

3,909

 

4,140

Share exceptional account

 

4,311

 

4,306

Other reserves(c)

 

10,142

 

12,284

Retained earnings(c)

 

23,755

 

23,761

Equity attributable to owners of Rio Tinto

 

42,333

 

44,711

Attributable to non-controlling interests

 

6,283

 

6,404

Total equity

 

48,616

 

51,115

 

(a)  Assets and liabilities captivated for auction at 30 June 2018 comprise of Rio Tinto’s absorption in the Dunkerque aluminium smelter, the ISAL smelter, the Aluchemie anode plant, the Alufluor aluminium fluoride plant, the Hail Creek atramentous mine, the Valeria atramentous development action and the Kestrel underground atramentous abundance and assertive added abstracted assets.

 

Assets and liabilities captivated for auction at 31 December 2017 comprise of Rio Tinto’s absorption in the Dunkerque aluminium smelter and assertive added abstracted assets.

 

Group antithesis breadth (continued)

(b)  At 30 June 2018, Rio Tinto plc had 1,315.1 actor accustomed shares in affair and captivated by the public, and Rio Tinto Bound had 412.4 actor shares in affair and captivated by the public. No shares in Rio Tinto Bound were captivated by Rio Tinto plc at 30 June 2018 (31 December 2017: nil). As adapted to be appear beneath the ASX Listing Rules, the net absolute assets per allotment amounted to US$22.22 (31 December 2017: US$23.12).

(c) Accredit to pages 56 to 65 for the appulse of the alteration to new accounting standards on 1 January 2018.

Group anniversary of changes in equity

Period ended

30 June 2018

 

 

 

Attributable to owners of Rio Tinto

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-

 

 

 

 

Share

 

Share

 

Other

 

Retained

 

 

 

controlling

 

Total

 

 

capital

 

premium

 

reserves

 

earnings

 

Total

 

interests

 

equity

 

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

Opening balance

 

4,360

 

4,306

 

12,284

 

23,761

 

44,711

 

6,404

 

51,115

Adjustment for alteration to new accounting standards(a)

 

 

 

10

 

(179)

 

(169)

 

 

(169)

Restated aperture balance

 

4,360

 

4,306

 

12,294

 

23,582

 

44,542

 

6,404

 

50,946

Total absolute (loss)/income for the period(b)

 

 

 

(2,188)

 

4,828

 

2,640

 

23

 

2,663

Currency adaptation arising on Rio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tinto Limited’s allotment capital

 

(231)

 

 

 

 

(231)

 

 

(231)

Dividends

 

 

 

 

(3,177)

 

(3,177)

 

(154)

 

(3,331)

Share buyback(c)

 

(4)

 

 

4

 

(1,444)

 

(1,444)

 

 

(1,444)

Own shares purchased from Rio Tinto

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shareholders to amuse allotment options(d)

 

 

 

(26)

 

(56)

 

(82)

 

 

(82)

Change in disinterestedness captivated by Rio Tinto

 

 

 

 

28

 

28

 

(28)

 

Treasury shares reissued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and added movements

 

 

5

 

 

 

5

 

 

5

Equity issued to holders of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

non-controlling interests

 

 

 

 

 

 

38

 

38

Employee allotment options and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

other IFRS 2 accuse to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

the assets statement

 

 

 

24

 

28

 

52

 

 

52

Transfers and added movements

 

 

 

34

 

(34)

 

 

 

Closing balance

 

4,125

 

4,311

 

10,142

 

23,755

 

42,333

 

6,283

 

48,616

 

 

 

Six months

 

Six months

 

 

to 30 June

 

to 30 June

 

 

2018

 

2017

 

 

US$m

 

US$m

Dividends per share: paid during the period

 

180.0c

 

125.0c

Dividends per share: proposed in the advertisement of the after-effects for

   the period

 

127.0c

 

110.0c

 

(a)  The appulse of the alteration to new accounting standards; IFRS 9 ‘Financial Instruments’ and IFRS 15 ‘Revenue from affairs with customers’ on 1 January 2018 is discussed on pages 56 to 65.

 

(b)  Accredit to Accumulation anniversary of absolute assets for added details.

 

(c)  Absolute aggregate of US$1,444 actor includes own shares purchased from owners of Rio Tinto plc as per the banknote breeze anniversary of US$1,501 actor adapted for the movement in a banking accountability recognised in anniversary of assertive affairs in abode as at 30 June 2018 and 31 December 2017 to awning the allotment buy-back programme.

 

(d)  Net of contributions accustomed from advisers for allotment options.

 

Group anniversary of changes in disinterestedness (continued)

Period ended

30 June 2017

 

 

 

Attributable to owners of Rio Tinto

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-

 

 

 

 

Share

 

Share

 

Other

 

Retained

 

 

 

controlling

 

Total

 

 

capital

 

premium

 

reserves

 

earnings

 

Total

 

interests

 

equity

 

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

Opening balance

 

4,139

 

4,304

 

9,216

 

21,631

 

39,290

 

6,440

 

45,730

Total absolute assets for the period(a)

 

 

 

2,014

 

3,243

 

5,257

 

103

 

5,360

Currency adaptation arising on Rio

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 Tinto Limited’s allotment capital

 

243

 

 

 

 

243

 

 

243

Dividends

 

 

 

 

(2,248)

 

(2,248)

 

(132)

 

(2,380)

Share buyback(b)

 

(1)

 

 

1

 

(300)

 

(300)

 

 

(300)

Own shares purchased from Rio Tinto

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shareholders to amuse allotment options(c)

 

 

 

(17)

 

(9)

 

(26)

 

 

(26)

Change in disinterestedness captivated by Rio Tinto

 

 

 

 

20

 

20

 

(20)

 

Treasury shares reissued

 

 

 

 

 

 

 

 

 

 

 

 

 

 

and added movements

 

 

1

 

 

 

1

 

 

1

Equity issued to holders of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

non-controlling interests

 

 

 

 

 

 

143

 

143

Employee allotment options and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

IFRS 2 accuse to the assets statement

 

 

 

26

 

28

 

54

 

 

54

Closing balance

 

4,381

 

4,305

 

11,240

 

22,365

 

42,291

 

6,534

 

48,825

 

(a)  Accredit to Accumulation anniversary of absolute assets for added details.

 

(b)  Absolute aggregate of US$300 actor includes own shares purchased from owners of Rio Tinto plc as per the banknote breeze anniversary of US$252 actor and a banking accountability recognised in anniversary of an assertive adjustment in abode as at 30 June 2017 to awning the allotment buy-back programme.

 

(c)  Net of contributions accustomed from advisers for allotment options.

 

Reconciliation with Australian Accounting Standards

 

The Group’s banking statements access been able in accordance with IFRS as authentic on folio 54, which differs in assertive respects from the adaptation of IFRS that is applicative in Australia, referred to as Australian Accounting Standards (‘AAS’).

 

Prior to 1 January 2004, the Group’s banking statements were able in accordance with UK GAAP. Beneath IFRS, amicableness on acquisitions above-mentioned to 1998, which was abandoned anon adjoin disinterestedness in the Group’s UK GAAP banking statements, has not been reinstated. This was acceptable beneath the rules administering the alteration to IFRS set out in IFRS 1. The agnate Australian Standard, AASB 1, does not accommodate for the applique of amicableness adjoin equity. As a consequence, shareholders’ funds beneath AAS accommodate the antithesis of such goodwill, which amounted to US$561 actor at 30 June 2018 (31 December 2017: US$557 million).

 

Save for the barring declared above, the Group’s banking statements fatigued up in accordance with IFRS are connected with the requirements of AAS.

Consolidated net debt

 

 

 

Financing liabilities (b)

Other assets

 

 

 

 

 

 

Borrowings

(including

finance

leases)

excluding

Debt-related derivatives

(included in

Cash/

Other

 

30 June

2018

 

31 December

2017

 

 

overdraft

Other financial

Overdraft

investments

 

Net debt

 

Net debt

 

 

(a)

assets/liabilities)

(b)

(c)

 

US$m

 

US$m

Analysis of changes in circumscribed net debt

 

 

 

 

 

 

 

 

 

Opening balance

 

(15,173)

(177)

10,547

958

 

(3,845)

 

(9,587)

Foreign barter adjustment

 

73

(33)

(20)

 

20

 

(70)

Cash movements excluding

   barter movements

 

2,074

51

(4,533)

1,047

 

(1,361)

 

5,859

Other non-cash movements

 

113

(151)

(5)

 

(43)

 

(47)

Closing balance

 

(12,913)

(310)

5,989

2,005

 

(5,229)

 

(3,845)

 

(a)  Borrowings (including accounts leases) at 30 June 2018 alter from absolute borrowings and added banking liabilities of US$13,726 actor (31 December 2017: US$16,052 million) on the antithesis breadth as they exclude overdrafts of US$nil actor (31 December 2017: US$3 million), added accustomed banking liabilities of US$282 actor (31 December 2017: US$352 million) and added non-current banking liabilities US$531 actor (31 December 2017: US$524 million).

 

(b)  The aperture antithesis at 1 January 2018 included coffer overdrafts of US$3 actor which are classified as banking liabilities on the antithesis sheet. At 30 June 2018 there were no overdrafts. Added non-cash movements represents the reclassification of banknote and banknote equivalents in auctioning groups to assets captivated for sale.

 

(c)  Added investments comprise US$2.0 billion (31 December 2017: US$958 million) of awful aqueous banking assets captivated in managed beforehand funds classified as captivated at fair aggregate through accumulation or loss.

 

Geographical assay (by destination)

 

 

 

 

 

 

 

 

 

 

 

 

Six months

 

Adjusted six months

 

Six months

 

Adjusted six months

 

 

to 30 June

 

to 30 June

 

to 30 June

 

to 30 June

 

 

2018

 

2017(b)

 

2018

 

2017(b)

Consolidated sales acquirement by destination(a)

 

%

 

%

 

US$m

 

US$m

China

 

44.9

 

43.6

 

8,946

 

8,414

Asia (excluding China and Japan)

 

11.6

 

13.2

 

2,316

 

2,546

United States of America

 

15.7

 

13.9

 

3,117

 

2,683

Japan

 

10.1

 

12.2

 

2,019

 

2,363

Europe (excluding UK)

 

8.5

 

7.8

 

1,700

 

1,498

Canada

 

3.2

 

2.7

 

634

 

525

Australia

 

1.8

 

1.8

 

353

 

350

UK

 

0.9

 

1.1

 

173

 

219

Other

 

3.3

 

3.7

 

656

 

721

Consolidated sales revenue

 

100.0

 

100.0

 

19,914

 

19,319

 

The banking advice by business assemblage and the geographic assay of sales by destination amuse the acknowledgment requirements of IFRS 8 ‘Operating Segments’ for acting banking statements and additionally accommodate added autonomous acknowledgment which the Accumulation considers is advantageous to the users of the banking statements.

 

(a)  Circumscribed sales acquirement by bounded destination is based on the ultimate country of destination of the product, if known. If the closing destination of the artefact awash through traders is not accustomed again acquirement is allocated to the area of the artefact at the time aback the risks and rewards of buying are transferred. Rio Tinto is domiciled in both the UK and Australia. 

(b)  The 30 June 2017 comparatives aloft access been adapted to absolute the allocation of revenues by region. The best cogent impacts are an access in the aggregate allocated to Japan by US$177 actor and a abatement to Added Asia (which excludes China and Japan) of US$158 million. There is no appulse on the absolute circumscribed sales revenue.

Product assay (by acquirement type)

 

 

 

Six months to 30 June 2018

 

 

Six months to June 2017

 

 

 

Revenue from affairs with customers

 

 

Other revenue(a)

 

 

Consolidated sales revenue

 

 

Consolidated sales revenue(b)

 

Consolidated sales acquirement by product

 

US$m

 

 

US$m

 

 

US$m

 

 

US$m

 

Iron Ore

 

 

9,669

 

 

 

(61

)

 

 

9,608

 

 

 

9,594

 

Aluminium

 

 

6,027

 

 

 

38

 

 

 

6,065

 

 

 

5,270

 

Copper

 

 

1,077

 

 

 

5

 

 

 

1,082

 

 

 

730

 

Coal

 

 

835

 

 

 

5

 

 

 

840

 

 

 

1,533

 

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Industrial minerals

 

 

1,067

 

 

 

 

 

 

1,067

 

 

 

975

 

Gold

 

 

228

 

 

 

 

 

 

228

 

 

 

186

 

Diamonds

 

 

323

 

 

 

 

 

 

323

 

 

 

340

 

Other

 

 

701

 

 

 

 

 

 

701

 

 

 

691

 

Consolidated sales revenue

 

 

19,927

 

 

 

(13

)

 

 

19,914

 

 

 

19,319

 

Share of disinterestedness accounted assemblage sales and intra-subsidiary/equity accounted assemblage sales

 

 

 

 

 

 

 

 

 

 

1,293

 

 

 

589

 

Gross sales revenue

 

 

 

 

 

 

 

 

 

 

21,207

 

 

 

19,908

 

 

(a)  Assertive of the Group’s articles may be provisionally priced at the date acquirement is recognised. The change in aggregate of the provisionally priced receivables is based on accordant advanced bazaar prices and is included in ‘Other revenue’ above. In the above-mentioned year there was no agnate claim beneath IAS 18 to abstracted out such conditional aggregate movements and appropriately this was not abandoned disclosed.

(a)  Presentation of allusive circumscribed sales acquirement is in accordance with the antecedent accustomed IAS 18 ‘Revenue Recognition’. No absolute altitude or acceptance differences on allusive advice were articular amid IAS 18 and the accustomed accepted IFRS 15.

Prima facie tax reconciliation

 

 

 

Six months

 

Six months

 

 

to 30 June

 

to 30 June

 

 

2018

 

2017

 

 

US$m

 

US$m

Profit afore taxation

 

6,732

 

4,956

Deduct: allotment of accumulation afterwards tax of disinterestedness accounted units

 

(326)

 

(40)

Parent companies’ and subsidiaries’ accumulation afore tax

 

6,406

 

4,916

 

 

 

 

 

Prima facie tax payable at UK aggregate of 19 per cent (2017: 19 per cent)

 

1,217

 

934

Higher aggregate of tax on Australian basal earnings

 

553

 

501

Impact of items afar in accession at basal earnings(a):

 

 

 

 

Impairment charges

 

(2)

 

(32)

Gains and losses on alliance and auctioning of businesses

 

(3)

 

(6)

Exchange and gains/losses on derivatives

 

20

 

41

Tax accusation apropos to accustomed divestments(b)

 

472

 

Other exclusions

 

 

16

Impact of changes in tax ante and laws

 

 

17

Other tax ante applicative alfresco the UK and Australia on underlying

   earnings

 

(55)

 

(19)

Resource burning and added abrasion allowances

 

(16)

 

(19)

Write-down of advanced recognised deferred tax assets(c)

 

 

203

Other items(d)

 

47

 

33

Total taxation charge(e)

 

2,233

 

1,669

 

(a)  The appulse for anniversary anniversary includes the aftereffect of tax ante applicative alfresco the UK.

 

(b)  Basal assets tax in anniversary of the Australian atramentous disposals became accountable aloft signing of the sales agreements during the aeon to 30 June 2018. The aggregate afar from basal antithesis relates to assets on the auctioning of Hail Creek and Kestrel; amounts apropos to Winer South and Valeria are included aural basal earnings, aback they are abortive properties.

 

(c)  The write-down of advanced recognised deferred tax assets primarily relates to a abridgement in recognised deferred tax assets on brought advanced losses in Grasberg.

 

(d)  Added items accommodate assorted adjustments to accoutrement for taxation of above-mentioned periods.

 

(e)  This tax adaptation relates to the Group’s ancestor companies, subsidiaries and aggregate operations, and excludes disinterestedness accounted units. The Group’s allotment of accumulation of disinterestedness accounted units is net of tax accuse of US$185 actor (30 June 2017: US$20 million).

Financial instruments disclosures

Except breadth stated, the advice accustomed beneath relates to the banking instruments of the ancestor companies and their subsidiaries and aggregate operations, and excludes those of disinterestedness accounted units.

The appulse of the alteration to IFRS 9 on 1 January 2018 is included on pages 56 to 62.

Fair ethics acknowledgment of banking instruments

The accustomed amounts and fair ethics of all of the Group’s banking instruments which are not agitated at an aggregate which approximates their fair aggregate at 30 June 2018 and 31 December 2017 are credible in the afterward table. The fair ethics of the Group’s banknote and loans to disinterestedness accounted units almost their accustomed ethics as a aftereffect of their abbreviate adeptness or because they backpack amphibian ante of interest.

 

 

 

 

 

30 June 2018

 

31 December 2017

 

 

 

 

Carrying

 

Fair

 

Carrying

 

Fair

 

 

 

 

value

 

value

 

value

 

value

 

 

 

 

US$m

 

US$m

 

US$m

 

US$m

Short appellation borrowings

(428)

 

(428)

 

(552)

 

(552)

Medium and connected appellation borrowings

(12,485)

 

(13,806)

 

(14,624)

 

(16,385)

 

Valuation bureaucracy of banking instruments agitated at fair aggregate on a alternating basis

The table beneath shows the banking instruments agitated at fair aggregate by appraisal acclimation in accordance with IFRS 9 at 30 June 2018:

 

 

 

 

 

 

 

 

 

 

 

Not held

 

 

Total

 

Level 1(a)(i)

 

Level 2(b)(i)

 

Level 3(c)(i)

 

at fair value

 

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

Assets

 

 

 

 

 

 

 

 

 

 

Cash and banknote equivalents(d)

 

5,989

 

3,130

 

 

 

2,859

Investments in disinterestedness shares and funds

 

141

 

19

 

81

 

41

 

Other investments, including loans(e)

 

2,187

 

2,090

 

 

82

 

15

Trade and added receivables(f)

 

2,713

 

7

 

758

 

 

1,948

 

 

11,030

 

5,246

 

839

 

123

 

4,822

Derivatives (net)

 

 

 

 

 

 

 

 

 

 

Forward contracts: appointed as hedges(g)

 

(90)

 

 

 

(90)

 

Forward affairs and advantage contracts, not appointed as hedges(g)

 

232

 

 

9

 

223

 

Derivatives accompanying to net debt(h)

 

(310)

 

 

(310)

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Trade and added payables

 

(5,175)

 

 

(20)

 

 

(5,155)

 

 

5,687

 

5,246

 

518

 

256

 

(333)

 

Fair aggregate acknowledgment for banking instruments (continued) 

The table beneath shows the banking instruments agitated at fair aggregate by appraisal acclimation in accordance with IAS 39 at 31 December 2017:

 

 

 

 

 

 

 

 

 

 

 

Not held

 

 

Total

 

Level 1(a)(i)

 

Level 2(b)(i)

 

Level 3(c)(i)

 

at fair value

 

 

US$m

 

US$m

 

US$m

 

US$m

 

US$m

Assets

 

 

 

 

 

 

 

 

 

 

Cash and banknote equivalents(d)

 

10,550

 

 

 

 

10,550

Investments in disinterestedness shares and funds

 

136

 

88

 

 

3

 

45

Other investments, including loans(e)

 

1,152

 

1,037

 

 

88

 

27

Trade and added receivables(f)

 

2,985

 

 

90

 

 

2,895

 

 

14,823

 

1,125

 

90

 

91

 

13,517

Derivatives (net)

 

 

 

 

 

 

 

 

 

 

Forward affairs and advantage contracts, not appointed as hedges(g)

 

(87)

 

 

11

 

(98)

 

Derivatives accompanying to net debt(h)

 

(177)

 

 

(177)

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

Trade and added payables

 

(5,922)

 

 

(15)

 

 

(5,907)

 

 

8,637

 

1,125

 

(91)

 

(7)

 

7,610

 

(a)  Appraisal is based on unadjusted quoted prices in alive markets for identical banking instruments. This chic includes listed investments in disinterestedness shares and funds.

(b)  Appraisal is based on inputs that are appreciable for the banking instruments; which accommodate quoted prices for agnate instruments or identical instruments in markets which are not advised to be active, or inputs, either anon or alongside based on appreciable bazaar data.

(c)  Appraisal is based on inputs for the asset or accountability that are not based on appreciable bazaar abstracts (unobservable inputs).

(d) Banknote and banknote equivalents accommodate money bazaar funds which are advised as fair aggregate through accumulation or accident (‘FVPL’) beneath IFRS 9 with the fair aggregate movements activity into accounts income. Beneath IAS 39, these amounts were captivated at amortised cost.

(e)  Added investments, including loans, comprise: banknote deposits in rehabilitation funds, government bonds, managed beforehand funds and adeptness amounts receivable. The adeptness receivables are admired based on an appraisal of advanced sales accountable to the adeptness agreement.

(f)   Barter receivables accommodate provisionally priced receivables apropos to sales affairs breadth the affairs aggregate is bent afterwards accusation to the customer, based on the bazaar aggregate at the accordant citation point assured in the contract. At 31 December 2017, beneath IAS 39, the quotational aeon acknowledgment was advised to be an anchored derivative, which was afar from the host receivable and abstinent at fair aggregate through the assets statement. On acceptance of IFRS 9, the anchored acquired is no best afar and the absolute antithesis is accounted for as one apparatus and abstinent at fair value. At the end of June 2018, US$658 actor of provisionally priced receivables were recognised.

(g)  Akin 3 banking instruments, beneath IFRS 9, primarily abide of electricity acquirement affairs affiliated to the LME with acceding expiring amid 2020 and 2030 (31 December 2017: 2018 and 2030). These affairs are abstinent appliance discounted banknote flows and advantage archetypal appraisal techniques. These affairs with a net fair aggregate of US$135 actor at 30 June 2018 (31 December 2017: US$(98) million) are admired appliance cogent airy inputs with absorption to Aluminium prices.

Fair aggregate acknowledgment for banking instruments (continued) 

(h)  Absorption aggregate and bill absorption aggregate swaps are admired appliance applicative bazaar quoted bandy crop curves adapted for accordant base and acclaim absence spreads. Bill absorption aggregate bandy valuations additionally use bazaar quoted adopted barter rates. A discounted banknote breeze access is activated to the banknote flows acquired from the inputs to actuate fair value.

(i)   There were no absolute transfers amid Akin 1 and Akin 2 or amid Akin 2 and Akin 3 for the six months to 30 June 2018 or the year to 31 December 2017.

Level 3 Banking instruments

The table beneath shows the arbitrary of changes in the fair aggregate of the Group’s Akin 3 banking assets and banking liabilities for the six months to 30 June 2018 and the year concluded 31 December 2017.

 

Level 3 Banking assets and liabilities

 

 

 

 

 

 

 

30 June

2018

 

31 December

2017

 

 

 

 

 

 

 

 

 

 

 

Opening balance

 

 

 

 

 

 

 

(7)

 

479

Adjustment from transition

 

 

 

 

 

 

 

19

 

Currency adaptation adjustments

 

 

 

 

 

 

 

(9)

 

8

Total realised gains/(losses) included in:

 

 

 

 

 

 

 

 

 

 

– Circumscribed sales revenue

 

 

 

 

 

 

 

 

1

– Net operating costs

 

 

 

 

 

 

 

(1)

 

(5)

Total unrealised (losses)/gains included in:

 

 

 

 

 

 

 

 

 

 

– Circumscribed sales revenue

 

 

 

 

 

 

 

(6)

 

17

– Net operating costs

 

 

 

 

 

 

 

145

 

(508)

Total unrealised assets transferred into added absolute income

 

 

 

 

 

 

 

93

 

Disposals/maturity of banking instruments

 

 

 

 

 

 

 

 

(5)

Transfers

 

 

 

 

 

 

 

22

 

6

Closing balance

 

 

 

 

 

 

 

256

 

(7)

Total gains/(losses) included in the assets anniversary for assets and liabilities captivated at end of period

 

 

138

 

(491)

Sensitivity assay in anniversary of akin 3 derivatives

Forward affairs and options whose fair aggregate is bent appliance airy inputs are affected appliance adapted discounted banknote breeze and advantage archetypal appraisal techniques.

The best cogent of these assumptions relates to connected appellation appraisement breadth centralized appraisement assumptions are acclimated afterwards the 10 year LME curve. A 10 per cent access in connected appellation metal appraisement assumptions would aftereffect in a US$16 actor (31 December 2017: US$41 million) abatement in accustomed value. A 10 per cent abatement in connected appellation metal appraisement assumptions would aftereffect in a US$38 actor (31 December 2017: US$22 million) access in accustomed value.

 

Acquisitions and disposals

30 June 2018

Acquisitions

On 10 May 2018, Rio Tinto and Alcoa appear they had launched a new aggregate venture, Elysis, to beforehand and commercialise a carbon-free aluminium admixture process. Rio Tinto’s absorption in the aggregate adventure has been accounted for appliance the disinterestedness acclimation based aloft an absolute valuation. Aloft accumulation of the aggregate venture, Rio Tinto contributed patents and licenced bookish acreage to the adventure and invested banknote of US$5 million.

Disposals

On 22 March 2018, Rio Tinto entered into a bounden acceding with Whitehaven Atramentous Bound for the auction of its absolute 75 per cent absorption in the Winer South atramentous development action in Queensland, Australia. The auction was completed on 1 June 2018 for absolute appliance of US$200 million, comprised of US$150 actor banknote accustomed in the aeon and an absolute banknote acquittal of US$50 actor due in June 2019. 

Disposals appear but not completed as at 30 June 2018

On 10 January 2018, Rio Tinto accustomed a bounden action from Liberty House to access Rio Tinto’s Aluminium Dunkerque smelter in arctic France for US$500 million, accountable to final adjustments.

On 26 February 2018, Rio Tinto accustomed a bounden action from Hydro of US$345 million, accountable to final adjustments, to access Rio Tinto’s ISAL smelter in Iceland, its 53.3 per cent allotment in the Aluchemie anode bulb in the Netherlands and its 50 per cent allotment in the Aluminium fluoride bulb in Sweden.

On 20 March 2018, Rio Tinto entered into a bounden acceding with Glencore for the auction of its absolute absorption in the Hail Creek atramentous abundance and the Valeria atramentous development action in Queensland, Australia, for US$1.7 billion. The auction includes Rio Tinto’s 82.0 per cent absorption in the Hail Creek operating abundance and its 71.2 per cent absorption in the Valeria project. The auction completed on 1 August 2018.

On 27 March 2018, Rio Tinto entered into a bounden acceding with a bunch absolute clandestine disinterestedness administrator EMR Basal (EMR) and PT Adaro Action Tbk (Adaro), an Indonesian listed atramentous company, for the auction of its absolute 80 per cent absorption in the Kestrel underground atramentous abundance in Queensland, Australia, for US$2.25 billion. In the aboriginal bisected of 2018, Rio Tinto accustomed non-refundable deposits of US$338 actor in anniversary of this sale. The auction completed on 1 August 2018.

Subject to all authoritative approvals and added altitude actuality satisfied, Rio Tinto expects the absolute affairs to complete in the added bisected of 2018. At 30 June 2018, Rio Tinto’s interests in these assets were classified as captivated for sale.

30 June 2017

Acquisitions

In May 2017, the Group’s subsidiary, Simfer Jersey Bound (Rio Tinto share: 53 per cent) purchased a 4.25 per cent absorption in Simfer SA from International Accounts Corporation (IFC) for US$194 actor in accordance with a put advantage acclimatized by IFC. Consequently, the Group’s allotment of Simfer SA added from 42.80 per cent to 45.05 per cent.

Disposals

There were no absolute disposals during the six months concluded 30 June 2017.

 

On 24 January 2017, Rio Tinto appear it had accomplished a bounden acceding for the auction of its 100 per cent shareholding in Atramentous & Allied Industries Bound to Yancoal Australia Bound for absolute appliance of US$2.69 billion (before alive basal adjustments). At 30 June 2017 Atramentous & Allied Industries Bound was classified as an asset captivated for sale. The transaction completed on 1 September 2017.

Other disclosures

Capital commitments at 30 June 2018

Capital commitments, excluding the Group’s allotment of aggregate adventure basal commitments, were US$2,562 actor (31 December 2017: US$2,641 million). Basal commitments accommodate accessible acquirement orders for managed operations and aggregate on aloft projects authorised to date by the Rio Tinto Beforehand Board for non-managed operations. On a accurately acknowledged base basal commitments would be about US$0.5 billion (31 December 2017: US$0.5 billion) as abounding of the affairs apropos to the Group’s projects access assorted abandoning clauses. 

The Group’s allotment of aggregate adventure basal commitments was US$153 actor (31 December 2017: US$29 million).

Contingent liabilities (subsidiaries and aggregate operations)

Contingent liabilities, indemnities and added achievement guarantees were US$522 actor at 30 June 2018 (31 December 2017: US$552 million).

Indemnities and added achievement guarantees represent the abeyant address of funds from the Accumulation for the achievement of obligations including those beneath acknowledged arrange (for archetype undertakings accompanying to supplier agreements) not provided for in the antithesis sheet, breadth the likelihood of the guarantees or indemnities actuality alleged is adjourned as accessible rather than credible or remote. There were no absolute accidental liabilities arising in affiliation to the Group’s aggregate ventures and associates.

In October 2017, Rio Tinto appear that it had been notified by the U.S. Antithesis and Barter Commission (SEC) that the SEC had filed a complaint in affiliation to Rio Tinto’s disclosures and timing of the crime of Rio Tinto Atramentous Mozambique (RTCM). The crime was reflected in Rio Tinto’s 2012 anniversary accounts. The SEC alleges that Rio Tinto, a aloft arch executive, Tom Albanese, and the antecedent arch banking officer, Guy Elliott, committed violations of the antifraud, reporting, books and annal and centralized ascendancy accoutrement of the federal antithesis law by not accurately advice the aggregate of RTCM and not impairing it aback Rio Tinto appear its 2011 anniversary accounts in February 2012 or its 2012 acting after-effects in August 2012.

In March 2018, the Australian Antithesis and Investments Commission (ASIC) filed civilian affairs in the NSW District Registry of the Federal Court of Australia adjoin Rio Tinto Ltd, Albanese, and Elliott.  On 1 May 2018, ASIC broadcast its proceedings.  ASIC alleges that Rio Tinto committed violations of disclosure, accounting, and ambiguous or ambiguous conduct accoutrement of the Corporations Act by authoritative ambiguous or ambiguous statements accompanying to RTCM in its 2011 anniversary address and its 2012 acting banking statements, not acknowledging with accounting standards in anniversary of its 2012 acting banking statements, and not advice an crime of RTCM in its 2012 acting banking statements.  ASIC added alleges Albanese and Elliott breached their duties as admiral or officers, and bootless to booty all reasonable accomplish to accede with accordant accounting requirements. 

Rio Tinto believes that the SEC case and the ASIC affairs are baseless and that, aback all the facts are advised by the courts, the claims will be rejected. Rio Tinto will avert the allegations vigorously.

In October 2017, Rio Tinto accomplished a acclimation with the UK’s Banking Conduct Authority (FCA) accompanying to the timing of the crime of RTCM, with the FCA chargeless that Rio Tinto had breached the FCA’s Acknowledgment and Transparency Rules, arty a banking amends on Rio Tinto of £27.4 actor (US$36.4 million). It is important to accent that the FCA fabricated no allegation of fraud, or of any systemic or boundless abortion by Rio Tinto. This abstracted FCA case is now closed.

In addition, Rio Tinto continues to co-operate absolutely with accordant authorities in affiliation with their investigations in affiliation to acknowledged payments totalling US$10.5 actor fabricated to a adviser who had provided advising casework in 2011 on the Simandou action in Guinea.

The outcomes of these matters, and associated chic accomplishments that access been commenced on anniversary of antithesis holders, abide uncertain, but they could ultimately betrayal the Accumulation to absolute banking cost. The lath is giving these affairs its abounding and able absorption and a committed lath board continues to adviser the beforehand of these matters.

The Accumulation is ecology developments in affiliation to EU Accompaniment Aid investigations including the EU Commissions Accompaniment Aid assay into the UK’s Controlled Adopted Aggregation taxation regime. The Accumulation does not currently accede that any accouterment is adapted in affiliation to EU Accompaniment Aid.

Related affair matters

Purchases and sales chronicle abundantly to amounts answerable by disinterestedness accounted units for appraisal processing of alumina and purchases of bauxite and aluminium. Accommodation of the Group’s arch disinterestedness accounted units are accustomed in the 2017 Anniversary report.

 

 

 

Six months

 

Six months

 

 

to 30 June

 

to 30 June

 

 

2018

 

2017

Income anniversary items

 

US$m

 

US$m

Purchases from disinterestedness accounted units

 

(551)

 

(569)

Sales to disinterestedness accounted units

 

310

 

134

 

 

 

 

 

Cash breeze anniversary items

 

 

 

 

Dividends from disinterestedness accounted units

 

418

 

169

Net allotment of disinterestedness accounted units

 

(3)

 

(2)

 

 

 

30 June

 

31 December

 

 

2018

 

2017

Balance breadth items

 

US$m

 

US$m

Investments in disinterestedness accounted units(a)

 

4,512

 

4,486

Loans to disinterestedness accounted units

 

37

 

39

 

 

 

 

 

Loans from disinterestedness accounted units

 

(25)

 

(31)

Trade and added receivables: amounts due from disinterestedness accounted units

 

315

 

299

Trade and added payables: amounts due to disinterestedness accounted units

 

(176)

 

(175)

 

(a)  Investments in disinterestedness accounted units accommodate credible disinterestedness loans.

 

Rio Tinto plc has provided a cardinal of guarantees in affiliation to assorted alimony funds. Accountable to assertive conditions, Rio Tinto plc would pay any contributions due from Accumulation companies accommodating in these funds in the accident that the companies abort to accommodated their accession requirements.

 

Events afterwards the antithesis breadth date

On 12 July 2018, Rio Tinto, PT Indonesia Asahan Aluminium (Persero) (Inalum) and Freeport McMoran Inc. (FCX) appear they had alive a non-binding acceding in affiliation to the aing buying of the Grasberg abundance in Indonesia. The Heads of Acceding accommodation the proposed arch acceding for the auction of Rio Tinto’s absolute absorption in Grasberg to Inalum, Indonesia’s accompaniment mining company, for US$3.5 billion. All parties access committed to assignment appear accordant and signing bounden agreements in the added bisected of 2018. Accustomed the acceding that abide to be agreed, the likelihood of the transaction commutual is not advised awful credible at this time. Any final agreements will be accountable to approval by the all-important government regulators and authorities. The Group’s beforehand in Grasberg has not been advised as an asset captivated for auction as at 30 June 2018.

 

On 1 August 2018, Rio Tinto appear it had completed the auction of its absolute atramentous assets in Queensland, Australia for $3.95 billion.  The completed sales accommodate Rio Tinto’s interests in the Hail Creek atramentous abundance and Valeria atramentous development action to Glencore for $1.7 billion, and its absorption in the Kestrel underground atramentous abundance to Kestrel Atramentous Assets Pty Ltd, absolute EMR Basal and PT Adaro Action Tbk, for $2.25 billion.

 

Basis of preparation

The abridged circumscribed acting banking statements included in this acting address access been able in accordance with International Accounting Accustomed (‘IAS’) 34 ‘Interim banking reporting’ as adopted by the European Abutment (‘EU’), the Acknowledgment Advice and Transparency Rules sourcebook (‘DTR’) of the Banking Conduct Authority (‘FCA’) applicative to acting banking advertisement and an Acclimation beneath area 340 of the Australian Corporations Act 2001 issued by the Australian Antithesis and Investments Commission on 14 December 2015.

These abridged circumscribed acting banking statements represent a ‘condensed set of banking statements’ as referred to in the DTR issued by the FCA. Accordingly, they do not accommodate all of the advice adapted for a abounding anniversary banking address and are to be apprehend in affiliation with the Group’s anniversary banking statements for the year concluded 31 December 2017 and any accessible announcements fabricated by the Accumulation during the acting advertisement period. In addition, the appulse of anew adopted accounting standards (IFRS 15 ‘Revenue from Affairs with Customers’, IFRS 9 ‘Financial Instruments’) which became applicative for the accustomed advertisement aeon and adapted the Accumulation to change its accounting behavior are appear on pages 56 to 65.

The 2017 anniversary banking statements were able on a activity affair base in accordance with the Companies Act 2006 applicative to companies advertisement beneath International Banking Advertisement Standards and in accordance with applicative UK law, applicative Australian law as adapted by the Australian Antithesis and Investments Commission Acclimation anachronous 14 December 2015 and Article 4 of the European Abutment IAS acclimation and in accordance with:

–      International Banking Advertisement Standards as issued by the International Accounting Standards Lath (IASB) and interpretations issued from time to time by the IFRS Interpretations Board (IFRS IC) both as adopted by the European Abutment and which were bounden for EU advertisement as at 31 December 2017; and

–      International Banking Advertisement Standards as issued by the IASB and interpretations issued from time to time by the IFRS IC which were bounden as at 31 December 2017.

These abridged circumscribed banking statements are unaudited and do not aggregate accustomed accounts as authentic in Area 434 of the United Kingdom Companies Act 2006. The banking advice for the year to 31 December 2017 included in this address has been extracted from the abounding banking statements filed with the Registrar of Companies. The Auditors’ address on these abounding banking statements was unqualified, did not accommodate a advertence to any affairs to which the accountant drew absorption by way of accent of bulk and did not accommodate statements beneath area 498 (2) (regarding capability of accounting annal and returns), or beneath area 498 (3) (regarding accouterment of all-important advice and explanations) of the Companies Act 2006.

Accounting behavior

The abridged circumscribed acting banking statements access been fatigued up on the base of accounting policies, methods of ciphering and presentation connected with those activated in the banking statements for the year concluded 31 December 2017, and in the agnate acting period, except for the change in accounting requirements set out beneath all of which were able as at 1 January 2018 afterwards digest of above-mentioned years. This base of accounting is referred to as ‘IFRS’ in this report.

The Accumulation adopted IFRS 9 ‘Financial Instruments’, IFRS 15 ‘Revenue from Affairs with Customers’ and IFRIC 22 ‘Foreign Bill Affairs and Beforehand Consideration’ and a cardinal of added accessory amendments to IFRS on 1 January 2018. All of these pronouncements access been accustomed by the European Abutment (‘EU’).  Advice on the alteration appulse of these new pronouncements is included in the ‘Change in Accounting Policies’ area below.

The Accumulation has not aboriginal adopted any amendments, standards or interpretations that access been issued but are not yet effective.

The analytic accounting judgements and key sources of admiration ambiguity for the bisected year are the aforementioned as those appear in the Group’s circumscribed banking statements for the year concluded 31 December 2017.

The banking advice by business assemblage and the geographic assay of sales by destination provided on pages 12 to 15 and 45 of this columnist absolution respectively, amuse the acknowledgment requirements of IFRS 8 ‘Operating Segments’ for acting banking statements and additionally accommodate added autonomous acknowledgment which the Accumulation considers is advantageous to the users of the banking statements. 

International banking advertisement standards bounden aloft 2018

IFRIC 23 ‘Uncertainty over Assets Tax Treatments’, IFRS 16 ‘Leases’ and a cardinal of accessory amendments to IFRS are bounden in 2019. The 2018 Conceptual Framework for Banking Advertisement is able in 2020 for preparers that beforehand an accounting action based on the Framework. IFRS 17 ‘Insurance Contracts’ is bounden in 2021.

IFRIC 23 changes the acclimation of artful accoutrement for ambiguous tax positions. The advertisement has not yet been accustomed by the EU.  The Accumulation currently recognises accoutrement based on the best acceptable aggregate of the liability, if any, for anniversary abstracted ambiguous tax position. The estimation requires a anticipation abounding boilerplate access to be taken for issues for which there are a advanced ambit of accessible outcomes. For tax issues with a bifold outcome, the best acceptable aggregate acclimation still remains. The appulse of acceptance of IFRIC 23 is not currently accustomed to be material; however, the position will be monitored during the of 2018.

Information on the Group’s accomplishing action to date for IFRS 16, which has been accustomed by the EU, was provided in the Group’s anniversary banking statements for the year concluded 31 December 2017. A abrupt amend on the accomplishing action is provided beneath and added advice will be provided in the Group’s anniversary banking statements for the year catastrophe 31 December 2018.

The 2018 Conceptual Framework describes the cold of, and the concepts for, accustomed purpose banking reporting. The purpose of the Conceptual Framework is to:

a)   abetment the International Accounting Standards Lath (Board) to beforehand IFRS Standards (Standards) that are based on connected concepts;

b)   abetment preparers to beforehand connected accounting behavior aback no Accustomed applies to a accurate transaction or added event, or aback a Accustomed allows a best of accounting policy; and

c)   abetment all parties to access and adapt the Standards.

International banking advertisement standards bounden aloft 2018 (continued)

The Conceptual Framework is not a Standard. Annihilation in the Conceptual Framework overrides any Accustomed or any claim in a Standard. The Accumulation is currently evaluating this pronouncement.

IFRS 17 provides connected attempt for all aspects of accounting for allowance contracts. The Accumulation is currently evaluating this pronouncement.

IFRS 16

As acclaimed in the 2017 Anniversary Address the Accumulation currently expects to use the adapted attendant approach. The Accumulation additionally expects to absorb the allocation of absolute affairs as leases beneath accustomed accounting standards (‘grandfathering’) instead of reassessing whether absolute affairs are or accommodate a charter at the date of appliance of the new standard. Further, the Accumulation does not currently intend to accompany abbreviate appellation leases (12 months or beneath to run as at 1 January 2019 including analytic assertive options to extend) or low aggregate leases on antithesis sheet. Costs for these items will abide to be expensed anon to the assets statement.

IFRS 16 will aftereffect in college assets and liabilities on the antithesis sheet. Advice on the undiscounted aggregate of US$1.8 billion for the Group’s non-cancellable operating charter commitments as authentic beneath IAS 17, the accustomed leasing standard, as at 31 December 2017 is appear in agenda 31 to the 2017 Anniversary Report.  The present value, as authentic beneath IFRS 16, of liabilities for those IAS 17 operating leases to be reflected on the antithesis breadth at 1 January 2019 will be included in net debt. There are a cardinal of differences in analogue amid the two standards.  Added advice on the differences amid the two standards is provided on folio 119 of the 2017 Anniversary Report.

The Accumulation is implementing a charter accounting acclimation which will be acclimated for the majority of the Group’s leases and assignment is currently advancing on agreement of the acclimation and abstracts accumulating in alertness for abstracts loading and testing. Assignment on advancing the acclimation for go-live on 1 January 2019, including the accouterment of training on the acclimation and amendments to processes, will abide throughout the added bisected of 2018. A abstracted adjustment affiliated acclimation will be acclimated for the Group’s aircraft leases with a agnate timeline to implementation.  

Work on action improvements and the cessation of accounting interpretations continues for IFRS 16. Practical appliance of new accounting pronouncements continues to develop, decidedly in affiliation to IFRS 16 and the Accumulation continues to adviser this.

Changes in accounting policies

This agenda explains the appulse of the acceptance of IFRS 9 ‘Financial Instruments’ and IFRS 15 ‘Revenue from Affairs with Customers’ on the Group’s banking statements and additionally discloses the new accounting behavior activated from 1 January 2018, breadth these alter from those activated in above-mentioned periods. Above-mentioned aeon accounting behavior are appear in agenda 1 to the 2017 Anniversary Report. The acceptance of IFRIC 22 Adopted Bill Affairs and Beforehand Appliance and added accessory changes to IFRS applicative for 2018 did not access a cogent appulse on the Group’s banking statements.

The appulse on Disinterestedness attributable to owners of Rio Tinto as at 1 January 2018 of the acceptance of IFRS 9 and IFRS 15 is as follows;

 

 

US $m

Equity attributable to owners of Rio Tinto as at 31 December 2017

 44,711

IFRS 9 Crime accouterment connected from appliance of the Accustomed Acclaim Accident (‘ECL’) archetypal and revaluations

        (5)

IFRS 15 De-recognition of receivable arising from boost transaction (see folio 64)

    (164)

Restated disinterestedness attributable to owners of Rio Tinto as at 1 January 2018

 44,542

 

1.   IFRS 9 Banking Instruments – Accounting action activated from 1 January 2018

a)   Banking Assets

Classification and measurement

The Accumulation classifies its banking assets into the afterward categories: those to be abstinent afterwards at fair aggregate (either through added absolute assets (‘FVOCI’) or through the assets anniversary (‘FVPL’)) and those to be captivated at amortised cost.

Classification depends on the business archetypal for managing the banking assets and the acknowledged acceding of the banknote flows.  Administration determines the allocation of banking assets at antecedent recognition. The Group’s action with absorption to banking accident administration is set out in Agenda 30 of the 2017 Anniversary Report.   Generally, the Accumulation does not access banking assets for the purpose of affairs in the abbreviate term. The Group’s business archetypal is primarily that of ‘Hold to collect’ (where assets are captivated in acclimation to aggregate acknowledged banknote flows). Aback the Accumulation enters into acquired contracts, these affairs are advised to abate exposures apropos to assets and liabilities, aing commitments or advancing transactions.

(i)   Banking assets captivated at amortised cost

This allocation applies to debt instruments which are captivated beneath a authority to aggregate business archetypal and which access banknote flows that accommodated the ”Solely payments of arch and interest” (SPPI) criteria.

At antecedent recognition, barter receivables that do not access a cogent costs component, are recognised at their transaction price.  Added banking assets are initially recognised at fair aggregate added accompanying transaction costs; they are afterwards abstinent at amortised aggregate appliance the able absorption method. Any accretion or accident on de-recognition or modification of a banking asset captivated at amortised aggregate is recognised in the assets statement. 

(ii)  Banking assets captivated at fair aggregate through added absolute assets (FVOCI)

This allocation applies to the afterward banking assets:

·      Debt instruments that are captivated beneath a business archetypal breadth they are captivated for the accumulating of acknowledged banknote flows and additionally for auction (‘Collect and sell’) and which access banknote flows that accommodated the SPPI criteria.  An archetype would be breadth barter receivable invoices for assertive barter were factored from time to time.

All movements in the fair aggregate of these banking assets are taken through added absolute income, except for the acceptance of crime assets or losses, absorption acquirement (including transaction costs by applying the able absorption method), assets or losses arising on de-recognition and adopted barter assets and losses which are recognised in the assets statement.  Aback the banking asset is derecognised, the accumulative fair aggregate accretion or accident advanced recognised in added absolute assets is reclassified to the assets statement. 

·      Disinterestedness investments breadth the Accumulation has assuredly adopted to present fair aggregate assets and losses on revaluation in added absolute income.  The acclamation can be fabricated for anniversary abandoned beforehand about it is not applicative to disinterestedness investments captivated for trading.

Fair aggregate assets or losses on revaluation of such disinterestedness investments, including any adopted barter component, are recognised in added absolute income.  Aback the disinterestedness beforehand is derecognised, there is no reclassification of fair aggregate assets or losses advanced recognised in added absolute assets to the assets statement.  Assets are recognised in the assets anniversary aback the adapted to access acquittal is established. 

(iii) Banking assets captivated at fair aggregate through accumulation or accident (FVPL)

This allocation applies to the afterward banking assets, in all cases, affairs costs are anon expensed to the assets statement:

·      Debt instruments that do not accommodated the acceptance of amortised aggregate or fair aggregate through added absolute income. The Accumulation has a cogent admeasurement of barter receivables with anchored derivatives for conditional pricing. These receivables are about captivated to aggregate but do not accommodated the SPPI acceptance and as a aftereffect accusation be captivated at FVPL.

Subsequent fair aggregate assets or losses are taken to the assets statement.  

·      Disinterestedness Investments which are captivated for trading or breadth the FVOCI acclamation has not been applied.

All fair aggregate assets or losses and accompanying allotment assets are recognised in the assets statement.

·      Derivatives which are not appointed as a ambiguity instrument.  

All consecutive fair aggregate assets or losses are recognised in the assets statement.

b)   Banking liabilities

Borrowings and added banking liabilities (including barter payables but excluding acquired liabilities) are recognised initially at fair value, net of transaction costs incurred, and are afterwards abstinent at amortised cost.

The Accumulation participates in accumulation alternation accounts arrange whereby vendors may access to access aboriginal acquittal of their antithesis from a coffer by factoring their receivable from Rio Tinto.  These arrange do not adapt the acceding of the aboriginal liability, and appropriately banking liabilities accountable to accumulation alternation accounts abide to be classified as barter payables.

c)   Crime of banking assets

A advanced attractive accustomed acclaim accident (ECL) assay is adapted for; debt instruments abstinent at amortised aggregate or captivated at fair aggregate through added absolute income; accommodation commitments and banking guarantees not abstinent at fair aggregate through accumulation or loss; charter receivables and barter receivables that accord acceleration to an absolute adapted to consideration. 

As acceptable by IFRS 9, the Accumulation applies the ‘simplified approach’ to barter receivable balances and the ‘general approach’ to all added banking assets. The accustomed access incorporates a assay for any cogent access in counterparty acclaim accident aback inception.  The ECL reviews accommodate assumptions about the accident of absence and accustomed accident rates.  For barter receivables, the appraisal takes into anniversary the use of acclaim enhancements, for example, belletrist of credit.  Impairments for undrawn accommodation commitments are reflected as a provision. 

d)   Derivatives and barrier accounting

The Accumulation applies the barrier accounting requirements beneath IFRS 9 and its ambiguity activities are discussed in Agenda 30 of the 2017 Anniversary Address with movements on ambiguity affluence appear in Agenda 29.  Breadth applicable, the Accumulation may adjourn the costs of ambiguity including bill base spreads, advanced credibility and the time aggregate of options.

2.   Appulse of alteration to IFRS 9 Banking Instruments as at 1 January 2018

The Accumulation adopted IFRS 9 Banking Instruments on 1 January 2018, which resulted in changes in accounting behavior and adjustments to the amounts recognised in the banking statements as at this date.   The accustomed replaced the accoutrement of IAS 39 that chronicle to the recognition, allocation and altitude of banking assets and banking liabilities; de-recognition of banking instruments; crime of banking assets; and barrier accounting.  The new accounting behavior apropos to banking instruments are set out on pages 57 to 58.

For transition, the Accumulation has adopted to administer the bound absolution in IFRS 9 apropos to the classification, altitude and crime requirements for banking assets and appropriately has not restated allusive periods.  Any connected adjustments to accustomed ethics in the aperture antithesis breadth access been recognised in aperture retained antithesis at 1 January 2018.  The Accumulation has adopted for attendant appliance for assertive aspects of barrier accounting in accurate apropos to the assay of the aggregate of hedging.

The Accumulation applies the new advanced attractive accustomed acclaim accident archetypal adapted by IFRS 9, appliance the simplified access for its barter receivables portfolio assay and the accustomed access for all added banking assets as adapted by the standard.

The appulse of alteration to IFRS 9 on the Group’s aperture retained antithesis as at 1 January 2018 is as follows;

 

 

US$m

Closing retained antithesis 31 December 2017

23,761

Costs of ambiguity adjustment

(22)

Reclassification of disinterestedness investments from accessible for auction to FVPL

12

Impairment accouterment connected from the appliance of the ECL model

(7)

Tax impact

1

Revaluation of funds

1

Adjustment to retained antithesis from acceptance of IFRS 9 on 1 January 2018 (sub-total)

(15)

Opening retained antithesis 1 January 2018 – IFRS 9 (before digest for IFRS 15)

23,746

 

a)   Allocation and altitude of banking assets

On 1 January 2018, the Group’s administration adjourned the allocation of its banking assets on the base of the acknowledged acceding of their banknote flows and the business archetypal by which they are managed.

Financial assets access been classified into the adapted IFRS 9 categories below.  Accredit to pages 57 to 58 for the Groups revised banking asset allocation and altitude policies.

 

IFRS 9 allocation at 1 January 2018

 

Held at FVPL

Held at FVOCI (designated)

Held at Amortised Cost

IAS 39 allocation at 1 January 2018

Total

Held for trading

Available for sale

Loans & receivable,

Held to maturity

 

US$m

US$m

US$m

US$m

Opening Antithesis – IAS 39

15,288

1,482

136

13,670

Cash and banknote equivalents(i)(iv)

Reclassification of money bazaar funds from amortised aggregate to FVPL

7,813

(7,813)

Trade and added receivables(ii)(iv)

Reclassification of barter and added receivables from amortised aggregate to FVPL

1,316

(1,316)

Investments in disinterestedness shares and funds(iii)

Reclassification of investments from accessible for auction to FVPL

90

(90)

Other beforehand including loans

Reclassification of a banking asset from captivated to adeptness to FVPL

6

(6)

Opening antithesis – IFRS 9 (excluding accustomed acclaim losses and revaluation of funds)

15,288

10,707

46

4,535

Impairment accouterment connected from the appliance of the ECL model

(7)

 

 

 

Revaluation of funds

1

 

 

 

Opening antithesis – IFRS 9 (including accustomed acclaim losses and revaluation of funds)

15,282

 

 

 

 

The absolute reclassification adjustments accompanying to:

(i)   Money bazaar funds of US$7.8 billion did not accommodated the austere abandoned arch and absorption on arch (SPPI) acceptance connected in a reclassification from amortised aggregate to FVPL.  These instruments abide to accommodated the IAS 7 “Statement of Banknote Flows” acceptance for allocation as banknote and banknote equivalents and will abide to be included aural net debt, as appear in Agenda 24 of the Group’s 2017 banking statements.

(ii)   Barter receivables of US$1.3 billion with anchored derivatives (relating to conditional appraisement acceding at the time ascendancy of appurtenances passed) did not accommodated the SPPI criteria; these balances are advised in their absoluteness for allocation purposes beneath IFRS 9.

(iii)  Investments not affair the SPPI assay access been reclassified to FVPL.

(iv)  Due to the abbreviate appellation attributes of these banking assets the fair aggregate of the reclassified assets does not alter decidedly from their amortised cost.

 

The table beneath shows the allocation and altitude of banking assets at 30 June 2018. This acknowledgment is abandoned adapted for abounding year advertisement on an advancing base but is provided in the 2018 acting accounts to abutment the alteration disclosure:

 

 

Total

Held at FVPL

Held at FVOCI (designated)

Held at Amortised Cost

Financial assets

US$m

US$m

US$m

US$m

Cash and banknote equivalents

5,989

3,130

2,859

Trade and added receivables(a)

2,713

765

1,948

Investments in disinterestedness shares and funds

141

81

60

Other investments, including loans

2,187

2,172

15

Forward affairs appointed as hedges

24

24

Forward affairs and advantage affairs not appointed as hedges

281

281

Derivatives accompanying to net debt

63

63

Loans to disinterestedness accounted units including credible disinterestedness loans

179

179

 

11,577

6,516

60

5,001

(a)  Barter and added receivables exclude non-financial assets such as alimony surpluses, accommodation of tolling accuse to aggregate operations and added prepayments aural added receivables and will appropriately alter to the amounts credible in the antithesis sheet.

 

b)   Retained antithesis and reserves

 

 

Effect on Accessible for auction (‘AfS’)

reserve

Effect on FVOCI reserve

Costs of ambiguity reserve

Cash breeze barrier reserve

Effect on retained earnings

 

US$m

US$m

US$m

US$m

US$m

Closing antithesis – 31 December 2017

20

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32

23,761

Reclassification of disinterestedness investments from AfS(v)

(20)

8

12

Impact of costs of ambiguity adjustment(vi)

26

(4)

(22)

Impairment provisions(vii)

(7)

Tax Impact

1

Re-measurement of funds

1

Total Impact

(20)

8

26

(4)

(15)

Opening antithesis – 1 January 2018

8

26

28

23,746

(v)   The Accumulation has adopted to allocate assertive disinterestedness investments as fair aggregate through OCI.

(vi)  The costs of ambiguity acclimation is explained in (c) below.

(vii) The crime accouterment is explained in (d) below.

c)   Derivatives and ambiguity activities

The Group’s accident administration strategies and associated barrier affidavit access been accumbent with the requirements of IFRS 9 and absolute ambiguity relationships beneath IAS 39 access been advised as continuing hedges.

Amendments to the barrier accounting rules beneath the new accustomed access accustomed the Accumulation to administer barrier accounting to the aluminium advanced and advantage affairs anchored in the electricity acquirement affairs of assertive aluminium smelters appropriately abbreviation animation in the assets statement.

IFRS 9 allows for the cessation of assertive costs of ambiguity including adopted bill base spreads. The Accumulation has appointed cantankerous bill absorption aggregate swaps as ambiguity instruments and afar the adopted bill base spreads from the barrier relationship. Changes in the adopted bill base advance are included in a aggregate of ambiguity assets and will be afterwards recycled to accumulation or accident as the belted anniversary impacts on accumulation or loss. The attendant appliance for the assay of adopted bill spreads has resulted in a alteration of US$22 actor from retained antithesis to the aggregate of ambiguity assets and a alteration of US$4 actor from the banknote breeze barrier assets to the aggregate of ambiguity reserve.

d)   Crime of banking assets

The Accumulation implemented the new advanced attractive accustomed acclaim accident archetypal which is adapted for assertive banking instruments.  The simplified access was acclimated for the barter receivables portfolio and the accustomed access was activated to all added banking assets acute review.   The alteration appulse of US$7 actor on aperture retained antithesis is appear on folio 59. 

3.   IFRS 15 Acquirement from affairs with barter – Accounting action activated from 1 January 2018

Recognition and measurement

The Accumulation recognises sales acquirement accompanying to the alteration of promised appurtenances or casework aback ascendancy of the appurtenances or casework passes to the customer. The aggregate of acquirement recognised reflects the appliance to which the Accumulation is or expects to be advantaged in barter for those appurtenances or services.

Sales acquirement is recognised on abandoned sales aback ascendancy transfers to the customer. In best instances, ascendancy passes and sales acquirement is recognised aback the artefact is delivered to the barge or agent on which it will be transported already loaded, the destination anchorage or the customer’s premises. There may be affairs aback acumen is adapted based on the bristles indicators of ascendancy below.

–     The chump has the cogent risks and rewards of buying and has the adeptness to absolute the use of, and access essentially all of the absolute allowances from the acceptable or service;

–     The chump has a present obligation to pay in accordance with the acceding of the sales contract. For shipments beneath the Incoterms Cost, Allowance and Bales (CIF)/ Carriage Paid to (CPT)/ Aggregate and Bales (CFR) this is about aback the address is loaded, at which time the obligation for acquittal is for both artefact and freight;

–     The chump has accustomed the asset. Sales acquirement may be accountable to acclimation if the artefact blueprint does not accommodate to the acceding authentic in the sales adjustment but this does not appulse the casual of control. Assay and blueprint adjustments access been immaterial historically;

–     The chump has acknowledged appellation to the asset. The Accumulation usually retains acknowledged appellation until acquittal is accustomed for acclaim accident purposes only.

–     The chump has concrete ascendancy of the asset. This indicator may be beneath important as the chump may access ascendancy of an asset above-mentioned to accepting concrete possession, which may be the case for appurtenances in transit.

The Accumulation sells a cogent admeasurement of its articles on Aggregate and Bales (CFR) or Cost, Allowance & Bales (CIF) Incoterms. This agency that the Accumulation is amenable (acts as principal) for accouterment aircraft casework and, in some instances, allowance afterwards the date at which ascendancy of appurtenances passes to the chump at the loading port. The Accumulation appropriately has abstracted achievement obligations for bales and allowance casework that are provided abandoned to facilitate auction of the t it produces. Added Incoterms frequently acclimated by the Accumulation are Chargeless on Lath (FOB), breadth the Accumulation has no albatross for bales or allowance already ascendancy of the appurtenances has anesthetized at the loading port, and Delivered at Abode (DAP) breadth ascendancy of the appurtenances passes aback the artefact is delivered to the agreed destination. For these Incoterms there is abandoned one achievement obligation, actuality for accouterment of artefact at the point breadth ascendancy passes.

The Group’s articles are awash to barter beneath affairs which alter in administration and appraisement mechanisms, including some volumes awash in the atom market. Appraisement for adamant ore is on a ambit of terms, the majority actuality either account or anniversary boilerplate appraisement mechanisms, with a abate admeasurement of adamant ore volumes actuality awash on the atom market.

Within anniversary sales contract, anniversary tonne of artefact alien is a abstracted achievement obligation. Acquirement is about recognised at the apprenticed aggregate as this reflects the stand- abandoned affairs price.

Sales acquirement excludes any applicative sales taxes. Mining royalties payable are presented as an operating aggregate or, breadth they are in actuality a profit-based tax, aural taxation.

Sales of nut administer are declared net of the assay and adorning accuse which will be adapted to catechumen it to an end product.

Certain of the Group’s articles may be provisionally priced at the date acquirement is recognised, however, essentially all adamant ore and aluminium sales are reflected at final prices in the after-effects for the period. The final affairs aggregate for all conditional priced articles is based on the aggregate for the quotational aeon assured in the contract. Final prices for nut administer are commonly bent amid 30 to 180 canicule afterwards accusation to the customer. The change in aggregate of the provisionally priced receivable is based on accordant advanced bazaar prices and is included in sales acquirement as acclaimed above.

Presentation and disclosures

Consolidated sales acquirement as appear in the assets anniversary comprises sales to third parties. Assertive of the Group’s articles may be provisionally priced at the date acquirement is recognised. Sales acquirement includes acquirement from affairs with customers, which is accounted for beneath IFRS 15 ‘Revenue from Affairs with Customers’ and consecutive movements in provisionally priced receivables which are accounted for beneath IFRS 9 ‘Financial Instruments’.  A breakdown of sales acquirement amid these two amounts is appear in the artefact assay on folio 45) and added detail on conditional appraisement is accustomed below. Sales acquirement as appear in this columnist absolution includes acquirement from movements in provisionally priced receivables, connected with the assay in above-mentioned periods.

The Accumulation considers that the appulse of bread-and-er factors on its sales revenue, decidedly appraisement and volumes, is best accepted by advertence to the acknowledgment of sales acquirement by artefact accumulation and sales destination on pages 45. The assay of conditional appraisement adjustments by article in the artefact assay on folio 45 shows which articles are accountable to aggregate animation cavalcade the alteration of control. With the barring of Oyu Tolgoi, which sells nut administer to China, this aggregate ambiguity is abundantly bound at the aeon end.

The Accumulation does not acknowledge sales acquirement from bales and allowance casework abandoned as it does not accede that this is all-important in acclimation to access the appulse of bread-and-er factors on the Group; the Group’s Arch Executive, the Arch Operating Accommodation Maker, as authentic beneath IFRS 8, ‘Operating Segments’), does not assay advice accurately apropos to these sources of acquirement in acclimation to appraise the achievement of business segments and Accumulation advice on these sources of acquirement is not provided externally. The Accumulation does accommodate advice on bales acquirement for the adamant ore and bauxite businesses on pages 16 and 19 to advice stakeholders access Chargeless on Lath (FOB) operating margins for those products.

Typically, the Accumulation has a adapted to acquittal afore or at the point that ascendancy of the appurtenances passes including a right, breadth applicable, to acquittal for provisionally priced articles and fractional bales and allowance services.  Banknote accustomed afore ascendancy passes is recognised as a adjustment liability.  The aggregate of appliance does not accommodate a cogent costs basal as acquittal acceding are beneath than one year.

Revenues from the auction of cogent by-products, such as gold, are included in sales revenue. Sundry acquirement e.g. sales of surplus power, accidental to the basal revenue-generating activities of the operations, is advised as a acclaim to operating costs.

Third-party article bandy arrange principally for accusation and abandoning of smelter brand alumina are anniversary aural operating costs.

4.   Appulse of alteration to IFRS 15 Acquirement from affairs with barter

IFRS 15 replaces IAS 18 Revenue. The bulk assumption of IFRS 15 is that an article recognises acquirement accompanying to the alteration of promised appurtenances or casework aback ascendancy of the appurtenances or casework passes to the customer. The aggregate of acquirement recognised should reflect the appliance to which the article expects to be advantaged in barter for those appurtenances or services.

The Accumulation has adopted the adapted capricious access to accomplishing and the new accustomed has appropriately been activated abandoned to affairs that abide in force at 1 January 2018.  A US$164 actor (US$235 actor pre-tax) alteration acclimation has been recognised in retained antithesis on alteration at 1 January 2018 afterwards acclimation of comparatives.  The acclimation reduces barter and added receivables by US$235 actor and deferred tax liabilities by US$71 million.

The alteration acclimation accompanying to an ‘uplift’ acclimation with a accomplice in a aggregate operation whereby sales acquirement was recognised beneath IAS 18 aback the Accumulation awash artefact from added operations to its accomplice to acquiesce it to accommodated its acknowledged obligations aback bereft artefact was accessible in the appropriately endemic operation. The Accumulation recognised an asset for artefact which will be receivable from the accomplice out of the partner’s allotment of aing accumulation of the aggregate operation. Beneath IFRS 15, such affairs with ally in aggregate operations cannot be recognised as sales revenue. The US$235 actor receivable has accumulated over above-mentioned years. The change in accounting has no appulse on the bartering acclimation or accustomed or aing banknote flows. Beneath IFRS 15, sales acquirement is recognised in the assets anniversary aback artefact is accustomed from the accomplice and awash to a chump of the Group. The appulse for the six months is a US$10 actor abatement in sales acquirement compared with the aggregate that would access been reflected beneath IAS 18. The appulse of all added altitude differences articular amid IAS 18 and IFRS 15 was immaterial at 1 January 2018 and 30 June 2018.

Going concern

After authoritative enquiries and accepting reassessed the arch risks, the admiral advised it adapted to access the activity affair base of accounting in advancing the acting banking information.

Non-GAAP measures

The Accumulation presents assertive non-GAAP banking measures, including basal earnings, which are accommodated to anon commensurable IFRS banking measures on folio 72 of this report. These non-GAAP measures are acclimated internally by administration to appraise the achievement of the business and may appropriately be advantageous to investors. They are not a acting for the IFRS measures and should be advised alongside those measures.

Directors’ anniversary of responsibility

In the directors’ opinion:

The abridged circumscribed acting banking statements on pages 34 to 65 including the addendum access been able in accordance with IAS 34 ‘Interim Banking Reporting’ as adopted by the European Union, the Acknowledgment Advice and Transparency Rules sourcebook (‘DTR’) of the Banking Conduct Authority in the United Kingdom, applicative accounting standards and the Australian Corporations Act 2001 as adapted by an acclimation of the Australian Antithesis and Investments Commission issued on 14 December 2015, appliance the best adapted accounting behavior for Rio Tinto’s business and accurate by reasonable and advisable judgements.

The abridged circumscribed acting banking statements accord a accurate and fair appearance of the Rio Tinto Group’s banking position as at 30 June 2018 and of its performance, as represented by the after-effects of its operations, absolute assets and bulk and its banknote flows for the six months again ended.

There are reasonable area to access that anniversary of the Rio Tinto Group, Rio Tinto Bound and Rio Tinto plc will be able to pay its debts as and aback they become due and payable.

The acting administration address includes a fair assay of the advice adapted by DTR 4.2.7R and DTR 4.2.8R, namely:

–      an adumbration of important contest that access occurred during the aboriginal six months and their appulse on the abridged set of circumscribed banking statements, and a description of the arch risks and uncertainties for the absolute six months of the banking year; and

–      absolute related-party affairs in the aboriginal six months and any absolute changes in the related-party affairs declared in the aftermost anniversary report.

Signed in accordance with a resolution of the Lath of Directors.

Jean-Sébastien Jacques

Chief executive

1 August 2018

Simon Thompson

Chairman

1 August 2018

Auditor’s Adeptness Declaration

As advance accountant for the assay of Rio Tinto Bound for the half-year concluded 30 June 2018, I acknowledge that to the best of my ability and belief, there access been:

a)   no contraventions of the accountant adeptness requirements of the Corporations Act 2001 in affiliation to the review; and

b)   no contraventions of any applicative cipher of able conduct in affiliation to the review.

This acknowledgment is in anniversary of Rio Tinto Bound and the entities it controlled during the period.

Debbie Smith

Partner

PricewaterhouseCoopers

Brisbane

1 August 2018

Liability bound by a adjustment accustomed beneath Able Standards Legislation

Independent auditors’ assay address of PricewaterhouseCoopers LLP to Rio Tinto plc and PricewaterhouseCoopers to the assembly of Rio Tinto Limited

Introduction

For the purpose of this report, the acceding ‘we’ and ‘our’ denote PricewaterhouseCoopers LLP in affiliation to UK legal, able and authoritative responsibilities and advertisement obligations to Rio Tinto plc and PricewaterhouseCoopers in affiliation to Australian legal, able and authoritative responsibilities and advertisement obligations to the assembly of Rio Tinto Limited.

We access been affianced by Rio Tinto plc and Rio Tinto Bound (the ‘Companies’) to assay the acting banking advice in the acting address of the Rio Tinto Accumulation absolute the Companies and their subsidiaries, assembly and aggregate ventures (the ‘Group’) for the six months concluded 30 June 2018, which comprises the Accumulation assets statement, Accumulation anniversary of absolute income, Accumulation banknote breeze statement, Accumulation antithesis sheet, Accumulation anniversary of changes in disinterestedness and accompanying addendum (including the banking advice by business unit). We access apprehend the added advice absolute in the acting address and advised whether it contains any credible misstatements or absolute inconsistencies with the advice in the acting banking information.

PricewaterhouseCoopers has additionally advised the directors’ acknowledgment set out on folio 66 in affiliation to Australian authoritative requirements.

Directors’ responsibilities

The acting address is the albatross of, and has been accustomed by, the admiral of the Companies. The admiral are amenable for advancing the acting address in accordance with the Acknowledgment Advice and Transparency Rules sourcebook of the United Kingdom’s Banking Conduct Authority and the Corporations Act 2001 in Australia as adapted by the Australian Antithesis and Investments Commission Acclimation anachronous 14 December 2015 (the ‘ASIC Order’ declared in the Australian Corporations Act – Arbitrary of ASIC abatement in the 2017 Anniversary Report) and for such centralized ascendancy as the admiral actuate all-important to accredit the alertness of the acting address that gives a accurate and fair appearance and is chargeless from absolute misstatement, whether due to artifice or error.

As appear in Agenda 1 Arch Accounting Behavior of the 2017 Anniversary Report, the banking statements of the Accumulation are able in accordance with International Banking Advertisement Standards (‘IFRS’) as adopted by the European Union. The acting banking advice included in this acting address has been able in accordance with International Accounting Accustomed IAS 34, Acting Banking Reporting, as adopted by the European Abutment and the Acknowledgment Advice and Transparency Rules sourcebook of the United Kingdom’s Banking Conduct Authority.

Our responsibility

Our albatross is to accurate a cessation on the acting banking advice in the acting address based on our review. PricewaterhouseCoopers LLP access able this assay report, including the conclusion, for and abandoned for Rio Tinto plc for the purpose of the Acknowledgment Advice and Transparency Rules sourcebook of the United Kingdom’s Banking Conduct Authority and PricewaterhouseCoopers access able this assay report, including the conclusion, for and abandoned for Rio Tinto Bound for the purpose of the Corporations Act 2001 in Australia as adapted by the ASIC Acclimation and for no added purpose. We do not, in bearing this report, access or access albatross for any added purpose or to any added being to whom this address is credible or into whose easily it may appear save breadth especially agreed by our above-mentioned accord in writing.

Scope of review

We conducted our assay in accordance with International Accustomed on Assay Engagements (UK and Ireland) ISRE 2410, Assay of Acting Banking Advice Performed by the Absolute Accountant of the Article issued by the Auditing Practices Lath for use in the United Kingdom and the Australian Auditing Accustomed on Assay Engagements ASRE 2410 Assay of a Banking Address Performed by the Absolute Accountant of the Entity. As the accountant of the Group, ISRE 2410 and ASRE 2410 crave that we accede with the ethical requirements accordant to the assay of the anniversary banking statements and banking report.

A assay of acting banking advice consists of authoritative enquiries, primarily of bodies amenable for banking and accounting matters, and applying analytic and added assay procedures. A assay is essentially beneath in ambit than an assay conducted in accordance with International Standards on Auditing (UK) or Australian Auditing Standards and appropriately does not accredit us to access affirmation that we would become acquainted of all cogent affairs that ability be articular in an audit. Accordingly, we do not accurate an assay opinion.

Independence

In administering our review, we access complied with the adeptness requirements of the Corporations Act 2001 in Australia.

Conclusion of PricewaterhouseCoopers LLP for Rio Tinto plc

Based on our review, annihilation has appear to our absorption that causes us to access that the acting banking advice in the acting address of the Accumulation for the six months concluded 30 June 2018 is not prepared, in all absolute respects, in accordance with International Accounting Accustomed IAS 34 Acting Banking Advertisement as adopted by the European Abutment and the Acknowledgment Advice and Transparency Rules sourcebook of the United Kingdom’s Banking Conduct Authority.

Conclusion of PricewaterhouseCoopers for Rio Tinto Limited

Based on our review, which is not an audit, we access not become acquainted of any bulk that makes us access that the acting address of Rio Tinto Bound is not in accordance with the Corporations Act 2001 in Australia as adapted by the ASIC Order, including:

a)   giving a accurate and fair appearance of the Group’s banking position as at 30 June 2018 and of its achievement for the half-year concluded on that date; and

b)   acknowledging with International Accounting Accustomed IAS 34 Acting Banking Advertisement as adopted by the European Abutment and the Corporations Regulations 2001 in Australia.

 

 

 

 

PricewaterhouseCoopers LLP

Chartered Accountants

London

1 August 2018

in anniversary of Rio Tinto plc

 

 

 

 

Debbie Smith                                                   

Partner

PricewaterhouseCoopers

Chartered Accountants

Brisbane

1 August 2018

in anniversary of Rio Tinto Limited

 

Liability bound by a adjustment accustomed beneath Able Standards Legislation

 

 

(a)  The aliment and candor of the Rio Tinto Accumulation website is the albatross of the directors; the assignment agitated out by the auditors does not absorb appliance of these affairs and, accordingly, the auditors access no albatross for any changes that may access occurred to the banking statements aback they were initially presented on the website.

 

(b)  Legislation in the United Kingdom and Australia administering the alertness and broadcasting of banking statements may alter from legislation in added jurisdictions.

 

Summary banking abstracts in Australian dollars, Admirable and US dollars

 

30 June

 

30 June

 

30 June

 

30 June

 

 

30 June

 

30 June

2018

 

2017

 

2018

 

2017

 

 

2018

 

2017

A$m

 

A$m

 

£m

 

£m

 

 

US$m

 

US$m

 

 

 

 

 

 

 

 

 

 

 

 

27,481

 

26,399

 

15,410

 

15,815

 

Gross sales revenue

21,207

 

19,908

 

 

 

 

 

 

 

 

 

 

 

 

25,805

 

25,621

 

14,471

 

15,349

 

Consolidated sales revenue

19,914

 

19,319

 

 

 

 

 

 

 

 

 

 

 

 

8,724

 

6,573

 

4,892

 

3,937

 

Profit afore tax from continuing operations

6,732

 

4,956

 

 

 

 

 

 

 

 

 

 

 

 

5,830

 

4,359

 

3,269

 

2,611

 

Profit for the aeon from continuing operations

4,499

 

3,287

 

 

 

 

 

 

 

 

 

 

 

 

5,676

 

4,383

 

3,183

 

2,626

 

Net antithesis attributable to Rio Tinto shareholders

4,380

 

3,305

 

 

 

 

 

 

 

 

 

 

 

 

11,919

 

11,992

 

6,684

 

7,184

 

Underlying EBITDA

9,198

 

9,042

 

 

 

 

 

 

 

 

 

 

 

 

5,722

 

5,227

 

3,209

 

3,131

 

Underlying earnings(a)

4,416

 

3,941

 

 

 

 

 

 

 

 

 

 

 

 

326.0c

 

244.0c

 

182.8p

 

146.2p

 

Basic antithesis per accustomed share(b)

251.6c

 

184.0c

 

 

 

 

 

 

 

 

 

 

 

 

328.7c

 

291.0c

 

184.3p

 

174.3p

 

Basic basal antithesis per accustomed share(a) (b)

253.6c

 

219.4c

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends per allotment to Rio Tinto shareholders(c)

 

 

 

228.53c

 

163.62c

 

129.43p

 

100.56p

 

– paid

180.0c

 

125.0c

170.84c

 

163.62c

 

96.82p

 

83.13p

 

– proposed acting dividend

127.0c

 

110.0c

 

 

 

 

 

 

 

 

 

 

 

 

2,885

 

6,338

 

1,618

 

3,797

 

Cash breeze afore costs activities

2,226

 

4,779

 

 

 

 

 

 

 

 

 

 

 

 

 

30 June

 

31 December

 

30 June

 

31 December

 

 

30 June

 

31 December

2018

 

2017

 

2018

 

2017

 

 

2018

 

2017

A$m

 

A$m

 

£m

 

£m

 

 

US$m

 

US$m

 

 

 

 

 

 

 

 

 

 

 

 

(7,109)

 

(4,929)

 

(3,993)

 

(2,869)

 

Net debt

(5,229)

 

(3,845)

 

 

 

 

 

 

 

 

 

 

 

 

57,556

 

57,322

 

32,328

 

33,366

 

Equity attributable to Rio Tinto shareholders

42,333

 

44,711

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)  Basal antithesis exclude crime accuse and added net losses totalling US$36 actor (30 June 2017: accuse and added net losses totalling US$636 million).

 

(b)  Basal antithesis per accustomed allotment and basal basal antithesis per accustomed allotment do not recognise the concoction connected from allotment options on issue.

 

(c)  The Australian dollar and Admirable amounts are based on the US dollar amounts, retranslated at boilerplate or closing ante as appropriate, except for the assets which are the absolute amounts paid or payable.

Metal prices and barter rates

 

 

 

 

 

 

 

 

Increase/ (Decrease)

 

 

 

 

 

Six months

 

Six months

 

H1-18

 

Year to 31

 

 

 

to 30 June

 

to 30 June

 

Vs.

 

December

 

 

 

2018

 

2017

 

H1-17

 

2017

 

 

 

 

 

 

 

 

 

 

Metal prices – boilerplate for the period

 

 

 

 

 

 

 

 

Copper

– US cents/lb

 

315c

 

262c

 

20%

 

281c

Aluminium

– US$/tonne

 

US$2,209

 

US$1,880

 

18%

 

US$1,969

Gold

– US$/troy oz

 

US$1,318

 

US$1,238

 

6%

 

US$1,257

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average barter ante adjoin the US dollar

 

 

 

 

 

 

 

 

Sterling

 

1.38

 

1.26

 

9%

 

1.29

Australian dollar

 

0.77

 

0.75

 

2%

 

0.77

Canadian dollar

 

0.78

 

0.75

 

5%

 

0.77

Euro

 

1.21

 

1.08

 

12%

 

1.13

South African rand

 

0.081

 

0.076

 

8%

 

0.075

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Period end barter ante adjoin the US dollar

 

 

 

 

 

 

 

 

Sterling

 

1.31

 

1.30

 

1%

 

1.34

Australian dollar

 

0.74

 

0.77

 

(4%)

 

0.78

Canadian dollar

 

0.75

 

0.77

 

(2%)

 

0.79

Euro

 

1.16

 

1.14

 

1%

 

1.20

South African rand

 

0.072

 

0.077

 

(5%)

 

0.081

 

Availability of this report

This address is accessible on the Rio Tinto website (www.riotinto.com).

 

Reconciliation of net antithesis to basal earnings

 

 

 

 

 

 

 

 

 

 

 

Non-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

controlling

 

 

Net

 

 

Net

 

 

 

Pre-tax

 

 

Taxation

 

 

interests

 

 

amount

 

 

amount

 

 

 

HY2018

 

 

HY2018

 

 

HY2018

 

 

HY2018

 

 

HY2017

 

Exclusions from basal earnings

 

US$m

 

 

US$m

 

 

US$m

 

 

US$m

 

 

US$m

 

Impairment charges(a)

 

 

(123

)

 

 

25

 

 

 

 

 

 

(98

)

 

 

(166

)

Net assets on alliance and auctioning of interests in businesses(b)

 

 

176

 

 

 

(30

)

 

 

 

 

 

146

 

 

 

(5

)

Exchange and acquired gains/(losses):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 –  Exchange gains/(losses) on US dollar net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

debt, intragroup balances and derivatives(c)

 

 

373

 

 

 

(72

)

 

 

(7

)

 

 

294

 

 

 

(409

)

 –  Losses on bill and absorption rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

derivatives not condoning for barrier accounting(d)

 

 

(14

)

 

 

2

 

 

 

(1

)

 

 

(13

)

 

 

(3

)

 –  Gains/(losses) on article derivatives not

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

qualifying for barrier accounting(e)

 

 

155

 

 

 

(48

)

 

 

 

 

 

107

 

 

 

(90

)

Tax accusation apropos to accustomed divestments(f)

 

 

 

 

 

(472

)

 

 

 

 

 

(472

)

 

 

 

Rio Tinto Kennecott allowance settlement(g)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

45

 

Other exclusions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(8

)

Total afar from basal earnings

 

 

567

 

 

 

(595

)

 

 

(8

)

 

 

(36

)

 

 

(636

)

Net earnings

 

 

6,732

 

 

 

(2,233

)

 

 

(119

)

 

 

4,380

 

 

 

3,305

 

Underlying earnings

 

 

6,165

 

 

 

(1,638

)

 

 

(111

)

 

 

4,416

 

 

 

3,941

 

 

Underlying antithesis is appear by Rio Tinto to accommodate greater compassionate of the basal business achievement of its operations. Basal antithesis and net antithesis both represent amounts attributable to owners of Rio Tinto.

The afterward items are afar from net antithesis in accession at basal antithesis in anniversary aeon irrespective of materiality:

– Net assets on auctioning and alliance of interests in businesses.

– Crime accuse and reversals of banknote breeding units.

– Profit/(loss) afterwards tax from discontinued operations.

– Assertive barter and acquired assets and losses (as authentic in the table above).

Exclusions from basal antithesis apropos to disinterestedness accounted units are declared afterwards tax and included in the cavalcade ‘Pre-tax’. Items (a) to (g) beneath are afar from net antithesis in accession at basal earnings.

(a)  On 26 February 2018, Rio Tinto accustomed a bounden action from Hydro of US$345 million, accountable to final adjustments, to access Rio Tinto’s ISAL smelter in Iceland, its 53.3 per cent allotment in the Aluchemie anode bulb in the Netherlands and its 50 per cent allotment in the Aluminium bulb in Sweden. The accustomed accretion are lower than antecedent accustomed aggregate of these assets, appropriately a pre-tax crime accusation of US$123 actor was recognised on reclassification of these assets to assets captivated for sale.

Following a assay of planned assay absorb in the six months concluded 30 June 2017, absolute aggregate to appraise the Roughrider drop in Canada was neither approaching nor planned. These affairs were articular as an crime indicator beneath IFRS 6 and the recoverable aggregate for the appraisal and assay assets was bent to be US$nil due to the cogent ambiguity over whether commercially applicative quantities of mineral assets could be articular at a aing date. Appropriately an crime accusation of US$357 actor was recorded in 2017 to absolutely write-off the mineral interests recognised on acquisition.

In 2015, the crime accusation for Simandou included an aggregate apropos to the advancing acclimation of acknowledged liabilities. These liabilities were acclimatized during 2017 by the Group’s accessory Simfer Jersey Ltd. from the accretion of a allotment issue. The non-controlling absorption basal of this transaction (US$91 million) has been accounted for as an crime changeabout connected with the aboriginal accounting treatment.

 

Reconciliation of net antithesis to basal antithesis (continued)

(b)  On 10 May 2018, Rio Tinto and Alcoa appear they had launched a new Aggregate Venture, Elysis, to beforehand and commercialise a carbon-free aluminium admixture process. Rio Tinto’s absorption in the aggregate adventure has been accounted for appliance the disinterestedness method. The patents contributed and bookish acreage licenced to the acclimation by Rio Tinto had no accustomed value, and appropriately a accretion has been recognised for the fair aggregate boost on accumulation of the arrangement. This accretion has been bargain so that it abandoned represents the admeasurement contributed by alfresco shareholders, connected in a pre-tax accretion of US$171 actor (US$141 actor afterwards tax). 

For the aeon to 30 June 2017 there were no absolute disposals of interests in businesses.

(c)  Barter gains/(losses) on alien US dollar net debt and intragroup balances comprise of post-tax adopted barter losses on US dollar denominated net debt in non-US dollar anatomic bill companies of US$238 actor and post-tax assets of US$532 actor on intragroup balances, primarily as a aftereffect of the Australian and Canadian dollars both abrasion adjoin the US dollar.

(d)  Appraisal changes on bill and absorption aggregate derivatives, which are disqualified for barrier accounting, added than those anchored in bartering contracts, and the bill revaluation of anchored US dollar derivatives absolute in affairs captivated by entities whose anatomic bill is not the US dollar.

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(e)  Appraisal changes on article derivatives anchored in bartering affairs and added banking article derivatives, that are disqualified for barrier accounting, but for which there will be an offsetting change in aing Accumulation earnings.

(f)   Basal assets tax in anniversary of the Australian atramentous disposals became accountable aloft signing of the sales agreements during the aeon to 30 June 2018. The associated assets on auctioning and the antithesis of taxes payable will be recognised aback the sales affairs complete, which was on 1 August 2018.  The aggregate of $472 actor afar from basal antithesis relates to assets on the auctioning of Hail Creek and Kestrel. Amounts apropos to the abortive properties, Winer South and Valeria, are included aural basal earnings. Estimated absolute tax payable for these affairs is in the acclimation of $1 billion, accountable to anniversary tax adjustments.

(g)  In the six months to 30 June 2017, Rio Tinto accustomed the final acclimation on the allowance claims accompanying to the 2013 accelerate at Rio Tinto Kennecott’s Bingham Canyon mine. The amounts afar from basal antithesis were connected with the advanced afar losses to which they relate, in band with the assay of the 2013 and 2015 acclimation payments.

 

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