Strong Foundation for Growth, Decarbonisation and Shareholder Returns
Aluminium
Outstanding financials with free cash flow more than doubling
Operating metrics
2021
Aluminium realised price1
$2,899/t
Average alumina price²
$329/t
2020
comparison
+ 49%
+ 21%
2022
guidance
Production - bauxite
54.3Mt
- 3%
54-57Mt
Production alumina
7.9Mt
-2%
8.0-8.4Mt
Production - aluminium
3.2Mt
- 1%
3.1-3.2Mt
Canadian smelters -
$1,373/t
+ 18%
hot metal cash costs³
Refer to pg.63
Financial metrics ($bn)
Gross product sales
12.7
+ 36%
EBITDA
4.4
+ 104%
Margin (integrated operations)
38%
+ 12 pp
Operating cash flow
3.6
+ 87%
Capex (excl. EAUS)
1.3
+ 29%
2.3
+ 155%
Free cash flow
Underlying ROCE
16%
+ 13 pp
Substantial increase in FCF to $2.3bn,
and more than double EBITDA on stable
metal operations, higher sales prices and
heightened demand for value-added
product (VAP)
Gradual restart at Kitimat in 2022 following
strike action, production uplift weighted to
H2
Bauxite operations struggled with system
stability following severe wet weather
in Q1 2021 and equipment reliability
ELYSIS joint venture successfully
produced aluminium at industrial scale with
no direct greenhouse gas emissions
Investment of $87m for 16 new smelting
cells at AP60 smelter to increase its annual
production by 45%
1LME plus all-in premiums (product and market) | 2 Platts Alumina PAX FOB Australia | 3 Operating costs defined as hot metal cash costs for the Canadian smelters
(alumina at market price)
Rio Tinto
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