Strong Foundation for Growth, Decarbonisation and Shareholder Returns
Minerals
Robust financials in operationally challenging year
2021
Operating metrics
2020
comparison
2022
guidance
IOC pellets price1
$214/t
+ 68%
TiO2 slag price²
$785/t
-2%
Production - IOC
9.7Mt
-6%
10.0-11.0Mt
Production-TiO2
1.0Mt
-9%
Production - Borates
0.5Mt
+2%
Production Diamonds
3.8Mct
+ 3%
1.1-1.4Mt
~0.5Mt
5.0-6.0Mct³
Financial metrics ($bn)*
Gross product sales
6.5
+25%
EBITDA
2.6
+ 52%
Margin (product group ops)
43%
+ 8 pp
Operating cash flow
1.4
+ 28%
Capex
0.6
+ 42%
Free cash flow
0.8
+ 19%
Underlying ROCE4
21%
+ 7 pp
Entered into a binding agreement to
acquire the Rincon lithium project in
Argentina
IOC - favourable pricing but labour and
equipment availability impacted production
RBM resumed operations in August
following stabilisation of security situation
QMM in Madagascar operating well and
delivering consistent production,
construction launch of solar and wind
power plant. Unplanned maintenance and
equipment reliability issues at RTFT
Diavik - became sole owner in November,
strong price recovery following pandemic-
related build-up of demand and low
inventory
COND
1 Wet metric tonne | 2 TZMI chloride slag assessment November 2021, excludes UGS | 3 Diamonds guidance is for Diavik only following the closure of Argyle in 2020. Increase in 2021 production
reflects 100% ownership of Diavik (previously 60%) from 1st November 2021 | 4 Underlying ROCE is defined as underlying earnings (product group operations) excluding net interest divided by
average capital employed | *Following a reorganisation of the management team in 2021, the Diamonds business is reported within Minerals and the Simandou iron ore project in Guinea is
reported within Copper. 2020 comparatives have been adjusted accordingly
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CON
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