H1 2023 EBITDA Overview and Oyu Tolgoi Outlook
Commodity prices recovering from low point in H2 but still down
materially year on year
Iron Ore¹ index (-14% vs H1 '22)
Aluminium³ LME (-24% vs H1 '22)
Copper² LME (-10% vs H1 '22)
250
500
4,000
900
450
3,500
750
200
400
3,000
600
150
350
2,500
450
100
300
2,000
300
50
250
1,500
150
200
1,000
0
0
Jan-20
Jan-21
Jan-22
Jan-23
Jan-20
Jan-21
Jan-22
Jan-23
Jan-20 Jul-20
Jan-21
Jul-21
Jan-22
Jul-22 Jan-23 Jul-23
Iron ore (US$/dmt)
----HY Average
Price (c/lb)
----HY Average
LME Aluminium ($/t)
- HY Average
MWP (RHS)
Realised pricing
H1 22
H2'22
H1 23
Iron ore ($/dmt)
Copper (c/lb)
121
447
94
107
362
396
Delta
(vs H1 '22)
-11%
Delta
Realised pricing
H1 22
H2'22
H1 23
(vs H1 '22)
Aluminium ($/t)4
3,808
2,870
2,866
-25%
-11%
Aluminium raw materials $/t index price
Coal tar pitch
1,103
1,476
1,399
+27%
1Monthly average of Platts CFR index for 62% iron fines converted to FOB basis | 2Average LME price | ³Average LME price. MWP = US Midwest premium | 4LME plus all-in premiums
(product and market) | YoY = change in average price during first half compared to previous half year. Source: Rio Tinto Market Analysis, LME, S&P Global, CRU NA
Petroleum coke
695
719
636
-8%
Rio Tinto
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