H1 2023 EBITDA Overview and Oyu Tolgoi Outlook
Copper
Financial metrics
($bn)
H1 2022
H1 2023 comparison
2023
guidance
Production
2023
(Mt, Rio Tinto share)
guidance
H1 2023
2022
2021
2020
2019
2018
Segmental revenue
3.5
-2%
Mined copper4
590 to 640
290
521
494
528
577
608
EBITDA
1.1
-29%
Refined copper
160 to 190
95
209
202
155
260
275
Margin (integrated operations)
43%
-11pp
Operating cash flow
0.4
-63%
Capex (excl. EAUS)
0.9
+26%
Free cash flow
(0.5)
-45%
Underlying ROCE 1
4%
-6pp
Copper realised price²
396
-11%
Unit cost³
184c/lb
+24%
180-200
Rio Tinto
©2023, Rio Tinto, All Rights Reserved
1Underlying ROCE is defined as underlying earnings (product group operations) excluding net interest divided by average capital employed | 2Average realised price for all units sold. Realised price
does not include the impact of the provisional pricing adjustments, which negatively impacted revenues in H1 2023 by $4m (2022 first half negative impact of $30m) | ³Unit costs for Kennecott, OT and
Escondida utilises the C1 unit cost calculation where Rio Tinto has chosen Adjusted Operating Costs as the appropriate cost definition. C1 costs are direct costs incurred in mining and processing,
plus site G&A, freight and realisation and selling costs. Any by-product revenue is credited against costs at this stage | 42023 mined copper guidance includes Oyu Tolgoi on a 100% consolidated
basis and continues to reflect our 30% share of Escondida. This followed Rio Tinto's acquisition of Turquoise Hill Resources which completed on 16 December 2022. Oyu Tolgoi production prior to
2023 reported on a 33.52% Rio Tinto share basis
41View entire presentation