Rio Tinto plc Files 20-F for Fiscal Year Ended December 31, 2023

Ticker: RTPPF · Form: 20-F · Filed: Feb 23, 2024 · CIK: 863064

Rio Tinto PLC 20-F Filing Summary
FieldDetail
CompanyRio Tinto PLC (RTPPF)
Form Type20-F
Filed DateFeb 23, 2024
Risk Levelmedium
Pages15
Reading Time18 min
Key Dollar Amounts$725 million, $565 million
Sentimentneutral

Sentiment: neutral

Topics: Rio Tinto, 20-F, Annual Report, Mining, Finance

TL;DR

<b>Rio Tinto plc has submitted its 2023 annual report on Form 20-F, detailing its financial performance and operations.</b>

AI Summary

RIO TINTO PLC (RTPPF) filed a Foreign Annual Report (20-F) with the SEC on February 23, 2024. Rio Tinto plc filed its annual report on Form 20-F for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located in London, UK. Rio Tinto Ltd, a member of the group, is incorporated in Australia. The filing includes information on various financial instruments, including notes with different maturity dates and interest rates.

Why It Matters

For investors and stakeholders tracking RIO TINTO PLC, this filing contains several important signals. This filing provides investors with a comprehensive overview of Rio Tinto's financial health, operational performance, and strategic direction for the fiscal year 2023. As a major global mining company, Rio Tinto's disclosures are crucial for understanding trends in the metals and mining sector, commodity prices, and the company's ability to navigate economic and regulatory landscapes.

Risk Assessment

Risk Level: medium — RIO TINTO PLC shows moderate risk based on this filing. The filing is a standard annual report (20-F) for a large, publicly traded company, indicating a routine disclosure rather than an immediate event, but the nature of the mining industry carries inherent market and operational risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to assess Rio Tinto's performance and outlook for the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Conformed Period of Report)
  • 2024-02-23 — Filing Date (Filed as of Date)
  • 001-10533 — SEC File Number (Rio Tinto plc)
  • 001-34121 — SEC File Number (Rio Tinto Ltd)

Key Players & Entities

  • RIO TINTO PLC (company) — Filer
  • RIO TINTO LTD (company) — Member of the group
  • RTZ CORPORATION PLC (company) — Former company name
  • CRA LTD (company) — Former company name
  • KPMG (company) — Auditor

FAQ

When did RIO TINTO PLC file this 20-F?

RIO TINTO PLC filed this Foreign Annual Report (20-F) with the SEC on February 23, 2024.

What is a 20-F filing?

A 20-F is a annual report for foreign private issuers, equivalent to a 10-K but following international reporting standards. This particular 20-F was filed by RIO TINTO PLC (RTPPF).

Where can I read the original 20-F filing from RIO TINTO PLC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by RIO TINTO PLC.

What are the key takeaways from RIO TINTO PLC's 20-F?

RIO TINTO PLC filed this 20-F on February 23, 2024. Key takeaways: Rio Tinto plc filed its annual report on Form 20-F for the fiscal year ending December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located in London, UK..

Is RIO TINTO PLC a risky investment based on this filing?

Based on this 20-F, RIO TINTO PLC presents a moderate-risk profile. The filing is a standard annual report (20-F) for a large, publicly traded company, indicating a routine disclosure rather than an immediate event, but the nature of the mining industry carries inherent market and operational risks.

What should investors do after reading RIO TINTO PLC's 20-F?

Review the detailed financial statements and risk factors within the 20-F filing to assess Rio Tinto's performance and outlook for the upcoming fiscal year. The overall sentiment from this filing is neutral.

How does RIO TINTO PLC compare to its industry peers?

Rio Tinto is a major player in the global metals and mining industry, a sector characterized by cyclical commodity prices, significant capital investment, and complex environmental and social considerations.

Are there regulatory concerns for RIO TINTO PLC?

As a foreign private issuer, Rio Tinto plc is subject to SEC regulations, including the requirement to file annual reports on Form 20-F, which provides disclosures in accordance with International Financial Reporting Standards (IFRS).

Industry Context

Rio Tinto is a major player in the global metals and mining industry, a sector characterized by cyclical commodity prices, significant capital investment, and complex environmental and social considerations.

Regulatory Implications

As a foreign private issuer, Rio Tinto plc is subject to SEC regulations, including the requirement to file annual reports on Form 20-F, which provides disclosures in accordance with International Financial Reporting Standards (IFRS).

What Investors Should Do

  1. Analyze the financial statements and management discussion and analysis (MD&A) for detailed insights into Rio Tinto's 2023 performance.
  2. Examine the risk factors section to understand potential challenges and mitigation strategies for the company.
  3. Review any disclosures related to sustainability, environmental, social, and governance (ESG) initiatives, which are increasingly important for mining companies.

Key Dates

  • 2023-12-31: Fiscal Year End — Reporting period end date for the 20-F filing.
  • 2024-02-23: Filing Date — Date the 20-F filing was submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual disclosure for the fiscal year 2023, following previous filings which would have covered prior periods.

Filing Stats: 4,410 words · 18 min read · ~15 pages · Grade level 16.4 · Accepted 2024-02-23 07:30:25

Key Financial Figures

  • $725 million — ng EBITDA 3 28% $ 23.9 bn (2023 A$725 million increased from A$565 million in 2022)
  • $565 million — (2023 A$725 million increased from A$565 million in 2022) (2022: $ 26.3 bn) Completi

Filing Documents

Item 18

Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act). Yes No (APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS) Indicate by check mark whether the registrants have filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No Auditor Name Auditor Location Auditor Firm ID KPMG LLP London, United Kingdom 1118 KPMG Perth, Australia 1020 Item Form 20-F Caption Location in this document Page 1 Identity of directors, senior management and advisers Not applicable – 2 Offer statistics and expected timetable Not applicable – 3 Key information 3.A - [Reserved] Not applicable – 3.B – Capitalisation and indebtedness Not applicable – 3.C – Reasons for the offer and use of proceeds Not applicable – 3.D – Risk factors

Risk factors

Risk factors 4 Information on the company 4.A – History and development of the company Contents Cover At a glance 2-3 Chair's statement 4-5 Chief Executive's Q&A 6-7 Our purpose in action 10-11 Our stakeholders 12-13 Strategic context 14-15 Progressing our strategy 17 Progressing our four objectives 18-19 Key performance indicators 20-22 Chief Financial Officer's statement 23 Financial review 24-29 Portfolio management 30-31 Iron Ore 32-33 Aluminium 34-35 Copper 36-37 Minerals 38-39 Our approach to ESG 40-77 Governance – Additional statutory disclosure – Operating and financial review 146-147

Financial statements

Financial statements – Note 1 – Our financial performance by segment – Note 5 – Acquisitions and disposals 173 - 175 181 - 182 Rio Tinto Financial Information by Business Unit 286 - 288 Shareholder Information – Organisational structure – Nomenclature and financial data – History – Dual-listed companies structure 347 347 347 347 Additional information – US disclosure – Document on display – Registered offices 357 382 Form 20-F cross-reference guide Annual Report on Form 20-F 2023 | riotinto.com i Item Form 20-F Caption Location in this document Page 4.B – Business overview At a glance 2-3 Chair's statement 4-5 Chief Executive's Q&A 6-7 Creating value by living our purpose 8-9 Our purpose in action 10-11 Our stakeholders 12-13 Strategic context 14-15 Our strategy 16 Progressing our strategy 17 Progressing our four objectives 18-19 Key performance indicators 20-22 Chief Financial Officer's statement 23 Financial review 24-29 Iron Ore 32-33 Aluminium 34-35 Copper 36-37 Minerals 38-39 Our approach to ESG 40-77 Governance – Additional statutory disclosure – Government regulations – Environmental regulations 150 150

Financial statements Note 6 – Revenue by destination and product

Financial statements Note 6 – Revenue by destination and product 182 - 183 Metals and minerals production 297-298 Mineral Resources and Mineral Reserves 299-322 Qualified Persons 323 Mines and production facilities 324-342 Additional information – US disclosure – Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934 354 4.C Organisational structure

Financial statements

Financial statements – Note 30 – Principal subsidiaries – Note 31 – Principal joint operations – Note 32 – Principal joint ventures and associates 226 - 228 228 - 229 229 - 231 Shareholder Information – Organisational structure – Dual-listed companies structure 347 347 4.D – Property, plants and equipment Key performance indicators 20-22 Portfolio management 30-31 Iron Ore 32-33 Aluminium 34-35 Copper 36-37 Minerals 38-39 Our approach to ESG 40-77 Governance – Additional statutory disclosure – Environmental regulations – Energy efficiency action 150 150

Financial statements Note 13 – Property, plant and equipment

Financial statements Note 13 – Property, plant and equipment 191 - 195 Metals and minerals production 297-298 Mineral Resources and Mineral Reserves 299-322 Qualified persons 323 Mines and production facilities 324-342 Additional information – US disclosure – Summary disclosure of operations pursuant to Item 1303 of SK-1300 under Securities Act of 1933 363 Additional information – US disclosure – Individual property disclosure pursuant to Item 1304 of SK-1300 under Securities Act of 1933 363-380 Additional information – US disclosure – Internal controls disclosure pursuant to

of SK-1300 under Securities Act of 1933

Item 1305 of SK-1300 under Securities Act of 1933 380 See Exhibit 96.4 – ii Annual Report on Form 20-F 2023 | riotinto.com Item Form 20-F Caption Location in this document Page 4A Unresolved staff comments None – 5 Operating and financial review and prospects 5.A – Operating results Chair's statement 4-5 Financial review 24-29 Iron Ore 32-33 Aluminium 34-35 Copper 36-37 Minerals 38-39 Our approach to ESG 40-77 Governance – Additional statutory disclosure – Operating and financial review – Government regulations – Environmental regulations 146-147 150 150

Financial statements

Financial statements – h. Impact of Climate Change on the Group – Note 24 – Financial instruments and risk management 162 - 165 209 - 214 Rio Tinto Financial Information by Business Unit 286-288 Alternative Performance Measures 289-294 5.B – Liquidity and capital resources Portfolio management 30-31 Copper – Oyu Tolgoi underground project 37

Financial statements

Financial statements – Note 14 – Close-down and restoration provisions – Our capital and liquidity – Note 19 - Net debt – Note 20 – Borrowi ngs – Note 21 – Leases – Note 22 – Cash and cash equivalents – Note 23 – Other financial assets and liabilities – Note 24 – Financial instruments and risk management – Note 28 – Post-retirement benefits – Note 36 – Other provisions – Note 37 – C ontingencies and commitments 196 - 200 204 205 206 - 207 207 - 208 208 209 209 - 214 218 - 224 234 234 - 236 5.C – Research and development, patents and licenses, etc. Our strategy 16 Progressing our strategy 17 Progressing our four objectives 18-19 Our approach to ESG - Environmental performance 44-65 Governance – Additional statutory disclosure – Exploration, research and development 150

Financial statements

Financial statements – Not e 7 – Net operating costs (excluding items disclosed separately) – Note 13 - Property, plant and equipment -Impact of climate change on our business - Useful economic lives of our power generating assets 184 191 - 195 195 5.D – Trend information At a glance 2-3 Chair's statement 4-5 Chief Executive's Q&A 6-7 Creating value by living our purpose 8-9 Our purpose in action 10-11 Our stakeholders 12-13 Strategic context 14-15 Our strategy 16 Progressing our strategy 17 Progressing our four objectives 18-19 Key performance indicators 20-22 Chief Financial Officer's statement 23 Financial review 24-29 Iron Ore 32-33 Aluminium 34-35 Copper 36-37 Minerals 38-39 5.E – Critical accounting estimates Not Applicable – 6 Directors, senior management and employees Annual Report on Form 20-F 2023 | riotinto.com iii Item Form 20-F Caption Location in this document Page 6.A – Directors and senior management Governance – Board of Directors – Executive Committee 92-93 94-95 Additional statutory disclosure – Directors and executives 147 6.B – Compensation Governance – Remuneration at a glance - Policy changes – Remuneration Policy – Implementation report – Implementation report tables 115-117 119-126 127-140 141-145 Financi al statements – Note 26 – Employment costs and provisions – Note 27 – Share-based payments – Note 28 – P ost-retirement benefits 215 216 - 218 218 - 224 6.C – Board practices Governance 90-156 Governance – Board of Directors – Executive Committee – Audit & Risk Committee report – Remuneration Policy – Executives' service contracts and termination – Compliance with governance codes and standards 92-93 94-95 107-110 124-125 152-156 Shareholder information – Directors – Appointment and removal of Directors 352 6.D – Employees Our stakeholders – Workforce 12 Our approach to ESG – T

Financial statements - Note 27 – Share-based payments

Financial statements - Note 27 – Share-based payments 216 - 218 6.F – Disclosure of a registrant's action to recover erroneously awarded compensation Governance – Remuneration policy – Executive remuneration structure - Policy table See Exhibit 96.5 1 20-122 7 Major shareholders and related party transactions 7.A – Major shareholders Shareholder information - Shareownership – Substantial shareholders in Rio Tinto plc – Substantial shareholders in Rio Tinto Limited – Analysis of ordinary shareholders – Twenty largest registered shareholders 349 349 350 350 7.B – Related party transactions Financial review 24-29

Financial statements Note 33 – Related-party transactions

Financial statements Note 33 – Related-party transactions 231 7.C – Interests of experts and counsel Not applicable – iv Annual Report on Form 20-F 2023 | riotinto.com Item Form 20-F Caption Location in this document Page 8 Financial Information 8.A – Consolidated statements and other financial information Financial review – Our shareholder returns policy 29 Additional statutory disclosure - Operating and Financial Review 146-147

Financial statements Note 37 – Contingencies and commitments

Financial statements Note 37 – Contingencies and commitments 234 - 236 See Item 18 – 8.B – Significant changes

Financial statements Note 39 – Events after the balance sheet date

Financial statements Note 39 – Events after the balance sheet date 237 9 The offer and listing 9.A – Offer and listing details Additional statutory disclosure – Operating and financial review 146-147 Shareholder information – Organisational structure – Markets 347 348 9.B – Plan of distribution Not applicable – 9.C – Markets Shareholder information – Markets 348 See Exhibit 2.1 – 9.D – Selling shareholders Not applicable – 9.E – Dilution Not applicable – 9.F – Expenses of the issue Not applicable – 10 Additional information 10.A – Share capital Not applicable – 10.B – Memorandum and articles of association Financial review – Our shareholder returns policy 28 Governance – Compliance with governance codes and standards 152-156 Shareholder information – Dual-listed companies structures – Material contracts – Exchange controls and foreign investment – Directors 347-348 351-352 352 352-353 See Exhibit 2.1 – 10.C – Material contracts

Financial statements – Our capital and liquidity

Financial statements – Our capital and liquidity Shareholder information – Material contracts 351-352 10.D – Exchange controls Shareholder information – Exchange controls and foreign investment 352 10.E – Taxation Additional information – US disclosure – Taxation 354-356 10.F – Dividends and paying agents Not applicable – 10.G – Statement by experts Not applicable – 10.H – Documents on display Additional information – US disclosure – Document on display 357 10.I – Subsidiary information Not applicable – 10.J – Annual report to security holders Additional information – US disclosure – Document on display 357 11 Quantitative and qualitative disclosure about market risk

Risk factors

Risk factors 81-88

Financial statements Note 24 – Financial instruments and risk management

Financial statements Note 24 – Financial instruments and risk management 209 - 214 Cautionary statement about forward-looking statements 383 12

Description of securities other than equity securities

Description of securities other than equity securities 12.A – Debt securities Not applicable – 12.B – Warrants and rights Not applicable – 12.C – Other securities Not applicable – 12.D – American depositary shares Additional information – US disclosure – American Depositary Shares - American depositary receipts (ADRs) 356-357 13 Defaults, dividend arrearages and delinquencies Not applicable – Annual Report on Form 20-F 2023 | riotinto.com v Item Form 20-F Caption Location in this document Page 14 Material modifications to the rights of security holders and use of proceeds Not applicable 15

Controls and Procedures

Controls and Procedures Governance – Additional statutory disclosure – Disclosure controls and procedures – Management's report on internal control over financial reporting 151 151 See Item 18 for the Report of the Independent Registered Public Accounting Firm – 16 [Reserved] Not applicable – 16A Audit committee financial expert Governance – Audit & Risk Committee report – US listing requirements – Compliance with governance codes and standards 107 152-156 16B Code of ethics Our approach to ESG – Governance performance 76-77 16C Principal accountant fees and services Governance – Audit & Risk Committee report – External auditors 109-110

Financial statements – Note 38 – Auditors' remuneration

Financial statements – Note 38 – Auditors' remuneration 237 16D Exemptions from the listing standards for audit committees Not applicable – 16E Purchase of equity securities by the issuer and affiliated purchasers Governance – Additional statutory disclosure – Purchases 149

Financial statements – Note 34 – Share capital

Financial statements – Note 34 – Share capital 232 16F Change in registrant's certifying accountant Not applicable – 16G Corporate Governance Governance – Compliance with governance codes and standards 152-156 16H Mine safety disclosure See Exhibit 16.1 – 16I Disclosure regarding foreign jurisdictions that prevent inspections Not applicable – 16J Insider trading policies Not applicable – 16K Cybersecurity Our approach to risk management 79-80

Risk factors

Risk factors – Preventing material business disruption and data breaches due to cyber events Additional information – US disclosure – Cybersecurity 358-362 17

Financial statements

Financial statements Not applicable – 18

Financial statements

Financial statements About Rio Tinto 158 About the presentation of our financial statements 158 - 167 Group Income Statement 168 Group Statement of Comprehensive Income 169 Group Cash Flow Statement 170 Group Balance Sheet 171 Group Statement of Changes in Equity 172

Financial statements

Financial statements – Notes 1 to 40 173 - 237 Report of Independent Registered Public Accounting Firms 267-269 19 Exhibits See Exhibit List at the end of this document Other information contained within Rio Tinto's Annual Report on Form 20-F 2023 (Form 20-F) is not included in this Form 20-F unless specifically identified above and is furnished to the SEC for information only. vi Annual Report on Form 20-F 2023 | riotinto.com Contents Strategic report 2023 year in review 1 At a glance 2 Chair's statement 4 From the Chief Executive 6 Creating value by living our purpose 8 Finding better ways TM in 2023 10 Our stakeholders 12 Strategic context 14 Our strategy 16 Progressing our strategy 17 Progressing our four objectives 18 Key performance indicators 20 Chief Financial Officer's statement 23 Financial review 24 Portfolio management 30 Iron Ore 32 Aluminium 34 Copper 36 Minerals 38 Our approach to ESG 40 Environmental performance 44 Social performance 66 Governance performance 76 Our approach to risk 78 Our approach to risk management 79

Risk factors

Risk factors 81 Five-year review 89 Directors' report Governance 90 Chair's introduction 91 Board of Directors 92 Executive Committee 94 Our stakeholders - Section 172(1) statement 96 How the Board monitors culture 101 Board activities in 2023 102 Governance framework 103 Evaluating our performance 104 Nominations Committee report 105 Audit & Risk Committee report 107 Sustainability Committee report 111 Remuneration report Annual statement by the People & Remuneration Committee Chair 113 Remuneration Policy 119 Implementation report 127 Additional statutory disclosure 146 Compliance with governance codes and standards 152

Financial statements

Financial statements About Rio Tinto 158 About the presentation of our financial results 158 Group primary statements 168 Notes to the 2023 financial statements 173 Other information Report of independent registered public accounting firms 267 Financial information by business unit 286 Alternative Performance Measures 289 Production, Reserves, Resources and Operations Metals and minerals production 297 Mineral Resources and Mineral Reserves 299 Qualified Persons 323 Mines and production facilities 324 Additional information Independent limited assurance report 344 Shareholder information 347 US disclosure 354 Contact details 382 Cautionary statement about forward-looking statements 383 References to information on websites in the Form 20-F are included as an aid to their location and such information is not incorporated in, and does not form part of, this Form 20-F. We have included any website as an inactive textual reference only. References to KPMG's limited assurance report related to sustainability are not incorporated in, and do not form part of, this Form 20-F . Our operations are located on land and waters that have belonged to Indigenous Peoples for thousands of years. We respect their ongoing deep connection to, and their vast knowledge of, the land, water and environment. We pay respects to Elders, both past and present, and acknowledge the important role Indigenous Peoples play within our business and the communities where we live and work. Cover | The BlueSmelting project in Sorel-Tracy, Canada. BlueSmelting involves a completely new ilmenite reduction technology that could generate 95% less greenhouse gas emissions than the current reduction process, enabling the production of titanium dioxide, steel and metal powders with a significantly lower-carbon footprint. 2023 year in review We are finding better ways TM to provide the materials the world needs. In 2023,

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