Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 319

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 319
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 USA LLC which owns 6 aluminium recycling facilities in the US for combined consideration of US$ 738million , inclusive of accrued transaction costs and working capital adjustments. Rio Tinto has joint control over the Matalco businesses and therefore our investment is accounted for under the equity method. The fair value of the underlying identifiable assets acquired and liabilities assumed had been provisionally determined at 31 December 2023. During 2024, the acquisition accounting for Matalco, which was subject to the finalisation of working capital adjustments, was completed and did not result in any material adjustments. 2022 Rincon Following approval from Australia’s Foreign Investment Review Board (FIRB), on 29 March 2022 we completed the acquisition of Rincon Mining Pty Limited (Rincon), the owner of a lithium project in Argentina. Total cash consideration was US$ 825million . In determining whether Rincon’s set of activities is a business, we assessed whether it had inputs and substantive processes which together significantly contribute to the ability to create outputs. Based on this assessment, we concluded that Rincon did not meet the definition of a business as defined by IFRS 3 “Business Combinations” and therefore no goodwill was recorded. The transaction was therefore treated as an asset purchase with US$ 822 million of capitalised exploration and evaluation recorded for the principal economic resource. The balance of total consideration was allocated to property, plant and equipment and other assets/liabilities. For the consolidated cash flow statement we determined that, since Rincon constitutes a group of companies, it was appropriate to present the cash outflow as “Acquisitions of subsidiaries, joint ventures and associates” rather than as separate asset purchases even though it did not meet the definition of a business combination. Turquoise Hill Resources (TRQ) On 16 December 2022 we acquired the remaining 49% share of TRQ. The consideration paid amounted to US$ 2,961million . The transaction was not classified as a business combination as it related to the purchase of non-controlling interests in a subsidiary. It was recognised in the statement of changes in equity as an adjustment to retained earnings. Certain shareholders exercised their right to dissent to the transaction. In accordance with the terms of the circular, the dissent proceedings were concluded during 2024, and final consideration has been paid to the dissenting shareholders. Disposals Recognition and measurement If a group of assets and liabilities (disposal group) is sold, the carrying value of the disposal group is de-recognised with the