Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 419

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 419
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 of property, plant and equipment, a portion of which relates to the Oyu Tolgoi copper-gold mine (Oyu Tolgoi CGU). As discussed in Note 4, external and internal factors are monitored for indicators of impairment or impairment reversal and judgement is required to determine whether the impacts of these factors are significant. We identified the evaluation of indicators of impairment or impairment reversal of property, plant and equipment related to the Oyu Tolgoi CGU as a critical audit matter. Significant auditor judgement was required to assess whether certain internal and external factors impacting the Oyu Tolgoi CGU, including volatility on forecast commodity prices and the ramp up of underground mine production, result in indicators of impairment or impairment reversal. The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls related to the identification of indicators of impairment or impairment reversal of property, plant and equipment for the Oyu Tolgoi CGU. – We involved valuation professionals with specialised skills and knowledge who assisted in assessing the forecast commodity prices used in the Group’s assessment, by comparing them to, and considering changes in, market observable price forecasts. – We assessed the impact of the underground progress in the period by comparing the actual ramp up of underground mine production to the Group's plans, to assess whether any deviation from these plans could represent an indicator of impairment or impairment reversal. We also inquired of operational management to corroborate certain changes in assumptions. We have served as the Group’s auditors since 2020.

Pages 248 to 265 have been intentionally omitted.

| Annual Report on Form 20-F 2024 | 266 | riotinto.com |

Financial statements | Additional financial information Financial information by business unit

|                                                                                            | Rio Tintointerest% | Segmental revenue(a)for the year ended31 December 
                                          2024US$m | 2023US$m | 2022US$m | Underlying EBITDA(a)for the year ended31 December 
                                          2024US$m | 2023US$mAdjusted(m) | 2022US$mAdjusted(m) | Depreciation andamortisation for the yearended 31 December 
                                                   2024US$m | 2023US$m | 2022US$m | Underlying earnings(a)for the year ended31 December 
                                            2024US$m | 2023US$mAdjusted(m) | 2022US$mAdjusted(m) |