Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 29

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 29
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) basis was 11% lower, on average, compared with 2023. Average LME prices for copper and aluminium were both 8% higher, the bauxite index was 26% higher and the gold price was 23% higher compared with 2023. The Midwest premium duty paid for aluminium in the US declined by 17% to $427 per tonne.

| Annual Report on Form 20-F 2024 | 17 | riotinto.com |

Strategic report | Financial review

Marginal benefit from weaker local currencies Compared with 2023, on average, the US dollar strengthened by 1% against the Australian and Canadian dollars. Currency movements increased underlying EBITDA by $ 0.3 billion relative to 2023. Rising copper volumes A 3% rise in copper equivalent sales volumes led to a $0.2 billion increase in underlying EBITDA. This was underpinned by 25% higher copper sales volumes, along with increases in gold, driven by the steady ramp-up of the Oyu Tolgoi underground mine and higher copper grades at Escondida, which, together with a 7% rise in bauxite volumes, offset the impact of 1% lower iron ore shipments from the Pilbara. Impact of inflation partly offset by lower energy prices The impact of inflation on our cost base lowered underlying EBITDA by $0.6 billion . The easing of diesel prices and lower prices for natural gas partly offset this, with a favourable impact to underlying EBITDA of $0.2 billion . Lower market-linked raw material prices, in particular for aluminium and alumina We remain focused on cost control, in particular maintaining discipline on fixed costs. Overall, lower operating cash unit costs benefited underlying EBITDA by $0.6 billion. This was driven by lower unit costs in Aluminium from the easing of market-linked raw materials prices, such as caustic, coke and pitch, in conjunction with higher bauxite volumes. Higher Copper volumes led to greater cost efficiencies, where we saw a 27% reduction in Copper C1 net unit costs. Partially offsetting these were slightly lower volumes in the Pilbara and Iron Ore Company of Canada (IOC), along with diamonds and titanium dioxide feedstocks as these businesses managed through weaker markets, leading to fixed cost inefficiencies. Continued investment in exploration and evaluation Our ongoing exploration and evaluation expenditure was $0.9 billion , compared with $1.4 billion in 2023. The decrease was mainly attributable to