Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 43

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 43
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, Pilbara, Australia. |     | For informationabout decarbonisation efforts in the Iron Oregroup, see our 2025 Climate Action Plan, pages41-75. |     | For moreon our Iron Ore business, seeriotinto.com/ironore |

| Annual Report on Form 20-F 2024 | 25 | riotinto.com |

Strategic report | Iron Ore

Iron Ore

| Year ended 31 December                                       |   2024 |   2023 | Change |
|:-------------------------------------------------------------|-------:|-------:|:-------|
| Pilbara production (million tonnes — 100%)                   |  328.0 |  331.5 | -1%    |
| Pilbara shipments (million tonnes — 100%)                    |  328.6 |  331.8 | -1%    |
| Salt production (million tonnes — Rio Tinto share)¹          |    5.8 |    6.0 | -3%    |
| Segmental revenue (US$ millions)                             | 29,339 | 32,249 | -9%    |
| Average realised price (US$ per dry metric tonne, FOB basis) |   97.4 |  108.4 | -10%   |
| Underlying EBITDA (US$ millions)                             | 16,249 | 19,974 | -19%   |
| Pilbara underlying FOB EBITDA margin²                        |    65% |    69% |        |
| Underlying earnings (US$ millions)                           |  9,097 | 11,882 | -23%   |
| Net cash generated from operating activities (US$ millions)  | 11,652 | 14,045 | -17%   |
| Capital expenditure (US$ millions)³                          | -3,012 | -2,588 | 16%    |
| Free cash flow (US$ millions)                                |  8,561 | 11,374 | -25%   |
| Underlying return on capital employed⁴                       |    50% |    64% |        |

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result in the year on year change. 1. Dampier Salt is reported within Iron Ore, reflecting management responsibility. Iron Ore Company of Canada continues to be reported within Minerals. The