Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 34

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 34
---
andou (outside of free cash flow)     |   0.5 |     – |
| Non Simandou-related acquisitions (mainly Matalco in 2023)       |     – |  -0.8 |
| Other                                                            |  -0.3 |  -0.4 |
| Movement in net debt¹                                            |  -1.3 |     – |

Financial figures are rounded to the nearest $100 million, hence small differences may result in the totals. – $15.6 billion in net cash generated from operating activities, which was 3% higher than 2023, reflects a 67% underlying EBITDA cash conversion (compared to 63% in 2023). This was driven by favourable working capital movements (+$0.1 billion in 2024; -$0.9 billion in 2023), along with higher dividends from Escondida ($1.0 billion in 2024; $0.6 billion in 2023). We managed our inventory levels down in 2024 to a more optimised level, which included processing concentrate at Kennecott following the smelter rebuild in 2023. – Taxes paid of $4.2 billion , which were $0.5 billion lower than 2023, mainly reflected lower profits in Australia. – Purchases of property, plant and equipment and intangible assets (capital expenditure) of $9.6 billion comprised $2.7 billion of growth, $2.5 billion of replacement, $4.2 billion of sustaining and $0.2 billion of decarbonisation capital (in addition to $0.3 billion of decarbonisation spend in operating costs). We funded our share of capital expenditure in 2024 from internal sources. We will continue to fund our capital program in accordance with our capital allocation framework. – $7.0 billion of dividends reflected the 2023 final ordinary and the 2024 interim ordinary dividends. – In 2024, we received $1.5 billion from CIOH for its share of cash expenditures for the Simandou project and we paid $1.0 billion to WCS to support funding development of the infrastructure. – The above movements, together with $0.3 billion of other movements, resulted in an increase in net debt¹ of $1.3 billion in 2024 to $5.5 billion at 31 December 2024 .

| Year ended 31 December                                                                    | 2024US$m |