Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 32

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 32
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 to the consolidated financial statements. Foreign exchange and derivative gains were $0.2 billion in 2024 compared to a loss of $0.3 billion in 2023. Exchange losses are largely offset by currency translation gains recognised in equity and vice-versa. The quantum of US dollar debt is largely unaffected and we will repay it from US dollar sales receipts. In 2023, we excluded $1.1 billion of closure cost charges from underlying earnings, of which $850 million related to the closure update announced by Energy Resources of Australia (ERA) on 12 December 2023. This was considered material and was therefore aggregated with other closure study updates in the second half of 2023 which were similar in nature. These other updates were at legacy sites and at the Yarwun alumina refinery, which was expensed due to the impairment earlier in the year. Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto.

| Annual Report on Form 20-F 2024 | 19 | riotinto.com |

Strategic report | Financial review

Underlying EBITDA and underlying earnings by product group

| Year ended 31 December                                                | Underlying EBITDA 
             US$bn |  2024 
 US$bn | 2023 
 %    | Underlying earnings 
              Change 
               US$bn |  2024 
 US$bn | 2023 
 %    |
|:----------------------------------------------------------------------|------------------:|------:|:-----|--------------------:|------:|:-----|
| Iron Ore                                                              |              16.2 |  20.0 | -19% |                 9.1 |  11.9 | -23% |
| Aluminium                                                             |               3.7 |   2.3 | 61%  |                 1.5 |   0.5 | 176% |
| Copper                                                                |               3.4 |   2.0 | 75%  |                 0.8 |   0.2 | 327% |
| Minerals                                                              |               1.1 |   1.4 | -24% |                 0.1 |   0.3 | -54% |
| Reportable segments total                                             |              24.4 |  25.6 | -5%  |                11.5 |  12.9 | -11% |
| Simandou iron ore