Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 36

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 36
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31 December 2024 increased by $1.3 billion compared to 2023 year end. Our net gearing ratio 1 (net debt to total capital) was 9% at 31 December 2024 ( 31 December 2023 : 7% ). See page 273 . Our total financing liabilities exc luding net debt derivatives at 31 December 2024 (see page 198 ) were $13.8 billion ( 31 December 2023 : $14.4 billion ) and the weighted average maturity was 11 years . At 31 December 2024 , 76 % of these liabilities were at floating interest rates ( 84 % excluding leases). The maximum amount within non-current borrowings maturing in any one cale ndar year is $1.67 billion, which matures in 2033. We had $8.7 billion in cash and cash equivalents plus other short-term highly liquid investments at 31 December 2024 ( 31 December 2023 : $10.5 billion ). Provision for closure costs At 31 December 2024, provisions for close-down and restoration costs and environmental clean-up obligations were $15.7 billion ( 31 December 2023 : $17.2 billion ). There was a revision of the closure discount rate to 2.5% (from 2.0%), reflecting expectations of higher yields from long- dated bonds, including the 30-year US Treasury Inflation Protected Securities, a key input to our closure discount rate. This resulted in a $1.0 billion decrease, most of which was adjusted against capitalised closure costs, with a $0.2 billion credit reflected in underlying EBITDA relating to our closed and non-operating sites. The provision further reduced by $1.1 billion due to the strengthening of the US dollar against local currencies. During the year, there was a $1.1 billion spend against the provision as we advanced our closure activities at Argyle, ERA, the Gove alumina refinery and other legacy sites, along with progressive closure activity across our operations. Our shareholder returns policy The Board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with the intention of maximising long-term shareholder value. At the end of each financial period, the Board determines an appropriate total level of ordinary dividend per share. This takes into account the results for the financial year, the outlook for our major commodities, the Board’s view of the long-term growth prospects of the