Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 12

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 12
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 or export quotas on critical minerals). In response, governments and downstream participants in key demand jurisdictions (the US, EU, China, Japan and South Korea) have shown an appetite to partner with metals and mining companies to secure new sources of supply. We have seen 3 key approaches: – Reshoring of mining: Governments have increased subsidy availability and state support for domestic mining projects to limit trade exposure risks. However, attempts to reshore mining have been limited due to resource quality and capital constraints and prevailing permitting challenges, particularly in developed economies. – New projects in the “Global South”: Governments have increased efforts to forge new bilateral and multi-lateral partnerships, to help access high-quality resources in developing economies. This trend is driving strong competition for high-quality projects and fuelling demand for metals and mining partners that can deliver projects while maintaining regionally aligned ESG priorities. – Recycling : For governments and original equipment manufacturers, recycling provides a potentially low capital, low risk, and more socially acceptable pathway to secure additional supply while continuing to support the global decarbonisation agenda. While China has continued to build scrap-processing capacity and capabilities (including through the recently established China Resources Recycling Group ), deindustrialisation, smelter closures and inadequate collection schemes in the West have weighed on progress. To address this, several governments initiated policies and strategies in 2024, including Germany’s National Circular Economy Strategy and the US’s Battery and Critical Mineral Recycling Grant Program .

| Annual Report on Form 20-F 2024 | 7 | riotinto.com |

Strategic report

Strategic framework Our purpose is Finding better ways ™ to provide the materials the world needs. This reflects our ambition to grow profitably and take a lead in the energy transition by innovating and continuously improving. See examples of how we're bringing our purpose to life at riotinto.com/purpose Our strategy is how we achieve this. Growing production of the materials the world needs for the energy transition while reducing operational emissions and partnering to decarbonise our value chains. See how our strategy is moving us forward for profitable growth at riotinto.com/strategy Our 4 objectives give us a clear pathway for driving progress and delivering results, in line with society's interests.

| Become Best Operator,through great teams bringingtheir best every day, to safelyand sustainably realise the fullvalue of our assets. |     | Strive for impeccable ESGcredentialsby aligning our prioritieswith society’s expectationsand considering safety andsustainability in every decision. |     | Excel in developmentbyshaping our