Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 27

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 27
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 growth while remaining true to our shareholder returns policy and retaining a strong balance sheet. Strategy execution delivering strong, consistent earnings and cash flows 2024 was another year of successful execution, with our total copper equivalent production increasing by more than 1% over 2023, on a copper equivalent basis (based on long-term consensus pricing). This reflected the ramp-up of the Oyu Tolgoi underground copper mine and further deployment of our Safe Production System. We have prioritised our Best Operator focus on operations that generate the most cash, with particular success at our Pilbara iron ore business and increased operational stability at our Aluminium operations, including record bauxite production at Amrun and Gove. We remain focused on our cost competitiveness while intensifying efforts to address system bottlenecks and strategic challenges at underperforming assets. For 2024, we are reporting net cash generated from operating activities of $15.6 billion , underlying earnings of $10.9 billion and profit after tax attributable to owners of Rio Tinto of $11.6 billion . We ended the year with net debt of $5.5 billion , which is modest relative to recent history. This balance sheet strength enables us to run our business consistently and maintain investment through the cycle, offering resilience and creating optionality, such as our proposed acquisition of Arcadium. We have chosen not to have a net debt target, but have a principles-based approach to anchor the balance sheet around a single A credit rating. We are intensifying our focus on becoming Best Operator and how we are delivering profitable growth from major projects. We are derisking our assets through disciplined execution of our decarbonisation program, finding ways to lower capital intensity and increase overall returns. These actions are creating significant value, enhancing our cash flows and supporting consistent capital allocation and balance sheet strength. Consistent and disciplined capital allocation We will continue to allocate the capital generated by our operations with discipline and remain committed to attractive shareholder returns. We have consistently applied our financial framework, which has been in place for more than a decade. It is straightforward and serves us well, underpinned by our three priorities. Essential capital expenditure remains the first priority - sustaining capex to ensure the integrity of our assets, high-returning replacement projects and investment for decarbonisation. The second priority is the ordinary dividend within our well-established returns policy, where we now have a nine-year track record of paying out consistently at the top end of the policy range at 60% of underlying earnings. The third involves testing investment in compelling growth against