Company: RTNTF
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001628280-25-006642
Chunk: 10

Company: RIO TINTO LTD
Filing Date: 2025-02-20
Form: 20-F
Chunk 10
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 accelerated drive to become Best Operator. This way, we know we can afford to grow, decarbonise, and build a portfolio of materials the world needs, positioning us to be more competitive as we grow. Jakob Stausholm Chief Executive 19 February 2025

| Follow Jakob on LinkedInlinkedin.com/in/jakobstausholm |

| Annual Report on Form 20-F 2024 | 6 | riotinto.com |

Strategic report

Strategic context Our strategy is informed by a deep analysis of the interplay of global megatrends, explored through the lens of plausible scenarios. These allow us to explore potential futures for our industry and inform our portfolio decisions. Our success relies on our ability to strengthen our resilience to changing externalities while building partnerships and capabilities that enable us to capture emerging opportunities.

| Our scenario approachWe use global scenarios in our strategyand capital allocation processes tostress test our portfolio and investmentdecisions under alternativemacroeconomic settings. These arecreated collaboratively, using Group-wide expertise to capture importantmarket-specific trends and insights. Ourscenario framework focuses on 2prevailing forces: the speed of globaleconomic growth and the trajectory ofclimate action, each heavily influencedby global geopolitics, governance andtechnology. In 2024, we updated ourmethodology, replacing our 2 formercore scenarios (Competitive andFragmented Leadership) withConviction and Resilience scenarios,which inform our industry and projectevaluations under 2 distinctmacroeconomic settings:–Conviction Scenarioconsists ofelements of both our former corescenarios, envisaging a degree ofindustry fragmentation andincreasing government interventionin key markets, but also significantprogress in the development anddeployment of energy transitiontechnologies, in part driven byheightened global competition.–Resilience Scenariorepresents alower-growth world, where prevailinggeopolitical uncertainty and populistand nationalist movements result inweaker governance, fragmentedglobal trade, and less effective climateaction.Additional scenarios provide sensitivityanalysis. These include ourAspirational Leadershipscenario,which allows us to explore decisions in aworld that remains on track to limit theglobal average temperature rise to1.5°C (above pre-industrial levels) by2100. We also test our analysis againstconsensus forecasts to explore our levelof conviction against the market andidentify emerging opportunities andrisks.These scenarios allow us to examinethe robustness of our investmentdecisions, identify opportunities forprotecting against the downside, gauge