riotintocomreportingcentre2013
2013 annual report
delivering greater  
value for shareholders
 
 
strategic report 
performance highlights  ifc 
group overview  1 
chairman’s letter  3 
chief executive’s statement  5 
strategic context  6 
group strategy  7 
business model  9 
key performance indicators  10 
capital allocation  12 
principal risks and uncertainties  14 
sustainable development  18 
 independent assurance statement  25 
product groups 
 aluminium 26 
 copper  28 
 diamonds  minerals  30 
 energy  32 
 iron ore  34 
exploration  36 
technology  innovation  37 
financial review  38 
five year review  39 
directors’ report 
directors’ report  42 
additional financial information  47 
board of directors  53 
executive committee  56 
corporate governance  57 
remuneration report  
 annual statement by the remuneration 
 committee chairman 68 
 remuneration policy report  70 
 remuneration implementation report  79 
financial statements 
group income statement 111 
group statement of comprehensive income  112 
group statement of cash flows 113 
group statement of financial position 114 
group statement of changes in equity 115 
notes to the 2013 financial statements 118 
company balance sheet 194 
financial information by business unit  197 
australian corporations act –  
summary of asic relief  201 
directors’ declaration  202 
auditor’s independence declaration 203 
independent auditors’ report 204 
financial summary 208 
summary financial data 210 
production reserves and operations 
metals and minerals production 211 
ore reserves  215 
mineral resources  219 
competent persons  224 
mines and production facilities  226 
additional information 
shareholder information 234 
financial calendar 244 
contact details ibc
2013 annual report riotintocomreportingcentre2013 performance highlights 
2013 financial results focus on greater value for shareholders 
rio tinto’s strong results reflect the progress the group is making to transform the business and demonstrate how  
it is fulfilling its commitments to improve performance strengthen the balance sheet and deliver results the group 
achieved underlying earnings of us102 billion exceeded cost reduction targets and set production records in turn 
this has enhanced cash flow generation and lowered net debt the 15 per cent increase in the dividend reflects  
rio tinto’s confidence in the business and its attractive prospects 
underlying earnings of us102 billion were up ten per cent on 2012 
operating cash cost improvements of us23 billion exceeded the 2013 target of us20 billion 
exploration and evaluation savings delivered us1 billion against the 2013 target of us750 million 
production records set for iron ore bauxite and thermal coal and a strong recovery in copper volumes  
iron ore volumes were bolstered by the completion in august of the pilbara phase one infrastructure expansion  
in western australia to 290 mta with rampup on track to reach nameplate capacity before the end of the first  
half of 2014 
net earnings of us37 billion reflect noncash exchange losses of us29 billion and impairments of us34 billion 
notably the impairment of a previous noncash accounting uplift on first consolidation of oyu tolgoi a significant 
project cost overrun at kitimat and the previously announced curtailment of the gove alumina refinery 
cash flows from operations of us201 billion were up 22 per cent and capital expenditure was down 26 per cent  
to us129 billion 
net debt reduced to us181 billion at 31 december 2013 us40 billion down on the half year and us11 billion 
down on the previous year end 
15 per cent increase in full year dividend to 192 us cents per share reflects the sustainable growth of the business 
 
year to 31 december 2013  
all amounts are us millions unless otherwise stated 2013 2012 change
underlying earnings 
a
 10217 9269 10
net earningsloss 
a
 3665 3028
cash flows from operations  20131 16521 22
capital expenditure 12944 17575 26
underlying earnings per share – us cents 5531 5013 10
basic earningsloss per share from continuing operations – us cents 1984 1634
ordinary dividends per share – us cents 1920 1670 15
the financial results are prepared in accordance with ifrs as adopted by the european union eu ifrs  
a underlying earnings is the key financial performance indicator which management uses internally to assess performance  
it is presented here to provide greater understanding of the underlying business performance of the group’s operations attributable 
to the owners of rio tinto net earnings and underlying earnings relate to profit attributable to owners of rio tinto underlying 
earnings is defined and reconciled to net earnings on pages 134 and 135 comparative information has been restated to reflect a 
number of new accounting standards please see note 46 on page 191  
 
rio tinto is reducing the print run of this document to be more environmentally friendly  
we encourage you to visit riotintocomreportingcentre2013
navigating through rio tinto’s  
annual and strategic report 
as of 2013 the uk’s regulatory reporting 
framework requires companies to produce  
a strategic report the intention is to provide 
investors with the option of receiving a 
document which is more concise than the 
full annual report and which is strategic in 
its focus  
the first 40 pages of rio tinto’s 2013 
annual report constitute its 2013 strategic 
report references to page numbers beyond 
40 are references to pages in the full 2013 
annual report this is available online at 
riotintocomreportingcentre2013 or 
shareholders may obtain a hard copy free of 
charge by contacting rio tinto’s registrars 
whose details are set out on the inside back 
cover of this document   
in light of the new regulatory requirement 
to produce a strategic report in lieu of 
summary financial statements and the 
group’s focus on delivering greater value  
for shareholders rio tinto is no longer 
producing an annual review please visit  
rio tinto’s website to learn more about  
the group’s performance in 2013   
 
this annual report which includes the group’s 
2013 strategic report complies with australian  
and uk reporting requirements 
copies of rio tinto’s shareholder documents – the 
2013 annual report and 2013 strategic report along 
with the 2014 notices of annual general meeting – 
are available to view on the group’s website 
riotintocom 
cautionary statement about forwardlooking 
statements 
this document contains certain forwardlooking 
statements with respect to the financial condition 
results of operations and business of the rio tinto 
group these statements are forwardlooking 
statements within the meaning of section 27a of 
the us securities act of 1933 and section 21e of 
the us securities exchange act of 1934 the words 
“intend” “aim” “project” “anticipate” “estimate” 
“plan” “believes” “expects” “may” “should” “will” 
“target” “set to” or similar expressions commonly 
identify such forwardlooking statements 
examples of forwardlooking statements in this 
annual report include those regarding estimated 
ore reserves anticipated production or construction 
dates costs outputs and productive lives of assets 
or similar factors forwardlooking statements 
involve known and unknown risks uncertainties 
assumptions and other factors set forth in this 
document that are beyond the group’s control  
for example future ore reserves will be based in 
part on market prices that may vary significantly 
from current levels these may materially affect  
the timing and feasibility of particular 
developments other factors include the ability to 
produce and transport products profitably demand 
for our products changes to the assumptions 
regarding the recoverable value of our tangible  
and intangible assets the effect of foreign currency 
exchange rates on market prices and operating 
costs and activities by governmental authorities 
such as changes in taxation or regulation and 
political uncertainty 
in light of these risks uncertainties and 
assumptions actual results could be materially 
different from projected future results expressed  
or implied by these forwardlooking statements 
which speak only as to the date of this annual 
report except as required by applicable regulations 
or by law the group does not undertake any 
obligation to publicly update or revise any forward
looking statements whether as a result of new 
information or future events the group cannot 
guarantee that its forwardlooking statements  
will not differ materially from actual results 
reporting centre 2013
delivering
greater value
for shareholders group overview 
1 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
introduction to rio tinto 
rio tinto is a leading global mining group that focuses on finding mining and 
processing the earth’s mineral resources our vision is to be a company that  
is admired and respected for delivering superior value as the industry’s most 
trusted partner 
with a view to sustaining returns to shareholders over time we take a long
term approach to our activities this means concentrating on developing  
tier 1 orebodies into longlife lowcost expandable operations that are  
capable of providing competitive returns throughout business cycles 
we have a diverse portfolio and a global presence our 66000 people work  
in more than 40 countries our five product groups summarised below are 
supported by our exploration and technology  innovation groups also see 
pages 26 to 37 we are committed to creating a culture of high performance – 
providing challenging work and opportunities to grow and rewarding those  
who help deliver superior value 
sustainable development is integrated into everything we do our operations 
give us the opportunity to bring longlasting positive change to the 
communities regions and countries in which we work and our metals  
and minerals are transformed into end products that contribute to higher  
living standards 
the safety of our people and our values – accountability respect teamwork 
and integrity – are at the core of our way of working our responsible approach 
to mineral development ensures we gain and maintain our licence to operate  
it means we provide confidence to our stakeholders and improve our access  
to the mineral resources people and capital we need 
aluminium product group 
building on more than a century of experience and expertise rio tinto alcan  
is a global leader in the aluminium industry our fullyintegrated facilities 
include highquality bauxite mines largescale alumina refineries and  
some of the world’s lowestcost most technologicallyadvanced primary  
aluminium smelters 
products 
bauxite 
bauxite is the natural ore used to make aluminium it is refined into alumina 
which is smelted into aluminium metal our whollyowned and joint venture 
bauxite mines are located in australia brazil and guinea 
alumina 
alumina aluminium oxide is extracted from bauxite via a refining process 
approximately four tonnes of bauxite are required to produce two tonnes of 
alumina which in turn makes one tonne of aluminium metal our wholly
owned and joint venture alumina refineries are located in australia brazil  
and canada 
aluminium 
aluminium is a unique and versatile modern metal light strong flexible  
noncorrosive and infinitely recyclable aluminium is one of the most widely
used metals in the world its largest markets are transportation machinery  
and construction our smelters are mainly concentrated in canada we also 
have plants in france australia new zealand cameroon iceland norway  
the uk and oman 
strategic advantages 
access to the largest and bestquality bauxite reserves in the industry 
strong hydropower position which delivers significant cost and other 
advantages in today’s carbonconstrained world  
rio tinto alcan has a firstquartile cost position for aluminium smelting  
with industryleading smelting technology and a solid secondquartile  
cost position for alumina refining 
one of the lowestcost quartile bauxite producers 
 
key production locations  key sales destinations  
canada asia 
europe americas 
australia europe 
 full operating review on page 26  
copper product group 
rio tinto’s copper product group is made up of four operating assets and  
two key development projects our operating assets are worldclass and  
our project pipeline of longerterm opportunities will help ensure we will  
continue to be well positioned to meet demand for one of the world’s  
most soughtafter resources 
products 
copper 
the world uses more than 26 million tonnes of copper every year  
it is malleable durable resistant to corrosion hygienic and an excellent 
conductor of heat and electricity making it useful in a broad range of building 
construction and electrical applications copper is a metal at the forefront  
of green innovation hybrid and electric cars rely on it as do renewable  
energy sources such as solar power wind farms thermal and hydroelectricity 
copper is known for its antibacterial properties and is increasingly used in 
hospitals and other medical facilities 
gold 
gold’s conductivity and noncorrosive properties make it a vital fabrication 
material in technology electronics jewellery space exploration and dentistry 
we are one of the world’s top 15 gold producers and the largest among  
the diversified miners we have interests in two coppergold mines that  
rank among the world’s largest gold resources at oyu tolgoi and grasberg 
silver 
silver has very good electrical and thermal properties it is used in many 
electrical and electronic applications such as photovoltaic cells and is the 
principal ingredient of xray film silver is also regarded as a precious metal 
used for investment and in jewellery 
molybdenum 
molybdenum is a metallic element frequently used to produce stainless steel 
and other metal alloys it enhances the metal’s toughness hightemperature 
strength and corrosion resistance 
strategic advantages  
a phased and structured approach to development investment while 
maintaining optionality 
participation in and ownership of large longlife lowcost and expandable 
assets with the potential to generate substantial and sustainable value 
industryleading technology and innovation 
key production locations  key sales destinations  
us us 
chile china 
mongolia japan 
indonesia  
 full operating review on page 28  
  
riotintocomreportingcentre2013
1
strategic report financial statements directors’ report production reserves and operations additional information chairman’s letter 
dear shareholders 
in 2013 your company was focused on improving the performance of the  
business strengthening capital allocation processes and reducing our level of 
indebtedness – all with a view to ensuring a greater commitment to creating 
real value for shareholders  
i am pleased to report that substantial progress had been made on meeting 
these priorities we achieved underlying earnings of us102 billion and 
significantly improved cash flow by 22 per cent over 2012 we exceeded  
our cost reduction targets and set production records our net earnings 
performance of us37 billion takes account of noncash exchange rate losses 
and impairments  
we are deeply saddened by the deaths of three of our employees at our 
managed sites last year and improving safety at all of our operations during  
the year ahead is of paramount importance 
our overall performance gave the board the confidence to raise the 2013 full 
year dividend by 15 per cent this increased dividend represents an important 
milestone on the road to improved shareholder value 
stronger business creating options  
during 2013 greater discipline and accountability was restored throughout  
the business particularly in the allocation and management of capital  
we simplified and strengthened our systems in this area and improved  
decisionmaking capability across the organisation  
your board regularly evaluates opportunities put forward by the business 
against all competing uses for cash striving to achieve the right balance 
between disciplined investment strengthening our balance sheet and  
returning cash to investors 
the reduction in our net debt during 2013 is an indication of our commitment 
to a stronger balance sheet and provides flexibility in terms of returns and 
investment we are building more resilience in our business which gives  
your board greater flexibility to respond to macroeconomic developments  
as they arise 
strategy development and disciplined delivery 
during the year your board supported sam walsh on the implementation of his 
plan to improve performance strengthen the balance sheet and deliver results 
we worked with him on reviewing the company’s strategy and reaffirmed our 
commitment to invest in and operate longlife lowcost expandable mines  
and businesses the board also took the time to visit our worldclass iron ore 
operations in the pilbara in western australia to get a deeper understanding  
of the strategic and operational issues at play 
sam his executive team and all of our 66000 employees across the world have 
worked hard during a challenging year and made a large contribution to restore 
the company to a position of strength i thank all of our people for their efforts 
and commend sam for this leadership during a tough time but there is more 
we must do 
amidst continued market uncertainty impacts of quantitative easing  
and austerity programmes still washing through markets around the world 
your board has tasked the executive team with ensuring they successfully 
execute our strategy and make sure the gains delivered are sustained the 
discipline of 2013 must be carried forward into the year ahead and beyond  
with a specific focus on delivering our growth projects and producing further 
productivity improvements at all of our sites 
as geopolitical and social risk increase we remain convinced that businesses 
which form effective relationships and partnerships around the world will 
prosper over the longer term rio tinto has always taken its role as a 
responsible business very seriously and throughout the year ahead we will 
continue to build our capabilities in stakeholder engagement and sustainable 
development we believe earning the trust of our host communities and 
governments is vital in creating sustainable shareholder value  
maintaining good governance 
good governance is essential for the longterm success of the group in 2013 
we have seen a greater level of focus discipline and accountability throughout 
the organisation this continues to be underpinned by your board’s oversight  
of a robust corporate governance framework to support our business and 
strategic delivery  
my role as chairman is to lead the board and to ensure it is focused on its 
oversight of management and the delivery of our strategy sam walsh’s role  
as chief executive is to focus on sustained operational excellence and growth  
of the business – and to do so with safety top of mind our roles are 
complementary but distinct the separation of executive and nonexecutive 
accountabilities is essential to good governance the executives have an 
operational role whereas the nonexecutives have an oversight role ensuring 
accountability and exercising strong and deliberate challenge through the 
board decisionmaking process to ensure appropriate control mechanisms  
are in place to safely implement our strategy and plans  
your board devotes much of its time to reviewing debating and challenging 
proposals for investment from management as well as dealing with a wide 
range of other issues including safety and the group’s strategic direction 
monitoring business performance optimising capital allocation and expenditure 
whilst carefully evaluating the wide range of risks facing the business  
leadership 
leadership is critical at all levels – at board level at executive level and 
throughout the business we are committed to effective succession planning  
at both the board and executive level my goal is to make sure your board 
combines the diverse blend of skills and international experience that is 
available to it now and to enhance it further for the future rio tinto’s board 
should have the best blend of appropriately skilled and experienced people 
from our industry but also outside of it  
2013 saw a number of changes to the executive team starting with the 
appointment of sam walsh as chief executive following guy elliott’s decision 
to retire at the end of 2013 your board appointed chris lynch as chief financial 
officer with effect from april 2013 the board announced the promotion of  
jeansébastien jacques as chief executive copper following andrew harding’s 
move to become chief executive iron ore and appointed greg lilleyman as 
group executive technology  innovation with effect from 1 january 2014 
following the retirement of preston chiaro from the executive committee  
at the end of 2013 
preston retires as an executive on 1 april 2014 i would like to thank  
guy and preston for their significant contributions to rio tinto over their many 
years with the group and we wish them well in their retirement as executives 
moving forward i am very pleased to announce today the appointment of  
two new nonexecutive directors anne lauvergeon and simon thompson will 
bring a wealth of experience to your board given their combined experience  
in a number of leading international businesses we also announced today  
that vivienne cox will stand down at the end of the annual general meeting  
in london in april after nine years on the board i would like to thank vivienne 
for her significant contribution to rio tinto over this time and wish her well  
for the future 
we are a balanced and diverse board comprising myself as chairman two 
executive directors and eight soon to be nine after the new appointments and 
vivienne cox’s retirement independent nonexecutive directors all of whom 
are rigorously assessed to ensure they continue to meet strict independence 
criteria the directors bring with them truly international experience from a  
wide range of professional business and public office backgrounds  
 
 
 
 
 
group overview continued 
2 
riotintocomreportingcentre2013 
diamonds  minerals product group 
the diamonds  minerals product group comprises a suite of industryleading 
demandled businesses which include mining refining and marketing 
operations across four sectors rio tinto diamonds is one of the world’s leading 
diamond producers active in mining manufacturing selling and marketing 
diamonds rio tinto minerals is a world leader in borates with mines 
processing plants and commercial and research facilities dampier salt is one 
of the world’s largest producers of seaborne salt rio tinto iron  titanium is  
an industry leader in highgrade titanium dioxide feedstocks the diamonds  
minerals group also includes the simandou iron ore project in guinea one of 
the largest known undeveloped highgrade iron ore resources in the world 
products 
diamonds 
diamonds are an important component in both affordable and higherend 
jewellery we are able to service both established and emerging markets  
as we produce the full range of diamonds in terms of size quality and  
colour distribution 
titanium dioxide 
the minerals ilmenite and rutile together with titanium dioxide slag can  
be transformed into a white titanium dioxide pigment or titanium metal  
the white pigment is a key component in paints plastics paper inks textiles 
food sunscreen and cosmetics titanium metal’s key properties of light  
weight chemical inertness and high strength make it ideal for use in medical 
applications and in the aerospace industry 
borates 
refined borates are used in hundreds of products and processes they are  
a vital ingredient of many home and automotive applications and are  
essential nutrients for crops they are commonly used in glass and ceramic  
applications including fibreglass television screens floor and wall tiles  
and heatresistant glass 
salt 
salt is one of the basic raw materials for the chemicals industry and is 
indispensable to a wide array of automotive construction and electronic 
products as well as for water treatment food and healthcare 
other products include high purity iron metal powders and zircon 
strategic advantages 
portfolio of industryleading businesses operating in attractive markets 
demandled integrated operations that are responsive to the changing 
external environment 
poised to benefit from mid to latecycle demand growth as consumption 
increases in emerging markets 
key production locations  key sales destinations  
north america north america 
australia south east asia 
south africa india 
 full operating review on page 30  
energy product group 
rio tinto’s energy product group is a leading seaborne supplier of thermal  
and coking coal to asian customers and the uranium we produce is used  
by electricity providers worldwide we have operations exploration and 
development projects in australia namibia mozambique and canada 
products 
coal 
coal is abundant relatively inexpensive and safe and easy to transport we are 
a large supplier to the seaborne thermal coal market thermal coal is used for 
electricity generation in power stations we also produce highervalue coking or 
metallurgical coal which when mixed in furnaces with iron ore produces steel 
uranium 
uranium is one of the most powerful known natural energy sources and is  
used in the production of clean stable baseload electricity after uranium  
ore is mined it is milled into uranium oxide – the mine product that is sold  
for processing into fuel rods for use in nuclear power stations 
strategic advantages 
strong customer relationships and highquality assets located in close 
proximity to growing asian markets 
successfully transforming the business by reducing costs increasing 
productivity and improving our position on the cost curve 
a large and unique resource base of premium quality thermal and  
coking coal in australia located close to existing infrastructure which  
would be difficult to replicate 
strong product stewardship strategy including investment in technologies  
to reduce emissions from our products 
key production locations  key sales destinations  
australia japan 
namibia south korea 
  europe 
 full operating review on page 32  
iron ore product group 
rio tinto’s iron ore product group is the secondlargest producer supplying the 
global seaborne iron ore trade after a decade of rapid expansion in australia 
and more recent growth in canada we are well positioned to benefit from the 
continuing strong demand in china and other asian markets we are driving 
performance through effective project management and valueadding 
operational efficiencies 
products 
iron ore 
iron is the key ingredient in the production of steel one of the most 
fundamental and durable products for modernday living with uses from 
railways to paperclips our iron ore mines are located in australia and canada 
strategic advantages 
proximity of the expanded pilbara operations in australia to the world’s 
largest and fastestgrowing customer base 
success in increasing operational efficiency and controlling costs 
vast potential for brownfield developments near existing infrastructure 
proven success in implementing largescale and complex valuegenerating 
major projects on time and budget without significant impact on  
operational efficiency 
key production locations  key sales destinations  
australia china 
canada japan 
  south korea 
 full operating review on page 34  
riotintocomreportingcentre2013
2 chairman’s letter 
dear shareholders 
in 2013 your company was focused on improving the performance of the  
business strengthening capital allocation processes and reducing our level of 
indebtedness – all with a view to ensuring a greater commitment to creating 
real value for shareholders  
i am pleased to report that substantial progress had been made on meeting 
these priorities we achieved underlying earnings of us102 billion and 
significantly improved cash flow by 22 per cent over 2012 we exceeded  
our cost reduction targets and set production records our net earnings 
performance of us37 billion takes account of noncash exchange rate losses 
and impairments  
we are deeply saddened by the deaths of three of our employees at our 
managed sites last year and improving safety at all of our operations during  
the year ahead is of paramount importance 
our overall performance gave the board the confidence to raise the 2013 full 
year dividend by 15 per cent this increased dividend represents an important 
milestone on the road to improved shareholder value 
stronger business creating options  
during 2013 greater discipline and accountability was restored throughout  
the business particularly in the allocation and management of capital  
we simplified and strengthened our systems in this area and improved  
decisionmaking capability across the organisation  
your board regularly evaluates opportunities put forward by the business 
against all competing uses for cash striving to achieve the right balance 
between disciplined investment strengthening our balance sheet and  
returning cash to investors 
the reduction in our net debt during 2013 is an indication of our commitment 
to a stronger balance sheet and provides flexibility in terms of returns and 
investment we are building more resilience in our business which gives  
your board greater flexibility to respond to macroeconomic developments  
as they arise 
strategy development and disciplined delivery 
during the year your board supported sam walsh on the implementation of his 
plan to improve performance strengthen the balance sheet and deliver results 
we worked with him on reviewing the company’s strategy and reaffirmed our 
commitment to invest in and operate longlife lowcost expandable mines  
and businesses the board also took the time to visit our worldclass iron ore 
operations in the pilbara in western australia to get a deeper understanding  
of the strategic and operational issues at play 
sam his executive team and all of our 66000 employees across the world have 
worked hard during a challenging year and made a large contribution to restore 
the company to a position of strength i thank all of our people for their efforts 
and commend sam for this leadership during a tough time but there is more 
we must do 
amidst continued market uncertainty impacts of quantitative easing  
and austerity programmes still washing through markets around the world 
your board has tasked the executive team with ensuring they successfully 
execute our strategy and make sure the gains delivered are sustained the 
discipline of 2013 must be carried forward into the year ahead and beyond  
with a specific focus on delivering our growth projects and producing further 
productivity improvements at all of our sites 
as geopolitical and social risk increase we remain convinced that businesses 
which form effective relationships and partnerships around the world will 
prosper over the longer term rio tinto has always taken its role as a 
responsible business very seriously and throughout the year ahead we will 
continue to build our capabilities in stakeholder engagement and sustainable 
development we believe earning the trust of our host communities and 
governments is vital in creating sustainable shareholder value  
maintaining good governance 
good governance is essential for the longterm success of the group in 2013 
we have seen a greater level of focus discipline and accountability throughout 
the organisation this continues to be underpinned by your board’s oversight  
of a robust corporate governance framework to support our business and 
strategic delivery  
my role as chairman is to lead the board and to ensure it is focused on its 
oversight of management and the delivery of our strategy sam walsh’s role  
as chief executive is to focus on sustained operational excellence and growth  
of the business – and to do so with safety top of mind our roles are 
complementary but distinct the separation of executive and nonexecutive 
accountabilities is essential to good governance the executives have an 
operational role whereas the nonexecutives have an oversight role ensuring 
accountability and exercising strong and deliberate challenge through the 
board decisionmaking process to ensure appropriate control mechanisms  
are in place to safely implement our strategy and plans  
your board devotes much of its time to reviewing debating and challenging 
proposals for investment from management as well as dealing with a wide 
range of other issues including safety and the group’s strategic direction 
monitoring business performance optimising capital allocation and expenditure 
whilst carefully evaluating the wide range of risks facing the business  
leadership 
leadership is critical at all levels – at board level at executive level and 
throughout the business we are committed to effective succession planning  
at both the board and executive level my goal is to make sure your board 
combines the diverse blend of skills and international experience that is 
available to it now and to enhance it further for the future rio tinto’s board 
should have the best blend of appropriately skilled and experienced people 
from our industry but also outside of it  
2013 saw a number of changes to the executive team starting with the 
appointment of sam walsh as chief executive following guy elliott’s decision 
to retire at the end of 2013 your board appointed chris lynch as chief financial 
officer with effect from april 2013 the board announced the promotion of  
jeansébastien jacques as chief executive copper following andrew harding’s 
move to become chief executive iron ore and appointed greg lilleyman as 
group executive technology  innovation with effect from 1 january 2014 
following the retirement of preston chiaro from the executive committee  
at the end of 2013 
preston retires as an executive on 1 april 2014 i would like to thank  
guy and preston for their significant contributions to rio tinto over their many 
years with the group and we wish them well in their retirement as executives 
moving forward i am very pleased to announce today the appointment of  
two new nonexecutive directors anne lauvergeon and simon thompson will 
bring a wealth of experience to your board given their combined experience  
in a number of leading international businesses we also announced today  
that vivienne cox will stand down at the end of the annual general meeting  
in london in april after nine years on the board i would like to thank vivienne 
for her significant contribution to rio tinto over this time and wish her well  
for the future 
we are a balanced and diverse board comprising myself as chairman two 
executive directors and eight soon to be nine after the new appointments and 
vivienne cox’s retirement independent nonexecutive directors all of whom 
are rigorously assessed to ensure they continue to meet strict independence 
criteria the directors bring with them truly international experience from a  
wide range of professional business and public office backgrounds  
 
 
 
 
 
group overview continued 
2 
riotintocomreportingcentre2013 
diamonds  minerals product group 
the diamonds  minerals product group comprises a suite of industryleading 
demandled businesses which include mining refining and marketing 
operations across four sectors rio tinto diamonds is one of the world’s leading 
diamond producers active in mining manufacturing selling and marketing 
diamonds rio tinto minerals is a world leader in borates with mines 
processing plants and commercial and research facilities dampier salt is one 
of the world’s largest producers of seaborne salt rio tinto iron  titanium is  
an industry leader in highgrade titanium dioxide feedstocks the diamonds  
minerals group also includes the simandou iron ore project in guinea one of 
the largest known undeveloped highgrade iron ore resources in the world 
products 
diamonds 
diamonds are an important component in both affordable and higherend 
jewellery we are able to service both established and emerging markets  
as we produce the full range of diamonds in terms of size quality and  
colour distribution 
titanium dioxide 
the minerals ilmenite and rutile together with titanium dioxide slag can  
be transformed into a white titanium dioxide pigment or titanium metal  
the white pigment is a key component in paints plastics paper inks textiles 
food sunscreen and cosmetics titanium metal’s key properties of light  
weight chemical inertness and high strength make it ideal for use in medical 
applications and in the aerospace industry 
borates 
refined borates are used in hundreds of products and processes they are  
a vital ingredient of many home and automotive applications and are  
essential nutrients for crops they are commonly used in glass and ceramic  
applications including fibreglass television screens floor and wall tiles  
and heatresistant glass 
salt 
salt is one of the basic raw materials for the chemicals industry and is 
indispensable to a wide array of automotive construction and electronic 
products as well as for water treatment food and healthcare 
other products include high purity iron metal powders and zircon 
strategic advantages 
portfolio of industryleading businesses operating in attractive markets 
demandled integrated operations that are responsive to the changing 
external environment 
poised to benefit from mid to latecycle demand growth as consumption 
increases in emerging markets 
key production locations  key sales destinations  
north america north america 
australia south east asia 
south africa india 
 full operating review on page 30  
energy product group 
rio tinto’s energy product group is a leading seaborne supplier of thermal  
and coking coal to asian customers and the uranium we produce is used  
by electricity providers worldwide we have operations exploration and 
development projects in australia namibia mozambique and canada 
products 
coal 
coal is abundant relatively inexpensive and safe and easy to transport we are 
a large supplier to the seaborne thermal coal market thermal coal is used for 
electricity generation in power stations we also produce highervalue coking or 
metallurgical coal which when mixed in furnaces with iron ore produces steel 
uranium 
uranium is one of the most powerful known natural energy sources and is  
used in the production of clean stable baseload electricity after uranium  
ore is mined it is milled into uranium oxide – the mine product that is sold  
for processing into fuel rods for use in nuclear power stations 
strategic advantages 
strong customer relationships and highquality assets located in close 
proximity to growing asian markets 
successfully transforming the business by reducing costs increasing 
productivity and improving our position on the cost curve 
a large and unique resource base of premium quality thermal and  
coking coal in australia located close to existing infrastructure which  
would be difficult to replicate 
strong product stewardship strategy including investment in technologies  
to reduce emissions from our products 
key production locations  key sales destinations  
australia japan 
namibia south korea 
  europe 
 full operating review on page 32  
iron ore product group 
rio tinto’s iron ore product group is the secondlargest producer supplying the 
global seaborne iron ore trade after a decade of rapid expansion in australia 
and more recent growth in canada we are well positioned to benefit from the 
continuing strong demand in china and other asian markets we are driving 
performance through effective project management and valueadding 
operational efficiencies 
products 
iron ore 
iron is the key ingredient in the production of steel one of the most 
fundamental and durable products for modernday living with uses from 
railways to paperclips our iron ore mines are located in australia and canada 
strategic advantages 
proximity of the expanded pilbara operations in australia to the world’s 
largest and fastestgrowing customer base 
success in increasing operational efficiency and controlling costs 
vast potential for brownfield developments near existing infrastructure 
proven success in implementing largescale and complex valuegenerating 
major projects on time and budget without significant impact on  
operational efficiency 
key production locations  key sales destinations  
australia china 
canada japan 
  south korea 
 full operating review on page 34  
riotintocomreportingcentre2013
3
strategic report financial statements directors’ report production reserves and operations additional information chief executive’s statement 
5 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
rio tinto’s turnaround on track 
rio tinto is a truly great business with renewed vigour and purpose  
focused on delivering greater shareholder value  
dear shareholders 
2013 was a challenging and very rewarding year for rio tinto i was proud  
to be appointed chief executive of your company a year ago at a time when 
shareholders had lost some confidence in the business change was needed 
trust and confidence in management had to be rebuilt while i was determined 
that rio tinto would not repeat the mistakes of the past i also recognised the 
solid foundations of an outstanding company with extremely good people  
and assets  
transforming our business to focus on greater value for shareholders 
so while rio tinto was in many ways an outstanding business we needed to 
refocus on meeting the expectations of the owners of our company i defined 
our 2013 goal as delivering greater value for our shareholders and during the 
year i personally met with and listened to hundreds of investors and analysts 
as well as our employees customers and suppliers across the world  
they all told me we want to see rio tinto return to a position of strength 
similarly i too want rio tinto to be a company admired and recognised not  
just for superior performance but for embodying our values in all that we do  
in february 2013 i set out my plan to improve and build upon the strong 
foundations of the company this included creating a tightlyrun and more 
disciplined and accountable business in 2013 we have done just this and 
forged ahead with a singleminded emphasis on delivering our priorities to 
improve performance strengthen the balance sheet and deliver results in  
every market in which we operate everywhere around the world 
our performance in 2013 reflects the efforts of all of our 66000 employees  
to turn this business around i am humbled by the enthusiasm passion and 
talent i have seen and the willingness of all our people to embrace the change 
required and improve performance against a backdrop of continuing market 
uncertainty we have improved earnings and cash flows we have reduced 
costs net debt and capital expenditure we have delivered greater value for 
you our shareholders which is reflected in the 15 per cent increase in our  
2013 full year dividend  
in short last year we did what we said we would do but we are restless to 
improve further our 2013 net earnings reflected impairments on some of  
our assets and we are absolutely focused on making sure we improve project 
execution and deliver further business improvements this together with 
improving our safety performance will be our continuing focus in 2014 
building a safer business 
while we can look back with pride at the many successes we delivered in 2013 
we failed to meet our critical goal of no fatalities in our business three of our 
colleagues died working at rio tinto managed operations last year thirty seven 
people died at nonmanaged operations including 33 at the grasberg mine in 
papua indonesia these are terrible tragedies with regard to grasberg we are 
continuing to work with our joint venture partner to share our safety capabilities 
and learnings so we can both improve our safety performance and this process 
is ongoing  
all of these deaths weigh heavily on me personally and i and my management 
team feel enormous sorrow for the families and friends of these colleagues i 
was also deeply saddened by a further fatality at grasberg and another at the 
gove refinery this year i am determined that we will turn our safety 
performance around we have made significant gains over the course of our 
safety journey but we have more to do strong safety leadership improved 
management of critical risks and learning from all significant incidents are of 
paramount importance  
delivering our strategy  
we are still operating in a volatile macroeconomic environment despite more 
optimistic signs coming through from oecd economies and growth remaining 
relatively strong in developing economies the underlying structural fragilities 
remain with volatility expected to continue over the short term we will stand 
by the priorities we set for ourselves a year ago to improve performance 
strengthen the balance sheet and deliver results these priorities have already 
proved effective in making us a more robust organisation and with continuing 
focus we will grow stronger still 
1 improving performance 
we exceeded our targets for reducing operating cash costs and exploration  
and evaluation expenditure in 2013 these results demonstrate the exceptional 
work being done across the business to address our cost base these efforts  
will continue in 2014 in order to reach a us3 billion improvement in operating 
cash costs versus 2012 our aim is to sustain exploration and evaluation spend 
at around 2013 levels in 2014 and beyond 
our 2013 performance was further bolstered by increased production  
we set new production records in bauxite thermal coal and iron ore and  
across the group our total production grew by nine per cent in 2013 on a 
copper equivalent basis our focus on productivity will persist in 2014 in 
tandem with our keen eye on costs our efforts to reduce costs and increase 
performance resulted in improved underlying earnings of us102 billion  
up ten per cent on 2012 
2 strengthening our balance sheet 
the excellent performance achieved in reducing costs together with volume 
growth is leading to stronger cash flows combined with cash inflows from 
divestments and lower capital expenditure we were more than able to reverse 
the increase in net debt we saw in the first half of the year 
in november we announced our breakthrough pathway for expanding our 
pilbara operations towards 360 million tonnes per annum at a us3 billion 
lower capital cost than previously planned this is a clear example of our 
disciplined approach to capital allocation i am confident we have stronger 
stricter processes in place for how we allocate capital as we move forward  
with reinforced systems embedded at the core of our investment approach  
you have my absolute commitment that each and every dollar we are investing 
on your behalf is being rigorously scrutinised 
our focus for the year ahead will be to continue to pay down debt and further 
strengthen the balance sheet our aim is to provide the board with options for 
how best to deliver value to you whether this is through valueaccretive growth 
or returning cash or a combination of both 
3 delivering results 
in keeping with our strategy 2013 saw the completion of five major capital 
projects that have already started delivering results the oyu tolgoi coppergold 
mine the first phase of our pilbara iron ore expansion the argyle underground 
diamond mine the kestrel coal mine extension and the ap60 aluminium 
smelter we expect to deliver strong returns from these key assets in our 
portfolio over the coming years 
ongoing commitment 
in 2013 we rose to the challenge and navigated difficult times to emerge as  
a leaner and much stronger company 2014 will be about locking in the gains 
achieved last year and continuing to strengthen the business 
i would like to close by paying tribute to all of our employees across the world 
without their efforts we would not have been able to turn around the performance 
of the business and i am energised by the effort enthusiasm and passion for 
improvement which i have seen firsthand in every part of our organisation over 
the next 12 months and beyond we will remain focused on safety and upholding 
our values wherever we operate in the world above all we will continue our 
singleminded focus on delivering greater value for you our shareholders 
 
 
 
sam walsh ao 
chief executive 
5 march 2014  
chairman’s letter continued 
4 
riotintocomreportingcentre2013 
the board committees have always played an important oversight role freeing 
your board to focus on strategic matters the board committees under the 
effective leadership of their respective chairs carry out important and 
demanding roles on your board’s behalf and facilitate the embedding of 
effective governance across the organisation you can read more about the 
work that they do on pages 61 to 63 
the 2013 board and committee performance is described on page 58 i remain 
comfortable with the effectiveness of your board and the contribution each 
member of your board is making 
looking ahead 
i feel very privileged to be the chairman of this wonderful organisation  
rio tinto had to make some significant changes over the last year through our 
transformation we are a simpler and stronger company through our improved 
earnings and reduced costs we are financially stronger through our actions we 
are reducing risk and increasing discipline our strategy and priorities are clear  
i see great opportunities ahead as we build a longterm future for our business 
the work we do is important we provide the raw materials used in everyday life 
and as hundreds of millions of people move from rural to urban areas over the 
coming decades there will be increased demand for the metals and minerals 
we produce  
i look forward to reporting on the further progress of your company in  
a year’s time 
 
 
 
jan du plessis 
chairman 
5 march 2014 
 
 
riotintocomreportingcentre2013
4 chief executive’s statement 
5 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
rio tinto’s turnaround on track 
rio tinto is a truly great business with renewed vigour and purpose  
focused on delivering greater shareholder value  
dear shareholders 
2013 was a challenging and very rewarding year for rio tinto i was proud  
to be appointed chief executive of your company a year ago at a time when 
shareholders had lost some confidence in the business change was needed 
trust and confidence in management had to be rebuilt while i was determined 
that rio tinto would not repeat the mistakes of the past i also recognised the 
solid foundations of an outstanding company with extremely good people  
and assets  
transforming our business to focus on greater value for shareholders 
so while rio tinto was in many ways an outstanding business we needed to 
refocus on meeting the expectations of the owners of our company i defined 
our 2013 goal as delivering greater value for our shareholders and during the 
year i personally met with and listened to hundreds of investors and analysts 
as well as our employees customers and suppliers across the world  
they all told me we want to see rio tinto return to a position of strength 
similarly i too want rio tinto to be a company admired and recognised not  
just for superior performance but for embodying our values in all that we do  
in february 2013 i set out my plan to improve and build upon the strong 
foundations of the company this included creating a tightlyrun and more 
disciplined and accountable business in 2013 we have done just this and 
forged ahead with a singleminded emphasis on delivering our priorities to 
improve performance strengthen the balance sheet and deliver results in  
every market in which we operate everywhere around the world 
our performance in 2013 reflects the efforts of all of our 66000 employees  
to turn this business around i am humbled by the enthusiasm passion and 
talent i have seen and the willingness of all our people to embrace the change 
required and improve performance against a backdrop of continuing market 
uncertainty we have improved earnings and cash flows we have reduced 
costs net debt and capital expenditure we have delivered greater value for 
you our shareholders which is reflected in the 15 per cent increase in our  
2013 full year dividend  
in short last year we did what we said we would do but we are restless to 
improve further our 2013 net earnings reflected impairments on some of  
our assets and we are absolutely focused on making sure we improve project 
execution and deliver further business improvements this together with 
improving our safety performance will be our continuing focus in 2014 
building a safer business 
while we can look back with pride at the many successes we delivered in 2013 
we failed to meet our critical goal of no fatalities in our business three of our 
colleagues died working at rio tinto managed operations last year thirty seven 
people died at nonmanaged operations including 33 at the grasberg mine in 
papua indonesia these are terrible tragedies with regard to grasberg we are 
continuing to work with our joint venture partner to share our safety capabilities 
and learnings so we can both improve our safety performance and this process 
is ongoing  
all of these deaths weigh heavily on me personally and i and my management 
team feel enormous sorrow for the families and friends of these colleagues i 
was also deeply saddened by a further fatality at grasberg and another at the 
gove refinery this year i am determined that we will turn our safety 
performance around we have made significant gains over the course of our 
safety journey but we have more to do strong safety leadership improved 
management of critical risks and learning from all significant incidents are of 
paramount importance  
delivering our strategy  
we are still operating in a volatile macroeconomic environment despite more 
optimistic signs coming through from oecd economies and growth remaining 
relatively strong in developing economies the underlying structural fragilities 
remain with volatility expected to continue over the short term we will stand 
by the priorities we set for ourselves a year ago to improve performance 
strengthen the balance sheet and deliver results these priorities have already 
proved effective in making us a more robust organisation and with continuing 
focus we will grow stronger still 
1 improving performance 
we exceeded our targets for reducing operating cash costs and exploration  
and evaluation expenditure in 2013 these results demonstrate the exceptional 
work being done across the business to address our cost base these efforts  
will continue in 2014 in order to reach a us3 billion improvement in operating 
cash costs versus 2012 our aim is to sustain exploration and evaluation spend 
at around 2013 levels in 2014 and beyond 
our 2013 performance was further bolstered by increased production  
we set new production records in bauxite thermal coal and iron ore and  
across the group our total production grew by nine per cent in 2013 on a 
copper equivalent basis our focus on productivity will persist in 2014 in 
tandem with our keen eye on costs our efforts to reduce costs and increase 
performance resulted in improved underlying earnings of us102 billion  
up ten per cent on 2012 
2 strengthening our balance sheet 
the excellent performance achieved in reducing costs together with volume 
growth is leading to stronger cash flows combined with cash inflows from 
divestments and lower capital expenditure we were more than able to reverse 
the increase in net debt we saw in the first half of the year 
in november we announced our breakthrough pathway for expanding our 
pilbara operations towards 360 million tonnes per annum at a us3 billion 
lower capital cost than previously planned this is a clear example of our 
disciplined approach to capital allocation i am confident we have stronger 
stricter processes in place for how we allocate capital as we move forward  
with reinforced systems embedded at the core of our investment approach  
you have my absolute commitment that each and every dollar we are investing 
on your behalf is being rigorously scrutinised 
our focus for the year ahead will be to continue to pay down debt and further 
strengthen the balance sheet our aim is to provide the board with options for 
how best to deliver value to you whether this is through valueaccretive growth 
or returning cash or a combination of both 
3 delivering results 
in keeping with our strategy 2013 saw the completion of five major capital 
projects that have already started delivering results the oyu tolgoi coppergold 
mine the first phase of our pilbara iron ore expansion the argyle underground 
diamond mine the kestrel coal mine extension and the ap60 aluminium 
smelter we expect to deliver strong returns from these key assets in our 
portfolio over the coming years 
ongoing commitment 
in 2013 we rose to the challenge and navigated difficult times to emerge as  
a leaner and much stronger company 2014 will be about locking in the gains 
achieved last year and continuing to strengthen the business 
i would like to close by paying tribute to all of our employees across the world 
without their efforts we would not have been able to turn around the performance 
of the business and i am energised by the effort enthusiasm and passion for 
improvement which i have seen firsthand in every part of our organisation over 
the next 12 months and beyond we will remain focused on safety and upholding 
our values wherever we operate in the world above all we will continue our 
singleminded focus on delivering greater value for you our shareholders 
 
 
 
sam walsh ao 
chief executive 
5 march 2014  
chairman’s letter continued 
4 
riotintocomreportingcentre2013 
the board committees have always played an important oversight role freeing 
your board to focus on strategic matters the board committees under the 
effective leadership of their respective chairs carry out important and 
demanding roles on your board’s behalf and facilitate the embedding of 
effective governance across the organisation you can read more about the 
work that they do on pages 61 to 63 
the 2013 board and committee performance is described on page 58 i remain 
comfortable with the effectiveness of your board and the contribution each 
member of your board is making 
looking ahead 
i feel very privileged to be the chairman of this wonderful organisation  
rio tinto had to make some significant changes over the last year through our 
transformation we are a simpler and stronger company through our improved 
earnings and reduced costs we are financially stronger through our actions we 
are reducing risk and increasing discipline our strategy and priorities are clear  
i see great opportunities ahead as we build a longterm future for our business 
the work we do is important we provide the raw materials used in everyday life 
and as hundreds of millions of people move from rural to urban areas over the 
coming decades there will be increased demand for the metals and minerals 
we produce  
i look forward to reporting on the further progress of your company in  
a year’s time 
 
 
 
jan du plessis 
chairman 
5 march 2014 
 
 
riotintocomreportingcentre2013
5
strategic report financial statements directors’ report production reserves and operations additional information group strategy 
7 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
external pressures 
the mining industry is cyclical and following a decadelong growth phase it is 
now experiencing a period of lower prices and compressed margins meanwhile 
volatility – a characteristic of the macroeconomic environment since the global 
financial crisis – has been ongoing and is expected to continue bringing with it 
further shortterm risk 
our response to this has been to focus on costs cash flow and capital 
discipline others in the sector have embarked upon similar paths inefficiencies 
are also being exposed and so reductions in costs and capital expenditure 
productivity improvements and project deferrals and cancellations have 
become a prominent part of mining industry strategy 
despite the uncertain conditions that we currently face the longterm outlook 
for our sector remains positive  
the world’s population is forecast to increase by 30 per cent in the next  
40 years seventy million people enter the middle classes every year in  
china alone around 170 million people are expected to move to an urban 
environment by 2025 these factors are driving demand for the minerals and 
metals we produce as essential ingredients of modern life they make our 
business a good and valuable one to be in  
consistent strategy sharper focus 
rio tinto’s vision is to be a company that is admired and respected for 
delivering superior value as the industry’s most trusted partner 
the world we operate in today and the future we are preparing for require us  
to have a clear and consistent strategy in 2013 we reaffirmed our direction of 
travel and recommitted to the strategy that has worked for us for many years 
to invest in and operate longlife lowcost expandable operations in the most 
attractive industry sectors this strategy will allow us to take advantage of the 
opportunities ahead and we are confident that it is the right one for rio tinto 
in 2013 we reset our focus on executing the strategy by becoming a leaner 
more cashoriented and tightlyrun business we refocused our group  
on improving performance strengthening our balance sheet and delivering 
results – to deliver greater value for shareholders  
we are doing what we said we would reliably and relentlessly executing our 
strategy we are making every dollar count looking for ways to do things safer 
smarter and better and ensuring that we only invest in activities that add value  
2013 marked our 140th year in business we have been around this long  
by being very good at what we do looking to the future disciplined execution 
of our strategy is vital to building on our recent successes and our industry
leading capabilities will equip us to do this 
we have worldclass people and assets and have developed pioneering  
and industryleading systems and technologies we pride ourselves on being 
innovative – finding solutions that help us operate more efficiently sustainably 
and responsibly we are recognised and respected for our exploration and 
operations expertise for our values and our commitment to safety and for 
creating benefits for our diverse stakeholders  
while these things will not change our sharpened focus aims to transform  
us into the highest performer in our sector and will make sure we are fighting  
fit for the next 140 years and beyond 
 
 
improve 
performance
strengthen the 
balance sheet
deliver
results
outcome
greater value for shareholders
 strategy
invest in and operate longlife lowcost expandable 
operations in the most attractive industry sectors
2013 priorities
strategic context 
6 
riotintocomreportingcentre2013 
global economy 
the global economy grew by just three per cent in 2013 yet there is a  
strong sense that developed economies are finally on the path to a more robust 
recovery significant growth headwinds remain in the form of continued fiscal 
contraction and high debt levels but construction and manufacturing activity  
is improving and supporting labour markets this renewed momentum appears 
strongest in the us with growth in parts of europe still proving more hesitant 
the improved us outlook led the federal reserve to start tapering its 
accommodative quantitative easing qe programme towards the end of 2013 
with indirect implications for emerging markets loose monetary policies in the 
organisation for economic cooperation and development oecd countries 
are believed to have supported investment and growth in developing 
economies putting the shortterm growth outlook in these countries at  
risk from changing money flows asian economies risk seeing this effect 
compounded by a structural although very gradual slowdown in china’s 
economic expansion 
having firmly established itself over the past year china’s new leadership  
set the agenda for a gradual reform process at the third plenum meetings  
in november 2013 after several years of growth dominated by investment  
the country’s economic growth model is beginning to rebalance towards 
consumption this process poses significant challenges for the new 
government with scope for a volatile transition period while planned reforms 
should gradually deliver a more sustainable growth model the pace of growth 
is expected to continue to slow more importantly slowing growth is now 
acknowledged by the leadership as inevitable and necessary as demonstrated 
in 2013 china’s central government is likely to be more considered and 
cautious in future policy responses to cyclical growth weakness fiscal support 
for investment and associated shortterm spikes in commodity demand are 
expected to be less frequent and smaller in scale 
financial markets were less volatile in 2013 and the risk of shocks in europe 
much less pronounced than the previous year nevertheless several macro 
risks still simmer under the surface with the potential to derail the more 
positive shortterm global outlook at any time the us government shutdown  
in late 2013 and protracted negotiations over the debt ceiling are a further 
reflection of the challenges to bringing us sovereign debt back onto a  
more sustainable path similar tensions extend to europe where although 
intervention from the european central bank returned bond yields to more 
manageable levels the pace of reforms and structural readjustments necessary 
for a sustainable monetary union remains slow meanwhile the unwinding of 
qe policies represents uncharted territory with many potential pitfalls including 
inflation significant bond market selloffs and the formation of new asset 
bubbles added to the uncertainty around china’s reform process and 
geopolitical tensions in the middle east the impact of these key us and 
european macro risks on future market volatility should not be discounted 
shortterm consensus expectations about india’s growth prospects have  
been revised downward over the past year reflecting concerns over the pace of 
reforms monetary and fiscal policies and lagging infrastructure development 
however looking further into the future the rising prosperity in asia and other 
emerging markets remains the main global economic trend of relevance to the 
mining industry we continue to believe that this will ultimately help to support 
and sustain an elevated level of global economic growth and commodity 
demand over the next couple of decades  
drivers of commodity prices 
longterm structural economic trends are important drivers of future 
commodity prices through their effects on commodity demand the economic 
development and urbanisation of emerging countries goes through an initial 
investmentled growth phase which is particularly commodityintensive  
this benefits commodities such as steel and copper used in construction and 
infrastructure applications the structure of economies evolves through time 
and as the capital stock matures other commodities such as aluminium 
energy products and industrial minerals tend to take over as the main enablers 
of consumptionled growth models 
while the macroeconomic environment provides a common demand context 
supplyside factors can result in stark structural differences across commodity 
sectors in principle commodity prices will tend to have a relationship with  
the cost of developing and extracting metal and mineral resources however 
the exact nature of that relationship will depend on barriers to entry and exit 
which are specific to each sector 
across many commodity sectors the general supply trends in recent years 
have pointed towards fewer discoveries falling ore grades and maturing existing 
operations as well as greater complexity of projects and of nondeveloped 
orebodies technology trends are likely to offer some longterm solutions  
to these supply challenges but it is also likely that prices above historical  
levels will be required for markets to balance the structural demand and  
supply trends 
commodity markets 
after several years of elevated prices and record investment by mining 
companies supply for several commodities has finally started to catch up  
with demand at least temporarily bettersupplied commodity markets have 
resulted in downward pressures on some prices during 2013 for example on 
thermal and coking coal despite strong chinese imports prices for both 
commodities were down 12 per cent and 22 per cent respectively from 2012 
levels similar trends have been seen for base metals although price declines 
in 2013 were more moderate mined copper supply is starting to expand at  
a faster pace than demand after a long period of constrained and disrupted 
output growth in the case of aluminium there are still no signs of inventories 
falling as capacity expansions in western china and the middle east have 
outweighed the curtailment of highercost smelters in 2013 prices of 
exchangetraded metals were also influenced by shifting market expectations 
on qe tapering this effect was particularly pronounced in the gold market 
where some large daily price corrections resulted in an overall 27 per cent 
decline between the start and end of the year 
contrary to consensus expectations at the start of 2013 the iron ore market  
has so far been one of the most resilient to the commissioning of new supply 
major iron ore producers added about 100 million tonnes per annum of new 
seaborne capacity last year without the market experiencing a significant price 
correction in fact not only did iron ore prices average four per cent above 2012 
levels at us135t delivered to china they also displayed much less volatility 
throughout 2013 compared to the cycles that this market had become 
accustomed to since the global financial crisis the steady iron ore price 
performance reflected sustained elevated steel output levels in china during 
most of 2013 chinese steel demand growth of about seven to eight per cent 
last year highlighted the continued gap in construction and infrastructure  
needs in second and third tier cities and in western provinces 
the generally softer price environment and stronger supply growth have  
refocused the mining industry on dealing with margin compression in 2013 
across the industry mining companies are reprioritising cost improvements 
and productivity initiatives and cutting back on capital expenditure plans  
outlook 
on balance the shortterm economic outlook points to a further consolidation 
of the global recovery as we start 2014 however macro risks abound and the 
potential for continued volatility remains significant in the mining industry this 
is likely to drive further prudent investment behaviours while new supply gets 
absorbed by the market looking to the future our view remains that there  
will be a high average demand growth setting for our markets and that the 
complexity of future mining projects will continue to increase 
riotintocomreportingcentre2013
6 group strategy 
7 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
external pressures 
the mining industry is cyclical and following a decadelong growth phase it is 
now experiencing a period of lower prices and compressed margins meanwhile 
volatility – a characteristic of the macroeconomic environment since the global 
financial crisis – has been ongoing and is expected to continue bringing with it 
further shortterm risk 
our response to this has been to focus on costs cash flow and capital 
discipline others in the sector have embarked upon similar paths inefficiencies 
are also being exposed and so reductions in costs and capital expenditure 
productivity improvements and project deferrals and cancellations have 
become a prominent part of mining industry strategy 
despite the uncertain conditions that we currently face the longterm outlook 
for our sector remains positive  
the world’s population is forecast to increase by 30 per cent in the next  
40 years seventy million people enter the middle classes every year in  
china alone around 170 million people are expected to move to an urban 
environment by 2025 these factors are driving demand for the minerals and 
metals we produce as essential ingredients of modern life they make our 
business a good and valuable one to be in  
consistent strategy sharper focus 
rio tinto’s vision is to be a company that is admired and respected for 
delivering superior value as the industry’s most trusted partner 
the world we operate in today and the future we are preparing for require us  
to have a clear and consistent strategy in 2013 we reaffirmed our direction of 
travel and recommitted to the strategy that has worked for us for many years 
to invest in and operate longlife lowcost expandable operations in the most 
attractive industry sectors this strategy will allow us to take advantage of the 
opportunities ahead and we are confident that it is the right one for rio tinto 
in 2013 we reset our focus on executing the strategy by becoming a leaner 
more cashoriented and tightlyrun business we refocused our group  
on improving performance strengthening our balance sheet and delivering 
results – to deliver greater value for shareholders  
we are doing what we said we would reliably and relentlessly executing our 
strategy we are making every dollar count looking for ways to do things safer 
smarter and better and ensuring that we only invest in activities that add value  
2013 marked our 140th year in business we have been around this long  
by being very good at what we do looking to the future disciplined execution 
of our strategy is vital to building on our recent successes and our industry
leading capabilities will equip us to do this 
we have worldclass people and assets and have developed pioneering  
and industryleading systems and technologies we pride ourselves on being 
innovative – finding solutions that help us operate more efficiently sustainably 
and responsibly we are recognised and respected for our exploration and 
operations expertise for our values and our commitment to safety and for 
creating benefits for our diverse stakeholders  
while these things will not change our sharpened focus aims to transform  
us into the highest performer in our sector and will make sure we are fighting  
fit for the next 140 years and beyond 
 
 
improve 
performance
strengthen the 
balance sheet
deliver
results
outcome
greater value for shareholders
 strategy
invest in and operate longlife lowcost expandable 
operations in the most attractive industry sectors
2013 priorities
strategic context 
6 
riotintocomreportingcentre2013 
global economy 
the global economy grew by just three per cent in 2013 yet there is a  
strong sense that developed economies are finally on the path to a more robust 
recovery significant growth headwinds remain in the form of continued fiscal 
contraction and high debt levels but construction and manufacturing activity  
is improving and supporting labour markets this renewed momentum appears 
strongest in the us with growth in parts of europe still proving more hesitant 
the improved us outlook led the federal reserve to start tapering its 
accommodative quantitative easing qe programme towards the end of 2013 
with indirect implications for emerging markets loose monetary policies in the 
organisation for economic cooperation and development oecd countries 
are believed to have supported investment and growth in developing 
economies putting the shortterm growth outlook in these countries at  
risk from changing money flows asian economies risk seeing this effect 
compounded by a structural although very gradual slowdown in china’s 
economic expansion 
having firmly established itself over the past year china’s new leadership  
set the agenda for a gradual reform process at the third plenum meetings  
in november 2013 after several years of growth dominated by investment  
the country’s economic growth model is beginning to rebalance towards 
consumption this process poses significant challenges for the new 
government with scope for a volatile transition period while planned reforms 
should gradually deliver a more sustainable growth model the pace of growth 
is expected to continue to slow more importantly slowing growth is now 
acknowledged by the leadership as inevitable and necessary as demonstrated 
in 2013 china’s central government is likely to be more considered and 
cautious in future policy responses to cyclical growth weakness fiscal support 
for investment and associated shortterm spikes in commodity demand are 
expected to be less frequent and smaller in scale 
financial markets were less volatile in 2013 and the risk of shocks in europe 
much less pronounced than the previous year nevertheless several macro 
risks still simmer under the surface with the potential to derail the more 
positive shortterm global outlook at any time the us government shutdown  
in late 2013 and protracted negotiations over the debt ceiling are a further 
reflection of the challenges to bringing us sovereign debt back onto a  
more sustainable path similar tensions extend to europe where although 
intervention from the european central bank returned bond yields to more 
manageable levels the pace of reforms and structural readjustments necessary 
for a sustainable monetary union remains slow meanwhile the unwinding of 
qe policies represents uncharted territory with many potential pitfalls including 
inflation significant bond market selloffs and the formation of new asset 
bubbles added to the uncertainty around china’s reform process and 
geopolitical tensions in the middle east the impact of these key us and 
european macro risks on future market volatility should not be discounted 
shortterm consensus expectations about india’s growth prospects have  
been revised downward over the past year reflecting concerns over the pace of 
reforms monetary and fiscal policies and lagging infrastructure development 
however looking further into the future the rising prosperity in asia and other 
emerging markets remains the main global economic trend of relevance to the 
mining industry we continue to believe that this will ultimately help to support 
and sustain an elevated level of global economic growth and commodity 
demand over the next couple of decades  
drivers of commodity prices 
longterm structural economic trends are important drivers of future 
commodity prices through their effects on commodity demand the economic 
development and urbanisation of emerging countries goes through an initial 
investmentled growth phase which is particularly commodityintensive  
this benefits commodities such as steel and copper used in construction and 
infrastructure applications the structure of economies evolves through time 
and as the capital stock matures other commodities such as aluminium 
energy products and industrial minerals tend to take over as the main enablers 
of consumptionled growth models 
while the macroeconomic environment provides a common demand context 
supplyside factors can result in stark structural differences across commodity 
sectors in principle commodity prices will tend to have a relationship with  
the cost of developing and extracting metal and mineral resources however 
the exact nature of that relationship will depend on barriers to entry and exit 
which are specific to each sector 
across many commodity sectors the general supply trends in recent years 
have pointed towards fewer discoveries falling ore grades and maturing existing 
operations as well as greater complexity of projects and of nondeveloped 
orebodies technology trends are likely to offer some longterm solutions  
to these supply challenges but it is also likely that prices above historical  
levels will be required for markets to balance the structural demand and  
supply trends 
commodity markets 
after several years of elevated prices and record investment by mining 
companies supply for several commodities has finally started to catch up  
with demand at least temporarily bettersupplied commodity markets have 
resulted in downward pressures on some prices during 2013 for example on 
thermal and coking coal despite strong chinese imports prices for both 
commodities were down 12 per cent and 22 per cent respectively from 2012 
levels similar trends have been seen for base metals although price declines 
in 2013 were more moderate mined copper supply is starting to expand at  
a faster pace than demand after a long period of constrained and disrupted 
output growth in the case of aluminium there are still no signs of inventories 
falling as capacity expansions in western china and the middle east have 
outweighed the curtailment of highercost smelters in 2013 prices of 
exchangetraded metals were also influenced by shifting market expectations 
on qe tapering this effect was particularly pronounced in the gold market 
where some large daily price corrections resulted in an overall 27 per cent 
decline between the start and end of the year 
contrary to consensus expectations at the start of 2013 the iron ore market  
has so far been one of the most resilient to the commissioning of new supply 
major iron ore producers added about 100 million tonnes per annum of new 
seaborne capacity last year without the market experiencing a significant price 
correction in fact not only did iron ore prices average four per cent above 2012 
levels at us135t delivered to china they also displayed much less volatility 
throughout 2013 compared to the cycles that this market had become 
accustomed to since the global financial crisis the steady iron ore price 
performance reflected sustained elevated steel output levels in china during 
most of 2013 chinese steel demand growth of about seven to eight per cent 
last year highlighted the continued gap in construction and infrastructure  
needs in second and third tier cities and in western provinces 
the generally softer price environment and stronger supply growth have  
refocused the mining industry on dealing with margin compression in 2013 
across the industry mining companies are reprioritising cost improvements 
and productivity initiatives and cutting back on capital expenditure plans  
outlook 
on balance the shortterm economic outlook points to a further consolidation 
of the global recovery as we start 2014 however macro risks abound and the 
potential for continued volatility remains significant in the mining industry this 
is likely to drive further prudent investment behaviours while new supply gets 
absorbed by the market looking to the future our view remains that there  
will be a high average demand growth setting for our markets and that the 
complexity of future mining projects will continue to increase 
improve 
performance
strengthen the 
balance sheet
deliver
results
outcome
greater value for shareholders
 strategy
invest in and operate longlife lowcost expandable 
operations in the most attractive industry sectors
2013 priorities
riotintocomreportingcentre2013
7
strategic report financial statements directors’ report production reserves and operations additional information business model 
9 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
 
how we create value 
we create and preserve value by investing in and operating longlife lowcost 
expandable operations in the most attractive industry sectors from the earliest 
stages of exploration during our assets’ productive lives and throughout the 
closure and restoration phase beyond we commit to high standards of 
sustainable development read more on pages 18 to 25 
explore and evaluate 
our experienced inhouse exploration team has a proven track record of 
discovering tier 1 orebodies the highestvalue deposits that are profitable 
throughout the commodity cycle 
we maximise opportunities by exploring for and evaluating deposits in new 
geographies such as the la granja copper project in peru we also explore  
the orbits of our current operations like the caliwingina iron ore resource in  
the pilbara which sustains the value of our existing businesses we operate  
the majority of exploration programmes ourselves rather than outsourcing so 
we can keep focus on targets that are important to rio tinto we will however 
partner with others if it gives us access to attractive opportunities or skills that 
we do not possess inhouse 
our orebody knowledge allows us to find valueenhancing ways of developing 
our resources and positioning our products in the market our geological 
expertise gives us the confidence to keep hunting for the most elusive 
discoveries and we have a strong tradition of developing and applying 
innovative technologies to resolve specific exploration challenges 
develop 
we develop orebodies for longterm value delivery we aim to deliver projects 
on time and on budget – such as commissioning the first major expansion 
phase of our pilbara iron ore operations and the oyu tolgoi concentrator in 
2013 through our reinforced capital allocation process we approve investment 
only in assets that after prudent assessment offer attractive returns that are 
well above our cost of capital  
during this phase we plan the most efficient configuration for developing  
the orebody and for getting the products to market we work closely and 
strategically with our customers to create demand for the optimal suite of 
products thus maximising value over the deposit’s lifetime once the value  
of the resource is confirmed and internal and external approvals are received 
the project moves into implementation and construction 
mine and process 
we create value by safely and efficiently operating assets that fit with our  
group strategy our global operating model allows us to implement standard 
processes and systems across the group for instance in procurement 
operations and maintenance this globallyconsistent approach reduces our 
use of consumables increases the life of our equipment and optimises the 
extraction of ore in turn we enjoy higher production and reduced costs and  
we maximise value  
we use worldclass technologies during mining and processing to increase  
our efficiency and productivity and to produce material that is tailored to our 
customers’ needs through networked partnering with academia technology 
suppliers and other experts we gain access to knowledge and technical 
prowess that augment our own capabilities 
market and deliver 
our diverse portfolio of metals and minerals allows us to respond to demand 
across the development cycle we supply basic raw materials and refined 
products that are the building blocks of addedvalue goods most of our 
customers are industrial companies that process our products further  
and supply numerous sectors – including construction and infrastructure 
automotive machinery energy and consumer goods  
we innovate and improve our products and services to maximise value to 
customers we are constantly adding to our market knowledge allowing us  
to improve our investment decisionmaking process in many cases we are 
responsible for delivering product to our customers and do so efficiently 
reliably and costeffectively we have significant inhouse logistical capability 
including through our own networks of rail ports and ships 
close down and rehabilitate 
we integrate closure planning throughout an asset’s life cycle from the earliest 
stages of project development when a resource reaches the end of its life we 
seek sustainable and beneficial future land uses to minimise financial social 
and environmental risks by partnering with external conservation 
organisations we access expertise that helps us improve our rehabilitation 
performance our approach helps us to maintain a positive reputation for 
sustainable development and ensures we meet the expectations of our current 
and future stakeholders 
delivering value for our stakeholders 
rio tinto’s primary focus is on the delivery of value for our shareholders  
we balance disciplined investment with prudent management of our balance 
sheet and cash returns to shareholders we offer a longterm investment 
opportunity and commit to sustainable growth in cash returns to shareholders 
through our progressive dividend policy as we work fixed on this core aim our 
activities also give us the opportunity to create value for our other stakeholders 
in a variety of ways 
customers 
we supply our customers with the right products at the right time they then 
add further value by turning them into the end products that society needs  
to make modern life work  
communities 
our operations create employment and career development opportunities  
for our local communities as well as business opportunities for local suppliers 
communities often benefit from the infrastructure we put in place to serve our 
facilities and once our operations are closed we restore the sites – often for 
community use new industry or back to native vegetation 
our people 
we invest in our people throughout their careers offering diverse employment 
prospects opportunities for development and competitive rewards and benefits 
that have a clear link to performance as employees spend their wages the 
value we share with them is spread more widely 
governments 
we are often a major economic contributor to the local state and national 
jurisdictions in which we operate our tax and sovereign equity contributions 
enable governments to develop and maintain public works services and 
institutions we work together to facilitate growth of diverse and sustainable 
economies that endure far beyond the active life of our operations  
suppliers 
by seeking a balance of global national and local supply capability we drive 
value for our shareholders and deliver economic benefits for the communities 
in which we operate 
close down and rehabilitate market and deliver mine and process develop explore and evaluate
group strategy continued 
8 
riotintocomreportingcentre2013 
progress against strategy 
in 2013 we refocused our business on three clear priorities to deliver greater value for shareholders to improve performance strengthen the balance sheet  
and deliver results 
what we said we would do in 2013 what we did what we plan to do in 2014 and beyond 
improve performance 
improve our safety performance regrettably our group had three fatalities at managed operations 
during 2013  
our all injury frequency rate aifr improved from 067 to 065 
see pages 18 and 10 
target above all the elimination of workplace fatalities 
achieve a yearonyear improvement in aifr and lost time 
injuries 
improve how we manage critical risks and learn from serious 
potential incidents 
deliver us2 billion in operating unit cash  
cost reductions 
achieved us23 billion of operating unit cash cost improvements 
exceeded our cost savings target while realising productivity gains 
across the portfolio and setting new production records  
see page 38 
target further savings to reach us3 billion fullyear 
improvement in 2014 versus 2012 in operating unit  
cash costs 
reduce exploration and evaluation spending  
by us750 million pretax 
reduced exploration and evaluation spending by us1 billion 
see page 36 
sustain the reduced exploration and evaluation spend 
continue to progress key evaluation projects at a pace  
that matches our overall view of investment priorities 
achieve targeted reductions of us1 billion  
in sustaining capital expenditure 
reduced sustaining capital expenditure by us19 billion  
see page 11 
keep sustaining capital expenditure at around this  
reduced level 
strengthen the balance sheet 
simplify and strengthen our process for 
allocating capital 
set up “cash generation offices” to strengthen the focus on cash 
and improve visibility for senior managers in this area  
elevated the role of subject matter experts in the economic and 
technical evaluation phase  
reinforced our investment committee approvals process  
see page 12 
continue to apply our enhanced capital allocation systems 
and controls to maintain discipline  
allocate capital in the following order of priority 
essential sustaining capital expenditure 
progressive dividends  
iterative cycle of compelling growth debt reduction  
and further cash returns to shareholders  
pay down debt to a more sustainable level 
review capital expenditure plans across all  
of our businesses 
reduced capital expenditure from us176 billion in 2012 to 
us129 billion completing five major capital projects which 
enabled us to bring on significant new volumes  
completed a ranking process for all our capital projects 
see page 12  
reduce capital expenditure further to less than  
us11 billion in 2014 and to around us8 billion in 2015 
while delivering steady growth 
invest only in new projects that provide 
attractive returns well above cost of capital 
and which compare favourably to other uses  
of capital 
outlined a breakthrough pathway to increase pilbara mine 
production capacity towards 360 million tonnes per annum mta 
at a us3 billion lower capital cost than previously planned  
funding and development of the phase 2 oyu tolgoi underground  
expansion delayed until discussions with government of  
mongolia are concluded  
see page 12  
increase pilbara mine production capacity by 60mta 
between 2014 and 2017 by focusing predominantly on 
brownfield expansions and lowcost productivity gains 
continue to discuss the pathway forward for oyu tolgoi 
underground expansion 
deliver results 
streamline our portfolio through divestments 
targeting significant cash proceeds 
announced or completed asset sales of us35 billion 
having been unable to divest pacific aluminium for sufficient 
value the four smelters and gove bauxite mine have been 
reintegrated into the aluminium group 
after exploring options for the diamonds business including 
potential divestment it has also been retained – this being the 
best path to generate maximum value 
see page 13 
continue our longstanding approach of reshaping  
our portfolio  
curtail the gove alumina refinery during the first half of 2014 
deliver the first phase expansion of the pilbara 
operations to 290mta 
completed the first phase expansion four months ahead of 
schedule and us400 million under budget delivering first tonnes 
on the ship in august  
see page 34 
ramp up to reach an annual production rate of 290mta 
before the end of the first half of 2014 
deliver first production of copper concentrate 
from oyu tolgoi 
first coppergold concentrate produced in january first shipment 
took place in july and operating at full capacity by the end of 2013  
see page 28 
increase sales volumes at oyu tolgoi 
riotintocomreportingcentre2013
8 business model 
9 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
 
how we create value 
we create and preserve value by investing in and operating longlife lowcost 
expandable operations in the most attractive industry sectors from the earliest 
stages of exploration during our assets’ productive lives and throughout the 
closure and restoration phase beyond we commit to high standards of 
sustainable development read more on pages 18 to 25 
explore and evaluate 
our experienced inhouse exploration team has a proven track record of 
discovering tier 1 orebodies the highestvalue deposits that are profitable 
throughout the commodity cycle 
we maximise opportunities by exploring for and evaluating deposits in new 
geographies such as the la granja copper project in peru we also explore  
the orbits of our current operations like the caliwingina iron ore resource in  
the pilbara which sustains the value of our existing businesses we operate  
the majority of exploration programmes ourselves rather than outsourcing so 
we can keep focus on targets that are important to rio tinto we will however 
partner with others if it gives us access to attractive opportunities or skills that 
we do not possess inhouse 
our orebody knowledge allows us to find valueenhancing ways of developing 
our resources and positioning our products in the market our geological 
expertise gives us the confidence to keep hunting for the most elusive 
discoveries and we have a strong tradition of developing and applying 
innovative technologies to resolve specific exploration challenges 
develop 
we develop orebodies for longterm value delivery we aim to deliver projects 
on time and on budget – such as commissioning the first major expansion 
phase of our pilbara iron ore operations and the oyu tolgoi concentrator in 
2013 through our reinforced capital allocation process we approve investment 
only in assets that after prudent assessment offer attractive returns that are 
well above our cost of capital  
during this phase we plan the most efficient configuration for developing  
the orebody and for getting the products to market we work closely and 
strategically with our customers to create demand for the optimal suite of 
products thus maximising value over the deposit’s lifetime once the value  
of the resource is confirmed and internal and external approvals are received 
the project moves into implementation and construction 
mine and process 
we create value by safely and efficiently operating assets that fit with our  
group strategy our global operating model allows us to implement standard 
processes and systems across the group for instance in procurement 
operations and maintenance this globallyconsistent approach reduces our 
use of consumables increases the life of our equipment and optimises the 
extraction of ore in turn we enjoy higher production and reduced costs and  
we maximise value  
we use worldclass technologies during mining and processing to increase  
our efficiency and productivity and to produce material that is tailored to our 
customers’ needs through networked partnering with academia technology 
suppliers and other experts we gain access to knowledge and technical 
prowess that augment our own capabilities 
market and deliver 
our diverse portfolio of metals and minerals allows us to respond to demand 
across the development cycle we supply basic raw materials and refined 
products that are the building blocks of addedvalue goods most of our 
customers are industrial companies that process our products further  
and supply numerous sectors – including construction and infrastructure 
automotive machinery energy and consumer goods  
we innovate and improve our products and services to maximise value to 
customers we are constantly adding to our market knowledge allowing us  
to improve our investment decisionmaking process in many cases we are 
responsible for delivering product to our customers and do so efficiently 
reliably and costeffectively we have significant inhouse logistical capability 
including through our own networks of rail ports and ships 
close down and rehabilitate 
we integrate closure planning throughout an asset’s life cycle from the earliest 
stages of project development when a resource reaches the end of its life we 
seek sustainable and beneficial future land uses to minimise financial social 
and environmental risks by partnering with external conservation 
organisations we access expertise that helps us improve our rehabilitation 
performance our approach helps us to maintain a positive reputation for 
sustainable development and ensures we meet the expectations of our current 
and future stakeholders 
delivering value for our stakeholders 
rio tinto’s primary focus is on the delivery of value for our shareholders  
we balance disciplined investment with prudent management of our balance 
sheet and cash returns to shareholders we offer a longterm investment 
opportunity and commit to sustainable growth in cash returns to shareholders 
through our progressive dividend policy as we work fixed on this core aim our 
activities also give us the opportunity to create value for our other stakeholders 
in a variety of ways 
customers 
we supply our customers with the right products at the right time they then 
add further value by turning them into the end products that society needs  
to make modern life work  
communities 
our operations create employment and career development opportunities  
for our local communities as well as business opportunities for local suppliers 
communities often benefit from the infrastructure we put in place to serve our 
facilities and once our operations are closed we restore the sites – often for 
community use new industry or back to native vegetation 
our people 
we invest in our people throughout their careers offering diverse employment 
prospects opportunities for development and competitive rewards and benefits 
that have a clear link to performance as employees spend their wages the 
value we share with them is spread more widely 
governments 
we are often a major economic contributor to the local state and national 
jurisdictions in which we operate our tax and sovereign equity contributions 
enable governments to develop and maintain public works services and 
institutions we work together to facilitate growth of diverse and sustainable 
economies that endure far beyond the active life of our operations  
suppliers 
by seeking a balance of global national and local supply capability we drive 
value for our shareholders and deliver economic benefits for the communities 
in which we operate 
close down and rehabilitate market and deliver mine and process develop explore and evaluate
group strategy continued 
8 
riotintocomreportingcentre2013 
progress against strategy 
in 2013 we refocused our business on three clear priorities to deliver greater value for shareholders to improve performance strengthen the balance sheet  
and deliver results 
what we said we would do in 2013 what we did what we plan to do in 2014 and beyond 
improve performance 
improve our safety performance regrettably our group had three fatalities at managed operations 
during 2013  
our all injury frequency rate aifr improved from 067 to 065 
see pages 18 and 10 
target above all the elimination of workplace fatalities 
achieve a yearonyear improvement in aifr and lost time 
injuries 
improve how we manage critical risks and learn from serious 
potential incidents 
deliver us2 billion in operating unit cash  
cost reductions 
achieved us23 billion of operating unit cash cost improvements 
exceeded our cost savings target while realising productivity gains 
across the portfolio and setting new production records  
see page 38 
target further savings to reach us3 billion fullyear 
improvement in 2014 versus 2012 in operating unit  
cash costs 
reduce exploration and evaluation spending  
by us750 million pretax 
reduced exploration and evaluation spending by us1 billion 
see page 36 
sustain the reduced exploration and evaluation spend 
continue to progress key evaluation projects at a pace  
that matches our overall view of investment priorities 
achieve targeted reductions of us1 billion  
in sustaining capital expenditure 
reduced sustaining capital expenditure by us19 billion  
see page 11 
keep sustaining capital expenditure at around this  
reduced level 
strengthen the balance sheet 
simplify and strengthen our process for 
allocating capital 
set up “cash generation offices” to strengthen the focus on cash 
and improve visibility for senior managers in this area  
elevated the role of subject matter experts in the economic and 
technical evaluation phase  
reinforced our investment committee approvals process  
see page 12 
continue to apply our enhanced capital allocation systems 
and controls to maintain discipline  
allocate capital in the following order of priority 
essential sustaining capital expenditure 
progressive dividends  
iterative cycle of compelling growth debt reduction  
and further cash returns to shareholders  
pay down debt to a more sustainable level 
review capital expenditure plans across all  
of our businesses 
reduced capital expenditure from us176 billion in 2012 to 
us129 billion completing five major capital projects which 
enabled us to bring on significant new volumes  
completed a ranking process for all our capital projects 
see page 12  
reduce capital expenditure further to less than  
us11 billion in 2014 and to around us8 billion in 2015 
while delivering steady growth 
invest only in new projects that provide 
attractive returns well above cost of capital 
and which compare favourably to other uses  
of capital 
outlined a breakthrough pathway to increase pilbara mine 
production capacity towards 360 million tonnes per annum mta 
at a us3 billion lower capital cost than previously planned  
funding and development of the phase 2 oyu tolgoi underground  
expansion delayed until discussions with government of  
mongolia are concluded  
see page 12  
increase pilbara mine production capacity by 60mta 
between 2014 and 2017 by focusing predominantly on 
brownfield expansions and lowcost productivity gains 
continue to discuss the pathway forward for oyu tolgoi 
underground expansion 
deliver results 
streamline our portfolio through divestments 
targeting significant cash proceeds 
announced or completed asset sales of us35 billion 
having been unable to divest pacific aluminium for sufficient 
value the four smelters and gove bauxite mine have been 
reintegrated into the aluminium group 
after exploring options for the diamonds business including 
potential divestment it has also been retained – this being the 
best path to generate maximum value 
see page 13 
continue our longstanding approach of reshaping  
our portfolio  
curtail the gove alumina refinery during the first half of 2014 
deliver the first phase expansion of the pilbara 
operations to 290mta 
completed the first phase expansion four months ahead of 
schedule and us400 million under budget delivering first tonnes 
on the ship in august  
see page 34 
ramp up to reach an annual production rate of 290mta 
before the end of the first half of 2014 
deliver first production of copper concentrate 
from oyu tolgoi 
first coppergold concentrate produced in january first shipment 
took place in july and operating at full capacity by the end of 2013  
see page 28 
increase sales volumes at oyu tolgoi 
close down and rehabilitate market and deliver mine and process develop explore and evaluate
riotintocomreportingcentre2013
9
strategic report financial statements directors’ report production reserves and operations additional information key performance indicators 
10 
riotintocomreportingcentre2013 
our key performance indicators kpis enable us to measure our financial and sustainable development performance  
their relevance to our strategy and our performance against these measures in 2013 are explained below 
some kpis are used as a measure in the longterm incentive arrangements for remuneration of executives these are identified with this symbol 
 
 
indicator 
all injury frequency rate aifr 
 
 
per 200000 hours worked 
 
underlying earnings 
a b
 
 
 
us millions 
 
operating cash flow 
a 
 
 
us millions 
 
dividends from equity accounted units 
 
cash flow from consolidated operations 
 
relevance to strategy the safety of our people is core to 
everything we do our goal is zero harm 
including above all the elimination of 
workplace fatalities we are committed to 
reinforcing our strong safety culture and 
improving safety leadership  
this is the key financial performance 
indicator used across the group it gives 
insight to cost management production 
growth and performance efficiency  
we are focused on reducing our costs  
and increasing productivity to improve 
earnings and deliver greater value  
for shareholders 
operating cash flow is a complementary 
measure to underlying earnings it also 
provides insight to how we are managing 
costs and increasing efficiency and 
productivity across the business 
  
performance 
 
  
  our aifr has improved by 20 per cent  
over the last five years we reduced  
our aifr by three per cent in 2013 
underlying earnings have increased  
by us948 million compared with  
2012 this reflects operating cash cost 
improvements favourable exchange rates 
and strong volumes offsetting the impact 
of lower average market prices for the 
group’s commodities other than iron ore 
and industrywide cost inflation pressures 
 
 
 
 
 
operating cash flows of us20131 million 
which include us600 million of  
dividends from equity accounted units  
are 22 per cent higher than in 2012 
primarily as the result of higher volumes 
and cost reduction initiatives 
 
 
 
 
 
 
 
 
definition aifr is calculated based on the number  
of injuries per 200000 hours worked  
this includes medical treatment cases 
and restricted workday and lostday 
injuries for employees and contractors 
 
 
 
 
items excluded from net earnings to arrive 
at underlying earnings are explained in 
note 2 to the 2013 financial statements 
operating cash flow represents the cash 
generated by the group’s consolidated 
operations before payment of interest 
taxes capital expenditure and cash flows 
relating to financing activities  
  
more information page 20 page 197 page 113   
notes
a the accounting information in these charts is drawn up in accordance with eu ifrs  
b underlying earnings is the key financial performance indicator which management  
uses internally to assess performance it is presented here as a measure of earnings to 
provide greater understanding of the underlying business performance of the group’s 
operations items excluded from net earnings to arrive at underlying earnings are 
explained in note 2 to the 2013 financial statements both net earnings and underlying 
earnings deal with amounts attributable to the owners of rio tinto however eu ifrs 
requires that the profit for the year reported in the income statement should also 
include earnings attributable to noncontrolling interests in subsidiaries 
2013 2012 2011 2010 2009 2013 2012 2011 2010 2009
081
067
067
065
069
6298
15572
9269
10217
13987
2013 2012 2011 2010 2009
13224
26810
15999
22126
13834
23530
27609
16521
19531
20131
2013 2012 2011 2010 2009 2013 2012 2011 2010 2009
081
067
067
065
069
6298
15572
9269
10217
13987
2013 2012 2011 2010 2009
13224
26810
15999
22126
13834
23530
27609
16521
19531
20131
riotintocomreportingcentre2013
10  
11 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
kpi trend data 
the group’s performance against each kpi is covered in more detail in later sections of this annual report explanations of the actions taken by management  
to maintain and improve performance against each kpi support the data 
 see the remuneration report on page 68  
  
total shareholder return tsr 
  
 
 
net debt 
a
 
us millions 
capital expenditure 
a c
 
us millions 
greenhouse gas ghg emissions 
intensity 
indexed relative to 2008  
2008 being equivalent to 100 
  the aim of our strategy is to maximise 
total shareholder return this kpi 
measures performance in terms of 
shareholder wealth generation we also 
monitor our relative tsr performance 
against peers 
net debt is a measure of how we are 
managing our balance sheet and capital 
structure we constantly evaluate and 
balance the alternative uses for our cash 
between disciplined investment 
strengthening our balance sheet and 
returning cash to investors 
we are prioritising investment in the 
highestreturning projects in the most 
attractive sectors we are committed to  
a disciplined and rigorous investment 
process – investing capital only in assets 
that after prudent assessment offer 
attractive returns that are well above  
our cost of capital 
our ghg performance is important in 
upholding and extending our licence  
to operate we are focusing on reducing  
the energy intensity of our operations  
as well as the carbon intensity of our 
energy including through the 
development and implementation of 
innovative technologies 
  
 
rio tinto’s tsr performance over the  
fiveyear period from 2009 to 2013 was 
characterised by continued volatility in 
global equity markets and commodity 
prices total dividends paid in calendar 
year 2013 were 178 us cents per share  
a nine per cent increase on 2012 global 
investor sentiment improved in the last 
quarter of the year and both the rio tinto 
plc and rio tinto limited share prices 
ended the year close to their opening 
levels these factors resulted in rio tinto 
registering a tsr of 21 per cent in 2013 
net debt decreased from us19192 
million at 31 december 2012 to 
us18055 million at 31 december 2013 
as operating cash inflows and divestment 
proceeds fully offset the outflows relating 
to capital expenditure and the increase in 
the dividend payment 
capital expenditure of us12944 million 
was us4631 million lower than in 2012 
this was mainly due to the completion of 
five major capital projects during the year 
the pilbara iron ore infrastructure 
expansion to 290mta oyu tolgoi  
coppergold mine and concentrator 
kestrel coking coal underground  
mine the argyle underground diamond 
mine and the ap60 aluminium smelter 
in quebec 
we have reduced our total ghg emission 
intensity by 173 per cent between 2008 
and 2013 this is largely a result of the 
ningxia aluminium smelter divestment  
in 2009 the closure of the lynemouth 
smelter in 2012 divestment of the  
sebree smelter in 2013 and improved 
measurement methodology for coal  
seam gas at our australian coal mines  
  tsr combines share price appreciation 
and dividends paid to show the total 
return to the shareholder 
net debt is calculated as the net 
borrowings after adjusting for amounts 
due to equity accounted units originally 
funded by rio tinto cash and cash 
equivalents other liquid resources and 
derivatives related to net debt this is 
further explained in note 24 
“consolidated net debt” to the  
2013 financial statements 
capital expenditure comprises the net 
cash outflow on purchases less disposals 
of property plant and equipment 
capitalised evaluation costs and 
purchases less disposals of other 
intangible assets 
our ghg emissions intensity measure  
is the change in total ghg emissions per 
unit of commodity production relative to a 
base year total ghg emissions are direct 
emissions plus emissions from imports  
of electricity and steam minus electricity 
and steam exports and net carbon  
credits purchased from or sold to 
recognised sources 
  page 96 page 153 page 199 page 22 
 
c amounts include 100 per cent of subsidiaries’ capital expenditures  
2013 2012 2011 2010 2009 2013 2012 2011 2010 2009 2013 2012 2011 2010 2009
18861
8342
4071
19192
18055
70
961
959
941
827
926
5356
12536
17575
12944
4553
2013 2012 2011 2010 2009
1718
312
148
21
316
key performance indicators 
10 
riotintocomreportingcentre2013 
our key performance indicators kpis enable us to measure our financial and sustainable development performance  
their relevance to our strategy and our performance against these measures in 2013 are explained below 
some kpis are used as a measure in the longterm incentive arrangements for remuneration of executives these are identified with this symbol 
 
 
indicator 
all injury frequency rate aifr 
 
 
per 200000 hours worked 
 
underlying earnings 
a b
 
 
 
us millions 
 
operating cash flow 
a 
 
 
us millions 
 
dividends from equity accounted units 
 
cash flow from consolidated operations 
 
relevance to strategy the safety of our people is core to 
everything we do our goal is zero harm 
including above all the elimination of 
workplace fatalities we are committed to 
reinforcing our strong safety culture and 
improving safety leadership  
this is the key financial performance 
indicator used across the group it gives 
insight to cost management production 
growth and performance efficiency  
we are focused on reducing our costs  
and increasing productivity to improve 
earnings and deliver greater value  
for shareholders 
operating cash flow is a complementary 
measure to underlying earnings it also 
provides insight to how we are managing 
costs and increasing efficiency and 
productivity across the business 
  
performance 
 
  
  our aifr has improved by 20 per cent  
over the last five years we reduced  
our aifr by three per cent in 2013 
underlying earnings have increased  
by us948 million compared with  
2012 this reflects operating cash cost 
improvements favourable exchange rates 
and strong volumes offsetting the impact 
of lower average market prices for the 
group’s commodities other than iron ore 
and industrywide cost inflation pressures 
 
 
 
 
 
operating cash flows of us20131 million 
which include us600 million of  
dividends from equity accounted units  
are 22 per cent higher than in 2012 
primarily as the result of higher volumes 
and cost reduction initiatives 
 
 
 
 
 
 
 
 
definition aifr is calculated based on the number  
of injuries per 200000 hours worked  
this includes medical treatment cases 
and restricted workday and lostday 
injuries for employees and contractors 
 
 
 
 
items excluded from net earnings to arrive 
at underlying earnings are explained in 
note 2 to the 2013 financial statements 
operating cash flow represents the cash 
generated by the group’s consolidated 
operations before payment of interest 
taxes capital expenditure and cash flows 
relating to financing activities  
  
more information page 20 page 197 page 113   
notes
a the accounting information in these charts is drawn up in accordance with eu ifrs  
b underlying earnings is the key financial performance indicator which management  
uses internally to assess performance it is presented here as a measure of earnings to 
provide greater understanding of the underlying business performance of the group’s 
operations items excluded from net earnings to arrive at underlying earnings are 
explained in note 2 to the 2013 financial statements both net earnings and underlying 
earnings deal with amounts attributable to the owners of rio tinto however eu ifrs 
requires that the profit for the year reported in the income statement should also 
include earnings attributable to noncontrolling interests in subsidiaries 
2013 2012 2011 2010 2009 2013 2012 2011 2010 2009
081
067
067
065
069
6298
15572
9269
10217
13987
2013 2012 2011 2010 2009
13224
26810
15999
22126
13834
23530
27609
16521
19531
20131
2013 2012 2011 2010 2009 2013 2012 2011 2010 2009 2013 2012 2011 2010 2009
18861
8342
4071
19192
18055
70
961
959
941
827
926
5356
12536
17575
12944
4553
2013 2012 2011 2010 2009
1718
312
148
21
316
riotintocomreportingcentre2013
11
strategic report financial statements directors’ report production reserves and operations additional information  
13 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
cash returns to shareholders 
the aim of rio tinto’s progressive dividend policy is to increase the us dollar value of ordinary dividends per share over time the rate of the total dividend in  
us dollars per share is determined annually taking into account the results for the past year and the outlook for the group under our progressive dividend policy 
the total dividend for each year should be equal to or greater than the total dividend for the previous year the interim dividend is set at one half of the total dividend 
for the previous year 
the full year dividend in respect of 2013 was increased by 15 per cent to 192 us cents per share reflecting the board’s confidence in the business and its attractive 
prospects this follows a 15 per cent increase in the 2012 full year dividend and a 34 per cent increase for 2011 
in 2011 and 2012 rio tinto bought back us7 billion of shares us55 billion of shares were repurchased in 2011 and the remaining us15 billion were 
repurchased in 2012 
divestments and acquisitions 
during 2013 rio tinto announced or completed us35 billion of divestments including a binding agreement for the sale of the clermont thermal coal mine  
in queensland for just over us1 billion due to complete in the first half of 2014 
asset 
consideration 
usm  status 
divested in 2013      
northparkes mine 820   sold to china molybdenum co ltd 
constellium 671   shares sold to general public  
palabora mining company limited 373   sold to a consortium led by industrial development corporation of south africa 
and hebei iron  steel group 
eagle nickelcopper project 315   sold to lundin mining corporation 
altynalmas gold 235   sold to sumeru gold bv 
inova resources limited 81   sold to shanxi donghui coal coking  chemicals group co 
sebree  48   sold to century aluminum co  
divested in 2012       
alcan cable  229   sold to general cable corporation 
specialty alumina businesses undisclosed   sold to hig  
lynemouth power station undisclosed   sold to rwe 
energy – extract resources ltdkalahari minerals plc 429   equity investment sold to taurus mineral limited 
divested in 2011       
alcan engineered products undisclosed   sold 61 per cent to investment funds affiliated with apollo global management 
llc apollo and the fonds stratégique d’investissement fsi 
minerals – talc 340
a
  sold to imerys sa 
energy – colowyo  undisclosed   sold to western fuelscolorado llc  
exploration – sundry assets 52   sale of projects including altai nuurs coking coal deposit and sari gunay  
gold deposit 
acquired in 2012       
copper – turquoise hill resources ltd  
formerly ivanhoe mines limited 
307   purchase of additional shares increasing the group’s holdings to 51 per cent 
minerals – richards bay mining proprietary limited  1700   acquisition of bhp billiton group’s entire interests in richards bay minerals 
doubling the group’s holding to 74 per cent  
acquired in 2011       
copper – ivanhoe mines limited 1860   participation in the strategic rights offering exercise of outstanding share 
warrants exercise of subscription rights granted in 2010 and purchase of 
additional shares in aggregate increasing the group’s holding to 49 per cent 
energy – riversdale mining limited 4168   staged acquisition of shares in riversdale mining limited acquisition of a 
controlling interest of 526 per cent on 8 april 2011 increasing to 100 per cent 
by 1 august 2011 and renamed as rio tinto coal mozambique 
energy – hathor exploration limited 550   purchase of shares in hathor exploration limited resulting in an aggregate  
of a 702 per cent controlling interest being reached on 30 november 2011 
increasing to 88 per cent by 31 december 2011 and completed on  
12 january 2012 
a enterprise value 
there were no material acquisitions during 2013 
capital allocation 
12 
riotintocomreportingcentre2013 
the aim of rio tinto’s capital allocation process is to invest in a sustainable way through the cycle having consideration of shareholders’ expectations of returns  
and the robustness of our balance sheet this is achieved through an evaluation and prioritisation of the group’s portfolio of investment opportunities over a number 
of years to determine what will be the best use of capital 
in 2013 rio tinto enhanced the systems and controls in place to ensure that capital expenditure is kept at a suitable level while continuing to invest in the best 
projects key considerations in determining the best use of capital include the progressive dividend policy and the strength of the balance sheet this together  
with financial policies existing capital commitments and operating cash flow forecasts set the boundaries for how much capital is available for investment  
in today’s capitalconstrained environment only the highestreturning investments will be approved the group analyses each investment based on net present 
value but also considers a number of further factors including internal rate of return payback period and risk profile this suite of ranking criteria together with  
the application of strategic judgment ensures that capital is deployed to the best opportunities 
rio tinto’s capital expenditure reduced by 26 per cent to us129 billion in 2013 compared to the peak level in 2012 of us176 billion it is expected to be reduced 
further to around us11 billion in 2014 
 
major capital projects us1bn 
 
rio tinto 100 owned unless otherwise stated 
total approved 
capital cost
100
us
 
statusmilestones 
first production in 2013      
copper – construction of phase one of oyu tolgoi 
copper and gold mine in mongolia  
62bn  first coppergold concentrate was produced in january 2013 with first 
shipment on 9 july 2013 
iron ore – expansion of the pilbara mines ports and 
railways from 237mta to 290mta rio tinto share 
us84bn 
98bn  the expansion was delivered in august 2013 the elements related to fuel 
accommodation and the nammuldi mine expansion are not yet fully complete 
rampup to nameplate capacity is scheduled to take place before the end of 
the first half of 2014 
iron ore – development of the hope downs 4 mine  
in the pilbara rio tinto 50 us13bn to sustain 
production at 237mta  
21bn  first production occurred in the first half of 2013 the new mine is anticipated 
to have a capacity of 15mta 
iron ore – marandoo mine expansion in the pilbara  
to sustain production at 237mta 
11bn  the expansion is expected to sustain marandoo at 15mta for 16 further years 
to 2030 
coking coal – 20 year extension and expansion at 
kestrel rio tinto 80 queensland australia 
20bn   production came on stream in july 2013 it is expected to expand production 
from 43mta to 57mta 
diamonds – argyle underground mine extending  
the mine life to at least 2020  
22bn  production commenced in the first half of 2013 and is ramping up to  
full capacity  
aluminium – ap60 plant 60kt per annum ktpa  
in quebec canada 
11bn  first hot metal was produced in september 2013 and full capacity was  
reached at the end of the year 
ongoing and approved      
iron ore – expansion of the pilbara port rail and power 
supply capacity to 360mta rio tinto share us35bn 
59bn  the port rail and power supply elements include investment in  
autonomous trains  
iron ore – investment to extend the life of the 
yandicoogina mine in the pilbara to 2021 
17bn  the investment includes a wet processing plant to maintain product 
specification levels  
aluminium – modernisation and expansion of kitimat 
smelter in british columbia canada to increase capacity 
from 280ktpa to 420ktpa 
33bn  first production is now expected in the first half of 2015 subject to any 
additional capital required to complete the project receiving board approval  
copper – development of organic growth project 1 
ogp1 and the oxide leach area project olap at 
escondida rio tinto 30 chile 
14bn
rio tinto share
  replacement of the los colorados concentrator with a 152kt per day plant 
accessing highergrade ore initial production is expected in the first half of 
2015 olap maintains oxide leaching capacity 
copper – construction of a desalination facility  
to ensure continued water supply and sustain  
operations at escondida rio tinto 30 chile  
10bn
rio tinto share
  the project will provide a sustainable supply of water for the new ogp1  
copper concentrator commissioning is scheduled for 2017 
compelling 
growth
further cash returns 
to shareholders
debt reduction
2 1
essential sustaining 
capex
progressive 
dividends
iterative  
cycle of
3
compelling 
growth
further cash returns 
to shareholders
debt reduction
2 1
essential sustaining 
capex
progressive 
dividends
iterative  
cycle of
3
riotintocomreportingcentre2013
12  
13 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
cash returns to shareholders 
the aim of rio tinto’s progressive dividend policy is to increase the us dollar value of ordinary dividends per share over time the rate of the total dividend in  
us dollars per share is determined annually taking into account the results for the past year and the outlook for the group under our progressive dividend policy 
the total dividend for each year should be equal to or greater than the total dividend for the previous year the interim dividend is set at one half of the total dividend 
for the previous year 
the full year dividend in respect of 2013 was increased by 15 per cent to 192 us cents per share reflecting the board’s confidence in the business and its attractive 
prospects this follows a 15 per cent increase in the 2012 full year dividend and a 34 per cent increase for 2011 
in 2011 and 2012 rio tinto bought back us7 billion of shares us55 billion of shares were repurchased in 2011 and the remaining us15 billion were 
repurchased in 2012 
divestments and acquisitions 
during 2013 rio tinto announced or completed us35 billion of divestments including a binding agreement for the sale of the clermont thermal coal mine  
in queensland for just over us1 billion due to complete in the first half of 2014 
asset 
consideration 
usm  status 
divested in 2013      
northparkes mine 820   sold to china molybdenum co ltd 
constellium 671   shares sold to general public  
palabora mining company limited 373   sold to a consortium led by industrial development corporation of south africa 
and hebei iron  steel group 
eagle nickelcopper project 315   sold to lundin mining corporation 
altynalmas gold 235   sold to sumeru gold bv 
inova resources limited 81   sold to shanxi donghui coal coking  chemicals group co 
sebree  48   sold to century aluminum co  
divested in 2012       
alcan cable  229   sold to general cable corporation 
specialty alumina businesses undisclosed   sold to hig  
lynemouth power station undisclosed   sold to rwe 
energy – extract resources ltdkalahari minerals plc 429   equity investment sold to taurus mineral limited 
divested in 2011       
alcan engineered products undisclosed   sold 61 per cent to investment funds affiliated with apollo global management 
llc apollo and the fonds stratégique d’investissement fsi 
minerals – talc 340
a
  sold to imerys sa 
energy – colowyo  undisclosed   sold to western fuelscolorado llc  
exploration – sundry assets 52   sale of projects including altai nuurs coking coal deposit and sari gunay  
gold deposit 
acquired in 2012       
copper – turquoise hill resources ltd  
formerly ivanhoe mines limited 
307   purchase of additional shares increasing the group’s holdings to 51 per cent 
minerals – richards bay mining proprietary limited  1700   acquisition of bhp billiton group’s entire interests in richards bay minerals 
doubling the group’s holding to 74 per cent  
acquired in 2011       
copper – ivanhoe mines limited 1860   participation in the strategic rights offering exercise of outstanding share 
warrants exercise of subscription rights granted in 2010 and purchase of 
additional shares in aggregate increasing the group’s holding to 49 per cent 
energy – riversdale mining limited 4168   staged acquisition of shares in riversdale mining limited acquisition of a 
controlling interest of 526 per cent on 8 april 2011 increasing to 100 per cent 
by 1 august 2011 and renamed as rio tinto coal mozambique 
energy – hathor exploration limited 550   purchase of shares in hathor exploration limited resulting in an aggregate  
of a 702 per cent controlling interest being reached on 30 november 2011 
increasing to 88 per cent by 31 december 2011 and completed on  
12 january 2012 
a enterprise value 
there were no material acquisitions during 2013 
capital allocation 
12 
riotintocomreportingcentre2013 
the aim of rio tinto’s capital allocation process is to invest in a sustainable way through the cycle having consideration of shareholders’ expectations of returns  
and the robustness of our balance sheet this is achieved through an evaluation and prioritisation of the group’s portfolio of investment opportunities over a number 
of years to determine what will be the best use of capital 
in 2013 rio tinto enhanced the systems and controls in place to ensure that capital expenditure is kept at a suitable level while continuing to invest in the best 
projects key considerations in determining the best use of capital include the progressive dividend policy and the strength of the balance sheet this together  
with financial policies existing capital commitments and operating cash flow forecasts set the boundaries for how much capital is available for investment  
in today’s capitalconstrained environment only the highestreturning investments will be approved the group analyses each investment based on net present 
value but also considers a number of further factors including internal rate of return payback period and risk profile this suite of ranking criteria together with  
the application of strategic judgment ensures that capital is deployed to the best opportunities 
rio tinto’s capital expenditure reduced by 26 per cent to us129 billion in 2013 compared to the peak level in 2012 of us176 billion it is expected to be reduced 
further to around us11 billion in 2014 
 
major capital projects us1bn 
 
rio tinto 100 owned unless otherwise stated 
total approved 
capital cost
100
us
 
statusmilestones 
first production in 2013      
copper – construction of phase one of oyu tolgoi 
copper and gold mine in mongolia  
62bn  first coppergold concentrate was produced in january 2013 with first 
shipment on 9 july 2013 
iron ore – expansion of the pilbara mines ports and 
railways from 237mta to 290mta rio tinto share 
us84bn 
98bn  the expansion was delivered in august 2013 the elements related to fuel 
accommodation and the nammuldi mine expansion are not yet fully complete 
rampup to nameplate capacity is scheduled to take place before the end of 
the first half of 2014 
iron ore – development of the hope downs 4 mine  
in the pilbara rio tinto 50 us13bn to sustain 
production at 237mta  
21bn  first production occurred in the first half of 2013 the new mine is anticipated 
to have a capacity of 15mta 
iron ore – marandoo mine expansion in the pilbara  
to sustain production at 237mta 
11bn  the expansion is expected to sustain marandoo at 15mta for 16 further years 
to 2030 
coking coal – 20 year extension and expansion at 
kestrel rio tinto 80 queensland australia 
20bn   production came on stream in july 2013 it is expected to expand production 
from 43mta to 57mta 
diamonds – argyle underground mine extending  
the mine life to at least 2020  
22bn  production commenced in the first half of 2013 and is ramping up to  
full capacity  
aluminium – ap60 plant 60kt per annum ktpa  
in quebec canada 
11bn  first hot metal was produced in september 2013 and full capacity was  
reached at the end of the year 
ongoing and approved      
iron ore – expansion of the pilbara port rail and power 
supply capacity to 360mta rio tinto share us35bn 
59bn  the port rail and power supply elements include investment in  
autonomous trains  
iron ore – investment to extend the life of the 
yandicoogina mine in the pilbara to 2021 
17bn  the investment includes a wet processing plant to maintain product 
specification levels  
aluminium – modernisation and expansion of kitimat 
smelter in british columbia canada to increase capacity 
from 280ktpa to 420ktpa 
33bn  first production is now expected in the first half of 2015 subject to any 
additional capital required to complete the project receiving board approval  
copper – development of organic growth project 1 
ogp1 and the oxide leach area project olap at 
escondida rio tinto 30 chile 
14bn
rio tinto share
  replacement of the los colorados concentrator with a 152kt per day plant 
accessing highergrade ore initial production is expected in the first half of 
2015 olap maintains oxide leaching capacity 
copper – construction of a desalination facility  
to ensure continued water supply and sustain  
operations at escondida rio tinto 30 chile  
10bn
rio tinto share
  the project will provide a sustainable supply of water for the new ogp1  
copper concentrator commissioning is scheduled for 2017 
compelling 
growth
further cash returns 
to shareholders
debt reduction
2 1
essential sustaining 
capex
progressive 
dividends
iterative  
cycle of
3
riotintocomreportingcentre2013
13
strategic report financial statements directors’ report production reserves and operations additional information  
15 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
external risks 
factor   nature 
commodity prices and global 
demand for the group’s 
products are expected to 
remain uncertain 
  
commodity prices and demand are volatile and strongly influenced by world economic conditions the group’s normal  
policy is to sell its products at prices that reflect the value of our products in the market and not to enter into price hedging 
arrangements recent volatility in commodity prices and demand may continue which could adversely affect the group’s 
earnings cash flow and mineral reserves the basis on which the group prices iron ore in asia is evolving and to the extent  
this results in prices or pricing mechanisms that are less favourable to the group its earnings and cash flow could be adversely 
affected furthermore iron ore prices are typically determined on a landed in china basis and increases in the freight market 
would adversely impact group earnings 
past strong demand for the 
group’s products in china  
could be affected by future 
developments in that country 
  
the group is heavily reliant on the chinese market a microeconomic slowdown sudden economic disruption whether caused 
by sharp curtailment of bank credit or otherwise or the significant shift from infrastructureled to consumer spendingfocused 
growth could substantially decrease china’s demands for the group’s commodities adversely affecting the group’s profitability 
and cash position  
rio tinto is exposed to 
fluctuations in exchange rates 
  the great majority of the group’s sales are denominated in us dollars which is also the currency used for holding surplus 
cash financing operations and presenting external and internal results although many costs are incurred in us dollars a 
significant portion are incurred in or influenced by the local currencies of the countries where the group operates principally 
the australian dollar and canadian dollar the group’s normal policy is to avoid hedging of foreign exchange rates and so the 
group may be adversely affected by appreciation in the value of other currencies against the us dollar or to prolonged periods 
of exchange rate volatility currency fluctuations may negatively impact the group’s profitability and dividend payments as well 
as rating agency metrics and asset carrying values 
political legal and commercial 
changes in the places where  
the group operates 
  the group has operations in jurisdictions where governments and communities are seeking a greater share of mineral wealth 
some operations are conducted under specific agreements with respective governments and associated acts of relevant 
legislative bodies in several countries land title and rights to land and resources including indigenous title may be unclear 
political and administrative change policy reform and changes in law or government regulation can result in expropriation or 
nationalisation of the group’s rights or assets in some jurisdictions commercial instability can arise from a culture of bribery 
and corruption 
in its operations and development projects rio tinto is exposed to 
difficulty in obtaining agreements leases or permits for new activities 
renegotiation unilateral variation or nullification of existing agreements leases and permits 
changes in government ownership of operations 
significant restoration and environmental cleanup costs 
currency and foreign investment restrictions 
changes in taxation rates regimes or international tax agreements 
limitations to power water energy and infrastructure access and 
general increases in regulation including compliance costs 
political instability and uncertainty or government changes to terms applicable to the group’s operations may result in 
increased costs for the group may curtail or negatively impact existing operations and prevent the group from making  
future investments 
community disputes in the 
countries and territories in 
which the group operates 
  some of the group’s current and potential operations are located in or near communities that may regard these operations  
as being detrimental to them community expectations are typically complex with the potential for multiple inconsistent 
stakeholder views that may be difficult to resolve stakeholder opinion and community acceptance can be subject to many 
influences for example related industries operations of other groups or local regional or national events in other places 
where we operate these disputes can disrupt our operations and may increase our costs thereby potentially impacting our 
revenue and profitability in the extreme our operations may be a focus for civil unrest or criminal activity which can impact 
our operational and financial performance as well as our reputation 
increased regulation of 
greenhouse gas emissions 
could adversely affect the 
group’s cost of operations 
  rio tinto’s operations are energyintensive and depend on fossil fuels worldwide there is increasing regulation of greenhouse 
gas emissions tighter emission reduction targets and progressive introduction of carbon pricing mechanisms these are likely 
to raise significantly worldwide energy production and transport costs over the medium to long term which will increase the 
group’s cost base and potentially negatively impact the group’s profitability 
regulations standards and 
stakeholder expectations 
regarding health safety 
environment and community 
evolve over time and 
unforeseen changes could  
have an adverse effect on  
the group’s business  
and reputation 
  the resources sector is subject to extensive health safety and environmental laws regulations and standards alongside 
community and stakeholder expectations evolving regulation standards and stakeholder expectations could result in 
increased costs regulatory action litigation or in extreme cases threaten the viability of an operation 
  
principal risks and uncertainties 
14 
riotintocomreportingcentre2013 
overview of rio tinto’s risk management framework 
rio tinto recognises that dealing with risk is an integral part of how we protect and create value it is fundamental to our business success our risk 
management framework recognises this and reflects the importance of leaders retaining ownership of risk management in each part of the business  
the responsibility for identifying and managing risks lies with all of rio tinto’s managers and business leaders who operate within a groupwide framework 
that ensures risks are managed within agreed thresholds  
the framework underpinned by rio tinto’s risk policy and standard includes clearlydefined oversight responsibilities for the board of directors and the 
executive committee supported by the risk management committee in ensuring key risks to group objectives are identified understood and managed  
it also defines the roles played by central support functions by group risk and by group audit  assurance in support of effective risk analysis and 
management across rio tinto more information on the group’s approach to risk management can be found in the corporate governance section on page 66 
 
 
risk factors 
rio tinto’s business units and functions assess the potential economic and  
noneconomic consequences of their respective risks using the framework 
defined by the group’s risk policy and standard principal risks and uncertainties 
are identified when the risk management committee business unit or  
function determines that the potential consequences are material at a group 
level or where the risk is connected and may trigger a succession of events  
that in aggregate become material to the group once identified each  
principal risk or uncertainty is reviewed by the relevant internal experts and  
by the risk management committee 
the following describes all currentlyknown principal risks and uncertainties  
that could materially affect rio tinto there may be additional risks unknown  
to rio tinto and other risks currently believed to be immaterial which could 
turn out to be material the risk factors outlined do not include the management 
detail on how each is managed and mitigated which is discussed in more detail 
on page 66 
risks may materialise individually simultaneously or in combination and could 
significantly affect the group’s 
short medium and longterm business and prospects 
earnings cash flow and financial position 
overall financial results and product demand 
current asset values 
future asset values and growth potential 
safety record and the long medium and shortterm health of its employees 
environmental effects or 
group or business unit reputation 
the principal risks and uncertainties should be considered in connection with 
any forwardlooking statements in this document and the cautionary statement 
on the inside front cover
 
  
business risk owners
managers across the business  
are accountable and responsible 
 
and management
board of directors 
provides oversight across the risk management process 
level of risk the board is willing to accept in pursuit of 
strategic objectives and monitors grouplevel risks
group audit  assurance 
responsible for providing reasonable assurance that the 
systems for internal control are adequate and effective
central support functions
provide targeted expertise and 
support to risk owners develop and 
maintain risk specific controls to 
ensure effective management of 
material grouplevel risk within 
agreed thresholds
group risk
responsible for maintaining 
appropriate risk policy and standard 
providing coordination and support 
of grouplevel risk management 
activity and risk reporting  
risk management committee
responsible for ensuring that 
ensuring the risk management 
process is effective
executive committee
responsible for risk strategy and 
accepting risks inherent in key 
investments and in strategic 
business or annual plans
business risk owners
managers across the business  
are accountable and responsible 
 
and management
board of directors 
provides oversight across the risk management process 
level of risk the board is willing to accept in pursuit of 
strategic objectives and monitors grouplevel risks
group audit  assurance 
responsible for providing reasonable assurance that the 
systems for internal control are adequate and effective
central support functions
provide targeted expertise and 
support to risk owners develop and 
maintain risk specic controls to 
ensure effective management of 
material grouplevel risk within 
agreed thresholds
group risk
responsible for maintaining 
appropriate risk policy and standard 
providing coordination and support 
of grouplevel risk management 
activity and risk reporting  
risk management committee
responsible for ensuring that 
ensuring the risk management 
process is effective
executive committee
responsible for risk strategy and 
accepting risks inherent in key 
investments and in strategic 
business or annual plans
riotintocomreportingcentre2013
14  
15 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
external risks 
factor   nature 
commodity prices and global 
demand for the group’s 
products are expected to 
remain uncertain 
  
commodity prices and demand are volatile and strongly influenced by world economic conditions the group’s normal  
policy is to sell its products at prices that reflect the value of our products in the market and not to enter into price hedging 
arrangements recent volatility in commodity prices and demand may continue which could adversely affect the group’s 
earnings cash flow and mineral reserves the basis on which the group prices iron ore in asia is evolving and to the extent  
this results in prices or pricing mechanisms that are less favourable to the group its earnings and cash flow could be adversely 
affected furthermore iron ore prices are typically determined on a landed in china basis and increases in the freight market 
would adversely impact group earnings 
past strong demand for the 
group’s products in china  
could be affected by future 
developments in that country 
  
the group is heavily reliant on the chinese market a microeconomic slowdown sudden economic disruption whether caused 
by sharp curtailment of bank credit or otherwise or the significant shift from infrastructureled to consumer spendingfocused 
growth could substantially decrease china’s demands for the group’s commodities adversely affecting the group’s profitability 
and cash position  
rio tinto is exposed to 
fluctuations in exchange rates 
  the great majority of the group’s sales are denominated in us dollars which is also the currency used for holding surplus 
cash financing operations and presenting external and internal results although many costs are incurred in us dollars a 
significant portion are incurred in or influenced by the local currencies of the countries where the group operates principally 
the australian dollar and canadian dollar the group’s normal policy is to avoid hedging of foreign exchange rates and so the 
group may be adversely affected by appreciation in the value of other currencies against the us dollar or to prolonged periods 
of exchange rate volatility currency fluctuations may negatively impact the group’s profitability and dividend payments as well 
as rating agency metrics and asset carrying values 
political legal and commercial 
changes in the places where  
the group operates 
  the group has operations in jurisdictions where governments and communities are seeking a greater share of mineral wealth 
some operations are conducted under specific agreements with respective governments and associated acts of relevant 
legislative bodies in several countries land title and rights to land and resources including indigenous title may be unclear 
political and administrative change policy reform and changes in law or government regulation can result in expropriation or 
nationalisation of the group’s rights or assets in some jurisdictions commercial instability can arise from a culture of bribery 
and corruption 
in its operations and development projects rio tinto is exposed to 
difficulty in obtaining agreements leases or permits for new activities 
renegotiation unilateral variation or nullification of existing agreements leases and permits 
changes in government ownership of operations 
significant restoration and environmental cleanup costs 
currency and foreign investment restrictions 
changes in taxation rates regimes or international tax agreements 
limitations to power water energy and infrastructure access and 
general increases in regulation including compliance costs 
political instability and uncertainty or government changes to terms applicable to the group’s operations may result in 
increased costs for the group may curtail or negatively impact existing operations and prevent the group from making  
future investments 
community disputes in the 
countries and territories in 
which the group operates 
  some of the group’s current and potential operations are located in or near communities that may regard these operations  
as being detrimental to them community expectations are typically complex with the potential for multiple inconsistent 
stakeholder views that may be difficult to resolve stakeholder opinion and community acceptance can be subject to many 
influences for example related industries operations of other groups or local regional or national events in other places 
where we operate these disputes can disrupt our operations and may increase our costs thereby potentially impacting our 
revenue and profitability in the extreme our operations may be a focus for civil unrest or criminal activity which can impact 
our operational and financial performance as well as our reputation 
increased regulation of 
greenhouse gas emissions 
could adversely affect the 
group’s cost of operations 
  rio tinto’s operations are energyintensive and depend on fossil fuels worldwide there is increasing regulation of greenhouse 
gas emissions tighter emission reduction targets and progressive introduction of carbon pricing mechanisms these are likely 
to raise significantly worldwide energy production and transport costs over the medium to long term which will increase the 
group’s cost base and potentially negatively impact the group’s profitability 
regulations standards and 
stakeholder expectations 
regarding health safety 
environment and community 
evolve over time and 
unforeseen changes could  
have an adverse effect on  
the group’s business  
and reputation 
  the resources sector is subject to extensive health safety and environmental laws regulations and standards alongside 
community and stakeholder expectations evolving regulation standards and stakeholder expectations could result in 
increased costs regulatory action litigation or in extreme cases threaten the viability of an operation 
  
principal risks and uncertainties 
14 
riotintocomreportingcentre2013 
overview of rio tinto’s risk management framework 
rio tinto recognises that dealing with risk is an integral part of how we protect and create value it is fundamental to our business success our risk 
management framework recognises this and reflects the importance of leaders retaining ownership of risk management in each part of the business  
the responsibility for identifying and managing risks lies with all of rio tinto’s managers and business leaders who operate within a groupwide framework 
that ensures risks are managed within agreed thresholds  
the framework underpinned by rio tinto’s risk policy and standard includes clearlydefined oversight responsibilities for the board of directors and the 
executive committee supported by the risk management committee in ensuring key risks to group objectives are identified understood and managed  
it also defines the roles played by central support functions by group risk and by group audit  assurance in support of effective risk analysis and 
management across rio tinto more information on the group’s approach to risk management can be found in the corporate governance section on page 66 
 
 
risk factors 
rio tinto’s business units and functions assess the potential economic and  
noneconomic consequences of their respective risks using the framework 
defined by the group’s risk policy and standard principal risks and uncertainties 
are identified when the risk management committee business unit or  
function determines that the potential consequences are material at a group 
level or where the risk is connected and may trigger a succession of events  
that in aggregate become material to the group once identified each  
principal risk or uncertainty is reviewed by the relevant internal experts and  
by the risk management committee 
the following describes all currentlyknown principal risks and uncertainties  
that could materially affect rio tinto there may be additional risks unknown  
to rio tinto and other risks currently believed to be immaterial which could 
turn out to be material the risk factors outlined do not include the management 
detail on how each is managed and mitigated which is discussed in more detail 
on page 66 
risks may materialise individually simultaneously or in combination and could 
significantly affect the group’s 
short medium and longterm business and prospects 
earnings cash flow and financial position 
overall financial results and product demand 
current asset values 
future asset values and growth potential 
safety record and the long medium and shortterm health of its employees 
environmental effects or 
group or business unit reputation 
the principal risks and uncertainties should be considered in connection with 
any forwardlooking statements in this document and the cautionary statement 
on the inside front cover
 
  
business risk owners
managers across the business  
are accountable and responsible 
 
and management
board of directors 
provides oversight across the risk management process 
level of risk the board is willing to accept in pursuit of 
strategic objectives and monitors grouplevel risks
group audit  assurance 
responsible for providing reasonable assurance that the 
systems for internal control are adequate and effective
central support functions
provide targeted expertise and 
support to risk owners develop and 
maintain risk specific controls to 
ensure effective management of 
material grouplevel risk within 
agreed thresholds
group risk
responsible for maintaining 
appropriate risk policy and standard 
providing coordination and support 
of grouplevel risk management 
activity and risk reporting  
risk management committee
responsible for ensuring that 
ensuring the risk management 
process is effective
executive committee
responsible for risk strategy and 
accepting risks inherent in key 
investments and in strategic 
business or annual plans
riotintocomreportingcentre2013
15
strategic report financial statements directors’ report production reserves and operations additional information  
17 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
factor   nature 
joint ventures strategic 
partnerships or nonmanaged 
operations may not be 
successful and may not comply 
with the group’s standards 
  the group participates in several joint venture and partnership arrangements and it may enter into others all of which 
necessarily involve risk whether or not the group holds majority interests or maintains operational control in its joint ventures 
its partners may 
have economic or business interests or goals that are inconsistent with or opposed to those of the group 
exercise veto rights to block actions that the group believes are in its or the joint venture’s best interests or 
be unable or unwilling to fulfil their obligations under the joint venture or other agreements such as contributing capital  
to expansion or maintenance projects 
where these joint ventures are controlled and managed by others the group may provide expertise and advice but has limited 
control over compliance with its standards and objectives such that partners may take action contrary to the group’s interests 
or policies with respect to its investment 
the group’s operations are 
vulnerable to a range of 
interruptions not all of which 
are covered fully by insurance 
  1 natural disasters and events 
mining smelting refining and infrastructure installations are vulnerable to natural events including earthquakes subsidence 
drought flood fire storm and the possible effects of climate change 
2 sustained operational difficulties 
operating difficulties are many and various ranging from geological variations that could result in significant ground or 
containment failure to breakdown of key capital equipment 
reliable roads rail networks ports power generation and transmission and water supplies are required to access and conduct 
our operations 
limitations or interruptions in transport infrastructure including as a result of third parties gaining access to our integrated 
facilities could impede our ability to deliver products 
3 information technology and cyber security 
the group relies heavily on information technology and process control systems to support our business in common with 
most large global companies the group has experienced cyber attacks and is faced with ongoing threats to the confidentiality 
integrity and availability of such systems whilst no material losses related to cyber security breaches have been discovered 
given the increasing sophistication and evolving nature of this threat we cannot rule out the possibility of them occurring  
in the future an extended failure of critical system components caused by accidental or malicious actions including those 
resulting from a cyber security attack could result in a significant environmental health or safety incident commercial loss  
or interruption to operations 
4 major operational failure 
the group’s operations involve chemicals and other substances stored under high temperature and pressure with the 
potential for fire explosion or other loss of control of the process leading to a release of hazardous materials this could  
occur by accident or a breach of operating standards and could result in a significant environmental health or safety incident 
the group’s insurance does not cover every potential loss associated with its operations and adequate coverage at reasonable 
rates is not always obtainable in addition insurance provision may not fully cover its liability or the consequences of any 
business interruption any occurrence not fully covered by insurance could have an adverse effect on the group’s business 
the group depends on  
the continued services of  
key personnel 
  the group’s ability to maintain its competitive position is dependent on the services of a wide range of highlyskilled and 
experienced personnel available in the locations where they are needed failure to recruit and retain key staff and the inability 
to deploy staff worldwide where they are most needed could affect the group’s business similar constraints may be felt by 
the group’s key consultants contractors and suppliers thereby impacting the group’s operations expansion plans or business 
more generally 
the group’s costs of close
down reclamation and 
rehabilitation could be higher 
than expected 
  closedown and reclamation works to return operating sites to the community can be extensive and costly estimated costs 
are provided for and updated annually over the life of each operation but the provisions might prove to be inadequate due  
to changes in legislation standards and the emergence of new reclamation techniques in addition the expected timing of 
expenditure could change significantly due to changes in the business environment that might vary the life of an operation 
 
principal risks and uncertainties continued 
16 
riotintocomreportingcentre2013 
strategic risks 
factor   nature 
the group’s exploration and 
development of new projects 
might be unsuccessful 
  rio tinto identifies new orebodies and mining properties through its exploration programme and develops or expands  
other operations as a means of generating shareholder value exploration is not always successful and there is a high degree  
of competition to develop worldclass orebodies the group may also not be able to source or maintain adequate project 
financing or may be unable to find willing and suitable joint venture partners to share the cost of developing large projects 
furthermore project execution may not proceed as planned and project budgets and schedules may prove inaccurate all  
of which may negatively impact the group’s profitability 
rio tinto may fail to 
successfully execute 
divestments and acquisitions 
  the group may not be able to successfully divest noncore assets resulting in unforeseen pressure on its cash position  
in addition potential acquisitions may not succeed reducing the group’s ability to expand operations as a means of generating 
shareholder value all business combinations or acquisitions entail a number of risks including the cost of effectively 
integrating acquisitions to realise synergies significant writeoffs or restructuring charges and unanticipated costs and 
liabilities the group may also be liable for the past acts omissions or liabilities it has acquired that are unforeseen or greater 
than anticipated the group may also face liabilities for divested entities if the buyer fails to honour all commitments or the 
group agrees to retain certain liabilities 
financial risks 
factor   nature 
the group’s reported results 
could be adversely affected  
by the impairment of assets  
and goodwill 
  the group may be required to record impairment charges as a result of adverse developments in the recoverable values of its 
assets including goodwill significant assumptions in the determination of recoverable value include but are not limited to 
pricing of the group’s commodities and products reserves and resources infrastructure availability discount and exchange 
rates operating and development cost projections and timing of expenditure and revenues related to major projects in 
addition the occurrence of unexpected events or events beyond the group’s control that adversely impact its business may 
have an impact on the assumptions underlying the recoverable value of its assets the foregoing items are not exhaustive and 
impairments may be caused by factors currently unknown to the group to the extent that the recoverable value of an asset  
is impaired such impairment may negatively impact the group’s profitability during the relevant period 
the group’s liquidity and cash 
flow expectations may not  
be realised inhibiting  
planned expenditure 
  the group’s ability to fund planned expenditure such as capital growth mergers and acquisitions innovation and other 
obligations may be hindered if its cash position proves inadequate our ability to weather a major economic shock could be 
compromised by insufficient cash reserves a reduction in the value of existing cash reserves or restricted access to these  
and other sources of cash including bank financing or international capital markets 
failure to reduce costs both in 
operations and projects may 
result in reduced margins and 
threaten the viability of our 
capital projects 
  input costs in the resources sector can increase at a disproportionate rate adversely affecting the economics of current 
operations and increasing the cost of our capital expansion projects many of these input costs are linked to commodity prices 
and in the case of capital expansion projects the time lag between incurring project costs and receiving revenue can result  
in additional exposure to commodity markets failure to reduce these costs may have an adverse impact on our operating 
margins and the viability of our capital expansion projects 
operational risks 
factor   nature 
estimates of ore reserves are 
based on uncertain 
assumptions that if changed 
could result in the need to 
restate ore reserves 
  there are numerous uncertainties inherent in estimating ore reserves including subjective judgments and determinations  
that are based on available geological technical contract and economic information previously valid assumptions may 
change significantly with new information which may result in changes to the economic viability of some reserves and the 
need for them to be restated 
labour disputes could lead to 
lost production andor 
increased costs 
  some of the group’s employees including employees in nonmanaged operations are represented by labour unions  
under various collective labour agreements the group may not be able to renegotiate agreements satisfactorily when they  
expire and may face difficult negotiations higher wage demands or industrial action in addition labour agreements may not 
prevent a strike or work stoppage 
some of the group’s 
technologies are unproven and 
failures could adversely impact 
costs andor productivity 
  the group has invested in and implemented new technologies both in information systems and in operational initiatives some 
of which are unproven and their eventual viability cannot be assessed with certainty the actual benefits of these technologies 
may differ materially from expectations 
the group may be exposed to 
major failures in the supply 
chain for specialist equipment 
and materials 
  rio tinto operates within a complex supply chain depending on suppliers of materials services equipment and infrastructure 
and on providers of logistics supply chain failures or significantly increased costs within the supply chain for whatever reason 
could have an adverse effect on the group’s business 
riotintocomreportingcentre2013
16  
17 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
factor   nature 
joint ventures strategic 
partnerships or nonmanaged 
operations may not be 
successful and may not comply 
with the group’s standards 
  the group participates in several joint venture and partnership arrangements and it may enter into others all of which 
necessarily involve risk whether or not the group holds majority interests or maintains operational control in its joint ventures 
its partners may 
have economic or business interests or goals that are inconsistent with or opposed to those of the group 
exercise veto rights to block actions that the group believes are in its or the joint venture’s best interests or 
be unable or unwilling to fulfil their obligations under the joint venture or other agreements such as contributing capital  
to expansion or maintenance projects 
where these joint ventures are controlled and managed by others the group may provide expertise and advice but has limited 
control over compliance with its standards and objectives such that partners may take action contrary to the group’s interests 
or policies with respect to its investment 
the group’s operations are 
vulnerable to a range of 
interruptions not all of which 
are covered fully by insurance 
  1 natural disasters and events 
mining smelting refining and infrastructure installations are vulnerable to natural events including earthquakes subsidence 
drought flood fire storm and the possible effects of climate change 
2 sustained operational difficulties 
operating difficulties are many and various ranging from geological variations that could result in significant ground or 
containment failure to breakdown of key capital equipment 
reliable roads rail networks ports power generation and transmission and water supplies are required to access and conduct 
our operations 
limitations or interruptions in transport infrastructure including as a result of third parties gaining access to our integrated 
facilities could impede our ability to deliver products 
3 information technology and cyber security 
the group relies heavily on information technology and process control systems to support our business in common with 
most large global companies the group has experienced cyber attacks and is faced with ongoing threats to the confidentiality 
integrity and availability of such systems whilst no material losses related to cyber security breaches have been discovered 
given the increasing sophistication and evolving nature of this threat we cannot rule out the possibility of them occurring  
in the future an extended failure of critical system components caused by accidental or malicious actions including those 
resulting from a cyber security attack could result in a significant environmental health or safety incident commercial loss  
or interruption to operations 
4 major operational failure 
the group’s operations involve chemicals and other substances stored under high temperature and pressure with the 
potential for fire explosion or other loss of control of the process leading to a release of hazardous materials this could  
occur by accident or a breach of operating standards and could result in a significant environmental health or safety incident 
the group’s insurance does not cover every potential loss associated with its operations and adequate coverage at reasonable 
rates is not always obtainable in addition insurance provision may not fully cover its liability or the consequences of any 
business interruption any occurrence not fully covered by insurance could have an adverse effect on the group’s business 
the group depends on  
the continued services of  
key personnel 
  the group’s ability to maintain its competitive position is dependent on the services of a wide range of highlyskilled and 
experienced personnel available in the locations where they are needed failure to recruit and retain key staff and the inability 
to deploy staff worldwide where they are most needed could affect the group’s business similar constraints may be felt by 
the group’s key consultants contractors and suppliers thereby impacting the group’s operations expansion plans or business 
more generally 
the group’s costs of close
down reclamation and 
rehabilitation could be higher 
than expected 
  closedown and reclamation works to return operating sites to the community can be extensive and costly estimated costs 
are provided for and updated annually over the life of each operation but the provisions might prove to be inadequate due  
to changes in legislation standards and the emergence of new reclamation techniques in addition the expected timing of 
expenditure could change significantly due to changes in the business environment that might vary the life of an operation 
 
principal risks and uncertainties continued 
16 
riotintocomreportingcentre2013 
strategic risks 
factor   nature 
the group’s exploration and 
development of new projects 
might be unsuccessful 
  rio tinto identifies new orebodies and mining properties through its exploration programme and develops or expands  
other operations as a means of generating shareholder value exploration is not always successful and there is a high degree  
of competition to develop worldclass orebodies the group may also not be able to source or maintain adequate project 
financing or may be unable to find willing and suitable joint venture partners to share the cost of developing large projects 
furthermore project execution may not proceed as planned and project budgets and schedules may prove inaccurate all  
of which may negatively impact the group’s profitability 
rio tinto may fail to 
successfully execute 
divestments and acquisitions 
  the group may not be able to successfully divest noncore assets resulting in unforeseen pressure on its cash position  
in addition potential acquisitions may not succeed reducing the group’s ability to expand operations as a means of generating 
shareholder value all business combinations or acquisitions entail a number of risks including the cost of effectively 
integrating acquisitions to realise synergies significant writeoffs or restructuring charges and unanticipated costs and 
liabilities the group may also be liable for the past acts omissions or liabilities it has acquired that are unforeseen or greater 
than anticipated the group may also face liabilities for divested entities if the buyer fails to honour all commitments or the 
group agrees to retain certain liabilities 
financial risks 
factor   nature 
the group’s reported results 
could be adversely affected  
by the impairment of assets  
and goodwill 
  the group may be required to record impairment charges as a result of adverse developments in the recoverable values of its 
assets including goodwill significant assumptions in the determination of recoverable value include but are not limited to 
pricing of the group’s commodities and products reserves and resources infrastructure availability discount and exchange 
rates operating and development cost projections and timing of expenditure and revenues related to major projects in 
addition the occurrence of unexpected events or events beyond the group’s control that adversely impact its business may 
have an impact on the assumptions underlying the recoverable value of its assets the foregoing items are not exhaustive and 
impairments may be caused by factors currently unknown to the group to the extent that the recoverable value of an asset  
is impaired such impairment may negatively impact the group’s profitability during the relevant period 
the group’s liquidity and cash 
flow expectations may not  
be realised inhibiting  
planned expenditure 
  the group’s ability to fund planned expenditure such as capital growth mergers and acquisitions innovation and other 
obligations may be hindered if its cash position proves inadequate our ability to weather a major economic shock could be 
compromised by insufficient cash reserves a reduction in the value of existing cash reserves or restricted access to these  
and other sources of cash including bank financing or international capital markets 
failure to reduce costs both in 
operations and projects may 
result in reduced margins and 
threaten the viability of our 
capital projects 
  input costs in the resources sector can increase at a disproportionate rate adversely affecting the economics of current 
operations and increasing the cost of our capital expansion projects many of these input costs are linked to commodity prices 
and in the case of capital expansion projects the time lag between incurring project costs and receiving revenue can result  
in additional exposure to commodity markets failure to reduce these costs may have an adverse impact on our operating 
margins and the viability of our capital expansion projects 
operational risks 
factor   nature 
estimates of ore reserves are 
based on uncertain 
assumptions that if changed 
could result in the need to 
restate ore reserves 
  there are numerous uncertainties inherent in estimating ore reserves including subjective judgments and determinations  
that are based on available geological technical contract and economic information previously valid assumptions may 
change significantly with new information which may result in changes to the economic viability of some reserves and the 
need for them to be restated 
labour disputes could lead to 
lost production andor 
increased costs 
  some of the group’s employees including employees in nonmanaged operations are represented by labour unions  
under various collective labour agreements the group may not be able to renegotiate agreements satisfactorily when they  
expire and may face difficult negotiations higher wage demands or industrial action in addition labour agreements may not 
prevent a strike or work stoppage 
some of the group’s 
technologies are unproven and 
failures could adversely impact 
costs andor productivity 
  the group has invested in and implemented new technologies both in information systems and in operational initiatives some 
of which are unproven and their eventual viability cannot be assessed with certainty the actual benefits of these technologies 
may differ materially from expectations 
the group may be exposed to 
major failures in the supply 
chain for specialist equipment 
and materials 
  rio tinto operates within a complex supply chain depending on suppliers of materials services equipment and infrastructure 
and on providers of logistics supply chain failures or significantly increased costs within the supply chain for whatever reason 
could have an adverse effect on the group’s business 
riotintocomreportingcentre2013
17
strategic report financial statements directors’ report production reserves and operations additional information sustainable development 
18 
riotintocomreportingcentre2013 
we recognise that we have a responsibility to all our stakeholders and to  
the wider world and so we endeavour to integrate sustainable development 
into everything we do our ability to operate globally is supported by this 
commitment it allows us to access highquality resources effectively manage 
risks and opportunities engage with communities and attract talented people – 
and it strengthens our licence to operate 
as a global company we seek to understand the risks we face – both threats 
and opportunities – that relate to social wellbeing environmental stewardship 
and economic prosperity we do this in order to deliver sustainable 
contributions to the places we work and greater value to our shareholders 
the way we work – our global code of business conduct – is the foundation  
of our sustainable development framework this is supported by our corporate 
policies and standards that lay down the minimum acceptable requirements  
for behaviour or operating conditions our policies are also supported by 
management systems to make sure they are implemented appropriately across 
the group these pieces of the framework and our relentless focus on living  
our values – accountability respect teamwork and integrity – work together  
to achieve great performance and effective risk management  
performance overview 
in 2013 we 
– did not achieve our target of zero fatalities sadly three people lost their  
lives while working at rio tinto managed operations 
– established a process safety directorate and developed associated risk 
management processes and metrics 
– achieved a 31 per cent reduction in all injury frequency rate aifr compared 
with 2008 
– exceeded our targeted 30 per cent reduction in the rate of new cases  
of occupational illness between 2008 and 2013 we reduced this rate by  
68 per cent over this period 
– fell short of our ten per cent noise reduction target achieving a 31 per cent 
reduction compared with 2008 
– implemented our malaria management framework at affected sites 
– achieved a 173 per cent reduction in our greenhouse gas emissions 
intensity from 2008 
– achieved a 61 per cent decrease in freshwater used per tonne of product 
compared with 2008 
– did not meet our communities target which required all operations to  
have locallyappropriate publiclyreported social performance indicators  
in place by 2013 
– implemented a corporate approach to indigenous communities’ free  
prior informed consent fpic which has been recognised as best practice  
by nongovernmental organisations 
– rolled out our why human rights matter guide providing our operations with 
a resource for understanding how to integrate human rights considerations 
into communities work 
– launched the procurement academy as part of the rio tinto college  
this provides employees with globallyendorsed learning opportunities on 
the importance of our procurement practices to the communities in which 
we operate 
– introduced scenariobased compliance training which provides practical 
advice on our compliance principles and policies 
– developed new grouplevel health safety environment and communities 
hsec targets that focus on local imperatives and are representative  
of the group’s diversity and geographic reach  
– retained our listing as a leading company on the ftse4good and  
dow jones sustainability indexes which investors use to monitor  
businesses’ sustainability performance 
 
key priorities 
our key priorities for 2014 are to 
– deliver performance that positions us to meet or exceed our new  
group hsec performance targets 
– complete our review of the core hsec management processes including  
a review of our hsec performance standards strengthen the focus  
on the control of material hsec risks and use of effective control 
management plans 
– seek greater consistency of approach in closure planning across the  
group and focus planning efforts on operations closest to the end of  
their life cycles 
– improve how we learn from health safety environment and community 
incidents so we can eliminate workplace fatalities and reduce injuries  
illness and disruptions to operations 
– continue to work closely with leadership teams at nonmanaged  
operations and joint ventures to improve safety performance 
– support our employees’ fitness for work through effective fatigue 
management programmes based upon leading scientific research  
and technology applications 
– improve the integration of human rights considerations into existing 
corporate processes including risk analysis impact assessment and 
complaints disputes and grievances procedures to facilitate a more  
coordinated approach to avoiding and addressing involvement in  
potential human rights harm 
– review our integrity and compliance programme to increase the use of  
risk assessment as well as the programme’s accessibility to employees 
– implement a career framework to help employees develop and manage  
their careers more effectively by providing clarity and transparency 
regarding roles and career pathways available within our business  
goals and targets 
as part of our commitment to continuous improvement we have set new 
group targets for a range of sustainable development metrics including 
– measuring progress against our goal of zero fatalities with an annual target  
of zero fatalities 
– measuring progress towards our goal of zero injuries with a yearonyear 
improvement in our all injury frequency rate 
– a yearonyear improvement in the rate of new cases of occupational  
illness per 10000 employees annually 
– all managed operations will have reviewed – and increased their focus on 
managing – their health risks through implementation of critical control 
management plans to address their specific material health risks by 2015 
– all operations having in place locallyappropriate publiclyreported social 
performance indicators that demonstrate a positive contribution to the 
economic development of the communities and regions where we work 
consistent with the millennium development goals by 2015 
– in 2008 we set a target of ten per cent reduction in total greenhouse gas 
emissions intensity to be achieved by 2015 current performance exceeds 
this target we will continue to seek opportunities to maintain and improve  
our performance and will establish a new target beyond 2015 that takes 
account of our performance to date  
– all managed operations with material water risk will have reviewed  
and improved their management of their material water risks and  
have achieved their approved local water performance targets by 2018 
we intend to report our performance against these targets in the 2014  
annual report  
 
 
riotintocomreportingcentre2013
18  
19 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
targets progress to date 
our goal is zero harm including above all the elimination of  
workplace fatalities 
progress is measured through our all injury frequency rate aifr  
per 200000 hours worked 
 
 
3 per cent reduction in our aifr compared with 2012  
and a 31 per cent reduction compared with 2008 
30 per cent reduction in the rate of new cases of occupational illness per  
10000 employees between 2008 and 2013 
a
 
68 per cent reduction in the rate of new cases of occupational illness compared 
with 2008 
ten per cent reduction in the rate of employees per 10000 employees  
exposed to an eight hour noise dose of more than 85 decibels absent of  
hearing protection between 2008 and 2013 
a b
 
31 per cent decrease in the rate of employees potentially exposed to an average 
eight hour noise dose of more than 85 decibels compared with 2008 
ten per cent reduction in total greenhouse gas emissions intensity between  
2008 and 2015 
a
 
173 per cent reduction in our total greenhouse gas emissions intensity compared 
with 2008 currently exceeding our 2015 target we continue to seek opportunities 
to maintain and improve our performance 
six per cent reduction in our freshwater use per tonne of product between  
2008 and 2013 
a
 
61 per cent decrease in our freshwater use per tonne of product compared  
with 2008 
our diversity goal is to employ people based on job requirements who  
represent the diversity of our surrounding communities  
we are targeting  
 
– women to represent 20 per cent of our senior management by 2015 
– women to represent 40 per cent of our 2015 graduate intake 
– 15 per cent of our 2015 graduate intake to be nationals from regions  
where we are developing new businesses 
– women represented 14 per cent of our senior management in 2013  
– women represented 28 per cent of our 2013 graduate intake  
– 30 per cent of our 2013 graduate intake were nationals from regions where  
we are developing new businesses 
all operations have in place locallyappropriate publiclyreported social 
performance indicators that demonstrate a positive contribution to the 
economic development of the communities and regions where we work 
consistent with the millennium development goals by 2013 
c
 
90 per cent of our operations have locallyappropriate publiclyreported social 
performance indicators in place 
a the target period 20082013 is complete 
b the noise target measures the reduction in noise levels above 85 decibels averaged over eight hours within the workplace where noise levels remain above the target level hearing 
protection is mandatory 
c the initial target period is complete and is now being extended to 2015 to better align with the timeline of the un millennium development goals 
performance data 20092013 
 2013 2012 2011 2010 2009
social   
fatalities at managed operations from safety incidents  3 2 6 3 4
fatalities at managed operations from health incidents  – 1 – – –
new cases of occupational illness per 10000 employees 16 15 13 20 39
employees potentially exposed to an average 8 hour noise dose of more than 
85dba per 10000 employees 3276 3398 3587 3629 3660
employees number 
a
 66000 71000 68000 77000 102000
environment   
greenhouse gas emissions intensity indexed relative to 2008 827 941 959 961 926
total energy use petajoules 483 502 516 513 496
freshwater used billion litres 435 446 465 457 433
land footprint – disturbed square kilometres 3556 3530 3485 3453 3410
land footprint – rehabilitated square kilometres 472 446 422 420 402
direct economic contribution    
value add us million 
a b
  31818 26195 38193 33812 21363
payments to suppliers us million 
a
 26054 30271 28444 27486 23481
community contributions us million 331 291 294 166 119
 numbers amended from those originally published to ensure comparability over time amendments due to changes in measurement and calculation methodologies or immaterial 
updates to data 
a these figures include the group’s share of joint ventures and associates 
b value add is the sum of labour payments to governments and returns on capital invested in operations 
sustainable development 
18 
riotintocomreportingcentre2013 
we recognise that we have a responsibility to all our stakeholders and to  
the wider world and so we endeavour to integrate sustainable development 
into everything we do our ability to operate globally is supported by this 
commitment it allows us to access highquality resources effectively manage 
risks and opportunities engage with communities and attract talented people – 
and it strengthens our licence to operate 
as a global company we seek to understand the risks we face – both threats 
and opportunities – that relate to social wellbeing environmental stewardship 
and economic prosperity we do this in order to deliver sustainable 
contributions to the places we work and greater value to our shareholders 
the way we work – our global code of business conduct – is the foundation  
of our sustainable development framework this is supported by our corporate 
policies and standards that lay down the minimum acceptable requirements  
for behaviour or operating conditions our policies are also supported by 
management systems to make sure they are implemented appropriately across 
the group these pieces of the framework and our relentless focus on living  
our values – accountability respect teamwork and integrity – work together  
to achieve great performance and effective risk management  
performance overview 
in 2013 we 
– did not achieve our target of zero fatalities sadly three people lost their  
lives while working at rio tinto managed operations 
– established a process safety directorate and developed associated risk 
management processes and metrics 
– achieved a 31 per cent reduction in all injury frequency rate aifr compared 
with 2008 
– exceeded our targeted 30 per cent reduction in the rate of new cases  
of occupational illness between 2008 and 2013 we reduced this rate by  
68 per cent over this period 
– fell short of our ten per cent noise reduction target achieving a 31 per cent 
reduction compared with 2008 
– implemented our malaria management framework at affected sites 
– achieved a 173 per cent reduction in our greenhouse gas emissions 
intensity from 2008 
– achieved a 61 per cent decrease in freshwater used per tonne of product 
compared with 2008 
– did not meet our communities target which required all operations to  
have locallyappropriate publiclyreported social performance indicators  
in place by 2013 
– implemented a corporate approach to indigenous communities’ free  
prior informed consent fpic which has been recognised as best practice  
by nongovernmental organisations 
– rolled out our why human rights matter guide providing our operations with 
a resource for understanding how to integrate human rights considerations 
into communities work 
– launched the procurement academy as part of the rio tinto college  
this provides employees with globallyendorsed learning opportunities on 
the importance of our procurement practices to the communities in which 
we operate 
– introduced scenariobased compliance training which provides practical 
advice on our compliance principles and policies 
– developed new grouplevel health safety environment and communities 
hsec targets that focus on local imperatives and are representative  
of the group’s diversity and geographic reach  
– retained our listing as a leading company on the ftse4good and  
dow jones sustainability indexes which investors use to monitor  
businesses’ sustainability performance 
 
key priorities 
our key priorities for 2014 are to 
– deliver performance that positions us to meet or exceed our new  
group hsec performance targets 
– complete our review of the core hsec management processes including  
a review of our hsec performance standards strengthen the focus  
on the control of material hsec risks and use of effective control 
management plans 
– seek greater consistency of approach in closure planning across the  
group and focus planning efforts on operations closest to the end of  
their life cycles 
– improve how we learn from health safety environment and community 
incidents so we can eliminate workplace fatalities and reduce injuries  
illness and disruptions to operations 
– continue to work closely with leadership teams at nonmanaged  
operations and joint ventures to improve safety performance 
– support our employees’ fitness for work through effective fatigue 
management programmes based upon leading scientific research  
and technology applications 
– improve the integration of human rights considerations into existing 
corporate processes including risk analysis impact assessment and 
complaints disputes and grievances procedures to facilitate a more  
coordinated approach to avoiding and addressing involvement in  
potential human rights harm 
– review our integrity and compliance programme to increase the use of  
risk assessment as well as the programme’s accessibility to employees 
– implement a career framework to help employees develop and manage  
their careers more effectively by providing clarity and transparency 
regarding roles and career pathways available within our business  
goals and targets 
as part of our commitment to continuous improvement we have set new 
group targets for a range of sustainable development metrics including 
– measuring progress against our goal of zero fatalities with an annual target  
of zero fatalities 
– measuring progress towards our goal of zero injuries with a yearonyear 
improvement in our all injury frequency rate 
– a yearonyear improvement in the rate of new cases of occupational  
illness per 10000 employees annually 
– all managed operations will have reviewed – and increased their focus on 
managing – their health risks through implementation of critical control 
management plans to address their specific material health risks by 2015 
– all operations having in place locallyappropriate publiclyreported social 
performance indicators that demonstrate a positive contribution to the 
economic development of the communities and regions where we work 
consistent with the millennium development goals by 2015 
– in 2008 we set a target of ten per cent reduction in total greenhouse gas 
emissions intensity to be achieved by 2015 current performance exceeds 
this target we will continue to seek opportunities to maintain and improve  
our performance and will establish a new target beyond 2015 that takes 
account of our performance to date  
– all managed operations with material water risk will have reviewed  
and improved their management of their material water risks and  
have achieved their approved local water performance targets by 2018 
we intend to report our performance against these targets in the 2014  
annual report  
 
 
riotintocomreportingcentre2013
19
strategic report financial statements directors’ report production reserves and operations additional information  
21 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
as well as impacting general health its reduction can also result in increased 
efficiencies in the work environment advances in fatigue risk management 
were achieved via the use of a number of scientific tools such as  
biomathematical modelling to improve our shift roster designs and 
actigraphy to quantify actual fatigue risk and other healthrelated factors  
we also had a team of researchers from harvard medical school conduct a 
mental health review for our iron ore operations looking at gaps between our 
current mental health strategy and global best practice among other aspects 
the key recommendation from this review will be used to develop a mental 
health management framework aimed at sharing good practices and to provide 
support to our employees in addition we established a new rio tinto health 
risk profile based on a health risk assessment and biometric data gathering  
in 2012 and 2013 
people 
having great people and an inclusive culture are key to our success our core 
values of accountability respect teamwork and integrity are expressed through  
the principles and standards of conduct set out in the way we work we are 
committed to providing a work environment in which everyone is treated  
fairly and with respect and has the opportunity to maximise their potential  
in line with our employment policy we seek safe and effective working 
relationships at all levels within the group we employ on the basis of job 
requirements and do not discriminate on grounds of age ethnic or social  
origin gender sexual orientation politics religion or disability we do not 
employ forced bonded or child labour we recognise the right of all employees 
to choose to belong to a union and seek to bargain collectively we employ 
people with disabilities and make considerable efforts to offer suitable 
alternative employment and retraining to employees who become disabled  
and can no longer perform their regular duties 
our groupwide performance talent and remuneration systems support 
consistent and transparent assessment of talent across rio tinto  
they also drive a performancefocused culture by making clear linkages  
between performance and reward and enable employees to articulate  
their career aspirations 
it is important to represent the diversity of our surrounding communities  
in our workforce by employing people from these communities who meet job 
requirements our employees’ diversity of skills ideas and experiences helps  
to ensure that we respond with innovation and sensitivity to the challenges 
faced across the group  
we are focused on increasing the representation of women and of people from 
nationalities and local groups underrepresented in our workforce in 2013 
women represented 28 per cent female 118 male 305 of our graduate 
intake 17 per cent female two male ten of the board 14 per cent female 
102 male 608 of our senior management and 19 per cent female 11090 
male 48435
1
 of our total workforce thirty per cent of our graduate intake  
in 2013 were nationals from regions where we are developing new businesses 
further information on diversity and inclusion can be found on page 64 in the 
corporate governance section  
in 2013 we employed 66000 people including the group’s share of joint 
arrangements and associates of these approximately 28000 were located  
in australasia 17000 in north america 8000 in africa and 7000 in europe 
see page 199 for a breakdown of employees by business units 
throughout 2013 we remained the largest private sector employer of 
indigenous australians who represented approximately 75 per cent of our 
australian workforce our local employment commitments are often managed 
through directly negotiated community benefit agreements 
the global economic outlook remains challenging so we continue to focus  
on transforming the group’s service and support activities both within product 
groups and group functions by implementing a new operating model –  
with the right people doing the right work in the right location in some  
areas there have been significant employee reductions as a result of the 
transformation required to deliver simpler and more costeffective support 
services these changes will ensure that we become a leaner stronger and 
more resilient organisation 
in 2013 the rio tinto college launched the procurement academy having 
already established five academies in the areas of health safety environment 
and communities human resources leadership marketing and stakeholder 
engagement the college is a virtual learning environment available to all 
employees the academies’ learning tools comprise videos events documents 
interactive courses audio courses languages and webinars employees  
can access a wealth of globallyendorsed learning opportunities anywhere  
and any time 
approximately 884000 attendances were recorded for training in leadership 
technical and operational skills and health safety and environment courses 
across the business in 2013  
engaged employees ensure unified operations we use a number of 
communication tools to keep our employees informed of group updates news 
and announcements this has included developing myriotinto an employee 
portal dedicated to their employment needs  
communities and regional development 
we seek to understand the social environmental and economic implications  
of our activities for host communities through regular open and honest 
engagement with those communities representative organisations and  
local governments  
the way we work provides the foundation of our communities and social 
performance work our communities policy and standard provide the 
performance framework while guidance notes describe preferred worksite 
practices we refer to external policies such as the international finance 
corporation’s standards we work to a common communities and social 
performance approach of  
1 building a community and socioeconomic knowledge base including the 
identification of potential positive and negative impacts of our operations  
2 engaging with communities local governments and other concerned 
agencies and  
3 undertaking mitigation and delivering programmes that reflect  
the priorities of local communities  
we strive for mutuallybeneficial outcomes within our host communities we 
accept that we cannot meet everybody’s concerns and expectations however 
wherever we operate we seek to do so with broadbased community support  
in 2013 our businesses contributed to just under 2200 socioeconomic 
programmes covering a wide range of activities such as health education 
business development environmental protection housing and agricultural 
development we spent us331 million on these community assistance 
programmes  
our communities target adopted in 2009 required all operations to have 
locallyappropriate publiclyreported social performance indicators in place by 
2013 which demonstrate a positive contribution to the economic development 
of the communities and regions where we work consistent with the un 
millennium development goals in 2013 further progress was made in 
establishing these indicators 98 per cent of operations had these indicators  
in place and 90 per cent had reported them publicly the target is being 
extended to 2015 to better align with the timeline for the un millennium 
development goals 
1 gender distribution for our total workforce is based on managed operations  
excludes nonmanaged operations and joint ventures as of 31 december 2013
sustainable development continued 
20 
riotintocomreportingcentre2013 
performance data 
our sustainable development performance data are reported for calendar years 
and unless stated otherwise represent 100 per cent of the parameters at each 
managed operation even though rio tinto may have only partial ownership 
data reported in previous years may be modified if verification processes detect 
material errors or if changes are required to ensure comparability over time 
wherever possible data for operations acquired prior to 1 october of the 
reporting period are included divested operations are included in data 
collection processes up until the transfer of management control 
we have incorporated the requirements of the ten sustainable development 
principles of the international council on mining and metals icmm and the 
mandatory requirements set out in icmm position statements into our own 
policies strategies and standards and report in line with the global reporting 
initiative gri g3 guidelines at application level a 
further information on our data definitions our grichecked report and our 
alignment with the icmm sustainable development principles and supporting 
position statement can be found on riotintocomsustainabledevelopment2013 
materiality  
we use a materiality assessment to focus our report on our most significant 
sustainable development issues 
our process was developed in line with the gri guidance on materiality and 
completeness wwwglobalreportingorg it involves identifying and prioritising 
issues affecting our business and stakeholders over the next three years from 
internal and external perspectives  
performance data for a selection of our most material sustainable development 
issues are subject to external assurance we also discuss financial performance 
safety and greenhouse gas emissions in the product group section of this report 
see pages 26 to 37 
omission of issues from our report does not mean that they are not managed 
by the group visit our website for additional information 
2013 materiality topics covered in this report 
social environment economic governance 
– safety 
– health 
– people 
– communities  
and regional 
development 
– greenhouse  
gas emissions 
– water 
 
– economic 
contributions 
– nonmanaged 
operations  
and joint 
ventures 
– closure 
– human rights 
– integrity and 
compliance 
 
social 
safety  
our goal is zero harm including above all the elimination of workplace 
fatalities we strive to create a positive safety culture in all parts of our 
organisation where everyone is committed to their own safety and the safety of 
their workmates our safety performance is underpinned by a set of global 
standards that is fully integrated with rio tinto’s health safety environment 
and quality management system  
our integrated safety approach combines a focus on injury reduction 
elimination of fatalities and catastrophic risk management central to our 
approach is that passionate and effective safety leaders engage with their teams 
to build a zero harm culture during 2013 all product groups have continued to 
strengthen safety leadership 
we continued to reduce injury rates across the group in 2013 our performance 
is measured by the all injury frequency rate aifr which includes data for 
employees and contractors at the end of 2013 our aifr was 065 over the last 
five years we have reduced our aifr by 20 per cent this improvement is being 
driven by the successful zero harm programmes within each of our businesses  
our lost time injury frequency rate ltifr was 042 per 200000 hours worked 
in 2013 while our ltifr compares favourably within the industry and across 
sectors we are committed to making further improvements as we strive for  
our zero harm goal 
regrettably we did not meet our goal of zero fatalities in 2013 three people 
lost their lives while working at rio tinto managed operations the fatalities 
were caused by a mobile equipment incident during road maintenance  
at the la granja project in peru a crush incident at rio tinto alcan’s  
alma smelter in canada and a crush incident at richards bay minerals  
in south africa  
we provided support and counselling to the families and workmates affected by 
these tragic events and we have shared the lessons from these incidents across 
the group it is essential that we learn from these events if we are to achieve 
our target of zero fatalities we are also placing significant focus on the effective 
investigation of incidents that have the potential to cause fatalities so that we 
learn from them 
this focus on investigation and sharing lessons learned extends to our  
nonmanaged operations further discussion of this is covered on page 22 
during 2013 we continued with our rigorous risk assessment processes  
and the deployment of critical control monitoring plans to drive effective risk 
management at an operational level we also continued to improve specific  
risk management processes for catastrophic risks such as process and  
aviation safety  
health  
protecting the longterm health and wellbeing of our workers by promoting  
the fundamentals of fitness for work and controlling occupational exposures  
is a priority our occupational health performance standards and our focus  
on health risks support this commitment  
we met our fiveyear target to reduce the rate of new cases of occupational 
illness per 10000 employees by 30 per cent we reduced the rate of new  
cases by 68 per cent over the 2008 to 2013 target period in 2013 we realised 
significant decreases in the number of reported cases of noiseinduced  
hearing loss 81 per cent musculoskeletal disorders 59 per cent and  
stress 66 per cent whilst we have significantly reduced the number of new 
occupational illness cases reported over the last five years we will continue  
to target a yearonyear improvement in the rate of new cases of occupational 
illness per 10000 employees annually  
in 2013 the rate of employees potentially exposed to an average eight hour 
noise dose of more than 85 decibels absent of hearing protection decreased 
by 31 per cent compared with 2008 this reduction fell short of our ten per cent 
reduction target influencing factors were better quantification of actual noise 
exposures throughout the target period particularly in the last year and 
divestment of some operations we achieved genuine reduction in noise 
exposures at a number of our operations through such interventions as 
replacing noisy heavy mobile and fixed equipment through our formalised  
“buy quiet” policies and retrofitting soundproofing technologies on heavy 
mobile equipment and operator booths  
we remain focused on the identification management and reduction of 
material health risks at each operation in addition to our health standards and 
policy we have set a new group target that all managed operations will have 
reviewed – and increased their focus on managing – their health risks through 
implementation of critical control management plans to address their specific 
material health risks by the end of 2015 the plans establish an approach that 
will be applied for monitoring ongoing performance of critical controls against 
material risks at individual sites performance measures and targets will be 
established for each critical control and this will enable operations to improve 
their focus on their material risks at a local level we will begin reporting our 
performance against this target in the 2014 annual report  
we increased our focus on fitness for work during 2013 a focal point was 
fatigue which is known to be a contributing factor in many safety incidents  
riotintocomreportingcentre2013
20  
21 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
as well as impacting general health its reduction can also result in increased 
efficiencies in the work environment advances in fatigue risk management 
were achieved via the use of a number of scientific tools such as  
biomathematical modelling to improve our shift roster designs and 
actigraphy to quantify actual fatigue risk and other healthrelated factors  
we also had a team of researchers from harvard medical school conduct a 
mental health review for our iron ore operations looking at gaps between our 
current mental health strategy and global best practice among other aspects 
the key recommendation from this review will be used to develop a mental 
health management framework aimed at sharing good practices and to provide 
support to our employees in addition we established a new rio tinto health 
risk profile based on a health risk assessment and biometric data gathering  
in 2012 and 2013 
people 
having great people and an inclusive culture are key to our success our core 
values of accountability respect teamwork and integrity are expressed through  
the principles and standards of conduct set out in the way we work we are 
committed to providing a work environment in which everyone is treated  
fairly and with respect and has the opportunity to maximise their potential  
in line with our employment policy we seek safe and effective working 
relationships at all levels within the group we employ on the basis of job 
requirements and do not discriminate on grounds of age ethnic or social  
origin gender sexual orientation politics religion or disability we do not 
employ forced bonded or child labour we recognise the right of all employees 
to choose to belong to a union and seek to bargain collectively we employ 
people with disabilities and make considerable efforts to offer suitable 
alternative employment and retraining to employees who become disabled  
and can no longer perform their regular duties 
our groupwide performance talent and remuneration systems support 
consistent and transparent assessment of talent across rio tinto  
they also drive a performancefocused culture by making clear linkages  
between performance and reward and enable employees to articulate  
their career aspirations 
it is important to represent the diversity of our surrounding communities  
in our workforce by employing people from these communities who meet job 
requirements our employees’ diversity of skills ideas and experiences helps  
to ensure that we respond with innovation and sensitivity to the challenges 
faced across the group  
we are focused on increasing the representation of women and of people from 
nationalities and local groups underrepresented in our workforce in 2013 
women represented 28 per cent female 118 male 305 of our graduate 
intake 17 per cent female two male ten of the board 14 per cent female 
102 male 608 of our senior management and 19 per cent female 11090 
male 48435
1
 of our total workforce thirty per cent of our graduate intake  
in 2013 were nationals from regions where we are developing new businesses 
further information on diversity and inclusion can be found on page 64 in the 
corporate governance section  
in 2013 we employed 66000 people including the group’s share of joint 
arrangements and associates of these approximately 28000 were located  
in australasia 17000 in north america 8000 in africa and 7000 in europe 
see page 199 for a breakdown of employees by business units 
throughout 2013 we remained the largest private sector employer of 
indigenous australians who represented approximately 75 per cent of our 
australian workforce our local employment commitments are often managed 
through directly negotiated community benefit agreements 
the global economic outlook remains challenging so we continue to focus  
on transforming the group’s service and support activities both within product 
groups and group functions by implementing a new operating model –  
with the right people doing the right work in the right location in some  
areas there have been significant employee reductions as a result of the 
transformation required to deliver simpler and more costeffective support 
services these changes will ensure that we become a leaner stronger and 
more resilient organisation 
in 2013 the rio tinto college launched the procurement academy having 
already established five academies in the areas of health safety environment 
and communities human resources leadership marketing and stakeholder 
engagement the college is a virtual learning environment available to all 
employees the academies’ learning tools comprise videos events documents 
interactive courses audio courses languages and webinars employees  
can access a wealth of globallyendorsed learning opportunities anywhere  
and any time 
approximately 884000 attendances were recorded for training in leadership 
technical and operational skills and health safety and environment courses 
across the business in 2013  
engaged employees ensure unified operations we use a number of 
communication tools to keep our employees informed of group updates news 
and announcements this has included developing myriotinto an employee 
portal dedicated to their employment needs  
communities and regional development 
we seek to understand the social environmental and economic implications  
of our activities for host communities through regular open and honest 
engagement with those communities representative organisations and  
local governments  
the way we work provides the foundation of our communities and social 
performance work our communities policy and standard provide the 
performance framework while guidance notes describe preferred worksite 
practices we refer to external policies such as the international finance 
corporation’s standards we work to a common communities and social 
performance approach of  
1 building a community and socioeconomic knowledge base including the 
identification of potential positive and negative impacts of our operations  
2 engaging with communities local governments and other concerned 
agencies and  
3 undertaking mitigation and delivering programmes that reflect  
the priorities of local communities  
we strive for mutuallybeneficial outcomes within our host communities we 
accept that we cannot meet everybody’s concerns and expectations however 
wherever we operate we seek to do so with broadbased community support  
in 2013 our businesses contributed to just under 2200 socioeconomic 
programmes covering a wide range of activities such as health education 
business development environmental protection housing and agricultural 
development we spent us331 million on these community assistance 
programmes  
our communities target adopted in 2009 required all operations to have 
locallyappropriate publiclyreported social performance indicators in place by 
2013 which demonstrate a positive contribution to the economic development 
of the communities and regions where we work consistent with the un 
millennium development goals in 2013 further progress was made in 
establishing these indicators 98 per cent of operations had these indicators  
in place and 90 per cent had reported them publicly the target is being 
extended to 2015 to better align with the timeline for the un millennium 
development goals 
1 gender distribution for our total workforce is based on managed operations  
excludes nonmanaged operations and joint ventures as of 31 december 2013
sustainable development continued 
20 
riotintocomreportingcentre2013 
performance data 
our sustainable development performance data are reported for calendar years 
and unless stated otherwise represent 100 per cent of the parameters at each 
managed operation even though rio tinto may have only partial ownership 
data reported in previous years may be modified if verification processes detect 
material errors or if changes are required to ensure comparability over time 
wherever possible data for operations acquired prior to 1 october of the 
reporting period are included divested operations are included in data 
collection processes up until the transfer of management control 
we have incorporated the requirements of the ten sustainable development 
principles of the international council on mining and metals icmm and the 
mandatory requirements set out in icmm position statements into our own 
policies strategies and standards and report in line with the global reporting 
initiative gri g3 guidelines at application level a 
further information on our data definitions our grichecked report and our 
alignment with the icmm sustainable development principles and supporting 
position statement can be found on riotintocomsustainabledevelopment2013 
materiality  
we use a materiality assessment to focus our report on our most significant 
sustainable development issues 
our process was developed in line with the gri guidance on materiality and 
completeness wwwglobalreportingorg it involves identifying and prioritising 
issues affecting our business and stakeholders over the next three years from 
internal and external perspectives  
performance data for a selection of our most material sustainable development 
issues are subject to external assurance we also discuss financial performance 
safety and greenhouse gas emissions in the product group section of this report 
see pages 26 to 37 
omission of issues from our report does not mean that they are not managed 
by the group visit our website for additional information 
2013 materiality topics covered in this report 
social environment economic governance 
– safety 
– health 
– people 
– communities  
and regional 
development 
– greenhouse  
gas emissions 
– water 
 
– economic 
contributions 
– nonmanaged 
operations  
and joint 
ventures 
– closure 
– human rights 
– integrity and 
compliance 
 
social 
safety  
our goal is zero harm including above all the elimination of workplace 
fatalities we strive to create a positive safety culture in all parts of our 
organisation where everyone is committed to their own safety and the safety of 
their workmates our safety performance is underpinned by a set of global 
standards that is fully integrated with rio tinto’s health safety environment 
and quality management system  
our integrated safety approach combines a focus on injury reduction 
elimination of fatalities and catastrophic risk management central to our 
approach is that passionate and effective safety leaders engage with their teams 
to build a zero harm culture during 2013 all product groups have continued to 
strengthen safety leadership 
we continued to reduce injury rates across the group in 2013 our performance 
is measured by the all injury frequency rate aifr which includes data for 
employees and contractors at the end of 2013 our aifr was 065 over the last 
five years we have reduced our aifr by 20 per cent this improvement is being 
driven by the successful zero harm programmes within each of our businesses  
our lost time injury frequency rate ltifr was 042 per 200000 hours worked 
in 2013 while our ltifr compares favourably within the industry and across 
sectors we are committed to making further improvements as we strive for  
our zero harm goal 
regrettably we did not meet our goal of zero fatalities in 2013 three people 
lost their lives while working at rio tinto managed operations the fatalities 
were caused by a mobile equipment incident during road maintenance  
at the la granja project in peru a crush incident at rio tinto alcan’s  
alma smelter in canada and a crush incident at richards bay minerals  
in south africa  
we provided support and counselling to the families and workmates affected by 
these tragic events and we have shared the lessons from these incidents across 
the group it is essential that we learn from these events if we are to achieve 
our target of zero fatalities we are also placing significant focus on the effective 
investigation of incidents that have the potential to cause fatalities so that we 
learn from them 
this focus on investigation and sharing lessons learned extends to our  
nonmanaged operations further discussion of this is covered on page 22 
during 2013 we continued with our rigorous risk assessment processes  
and the deployment of critical control monitoring plans to drive effective risk 
management at an operational level we also continued to improve specific  
risk management processes for catastrophic risks such as process and  
aviation safety  
health  
protecting the longterm health and wellbeing of our workers by promoting  
the fundamentals of fitness for work and controlling occupational exposures  
is a priority our occupational health performance standards and our focus  
on health risks support this commitment  
we met our fiveyear target to reduce the rate of new cases of occupational 
illness per 10000 employees by 30 per cent we reduced the rate of new  
cases by 68 per cent over the 2008 to 2013 target period in 2013 we realised 
significant decreases in the number of reported cases of noiseinduced  
hearing loss 81 per cent musculoskeletal disorders 59 per cent and  
stress 66 per cent whilst we have significantly reduced the number of new 
occupational illness cases reported over the last five years we will continue  
to target a yearonyear improvement in the rate of new cases of occupational 
illness per 10000 employees annually  
in 2013 the rate of employees potentially exposed to an average eight hour 
noise dose of more than 85 decibels absent of hearing protection decreased 
by 31 per cent compared with 2008 this reduction fell short of our ten per cent 
reduction target influencing factors were better quantification of actual noise 
exposures throughout the target period particularly in the last year and 
divestment of some operations we achieved genuine reduction in noise 
exposures at a number of our operations through such interventions as 
replacing noisy heavy mobile and fixed equipment through our formalised  
“buy quiet” policies and retrofitting soundproofing technologies on heavy 
mobile equipment and operator booths  
we remain focused on the identification management and reduction of 
material health risks at each operation in addition to our health standards and 
policy we have set a new group target that all managed operations will have 
reviewed – and increased their focus on managing – their health risks through 
implementation of critical control management plans to address their specific 
material health risks by the end of 2015 the plans establish an approach that 
will be applied for monitoring ongoing performance of critical controls against 
material risks at individual sites performance measures and targets will be 
established for each critical control and this will enable operations to improve 
their focus on their material risks at a local level we will begin reporting our 
performance against this target in the 2014 annual report  
we increased our focus on fitness for work during 2013 a focal point was 
fatigue which is known to be a contributing factor in many safety incidents  
riotintocomreportingcentre2013
21
strategic report financial statements directors’ report production reserves and operations additional information  
23 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
tragically there were 33 industrial fatalities at ptfi in 2013 31 underground 
and two at the surface involving light vehicles twentyeight people lost their 
lives in the catastrophic underground tunnel collapse incident in may we have 
worked closely with and continue to support the ptfi leadership team both  
in the investigation and in the postinvestigation lesson implementation to 
develop practices to avoid catastrophic failures in the future  
ptfi manages complex social community and environmental issues  
there have also been instances of violence in areas near the operation 
including a series of shooting incidents that resulted in one injury in 2013  
ptfi continues to implement prudent measures of security for personnel  
and material transport both rio tinto and freeportmcmoran support  
the voluntary principles on security and human rights vpshr and work 
together to ensure practice is consistent with these principles rio tinto 
continues to monitor the situation  
the operation employs controlled riverine tailings transport a process that the 
world bank does not consider as good industry practice on the basis that it is 
contrary to international finance corporation’s 2007 environmental health 
and safety guidelines for mining however several independent expert reviews 
concluded that this method represents the best practicable management 
solution for this operation because of the extremely rugged topography  
high rainfall and significant seismic activity we continue to believe that this 
method is appropriate given these conditions  
significant improvements continue to be made to limit the surface area 
disturbed by tailings placement to enhance retention within the engineered 
deposition area to minimise geochemical risks to protect adjacent river 
systems and to rehabilitate inactive tailings surfaces in addition ptfi uses 
tailings to make cement that supports local infrastructure projects 
governance 
closure 
our closure standard requires rio tinto businesses to begin planning for 
closure from the earliest stages of project development to seek sustainable  
and beneficial future land uses when an operation eventually closes and to 
minimise financial social and environmental risks 
we require our sites to develop integrated management plans to promote a 
sustainable approach throughout the life cycle of the operations an important 
component of improving our land management and rehabilitation performance 
is the integration of closure and operations planning through strong technical 
support and knowledge sharing this includes an aim to progressively 
rehabilitate as much land as possible prior to the closure of an operation by 
optimising areas that can be rehabilitated without compromising production  
in 2013 25 per cent of our disturbed land excluding land disturbed for 
hydroelectricity dams had been rehabilitated 
our closure strategy is also closely connected to our biodiversity goal  
rio tinto’s biodiversity goal is to achieve a net positive impact on biodiversity by 
closure of the operations or earlier at sites with high or very high biodiversity 
values this is determined by proximity to biodiversityrich habitats species of 
conservation significance and the site conservation context in 2013 33 of our 
operations were prioritised with either high nine or very high 24 biodiversity 
values these sites are required to develop and implement biodiversity action 
plans that outline what is required to achieve our goal  
we also have a portfolio of nonoperational sites inherited through acquisitions 
and mergers which either are no longer economically viable or that have  
been closed by their previous owners and require additional remediation  
regardless of these legacy sites’ ownership history we endeavour to 
decommission and remediate them safely making the land available  
for beneficial reuse 
stakeholder consultation is a key element in all our closure planning both  
our closure and communities standards require that our operations engage 
regularly with stakeholders including employees traditional landowners local 
communities and governments together we identify options for postclosure 
land uses and seek stakeholders’ consensus for a preferred closure strategy  
as early as we can in an operation’s life cycle 
good performance in legacy management and closure can enhance our 
reputation and enable us to maintain access to land resources people  
and capital – to continue establishing new projects with the support of  
local communities  
human rights 
rio tinto has diverse operations across more than 40 countries with very 
different social economic political and cultural landscapes the actions we  
take to respect and support human rights help us build enduring and  
active relationships with local communities employees and business partners 
we respect and promote fundamental human rights consistent with the  
united nations universal declaration of human rights our human rights 
approach is founded in the way we work voluntary commitments and  
our human rights policy it draws together relevant internal controls  
that incorporate the broad range of issues encompassed by human rights  
this includes those associated with communities security human  
resources procurement and health safety and the environment our  
approach is consistent with the human rights due diligence process in  
the un guiding principles on business and human rights we understand  
this includes avoiding involvement in human rights harm by others  
including business partners  
we integrate human rights into our risk analysis impact assessment 
complaints disputes and grievance processes at locations that are  
high risk we may conduct additional human rights risk analyses and  
impact assessments 
in implementing our policies we are subject to the local laws of the many 
countries in which we operate we build on compliance with local laws  
and where our policy and procedures are more stringent we operate to  
these standards  
to ensure our employees and other key stakeholders understand how these 
tools work together we developed a human rights guidance note which  
will replace our 2003 guidance we also rolled out updated human rights  
elearning across the company and developed sitespecific human rights 
training in 2013 a human rights section was included in mandatory training  
for the way we work to continue to build internal networks and identify  
groupwide challenges we refreshed the mandate of our multifunction and 
crossproduct group human rights working group  
rio tinto has made voluntary commitments to the oecd guidelines for 
multinational enterprises and the un global compact and is a member of  
its human rights working group we also participate in the voluntary 
principles on security and human rights we are committed to avoiding 
violations of fundamental human rights through our security arrangements and 
to taking steps to avoid complicity in such violations by private and public 
security personnel this includes training for security personnel and conducting 
security and human rights assessments at all critical risk sites to assist sites in 
this regard we have also developed a security and human rights toolkit 
we strive to achieve the free prior and informed consent of indigenous 
communities as defined in the 2012 international finance corporation 
performance standard 7 and supporting guidance because we must respect 
the law of the countries in which we operate we seek consent as defined in 
relevant jurisdictions and ensure agreementmaking processes are consistent 
with such definitions we respect the land connection of indigenous 
communities and seek agreements with affected communities in the 
development and performance of our operations 
integrity and compliance 
good governance helps us to operate ethically wherever we are in the world  
it requires open and transparent dealings with our stakeholders and it supports 
our commitment to conducting our business with integrity the way we work 
our global code of business conduct is the foundation of this commitment 
sustainable development continued 
22 
riotintocomreportingcentre2013 
environment 
greenhouse gas emissions 
we recognise the need to understand and adapt to the physical impacts  
of climate change which will affect our operations particularly through  
the availability of water and the occurrence of extreme weather events we 
believe that global energy and climate challenges are best met by companies 
governments and society working together our strategy is to maximise 
shareholder returns by making our assets more resilient against uncertain 
carbon and energy market risks  
rio tinto both produces and consumes energy our smelting and mineral 
processing operations are energy intensive and depend on electricity coal  
oil diesel and gas to keep them running the majority of our electricity use  
is from greenhouse gasfriendly hydro and nuclear power  
we met our fiveyear target for a six per cent reduction in total greenhouse gas 
emissions intensity and are on track to achieve our 2015 target of a ten per cent 
reduction we had reduced our total greenhouse gas ghg emissions intensity 
by 173 per cent at the end of 2013 compared with 2008 our total ghg 
emissions were 372 million tonnes of carbon dioxide equivalent co 2 
e  
in 2013 34 million tonnes lower than in 2012  
there are also significant ghg emissions associated with the transportation 
processing and use of our products in 2013 the three most significant sources 
of indirect emissions associated with our products were  
– approximately 53 million tonnes of co
2 
e associated with third party 
transport of our products and raw materials  
– an estimated 1394 million tonnes of co
2 
e associated with customers  
using our coal in electricity generation and steel production  
– approximately 395 million tonnes of co
2 
e associated with customers using 
our iron ore to produce steel these emissions are not all in addition to the 
coaluse emissions above as some customers use both our iron ore and  
our coal to produce steel 
despite the lack of progress towards a global agreement on climate change 
legislation that puts a price on greenhouse gas emissions is in place in europe 
australia new zealand various us states and canadian provinces as a result 
over twothirds of our emissions from our operations are covered by market
based carbon regulation  
water 
water is a vital resource for communities and ecosystems and is essential  
to our operations our operations rely on the ability to obtain water of suitable 
quality and quantity and are committed to using water responsibly our 
approach to water management is based on the identification assessment  
and control of waterrelated risks  
material water risks have been identified at over 40 per cent of rio tinto 
operations and almost 75 per cent of our projects with the greatest exposure  
in australia followed by africa and canada each operation has its own set of 
water challenges and risks vary by region and site these risks cover technical 
challenges regulatory requirements financial impacts and stakeholder 
expectations beyond risks to individual businesses more complex and often 
longterm regional water risks pose a threat that can require collaboration  
with stakeholders 
at the end of the 20082013 target period we met the targeted six per cent 
reduction in our freshwater use per tonne of product we achieved a  
61 per cent reduction during this period in 2013 our freshwater withdrawal 
decreased by 39 per cent to 516 billion litres through specific programmes 
such as recycling businesses improved their freshwater use however this 
metric does not accurately reflect the improvement in water efficiency at many 
sites with the target impacted by production levels and extreme rainfall events 
unrelated to water efficiency 
as our approach to wateruse has matured and with better understanding  
of sitespecific factors we have reviewed and reset our water targets to better 
reflect local or regional conditions our new group target requires all managed 
operations with material water risk to have reviewed and improved their 
management of their material water risks and have achieved their approved 
local water performance targets by 2018 the target reflects the geographic 
diversity of our operations and the nature of their water challenges this 
approach allows our sites to have targets that focus on issues of water supply 
the management of surplus water or water quality all of our sites have plans in 
place to manage their specific material risk and in 2014 we will begin reporting 
our performance against this target 
environmental regulation 
we are subject to various environmental regulations and are required to 
disclose grouplevel environmental incidents and fines further information  
on the group’s environmental regulation is included in the directors’ report  
on page 45 
economic 
economic contributions 
our aim is to bring sustainable economic benefit to the regions and countries  
in which we have a presence this approach helps us build a reputation as  
an organisation that facilitates economic growth in the places where we work  
due to the scale and capital intensity of our mining and processing activities 
we are a major employer and tax contributor to the local state and national 
jurisdictions in which we operate our high levels of productivity and the  
value we add to resources create prosperity for our shareholders employees 
communities governments and business partners  
globally the group’s direct economic contribution was us57872 million  
in 2013 this includes 
– us31818 million in value add made up of labour payments to 
governments and returns to capital 
– us26054 million as payments to suppliers 
these figures include the group’s share of joint ventures and associates 
details of the payments to governments that are included in our direct 
economic contribution are available in our report on taxes paid in 2013  
which is available on the group’s website 
nonmanaged operations and joint ventures 
rio tinto holds interests in companies and joint ventures that it does not 
manage including the escondida copper mine in chile and the grasberg 
coppergold mine in indonesia we actively engage with our partners around 
sustainable development through formal governance structures and technical 
exchanges in this way we endeavour to ensure that the principles in  
the way we work are respected at all times  
escondida 
rio tinto has a 30 per cent interest in escondida which is managed by bhp 
billiton our seats on the owners’ council allow us regular input on strategic 
and policy matters in 2013 escondida successfully negotiated a fouryear 
contract with their union employees which allows escondida to continue to  
be focused on safety and the environment also during the year the escondida 
water supply project to construct a new 2500 litre per second seawater 
desalination facility was approved this project will ensure a continued  
water supply to sustain operations while minimising escondida’s need  
to use groundwater  
grasberg 
pt freeport indonesia ptfi a subsidiary of freeportmcmoran copper  gold 
inc owns and operates the grasberg mine in papua indonesia we have a joint 
venture interest attributable to the 1995 mine expansion which entitles us to  
a 40 per cent share of production above specified levels until the end of 2021 
and 40 per cent of all production after 2021 we have the ability to engage and 
influence through our representation on the operating technical  sustainable 
development committees  
riotintocomreportingcentre2013
22  
23 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
tragically there were 33 industrial fatalities at ptfi in 2013 31 underground 
and two at the surface involving light vehicles twentyeight people lost their 
lives in the catastrophic underground tunnel collapse incident in may we have 
worked closely with and continue to support the ptfi leadership team both  
in the investigation and in the postinvestigation lesson implementation to 
develop practices to avoid catastrophic failures in the future  
ptfi manages complex social community and environmental issues  
there have also been instances of violence in areas near the operation 
including a series of shooting incidents that resulted in one injury in 2013  
ptfi continues to implement prudent measures of security for personnel  
and material transport both rio tinto and freeportmcmoran support  
the voluntary principles on security and human rights vpshr and work 
together to ensure practice is consistent with these principles rio tinto 
continues to monitor the situation  
the operation employs controlled riverine tailings transport a process that the 
world bank does not consider as good industry practice on the basis that it is 
contrary to international finance corporation’s 2007 environmental health 
and safety guidelines for mining however several independent expert reviews 
concluded that this method represents the best practicable management 
solution for this operation because of the extremely rugged topography  
high rainfall and significant seismic activity we continue to believe that this 
method is appropriate given these conditions  
significant improvements continue to be made to limit the surface area 
disturbed by tailings placement to enhance retention within the engineered 
deposition area to minimise geochemical risks to protect adjacent river 
systems and to rehabilitate inactive tailings surfaces in addition ptfi uses 
tailings to make cement that supports local infrastructure projects 
governance 
closure 
our closure standard requires rio tinto businesses to begin planning for 
closure from the earliest stages of project development to seek sustainable  
and beneficial future land uses when an operation eventually closes and to 
minimise financial social and environmental risks 
we require our sites to develop integrated management plans to promote a 
sustainable approach throughout the life cycle of the operations an important 
component of improving our land management and rehabilitation performance 
is the integration of closure and operations planning through strong technical 
support and knowledge sharing this includes an aim to progressively 
rehabilitate as much land as possible prior to the closure of an operation by 
optimising areas that can be rehabilitated without compromising production  
in 2013 25 per cent of our disturbed land excluding land disturbed for 
hydroelectricity dams had been rehabilitated 
our closure strategy is also closely connected to our biodiversity goal  
rio tinto’s biodiversity goal is to achieve a net positive impact on biodiversity by 
closure of the operations or earlier at sites with high or very high biodiversity 
values this is determined by proximity to biodiversityrich habitats species of 
conservation significance and the site conservation context in 2013 33 of our 
operations were prioritised with either high nine or very high 24 biodiversity 
values these sites are required to develop and implement biodiversity action 
plans that outline what is required to achieve our goal  
we also have a portfolio of nonoperational sites inherited through acquisitions 
and mergers which either are no longer economically viable or that have  
been closed by their previous owners and require additional remediation  
regardless of these legacy sites’ ownership history we endeavour to 
decommission and remediate them safely making the land available  
for beneficial reuse 
stakeholder consultation is a key element in all our closure planning both  
our closure and communities standards require that our operations engage 
regularly with stakeholders including employees traditional landowners local 
communities and governments together we identify options for postclosure 
land uses and seek stakeholders’ consensus for a preferred closure strategy  
as early as we can in an operation’s life cycle 
good performance in legacy management and closure can enhance our 
reputation and enable us to maintain access to land resources people  
and capital – to continue establishing new projects with the support of  
local communities  
human rights 
rio tinto has diverse operations across more than 40 countries with very 
different social economic political and cultural landscapes the actions we  
take to respect and support human rights help us build enduring and  
active relationships with local communities employees and business partners 
we respect and promote fundamental human rights consistent with the  
united nations universal declaration of human rights our human rights 
approach is founded in the way we work voluntary commitments and  
our human rights policy it draws together relevant internal controls  
that incorporate the broad range of issues encompassed by human rights  
this includes those associated with communities security human  
resources procurement and health safety and the environment our  
approach is consistent with the human rights due diligence process in  
the un guiding principles on business and human rights we understand  
this includes avoiding involvement in human rights harm by others  
including business partners  
we integrate human rights into our risk analysis impact assessment 
complaints disputes and grievance processes at locations that are  
high risk we may conduct additional human rights risk analyses and  
impact assessments 
in implementing our policies we are subject to the local laws of the many 
countries in which we operate we build on compliance with local laws  
and where our policy and procedures are more stringent we operate to  
these standards  
to ensure our employees and other key stakeholders understand how these 
tools work together we developed a human rights guidance note which  
will replace our 2003 guidance we also rolled out updated human rights  
elearning across the company and developed sitespecific human rights 
training in 2013 a human rights section was included in mandatory training  
for the way we work to continue to build internal networks and identify  
groupwide challenges we refreshed the mandate of our multifunction and 
crossproduct group human rights working group  
rio tinto has made voluntary commitments to the oecd guidelines for 
multinational enterprises and the un global compact and is a member of  
its human rights working group we also participate in the voluntary 
principles on security and human rights we are committed to avoiding 
violations of fundamental human rights through our security arrangements and 
to taking steps to avoid complicity in such violations by private and public 
security personnel this includes training for security personnel and conducting 
security and human rights assessments at all critical risk sites to assist sites in 
this regard we have also developed a security and human rights toolkit 
we strive to achieve the free prior and informed consent of indigenous 
communities as defined in the 2012 international finance corporation 
performance standard 7 and supporting guidance because we must respect 
the law of the countries in which we operate we seek consent as defined in 
relevant jurisdictions and ensure agreementmaking processes are consistent 
with such definitions we respect the land connection of indigenous 
communities and seek agreements with affected communities in the 
development and performance of our operations 
integrity and compliance 
good governance helps us to operate ethically wherever we are in the world  
it requires open and transparent dealings with our stakeholders and it supports 
our commitment to conducting our business with integrity the way we work 
our global code of business conduct is the foundation of this commitment 
sustainable development continued 
22 
riotintocomreportingcentre2013 
environment 
greenhouse gas emissions 
we recognise the need to understand and adapt to the physical impacts  
of climate change which will affect our operations particularly through  
the availability of water and the occurrence of extreme weather events we 
believe that global energy and climate challenges are best met by companies 
governments and society working together our strategy is to maximise 
shareholder returns by making our assets more resilient against uncertain 
carbon and energy market risks  
rio tinto both produces and consumes energy our smelting and mineral 
processing operations are energy intensive and depend on electricity coal  
oil diesel and gas to keep them running the majority of our electricity use  
is from greenhouse gasfriendly hydro and nuclear power  
we met our fiveyear target for a six per cent reduction in total greenhouse gas 
emissions intensity and are on track to achieve our 2015 target of a ten per cent 
reduction we had reduced our total greenhouse gas ghg emissions intensity 
by 173 per cent at the end of 2013 compared with 2008 our total ghg 
emissions were 372 million tonnes of carbon dioxide equivalent co 2 
e  
in 2013 34 million tonnes lower than in 2012  
there are also significant ghg emissions associated with the transportation 
processing and use of our products in 2013 the three most significant sources 
of indirect emissions associated with our products were  
– approximately 53 million tonnes of co
2 
e associated with third party 
transport of our products and raw materials  
– an estimated 1394 million tonnes of co
2 
e associated with customers  
using our coal in electricity generation and steel production  
– approximately 395 million tonnes of co
2 
e associated with customers using 
our iron ore to produce steel these emissions are not all in addition to the 
coaluse emissions above as some customers use both our iron ore and  
our coal to produce steel 
despite the lack of progress towards a global agreement on climate change 
legislation that puts a price on greenhouse gas emissions is in place in europe 
australia new zealand various us states and canadian provinces as a result 
over twothirds of our emissions from our operations are covered by market
based carbon regulation  
water 
water is a vital resource for communities and ecosystems and is essential  
to our operations our operations rely on the ability to obtain water of suitable 
quality and quantity and are committed to using water responsibly our 
approach to water management is based on the identification assessment  
and control of waterrelated risks  
material water risks have been identified at over 40 per cent of rio tinto 
operations and almost 75 per cent of our projects with the greatest exposure  
in australia followed by africa and canada each operation has its own set of 
water challenges and risks vary by region and site these risks cover technical 
challenges regulatory requirements financial impacts and stakeholder 
expectations beyond risks to individual businesses more complex and often 
longterm regional water risks pose a threat that can require collaboration  
with stakeholders 
at the end of the 20082013 target period we met the targeted six per cent 
reduction in our freshwater use per tonne of product we achieved a  
61 per cent reduction during this period in 2013 our freshwater withdrawal 
decreased by 39 per cent to 516 billion litres through specific programmes 
such as recycling businesses improved their freshwater use however this 
metric does not accurately reflect the improvement in water efficiency at many 
sites with the target impacted by production levels and extreme rainfall events 
unrelated to water efficiency 
as our approach to wateruse has matured and with better understanding  
of sitespecific factors we have reviewed and reset our water targets to better 
reflect local or regional conditions our new group target requires all managed 
operations with material water risk to have reviewed and improved their 
management of their material water risks and have achieved their approved 
local water performance targets by 2018 the target reflects the geographic 
diversity of our operations and the nature of their water challenges this 
approach allows our sites to have targets that focus on issues of water supply 
the management of surplus water or water quality all of our sites have plans in 
place to manage their specific material risk and in 2014 we will begin reporting 
our performance against this target 
environmental regulation 
we are subject to various environmental regulations and are required to 
disclose grouplevel environmental incidents and fines further information  
on the group’s environmental regulation is included in the directors’ report  
on page 45 
economic 
economic contributions 
our aim is to bring sustainable economic benefit to the regions and countries  
in which we have a presence this approach helps us build a reputation as  
an organisation that facilitates economic growth in the places where we work  
due to the scale and capital intensity of our mining and processing activities 
we are a major employer and tax contributor to the local state and national 
jurisdictions in which we operate our high levels of productivity and the  
value we add to resources create prosperity for our shareholders employees 
communities governments and business partners  
globally the group’s direct economic contribution was us57872 million  
in 2013 this includes 
– us31818 million in value add made up of labour payments to 
governments and returns to capital 
– us26054 million as payments to suppliers 
these figures include the group’s share of joint ventures and associates 
details of the payments to governments that are included in our direct 
economic contribution are available in our report on taxes paid in 2013  
which is available on the group’s website 
nonmanaged operations and joint ventures 
rio tinto holds interests in companies and joint ventures that it does not 
manage including the escondida copper mine in chile and the grasberg 
coppergold mine in indonesia we actively engage with our partners around 
sustainable development through formal governance structures and technical 
exchanges in this way we endeavour to ensure that the principles in  
the way we work are respected at all times  
escondida 
rio tinto has a 30 per cent interest in escondida which is managed by bhp 
billiton our seats on the owners’ council allow us regular input on strategic 
and policy matters in 2013 escondida successfully negotiated a fouryear 
contract with their union employees which allows escondida to continue to  
be focused on safety and the environment also during the year the escondida 
water supply project to construct a new 2500 litre per second seawater 
desalination facility was approved this project will ensure a continued  
water supply to sustain operations while minimising escondida’s need  
to use groundwater  
grasberg 
pt freeport indonesia ptfi a subsidiary of freeportmcmoran copper  gold 
inc owns and operates the grasberg mine in papua indonesia we have a joint 
venture interest attributable to the 1995 mine expansion which entitles us to  
a 40 per cent share of production above specified levels until the end of 2021 
and 40 per cent of all production after 2021 we have the ability to engage and 
influence through our representation on the operating technical  sustainable 
development committees  
riotintocomreportingcentre2013
23
strategic report financial statements directors’ report production reserves and operations additional information sustainable development continued 
24 
riotintocomreportingcentre2013 
the way we work is also core to our integrity and compliance programme 
supported by our standards covering antitrust anticorruption fraud  
conflicts of interest data privacy and third party due diligence one of the key 
components of our programme focuses on acting with integrity this translates 
into our compliance with the law and the group’s own policies and standards 
one of our main objectives is preventing misconduct before it occurs through 
our training and guidelines our employees are made aware of their 
responsibility to act with integrity at all times  
the programme reflects the size and geographical spread of the group  
as well as the diverse activities of our businesses it also implements a 
communications strategy to raise awareness of our values principles and 
internal controls 
we encourage employees to raise any concerns directly with management  
but if they are uncomfortable in doing so they can use speakout the  
group’s confidential and independentlyoperated whistleblowing programme  
speakout offers an avenue where employees can choose to report 
anonymously subject to local law any significant concerns about the business 
or behaviour of individuals this could include suspicion of violations in financial 
reporting safety or environmental procedures or business integrity issues  
in general  
during 2013 618 speakout reports were lodged which was approximately 
eight per cent less than 2012 twenty one per cent of cases raised issues 
relating to business integrity 62 per cent to personnel issues ten per cent  
to safety and sustainability and the remaining seven per cent of cases raised 
miscellaneous concerns fifty eight per cent of matters raised and closed 
through speakout resulted in action being taken in relation to the reported 
issue after it was examined or investigated 
rio tinto is committed in principle and practice to maximum transparency 
consistent with good governance and commercial confidentiality we issue 
information in a timely way on the group’s operational financial and 
sustainable development performance through a number of channels  
we communicate views to governments and others on matters affecting  
our business interests by furthering public dialogue we contribute to  
the development of sound legislation and regulation that is relevant  
and appropriate to our business interests  
assurance 
our group audit  assurance function has accountability and responsibility  
for providing reasonable assurance to the rio tinto board that 
– rio tinto’s policies standards and controls are adequately designed and 
effective for their intended purpose and that 
– these policies standards and controls are consistently implemented  
by all rio tinto sites on a timely basis and as designed 
in addition we engaged an independent external assurance organisation  
pricewaterhousecoopers to provide the board of directors of rio tinto plc and 
rio tinto limited assurance on selected sustainable development subject 
matters as explained on the next page 
pricewaterhousecoopers’ assurance statement satisfies the requirements  
of subject matters 1 to 4 of the icmm assurance procedure whilst our online  
gri report has been checked by gri satisfying subject matter 5 of the  
icmm procedure 
riotintocomreportingcentre2013
24 independent assurance report 
25 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
 
 
what we found  
based on the work described below nothing has come to our attention that causes us to believe that the selected  
subject matter for the year ended 31 december 2013 has not been prepared in all material respects in accordance  
with the reporting criteria 
 
to the directors of rio tinto plc and rio tinto limited together rio tinto 
what we did 
rio tinto engaged us to perform a limited assurance engagement on the 
selected subject matter within the sustainable development sections of the  
rio tinto 2013 annual report and the rio tinto 2013 strategic report for the 
year ended 31 december 2013 
selected subject matter 
– rio tinto’s assertion that it has incorporated the requirements of the  
10 sustainable development principles of the international council on  
mining and metals icmm and the mandatory requirements set out in  
icmm position statements into its own policies strategies and standards 
– rio tinto’s assertions regarding the approach that it has adopted to identify 
and prioritise its material sustainable development risks and opportunities 
– rio tinto’s assertions regarding the existence and status of implementation 
of systems and approaches used to manage the following selected 
sustainable development risk areas 
– safety 
– greenhouse gas emissions 
– energy use 
– water 
– the following rio tinto performance data related to the selected sustainable 
development risk areas 
– all injury frequency rate 
– number of fatalities due to safety incidents 
– total greenhouse gas ghg emissions 
– greenhouse gas emissions intensity 
– total energy use 
– freshwater withdrawn 
– freshwater use per tonne of product percentage change from 2008 
reporting criteria 
the subject matter above has been assessed against the definitions and 
approaches which will be presented at wwwriotintocomsustainable 
development2013 as at 14 march 2014  
responsibilities 
pricewaterhousecoopers 
our responsibility is to express a conclusion based on the work we performed 
rio tinto 
rio tinto management is responsible for the preparation and presentation  
of the selected subject matter in accordance with the reporting criteria 
what our work involved 
we conducted our work in accordance with the international standard on 
assurance engagements 3000 revised assurance engagements other than 
audits or reviews of historical financial information and for selected subject 
matter relating to greenhouse gas emissions the international standard on 
assurance engagements 3410 assurance engagements on greenhouse  
gas statements these standards require that we comply with independence 
and ethical requirements and plan the engagement so that it will be  
performed effectively 
main procedures performed 
– making enquiries of relevant management of rio tinto 
– evaluating the design and effectiveness of the key processes and controls  
for capturing collating and reporting the performance data within the 
selected subject matter  
– testing performance data on a selective basis substantively at both an 
operational and corporate level which included testing at a selection of 
operations and projects from across aluminium energy iron ore copper 
and diamonds  minerals  
– undertaking analytical procedures over the performance data 
– assessing the results of computer aided data analysis regarding the 
classification of injuries recorded at managed operations and projects 
– reviewing a sample of relevant management information and 
documentation supporting assertions made in the selected subject matter 
we believe that the information we have obtained is sufficient and appropriate 
to provide a basis for our conclusion 
 
 
 
liza maimone 
partner  
5 march 2014 
 
pricewaterhousecoopers 
melbourne 
liability limited by a scheme approved under professional standards legislation 
 
inherent limitations 
inherent limitations exist in all assurance engagements 
due to the selective testing of the information being 
examined therefore fraud error or noncompliance may 
occur and not be detected additionally nonfinancial 
data may be subject to more inherent limitations than 
financial data given both its nature and the methods 
used for determining calculating and sampling or 
estimating such data 
 
restriction on use 
this report has been prepared in accordance with our 
engagement terms to assist rio tinto in reporting its 
sustainable development performance we do not accept 
or assume responsibility for the consequences of any 
reliance on this report for any other purpose or to any 
other person or organisation any reliance on this report 
by any third party is entirely at its own risk  
we consent to the inclusion of this report in the rio tinto 
2013 annual report and the rio tinto 2013 strategic 
report to assist rio tinto’s members in assessing whether 
 
the directors have discharged their responsibilities by 
commissioning an independent assurance report in 
connection with the selected subject matter 
limited assurance 
this engagement is aimed at obtaining limited assurance 
for our conclusions as a limited assurance engagement 
is restricted primarily to enquiries and analytical 
procedures and the work is substantially less detailed 
than that undertaken for a reasonable assurance 
engagement the level of assurance is lower than would 
be obtained in a reasonable assurance engagement 
 
sustainable development continued 
24 
riotintocomreportingcentre2013 
the way we work is also core to our integrity and compliance programme 
supported by our standards covering antitrust anticorruption fraud  
conflicts of interest data privacy and third party due diligence one of the key 
components of our programme focuses on acting with integrity this translates 
into our compliance with the law and the group’s own policies and standards 
one of our main objectives is preventing misconduct before it occurs through 
our training and guidelines our employees are made aware of their 
responsibility to act with integrity at all times  
the programme reflects the size and geographical spread of the group  
as well as the diverse activities of our businesses it also implements a 
communications strategy to raise awareness of our values principles and 
internal controls 
we encourage employees to raise any concerns directly with management  
but if they are uncomfortable in doing so they can use speakout the  
group’s confidential and independentlyoperated whistleblowing programme  
speakout offers an avenue where employees can choose to report 
anonymously subject to local law any significant concerns about the business 
or behaviour of individuals this could include suspicion of violations in financial 
reporting safety or environmental procedures or business integrity issues  
in general  
during 2013 618 speakout reports were lodged which was approximately 
eight per cent less than 2012 twenty one per cent of cases raised issues 
relating to business integrity 62 per cent to personnel issues ten per cent  
to safety and sustainability and the remaining seven per cent of cases raised 
miscellaneous concerns fifty eight per cent of matters raised and closed 
through speakout resulted in action being taken in relation to the reported 
issue after it was examined or investigated 
rio tinto is committed in principle and practice to maximum transparency 
consistent with good governance and commercial confidentiality we issue 
information in a timely way on the group’s operational financial and 
sustainable development performance through a number of channels  
we communicate views to governments and others on matters affecting  
our business interests by furthering public dialogue we contribute to  
the development of sound legislation and regulation that is relevant  
and appropriate to our business interests  
assurance 
our group audit  assurance function has accountability and responsibility  
for providing reasonable assurance to the rio tinto board that 
– rio tinto’s policies standards and controls are adequately designed and 
effective for their intended purpose and that 
– these policies standards and controls are consistently implemented  
by all rio tinto sites on a timely basis and as designed 
in addition we engaged an independent external assurance organisation  
pricewaterhousecoopers to provide the board of directors of rio tinto plc and 
rio tinto limited assurance on selected sustainable development subject 
matters as explained on the next page 
pricewaterhousecoopers’ assurance statement satisfies the requirements  
of subject matters 1 to 4 of the icmm assurance procedure whilst our online  
gri report has been checked by gri satisfying subject matter 5 of the  
icmm procedure 
riotintocomreportingcentre2013
25
strategic report financial statements directors’ report production reserves and operations additional information aluminium 
financial performance 
  
2013  
us million 
2012 
us million
revenue 12463 12170
operating cash flow 1364 571
underlying earnings 557 54
capital expenditure 2226 2755
net operating assets 18814 20461
following the conclusion of a comprehensive review in august 2013 the group determined 
that the divestment of pacific aluminium for value was not possible in the current economic 
conditions on 29 november 2013 rio tinto announced that it intended to suspend 
alumina production at gove australia and focus on its bauxite operations after determining 
the refinery was no longer a viable business in the current market conditions the four 
pacific aluminium smelters and the gove bauxite mine were therefore reintegrated into  
rio tinto alcan during the second half of 2013 the gove alumina refinery continues to be 
reported in other operations comparative numbers have been reclassified accordingly 
strategy and strategic priorities 
the aluminium product group’s ultimate objective is to be the most profitable 
primary aluminium producer in the world in today’s challenging environment 
this is only achievable by continuing to drive the transformation of the business 
focusing on toptier assets and continuing to improve cost structure in a 
sustainable way 
the second wave of a comprehensive transformation strategy launched  
in 2011 is committed to continuing improvement by 
– improving performance through significant widespread cost reductions  
and productivity gains 
– focusing on toptier assets by curtailing highcost capacity and divesting 
noncore assets  
– delivering key brownfield and modernisation projects that will enable  
rio tinto alcan to leverage its leading bauxite and unrivalled renewable 
power positions as well as its industryleading proprietary ap technology 
safety 
in 2013 the aluminium group’s all injury frequency rate showed incremental 
improvement to 066 versus its target of 068
1
 sadly however there was  
one fatality in april which resulted from an accident at the alma smelter  
in quebec canada  
rio tinto alcan’s ongoing priority is to press ahead with implementing the  
zero harm by choice leadership development programme while continuing  
to learn from significant potential incidents and improving the effectiveness  
of critical control monitoring plans in order to reach the ultimate goal of zero 
injuries vehicle and pedestrian safety working at height and lifting loads 
remain the most important personal safety risks to manage 
greenhouse gas emissions 
rio tinto alcan reduced its greenhouse gas intensity by 29 per cent since  
2008 making a substantial contribution to rio tinto’s overall ghg intensity 
improvements
2
 this significant reduction came from the divestment or 
closure of outdated or highercarbon energy plants as well as ongoing 
operational improvements that have combined to give rio tinto alcan one  
of the lowest carbon footprints in the aluminium industry 
following the recent reintegration of pacific aluminium into rio tinto alcan  
78 per cent of rio tinto alcan’s power supply is carbonfree seventy two per 
cent comes from hydroelectricity one of the cleanest forms of electricity 
production and the remaining six per cent comes from nuclear power sources 
rio tinto alcan works closely with stakeholders to address sustainability 
concerns and help identify ways to foster greater transparency and 
sustainability throughout the aluminium industry in 2013 the results of the 
quebec governmentled assessment of the carbon footprint of rio tinto alcan 
ingot made in quebec relative to the industry average showed a 50 per cent 
lower global warming potential than the industry average excluding china 
review of operations  
rio tinto alcan’s ongoing transformation is strengthening its position as the 
world’s leading aluminium business in terms of quality of assets productivity 
and profitability  
the aluminium group delivered underlying earnings of us557 million −  
us503 million higher than 2012 including increased ebitda margins despite 
a nine per cent decline in average london metal exchange lme prices period
overperiod and the negative impact of severe weather in australia in the first 
half of 2013  
the average aluminium market price in 2013 was us1845 per tonne which 
compares to an average of us2018 per tonne in 2012 rio tinto alcan’s 
average realised price which includes market and product premiums for 
primary metal products in 2013 was us2268 per tonne compared with 
us2383 per tonne in 2012 the growing momentum from the cost reduction 
initiatives combined with increased volumes and a rise in market premia were 
the main drivers of the positive change in earnings 
rio tinto alcan pursued more than 500 cost reduction initiatives and in  
2013 these improvements lifted underlying earnings by us392 million 
us574 million pretax the savings included greater production efficiencies 
and lower prices of raw materials lower functional costs and increased 
production from yarwun and alma the impact of the heavy rainfalls in 
queensland impacted cost reduction efforts by us58 million pretax 
higher volumes were boosted by record operational performances at the 
bauxite operations notably at the weipa and gove mines in australia taking 
advantage of higher demand and the steady rampup of production at the 
expanded yarwun alumina refinery aluminium volumes realised a return to full 
production at the alma quebec smelter and completion of the leadingedge 
ap60 smelter which were in part offset by the curtailment of the shawinigan 
smelter and the divestment of the saintjeandemaurienne smelter and 
castelsarrasin casting facility in france 
the aluminium group continued to strengthen its portfolio during 2013 
building on the momentum of the past five years to date it has curtailed or 
closed 600000 tonnes of highcost aluminium smelting capacity including 
100000 tonnes curtailed at the shawinigan smelter in quebec in december 
2013 the group is in the process of curtailing 26 million tonnes of alumina 
capacity at gove major divestments during 2013 included the sale of rio tinto 
alcan’s 50 per cent stake in the vigelands metal refinery and associated power 
station in norway the sale of the st jeandemaurienne smelter and 
castelsarrasin business in france and the sale of the sebree smelter in the us 
the group is continuing to review appropriate future pathways for other  
nontier 1 assets 
an impairment charge of us1293 million was recognised relating  
to the group’s aluminium business primarily for gove alumina refinery  
us555 million
3
 following the 29 november announcement to curtail 
production and for the kitimat assets us696 million where a significant 
project cost overrun has been identified which diminished the value  
of the associated intangible assets
 
1  the figure excludes pacific aluminium and gove pacific aluminium had an all  
injury frequency rate of 088 in 2013 gove had an all injury frequency rate of 093 
2  the figure excludes pacific aluminium and gove pacific aluminium accounted  
for 26 per cent of rio tinto’s total ghg emissions in 2013 and gove accounted  
for five per cent of total ghg emissions 
3  the gove refinery is reported as part of other operations 
riotintocomreportingcentre2013
26  
27 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
development projects 
rio tinto alcan’s primary focus is on delivering key existing brownfield and 
modernisation projects − investments that will enable it to leverage the group’s 
strong bauxite and lowcost hydropower positions 
the new arvida smelter and ap60 technology centre in quebec’s saguenay–
lacsaintjean region is complete and has ramped up successfully with an 
initial capacity of 60000 tonnes per year the smelter provides an industrial
scale research and development platform for commercialising rio tinto alcan’s 
latestgeneration ap technology™ ap60 is designed to deliver significantly 
lower full economic costs of production once at full capacity including  
40 per cent higher metal output per pot and 15 per cent higher labour 
productivity this new facility which will eventually replace the existing  
arvida smelter has the potential for two additional phases that would  
boost annual capacity of the new facility from 60000 to 450000 tonnes  
in british columbia the modernisation of the kitimat smelter will enable  
the aluminium group to fully leverage its whollyowned kemano hydropower 
resource a project cost overrun has been identified and a process to validate 
the extent of the overrun is currently under way any additional capital  
required to complete the project will be subject to board approval subject  
to that approval the kitimat modernisation project is now expected to be 
commissioned and produce first metal during the first half of 2015 this project 
will increase kitimat’s annual capacity by some 48 per cent to approximately 
420000 tonnes while moving production into the first decile of the cost  
curve and achieving a reduction of more than 50 per cent in the smelter’s 
emissions intensity 
rampup at the expanded yarwun alumina refinery in australia a project 
known as yarwun 2 is now complete and contributing to reduced alumina 
operating costs production capacity at yarwun has more than doubled to  
34 million tonnes per year an initiative that strengthens rio tinto alcan’s 
secondquartile position on the industry cost curve for alumina production 
bauxite growth projects include the south of the embley expansion project  
in queensland which subject to approval will extend the life of the weipa 
bauxite mine by about 40 years depending on production rates this will 
ensure continuity of supply for rio tinto alcan’s gladstone refineries while  
also facilitating exports to meet rapidly increasing demand from china and  
the developing middle east market this project can be developed at the 
appropriate time 
due to current market conditions it is unlikely that rio tinto alcan will make 
further significant investments in aluminium and alumina growth projects for  
the foreseeable future 
outlook 
looking to the near term bauxite should continue to be the healthiest segment 
of the industry driven largely by strong demand in china rio tinto alcan is well 
positioned to take advantage of this strong demand through its industryleading 
bauxite assets especially against the backdrop of the supply uncertainty 
created by indonesia’s export ban which was implemented in january 2014 
global demand for alumina and aluminium is also strong however these 
segments face continued challenges going forward  
at the end of 2013 the aluminium market was nearly balanced following  
recent curtailments and production disruptions aluminium inventories are 
likely to remain high as warehouse deals are driven by the attractiveness of low 
interest rates and a strong contango ie indicative of expected higher prices 
the market for alumina currently trading at or around the marginal cost  
of production is expected to remain near balanced for the near term 
metal prices remain under pressure – as do many marginal producers 
nonetheless market premiums have reached unprecedented levels despite 
markedlyincreasing premiums a good portion of the industry remains in  
a lossmaking position this could intensify pressure for more curtailments  
which over the longer term could put upward pressure on the lme base price 
recent proposals by the lme regarding warehousing rules could soften  
regional premiums from their recent record levels to a more historic range  
but this will take time to unfold 
despite the shortterm challenges the longerterm outlook for aluminium 
remains robust and rio tinto alcan believes that strong margins will be 
available for the wellpositioned lowcost operator medium to longterm 
compound annual demand growth rates from a 2013 base are forecast  
to average five per cent until 2020 and to be near four per cent until 2030 
transportation will be the standout growth enduse sector supported by 
substitution of other materials by aluminium 
aluminium 
financial performance 
  
2013  
us million 
2012 
us million
revenue 12463 12170
operating cash flow 1364 571
underlying earnings 557 54
capital expenditure 2226 2755
net operating assets 18814 20461
following the conclusion of a comprehensive review in august 2013 the group determined 
that the divestment of pacific aluminium for value was not possible in the current economic 
conditions on 29 november 2013 rio tinto announced that it intended to suspend 
alumina production at gove australia and focus on its bauxite operations after determining 
the refinery was no longer a viable business in the current market conditions the four 
pacific aluminium smelters and the gove bauxite mine were therefore reintegrated into  
rio tinto alcan during the second half of 2013 the gove alumina refinery continues to be 
reported in other operations comparative numbers have been reclassified accordingly 
strategy and strategic priorities 
the aluminium product group’s ultimate objective is to be the most profitable 
primary aluminium producer in the world in today’s challenging environment 
this is only achievable by continuing to drive the transformation of the business 
focusing on toptier assets and continuing to improve cost structure in a 
sustainable way 
the second wave of a comprehensive transformation strategy launched  
in 2011 is committed to continuing improvement by 
– improving performance through significant widespread cost reductions  
and productivity gains 
– focusing on toptier assets by curtailing highcost capacity and divesting 
noncore assets  
– delivering key brownfield and modernisation projects that will enable  
rio tinto alcan to leverage its leading bauxite and unrivalled renewable 
power positions as well as its industryleading proprietary ap technology 
safety 
in 2013 the aluminium group’s all injury frequency rate showed incremental 
improvement to 066 versus its target of 068
1
 sadly however there was  
one fatality in april which resulted from an accident at the alma smelter  
in quebec canada  
rio tinto alcan’s ongoing priority is to press ahead with implementing the  
zero harm by choice leadership development programme while continuing  
to learn from significant potential incidents and improving the effectiveness  
of critical control monitoring plans in order to reach the ultimate goal of zero 
injuries vehicle and pedestrian safety working at height and lifting loads 
remain the most important personal safety risks to manage 
greenhouse gas emissions 
rio tinto alcan reduced its greenhouse gas intensity by 29 per cent since  
2008 making a substantial contribution to rio tinto’s overall ghg intensity 
improvements
2
 this significant reduction came from the divestment or 
closure of outdated or highercarbon energy plants as well as ongoing 
operational improvements that have combined to give rio tinto alcan one  
of the lowest carbon footprints in the aluminium industry 
following the recent reintegration of pacific aluminium into rio tinto alcan  
78 per cent of rio tinto alcan’s power supply is carbonfree seventy two per 
cent comes from hydroelectricity one of the cleanest forms of electricity 
production and the remaining six per cent comes from nuclear power sources 
rio tinto alcan works closely with stakeholders to address sustainability 
concerns and help identify ways to foster greater transparency and 
sustainability throughout the aluminium industry in 2013 the results of the 
quebec governmentled assessment of the carbon footprint of rio tinto alcan 
ingot made in quebec relative to the industry average showed a 50 per cent 
lower global warming potential than the industry average excluding china 
review of operations  
rio tinto alcan’s ongoing transformation is strengthening its position as the 
world’s leading aluminium business in terms of quality of assets productivity 
and profitability  
the aluminium group delivered underlying earnings of us557 million −  
us503 million higher than 2012 including increased ebitda margins despite 
a nine per cent decline in average london metal exchange lme prices period
overperiod and the negative impact of severe weather in australia in the first 
half of 2013  
the average aluminium market price in 2013 was us1845 per tonne which 
compares to an average of us2018 per tonne in 2012 rio tinto alcan’s 
average realised price which includes market and product premiums for 
primary metal products in 2013 was us2268 per tonne compared with 
us2383 per tonne in 2012 the growing momentum from the cost reduction 
initiatives combined with increased volumes and a rise in market premia were 
the main drivers of the positive change in earnings 
rio tinto alcan pursued more than 500 cost reduction initiatives and in  
2013 these improvements lifted underlying earnings by us392 million 
us574 million pretax the savings included greater production efficiencies 
and lower prices of raw materials lower functional costs and increased 
production from yarwun and alma the impact of the heavy rainfalls in 
queensland impacted cost reduction efforts by us58 million pretax 
higher volumes were boosted by record operational performances at the 
bauxite operations notably at the weipa and gove mines in australia taking 
advantage of higher demand and the steady rampup of production at the 
expanded yarwun alumina refinery aluminium volumes realised a return to full 
production at the alma quebec smelter and completion of the leadingedge 
ap60 smelter which were in part offset by the curtailment of the shawinigan 
smelter and the divestment of the saintjeandemaurienne smelter and 
castelsarrasin casting facility in france 
the aluminium group continued to strengthen its portfolio during 2013 
building on the momentum of the past five years to date it has curtailed or 
closed 600000 tonnes of highcost aluminium smelting capacity including 
100000 tonnes curtailed at the shawinigan smelter in quebec in december 
2013 the group is in the process of curtailing 26 million tonnes of alumina 
capacity at gove major divestments during 2013 included the sale of rio tinto 
alcan’s 50 per cent stake in the vigelands metal refinery and associated power 
station in norway the sale of the st jeandemaurienne smelter and 
castelsarrasin business in france and the sale of the sebree smelter in the us 
the group is continuing to review appropriate future pathways for other  
nontier 1 assets 
an impairment charge of us1293 million was recognised relating  
to the group’s aluminium business primarily for gove alumina refinery  
us555 million
3
 following the 29 november announcement to curtail 
production and for the kitimat assets us696 million where a significant 
project cost overrun has been identified which diminished the value  
of the associated intangible assets
 
1  the figure excludes pacific aluminium and gove pacific aluminium had an all  
injury frequency rate of 088 in 2013 gove had an all injury frequency rate of 093 
2  the figure excludes pacific aluminium and gove pacific aluminium accounted  
for 26 per cent of rio tinto’s total ghg emissions in 2013 and gove accounted  
for five per cent of total ghg emissions 
3  the gove refinery is reported as part of other operations 
riotintocomreportingcentre2013
27
strategic report financial statements directors’ report production reserves and operations additional information  
29 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
northparkes formerly rio tinto 80 per cent  
located in new south wales australia northparkes was a joint venture with  
the sumitomo group northparkes produced 51 thousand tonnes of copper  
and 62 thousand ounces of gold up to december 2013 100 per cent basis  
in july 2013 rio tinto announced an agreement to sell its 80 per cent interest 
in northparkes to china molybdenum co ltd cmoc for us820 million  
the transaction closed on 1 december 2013  
palabora formerly rio tinto 577 per cent  
palabora mining company is a south african company formerly listed on  
the johannesburg stock exchange the mine produced 26 thousand tonnes  
of refined copper up to july 2013 100 per cent basis in december 2012  
rio tinto announced an agreement to sell its interest in palabora for 
consideration totalling us373 million the transaction closed on 31 july 2013  
development projects 
the copper group’s investment focus is on improving productivity and mine  
life at key operating assets and retaining development optionality on high 
quality projects with production to come online when the market dictates  
it employs a phased approach to development to maximise the value of a 
project to shareholders and to manage project risks and capital exposure 
productivity and mine life extension 
kennecott  
rio tinto is investing us660 million to extend the life of kennecott’s bingham 
canyon mine from 2018 to 2030 the project known as cornerstone involves 
pushing back the south wall of bingham canyon to gain access to 515 million 
tonnes of 079 per cent copper equivalent ore with first ore expected to be 
accessed in 2017 
escondida 
at escondida production was approximately seven per cent higher in 2013 
primarily as a result of higher ore grades and improved throughout rates  
in addition escondida will construct a new dynamic leach pad to maintain 
current levels of oxide leaching the project should be complete in mid2014 
when the existing heap leach is exhausted 
grasberg 
pt freeport indonesia continues to develop the largescale highgrade 
underground orebodies located beneath and nearby the grasberg open pit  
in aggregate these underground orebodies are expected to ramp up over 
several years to approximately 240000 tonnes of ore per day following the 
anticipated transition from the grasberg open pit in 2017  
oyu tolgoi 
on 29 july 2013 rio tinto announced that all funding and work on 
underground development of oyu tolgoi would be delayed since then  
rio tinto has continued to engage with the government of mongolia with the 
aim of resolving a number of outstanding shareholder issues and to progress 
project finance an option to restart underground development subject to 
certain conditions being met has been proposed but further delays may occur 
if these conditions are not met before lender commitments on existing project 
finance arrangements expire such delays could lead to further impairments 
greenfield projects 
la granja rio tinto 100 per cent 
the la granja project located in northern peru has the potential to be  
a tier 1 asset and one of rio tinto’s highestvalue opportunities 
the project strategy is focused on delivering a riskmanaged and staged entry 
to a worldclass mining district the mine development strategy is designed to 
manage social environmental and technical challenges by starting at a small 
scale and preserving options to grow the project over time 
resolution copper rio tinto 55 per cent 
the resolution copper project located in arizona us is among the top ten 
largest undeveloped copper assets in the world and could eventually become 
the largest copper producer in north america  
in november 2013 the company submitted a mine plan of operations to  
initiate federal permitting on the project approval of the plan would allow 
mining to occur on lands where the company currently holds mineral title 
resolution is also seeking approval in the us congress to acquire full legal  
title to 671 hectares of public land held under its mineral claim and to revoke  
a mineral withdrawal on 307 hectares of adjacent land in exchange the  
project would give the public more than 2400 hectares of highquality arizona 
conservation lands while exchange legislation faces opposition from special
interest groups it is moving through the us congress with bipartisan support  
technology and innovation 
the copper group recently established a growth and innovation organisation 
responsible for developing a focused attractive portfolio of valueproducing 
growth and innovation opportunities the group invests in valuecreating 
leadingedge technology to drive the efficiency and safety of its mining 
processes and reduce environmental impact above and below ground  
taking in realtime data the new excellence centre uses the latest in modelling 
and simulation tools to significantly improve copper processing performance 
across the globe 
rio tinto is evaluating a range of incremental and stepchange technologies  
to improve the safety and productivity of current mines and expansions  
with a particular focus on mineral processing and block cave mining this  
has included largescale copper sulphide leach testwork on the la granja 
mineralisation and a successful pilot sulphide leach facility using ore  
at kennecott  
outlook 
while rio tinto expects volatility in the near term longterm fundamentals  
for the copper industry remain positive the continued urbanisation 
industrialisation and electrification of china and other large markets such  
as india and south east asia combined with greater energyefficiency 
requirements and the move toward more renewable energy sources will 
continue to drive longterm copper demand against those demand dynamics 
the supply picture will remain constrained with continued cost escalation in 
some jurisdictions falling grades technical challenges from increasing depth  
at existing operations and new discoveries water and power constraints and 
continued political and social risks especially for new projects 
rio tinto copper is well positioned to benefit from of these strong market 
dynamics it is currently the industry’s sixth largest copper producer with 
existing tier 1 assets in addition the group is pursuing highvalue growth 
opportunities using a phased and structured approach to development 
investment while maintaining optionality the group is carefully managing  
costs and capital exposure and its leadership in technological innovations 
allows it to safely and efficiently access lower grade ores and deposits at 
greater depths this strategy will generate significant and sustainable value for 
shareholders and all partners as it is expected to reposition the group from the 
third quartile of the copper cost curve into a lowcost first quartile producer
copper 
28 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 5916 6661
operating cash flow 672 469
underlying earnings 821 1059
capital expenditure 2813 4455
net operating assets 12070 12321
strategy and strategic priorities 
the copper product group’s 42 strategy aims to create substantial and 
sustainable value for shareholders it is focused on building a core portfolio  
of four operating assets kennecott utah copper oyu tolgoi escondida and 
grasberg and two worldclass greenfield projects la granja and resolution 
copper that are or are expected to be large longlife lowcost and expandable 
operations the copper group will deliver this strategy through  
relentlessly focusing on health safety environmental responsibility and 
community engagement and sustainable partnerships with governments 
and communities  
improving productivity via safer better and smarter practices and selected 
investments in technologies that generate longterm value  
driving maximum value out of the products the group mines and optimising 
the entire supply chain  
developing strong leadership matching the group’s employees and skills to 
its current and future requirements and creating a culture that establishes 
accountability for delivery of business objectives 
safety 
in 2013 the copper group’s all injury frequency rate was 049 compared  
to 050 in 2012 the group regrettably had a fatality at la granja one  
of its managed projects in 2013 tragically there were 33 fatalities at the  
nonmanaged grasberg mine of which 28 were related to a devastating 
underground accident there was also a fatality at the southgobi resources 
nonmanaged infrastructure project 
rio tinto copper’s safety programmes are focused on four facets  
eliminating fatality risks and catastrophic events and developing sound 
mitigation plans  
helping employees at all levels understand safety risks and how to manage 
them the group’s new underground performance safety standards are 
believed to be the most thorough and inclusive in the mining industry 
strong focus on reducing injuries 
safe design and engineering standards  
greenhouse gas emissions 
the copper group’s 2013 greenhouse gas emissions were 834 tonnes of 
carbon dioxide equivalent per tonne of copper cathode produced compared 
with 1066 tonnes in 2012 the increase in efficiency resulted from an 
incremental improvement at kennecott utah copper and from the divestment 
of the palabora smelter in mid2013  
review of operations  
the copper portfolio is made up of large longlife lowcost and expandable 
operations that are capable of creating substantial and sustainable value for 
shareholders in 2013 the group produced 631 thousand tonnes of mined 
copper rio tinto share making rio tinto the world’s sixth largest supplier 
the group also produced 340 thousand ounces of mined gold 4765 thousand 
ounces of mined silver and 57 thousand tonnes of molybdenum as by
products of its copper operations 
the group’s underlying earnings of us821 million were 22 per cent lower than 
2012 excluding the impact of the us131 million writedown of the investment 
in northern dynasty minerals which owns 100 per cent of the pebble project in 
the bristol bay region of western alaska underlying earnings were ten per cent 
lower than 2012 this reflected lower prices the impact of the pit wall slide at 
bingham canyon and decreased gold and molybdenum volumes at kennecott 
utah copper from lower grades these were partly offset by us352 million of 
cash cost savings us514 million pretax achieved across the copper group 
notably at kennecott utah copper a posttax and noncontrolling interest 
impairment charge of us1655 million has been recognised as an exclusion 
from underlying earnings this includes us1565 million related to the 
impairment of previous noncash accounting uplifts on first consolidation of 
certain assets of turquoise hill including oyu tolgoi in addition charges of 
us283 million have been excluded from underlying earnings related to the 
kennecott utah copper slide 
in 2013 the group repositioned its portfolio and delivered significant 
improvements in productivity and costs with a 15 per cent increase in mined 
copper despite challenges at kennecott and oyu tolgoi a 12 per cent reduction 
in costs at managed operations − including a 23 per cent reduction in service 
and support costs it also completed us18 billion of divestments 
core operating assets 
kennecott utah copper rio tinto 100 per cent  
as the second largest copper producer in the us kennecott accounts for nearly 
25 per cent of the country’s copper production in 2013 kennecott produced 
194 thousand tonnes of refined copper 192 thousand ounces of refined gold 
and 57 thousand tonnes of molybdenum on 10 april 2013 the bingham 
canyon mine experienced a 135 million tonne landslide on the northeast wall 
as a result of kennecott’s sophisticated monitoring systems and advanced 
planning no one was injured recovery work will continue until the end of 2015 
with production in the near and medium term constrained by the slide in 2013 
kennecott’s underground project was paused until further valueengineering 
work is completed to assess the most profitable path forward for the project  
oyu tolgoi rio tinto 51 per cent interest in turquoise hill resources 
located in mongolia’s south gobi desert oyu tolgoi is the largest new  
coppergold operation in the world commercial operations began in mid2013 
and oyu tolgoi’s open pit is now operating at full capacity in 2013 oyu tolgoi 
produced 77 thousand tonnes of copper and 157 thousand ounces of gold 
customers began collecting concentrate from the chinese warehouse during 
the fourth quarter of 2013 and had withdrawn approximately 26400 tonnes  
of concentrate by year end  
escondida rio tinto 30 per cent  
located in chile’s atacama desert escondida is the world’s largest copper mine 
in terms of copper production in 2013 escondida produced 11 million tonnes 
of copper 100 per cent basis 
grasberg a joint venture that gives rio tinto a 40 per cent share of 
production above specified levels until the end of 2021 and 40 per cent  
of all production after 2021 
grasberg is owned and operated by pt freeport indonesia a subsidiary of  
usbased freeportmcmoran copper  gold inc located in the province of 
papua in indonesia it is one of the world’s largest copper mines rio tinto’s 
share of mined copper production at grasberg was six thousand tonnes  
in 2013 
divested operations  
in 2013 rio tinto copper made solid progress in repositioning its portfolio  
to focus on a core portfolio of tier 1 assets with us18 billion of divestments 
completed including northparkes palabora eagle altynalmas gold and inova 
the group has also committed to reviewing the strategic fit of its minority 
interest in northern dynasty minerals which owns 100 per cent of the pebble 
project in alaska 
riotintocomreportingcentre2013
28  
29 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
northparkes formerly rio tinto 80 per cent  
located in new south wales australia northparkes was a joint venture with  
the sumitomo group northparkes produced 51 thousand tonnes of copper  
and 62 thousand ounces of gold up to december 2013 100 per cent basis  
in july 2013 rio tinto announced an agreement to sell its 80 per cent interest 
in northparkes to china molybdenum co ltd cmoc for us820 million  
the transaction closed on 1 december 2013  
palabora formerly rio tinto 577 per cent  
palabora mining company is a south african company formerly listed on  
the johannesburg stock exchange the mine produced 26 thousand tonnes  
of refined copper up to july 2013 100 per cent basis in december 2012  
rio tinto announced an agreement to sell its interest in palabora for 
consideration totalling us373 million the transaction closed on 31 july 2013  
development projects 
the copper group’s investment focus is on improving productivity and mine  
life at key operating assets and retaining development optionality on high 
quality projects with production to come online when the market dictates  
it employs a phased approach to development to maximise the value of a 
project to shareholders and to manage project risks and capital exposure 
productivity and mine life extension 
kennecott  
rio tinto is investing us660 million to extend the life of kennecott’s bingham 
canyon mine from 2018 to 2030 the project known as cornerstone involves 
pushing back the south wall of bingham canyon to gain access to 515 million 
tonnes of 079 per cent copper equivalent ore with first ore expected to be 
accessed in 2017 
escondida 
at escondida production was approximately seven per cent higher in 2013 
primarily as a result of higher ore grades and improved throughout rates  
in addition escondida will construct a new dynamic leach pad to maintain 
current levels of oxide leaching the project should be complete in mid2014 
when the existing heap leach is exhausted 
grasberg 
pt freeport indonesia continues to develop the largescale highgrade 
underground orebodies located beneath and nearby the grasberg open pit  
in aggregate these underground orebodies are expected to ramp up over 
several years to approximately 240000 tonnes of ore per day following the 
anticipated transition from the grasberg open pit in 2017  
oyu tolgoi 
on 29 july 2013 rio tinto announced that all funding and work on 
underground development of oyu tolgoi would be delayed since then  
rio tinto has continued to engage with the government of mongolia with the 
aim of resolving a number of outstanding shareholder issues and to progress 
project finance an option to restart underground development subject to 
certain conditions being met has been proposed but further delays may occur 
if these conditions are not met before lender commitments on existing project 
finance arrangements expire such delays could lead to further impairments 
greenfield projects 
la granja rio tinto 100 per cent 
the la granja project located in northern peru has the potential to be  
a tier 1 asset and one of rio tinto’s highestvalue opportunities 
the project strategy is focused on delivering a riskmanaged and staged entry 
to a worldclass mining district the mine development strategy is designed to 
manage social environmental and technical challenges by starting at a small 
scale and preserving options to grow the project over time 
resolution copper rio tinto 55 per cent 
the resolution copper project located in arizona us is among the top ten 
largest undeveloped copper assets in the world and could eventually become 
the largest copper producer in north america  
in november 2013 the company submitted a mine plan of operations to  
initiate federal permitting on the project approval of the plan would allow 
mining to occur on lands where the company currently holds mineral title 
resolution is also seeking approval in the us congress to acquire full legal  
title to 671 hectares of public land held under its mineral claim and to revoke  
a mineral withdrawal on 307 hectares of adjacent land in exchange the  
project would give the public more than 2400 hectares of highquality arizona 
conservation lands while exchange legislation faces opposition from special
interest groups it is moving through the us congress with bipartisan support  
technology and innovation 
the copper group recently established a growth and innovation organisation 
responsible for developing a focused attractive portfolio of valueproducing 
growth and innovation opportunities the group invests in valuecreating 
leadingedge technology to drive the efficiency and safety of its mining 
processes and reduce environmental impact above and below ground  
taking in realtime data the new excellence centre uses the latest in modelling 
and simulation tools to significantly improve copper processing performance 
across the globe 
rio tinto is evaluating a range of incremental and stepchange technologies  
to improve the safety and productivity of current mines and expansions  
with a particular focus on mineral processing and block cave mining this  
has included largescale copper sulphide leach testwork on the la granja 
mineralisation and a successful pilot sulphide leach facility using ore  
at kennecott  
outlook 
while rio tinto expects volatility in the near term longterm fundamentals  
for the copper industry remain positive the continued urbanisation 
industrialisation and electrification of china and other large markets such  
as india and south east asia combined with greater energyefficiency 
requirements and the move toward more renewable energy sources will 
continue to drive longterm copper demand against those demand dynamics 
the supply picture will remain constrained with continued cost escalation in 
some jurisdictions falling grades technical challenges from increasing depth  
at existing operations and new discoveries water and power constraints and 
continued political and social risks especially for new projects 
rio tinto copper is well positioned to benefit from of these strong market 
dynamics it is currently the industry’s sixth largest copper producer with 
existing tier 1 assets in addition the group is pursuing highvalue growth 
opportunities using a phased and structured approach to development 
investment while maintaining optionality the group is carefully managing  
costs and capital exposure and its leadership in technological innovations 
allows it to safely and efficiently access lower grade ores and deposits at 
greater depths this strategy will generate significant and sustainable value for 
shareholders and all partners as it is expected to reposition the group from the 
third quartile of the copper cost curve into a lowcost first quartile producer
copper 
28 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 5916 6661
operating cash flow 672 469
underlying earnings 821 1059
capital expenditure 2813 4455
net operating assets 12070 12321
strategy and strategic priorities 
the copper product group’s 42 strategy aims to create substantial and 
sustainable value for shareholders it is focused on building a core portfolio  
of four operating assets kennecott utah copper oyu tolgoi escondida and 
grasberg and two worldclass greenfield projects la granja and resolution 
copper that are or are expected to be large longlife lowcost and expandable 
operations the copper group will deliver this strategy through  
relentlessly focusing on health safety environmental responsibility and 
community engagement and sustainable partnerships with governments 
and communities  
improving productivity via safer better and smarter practices and selected 
investments in technologies that generate longterm value  
driving maximum value out of the products the group mines and optimising 
the entire supply chain  
developing strong leadership matching the group’s employees and skills to 
its current and future requirements and creating a culture that establishes 
accountability for delivery of business objectives 
safety 
in 2013 the copper group’s all injury frequency rate was 049 compared  
to 050 in 2012 the group regrettably had a fatality at la granja one  
of its managed projects in 2013 tragically there were 33 fatalities at the  
nonmanaged grasberg mine of which 28 were related to a devastating 
underground accident there was also a fatality at the southgobi resources 
nonmanaged infrastructure project 
rio tinto copper’s safety programmes are focused on four facets  
eliminating fatality risks and catastrophic events and developing sound 
mitigation plans  
helping employees at all levels understand safety risks and how to manage 
them the group’s new underground performance safety standards are 
believed to be the most thorough and inclusive in the mining industry 
strong focus on reducing injuries 
safe design and engineering standards  
greenhouse gas emissions 
the copper group’s 2013 greenhouse gas emissions were 834 tonnes of 
carbon dioxide equivalent per tonne of copper cathode produced compared 
with 1066 tonnes in 2012 the increase in efficiency resulted from an 
incremental improvement at kennecott utah copper and from the divestment 
of the palabora smelter in mid2013  
review of operations  
the copper portfolio is made up of large longlife lowcost and expandable 
operations that are capable of creating substantial and sustainable value for 
shareholders in 2013 the group produced 631 thousand tonnes of mined 
copper rio tinto share making rio tinto the world’s sixth largest supplier 
the group also produced 340 thousand ounces of mined gold 4765 thousand 
ounces of mined silver and 57 thousand tonnes of molybdenum as by
products of its copper operations 
the group’s underlying earnings of us821 million were 22 per cent lower than 
2012 excluding the impact of the us131 million writedown of the investment 
in northern dynasty minerals which owns 100 per cent of the pebble project in 
the bristol bay region of western alaska underlying earnings were ten per cent 
lower than 2012 this reflected lower prices the impact of the pit wall slide at 
bingham canyon and decreased gold and molybdenum volumes at kennecott 
utah copper from lower grades these were partly offset by us352 million of 
cash cost savings us514 million pretax achieved across the copper group 
notably at kennecott utah copper a posttax and noncontrolling interest 
impairment charge of us1655 million has been recognised as an exclusion 
from underlying earnings this includes us1565 million related to the 
impairment of previous noncash accounting uplifts on first consolidation of 
certain assets of turquoise hill including oyu tolgoi in addition charges of 
us283 million have been excluded from underlying earnings related to the 
kennecott utah copper slide 
in 2013 the group repositioned its portfolio and delivered significant 
improvements in productivity and costs with a 15 per cent increase in mined 
copper despite challenges at kennecott and oyu tolgoi a 12 per cent reduction 
in costs at managed operations − including a 23 per cent reduction in service 
and support costs it also completed us18 billion of divestments 
core operating assets 
kennecott utah copper rio tinto 100 per cent  
as the second largest copper producer in the us kennecott accounts for nearly 
25 per cent of the country’s copper production in 2013 kennecott produced 
194 thousand tonnes of refined copper 192 thousand ounces of refined gold 
and 57 thousand tonnes of molybdenum on 10 april 2013 the bingham 
canyon mine experienced a 135 million tonne landslide on the northeast wall 
as a result of kennecott’s sophisticated monitoring systems and advanced 
planning no one was injured recovery work will continue until the end of 2015 
with production in the near and medium term constrained by the slide in 2013 
kennecott’s underground project was paused until further valueengineering 
work is completed to assess the most profitable path forward for the project  
oyu tolgoi rio tinto 51 per cent interest in turquoise hill resources 
located in mongolia’s south gobi desert oyu tolgoi is the largest new  
coppergold operation in the world commercial operations began in mid2013 
and oyu tolgoi’s open pit is now operating at full capacity in 2013 oyu tolgoi 
produced 77 thousand tonnes of copper and 157 thousand ounces of gold 
customers began collecting concentrate from the chinese warehouse during 
the fourth quarter of 2013 and had withdrawn approximately 26400 tonnes  
of concentrate by year end  
escondida rio tinto 30 per cent  
located in chile’s atacama desert escondida is the world’s largest copper mine 
in terms of copper production in 2013 escondida produced 11 million tonnes 
of copper 100 per cent basis 
grasberg a joint venture that gives rio tinto a 40 per cent share of 
production above specified levels until the end of 2021 and 40 per cent  
of all production after 2021 
grasberg is owned and operated by pt freeport indonesia a subsidiary of  
usbased freeportmcmoran copper  gold inc located in the province of 
papua in indonesia it is one of the world’s largest copper mines rio tinto’s 
share of mined copper production at grasberg was six thousand tonnes  
in 2013 
divested operations  
in 2013 rio tinto copper made solid progress in repositioning its portfolio  
to focus on a core portfolio of tier 1 assets with us18 billion of divestments 
completed including northparkes palabora eagle altynalmas gold and inova 
the group has also committed to reviewing the strategic fit of its minority 
interest in northern dynasty minerals which owns 100 per cent of the pebble 
project in alaska 
riotintocomreportingcentre2013
29
strategic report financial statements directors’ report production reserves and operations additional information diamonds  minerals 
30 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 4193 4056
operating cash flow 909 267
underlying earnings 350 149
underlying earnings excluding simandou 393 411
capital expenditure 1009 1814
net operating assets 7900 8061
strategy and strategic priorities 
the diamonds  minerals product group has an attractive portfolio of 
businesses that connect customers and consumers all around the world with 
products that enhance the quality of life demand growth for diamonds and 
industrial minerals typically follows peak requirements for commodities such as 
iron ore and copper as midtolate economic development cycle minerals the 
group’s strategy is focused on operating safe lowcost demandled businesses 
through its integrated marketing strategies the group can create and grow 
global markets for its products that produce value for rio tinto and  
its shareholders 
the product group’s strategy is focused on 
creating demandled integrated operations that can respond quickly  
to the changing external environment 
generating and exploiting proprietary market insights 
growing global markets through businessfocused research and  
market development 
strengthening its position in traditional segments and entering attractive  
new markets 
improving operating performance by cutting costs driving productivity  
and delayering the organisation 
safety 
diamonds  minerals continues to focus on fostering a culture of accountability 
and awareness among employees and improving contractor safety in our 
pursuit of zero harm the product group’s all injury frequency rate aifr 
increased to 075 in 2013 from 057 in 2012 regrettably there was one fatality 
in november 2013 at richards bay minerals in south africa 
the product group faces some unique challenges in health and safety  
the workforce spans multiple nationalities ethnicities languages and cultures 
in developing countries in response management is employing innovative 
strategies and visible safety leadership to train the workforce 
diamonds  minerals is focused on eliminating fatality risks by placing  
an emphasis on critical controls and robust process safety 
greenhouse gas emissions 
overall greenhouse gas ghg emissions intensity increased slightly in 2013 
this was largely due to lower production at rio tinto iron  titanium rtit  
the reduction in capacity utilisation of its smelters led to an increase in  
ghg emissions per tonne of product – reflected in a four per cent increase  
in emissions intensity for rtit compared to 2012 ghg emissions per tonne  
of product were marginally higher at rio tinto minerals but improved across  
rio tinto diamonds operations the product group continues to invest in the 
implementation of more efficient equipment and technology such as the  
wind farm at diavik 
review of operations  
the group’s underlying earnings of us350 million include evaluation costs  
in respect of simandou of us43 million excluding simandou expenditure 
underlying earnings of us393 million were four per cent lower than in 2012 
prices were lower for titanium dioxide feedstocks zircon metallics and borates 
while titanium dioxide sales volumes were also lower this was offset by higher 
diamond prices favourable exchange rate movements and lower evaluation 
study costs the acquisition of bhp billiton’s interests in richards bay minerals 
in september 2012 also contributed an increase in earnings 
on a likeforlike basis cash operating costs of production in 2013 were  
us358 million lower than in 2012 reflecting the impact of targeted cost 
reduction initiatives and favourable exchange rate movements a large number 
of initiatives were launched to remove significant structural costs from the 
business including delayering the organisation driving productivity initiatives 
and removing costs in parallel temporary plant closures in response to market 
conditions generated significant savings in variable costs during the year  
rio tinto diamonds rtd 
rtd is a leading producer of rough diamonds with a product portfolio that 
provides a presence in all major markets rio tinto’s diamonds assets comprise 
the argyle diamond mine in australia rio tinto 100 per cent the diavik 
diamond mine in canada 60 per cent murowa diamonds in zimbabwe  
78 per cent and the bunder diamond project in india 100 per cent rtd  
sells its share of production through its centralised marketing office in belgium 
and has a niche cutting and polishing factory in australia for its highend  
pink diamonds from the argyle mine and sells them to an international  
customer base 
in june 2013 rio tinto announced its intention to retain its diamonds 
businesses after concluding a strategic review which considered a range of 
options including potential divestment the medium to longterm market 
fundamentals for diamonds remain robust and the high quality diamonds 
business is well positioned to capitalise on the positive market outlook 
rtd produced 160 million carats in 2013 a 22 per cent increase from 2012 
that reflected higher tonnes processed and higher grades at argyle following 
the commissioning of the underground mine in april 2013 revenue in 2013 
was 15 per cent higher than in 2012 reflecting higher volumes and increased 
prices rtd reported earnings of us53 million in 2013 compared to a loss of 
us25 million in 2012 reflecting higher revenues and cost savings 
the rampup of the argyle underground mine to full operation is on schedule 
to be completed by 2015 extending the life of mine until at least 2020  
production from diavik’s underground mine commenced in early 2010  
in parallel with open pit operations diavik has now completed the transition  
to a fully underground mine with all three pipes now at full production 
rio tinto iron  titanium rtit 
rtit is the largest producer of highgrade titanium dioxide feedstocks it mines 
ilmenite at its whollyowned rio tinto fer et titane rtft operation in canada 
its managed operation richards bay minerals rbm in south africa rio tinto  
74 per cent and its qit madagascar minerals qmm operation 80 per cent 
rtit produces highgrade titanium dioxide feedstocks at its worldclass 
metallurgical complexes at rtft and rbm as well as valuable coproducts 
including high purity iron steel metal powders zircon and rutile  
in 2013 titanium dioxide feedstock production increased by two per cent  
yearonyear to 16 million tonnes rio tinto share this includes an increase 
in attributable volumes at rbm resulting from rio tinto doubling its stake in 
september 2012 due to challenging market conditions for high grade titanium 
dioxide feedstock rtft brought forward a planned shutdown of one of nine 
furnaces in canada and deferred the rebuild until market conditions improve 
the rtft upgraded slag ugs production was also taken offline for part of  
the year together with zircon and rutile production at rbm 
rtit’s revenues increased by one per cent as the impact of the rbm 
transaction was largely offset by lower prices for titanium dioxide feedstocks 
zircon and metallics and lower sales volumes of titanium dioxide feedstocks 
earnings fell by 35 per cent to us264 million despite the benefit of the rbm 
transaction which increased rio tinto’s share of earnings with effect from 
september 2012 
riotintocomreportingcentre2013
30  
31 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
rio tinto minerals rtm 
rtm rio tinto 100 per cent supplies over 30 per cent of the world’s refined 
borates from its worldclass deposit in boron california rtm also has borates 
refineries and shipping facilities in china france malaysia the netherlands 
spain and the us 
borates production of 495000 tonnes boric oxide equivalent was seven per cent 
higher than in 2012 following cuts to production in 2012 in response to market 
conditions global demand for rtm refined borates improved slightly with 
revenue remaining flat on lower prices earnings of us131 million were six  
per cent lower than 2012 due to the decrease in product prices 
rio tinto minerals is delivering the modified direct dissolving of kernite mddk 
project which allows for more efficient orebody utilisation the project is on 
track for completion in 2014 
dampier salt dsl 
dampier salt limited the world’s largest solar salt exporter produces industrial 
salt by solar evaporation of seawater at dampier and port hedland and from 
underground brine at lake macleod all in western australia salt is sold 
principally to the base chemical industry markets in asia salt production of  
67 million tonnes rio tinto share was two per cent lower than 2012 during 
2013 gypsum mining operations and sales were resumed 
development projects 
in 2011 diamonds  minerals reentered the potash business through an 
exploration joint venture with north atlantic potash inc a subsidiary of  
jsc acron acron is a world leader in fertiliser production and holds multiple 
potash exploration permits in saskatchewan canada drilling results indicate 
encouraging potash grade and thickness higher nutritional standards 
population growth and limited arable land make potash a critical factor in 
maintaining global food security and a natural complement to rtm’s existing 
borate fertiliser business 
progress continued at the group’s jadar lithiumborate deposit in serbia  
a pilot plant for processing jadar material was commissioned at boron and  
core samples processed at the plant yielded encouraging and positive results  
if developed the deposit has the potential to supply a significant proportion  
of global lithium demand lithium carbonate’s fastestgrowing application  
is in batteries that provide clean power to industrial systems and electric and  
hybrid vehicles 
in january 2013 against a backdrop of weaker market conditions for its 
products and the need to manage and reduce its costs rtit reviewed the 
economic viability of the tio4 project and cancelled prefeasibility studies  
for the project in canada and madagascar the zulti south mine expansion  
at rbm the mineral sands exploration programme in mozambique and other 
brownfield studies at the group’s operations continue 
the bunder diamond project is progressing its prefeasibility study which  
began in july 2010 these studies have confirmed the economic potential  
of the orebody and work is under way to define the best development option 
mine plan approval was received during the year and environmental approvals  
are under way 
the simandou iron ore project in guinea is one of the largestknown 
undeveloped highgrade iron ore resources in the world the concession will 
enable the development of the largest mine and infrastructure project ever 
undertaken in africa this will include the progressive development of a  
100 million tonne per annum mine a 650kilometre transguinean railway  
and a new deepwater port  
the project is adopting a “stage gate” approach for investment to be made  
in line with government of guinea approvals and funding processes 
in february 2013 the government of guinea approved the social and 
environmental impact assessment seia conducted on the simandou project 
the seia is the result of a consultation programme involving more than 10000 
members of the local communities and ensures the project is developed in a 
way that maximises longterm benefits for the people of guinea and minimises 
impact on the communities and the environment also during the year the 
project sponsors – the government of guinea rio tinto chinalco and the 
international finance corporation  signed a letter of mutual intent setting  
out the key principles that will serve as the basis of the investment framework 
that the partners intend to finalise in the first half of 2014 the investment 
framework is instrumental in governing the simandou project successfully  
and in setting a stable and durable operating model and environment for all 
partners and investors  
in parallel the partners are seeking funding for the project infrastructure this 
may include outsourcing to a thirdparty consortium in a strategy to embed a 
broad partnership approach to developing the multiuser infrastructure and to 
reduce the risk and capital commitments of the simandou project sponsors 
outlook 
the group serves a range of different industries but are linked through their 
track record of creating and defining new and profitable markets for their 
products demand softened in these markets in 2013 in response to broader 
economic trends and the outlook for 2014 remains uncertain although there  
is some sense that developed economies are on the path to a more robust 
recovery which is a driver for industrial mineral demand however the  
medium to longterm outlook continues to be positive across all products  
as urbanisation and rising standards of living drive higher levels of demand 
rtm will continue to seek to capture profitable growth in emerging economies 
and maintain its position in its established markets ongoing supply chain 
improvements will facilitate speed and flexibility in shifting supply to promising 
sectors and regions demand for borates is expected to remain stable in the 
near term and the longterm industry fundamentals remain attractive rtm  
will focus on increasing refined borates capacity to meet higherthangdp 
demand growth while achieving worldclass safety performance and improving 
its cost position  
demand for titanium dioxide feedstock is expected to continue to grow in  
the medium to long term in line with improving global economic conditions 
urbanisation and demand growth in emerging markets supported by rising  
per capita incomes in response to weak demand and excess inventory in the 
feedstock supply chain and in order to reduce operating costs and inventory 
rtit has taken action at a number of its operations including temporary 
closures of the ugs plant and deferral of a planned furnace rebuild at rtft 
pigment inventory has returned to historical levels and it is expected that 
feedstock inventories within the supply chain will return to historical levels  
over the course of 2014  
the medium to longterm fundamentals for the diamond industry are positive 
and expected to support sustainable future price growth the global mineral 
reserve base is steadily declining compounded by limited exploration 
investment and success and expected reductions in supply over the medium  
to longer term demand in india and china is expected to continue to grow  
and to represent nearly 50 per cent of global diamond consumption by 2020 
demand in mature markets is expected to continue to grow in line with gdp 
diamonds  minerals 
30 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 4193 4056
operating cash flow 909 267
underlying earnings 350 149
underlying earnings excluding simandou 393 411
capital expenditure 1009 1814
net operating assets 7900 8061
strategy and strategic priorities 
the diamonds  minerals product group has an attractive portfolio of 
businesses that connect customers and consumers all around the world with 
products that enhance the quality of life demand growth for diamonds and 
industrial minerals typically follows peak requirements for commodities such as 
iron ore and copper as midtolate economic development cycle minerals the 
group’s strategy is focused on operating safe lowcost demandled businesses 
through its integrated marketing strategies the group can create and grow 
global markets for its products that produce value for rio tinto and  
its shareholders 
the product group’s strategy is focused on 
creating demandled integrated operations that can respond quickly  
to the changing external environment 
generating and exploiting proprietary market insights 
growing global markets through businessfocused research and  
market development 
strengthening its position in traditional segments and entering attractive  
new markets 
improving operating performance by cutting costs driving productivity  
and delayering the organisation 
safety 
diamonds  minerals continues to focus on fostering a culture of accountability 
and awareness among employees and improving contractor safety in our 
pursuit of zero harm the product group’s all injury frequency rate aifr 
increased to 075 in 2013 from 057 in 2012 regrettably there was one fatality 
in november 2013 at richards bay minerals in south africa 
the product group faces some unique challenges in health and safety  
the workforce spans multiple nationalities ethnicities languages and cultures 
in developing countries in response management is employing innovative 
strategies and visible safety leadership to train the workforce 
diamonds  minerals is focused on eliminating fatality risks by placing  
an emphasis on critical controls and robust process safety 
greenhouse gas emissions 
overall greenhouse gas ghg emissions intensity increased slightly in 2013 
this was largely due to lower production at rio tinto iron  titanium rtit  
the reduction in capacity utilisation of its smelters led to an increase in  
ghg emissions per tonne of product – reflected in a four per cent increase  
in emissions intensity for rtit compared to 2012 ghg emissions per tonne  
of product were marginally higher at rio tinto minerals but improved across  
rio tinto diamonds operations the product group continues to invest in the 
implementation of more efficient equipment and technology such as the  
wind farm at diavik 
review of operations  
the group’s underlying earnings of us350 million include evaluation costs  
in respect of simandou of us43 million excluding simandou expenditure 
underlying earnings of us393 million were four per cent lower than in 2012 
prices were lower for titanium dioxide feedstocks zircon metallics and borates 
while titanium dioxide sales volumes were also lower this was offset by higher 
diamond prices favourable exchange rate movements and lower evaluation 
study costs the acquisition of bhp billiton’s interests in richards bay minerals 
in september 2012 also contributed an increase in earnings 
on a likeforlike basis cash operating costs of production in 2013 were  
us358 million lower than in 2012 reflecting the impact of targeted cost 
reduction initiatives and favourable exchange rate movements a large number 
of initiatives were launched to remove significant structural costs from the 
business including delayering the organisation driving productivity initiatives 
and removing costs in parallel temporary plant closures in response to market 
conditions generated significant savings in variable costs during the year  
rio tinto diamonds rtd 
rtd is a leading producer of rough diamonds with a product portfolio that 
provides a presence in all major markets rio tinto’s diamonds assets comprise 
the argyle diamond mine in australia rio tinto 100 per cent the diavik 
diamond mine in canada 60 per cent murowa diamonds in zimbabwe  
78 per cent and the bunder diamond project in india 100 per cent rtd  
sells its share of production through its centralised marketing office in belgium 
and has a niche cutting and polishing factory in australia for its highend  
pink diamonds from the argyle mine and sells them to an international  
customer base 
in june 2013 rio tinto announced its intention to retain its diamonds 
businesses after concluding a strategic review which considered a range of 
options including potential divestment the medium to longterm market 
fundamentals for diamonds remain robust and the high quality diamonds 
business is well positioned to capitalise on the positive market outlook 
rtd produced 160 million carats in 2013 a 22 per cent increase from 2012 
that reflected higher tonnes processed and higher grades at argyle following 
the commissioning of the underground mine in april 2013 revenue in 2013 
was 15 per cent higher than in 2012 reflecting higher volumes and increased 
prices rtd reported earnings of us53 million in 2013 compared to a loss of 
us25 million in 2012 reflecting higher revenues and cost savings 
the rampup of the argyle underground mine to full operation is on schedule 
to be completed by 2015 extending the life of mine until at least 2020  
production from diavik’s underground mine commenced in early 2010  
in parallel with open pit operations diavik has now completed the transition  
to a fully underground mine with all three pipes now at full production 
rio tinto iron  titanium rtit 
rtit is the largest producer of highgrade titanium dioxide feedstocks it mines 
ilmenite at its whollyowned rio tinto fer et titane rtft operation in canada 
its managed operation richards bay minerals rbm in south africa rio tinto  
74 per cent and its qit madagascar minerals qmm operation 80 per cent 
rtit produces highgrade titanium dioxide feedstocks at its worldclass 
metallurgical complexes at rtft and rbm as well as valuable coproducts 
including high purity iron steel metal powders zircon and rutile  
in 2013 titanium dioxide feedstock production increased by two per cent  
yearonyear to 16 million tonnes rio tinto share this includes an increase 
in attributable volumes at rbm resulting from rio tinto doubling its stake in 
september 2012 due to challenging market conditions for high grade titanium 
dioxide feedstock rtft brought forward a planned shutdown of one of nine 
furnaces in canada and deferred the rebuild until market conditions improve 
the rtft upgraded slag ugs production was also taken offline for part of  
the year together with zircon and rutile production at rbm 
rtit’s revenues increased by one per cent as the impact of the rbm 
transaction was largely offset by lower prices for titanium dioxide feedstocks 
zircon and metallics and lower sales volumes of titanium dioxide feedstocks 
earnings fell by 35 per cent to us264 million despite the benefit of the rbm 
transaction which increased rio tinto’s share of earnings with effect from 
september 2012 
riotintocomreportingcentre2013
31
strategic report financial statements directors’ report production reserves and operations additional information energy 
32 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 5454 6062
operating cash flow 999 641
underlying earnings 33 309
capital expenditure 732 1877
net operating assets 4872 7169
strategy and strategic priorities 
the energy product group aims to sustainably extract full value from its assets 
to serve growing global energy demand it will achieve this by transforming  
the business to deliver sectorleading performance in all of its large  
optionrich orebodies  
the group is focused on 
maximising productivity and significantly reducing cost 
optimising the portfolio and deriving maximum value from mine to market 
embedding innovative and valueadding technology 
building trust and partnering to earn the right to operate 
safety 
in 2013 the energy product group’s all injury frequency rate was 067 
compared to 066 in the previous year in a challenging year of transformation 
there were no fatalities recorded at any operations 
in 2013 kestrel mine’s strong commitment to health and safety was recognised 
with the mine winning the chief executive safety award for most improved 
operation the kestrel team has consistently improved its safety performance 
over recent years through increasing employee engagement on safety and 
embedding the leadership commitment to ensure everyone returns home 
safely after every work shift 
the energy product group’s safety efforts are focused on 
understanding and eliminating critical safety risks  
fostering a culture of shared and personal accountability for safety 
reducing injuries as well as achieving zero fatalities 
greenhouse gas emissions 
over the past 15 years rio tinto has spent more than us100 million on 
research and development into technologies that will reduce emissions from 
coalfired power plants this investment has been targeted at ensuring coal 
retains a significant role in the global energy mix in an increasingly carbon
constrained environment in 2013 the energy product group continued its  
a6 million sponsorship of the otway project australia’s first industrialscale 
demonstration of geological carbon dioxide capture and storage  
the energy product group’s greenhouse gas emissions decreased to 
approximately 35 million tonnes of carbon dioxide equivalent in 2013 
compared with 40 million tonnes in 2012 this reduction was mainly due  
to the implementation of a new industry methodology applicable only at  
the energy product group’s new south wales sites which more accurately 
estimates fugitive emissions of carbon dioxide and methane these gases 
naturally occur in coal seams and are released during the mining process 
in 2013 energy’s australian coal and uranium operations completed energy
use assessments in accordance with requirements under the energy efficiency 
opportunities act more than 40 opportunities were identified relating to fuel 
usage coal handling and processing and process control the opportunities 
identified will now undergo detailed evaluation 
review of operations  
the profitability of the uranium and australian coal industries continues  
to be significantly impacted by lower commodity prices and high input costs 
however the longterm fundamentals for the energy product group remain 
strong the group has large optionrich assets and a programme of more than 
1500 cost saving initiatives aimed at transforming the business to ensure it 
remains competitive throughout the cycle 
in 2013 the energy product group delivered underlying earnings of  
us33 million compared with 2012 earnings of us309 million the decline  
in earnings was primarily due to significantly lower prices and the absence  
of gains on divestment of exploration properties which amounted to  
us258 million in 2012 this was partly offset by a weaker australian dollar 
lower operating costs and record production across a number of sites  
a transformation programme of aggressive cost and productivity improvements 
continued to deliver results during the year boosting earnings by us442 
million us646 million pretax compared with 2012 an impairment  
charge of us470 million posttax was also recognised relating to rio tinto  
coal mozambique  
rio tinto coal australia rio tinto 100 per cent 
in queensland rio tinto coal australia rtca manages the hail creek  
rio tinto 82 per cent kestrel 80 per cent and clermont 501 per cent  
coal mines 
in new south wales rtca manages coal  allied’s coal mines which include 
the hunter valley operations 80 per cent bengalla 32 per cent mount 
thorley 64 per cent and warkworth 445 per cent  
rtca is taking action across a wide front to improve the competitiveness  
of its operations during challenging conditions for the australian coal industry 
a transformation programme of business improvement initiatives has reduced 
operating costs significantly and increased productivity reduced expenditure 
on capital projects and improved management of working capital has further 
contributed to reducing costs 
australian coal production increased by eight per cent rio tinto share in 2013 
compared to 2012 with four mines hunter valley operations mount thorley 
warkworth bengalla and clermont achieving annual records this substantial 
production increase was delivered through operational improvements the 
completion of brownfield mine developments and the rampup of clermont 
mine net earnings of us367 million represent a nine per cent decrease from 
2012 due to significantly lower prices for all types of coal 
on 15 october 2013 the us2 billion kestrel mine extension in central 
queensland was officially opened the extension is expected to add 20 years  
to the life of the mine also in october a binding agreement was signed to sell 
clermont mine for just over us1 billion and a conditional sale and purchase 
agreement for blair athol mine was reached  
rtca is working to secure a longterm future for the mount thorley warkworth 
mine following the nsw land and environment court’s decision to overturn 
government planning approvals rio tinto has also appealed against the court’s 
decision with support from the nsw government in early 2014 a shortterm 
planning approval was granted that will enable the mine to resume normal 
operations for around two years  
energy resources of australia rio tinto 6839 per cent  
energy resources of australia era is a publiclylisted company following  
the completion of open pit mining at its ranger mine in december 2012 era 
continued production in 2013 by processing stockpiled ore the majority of 
highgrade stockpiled ore was processed during the first half of 2013 in the 
second half of 2013 the mill was primarily fed with lowergrade stockpiled 
material and as a result uranium oxide production was reduced  
on 7 december 2013 era voluntarily suspended ore processing operations 
following the failure of a leach tank in its processing plant no one was injured 
in the incident which was fully contained by the mine’s containment system 
riotintocomreportingcentre2013
32  
 
and there was no impact to the surrounding environment or to kakadu national 
park the incident is being fully investigated  
in september 2013 era’s a220 million brine concentrator was officially 
opened managing water is central to era’s operations and the brine 
concentrator will help improve its ability to treat water and progressively 
rehabilitate the site 
since 2011 era has achieved total cumulative cash savings of a127 million  
of its a150 million in targeted reductions this has been delivered through  
a number of initiatives including merging management roles reducing the  
use of contractors reducing support and services roles improvement in 
procurement and maintenance practices and rationalisation of corporate costs 
rio tinto coal mozambique rio tinto 100 per cent 
rio tinto coal mozambique rtcm manages the zambeze project 100  
per cent tete east project 100 per cent and benga mine 65 per cent in 
mozambique and the zululand anthracite colliery 74 per cent in south africa 
the energy product group is working to secure a new pathway for its coal 
business in mozambique its benga mine has established itself as a hard coking 
coal producer and has been working to improve performance by reducing 
operating costs and increasing productivity  
a posttax impairment charge of us470 million relating to rtcm was 
recognised this impairment follows a review of rtcm’s development plan 
discount rate and associated country risk premium and brings the total 
impairments relating to rtcm to us33 billion  
in 2013 rtcm delivered an operating cost reduction of us20 per tonne  
a 129 per cent increase in total coal production to 16 million tonnes 100 per 
cent basis compared with 2012 a hard coking coal yield increase of five per 
cent and a reduction in overall headcount in excess of 25 per cent  
notwithstanding these improvements challenges remain due to infrastructure 
constraints and difficult market conditions combined with instances of civil 
unrest and ongoing political tensions while the families of expatriate workers 
were temporarily moved home in november business operations were not 
impacted separate to this from middecember 2013 to midjanuary 2014 
rtcm suspended mining operations at the benga mine to reduce stockpiled 
coal customer commitments continued to be met during the suspension  
rössing uranium rio tinto 6858 per cent 
rössing uranium mine is located near arandis in namibia’s erongo region  
like the rest of the energy product group in 2013 rössing focused on business 
improvement strategies to reduce unit costs and achieved its target of 
us30 million in savings for 2013 rössing’s overall strip ratios dropped from 
almost 41 in 2011 to 21 during 2013 uranium production in 2013 was 5312 
thousand pounds 100 per cent basis compared with 5950 thousand pounds 
in 2012 production was impacted by lowerthanplanned throughput and  
a leach tank failure in december which halted production some processing 
operations were restarted on 11 january 2014 and operations will continue  
to be progressively restored during the first quarter 
rio tinto canada uranium rio tinto 100 per cent  
rio tinto canada uranium’s roughrider project is an exploration site located in 
northeastern saskatchewan’s athabasca basin which supplies approximately 
20 per cent of the world’s uranium an exploration programme is under way 
that is focused on obtaining orebody knowledge and a better appreciation of 
geotechnical hydrological and hydrogeological conditions roughrider is near 
competitor deposits and existing uranium mills in the same geological terrain 
as all of canada’s currentlyproducing uranium mines 
in 2013 the canadian government agreed to enter into an agreement in 
principle with the european union on the comprehensive economic trade 
agreement the agreement provides an exemption to eligible companies  
from the nonresident ownership policy as it applies to foreign ownership  
of uranium mines once enacted this change means rio tinto could if 
economical to do so develop a uranium operation without the requirement  
of first finding a canadian majority partner  
development projects 
the energy product group continues to review the optimal growth profile  
for all business units in light of market conditions for coal and uranium the 
highcost operating environment in queensland and new south wales and 
infrastructure constraints in mozambique the energy product group’s resource 
base in australia’s hunter valley is unique due to its premium quality coal  
and proximity to existing infrastructure the resources based in this region  
are large adjacent and optionrich orebodies that have the potential to support 
substantial open cut or underground mines for many decades to come and  
are difficult to replicate with energy’s ability to operate its new south wales 
operations as a network and a range of development options not yet realised 
there is further potential for these assets to deliver material longterm value  
to shareholders 
work continues to determine the optimum pathway for the potential 
development of the mount pleasant project a greenfield coal site in the hunter 
valley in queensland the energy product group is progressing a prefeasibility 
study and government approvals to provide options for ongoing opencut 
operations as well as underground development at hail creek mine 
evaluation and exploration of the ranger 3 deeps mineral resource in era 
which is estimated to contain over 33000 tonnes of uranium oxide progressed 
in 2013 construction of an exploration decline to conduct underground  
closespaced drilling to further define and evaluate the resource began in may 
2012 and underground drilling commenced a year later in addition era began 
a prefeasibility study on the proposed ranger 3 deeps underground mine in 
july 2012 the study is on schedule and a decision on the viability and design  
of an operational mine is expected by 2015 era has also formally commenced 
the statutory approval process for the proposed underground mine with the 
northern territory and commonwealth governments 
outlook 
in the short term the coal and uranium mining industries are expected to 
continue to suffer from increased costs and weak commodity prices the 
medium and longterm outlook though is positive energy demand continues 
to rise steadily driven by economic growth in emerging markets and further 
urbanisation and industrialisation in china and india much of this new demand 
is expected to be met by coal as it is the most secure affordable and readily
available source of energy particularly in the asia pacific region  
after two decades of remarkable development and transformation china is  
only now reaching world average levels of electricity and energy consumption 
previously a major net exporter of coal china is now the world’s largest net 
importer of both thermal and coking coal it is estimated that china will have 
imported over 300 million tonnes of coal in 2013 china will also need to import 
uranium to meet the requirements of its fourthgeneration nuclear power 
programme india with low per capita electricity consumption and 300 million 
people still without access to electricity requires substantial investment in 
energy infrastructure to sustain the country’s growth and development 
asia remains the dominant market for australian seaborne coal japan  
south korea and taiwan remain important customers for rio tinto and growth 
from other south east asian countries is expected coking coal is experiencing 
downward pricing pressure in the current market however fundamentals  
for this product remain strong over the long term due to continued steel 
demand growth in china india and other emerging asian economies as well  
as underlying global resource scarcity of premium coking coal rio tinto’s 
australian coal due to its quality supply reliability and location is well 
positioned to supply the growth in demand in these asian countries uranium 
production will need to grow in the long term to meet china’s large future 
requirements but in the medium term the market remains under considerable 
price pressure
energy 
32 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 5454 6062
operating cash flow 999 641
underlying earnings 33 309
capital expenditure 732 1877
net operating assets 4872 7169
strategy and strategic priorities 
the energy product group aims to sustainably extract full value from its assets 
to serve growing global energy demand it will achieve this by transforming  
the business to deliver sectorleading performance in all of its large  
optionrich orebodies  
the group is focused on 
maximising productivity and significantly reducing cost 
optimising the portfolio and deriving maximum value from mine to market 
embedding innovative and valueadding technology 
building trust and partnering to earn the right to operate 
safety 
in 2013 the energy product group’s all injury frequency rate was 067 
compared to 066 in the previous year in a challenging year of transformation 
there were no fatalities recorded at any operations 
in 2013 kestrel mine’s strong commitment to health and safety was recognised 
with the mine winning the chief executive safety award for most improved 
operation the kestrel team has consistently improved its safety performance 
over recent years through increasing employee engagement on safety and 
embedding the leadership commitment to ensure everyone returns home 
safely after every work shift 
the energy product group’s safety efforts are focused on 
understanding and eliminating critical safety risks  
fostering a culture of shared and personal accountability for safety 
reducing injuries as well as achieving zero fatalities 
greenhouse gas emissions 
over the past 15 years rio tinto has spent more than us100 million on 
research and development into technologies that will reduce emissions from 
coalfired power plants this investment has been targeted at ensuring coal 
retains a significant role in the global energy mix in an increasingly carbon
constrained environment in 2013 the energy product group continued its  
a6 million sponsorship of the otway project australia’s first industrialscale 
demonstration of geological carbon dioxide capture and storage  
the energy product group’s greenhouse gas emissions decreased to 
approximately 35 million tonnes of carbon dioxide equivalent in 2013 
compared with 40 million tonnes in 2012 this reduction was mainly due  
to the implementation of a new industry methodology applicable only at  
the energy product group’s new south wales sites which more accurately 
estimates fugitive emissions of carbon dioxide and methane these gases 
naturally occur in coal seams and are released during the mining process 
in 2013 energy’s australian coal and uranium operations completed energy
use assessments in accordance with requirements under the energy efficiency 
opportunities act more than 40 opportunities were identified relating to fuel 
usage coal handling and processing and process control the opportunities 
identified will now undergo detailed evaluation 
review of operations  
the profitability of the uranium and australian coal industries continues  
to be significantly impacted by lower commodity prices and high input costs 
however the longterm fundamentals for the energy product group remain 
strong the group has large optionrich assets and a programme of more than 
1500 cost saving initiatives aimed at transforming the business to ensure it 
remains competitive throughout the cycle 
in 2013 the energy product group delivered underlying earnings of  
us33 million compared with 2012 earnings of us309 million the decline  
in earnings was primarily due to significantly lower prices and the absence  
of gains on divestment of exploration properties which amounted to  
us258 million in 2012 this was partly offset by a weaker australian dollar 
lower operating costs and record production across a number of sites  
a transformation programme of aggressive cost and productivity improvements 
continued to deliver results during the year boosting earnings by us442 
million us646 million pretax compared with 2012 an impairment  
charge of us470 million posttax was also recognised relating to rio tinto  
coal mozambique  
rio tinto coal australia rio tinto 100 per cent 
in queensland rio tinto coal australia rtca manages the hail creek  
rio tinto 82 per cent kestrel 80 per cent and clermont 501 per cent  
coal mines 
in new south wales rtca manages coal  allied’s coal mines which include 
the hunter valley operations 80 per cent bengalla 32 per cent mount 
thorley 64 per cent and warkworth 445 per cent  
rtca is taking action across a wide front to improve the competitiveness  
of its operations during challenging conditions for the australian coal industry 
a transformation programme of business improvement initiatives has reduced 
operating costs significantly and increased productivity reduced expenditure 
on capital projects and improved management of working capital has further 
contributed to reducing costs 
australian coal production increased by eight per cent rio tinto share in 2013 
compared to 2012 with four mines hunter valley operations mount thorley 
warkworth bengalla and clermont achieving annual records this substantial 
production increase was delivered through operational improvements the 
completion of brownfield mine developments and the rampup of clermont 
mine net earnings of us367 million represent a nine per cent decrease from 
2012 due to significantly lower prices for all types of coal 
on 15 october 2013 the us2 billion kestrel mine extension in central 
queensland was officially opened the extension is expected to add 20 years  
to the life of the mine also in october a binding agreement was signed to sell 
clermont mine for just over us1 billion and a conditional sale and purchase 
agreement for blair athol mine was reached  
rtca is working to secure a longterm future for the mount thorley warkworth 
mine following the nsw land and environment court’s decision to overturn 
government planning approvals rio tinto has also appealed against the court’s 
decision with support from the nsw government in early 2014 a shortterm 
planning approval was granted that will enable the mine to resume normal 
operations for around two years  
energy resources of australia rio tinto 6839 per cent  
energy resources of australia era is a publiclylisted company following  
the completion of open pit mining at its ranger mine in december 2012 era 
continued production in 2013 by processing stockpiled ore the majority of 
highgrade stockpiled ore was processed during the first half of 2013 in the 
second half of 2013 the mill was primarily fed with lowergrade stockpiled 
material and as a result uranium oxide production was reduced  
on 7 december 2013 era voluntarily suspended ore processing operations 
following the failure of a leach tank in its processing plant no one was injured 
in the incident which was fully contained by the mine’s containment system 
riotintocomreportingcentre2013
33
strategic report financial statements directors’ report production reserves and operations additional information  
30 operational ahs trucks driving 24 million kilometres and moving more  
than 130 million tonnes of material at three mine sites – west angelas 
yandicoogina and nammuldi 
hope downs 4 iron ore’s newest mine site successfully and safely delivered  
its one millionth tonne of ore in the third quarter − an important milestone 
leading to the rampup of mining operations in 2014 
iron ore’s automated train programme autohaul™ made progress during  
the year with the upgrade of numerous level crossings hardware and software 
development of the system the iron ore group purchased 1100 ore cars and 
commissioned ten new fullyfitted locomotives in 2013 ore cars and existing 
locomotives were also fitted with electronically controlled pneumatic ecp 
brakes which has resulted in a decrease in train cycle times 
iron ore progressed key participation agreements with traditional owners  
in the pilbara allowing the group to secure land access for the life of mining 
operations new agreements with the yinhawangka and yindjibarndi people 
were finalised during the year aligned with previous agreements these 
recognise a strong commitment to regional standards and incorporate  
mutual obligations to deliver outcomes relating to employment financial 
compensation education and training heritage surveys and practices 
environmental care and land use 
in 2013 the group continued to be one of the largest private employers of 
indigenous people in western australia employing over 1700 employees and 
contractors over a18 billion in contracts for pilbara expansion were awarded 
to aboriginal businesses both individually and through joint ventures between 
january 2010 and end of 2013 rio tinto iron ore continues to be an industry 
leader in regional fifo programmes across australia with eight regional  
fifo centres in western australia alone a threeyear memorandum of 
understanding was signed with the shire of broome in 2013 and a new regional 
office was opened in busselton community initiatives stemming from the 
programme focused on education skills development and support for regional 
families including workshops and online support resources 
the wickham town expansion continued to support the growing cape lambert 
rail and port operations workforce developments in 2013 included the opening 
of cajuput village a 155 room fifo accommodation and community facility 
and the completion of phase one of the wickham south subdivision 
comprising of 212 new residential homes the wickham project also delivered 
upgrades to town services and local park redevelopments to accompany the 
recreational precinct finalised in 2012 
in 2013 rio tinto marine shipped 191 million tonnes of dry bulk cargo an 
increase of 77 per cent on 2012 the final vessel in the current new build 
programme was delivered during december and completed the suite of eight 
new vessels for the year average freight rates rose yearonyear in 2013 and 
forward markets suggest stronger freight market conditions in the future given 
slower growth in the industry’s fleet and increased cargo tonnages of bulk 
commodities entering the market from mine expansions  
ioc rio tinto share 587 per cent made good progress in 2013 the company 
capitalised on the benefits derived from commissioning the first stage of the 
concentrate expansion project cep1 and produced 86 million tonnes of 
pellets and 68 million tonnes of concentrate for sale which is an annual 
production record for concentrate despite severe weather disruptions the final 
commissioning of cep1 during the first half of the year provided the capacity  
to deliver a step change in production performance efficiency gains and overall 
operational improvement 
development projects 
the iron ore group reached a major milestone in the second half of 2013  
with the commissioning of the 290mta port and rail capacity expansion  
with this achievement iron ore has delivered the first phase of the major 
expansion of its integrated iron ore operations in the pilbara 
the successful commissioning of this expansion at a capital intensity of less 
than us140 per tonne 100 per cent added an extra annual capacity of  
70 million tonnes to the 220mta pilbara nameplate capacity the port and  
rail project was constructed four months ahead of the original schedule and 
delivered us400 million below the approved budget in addition to the new 
port all major coastal and rail infrastructure for the 290mta capacity is now 
constructed and includes 
– installation of a new 55mta ship loader at cape lambert 
– commissioning of the new car dumper 5 at cape lambert and associated 
stockyards and 
– construction of new fuel distribution facilities at cape lambert tug fuel 
facility the 10kp rail yard and the west angelas fuel hub 
development of mining operations at hope downs 4 marandoo and western 
turner syncline stage 1 which includes an overland conveyor to the  
tom price processing plant are currently in the commissioning and rampup 
phase construction of the nammuldi below water table project continues on 
schedule for commissioning later this year and the west angelas power station 
is currently in commissioning 
while completing the 290mta port and rail expansion the group made 
significant progress with the infrastructure to support further expansion  
towards 360mta capacity all marine piling activity for 360mta was completed 
at the start of the third quarter two major structural mechanical and piping 
packages valued at approximately us390 million were awarded for the same 
project during august 
in december 2013 the us310 million bungaroo water facility and associated 
87 kilometre pipeline was commissioned providing water for pilbara coastal 
operations and domestic requirements in the towns of dampier and wickham 
in november the business unveiled a breakthrough pathway to match the 
upgraded port and rail capacity which will see mine production capacity 
increase towards 360mta through a series of lowcost brownfield expansions  
at a targeted allin capital intensity of us120130 per tonne combined with  
lowcost productivity gains the expansion is now forecast to be delivered at 
us3 billion below previous expectations 
in conjunction with the announcement us400 million of capital expenditure 
was approved for plant equipment and modification and additional heavy 
machinery for use at various mine sites in the pilbara this will enable a 
targeted production of more than 330mta in 2015 and support the expected 
delivery of over 350mta in 2017 iron ore’s pilbara expansion programme 
remains the largest integrated mining project in australian history and has  
a proven record of delivering project stages on time and budget 
the rampup of cep stage two at ioc in the second half of the year delivered  
an additional 700000 tonnes of spiral capacity allowing the operation  
to increase volumes of concentrate for sinter cfs processed by gravity 
separation the project remains on track to commission an additional ball  
mill and mining equipment and to make upgrades to power distribution 
infrastructure during the second quarter of 2014 
outlook 
in line with the overall global economic outlook the longterm fundamentals 
for iron ore remain sound with demand growth tightly linked to rapid 
urbanisation and rising incomes in china and the developing world however 
iron ore prices are expected to moderate over the coming years as growth  
in lowcost seaborne supply outpaces growth in demand seaborne suppliers 
are estimated to have added more than 100mta of iron ore supply capacity  
in 2013 and exports are expected to continue gaining momentum in the short 
to medium term the majority of seaborne supply growth is expected to go  
into china and supplyside exits from chinese domestic suppliers and some  
highcost seaborne suppliers are likely with its lowcost position and proximity 
to china rio tinto is well placed to take advantage of demand growth for 
seaborne iron ore through its expansions 
iron ore 
34 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 25994 24279
operating cash flow 17880 15830
underlying earnings 9858 9247
capital expenditure 6814 7152
net operating assets 21062 21057
strategy and strategic priorities 
the iron ore product group’s strategy is based around three strategic pillars 
producing at the right cost through the utilisation of unrivalled technology 
and highperforming teams 
focusing on valuedriven growth through disciplined phasing and lowcost 
growth options 
maximising portfolio value by leveraging growth options product strategy 
and sales and supply chain capabilities 
safety 
iron ore’s safety performance improved in 2013 attaining an all injury 
frequency rate of 070 compared to 074 in 2012 the group achieved  
this improved level of performance despite facing the safety challenges  
of commissioning the 290 million tonne per annum mta expansion in  
the pilbara and preparation for and recovery from four tropical cyclones  
all of these challenges were accomplished without a fatality or serious injury  
the group did experience an increase in significant potential incidents in 2013 
particularly those involving light vehicles there was also a trend of more severe 
injuries leading to an increase in lost time at work this led to the introduction 
of programmes to address the root causes of such incidents covering 
management systems procedures and training 
throughout 2013 iron ore continued to embed a number of safety 
improvement programmes and initiatives with a particular emphasis on critical 
risk management safety leadership training and hazard awareness and on 
simplifying the way safety is managed and achieved within the organisation 
initiatives designed to recognise and reward a positive safety culture were  
also a feature of the group’s safety commitment for 2013 with more than  
1500 employeeled safety improvements recognised and shared through the 
make a difference programme new safety interaction training and a prestart 
safety pilot project were also introduced the lifesaving commitments hazard 
awareness programme which began in 2012 continued rollout in 2013 
iron ore maintained a major focus on health issues particularly emerging 
issues impacting on the mental health of employees a number of programmes 
providing support for mental health and depression rail safety education and 
flyin flyout fifo support networks for workers and their families were 
implemented and developed further throughout the year 
greenhouse gas emissions 
iron ore implemented a number of measures during the year to ensure full 
compliance with its environmental performance obligations in accordance  
with the australian energy efficiency opportunities act 2006 the group 
conducted energy assessments across 15 operations in the pilbara region  
of western australia 
more than 80 efficiency opportunities were identified which have the potential 
to reduce energy consumption of the entire pilbara operations by ten per cent 
this includes energyintensive areas such as rail and utilities and at larger 
mining operations in the east pilbara 
the decommissioning of the existing cape lambert power station − to make 
way for a new combinedcycle power station − led to improvement in the 
efficiency of rio tinto’s power generation network energy efficiency continued 
to be a focus for future mine expansions with energy reviews being conducted 
at the project design stage modifications to mine planning and fixed plant will 
deliver significant savings when these projects move into the operational phase 
for instance the electric motor replacement programme that began in 2012  
is now replacing failed motors with more energyefficient alternatives 
iron ore company of canada ioc operations delivered and contributed 
significantly to the group’s reduction in greenhouse gas emissions ghg 
intensity in 2013 primarily due to an increase in the proportion of saleable 
product produced as concentrate versus pellets concentrate is the less  
ghgintensive form of ioc’s product 
iron ore met all australian federal government requirements for the national 
greenhouse and energy reporting scheme clean energy act and energy 
efficiency opportunities act in 2013 since 2008 the group’s total greenhouse 
gas emissions intensity has improved by 74 per cent 
review of operations  
rio tinto is the second largest supplier to the world’s seaborne iron ore trade 
operations in the pilbara region of western australia comprise 15 mines  
four ports the largest privatelyowned heavy freight railway in australia and 
supporting infrastructure including the operations centre in perth ioc operates 
a mine concentrator and pelletising plant in the province of newfoundland  
and labrador together with port facilities in septîles quebec rio tinto marine 
delivers shipping services to the group including iron ore 
in 2013 the iron ore business achieved underlying earnings of us9858 
million seven per cent higher than 2012 attributable to record sales volumes  
in the pilbara a weaker australian dollar marginally higher prices and cost 
savings initiatives which enhanced earnings by us240 million us351 million  
pretax this was partly offset by a royalty claim and higher taxes following  
the introduction of mineral resources rent tax in july 2012 the five per cent 
decline in capital expenditure reflects the early completion of the port and rail 
element of the 290mta pilbara expansion in august 2013 
the iron ore group’s production levels exceeded previous records in 2013 
despite volatile weather and a fasttracked expansion schedule to produce  
266 million tonnes of iron ore globally rio tinto’s share of production was 
209 million tonnes an increase of five per cent on 2012 
iron ore prices were marginally higher in 2013 predominantly due to strong 
demand in china according to china’s national bureau of statistics the 
country’s apparent consumption of finished steel rose by 72 per cent in 2013  
to 692 million tonnes this reflected strong construction activity supported by 
favourable credit conditions in the first half of the year iron ore’s total global 
shipments in 2013 were 259 million tonnes 
quarteronquarter production records were achieved despite interruptions 
caused by conveyor belt breakage cyclone activity and significant flooding  
in the pilbara following unseasonal weather in the second quarter of 2013 
heavy tropical cyclone activity closed the ports in january and december 2013 
the latter impacting the first weeks of january 2014 and causing the closure of 
all coastal operations and all inland mine sites throughout these events the 
operations centre in perth was fundamental to ensuring optimal supply chain 
performance including minimising any impacts to production 
the challenge of operating in remote locations remained in 2013 and iron ore 
will continue to manage this closely in 2014 during the year the group ran 
improvement initiatives that focused heavily on reducing costs and driving 
productivity gains this included reducing the use of contractors reviewing  
the supplier base challenging the tactics used for equipment maintenance  
and optimising support functions 
the integration of nextgeneration technology via the mine of the future™ 
programme improved efficiencies further in 2013 across production health 
safety and environmental performance for example the autonomous haulage 
system ahs has delivered significant improvements in truck cycle times  
and realtime data generation has extended tyre life and reduced fuel usage  
and maintenance costs this has been reported through the fleet of  
riotintocomreportingcentre2013
34  
30 operational ahs trucks driving 24 million kilometres and moving more  
than 130 million tonnes of material at three mine sites – west angelas 
yandicoogina and nammuldi 
hope downs 4 iron ore’s newest mine site successfully and safely delivered  
its one millionth tonne of ore in the third quarter − an important milestone 
leading to the rampup of mining operations in 2014 
iron ore’s automated train programme autohaul™ made progress during  
the year with the upgrade of numerous level crossings hardware and software 
development of the system the iron ore group purchased 1100 ore cars and 
commissioned ten new fullyfitted locomotives in 2013 ore cars and existing 
locomotives were also fitted with electronically controlled pneumatic ecp 
brakes which has resulted in a decrease in train cycle times 
iron ore progressed key participation agreements with traditional owners  
in the pilbara allowing the group to secure land access for the life of mining 
operations new agreements with the yinhawangka and yindjibarndi people 
were finalised during the year aligned with previous agreements these 
recognise a strong commitment to regional standards and incorporate  
mutual obligations to deliver outcomes relating to employment financial 
compensation education and training heritage surveys and practices 
environmental care and land use 
in 2013 the group continued to be one of the largest private employers of 
indigenous people in western australia employing over 1700 employees and 
contractors over a18 billion in contracts for pilbara expansion were awarded 
to aboriginal businesses both individually and through joint ventures between 
january 2010 and end of 2013 rio tinto iron ore continues to be an industry 
leader in regional fifo programmes across australia with eight regional  
fifo centres in western australia alone a threeyear memorandum of 
understanding was signed with the shire of broome in 2013 and a new regional 
office was opened in busselton community initiatives stemming from the 
programme focused on education skills development and support for regional 
families including workshops and online support resources 
the wickham town expansion continued to support the growing cape lambert 
rail and port operations workforce developments in 2013 included the opening 
of cajuput village a 155 room fifo accommodation and community facility 
and the completion of phase one of the wickham south subdivision 
comprising of 212 new residential homes the wickham project also delivered 
upgrades to town services and local park redevelopments to accompany the 
recreational precinct finalised in 2012 
in 2013 rio tinto marine shipped 191 million tonnes of dry bulk cargo an 
increase of 77 per cent on 2012 the final vessel in the current new build 
programme was delivered during december and completed the suite of eight 
new vessels for the year average freight rates rose yearonyear in 2013 and 
forward markets suggest stronger freight market conditions in the future given 
slower growth in the industry’s fleet and increased cargo tonnages of bulk 
commodities entering the market from mine expansions  
ioc rio tinto share 587 per cent made good progress in 2013 the company 
capitalised on the benefits derived from commissioning the first stage of the 
concentrate expansion project cep1 and produced 86 million tonnes of 
pellets and 68 million tonnes of concentrate for sale which is an annual 
production record for concentrate despite severe weather disruptions the final 
commissioning of cep1 during the first half of the year provided the capacity  
to deliver a step change in production performance efficiency gains and overall 
operational improvement 
development projects 
the iron ore group reached a major milestone in the second half of 2013  
with the commissioning of the 290mta port and rail capacity expansion  
with this achievement iron ore has delivered the first phase of the major 
expansion of its integrated iron ore operations in the pilbara 
the successful commissioning of this expansion at a capital intensity of less 
than us140 per tonne 100 per cent added an extra annual capacity of  
70 million tonnes to the 220mta pilbara nameplate capacity the port and  
rail project was constructed four months ahead of the original schedule and 
delivered us400 million below the approved budget in addition to the new 
port all major coastal and rail infrastructure for the 290mta capacity is now 
constructed and includes 
– installation of a new 55mta ship loader at cape lambert 
– commissioning of the new car dumper 5 at cape lambert and associated 
stockyards and 
– construction of new fuel distribution facilities at cape lambert tug fuel 
facility the 10kp rail yard and the west angelas fuel hub 
development of mining operations at hope downs 4 marandoo and western 
turner syncline stage 1 which includes an overland conveyor to the  
tom price processing plant are currently in the commissioning and rampup 
phase construction of the nammuldi below water table project continues on 
schedule for commissioning later this year and the west angelas power station 
is currently in commissioning 
while completing the 290mta port and rail expansion the group made 
significant progress with the infrastructure to support further expansion  
towards 360mta capacity all marine piling activity for 360mta was completed 
at the start of the third quarter two major structural mechanical and piping 
packages valued at approximately us390 million were awarded for the same 
project during august 
in december 2013 the us310 million bungaroo water facility and associated 
87 kilometre pipeline was commissioned providing water for pilbara coastal 
operations and domestic requirements in the towns of dampier and wickham 
in november the business unveiled a breakthrough pathway to match the 
upgraded port and rail capacity which will see mine production capacity 
increase towards 360mta through a series of lowcost brownfield expansions  
at a targeted allin capital intensity of us120130 per tonne combined with  
lowcost productivity gains the expansion is now forecast to be delivered at 
us3 billion below previous expectations 
in conjunction with the announcement us400 million of capital expenditure 
was approved for plant equipment and modification and additional heavy 
machinery for use at various mine sites in the pilbara this will enable a 
targeted production of more than 330mta in 2015 and support the expected 
delivery of over 350mta in 2017 iron ore’s pilbara expansion programme 
remains the largest integrated mining project in australian history and has  
a proven record of delivering project stages on time and budget 
the rampup of cep stage two at ioc in the second half of the year delivered  
an additional 700000 tonnes of spiral capacity allowing the operation  
to increase volumes of concentrate for sinter cfs processed by gravity 
separation the project remains on track to commission an additional ball  
mill and mining equipment and to make upgrades to power distribution 
infrastructure during the second quarter of 2014 
outlook 
in line with the overall global economic outlook the longterm fundamentals 
for iron ore remain sound with demand growth tightly linked to rapid 
urbanisation and rising incomes in china and the developing world however 
iron ore prices are expected to moderate over the coming years as growth  
in lowcost seaborne supply outpaces growth in demand seaborne suppliers 
are estimated to have added more than 100mta of iron ore supply capacity  
in 2013 and exports are expected to continue gaining momentum in the short 
to medium term the majority of seaborne supply growth is expected to go  
into china and supplyside exits from chinese domestic suppliers and some  
highcost seaborne suppliers are likely with its lowcost position and proximity 
to china rio tinto is well placed to take advantage of demand growth for 
seaborne iron ore through its expansions 
iron ore 
34 
riotintocomreportingcentre2013 
financial performance 
  
2013  
us million 
2012 
us million
revenue 25994 24279
operating cash flow 17880 15830
underlying earnings 9858 9247
capital expenditure 6814 7152
net operating assets 21062 21057
strategy and strategic priorities 
the iron ore product group’s strategy is based around three strategic pillars 
producing at the right cost through the utilisation of unrivalled technology 
and highperforming teams 
focusing on valuedriven growth through disciplined phasing and lowcost 
growth options 
maximising portfolio value by leveraging growth options product strategy 
and sales and supply chain capabilities 
safety 
iron ore’s safety performance improved in 2013 attaining an all injury 
frequency rate of 070 compared to 074 in 2012 the group achieved  
this improved level of performance despite facing the safety challenges  
of commissioning the 290 million tonne per annum mta expansion in  
the pilbara and preparation for and recovery from four tropical cyclones  
all of these challenges were accomplished without a fatality or serious injury  
the group did experience an increase in significant potential incidents in 2013 
particularly those involving light vehicles there was also a trend of more severe 
injuries leading to an increase in lost time at work this led to the introduction 
of programmes to address the root causes of such incidents covering 
management systems procedures and training 
throughout 2013 iron ore continued to embed a number of safety 
improvement programmes and initiatives with a particular emphasis on critical 
risk management safety leadership training and hazard awareness and on 
simplifying the way safety is managed and achieved within the organisation 
initiatives designed to recognise and reward a positive safety culture were  
also a feature of the group’s safety commitment for 2013 with more than  
1500 employeeled safety improvements recognised and shared through the 
make a difference programme new safety interaction training and a prestart 
safety pilot project were also introduced the lifesaving commitments hazard 
awareness programme which began in 2012 continued rollout in 2013 
iron ore maintained a major focus on health issues particularly emerging 
issues impacting on the mental health of employees a number of programmes 
providing support for mental health and depression rail safety education and 
flyin flyout fifo support networks for workers and their families were 
implemented and developed further throughout the year 
greenhouse gas emissions 
iron ore implemented a number of measures during the year to ensure full 
compliance with its environmental performance obligations in accordance  
with the australian energy efficiency opportunities act 2006 the group 
conducted energy assessments across 15 operations in the pilbara region  
of western australia 
more than 80 efficiency opportunities were identified which have the potential 
to reduce energy consumption of the entire pilbara operations by ten per cent 
this includes energyintensive areas such as rail and utilities and at larger 
mining operations in the east pilbara 
the decommissioning of the existing cape lambert power station − to make 
way for a new combinedcycle power station − led to improvement in the 
efficiency of rio tinto’s power generation network energy efficiency continued 
to be a focus for future mine expansions with energy reviews being conducted 
at the project design stage modifications to mine planning and fixed plant will 
deliver significant savings when these projects move into the operational phase 
for instance the electric motor replacement programme that began in 2012  
is now replacing failed motors with more energyefficient alternatives 
iron ore company of canada ioc operations delivered and contributed 
significantly to the group’s reduction in greenhouse gas emissions ghg 
intensity in 2013 primarily due to an increase in the proportion of saleable 
product produced as concentrate versus pellets concentrate is the less  
ghgintensive form of ioc’s product 
iron ore met all australian federal government requirements for the national 
greenhouse and energy reporting scheme clean energy act and energy 
efficiency opportunities act in 2013 since 2008 the group’s total greenhouse 
gas emissions intensity has improved by 74 per cent 
review of operations  
rio tinto is the second largest supplier to the world’s seaborne iron ore trade 
operations in the pilbara region of western australia comprise 15 mines  
four ports the largest privatelyowned heavy freight railway in australia and 
supporting infrastructure including the operations centre in perth ioc operates 
a mine concentrator and pelletising plant in the province of newfoundland  
and labrador together with port facilities in septîles quebec rio tinto marine 
delivers shipping services to the group including iron ore 
in 2013 the iron ore business achieved underlying earnings of us9858 
million seven per cent higher than 2012 attributable to record sales volumes  
in the pilbara a weaker australian dollar marginally higher prices and cost 
savings initiatives which enhanced earnings by us240 million us351 million  
pretax this was partly offset by a royalty claim and higher taxes following  
the introduction of mineral resources rent tax in july 2012 the five per cent 
decline in capital expenditure reflects the early completion of the port and rail 
element of the 290mta pilbara expansion in august 2013 
the iron ore group’s production levels exceeded previous records in 2013 
despite volatile weather and a fasttracked expansion schedule to produce  
266 million tonnes of iron ore globally rio tinto’s share of production was 
209 million tonnes an increase of five per cent on 2012 
iron ore prices were marginally higher in 2013 predominantly due to strong 
demand in china according to china’s national bureau of statistics the 
country’s apparent consumption of finished steel rose by 72 per cent in 2013  
to 692 million tonnes this reflected strong construction activity supported by 
favourable credit conditions in the first half of the year iron ore’s total global 
shipments in 2013 were 259 million tonnes 
quarteronquarter production records were achieved despite interruptions 
caused by conveyor belt breakage cyclone activity and significant flooding  
in the pilbara following unseasonal weather in the second quarter of 2013 
heavy tropical cyclone activity closed the ports in january and december 2013 
the latter impacting the first weeks of january 2014 and causing the closure of 
all coastal operations and all inland mine sites throughout these events the 
operations centre in perth was fundamental to ensuring optimal supply chain 
performance including minimising any impacts to production 
the challenge of operating in remote locations remained in 2013 and iron ore 
will continue to manage this closely in 2014 during the year the group ran 
improvement initiatives that focused heavily on reducing costs and driving 
productivity gains this included reducing the use of contractors reviewing  
the supplier base challenging the tactics used for equipment maintenance  
and optimising support functions 
the integration of nextgeneration technology via the mine of the future™ 
programme improved efficiencies further in 2013 across production health 
safety and environmental performance for example the autonomous haulage 
system ahs has delivered significant improvements in truck cycle times  
and realtime data generation has extended tyre life and reduced fuel usage  
and maintenance costs this has been reported through the fleet of  
riotintocomreportingcentre2013
35
strategic report financial statements directors’ report production reserves and operations additional information technology  innovation 
37 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
rio tinto’s technology  innovation group ti collectively seeks to maximise 
total shareholder returns by partnering with supporting and constructively 
challenging product groups and functions in productivity improvement 
technical assurance project delivery and innovation ti focuses on creating 
sustainable value and competitive advantage by making improvements to  
the way rio tinto operates ti also provides technical insights and support  
to review and mitigate critical risk factors across rio tinto 
ti’s gross costs in 2013 were us370 million compared with us415 million 
in 2012 and us343 million in 2011 2013 costs decreased compared with  
2012 due to reductions in headcount innovation spend and travel 
the total number of employees in ti decreased from 1031 at yearend  
2012 to 730 at yearend 2013  
strategy and strategic priorities  
ti is focused on four strategic pillars of work to support the broader rio tinto 
group productivity improvement innovation technical assurance and project 
development and implementation each of these four pillars is underpinned  
by a centralised team of industry experts and professionals leveraging their 
collective technical capability across rio tinto’s businesses to deliver enhanced 
value for shareholders  
safety  
ti is committed to the safe operation of its facilities and to the safe 
deployment of its personnel the all injury frequency rate for ti in 2013  
was 063 compared to 157 in 2012 the improvement of this measure was 
primarily attributed to a tighter focus on existing safety efforts particularly 
across rio tinto’s capital projects  
performance 
innovation  
innovation is the research and development group within ti its focus is  
on developing stepchange technologies including the mine of the future
tm
 
programme which addresses the significant challenges facing the  
mining industry in 2013 innovation continued to support the iron ore product 
group in its drive to capture safety and productivity benefits by way of ongoing 
deployment of what will be amongst the world’s largest fleet of autonomous 
haulage vehicles in its pilbara mining operations the rio tinto mine 
automation system and advanced visualisation technology were deployed  
to selected group operations with further deployments scheduled 
encouraging progress continues in the area of advanced mineral recovery 
innovation’s copper recovery technology peak air recovery progressed 
through initial trials and is now undergoing final trials prior to commercial 
deployment building upon experience gained from the iron ore operations 
centre in perth australia a new range of systems for remote production 
process monitoring and optimisation have been commissioned this next 
generation “excellence centre” ec technology platform allows for near  
realtime monitoring and optimisation of remote operating facilities it utilises 
advanced data management integrated with human systems the ec provides 
rio tinto with the capability for continuous global coverage of managed 
business unit production facilities the first processing ec was successfully 
operated throughout 2013 delivering technical support and measurable value 
to operating business units connections to remote copper concentrators  
and most recently coal washing facilities have been successfully established 
the ec platform will be further deployed across the group and will encompass 
the next generation of advanced remote technical support to operations 
innovation uses a network of partnerships with organisations and institutions 
around the world which provides a vast and interconnected group of world
class experts to generate solutions the university of nottingham uk was 
added to this network in 2013 with the rio tinto centre for emergent 
technologies inaugurated on 3 december also in 2013 rio tinto and  
chinalco agreed to explore a partnership to bring forward the next era of  
mining technology aimed at delivering significant value and reshaping  
industry best practice  
productivity improvement  
with the organisational focus on improving productivity across rio tinto the 
mineral technology services and the mining and asset management centre 
were combined to form productivity improvement the focus of this team is to 
help the business identify and implement significant productivity improvements 
by aligning performance with clear productivity metrics improving productivity 
diagnostics establishing internal and external benchmarking and by 
constructively challenging and testing proposed plans for productivity 
improvements this team also provides technical insights into risk mitigation 
with expertise in the areas of geology geotechnics mining mineral processing 
dams and tailings process control and hydrogeology  
ti also includes a strategic production planning spp team that works  
with business units to develop comprehensive plans and valuations of strategic 
development options results from spp provide a logical resource development 
framework for detailed studies and investment decisionmaking 
project development  implementation  
during 2013 project development  implementation pdi reshaped its 
operating structure to align with the completion of existing capital projects the 
general streamlining of organisational hierarchies and the reduction in capital 
spending across rio tinto over the next few years under the revised structure 
rio tinto is committed to an independent project management office pmo 
and two regionallybased project delivery hubs one for australasia and the 
other for the americas  africa 
in line with rio tinto’s commitment to pursue greater value for shareholders 
pdi is now delivering capital projects within a recentlydeveloped capital 
projects framework the framework provides rio tinto with a disciplined 
approach to managing its projects and provides processes and tools 
governance reporting and assurance to those who are responsible for capital  
throughout this past year of change pdi remained focused on the safe 
transition and handover of us7 billion of capital projects including kestrel 
mine extension argyle underground project energy resources of australia’s 
brine concentrator port waratah kooragang kemano power stage 1 and the 
ap60 aluminium smelter  
technical assurance  
technical assurance is a team of internal professionals responsible for 
rigorously reviewing all major project proposals their role is to ensure that  
rio tinto’s investment committee and board are provided with independent 
technical assessments to support their decisionmaking throughout 2013 
technical assurance focused its attention on strengthening the group’s due 
diligence and investment committee processes technical assurance also 
provides support to the business for a range of other technical compliance  
and governance activities such as postinvestment reviews due diligence 
management of the group’s reserves and resources and general  
technical reviews  
outlook  
ti will continue to add value to the group by working with the business  
units on productivity improvements in addition ti will look for alternative 
approaches for funding of innovation projects to react to changes in the  
group’s cash position and capital spend constraints despite these changes  
and challenges ti will continue to maintain a culture that places a high 
priority on safety and safety improvement in 2014 ti will focus on four  
main areas partnering with product groups and functions on productivity 
improvement the safe and efficient development and implementation of capital 
projects the pursuit of the mine of the future™ programme as well as the 
development of innovative alliances and relationships and technical assurance 
all of these will create competitive advantage for the group this will position 
ti to support the business where commercial and technical expertise and 
external networks will have the largest benefit to rio tinto and its shareholders 
exploration 
36 
riotintocomreportingcentre2013 
rio tinto has had a sustained commitment to exploration since 1946 and  
an exceptional track record in mineral discovery success mature operations 
such as weipa the pilbara and rössing were tier 1 greenfield discoveries  
by rio tinto where value is still being realised after more than 40 years of 
production in march 2013 restructuring resulted in the exploration group 
reporting to the chief financial officer  
strategy 
the goal of exploration is to create value for rio tinto through discovery  
or acquisition of tier 1 resources that are well located and high grade to 
supplement the group’s existing highquality resource base the exploration 
group performs both greenfield and brownfield exploration programmes and 
undertakes focused research and development to aid the exploration effort 
greenfield exploration aims to establish completely new operating business 
units involving among other objectives geographic or commodity 
diversification brownfield exploration is directed at sustaining or growing 
existing group businesses in the orbit of existing operations and provides 
significant value to the product groups  
additionally exploration supports the product groups with orebody knowledge 
expertise and supports the business development groups in evaluating merger 
and acquisition opportunities it also supports the economics team with supply 
forecasts to pass community sustainability and investment hurdles the 
exploration process can take ten to 20 years to progress from target generation 
to development decisions enhancing and reaffirming the core exploration 
strategy linked to the application of a rigorous global prioritisation process  
has accelerated in tier 1 discoveries since 2000 tier 1 discoveries over the  
past decade are 
year discovery commodity  location 
2004 simandou  iron ore guinea 
2005 la granja copper peru 
2005 caliwingina  iron ore australia 
2008 sulawesi nickel indonesia 
2008 mutamba  titanium mozambique 
2009 jadar lithiumborates serbia 
2011 amargosa bauxite brazil 
2013 kp405 potash canada 
 
at the end of 2013 the exploration group was active in 20 countries and 
assessing opportunities in others for a range of commodities including iron ore 
copper bauxite coking coal nickel potash uranium diamonds and mineral 
sands exploration activities in china were conducted through crtx the joint 
venture between chinalco 51 per cent and rio tinto 49 per cent diamond 
exploration was transitioned from the diamonds  minerals group back to 
exploration during 2013 and features an active project in india 
the exploration group is organised into regional multicommodity teams 
headquartered in singapore london salt lake city brisbane and beijing  
and supported by a team of technical and commodity professionals this 
structure provides a global reach and a local presence that allows for effective 
community engagement and development of the group’s social licence  
to operate 
safety 
the exploration group’s all injury frequency rate improved significantly  
from 141 at the end of 2012 to 049 at the end of 2013 the improvement 
across all regions coincided with the exploration group implementing the 
improving project performance initiative this also produced results in 
operational performance 
performance 
the order of magnitude study was completed on the saskatchewan potash 
project in canada a joint venture with north atlantic potash inc a subsidiary  
of js acron in early 2013 and the project handed over to rio tinto minerals  
a drilling programme at the tamarack project in minnesota us has continued  
to further extend the nickelcopperprecious metal resource additional  
drilling is planned in 2014 to follow up extensions to the known mineralisation 
drilling at the roughrider uranium project in saskatchewan has increased the 
understanding of the resources and indicated further extensions to the known 
mineralisation regional exploration across rio tinto’s saskatchewan tenure 
has generated numerous targets for followup drilling in 2014 in laos orebody 
knowledge at the sanxai bauxite project advanced through auger drilling  
across the prospective areas the amargosa bauxite project in brazil has also 
progressed through an order of magnitude study with drilling and mapping 
advancing a number of brownfield areas in the amargosa orbit 
brownfield projects generated good drilling results at the yandi braid and 
munjina iron ore projects in the pilbara and coking coal projects at winchester 
south mt robert hillalong and valeria in the bowen basin australia drilling 
out of the z20 uranium resource on the rössing mine lease in namibia was 
completed and the project handed over to the energy product group 
effective data and information management lies at the heart of the exploration 
group significant efficiency improvements have been achieved by organising 
data in structured managed systems accessible via intuitive user interfaces 
progress continued on the development of the vk1 airborne gravity 
gradiometer with further test flying undertaken in 2013 in addition to 
exploration’s projects the group’s major evaluation projects in 2013 were  
project commodity country  
la granja copper peru 
resolution copper us 
pilbara iron ore australia 
bowen basin coking coal australia 
simandou iron ore guinea 
 
in 2013 the group reduced its exploration and evaluation expenditure to 
us948 million exceeding the reduction target of us750 million by more than 
a third this represented a 52 per cent decrease compared to 2012 expenditure 
of us1971 million in addition to gross expenditure the group wrote down 
us159 million of exploration assets of the 2013 spend us178 million  
relates to global exploration group activity in total rio tinto’s exploration  
and evaluation activity covered ten commodities in 2013 across a range  
of greenfield and brownfield environments 
outlook 
the exploration group will continue to work on a prioritised portfolio of 
greenfield and brownfield projects in 2014 maintaining a robust exploration 
pipeline by identifying and securing access to the best quality opportunities  
will be a key enabler of longterm success continuing challenges are expected 
to include the decreasing grade and quality for most commodities and 
exploring in more difficult jurisdictions and at depth the exploration group  
will focus on project generation in a number of key environments as well  
as testing of targets within the portfolio for 2014 the projects at a more  
advanced stage include 
project commodity country  type stage 
tamarack nickel us    gf project of merit 
roughrider uranium canada  gf order of magnitude 
sanxai bauxite laos  gf project of merit 
amargosa orbit bauxite brazil  gf order of magnitude 
bowen basin coking coal australia  bf project of merit 
pilbara iron ore australia bf project of merit 
gf greenfield project 
bf brownfield project
riotintocomreportingcentre2013
36 technology  innovation 
37 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
rio tinto’s technology  innovation group ti collectively seeks to maximise 
total shareholder returns by partnering with supporting and constructively 
challenging product groups and functions in productivity improvement 
technical assurance project delivery and innovation ti focuses on creating 
sustainable value and competitive advantage by making improvements to  
the way rio tinto operates ti also provides technical insights and support  
to review and mitigate critical risk factors across rio tinto 
ti’s gross costs in 2013 were us370 million compared with us415 million 
in 2012 and us343 million in 2011 2013 costs decreased compared with  
2012 due to reductions in headcount innovation spend and travel 
the total number of employees in ti decreased from 1031 at yearend  
2012 to 730 at yearend 2013  
strategy and strategic priorities  
ti is focused on four strategic pillars of work to support the broader rio tinto 
group productivity improvement innovation technical assurance and project 
development and implementation each of these four pillars is underpinned  
by a centralised team of industry experts and professionals leveraging their 
collective technical capability across rio tinto’s businesses to deliver enhanced 
value for shareholders  
safety  
ti is committed to the safe operation of its facilities and to the safe 
deployment of its personnel the all injury frequency rate for ti in 2013  
was 063 compared to 157 in 2012 the improvement of this measure was 
primarily attributed to a tighter focus on existing safety efforts particularly 
across rio tinto’s capital projects  
performance 
innovation  
innovation is the research and development group within ti its focus is  
on developing stepchange technologies including the mine of the future
tm
 
programme which addresses the significant challenges facing the  
mining industry in 2013 innovation continued to support the iron ore product 
group in its drive to capture safety and productivity benefits by way of ongoing 
deployment of what will be amongst the world’s largest fleet of autonomous 
haulage vehicles in its pilbara mining operations the rio tinto mine 
automation system and advanced visualisation technology were deployed  
to selected group operations with further deployments scheduled 
encouraging progress continues in the area of advanced mineral recovery 
innovation’s copper recovery technology peak air recovery progressed 
through initial trials and is now undergoing final trials prior to commercial 
deployment building upon experience gained from the iron ore operations 
centre in perth australia a new range of systems for remote production 
process monitoring and optimisation have been commissioned this next 
generation “excellence centre” ec technology platform allows for near  
realtime monitoring and optimisation of remote operating facilities it utilises 
advanced data management integrated with human systems the ec provides 
rio tinto with the capability for continuous global coverage of managed 
business unit production facilities the first processing ec was successfully 
operated throughout 2013 delivering technical support and measurable value 
to operating business units connections to remote copper concentrators  
and most recently coal washing facilities have been successfully established 
the ec platform will be further deployed across the group and will encompass 
the next generation of advanced remote technical support to operations 
innovation uses a network of partnerships with organisations and institutions 
around the world which provides a vast and interconnected group of world
class experts to generate solutions the university of nottingham uk was 
added to this network in 2013 with the rio tinto centre for emergent 
technologies inaugurated on 3 december also in 2013 rio tinto and  
chinalco agreed to explore a partnership to bring forward the next era of  
mining technology aimed at delivering significant value and reshaping  
industry best practice  
productivity improvement  
with the organisational focus on improving productivity across rio tinto the 
mineral technology services and the mining and asset management centre 
were combined to form productivity improvement the focus of this team is to 
help the business identify and implement significant productivity improvements 
by aligning performance with clear productivity metrics improving productivity 
diagnostics establishing internal and external benchmarking and by 
constructively challenging and testing proposed plans for productivity 
improvements this team also provides technical insights into risk mitigation 
with expertise in the areas of geology geotechnics mining mineral processing 
dams and tailings process control and hydrogeology  
ti also includes a strategic production planning spp team that works  
with business units to develop comprehensive plans and valuations of strategic 
development options results from spp provide a logical resource development 
framework for detailed studies and investment decisionmaking 
project development  implementation  
during 2013 project development  implementation pdi reshaped its 
operating structure to align with the completion of existing capital projects the 
general streamlining of organisational hierarchies and the reduction in capital 
spending across rio tinto over the next few years under the revised structure 
rio tinto is committed to an independent project management office pmo 
and two regionallybased project delivery hubs one for australasia and the 
other for the americas  africa 
in line with rio tinto’s commitment to pursue greater value for shareholders 
pdi is now delivering capital projects within a recentlydeveloped capital 
projects framework the framework provides rio tinto with a disciplined 
approach to managing its projects and provides processes and tools 
governance reporting and assurance to those who are responsible for capital  
throughout this past year of change pdi remained focused on the safe 
transition and handover of us7 billion of capital projects including kestrel 
mine extension argyle underground project energy resources of australia’s 
brine concentrator port waratah kooragang kemano power stage 1 and the 
ap60 aluminium smelter  
technical assurance  
technical assurance is a team of internal professionals responsible for 
rigorously reviewing all major project proposals their role is to ensure that  
rio tinto’s investment committee and board are provided with independent 
technical assessments to support their decisionmaking throughout 2013 
technical assurance focused its attention on strengthening the group’s due 
diligence and investment committee processes technical assurance also 
provides support to the business for a range of other technical compliance  
and governance activities such as postinvestment reviews due diligence 
management of the group’s reserves and resources and general  
technical reviews  
outlook  
ti will continue to add value to the group by working with the business  
units on productivity improvements in addition ti will look for alternative 
approaches for funding of innovation projects to react to changes in the  
group’s cash position and capital spend constraints despite these changes  
and challenges ti will continue to maintain a culture that places a high 
priority on safety and safety improvement in 2014 ti will focus on four  
main areas partnering with product groups and functions on productivity 
improvement the safe and efficient development and implementation of capital 
projects the pursuit of the mine of the future™ programme as well as the 
development of innovative alliances and relationships and technical assurance 
all of these will create competitive advantage for the group this will position 
ti to support the business where commercial and technical expertise and 
external networks will have the largest benefit to rio tinto and its shareholders 
exploration 
36 
riotintocomreportingcentre2013 
rio tinto has had a sustained commitment to exploration since 1946 and  
an exceptional track record in mineral discovery success mature operations 
such as weipa the pilbara and rössing were tier 1 greenfield discoveries  
by rio tinto where value is still being realised after more than 40 years of 
production in march 2013 restructuring resulted in the exploration group 
reporting to the chief financial officer  
strategy 
the goal of exploration is to create value for rio tinto through discovery  
or acquisition of tier 1 resources that are well located and high grade to 
supplement the group’s existing highquality resource base the exploration 
group performs both greenfield and brownfield exploration programmes and 
undertakes focused research and development to aid the exploration effort 
greenfield exploration aims to establish completely new operating business 
units involving among other objectives geographic or commodity 
diversification brownfield exploration is directed at sustaining or growing 
existing group businesses in the orbit of existing operations and provides 
significant value to the product groups  
additionally exploration supports the product groups with orebody knowledge 
expertise and supports the business development groups in evaluating merger 
and acquisition opportunities it also supports the economics team with supply 
forecasts to pass community sustainability and investment hurdles the 
exploration process can take ten to 20 years to progress from target generation 
to development decisions enhancing and reaffirming the core exploration 
strategy linked to the application of a rigorous global prioritisation process  
has accelerated in tier 1 discoveries since 2000 tier 1 discoveries over the  
past decade are 
year discovery commodity  location 
2004 simandou  iron ore guinea 
2005 la granja copper peru 
2005 caliwingina  iron ore australia 
2008 sulawesi nickel indonesia 
2008 mutamba  titanium mozambique 
2009 jadar lithiumborates serbia 
2011 amargosa bauxite brazil 
2013 kp405 potash canada 
 
at the end of 2013 the exploration group was active in 20 countries and 
assessing opportunities in others for a range of commodities including iron ore 
copper bauxite coking coal nickel potash uranium diamonds and mineral 
sands exploration activities in china were conducted through crtx the joint 
venture between chinalco 51 per cent and rio tinto 49 per cent diamond 
exploration was transitioned from the diamonds  minerals group back to 
exploration during 2013 and features an active project in india 
the exploration group is organised into regional multicommodity teams 
headquartered in singapore london salt lake city brisbane and beijing  
and supported by a team of technical and commodity professionals this 
structure provides a global reach and a local presence that allows for effective 
community engagement and development of the group’s social licence  
to operate 
safety 
the exploration group’s all injury frequency rate improved significantly  
from 141 at the end of 2012 to 049 at the end of 2013 the improvement 
across all regions coincided with the exploration group implementing the 
improving project performance initiative this also produced results in 
operational performance 
performance 
the order of magnitude study was completed on the saskatchewan potash 
project in canada a joint venture with north atlantic potash inc a subsidiary  
of js acron in early 2013 and the project handed over to rio tinto minerals  
a drilling programme at the tamarack project in minnesota us has continued  
to further extend the nickelcopperprecious metal resource additional  
drilling is planned in 2014 to follow up extensions to the known mineralisation 
drilling at the roughrider uranium project in saskatchewan has increased the 
understanding of the resources and indicated further extensions to the known 
mineralisation regional exploration across rio tinto’s saskatchewan tenure 
has generated numerous targets for followup drilling in 2014 in laos orebody 
knowledge at the sanxai bauxite project advanced through auger drilling  
across the prospective areas the amargosa bauxite project in brazil has also 
progressed through an order of magnitude study with drilling and mapping 
advancing a number of brownfield areas in the amargosa orbit 
brownfield projects generated good drilling results at the yandi braid and 
munjina iron ore projects in the pilbara and coking coal projects at winchester 
south mt robert hillalong and valeria in the bowen basin australia drilling 
out of the z20 uranium resource on the rössing mine lease in namibia was 
completed and the project handed over to the energy product group 
effective data and information management lies at the heart of the exploration 
group significant efficiency improvements have been achieved by organising 
data in structured managed systems accessible via intuitive user interfaces 
progress continued on the development of the vk1 airborne gravity 
gradiometer with further test flying undertaken in 2013 in addition to 
exploration’s projects the group’s major evaluation projects in 2013 were  
project commodity country  
la granja copper peru 
resolution copper us 
pilbara iron ore australia 
bowen basin coking coal australia 
simandou iron ore guinea 
 
in 2013 the group reduced its exploration and evaluation expenditure to 
us948 million exceeding the reduction target of us750 million by more than 
a third this represented a 52 per cent decrease compared to 2012 expenditure 
of us1971 million in addition to gross expenditure the group wrote down 
us159 million of exploration assets of the 2013 spend us178 million  
relates to global exploration group activity in total rio tinto’s exploration  
and evaluation activity covered ten commodities in 2013 across a range  
of greenfield and brownfield environments 
outlook 
the exploration group will continue to work on a prioritised portfolio of 
greenfield and brownfield projects in 2014 maintaining a robust exploration 
pipeline by identifying and securing access to the best quality opportunities  
will be a key enabler of longterm success continuing challenges are expected 
to include the decreasing grade and quality for most commodities and 
exploring in more difficult jurisdictions and at depth the exploration group  
will focus on project generation in a number of key environments as well  
as testing of targets within the portfolio for 2014 the projects at a more  
advanced stage include 
project commodity country  type stage 
tamarack nickel us    gf project of merit 
roughrider uranium canada  gf order of magnitude 
sanxai bauxite laos  gf project of merit 
amargosa orbit bauxite brazil  gf order of magnitude 
bowen basin coking coal australia  bf project of merit 
pilbara iron ore australia bf project of merit 
gf greenfield project 
bf brownfield project
riotintocomreportingcentre2013
37
strategic report financial statements directors’ report production reserves and operations additional information financial review 
38 
riotintocomreportingcentre2013 
group finance 
overview of the group finance functions 
the chief financial officer leads a multidisciplinary team tasked with  
delivering and implementing group financial strategy in addition to providing  
decisionmaking support and guidance to the group’s key management and  
its operating business units separate specialist functions are established  
with responsibility for financial reporting management reporting economic 
analysis investor relations taxation treasury assurance business 
development and project evaluation specialists in tax financial reporting and 
treasury monitor regulatory compliance and financial developments frequently 
engaging with industrywide discussion groups and regulatory bodies these 
specialists work across the disciplines to evaluate the impact of changes in 
regulatory fiscal economic and other business conditions on planning and 
forecasting financial reporting key decisionmaking within the organisation 
and on external stakeholders the exploration group also reports to the  
chief financial officer 
the group’s operating model also includes the use of shared services for 
supporting the business in process delivery shared services are focused on 
efficient and effective delivery of transactional professional or specialised 
services to our entire business shared services work relates to business 
processes which are not unique to rio tinto allowing value improvements 
through outsourcing these support services report to the group executive 
organisational resources and have responsibility for transactional aspects of 
financial management and reporting human resources information systems 
and technology procurement and group property 
role of the group finance function in 2013 
with market conditions remaining volatile the finance function has played  
a key role in helping the business to reduce costs improve capital allocation 
and strengthen the balance sheet during 2013 the group raised a total of 
us3 billion of fixed and floating rate bonds  
the finance function was closely involved with supporting the implementation 
and monitoring of cost reduction initiatives the group achieved a us23 
billion improvement in operating cash costs for 2013 exceeding the target  
of us2 billion this in conjunction with a us1023 million reduction in 
exploration and evaluation costs exceeding the reduction target of us750 
million demonstrates that the group has made strong progress to sustainably 
reduce its operating cost base and realise productivity gains across its portfolio  
these initiatives were supported by the expanded use of the shared services 
operating model to streamline process delivery 
furthermore the function has been instrumental in enhancing the group’s 
capital allocation process it has provided strategic support and guidance to 
senior management with evaluation and analysis that allows decision makers 
to prioritise only the highestreturning projects capital expenditure is expected 
to almost halve from a peak of us176 billion in 2012 to around us80 billion 
in 2015 in the pursuit of maximising returns to shareholders whilst 
strengthening the balance sheet 
in further support of the group’s 2013 priorities the finance team worked  
on reshaping the portfolio by selling noncore assets divestments totalling 
us35 billion were announced or completed in 2013 with proceeds of  
us25 billion received during the year 
in addition in 2013 the group published its third comprehensive taxes  
paid report which covered the year ended 31 december 2012 the report  
provided detailed analysis of rio tinto’s us116 billion contribution in  
global tax payments 
during 2014 rio tinto’s finance function will continue its focus on supporting 
senior management and product groups to achieve the target of us3 billion  
in operating cash cost improvements compared with 2012 and leveraging 
opportunities to reshape the portfolio the finance function will remain 
focused on providing highquality financial strategy and decisionmaking 
support together with compliant and informative reporting whilst pursuing 
capital management and development opportunities that are consistent with 
the group’s strategy 
2013 performance highlights 
the key metrics for group financial management and planning are summarised 
below more detailed information including reconciliation to the appropriate 
statutory financial statement measures is included in the additional financial 
information section of the directors’ report on pages 47 to 52 
2013  
us million 
2012 
us million
2011 
us million
underlying earnings 
a
 10217 9269 15572
net earningsloss
 a
 3665 3028 5835
cash flows from operations 20131 16521 27609
net debt 18055 19192 8342
total capital  71557 76932 67226
a underlying earnings is the key financial performance indicator which management 
uses internally to assess performance it is presented here as a measure of earnings  
to provide greater understanding of the underlying business performance of the group 
items excluded from net earnings to arrive at underlying earnings are explained in  
note 2 to the financial statements both net earnings and underlying earnings deal 
with amounts attributable to the owners of rio tinto however eu ifrs requires that 
the profit for the year reported in the income statement should also include earnings 
attributable to noncontrolling interests in subsidiaries comparative information has 
been restated to reflect a number of new accounting standards see note 2 to the 
financial statements  
increased underlying earnings reflect the favourable impact of operating  
cash cost improvements including exploration and evaluation savings 
improved sales volumes and overall strengthening of the us dollar against  
local currencies this was offset by lower prices in all of the group’s main 
commodities other than iron ore inflation and increased tax charges  
primarily attributable to utilisation of minerals resource rent tax mrrt 
deferred tax assets 
net earnings of us37 billion reflect noncash exchange losses of  
us29 billion and impairments of us34 billion including impairment of 
previous years’ noncash accounting uplifts on initial consolidation of certain 
turquoise hill assets including oyu tolgoi a significant project cost overrun  
at kitimat and of the gove alumina refinery following an announcement to  
curtail production 
cash flows from operations which include dividends from equity accounted 
units at 22 per cent above 2012 reflect the positive impact of higher volumes 
and cost reduction initiatives 
net debt decreased from us192 billion at 31 december 2012 to us181 
billion at 31 december 2013 as operating cash inflows and divestment proceeds 
fully offset the outflows relating to capital expenditure and the increased 
dividend payment net debt to total capital was 25 per cent at 31 december 
2013 and interest cover was 13 times both unchanged from the prior year  
the board’s objective when managing capital is to safeguard the business  
as a going concern whilst maximising returns for the group’s shareholders  
in practice this involves regular reviews by the board and senior management 
these reviews take into account the group’s strategic priorities economic and 
business conditions and opportunities that are identified to invest across all 
points of the commodities cycle the resulting capital structure provides the 
group with a high degree of financial flexibility at a low cost of capital 
 
riotintocomreportingcentre2013
38 five year review 
39 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
selected financial data 
the selected consolidated financial information below has been derived from the historical audited consolidated financial statements of the rio tinto group  
the selected consolidated financial data should be read in conjunction with and qualified in their entirety by reference to the 2013 financial statements and  
notes thereto the financial statements as included on pages 111 to 193 have been prepared in accordance with international financial reporting standards  
as adopted by the european union eu ifrs  
rio tinto group 
income statement data 
for the years ending 31 december  
amounts in accordance with eu ifrs 
2013 
usm
restated
c
2012    
usm   
restated
c
 
2011     
usm    
2010
c
 
usm   
2009
c
 
usm   
consolidated sales revenue 51171 50942 60529 55171 40262 
group operating lossprofit 
a
 7430 1925 14037 19608 7506 
profitloss for the year from continuing operations 1079 3020 6800 15195 5784 
loss after tax from discontinued operations 7  10 97 449 
profitloss for the year 1079 3027 6790 15098 5335 
basic lossesearnings per share     
lossprofit from continuing operations us cents 1984 1634 3039 7310 3017 
loss after tax from discontinued operations us cents 04 05 49 255 
lossprofit for the year per share us cents 1984 1638 3034 7261 2762 
diluted lossesearnings per share     
lossprofit from continuing operations us cents 1973 1634 3020 7267 3007 
loss after tax from discontinued operations us cents 04 05 49 254 
lossprofit for the year per share us cents 1973 1638 3015 7218 2753 
 
dividends per share 2013 2012 2011 2010 2009   
dividends declared during the year    
us cents   
– interim 835 725 540 450 – 
– final  1085 945 910 630 450 
uk pence   
– interim 543 464 331 282 – 
– final  658 603 573 391 288 
australian cents   
– interim 930 685 498 493 – 
– final  12014 91 7 842 619 516 
dividends paid during the year us cents 
b
   
– ordinary  1780 1635 1170 900 556 
weighted average number of shares – basic millions 
b
 18473 18491 19231 19610 17636 
weighted average number of shares – diluted millions 
b
 18577 18491 19355 19726 17696 
statement of financial position data           
at 31 december  
amounts in accordance with eu ifrs 
2013 
usm
restated
c
2012    
usm   
restated
c
 
2011     
usm    
2010
c
 
usm   
2009
c
 
usm   
total assets 111025 118437 120152 112773 97236 
share capitalpremium 9410 10189 10024 10105 9344 
total equitynet assets 53502 57740 58884 64512 45925 
equity attributable to owners of rio tinto  45886 46553 52199 58247 43831 
a group operating loss or profit under eu ifrs includes the effects of charges and reversals resulting from impairments other than impairments of equity accounted units and profit and 
loss on disposals of interests in businesses group operating loss or profit amounts shown above exclude equity accounted operations finance items tax and discontinued operations 
b in accordance with ias 33 “earnings per share” the effects of antidilutive potential have not been included when calculating diluted loss per share for the year ended  
31 december 2012 
c the financial statements for the years ended 31 december 2012 and 31 december 2011 have been restated for the impact of ifrs 11 joint arrangements ias 19r revised 2011 
employee benefits and ifric 20 stripping costs in the production phase of a surface mine additional detail on the restatements is given in note 46 to the financial statements on page 
191 ias 19r is the only standard for which restatement is required for earlier years the impact of ias 19r on the income statement and other comprehensive income for 2010 and 
2009 is immaterial being less than us01 billion in both years and therefore the income statement for 2010 and 2009 and the statement of financial position for those years have not 
been restated  
financial review 
38 
riotintocomreportingcentre2013 
group finance 
overview of the group finance functions 
the chief financial officer leads a multidisciplinary team tasked with  
delivering and implementing group financial strategy in addition to providing  
decisionmaking support and guidance to the group’s key management and  
its operating business units separate specialist functions are established  
with responsibility for financial reporting management reporting economic 
analysis investor relations taxation treasury assurance business 
development and project evaluation specialists in tax financial reporting and 
treasury monitor regulatory compliance and financial developments frequently 
engaging with industrywide discussion groups and regulatory bodies these 
specialists work across the disciplines to evaluate the impact of changes in 
regulatory fiscal economic and other business conditions on planning and 
forecasting financial reporting key decisionmaking within the organisation 
and on external stakeholders the exploration group also reports to the  
chief financial officer 
the group’s operating model also includes the use of shared services for 
supporting the business in process delivery shared services are focused on 
efficient and effective delivery of transactional professional or specialised 
services to our entire business shared services work relates to business 
processes which are not unique to rio tinto allowing value improvements 
through outsourcing these support services report to the group executive 
organisational resources and have responsibility for transactional aspects of 
financial management and reporting human resources information systems 
and technology procurement and group property 
role of the group finance function in 2013 
with market conditions remaining volatile the finance function has played  
a key role in helping the business to reduce costs improve capital allocation 
and strengthen the balance sheet during 2013 the group raised a total of 
us3 billion of fixed and floating rate bonds  
the finance function was closely involved with supporting the implementation 
and monitoring of cost reduction initiatives the group achieved a us23 
billion improvement in operating cash costs for 2013 exceeding the target  
of us2 billion this in conjunction with a us1023 million reduction in 
exploration and evaluation costs exceeding the reduction target of us750 
million demonstrates that the group has made strong progress to sustainably 
reduce its operating cost base and realise productivity gains across its portfolio  
these initiatives were supported by the expanded use of the shared services 
operating model to streamline process delivery 
furthermore the function has been instrumental in enhancing the group’s 
capital allocation process it has provided strategic support and guidance to 
senior management with evaluation and analysis that allows decision makers 
to prioritise only the highestreturning projects capital expenditure is expected 
to almost halve from a peak of us176 billion in 2012 to around us80 billion 
in 2015 in the pursuit of maximising returns to shareholders whilst 
strengthening the balance sheet 
in further support of the group’s 2013 priorities the finance team worked  
on reshaping the portfolio by selling noncore assets divestments totalling 
us35 billion were announced or completed in 2013 with proceeds of  
us25 billion received during the year 
in addition in 2013 the group published its third comprehensive taxes  
paid report which covered the year ended 31 december 2012 the report  
provided detailed analysis of rio tinto’s us116 billion contribution in  
global tax payments 
during 2014 rio tinto’s finance function will continue its focus on supporting 
senior management and product groups to achieve the target of us3 billion  
in operating cash cost improvements compared with 2012 and leveraging 
opportunities to reshape the portfolio the finance function will remain 
focused on providing highquality financial strategy and decisionmaking 
support together with compliant and informative reporting whilst pursuing 
capital management and development opportunities that are consistent with 
the group’s strategy 
2013 performance highlights 
the key metrics for group financial management and planning are summarised 
below more detailed information including reconciliation to the appropriate 
statutory financial statement measures is included in the additional financial 
information section of the directors’ report on pages 47 to 52 
2013  
us million 
2012 
us million
2011 
us million
underlying earnings 
a
 10217 9269 15572
net earningsloss
 a
 3665 3028 5835
cash flows from operations 20131 16521 27609
net debt 18055 19192 8342
total capital  71557 76932 67226
a underlying earnings is the key financial performance indicator which management 
uses internally to assess performance it is presented here as a measure of earnings  
to provide greater understanding of the underlying business performance of the group 
items excluded from net earnings to arrive at underlying earnings are explained in  
note 2 to the financial statements both net earnings and underlying earnings deal 
with amounts attributable to the owners of rio tinto however eu ifrs requires that 
the profit for the year reported in the income statement should also include earnings 
attributable to noncontrolling interests in subsidiaries comparative information has 
been restated to reflect a number of new accounting standards see note 2 to the 
financial statements  
increased underlying earnings reflect the favourable impact of operating  
cash cost improvements including exploration and evaluation savings 
improved sales volumes and overall strengthening of the us dollar against  
local currencies this was offset by lower prices in all of the group’s main 
commodities other than iron ore inflation and increased tax charges  
primarily attributable to utilisation of minerals resource rent tax mrrt 
deferred tax assets 
net earnings of us37 billion reflect noncash exchange losses of  
us29 billion and impairments of us34 billion including impairment of 
previous years’ noncash accounting uplifts on initial consolidation of certain 
turquoise hill assets including oyu tolgoi a significant project cost overrun  
at kitimat and of the gove alumina refinery following an announcement to  
curtail production 
cash flows from operations which include dividends from equity accounted 
units at 22 per cent above 2012 reflect the positive impact of higher volumes 
and cost reduction initiatives 
net debt decreased from us192 billion at 31 december 2012 to us181 
billion at 31 december 2013 as operating cash inflows and divestment proceeds 
fully offset the outflows relating to capital expenditure and the increased 
dividend payment net debt to total capital was 25 per cent at 31 december 
2013 and interest cover was 13 times both unchanged from the prior year  
the board’s objective when managing capital is to safeguard the business  
as a going concern whilst maximising returns for the group’s shareholders  
in practice this involves regular reviews by the board and senior management 
these reviews take into account the group’s strategic priorities economic and 
business conditions and opportunities that are identified to invest across all 
points of the commodities cycle the resulting capital structure provides the 
group with a high degree of financial flexibility at a low cost of capital 
 
riotintocomreportingcentre2013
39
strategic report financial statements directors’ report production reserves and operations additional information  
40 
riotintocomreportingcentre2013 
directors’ approval statement 
this strategic report is delivered in accordance with a resolution of the board and has been signed on behalf of the board by   
 
 
 
jan du plessis 
chairman 
5 march 2014 
 
 
 
 
40 
riotintocomreportingcentre2013 
directors’ approval statement 
this strategic report is delivered in accordance with a resolution of the board and has been signed on behalf of the board by   
 
 
 
jan du plessis 
chairman 
5 march 2014 
 
 
 
riotintocomreportingcentre2013
40 strategic report financial statements directors’ report production reserves and operations additional information
riotintocomreportingcentre2013
41
contents 
 
41 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
directors’ report 
dual listed structure and constitutional documents  42
operating and financial review 42
risk identification assessment and management  43
share capital  43
purchases  44
substantial shareholders  44
dividends  44
secretaries 44
corporate governance  44
indemnities and insurance 45
employment policies and communication 45
political donations 45
government regulations 45
environmental regulation 45
exploration research and development 45
auditors 46
fees for audit and nonaudit services 46
financial instruments 46
greenhouse gas emissions 46
additional financial information  47
board of directors  53
executive committee  56
corporate governance  57
remuneration report 68 riotintocomreportingcentre2013
42
directors’ report 
the directors present their report and audited consolidated financial statements 
for the year ended 31 december 2013 
dual listed structure and constitutional documents 
an explanation of the dual listed companies structure dlc of rio tinto plc  
and rio tinto limited and of the companies’ constitutional documents can be 
found on pages 234 to 243 this section also provides a description of voting 
rights under the dlc arrangements including restrictions which may apply in 
respect of the shares of either company under specified circumstances 
operating and financial review 
the strategic report set out on pages 1 to 40 provides a comprehensive  
review of rio tinto’s operations its financial position and its business strategies 
and prospects and is incorporated by reference into and forms part of this 
directors’ report 
rio tinto’s principal activities during 2013 were minerals and metals 
exploration development production and processing 
pages 1 to 37 of the strategic report provides a comprehensive review of the 
development and performance of rio tinto’s operations for the year ended  
31 december 2013 and the potential future developments and expected  
results of those operations  
the subsidiary and associated undertakings principally affecting the profits  
or net assets of the group in the year are listed in notes 33 to 36 to the  
financial statements 
significant changes and events affecting the group during 2013 and until  
the date of this report have been 
– on 14 january 2013 rio tinto entered into an agreement with chinalco 
mining corporation international limited cmci a subsidiary of chinalco  
to participate as a cornerstone investor in cmci’s initial public offering ipo 
in hong kong on 31 january 2013 pursuant to the agreement rio tinto 
acquired approximately one per cent of cmci’s issued share capital post  
ipo for a total consideration of us30 million under the uk listing  
authority listing rules cmci is considered a related party of rio tinto plc  
– on 17 january 2013 the group announced that it expected to recognise  
a noncash impairment charge of approximately us14 billion post tax in 
its 2012 full year results the group also announced that tom albanese had 
stepped down as chief executive and that iron ore chief executive sam walsh 
had been appointed chief executive doug ritchie who led the acquisition 
and integration of the mozambique coal assets in his previous role as  
energy chief executive also stepped down  
– on 11 february 2013 the group announced that the australian competition 
tribunal had ruled that its hamersley and robe rail lines should not be 
opened up to other users 
– on 14 february 2013 the group announced the appointment of  
andrew harding and jeansébastien jacques as chief executive iron ore 
and chief executive copper respectively 
– on 28 february 2013 the group announced the appointment of  
nonexecutive director chris lynch as chief financial officer to succeed  
guy elliott with effect from 18 april 2013 the group also announced that  
bret clayton’s role of group executive business support  operations  
would be restructured and its responsibilities will be transferred to other 
executive committee members  
– on 10 april 2013 kennecott utah copper’s bingham canyon mine 
experienced a slide along a geotechnical fault line of its northeastern wall 
which suspended operations the slide has subsequently been estimated  
at 135 million tonnes of material 
– on 13 june 2013 the group announced it had reached a binding agreement 
to sell its eagle project to lundin mining corporation the transaction closed 
on 17 july 2013 for us315 million in cash 
– on 17 june 2013 the group announced that it had priced us30 billion  
of fixed and floating rate bonds comprising us10 billion of threeyear and 
us125 billion of five and a halfyear fixed rate and us250 million twoyear 
and us500 million threeyear floating rate secregistered debt securities 
– on 24 june 2013 the group announced that it had decided to retain its 
diamonds businesses after concluding a strategic review 
– on 28 june 2013 rio tinto entered into a bridge funding agreement with 
turquoise hill resources ltd turquoise hill under which it agreed to  
make available to turquoise hill a shortterm convertible credit facility  
of us225 million to enable it to meet its shortterm funding obligations  
with respect to the oyu tolgoi coppergold mine in mongolia 
– on 9 july 2013 the group announced that oyu tolgoi had started shipping 
copper concentrate to customers from its copper and gold mine in mongolia 
– on 26 july 2013 the group announced that it had approved us103 billion 
rio tinto share for the construction of a new 2500 litre per second 
seawater desalination facility to ensure continued water supply and sustain 
operations at the escondida mine in chile  
– on 29 july 2013 the group announced that following an auction process  
it had reached a binding agreement for the sale of its 80 per cent interest  
in northparkes to china molybdenum co ltd cmoc for us820 million 
under the uk listing authority listing rules cmoc is considered to be a 
related party of rio tinto plc the sale was completed on 1 december 2013 
– on 29 july 2013 the group announced that all funding and work on 
underground development of oyu tolgoi would be delayed  
– on 8 august 2013 the group announced that it had signed an agreement 
with turquoise hill under which rio tinto would provide turquoise hill with  
a financing package to refinance existing shortterm funding see above  
to enable it to continue development of the oyu tolgoi open pit mine  
in mongolia and to commit to providing support if necessary to enable 
turquoise hill to repay its accumulated indebtedness to the group 
– on 8 august 2013 the group announced that following a comprehensive 
review it had concluded that the divestment of pacific aluminium for  
value was not possible in the current environment and that it would be 
reintegrated into the rio tinto alcan group 
– on 2 september 2013 the group announced that it had achieved the 
significant milestone of loading the first shipment of iron ore from its 
expanded port rail and mine operations in australia 
– on 25 october 2013 the group announced that it had reached a binding 
agreement for the sale of its 501 per cent interest in the clermont joint 
venture to gs coal pty ltd a company jointly owned by glencore xstrata plc 
and sumitomo corporation for us1015 billion  
– on 28 november 2013 the group announced that it had set out a plan to 
optimise the growth of its worldclass iron ore business in western australia 
mine production capacity is now expected to rapidly increase towards 360 
million tonnes a year at a significantly lower capital cost per tonne than 
originally planned 
– on 29 november 2013 the group announced that it would move to  
suspend alumina production at gove and focus on its bauxite operations 
after determining the refinery was no longer a viable business in the  
current market environment 
– on 23 december 2013 the group announced that it had advised the 
management of northern dynasty minerals ltd northern dynasty which 
owns 100 per cent of the pebble project that it intended to undertake a 
strategic review of its shareholding in northern dynasty of approximately 
191 per cent 
– on 13 january 2014 the group announced that it had acquired 510983220 
common shares of turquoise hill under turquoise hill’s rights offering at  
a total cost of c129278754660 or c253 per share thereby maintaining 
its existing shareholding in turquoise hill of approximately 508 per cent 
following the completion of the rights offering the group owned 
1021966440 common shares the group also acquired 74247460  
antidilution series d warrants of turquoise hill in connection with the  riotintocomreportingcentre2013
43
strategic report financial statements
directors’ report
directors’ report production reserves and operations additional information
directors’ report 
the directors present their report and audited consolidated financial statements 
for the year ended 31 december 2013 
dual listed structure and constitutional documents 
an explanation of the dual listed companies structure dlc of rio tinto plc  
and rio tinto limited and of the companies’ constitutional documents can be 
found on pages 234 to 243 this section also provides a description of voting 
rights under the dlc arrangements including restrictions which may apply in 
respect of the shares of either company under specified circumstances 
operating and financial review 
the strategic report set out on pages 1 to 40 provides a comprehensive  
review of rio tinto’s operations its financial position and its business strategies 
and prospects and is incorporated by reference into and forms part of this 
directors’ report 
rio tinto’s principal activities during 2013 were minerals and metals 
exploration development production and processing 
pages 1 to 37 of the strategic report provides a comprehensive review of the 
development and performance of rio tinto’s operations for the year ended  
31 december 2013 and the potential future developments and expected  
results of those operations  
the subsidiary and associated undertakings principally affecting the profits  
or net assets of the group in the year are listed in notes 33 to 36 to the  
financial statements 
significant changes and events affecting the group during 2013 and until  
the date of this report have been 
– on 14 january 2013 rio tinto entered into an agreement with chinalco 
mining corporation international limited cmci a subsidiary of chinalco  
to participate as a cornerstone investor in cmci’s initial public offering ipo 
in hong kong on 31 january 2013 pursuant to the agreement rio tinto 
acquired approximately one per cent of cmci’s issued share capital post  
ipo for a total consideration of us30 million under the uk listing  
authority listing rules cmci is considered a related party of rio tinto plc  
– on 17 january 2013 the group announced that it expected to recognise  
a noncash impairment charge of approximately us14 billion post tax in 
its 2012 full year results the group also announced that tom albanese had 
stepped down as chief executive and that iron ore chief executive sam walsh 
had been appointed chief executive doug ritchie who led the acquisition 
and integration of the mozambique coal assets in his previous role as  
energy chief executive also stepped down  
– on 11 february 2013 the group announced that the australian competition 
tribunal had ruled that its hamersley and robe rail lines should not be 
opened up to other users 
– on 14 february 2013 the group announced the appointment of  
andrew harding and jeansébastien jacques as chief executive iron ore 
and chief executive copper respectively 
– on 28 february 2013 the group announced the appointment of  
nonexecutive director chris lynch as chief financial officer to succeed  
guy elliott with effect from 18 april 2013 the group also announced that  
bret clayton’s role of group executive business support  operations  
would be restructured and its responsibilities will be transferred to other 
executive committee members  
– on 10 april 2013 kennecott utah copper’s bingham canyon mine 
experienced a slide along a geotechnical fault line of its northeastern wall 
which suspended operations the slide has subsequently been estimated  
at 135 million tonnes of material 
– on 13 june 2013 the group announced it had reached a binding agreement 
to sell its eagle project to lundin mining corporation the transaction closed 
on 17 july 2013 for us315 million in cash 
– on 17 june 2013 the group announced that it had priced us30 billion  
of fixed and floating rate bonds comprising us10 billion of threeyear and 
us125 billion of five and a halfyear fixed rate and us250 million twoyear 
and us500 million threeyear floating rate secregistered debt securities 
– on 24 june 2013 the group announced that it had decided to retain its 
diamonds businesses after concluding a strategic review 
– on 28 june 2013 rio tinto entered into a bridge funding agreement with 
turquoise hill resources ltd turquoise hill under which it agreed to  
make available to turquoise hill a shortterm convertible credit facility  
of us225 million to enable it to meet its shortterm funding obligations  
with respect to the oyu tolgoi coppergold mine in mongolia 
– on 9 july 2013 the group announced that oyu tolgoi had started shipping 
copper concentrate to customers from its copper and gold mine in mongolia 
– on 26 july 2013 the group announced that it had approved us103 billion 
rio tinto share for the construction of a new 2500 litre per second 
seawater desalination facility to ensure continued water supply and sustain 
operations at the escondida mine in chile  
– on 29 july 2013 the group announced that following an auction process  
it had reached a binding agreement for the sale of its 80 per cent interest  
in northparkes to china molybdenum co ltd cmoc for us820 million 
under the uk listing authority listing rules cmoc is considered to be a 
related party of rio tinto plc the sale was completed on 1 december 2013 
– on 29 july 2013 the group announced that all funding and work on 
underground development of oyu tolgoi would be delayed  
– on 8 august 2013 the group announced that it had signed an agreement 
with turquoise hill under which rio tinto would provide turquoise hill with  
a financing package to refinance existing shortterm funding see above  
to enable it to continue development of the oyu tolgoi open pit mine  
in mongolia and to commit to providing support if necessary to enable 
turquoise hill to repay its accumulated indebtedness to the group 
– on 8 august 2013 the group announced that following a comprehensive 
review it had concluded that the divestment of pacific aluminium for  
value was not possible in the current environment and that it would be 
reintegrated into the rio tinto alcan group 
– on 2 september 2013 the group announced that it had achieved the 
significant milestone of loading the first shipment of iron ore from its 
expanded port rail and mine operations in australia 
– on 25 october 2013 the group announced that it had reached a binding 
agreement for the sale of its 501 per cent interest in the clermont joint 
venture to gs coal pty ltd a company jointly owned by glencore xstrata plc 
and sumitomo corporation for us1015 billion  
– on 28 november 2013 the group announced that it had set out a plan to 
optimise the growth of its worldclass iron ore business in western australia 
mine production capacity is now expected to rapidly increase towards 360 
million tonnes a year at a significantly lower capital cost per tonne than 
originally planned 
– on 29 november 2013 the group announced that it would move to  
suspend alumina production at gove and focus on its bauxite operations 
after determining the refinery was no longer a viable business in the  
current market environment 
– on 23 december 2013 the group announced that it had advised the 
management of northern dynasty minerals ltd northern dynasty which 
owns 100 per cent of the pebble project that it intended to undertake a 
strategic review of its shareholding in northern dynasty of approximately 
191 per cent 
– on 13 january 2014 the group announced that it had acquired 510983220 
common shares of turquoise hill under turquoise hill’s rights offering at  
a total cost of c129278754660 or c253 per share thereby maintaining 
its existing shareholding in turquoise hill of approximately 508 per cent 
following the completion of the rights offering the group owned 
1021966440 common shares the group also acquired 74247460  
antidilution series d warrants of turquoise hill in connection with the 
 
rights offering a portion of the funds received by turquoise hill under  
the rights offering were used to repay amounts outstanding under a  
us18 billion interim funding facility and a us600 million bridge funding 
facility each previously provided by the group to turquoise hill 
– on 28 january 2014 rio tinto announced that rio tinto mining and 
exploration limited rio tinto has received 44126780 common shares  
of minera irl limited irl representing approximately 1944 of the  
issued and outstanding common shares of irl the shares form part  
of the consideration agreed to in a 2006 option agreement on the ollachea 
gold project between the group and irl 
– on 12 february 2014 the group announced that it had entered into an 
option agreement for lng canada to acquire or lease a wharf and associated 
land at the group’s port facility at kitimat british columbia canada  
– on 18 february 2014 rio tinto entered into an agreement with china beijing 
equity exchange co ltd cbex china iron and steel association cisa and 
other founder investors to take an equity position in a new joint venture to be 
incorporated subject to chinese regulatory approvals the beijing iron ore 
trading centre corporation jvco which proposes to purchase an iron ore 
trading platform and other associated assets of china beijing international 
mining exchange it is envisaged that the group will continue to make some 
of its iron ore spot market sales through the jvco trading platform pursuant 
to the agreement rio tinto will subscribe for 625 per cent of jvco’s issued 
share capital for a total consideration of the equivalent of approximately 
us0825 million under the uk listing authority listing rules cbex cisa 
and some other founder investors including chinese stateowned steel mills 
and iron ore traders are considered related parties of rio tinto plc 
details of events after the statement of financial position date are further 
described in note 43 to the financial statements 
risk identification assessment and management 
the group’s principal risks and uncertainties are set out on pages 14 to 17 
share capital 
details of the group’s share capital as at 31 december 2013 can be found at 
notes 27 and 28 to the financial statements details of the rights and obligations 
attached to each class of shares can be found on pages 234 and 235 under the 
heading “voting rights”  
where under an employee share plan operated by the company participants 
are the beneficial owners of the shares but not the registered owners the 
voting rights are normally exercised by the registered owner at the direction  
of the participant 
details of certain consequences triggered on a change of control can be  
found on page 234 under the heading “dual listed companies structure” 
details of certain restrictions on holding shares in rio tinto are described  
on page 235 under the heading “limitations on ownership of shares and merger 
obligations” there are no other restrictions on the transfer of ordinary rio tinto 
shares save for 
– restrictions that may from timetotime be imposed by laws regulations  
or rio tinto policy for example those relating to market abuse or insider 
dealing or share trading and in australia including these relating to  
foreign investment 
– restrictions on the transfer of shares that may be imposed following a failure 
to supply information required to be disclosed or in relation to unmarketable 
parcels of shares  
– restrictions on the transfer of shares held under certain employee share 
plans while they remain subject to the plan 
at the annual general meetings held in 2013 shareholders authorised 
– the purchase by rio tinto limited and its subsidiaries and the onmarket 
repurchase by rio tinto plc of up to 141200784 rio tinto plc shares 
representing approximately ten per cent of rio tinto plc’s issued share 
capital at that time 
– the offmarket purchase by rio tinto plc of up to 141200784 rio tinto plc 
shares acquired by rio tinto limited or its subsidiaries under the above 
authority and 
– the offmarket or onmarket buyback by rio tinto limited of up to  
435 million rio tinto limited shares representing approximately  
ten per cent of rio tinto limited’s issued share capital at the time 
   riotintocomreportingcentre2013
44
directors’ report continued 
purchases  
   rio tinto plc   rio tinto limited  
  
total number
a
  
of shares    
 purchased    
average price
b
  
paid per share     
us     
total number of
c
 
shares purchased   
as part of publicly   
announced plans   
or programmes    
total number
a
 
of shares   
purchased    
average price
b
  
paid per share    
us     
total number of
c
 
shares purchased   
as part of publicly   
announced plans   
or programmes    
rio tinto group 
approximate dollar 
value of shares that 
may yet be purchased 
under the plans or 
programmes 
us
2013       
1 jan to 31 jan –  –  –  506239  7029 – –
1 feb to 28 feb –  –  –  376786 7019 – –
1 mar to 31 mar –  –  –  69546 6477 – –
1 apr to 30 apr 527591 4825 –  926251 6039 – –
1 may to 31 may –  – –  75132 5394 – –
1 jun to 30 jun 75000  4303 –  304121 4942 – –
1 jul to 31 jul –  – –  5059 4791 – –
1 aug to 31 aug –  – –  – – – –
1 sep to 30 sep 1336598 5073 –  1180372 6013 – –
1 oct to 31 oct –  – –  – – – –
1 nov to 30 nov –  – –  – – – –
1 dec to 31 dec –  – –  – – – –
total 1939189
d 
4976  – 3443506 6179 – –
2014        
1 jan to 31 jan –  – –  10436 6062 – –
1 feb to 17 feb –  – –  579000 6246 – –
notes  
a rio tinto plc ordinary shares of 10p each rio tinto plc adrs rio tinto limited shares  
b the average prices paid have been translated into us dollars at the exchange rate on the day of settlement  
c shares purchased by the companies’ registrars in connection with the dividend reinvestment plans and employee share plans are not deemed to form part of any publicly announced 
plan or programme 
d this figure represents 0136 per cent of rio tinto plc issued share capital at 31 december 2013 
 
during 2013 in order to satisfy obligations under employee share plans  
rio tinto plc issued 1436542 shares from treasury and allotted 951 newly 
issued shares the trustees of rio tinto plc’s employee share trusts purchased 
onmarket 842000 shares and 8000 adrs rio tinto limited’s registrar 
purchased 1082393 shares onmarket and the trustee of rio tinto limited’s 
employee share trusts purchased 562000 shares onmarket in total 2395966 
rio tinto plc shares 3816 adrs and 1279136 rio tinto limited shares were 
delivered to plan participants 
also during the year the companies’ registrar purchased 1089189 rio tinto 
plc shares and 1799113 rio tinto limited shares onmarket to satisfy 
obligations to shareholders under the dividend reinvestment plans 
for the period 1 january 2014 to 17 february 2014 rio tinto plc issued 171940 
shares from treasury in connection with employee share plans and allotted  
258 newly issued shares and the trustee of rio tinto limited’s employee  
share trusts purchased 589436 shares onmarket during this period 696664 
rio tinto plc shares 361 adrs and 445695 rio tinto limited shares were 
delivered to plan participants 
awards over 1945779 rio tinto plc shares and 1571246 rio tinto limited 
shares were granted under employee share plans during 2013 as at 17 
february 2014 awards were outstanding over 7247153 rio tinto plc shares 
66207 adrs and 5139108 rio tinto limited shares upon vesting awards  
may be satisfied by the issue of new shares the purchase of shares onmarket 
or in the case of rio tinto plc by issuing treasury shares 
substantial shareholders 
details of substantial shareholders can be found on page 237 
dividends 
details of dividends paid and the dividend policy can be found on page 239 
directors 
the names of the directors who served during the year together with their 
biographical details and other information are shown on pages 53 to 55  
all directors will stand for reelection at the 2014 annual general meetings with 
the exception of vivienne cox who will retire at the conclusion of the rio tinto 
plc annual general meeting to be held on 15 april 2014  
a table of directors’ attendance at board and committee meetings during 2013 
is on page 59 
secretaries 
details of the company secretary of rio tinto plc and the joint company 
secretaries of rio tinto limited together with their qualifications and experience 
are set out on page 55 
corporate governance 
a full report on corporate governance can be found on pages 57 to 67 and forms 
part of this directors’ report 
   strategic report financial statements
directors’ report 
board of directors production reserves and operations additional information
riotintocomreportingcentre2013
45
financial statements
directors’ report
board of directors production reserves and operations additional information
directors’ report continued 
purchases  
   rio tinto plc   rio tinto limited  
  
total number
a
  
of shares    
 purchased    
average price
b
  
paid per share     
us     
total number of
c
 
shares purchased   
as part of publicly   
announced plans   
or programmes    
total number
a
 
of shares   
purchased    
average price
b
  
paid per share    
us     
total number of
c
 
shares purchased   
as part of publicly   
announced plans   
or programmes    
rio tinto group 
approximate dollar 
value of shares that 
may yet be purchased 
under the plans or 
programmes 
us
2013       
1 jan to 31 jan –  –  –  506239  7029 – –
1 feb to 28 feb –  –  –  376786 7019 – –
1 mar to 31 mar –  –  –  69546 6477 – –
1 apr to 30 apr 527591 4825 –  926251 6039 – –
1 may to 31 may –  – –  75132 5394 – –
1 jun to 30 jun 75000  4303 –  304121 4942 – –
1 jul to 31 jul –  – –  5059 4791 – –
1 aug to 31 aug –  – –  – – – –
1 sep to 30 sep 1336598 5073 –  1180372 6013 – –
1 oct to 31 oct –  – –  – – – –
1 nov to 30 nov –  – –  – – – –
1 dec to 31 dec –  – –  – – – –
total 1939189
d 
4976  – 3443506 6179 – –
2014        
1 jan to 31 jan –  – –  10436 6062 – –
1 feb to 17 feb –  – –  579000 6246 – –
notes  
a rio tinto plc ordinary shares of 10p each rio tinto plc adrs rio tinto limited shares  
b the average prices paid have been translated into us dollars at the exchange rate on the day of settlement  
c shares purchased by the companies’ registrars in connection with the dividend reinvestment plans and employee share plans are not deemed to form part of any publicly announced 
plan or programme 
d this figure represents 0136 per cent of rio tinto plc issued share capital at 31 december 2013 
 
during 2013 in order to satisfy obligations under employee share plans  
rio tinto plc issued 1436542 shares from treasury and allotted 951 newly 
issued shares the trustees of rio tinto plc’s employee share trusts purchased 
onmarket 842000 shares and 8000 adrs rio tinto limited’s registrar 
purchased 1082393 shares onmarket and the trustee of rio tinto limited’s 
employee share trusts purchased 562000 shares onmarket in total 2395966 
rio tinto plc shares 3816 adrs and 1279136 rio tinto limited shares were 
delivered to plan participants 
also during the year the companies’ registrar purchased 1089189 rio tinto 
plc shares and 1799113 rio tinto limited shares onmarket to satisfy 
obligations to shareholders under the dividend reinvestment plans 
for the period 1 january 2014 to 17 february 2014 rio tinto plc issued 171940 
shares from treasury in connection with employee share plans and allotted  
258 newly issued shares and the trustee of rio tinto limited’s employee  
share trusts purchased 589436 shares onmarket during this period 696664 
rio tinto plc shares 361 adrs and 445695 rio tinto limited shares were 
delivered to plan participants 
awards over 1945779 rio tinto plc shares and 1571246 rio tinto limited 
shares were granted under employee share plans during 2013 as at 17 
february 2014 awards were outstanding over 7247153 rio tinto plc shares 
66207 adrs and 5139108 rio tinto limited shares upon vesting awards  
may be satisfied by the issue of new shares the purchase of shares onmarket 
or in the case of rio tinto plc by issuing treasury shares 
substantial shareholders 
details of substantial shareholders can be found on page 237 
dividends 
details of dividends paid and the dividend policy can be found on page 239 
directors 
the names of the directors who served during the year together with their 
biographical details and other information are shown on pages 53 to 55  
all directors will stand for reelection at the 2014 annual general meetings with 
the exception of vivienne cox who will retire at the conclusion of the rio tinto 
plc annual general meeting to be held on 15 april 2014  
a table of directors’ attendance at board and committee meetings during 2013 
is on page 59 
secretaries 
details of the company secretary of rio tinto plc and the joint company 
secretaries of rio tinto limited together with their qualifications and experience 
are set out on page 55 
corporate governance 
a full report on corporate governance can be found on pages 57 to 67 and forms 
part of this directors’ report 
  
 
indemnities and insurance 
the articles of association and constitution of the companies provide for  
them to indemnify to the extent permitted by law officers of the companies 
including officers of wholly owned subsidiaries against liabilities arising from  
the conduct of the group’s business the directors and the company secretary 
of rio tinto plc and the joint company secretaries of the companies and certain 
employees serving as directors of subsidiaries at the group’s request have been 
indemnified in accordance with these provisions no amount has been paid 
under any of these indemnities during the year 
the group has purchased directors’ and officers’ insurance during the year  
in broad terms the insurance cover indemnifies individual directors’ and 
officers’ personal legal liability and legal defence costs for claims arising out  
of actions taken in connection with group business it is a condition of the 
insurance policy that detailed terms and premiums paid cannot be disclosed 
employment policies and communication 
information about the group’s employment policies and our employees is 
available on page 21 
political donations 
no donations were made during 2013 for political purposes in the eu  
australia or elsewhere as defined by the uk companies act 2006  
government regulations 
rio tinto is subject to extensive government regulations affecting all aspects  
of its operations our product diversity and geographical spread reduces the 
likelihood of any single government regulation having a material effect on the 
group’s business rio tinto consistently seeks to apply best practice in all of  
its activities which also mitigates against the impact of regulation  
in each of the countries in which we operate rio tinto is subject to local state 
provincial and federal regulations governing mining and processing land  
tenure and use environmental requirements workplace health and safety  
data privacy trade and export corporations competition intellectual property 
access to infrastructure foreign investment securities and taxation some 
operations are conducted under specific agreements with the respective 
governments and associated acts of parliament  
in canada our hydroelectric power generation assets are regulated by the 
quebec and british columbia provincial agencies covering issues of water  
rights power sales and purchases 
in australia and namibia rio tinto’s uranium operations are subject to specific 
regulations covering the mining and export of uranium 
in south africa our operations are subject to black economic empowerment 
legislation which includes the requirement to transfer for fair value 26 per cent 
of the group’s south african mining assets to historically disadvantaged south 
africans by 2014 in 2009 rio tinto successfully concluded a 26 per cent 
empowerment transaction rio tinto also complies with the mining legislation’s 
transformation imperatives which includes empowerment of south africa’s 
historically disadvantaged employees and communities 
environmental regulation 
rio tinto measures its performance against environmental regulation to which 
its operations are subject by rating incidents according to their environmental 
impact potential issues of grouplevel importance are reported to the executive 
committee and the sustainability committee prosecutions and other breaches 
are also used to gauge rio tinto’s performance 
rio tinto is subject to various environmental regulations including regulations 
that cover air land water and noise pollution in the countries where it has 
operations in 2013 there were 15 environmental incidents reported to the 
executive committee with the potential to impact the environment or to 
concern local communities several of which were minor five resulted from  
air discharges four from water discharges five were spills and one related to 
exceeding noise limits  
the incidents were 
– air emissions exceeded limits due to scrubber maintenance issues at an 
aluminium smelter in the quebec canada 
– dust was emitted on a number of occasions from a carbon cathode 
production facility in france 
– air emissions exceeded criteria at a coal mine in new south wales australia  
– air emissions exceeded limits on a number of occasions at an aluminium 
smelter in france 
– para aromatic hydrocarbon emissions exceeded limits at an aluminium 
smelter in british columbia canada 
– noise levels exceeded limits on a number of occasions at a coal mine  
in new south wales australia 
– various water quality discharge parameters were exceeded during heavy  
rain at an alumina refinery in queensland australia 
– mineaffected water was discharged to the environment at a coal mine  
in queensland australia 
– water quality discharges exceeded seawater discharge limits at an alumina 
refinery in queensland australia 
– sediment in runoff entered a fish habitat at an aluminium smelter site  
in british columbia canada  
– two leach tanks ruptured at uranium processing plants one in the northern 
territory australia and the other in namibia 
– tailings overflowed from a pipe into a neighbouring property at a copper 
facility in utah us 
– diesel spilled from an open pump at a coal mine in queensland australia 
– water runoff occurred at a hazardous substances storage area at an 
aluminium smelter site in canada  
during 2013 16 operations incurred fines amounting to us190279  
2012 us47102  
in addition australian corporations that exceed specific greenhouse gas 
emissions or energy use thresholds have obligations under the australian 
national greenhouse and energy reporting act 2007 the australian energy 
efficiency opportunities act 2006 eeo and the australian clean energy act 
2011 which establishes the carbon pricing mechanism  
three main rio tinto entities rio tinto limited alcan gove pty limited and 
pechiney consolidated australia limited are covered under each of these acts 
each submitted their national greenhouse and energy reports by the required  
31 october 2013 deadline and completed the required eeo public reporting 
twentyeight eeo assessments for the second fiveyear assessment cycle  
have now been completed one remaining assessment is scheduled in 2014  
all compliance obligations under the carbon pricing mechanism including 
reporting and surrender of carbon units by liable entities were completed  
in the required timeframes liability information is publicly available on the  
clean energy regulator’s website as per legislative requirements 
further information on the group’s environmental performance is included in 
the sustainable development section of this annual report on pages 18 to 24 
and on the website 
exploration research and development 
the group carries out exploration as well as research and development  
in support of its activities as described more fully under exploration and 
technology  innovation on pages 36 to 37 amounts charged for the year  
net of any gains on disposal generated a net loss before tax for exploration and 
evaluation of us1109 million 2012 restated us1477 million research and 
development costs were us231 million 2012 restated us246 million 
   riotintocomreportingcentre2013
46
directors’ report continued 
auditors  
pricewaterhousecoopers llp and pricewaterhousecoopers together pwc  
are the auditors of rio tinto plc and rio tinto limited respectively 
pricewaterhousecoopers llp have indicated their willingness to continue  
in office as auditors of rio tinto plc and a resolution to reappoint them as 
auditors of rio tinto plc will be proposed at the 2014 annual general meetings 
a separate resolution will seek authority for the audit committee to determine 
their remuneration pricewaterhousecoopers will continue in office as auditors 
of rio tinto limited 
a copy of the declaration given by pricewaterhousecoopers as the group’s 
external auditors to the directors in relation to the auditors’ compliance with  
the independence requirements of the australian corporations act 2001 and  
the professional code of conduct for external auditors is set out on page 203  
in the financial statements 
no person who was an officer of rio tinto during 2013 was a director or  
partner of the auditors at a time when they conducted an audit of the group 
each person who held the office of director at the date the board resolved  
to approve this report makes the following statements 
– so far as the directors are aware there is no relevant audit information  
of which the auditors are unaware and 
– each director has taken all steps that he or she ought to have taken as  
a director to make him or herself aware of any relevant audit information  
and to establish that the auditors are aware of that information 
fees for audit and nonaudit services 
the amounts payable to the group’s auditors pwc were 
 2013 
 usm 
2012 
usm
audit fees 
a
  153 172
assurance services 
b
  42 53
taxation services 09 07
all other fees 
c
 13 14
  217 246
a audit fees relating to statutory audits 
b assurance services are mainly related to half year review procedures carveout 
financial statements sustainability assurance and limited assurance over the  
2013 taxes paid report 
c all other fees include services in connection with the divestment programme  
and similar corporate projects 
further information on auditor’s remuneration see note 39 to the  
financial statements 
during the year the audit committee reviewed the effectiveness of pwc  
for group audit and local statutory audit work the evaluation took the form  
of a survey comprising a range of questions covering objectivity quality and 
efficiency and was completed by individual rio tinto business units in addition 
in the current year a further review was completed in october 2013 of the 
overall relationship with the auditors the results of this survey and review  
were presented to the audit committee which concluded that pwc continued  
to provide a highquality audit and an effective and independent challenge  
to management the audit committee was satisfied with the external audit 
process and the independence of the external auditors  
pwc have been the external auditors since before the formation of the dual 
listed companies structure in 1995 for the reasons noted on page 62 the audit 
committee does not consider it necessary at the present time to undertake a 
tender process for the group’s external audit since 2002 pwc have followed 
the requirements of the sarbanesoxley act 2002 and apb ethical standards 
and rotated both the lead uk and australian audit partners at least every five 
years in the uk the audit engagement partner was appointed in 2011 and in 
australia the audit engagement partner was appointed in 2012 they are due  
to transition after 2015 and 2016 respectively this continued refreshing of the 
team brings new perspectives to the audit and promotes healthy debate 
between auditors and management as well as the committee  
based on advice provided by the audit committee as set out in the report  
of the audit committee on pages 61 and 62 the directors are satisfied that the 
provision of nonaudit services by pwc is compatible with the general standard 
of independence for auditors and the standards imposed by australian uk and  
us legislation 
financial instruments 
details of the group’s financial risk management objectives and policies and 
exposure to risk are described in note 30 to the 2013 financial statements 
greenhouse gas emissions 
greenhouse gas emissions in million tco
2
e 
a b
 
 2013 2012
scope 1 
c
 234 265
scope 2 
d
 144 164
total emissions 
e
 372 407
ratios 
gh intensity index 
f
 827 941
gh intensity tco
2
et of product 0095 0111
a rio tinto’s greenhouse gas emissions for managed operations are reported  
in accordance with requirements under part 7 of the uk companies act 2006 
strategic report and directors’ report regulations 2013 our approach and 
methodology used for the determination of these emissions are available at 
riotintocomsustainabledevelopment2013environmentclimatechangehtml  
and riotintocomsustainabledevelopment2013glossaryhtml  
b rio tinto’s greenhouse gas emission inventory is based on definitions provided by  
the world resource institute  world business council for sustainable development 
greenhouse gas protocol a carbon reporting and accounting standard march 2004 
c scope 1 emissions include “emissions from combustion of fuel and operation of 
managed facilities” it includes emissions from land management and livestock 
management at those facilities 
d scope 2 emissions include “emissions from the purchase of electricity heat  
steam or cooling” 
e total emissions is the sum of scope 1 and scope 2 emissions minus emissions that are 
associated with the generation of electricity heat steam or cooling supplied to others 
these emissions exclude indirect emissions associated with transportation and use of 
our products reported on page 22 
f rio tinto greenhouse gas intensity index is the weighted emissions intensity for each  
of rio tinto’s main commodities relative to the commodity intensities in the 2008 base 
year set to 100 this index incorporates approximately 95 per cent of rio tinto’s 
emissions from managed operations 
  strategic report financial statements
directors’ report 
board of directors production reserves and operations additional information
riotintocomreportingcentre2013
47
financial statements
directors’ report
additional financial information production reserves and operations additional information
directors’ report continued 
auditors  
pricewaterhousecoopers llp and pricewaterhousecoopers together pwc  
are the auditors of rio tinto plc and rio tinto limited respectively 
pricewaterhousecoopers llp have indicated their willingness to continue  
in office as auditors of rio tinto plc and a resolution to reappoint them as 
auditors of rio tinto plc will be proposed at the 2014 annual general meetings 
a separate resolution will seek authority for the audit committee to determine 
their remuneration pricewaterhousecoopers will continue in office as auditors 
of rio tinto limited 
a copy of the declaration given by pricewaterhousecoopers as the group’s 
external auditors to the directors in relation to the auditors’ compliance with  
the independence requirements of the australian corporations act 2001 and  
the professional code of conduct for external auditors is set out on page 203  
in the financial statements 
no person who was an officer of rio tinto during 2013 was a director or  
partner of the auditors at a time when they conducted an audit of the group 
each person who held the office of director at the date the board resolved  
to approve this report makes the following statements 
– so far as the directors are aware there is no relevant audit information  
of which the auditors are unaware and 
– each director has taken all steps that he or she ought to have taken as  
a director to make him or herself aware of any relevant audit information  
and to establish that the auditors are aware of that information 
fees for audit and nonaudit services 
the amounts payable to the group’s auditors pwc were 
 2013 
 usm 
2012 
usm
audit fees 
a
  153 172
assurance services 
b
  42 53
taxation services 09 07
all other fees 
c
 13 14
  217 246
a audit fees relating to statutory audits 
b assurance services are mainly related to half year review procedures carveout 
financial statements sustainability assurance and limited assurance over the  
2013 taxes paid report 
c all other fees include services in connection with the divestment programme  
and similar corporate projects 
further information on auditor’s remuneration see note 39 to the  
financial statements 
during the year the audit committee reviewed the effectiveness of pwc  
for group audit and local statutory audit work the evaluation took the form  
of a survey comprising a range of questions covering objectivity quality and 
efficiency and was completed by individual rio tinto business units in addition 
in the current year a further review was completed in october 2013 of the 
overall relationship with the auditors the results of this survey and review  
were presented to the audit committee which concluded that pwc continued  
to provide a highquality audit and an effective and independent challenge  
to management the audit committee was satisfied with the external audit 
process and the independence of the external auditors  
pwc have been the external auditors since before the formation of the dual 
listed companies structure in 1995 for the reasons noted on page 62 the audit 
committee does not consider it necessary at the present time to undertake a 
tender process for the group’s external audit since 2002 pwc have followed 
the requirements of the sarbanesoxley act 2002 and apb ethical standards 
and rotated both the lead uk and australian audit partners at least every five 
years in the uk the audit engagement partner was appointed in 2011 and in 
australia the audit engagement partner was appointed in 2012 they are due  
to transition after 2015 and 2016 respectively this continued refreshing of the 
team brings new perspectives to the audit and promotes healthy debate 
between auditors and management as well as the committee  
based on advice provided by the audit committee as set out in the report  
of the audit committee on pages 61 and 62 the directors are satisfied that the 
provision of nonaudit services by pwc is compatible with the general standard 
of independence for auditors and the standards imposed by australian uk and  
us legislation 
financial instruments 
details of the group’s financial risk management objectives and policies and 
exposure to risk are described in note 30 to the 2013 financial statements 
greenhouse gas emissions 
greenhouse gas emissions in million tco
2
e 
a b
 
 2013 2012
scope 1 
c
 234 265
scope 2 
d
 144 164
total emissions 
e
 372 407
ratios 
gh intensity index 
f
 827 941
gh intensity tco
2
et of product 0095 0111
a rio tinto’s greenhouse gas emissions for managed operations are reported  
in accordance with requirements under part 7 of the uk companies act 2006 
strategic report and directors’ report regulations 2013 our approach and 
methodology used for the determination of these emissions are available at 
riotintocomsustainabledevelopment2013environmentclimatechangehtml  
and riotintocomsustainabledevelopment2013glossaryhtml  
b rio tinto’s greenhouse gas emission inventory is based on definitions provided by  
the world resource institute  world business council for sustainable development 
greenhouse gas protocol a carbon reporting and accounting standard march 2004 
c scope 1 emissions include “emissions from combustion of fuel and operation of 
managed facilities” it includes emissions from land management and livestock 
management at those facilities 
d scope 2 emissions include “emissions from the purchase of electricity heat  
steam or cooling” 
e total emissions is the sum of scope 1 and scope 2 emissions minus emissions that are 
associated with the generation of electricity heat steam or cooling supplied to others 
these emissions exclude indirect emissions associated with transportation and use of 
our products reported on page 22 
f rio tinto greenhouse gas intensity index is the weighted emissions intensity for each  
of rio tinto’s main commodities relative to the commodity intensities in the 2008 base 
year set to 100 this index incorporates approximately 95 per cent of rio tinto’s 
emissions from managed operations 
 
additional financial information  
underlying earnings 
financial performance compared with previous years 
in order to provide additional insight into the performance of our business  
rio tinto presents underlying earnings which is defined in note 2 to the  
financial statements on pages 134 to 135 
2013 underlying earnings of us10217 million 2012 us9269 million  
and net earnings of us3665 million 2012 losses of us3028 million were 
us948 million above 2012 us6303 million below and us6693 million 
above 2012 us8863 million below the comparable measures for the previous 
year both net earnings and underlying earnings represent amounts attributable 
to the owners of rio tinto eu ifrs requires that the profit for the period 
reported in the income statement should also include earnings attributable to 
noncontrolling interests in subsidiaries underlying earnings is reconciled to  
net earnings in the table below which also lists the principal factors driving the 
movement in underlying earnings between periods 
 2013 vs 2012  
restated
a
 
2012 vs 2011 
 usm usm  usm usm
20122011  
net earnings restated  3028  5835
items excluded from underlying 
earnings 
b
  12297  9737
20122011  
underlying earnings  9269  15572
prices 1289   5315
exchange rates 1008   154
volumes  538   309
general inflation and energy 368   270
other cash costs 1559   304
exploration and evaluation costs  557    262
disposalwritedown of  
exploration properties  477   342
non cashinteresttaxother 580   339
total changes in underlying earnings 
b
  948  6303
20132012 underlying earnings  10217  9269
impairment charges net of reversal  3428  14360
net gains and losses on consolidation 
and disposal of interests in businesses  847  827
exchange differences and movements 
on derivatives  2731  550
restructuring costs from global 
headcount reductions  367  77
impact of pit wall slide at kennecott 
utah copper  283  
adjustments to clermontblair athol 
on reclassification to disposal groups 
held for sale  173  
deferred tax asset writeoff  114  134
recognition of deferred tax asset 
following introduction of mrrt  
in 2012    1130
other exclusions  303  233
total excluded in arriving at underlying 
earnings   6552  12297
20132012 net earningsloss  3665   3028
– attributable to noncontrolling 
interests  2586  1
profitloss for the year  1079  3027
a comparative information has been restated to reflect a number of new accounting 
standards as described in note 1 to the financial statements on pages 118 to 119  
b earnings contributions from group businesses and business segments are based on 
underlying earnings amounts excluded from net earnings in arriving at underlying 
earnings are described in notes 2c and d to the financial statements on pages  
134 to 135 
prices 
2013 vs 2012 
the effect of price movements on all major commodities was to decrease 
underlying earnings by us1289 million compared with 2012 the average 
platts price for 62 per cent iron pilbara fines was three per cent higher on 
average compared with 2012 while hard coking coal benchmark prices were  
24 per cent lower and thermal coal spot prices averaged 14 per cent lower 
copper prices were down eight per cent and lme prices for gold and aluminium 
averaged 16 and nine per cent lower respectively 
2012 vs 2011 
the effect of price movements on all major commodities in 2012 was to 
decrease underlying earnings by us5315 million compared with 2011  
average prices declined from record highs experienced in 2011 for nearly all of  
rio tinto’s major commodities with the exception of gold which was up six per 
cent on 2011 and minerals mainly borates and titanium dioxide feedstocks 
the average platts price for 62 per cent pilbara fines declined by 24 per cent 
compared with 2011 copper prices were down ten per cent aluminium prices 
averaged 16 per cent lower and molybdenum was 17 per cent lower 
commodity prices and other drivers of sales revenue are discussed further  
on pages 49 to 50 
exchange rates 
2013 vs 2012 
the us dollar strengthened significantly during 2013 in particular in the second 
half of the year compared with 2012 the us dollar on average rose by six per 
cent against the australian dollar by three per cent against the canadian dollar 
and by 15 per cent against the south african rand the effect of all currency 
movements was to increase underlying earnings relative to 2012 by  
us1008 million 
2012 vs 2011 
compared with 2011 on average the us dollar depreciated by one per cent 
against the australian dollar but strengthened by one per cent against the 
canadian dollar by seven per cent against the euro and by 14 per cent against 
the south african rand the effect of all currency movements was to increase 
underlying earnings relative to 2011 by us154 million 
volumes 
2013 vs 2012 
volume increases enhanced earnings by us538 million compared with 2012 
these were achieved primarily in iron ore where a new annual sales volume 
record was achieved due to increased capacity at the pilbara ports and 
productivity improvements volumes also rose in copper from escondida in  
line with higher ore grades and increased throughput in bauxite from record 
production volumes and in aluminium following the return of the alma smelter 
to full production these additional tonnes more than offset the impact of lower 
gold production at kennecott utah copper and lower demand for titanium 
dioxide feedstocks 
2012 vs 2011 
volume increases enhanced earnings by us634 million compared with 2011 
these were achieved primarily in iron ore where sales volumes rose three  
per cent due to increased capacity at the pilbara ports and at escondida in line 
with higher ore grades volume declines lowered earnings by us943 million 
compared with 2011 reflecting lower mill throughput and gold grades at 
kennecott utah copper and no metal share from grasberg  riotintocomreportingcentre2013
48
additional financial information continued  
48 
riotintocomreportingcentre2013 
cash costs exploration and evaluation 
2013 vs 2012 
rio tinto made strong progress on its cost reduction programme and exceeded 
its 2013 targets in 2013 the group realised us2279 million pretax  
us1559 million posttax in operating cash cost savings which exceeded  
the target of us2 billion 
exploration and evaluation spend was reduced by us1023 million  
on a consolidated pretax basis which exceeded the target reduction of 
us750 million evaluation spend has been prioritised on those projects  
with the greatest potential to deliver value in the medium term with spend on 
certain longerdated options reduced on a net earnings basis this resulted in  
an improvement of us557 million these are offset by the absence of a gain  
on disposal and writedown of exploration properties in 2013 the group wrote 
down its investment in northern dynasty minerals which owns 100 per cent of 
the pebble project in alaska by us131 million following the announcement  
of a strategic review in 2012 rio tinto reported net gains of us346 million  
on divestment of various exploration properties including its interests in extract 
resources and kalahari minerals 
in 2013 the group reduced headcount by 4000 net of new roles in the iron ore 
group to support the pilbara 290 expansion a further 3300 roles left the group 
through divested assets 
2012 vs 2011 
industrywide cost pressures continued during 2012 in particular at some  
of the key mining regions where rio tinto has significant operations such as 
new south wales queensland and the pilbara region of western australia  
higher energy costs across the group lowered underlying earnings by  
us23 million compared with 2011 in 2012 many operations were impacted  
by higher fuel diesel and power rates 
higher other cash costs during 2012 decreased underlying earnings by  
us304 million compared with 2011 due to a combination of fixed production 
cost inefficiencies associated with lower volumes due to grade higher 
maintenance costs and costs associated with operational readiness for the 
pilbara expansion of iron ore production 
during 2012 rio tinto divested various exploration properties including 
interests in extract resources and kalahari minerals the impact from 
movements in exploration and evaluation expenditure net of gains realised  
from divestments was to increase underlying earnings by us80 million 
compared with 2011 
noncashinteresttax other 
the effective corporate income tax rate on underlying earnings excluding  
equity accounted units was 35 per cent compared with 30 per cent in 2012  
2012 30 per cent unchanged from 2011 the increased charge was primarily 
attributable to utilisation of the mrrt deferred tax asset as in 2012 and 2011 
the effective corporate tax on net earnings excluding equity accounted units  
is significantly impacted by the impairment of goodwill which is nondeductible 
for tax purposes 
the group net interest charge was us130 million higher than in 2012  
2012 us128 million lower than in 2011 mainly reflecting higher average  
net debt in 2013 2012 mainly reflecting an increase in capitalised interest 
exclusions from underlying earnings 20112013 
earnings contributions from group businesses and business segments are 
based on underlying earnings amounts excluded from net earnings in arriving 
at underlying earnings are summarised in the discussion of yearonyear  
results below 
 
2013
usm
restated 
2012
usm
restated 
2011
usm
impairment charges net of reversal  3428 14360 9290
gains and losses on consolidation and  
disposal of interests in businesses 847 827 167
exchange differences and derivative 
movements  2731 550 68
restructuring costs including global  
headcount reductions 367 77
impact of pit wall slide at kennecott  
utah copper 283
adjustments to clermontblair athol on 
reclassification to disposal groups held for sale 173
deferred tax asset writeoff 114 134 342
recognition of deferred tax asset following 
introduction of mrrt in 2012 1130 –
other exclusions  303 233 204
total excluded in arriving at  
underlying earnings  6552 12297 9737
 
2013 
total impairment charges of us3428 million net of tax and noncontrolling 
interests were recognised in 2013 of which us1655 million related to the 
group’s copper businesses this includes a charge of us1565 million related  
to the impairment of previous years’ fair value adjustments on consolidation  
of certain assets of turquoise hill including oyu tolgoi on 29 july 2013  
rio tinto announced that funding and work on the underground development 
would be delayed pending resolution of outstanding shareholder issues 
including finalising project finance the consequent impact of updates to timing 
of revenues and expenditure resulted in the carrying value being higher than  
fair value less costs of disposal fvlcd 
impairments to the group’s copper businesses also include adjustments to 
reduce the carrying value of the eagle nickelcopper project to fvlcd prior  
to divestment on 17 july 2013 the impact of medium and longterm coking  
and thermal coal prices on noncash fair value acquisition adjustments to 
undeveloped projects at southgobi resources and adjustment to the carrying 
value of inova resources which was sold on 1 november 2013  
in addition there was a posttax impairment of us1293 million relating to  
the group’s aluminium businesses this includes us555 million for the  
gove refinery following an announcement on 29 november 2013 to suspend 
alumina production and focus on the bauxite operation as a result of this 
decision the timing and scope of site restoration and environmental 
rehabilitation cash flows have been revised together with the writeoff of 
operating assets not fully depreciated the remaining posttax charge of  
us738 million related to the group’s canadian aluminium operations primarily 
at kitimat in british columbia resulting from a change in assumptions about 
future capital required to complete the modernisation project which diminished 
the value of the associated intangible assets and another site closure within  
the aluminium portfolio 
a posttax impairment charge of us470 million relating to rio tinto coal 
mozambique rtcm has been recognised an assessment of fvlcd derived 
from future cash flows which included a reassessment of the development plan 
and review of the discount rate and associated country risk premium resulted  
in the recoverable value being below carrying value 
   strategic report financial statements
directors’ report 
board of directors production reserves and operations additional information
riotintocomreportingcentre2013
49
financial statements
directors’ report
additional financial information production reserves and operations additional information
additional financial information continued  
48 
riotintocomreportingcentre2013 
cash costs exploration and evaluation 
2013 vs 2012 
rio tinto made strong progress on its cost reduction programme and exceeded 
its 2013 targets in 2013 the group realised us2279 million pretax  
us1559 million posttax in operating cash cost savings which exceeded  
the target of us2 billion 
exploration and evaluation spend was reduced by us1023 million  
on a consolidated pretax basis which exceeded the target reduction of 
us750 million evaluation spend has been prioritised on those projects  
with the greatest potential to deliver value in the medium term with spend on 
certain longerdated options reduced on a net earnings basis this resulted in  
an improvement of us557 million these are offset by the absence of a gain  
on disposal and writedown of exploration properties in 2013 the group wrote 
down its investment in northern dynasty minerals which owns 100 per cent of 
the pebble project in alaska by us131 million following the announcement  
of a strategic review in 2012 rio tinto reported net gains of us346 million  
on divestment of various exploration properties including its interests in extract 
resources and kalahari minerals 
in 2013 the group reduced headcount by 4000 net of new roles in the iron ore 
group to support the pilbara 290 expansion a further 3300 roles left the group 
through divested assets 
2012 vs 2011 
industrywide cost pressures continued during 2012 in particular at some  
of the key mining regions where rio tinto has significant operations such as 
new south wales queensland and the pilbara region of western australia  
higher energy costs across the group lowered underlying earnings by  
us23 million compared with 2011 in 2012 many operations were impacted  
by higher fuel diesel and power rates 
higher other cash costs during 2012 decreased underlying earnings by  
us304 million compared with 2011 due to a combination of fixed production 
cost inefficiencies associated with lower volumes due to grade higher 
maintenance costs and costs associated with operational readiness for the 
pilbara expansion of iron ore production 
during 2012 rio tinto divested various exploration properties including 
interests in extract resources and kalahari minerals the impact from 
movements in exploration and evaluation expenditure net of gains realised  
from divestments was to increase underlying earnings by us80 million 
compared with 2011 
noncashinteresttax other 
the effective corporate income tax rate on underlying earnings excluding  
equity accounted units was 35 per cent compared with 30 per cent in 2012  
2012 30 per cent unchanged from 2011 the increased charge was primarily 
attributable to utilisation of the mrrt deferred tax asset as in 2012 and 2011 
the effective corporate tax on net earnings excluding equity accounted units  
is significantly impacted by the impairment of goodwill which is nondeductible 
for tax purposes 
the group net interest charge was us130 million higher than in 2012  
2012 us128 million lower than in 2011 mainly reflecting higher average  
net debt in 2013 2012 mainly reflecting an increase in capitalised interest 
exclusions from underlying earnings 20112013 
earnings contributions from group businesses and business segments are 
based on underlying earnings amounts excluded from net earnings in arriving 
at underlying earnings are summarised in the discussion of yearonyear  
results below 
 
2013
usm
restated 
2012
usm
restated 
2011
usm
impairment charges net of reversal  3428 14360 9290
gains and losses on consolidation and  
disposal of interests in businesses 847 827 167
exchange differences and derivative 
movements  2731 550 68
restructuring costs including global  
headcount reductions 367 77
impact of pit wall slide at kennecott  
utah copper 283
adjustments to clermontblair athol on 
reclassification to disposal groups held for sale 173
deferred tax asset writeoff 114 134 342
recognition of deferred tax asset following 
introduction of mrrt in 2012 1130 –
other exclusions  303 233 204
total excluded in arriving at  
underlying earnings  6552 12297 9737
 
2013 
total impairment charges of us3428 million net of tax and noncontrolling 
interests were recognised in 2013 of which us1655 million related to the 
group’s copper businesses this includes a charge of us1565 million related  
to the impairment of previous years’ fair value adjustments on consolidation  
of certain assets of turquoise hill including oyu tolgoi on 29 july 2013  
rio tinto announced that funding and work on the underground development 
would be delayed pending resolution of outstanding shareholder issues 
including finalising project finance the consequent impact of updates to timing 
of revenues and expenditure resulted in the carrying value being higher than  
fair value less costs of disposal fvlcd 
impairments to the group’s copper businesses also include adjustments to 
reduce the carrying value of the eagle nickelcopper project to fvlcd prior  
to divestment on 17 july 2013 the impact of medium and longterm coking  
and thermal coal prices on noncash fair value acquisition adjustments to 
undeveloped projects at southgobi resources and adjustment to the carrying 
value of inova resources which was sold on 1 november 2013  
in addition there was a posttax impairment of us1293 million relating to  
the group’s aluminium businesses this includes us555 million for the  
gove refinery following an announcement on 29 november 2013 to suspend 
alumina production and focus on the bauxite operation as a result of this 
decision the timing and scope of site restoration and environmental 
rehabilitation cash flows have been revised together with the writeoff of 
operating assets not fully depreciated the remaining posttax charge of  
us738 million related to the group’s canadian aluminium operations primarily 
at kitimat in british columbia resulting from a change in assumptions about 
future capital required to complete the modernisation project which diminished 
the value of the associated intangible assets and another site closure within  
the aluminium portfolio 
a posttax impairment charge of us470 million relating to rio tinto coal 
mozambique rtcm has been recognised an assessment of fvlcd derived 
from future cash flows which included a reassessment of the development plan 
and review of the discount rate and associated country risk premium resulted  
in the recoverable value being below carrying value 
  
 
49 
riotintocomreportingcentre2013 
strategic report 
directors’ report 
additional financial information financial statements production reserves and operations additional information 
 
 
net gains on disposal of interests in businesses during 2013 mainly relate to  
the group’s divestment of its remaining interest in constellium formerly alcan 
engineered products and the northparkes mine 
noncash exchange and derivative losses of us2731 million arose primarily  
on us dollar debt in nonus dollar functional currency companies and on 
intragroup balances these losses are largely offset by currency translation  
gains recognised in equity 
kennecott utah copper’s bingham canyon mine experienced a slide along  
a geological fault line of its northeastern wall in april 2013 charges relating  
to the slide which have been excluded from underlying earnings primarily 
comprise the writeoff of certain deferred stripping assets and damaged 
equipment adjustments for settlement of insurance claims have been made to 
the amount excluded from underlying earnings and will continue as insurance 
claims are settled 
adjustments in relation to clermont and blair athol arose following 
reclassification to disposal groups held for sale and reflect contractual 
obligations for product sales and funding of closure activities which will remain 
with the group following completion of the divestments further adjustments  
in respect of these obligations will be combined with the net gainloss on 
disposal expected to be recognised in 2014 
2012 
a posttax impairment charge of us14360 million was recognised in 2012  
of which us11000 million related to the group’s aluminium businesses  
during 2012 aluminium prices deteriorated further with strong australian and 
canadian currencies high energy and raw material costs and high volumes  
of lme inventory continuing to exert pressure on current market values in the 
industry as in 2011 given the prevailing conditions in the aluminium market 
fvlcd did not include the full value of the group’s planned improvements in 
cash margins from its valueenhancement programmes 
a posttax impairment charge of us2860 million was also recognised relating 
to rio tinto coal mozambique rtcm the development of infrastructure in 
mozambique to support the undeveloped coal asset was found to be more 
challenging than initially anticipated which combined with a downward revision 
to estimates of recoverable coking coal volumes led to a reassessment of the 
overall scale and rampup schedule of rtcm and consequently to the 
assessment of its fvlcd 
in addition there were net posttax impairments of us460 million relating to 
the group’s argyle diamond mine and us40 million in other net impairments 
an impairment review of argyle was triggered by the announcement during 
2012 of the diamonds strategic review as well as changes to the forecast  
rampup date for the underground mine 
gains and losses on consolidation and disposal of interests in businesses relate 
primarily to a gain of us965 million arising on consolidation of richards bay 
minerals rbm in september 2012 and a us167 million loss on consolidation 
of turquoise hill resources 
a deferred tax asset was recognised in 2012 following introduction of the mrrt 
on 1 july 2012 the legislation which applies to companies with iron ore and 
coal operations in australia allows a deduction against future mrrt liability 
based on the market value of past investments in these mining assets as at  
1 may 2010 accordingly a deferred tax asset was recognised to reflect the 
deductibility for mrrt purposes of the market value of these mining assets  
to the extent recovery is probable 
2011 
a posttax impairment charge of us9290 million was recognised in 2011  
of which us8855 million related to the group’s aluminium businesses 
valuation of rio tinto’s aluminium businesses for impairment testing was  
based on an assessment of fvlcd derived from discounted future cash flows 
the impairment was largely a result of the economic environment and related 
market volatility in aluminium prices in the second half of 2011 leading to 
declines in market values for aluminium assets  
in addition there were net posttax impairments of us344 million relating  
to the group’s diamond business and us91 million in other net impairments  
profits on the disposal of businesses in 2011 related principally to the sale of  
the group’s talc business and colowyo mine  
the deferred tax asset writeoff in 2011 of us342 million followed a change  
in french legislation which restricted the utilisation of tax losses 
group financial results by product group 20112013 
 
2013
usm
restated
a
 
2012
usm
restated
a
 
2011
usm
iron ore 9858 9247 13268 
aluminium 557 54 610 
copper 821 1059 2013 
energy 33 309 1114 
diamonds  minerals 
b
 350 149 159 
other operations 281 582 288 
intersegment transactions 4 8 40 
other items 730 750 684 
exploration and evaluation 145 97 102 
net interest 242 112 240 
group underlying earnings 10217 9269 15572 
exclusions from underlying earnings 655212297 9737 
net earningsloss 3665 3028 5835 
a comparative information for 2012 and 2011 has been restated to reflect a number  
of new accounting standards refer to note 46 in the financial statements 
b includes the simandou iron ore project in guinea which is the responsibility of the 
diamonds  minerals product group chief executive  
sales revenue  
prices  
commodity source unit 
2013
us
2012
us
2011
us
average prices   
iron ore 62 fe 
fines fob 
platts index less 
baltic exchange 
freight rate  dmt
a
  126 122 160
aluminium  lme
b
 tonne  1845 2018 2395
copper  lme pound 333 361 400
gold lbma ounce 1410 1669 1571
   
closing prices quoted commodities only 
aluminium   tonne  1755 2041 1970
copper   pound 335 365 343
gold  ounce 1208 1675 1575
a dry metric tonne  
b lme cash price 
the above table shows published prices for rio tinto’s commodities for  
the last three years where these are publicly available and where there is a 
reasonable degree of correlation between the published prices and rio tinto’s 
realised prices  
group sales revenue will not necessarily move in line with these published  
prices for a number of reasons which are discussed below  
the discussion of revenues below relates to the group’s gross revenue from 
sales of commodities as included in the financial information by business unit  
   riotintocomreportingcentre2013
50
additional financial information continued  
50 
riotintocomreportingcentre2013 
aluminium 
2013 sales revenue compared with 2012 
the aluminium group’s sales revenues are from aluminium and related 
products such as alumina and bauxite 
sales revenue increased by two per cent reflecting increasing volumes  
across all products and a rise in regional market premia more than offsetting  
a nine per cent decline in lme prices over the period market premia on 
aluminium shipments continued to perform strongly in 2013 supported by 
balanced physical supplydemand despite significant lme inventories much  
of which remains tied up in financing deals due to higher forward prices and  
low interest rates 
2012 sales revenue compared with 2011 
gross sales revenue for rio tinto alcan decreased by 17 per cent compared  
with 2011 due to the combined effects of lower market prices and reduced 
production at alma offset by the yarwun refinery expansion 
the impact of lower prices on group sales revenue in 2012 was partially  
offset by higher market premia as significant amounts of aluminium  
inventories remained locked in financing deals and therefore unavailable  
for physical delivery 
copper 
2013 sales revenue compared with 2012 
gross sales revenue for the copper group decreased by 11 per cent in 2013 
compared with 2012 this reflected an eight per cent decline in the copper  
price during the period and a 16 per cent decline in the gold price together  
with divestment of the palabora and northparkes operations during 2013  
at 31 december 2013 the group had an estimated 254 million pounds of 
copper sales 2012 249 million pounds that were provisionally priced at  
333 us cents per pound 2012 360 us cents per pound the final price of  
these sales will be determined during the first half of 2014 
2012 sales revenue compared with 2011 
gross sales revenue for the copper group decreased by 13 per cent in 2012 
compared with 2011 this reflected the impact of lower prices and decreased 
volumes following lower mill throughput and an anticipated period of lower gold 
grades at kennecott utah copper and no metal share from grasberg this was 
partly offset by increasing volumes from escondida due to higher grades and 
improvements to the crushing and conveying circuit and from northparkes in 
line with a recovery in ore grades  
diamonds  minerals 
2013 sales revenue compared with 2012 
gross sales revenue increased by three per cent largely as the result of 
consolidating a full year of sales at richards bay minerals rbm which offset 
the impact of lower prices for zircon titanium dioxide feedstocks borates and 
metallics and lower sales volumes of titanium dioxide feedstocks due to 
challenging market conditions markets for titanium dioxide and zircon have 
softened further over the course of the year as the industry continues to work 
through high levels of inventories 
diamonds revenue was 15 per cent above 2012 due to higher volumes and 
increased prices polished diamond prices were relatively stable throughout 
2013 whilst slightly greater volatility was experienced in prices for rough 
diamonds diamond prices realised by rio tinto depend on the size and  
quality of diamonds in the product mix 
2012 sales revenue compared with 2011 
revenues for rio tinto iron  titanium rtit increased 41 per cent  
yearonyear due to higher prices for titanium dioxide feedstocks and the  
rbm transaction in september 2012 partially offset by the divestment of  
the talc business on 1 august 2011 the market for both titanium dioxide  
and zircon started the year strongly although demand subsequently softened  
in the second half rtit continued to replace its multiyear sales contracts  
with alternative pricing mechanisms in 2012 increasing the exposure to  
market prices  
diamonds revenue was two per cent higher than 2011 as the effect  
of higher volumes was largely offset by lower prices  
energy 
2013 sales revenue compared with 2012 
gross sales revenue in 2013 for the energy group decreased by ten per cent 
compared with 2012 as a result of significantly lower prices global thermal  
coal prices continued the weaker trend of the past two years and excess supply 
continues to impact the coking coal market with nearly all major exporting 
countries increasing output in 2013 excess supply and enduring closure of 
japan’s nuclear industry continued to adversely impact the uranium market in 
2013 the uranium spot price index ended the year 20 per cent below 2012 at 
us3450 per pound while the longterm price indicator lost 12 per cent to end 
the year at us50 per pound u 3
o
8
 
a significant proportion of rio tinto’s coal production is sold under longterm 
contracts in australia the prices applying to sales under the longterm 
contracts are generally renegotiated annually for thermal coal but prices are 
fixed at different times of the year and on a variety of bases coking coal prices 
for 2013 have been negotiated on a quarterly basis for these reasons average 
realised prices will not necessarily reflect the movements in any of the publicly
quoted prices rio tinto uranium also sells predominantly on a longerterm 
contract basis moreover there are significant product specification differences 
between mines sales volumes of all products will vary during the year and the 
timing of shipments will also result in differences between average realised 
prices and published prices  
2012 sales revenue compared with 2011 
gross sales revenue in 2012 for the energy group decreased by 17 per cent 
compared with 2011 as a result of lower prices 
2012 was a difficult year in coal and uranium markets as supply and demand 
fundamentals struggled to balance in the face of global economic uncertainty 
with prices declining across most of the year coking coal spot prices reached  
a low of us140 per tonne in the third quarter of 2012 after peaking at  
us366 per tonne in early 2011 thermal coal spot prices reached a low of 
us80 per tonne in the third quarter of 2012 after peaking at us130 per tonne 
in early 2011 the uranium spot price reached a low of us42 per pound in 
october 2012 down us10 from the same time in 2011 
iron ore 
2013 sales revenue compared with 2012 
gross sales revenue for the iron ore group increased by seven per cent 
compared with 2012 attributable to record sales volumes in the pilbara and 
marginally higher prices and sales volumes increased by five per cent across 
the product group in 2013 approximately 30 per cent of sales were priced with 
reference to a quarterly average index set at the prior quarter’s average lagged 
by one month the remainder was sold via pricing mechanisms priced closer to 
the index price at the time of shipment such as current quarter average current 
month average or spot index prices index prices are adjusted for product 
characteristics and iron and moisture content 
2012 sales revenue compared with 2011 
gross sales revenue for the iron ore group decreased by 18 per cent in 2012 
compared with 2011 reflecting lower iron ore prices partly offset by higher 
volumes sales increased quarteronquarter throughout 2012 resulting in 
record annual sales volumes despite significant volatility in the marketplace 
   strategic report financial statements
directors’ report 
board of directors production reserves and operations additional information
riotintocomreportingcentre2013
51
financial statements
directors’ report
additional financial information production reserves and operations additional information
additional financial information continued  
50 
riotintocomreportingcentre2013 
aluminium 
2013 sales revenue compared with 2012 
the aluminium group’s sales revenues are from aluminium and related 
products such as alumina and bauxite 
sales revenue increased by two per cent reflecting increasing volumes  
across all products and a rise in regional market premia more than offsetting  
a nine per cent decline in lme prices over the period market premia on 
aluminium shipments continued to perform strongly in 2013 supported by 
balanced physical supplydemand despite significant lme inventories much  
of which remains tied up in financing deals due to higher forward prices and  
low interest rates 
2012 sales revenue compared with 2011 
gross sales revenue for rio tinto alcan decreased by 17 per cent compared  
with 2011 due to the combined effects of lower market prices and reduced 
production at alma offset by the yarwun refinery expansion 
the impact of lower prices on group sales revenue in 2012 was partially  
offset by higher market premia as significant amounts of aluminium  
inventories remained locked in financing deals and therefore unavailable  
for physical delivery 
copper 
2013 sales revenue compared with 2012 
gross sales revenue for the copper group decreased by 11 per cent in 2013 
compared with 2012 this reflected an eight per cent decline in the copper  
price during the period and a 16 per cent decline in the gold price together  
with divestment of the palabora and northparkes operations during 2013  
at 31 december 2013 the group had an estimated 254 million pounds of 
copper sales 2012 249 million pounds that were provisionally priced at  
333 us cents per pound 2012 360 us cents per pound the final price of  
these sales will be determined during the first half of 2014 
2012 sales revenue compared with 2011 
gross sales revenue for the copper group decreased by 13 per cent in 2012 
compared with 2011 this reflected the impact of lower prices and decreased 
volumes following lower mill throughput and an anticipated period of lower gold 
grades at kennecott utah copper and no metal share from grasberg this was 
partly offset by increasing volumes from escondida due to higher grades and 
improvements to the crushing and conveying circuit and from northparkes in 
line with a recovery in ore grades  
diamonds  minerals 
2013 sales revenue compared with 2012 
gross sales revenue increased by three per cent largely as the result of 
consolidating a full year of sales at richards bay minerals rbm which offset 
the impact of lower prices for zircon titanium dioxide feedstocks borates and 
metallics and lower sales volumes of titanium dioxide feedstocks due to 
challenging market conditions markets for titanium dioxide and zircon have 
softened further over the course of the year as the industry continues to work 
through high levels of inventories 
diamonds revenue was 15 per cent above 2012 due to higher volumes and 
increased prices polished diamond prices were relatively stable throughout 
2013 whilst slightly greater volatility was experienced in prices for rough 
diamonds diamond prices realised by rio tinto depend on the size and  
quality of diamonds in the product mix 
2012 sales revenue compared with 2011 
revenues for rio tinto iron  titanium rtit increased 41 per cent  
yearonyear due to higher prices for titanium dioxide feedstocks and the  
rbm transaction in september 2012 partially offset by the divestment of  
the talc business on 1 august 2011 the market for both titanium dioxide  
and zircon started the year strongly although demand subsequently softened  
in the second half rtit continued to replace its multiyear sales contracts  
with alternative pricing mechanisms in 2012 increasing the exposure to  
market prices  
diamonds revenue was two per cent higher than 2011 as the effect  
of higher volumes was largely offset by lower prices  
energy 
2013 sales revenue compared with 2012 
gross sales revenue in 2013 for the energy group decreased by ten per cent 
compared with 2012 as a result of significantly lower prices global thermal  
coal prices continued the weaker trend of the past two years and excess supply 
continues to impact the coking coal market with nearly all major exporting 
countries increasing output in 2013 excess supply and enduring closure of 
japan’s nuclear industry continued to adversely impact the uranium market in 
2013 the uranium spot price index ended the year 20 per cent below 2012 at 
us3450 per pound while the longterm price indicator lost 12 per cent to end 
the year at us50 per pound u 3
o
8
 
a significant proportion of rio tinto’s coal production is sold under longterm 
contracts in australia the prices applying to sales under the longterm 
contracts are generally renegotiated annually for thermal coal but prices are 
fixed at different times of the year and on a variety of bases coking coal prices 
for 2013 have been negotiated on a quarterly basis for these reasons average 
realised prices will not necessarily reflect the movements in any of the publicly
quoted prices rio tinto uranium also sells predominantly on a longerterm 
contract basis moreover there are significant product specification differences 
between mines sales volumes of all products will vary during the year and the 
timing of shipments will also result in differences between average realised 
prices and published prices  
2012 sales revenue compared with 2011 
gross sales revenue in 2012 for the energy group decreased by 17 per cent 
compared with 2011 as a result of lower prices 
2012 was a difficult year in coal and uranium markets as supply and demand 
fundamentals struggled to balance in the face of global economic uncertainty 
with prices declining across most of the year coking coal spot prices reached  
a low of us140 per tonne in the third quarter of 2012 after peaking at  
us366 per tonne in early 2011 thermal coal spot prices reached a low of 
us80 per tonne in the third quarter of 2012 after peaking at us130 per tonne 
in early 2011 the uranium spot price reached a low of us42 per pound in 
october 2012 down us10 from the same time in 2011 
iron ore 
2013 sales revenue compared with 2012 
gross sales revenue for the iron ore group increased by seven per cent 
compared with 2012 attributable to record sales volumes in the pilbara and 
marginally higher prices and sales volumes increased by five per cent across 
the product group in 2013 approximately 30 per cent of sales were priced with 
reference to a quarterly average index set at the prior quarter’s average lagged 
by one month the remainder was sold via pricing mechanisms priced closer to 
the index price at the time of shipment such as current quarter average current 
month average or spot index prices index prices are adjusted for product 
characteristics and iron and moisture content 
2012 sales revenue compared with 2011 
gross sales revenue for the iron ore group decreased by 18 per cent in 2012 
compared with 2011 reflecting lower iron ore prices partly offset by higher 
volumes sales increased quarteronquarter throughout 2012 resulting in 
record annual sales volumes despite significant volatility in the marketplace 
  
 
51 
riotintocomreportingcentre2013 
strategic report 
directors’ report 
additional financial information financial statements production reserves and operations additional information 
 
 
cash flow 
2013 compared with 2012 
a full consolidated statement of cash flows is contained in the  
financial statements 
cash flows from operations including dividends from equity accounted units 
were us201 billion 22 per cent higher than 2012 reflecting the positive impact 
of higher volumes and the cost reduction initiatives tax payments in 2013 of 
us37 billion were us21 billion lower than in 2012 the stronger cash flows 
from operations and lower taxes drove net cash generated from operating 
activities 60 per cent higher to us151 billion 
purchase of property plant and equipment and intangible assets net of 
proceeds of sales of fixed assets declined by us46 billion or 26 per cent to 
us129 billion in 2013 five major capital projects were completed during the 
year the pilbara iron ore mines and infrastructure expansion to 290mta in 
western australia the oyu tolgoi coppergold mine and concentrator in 
mongolia the kestrel coking coal mine extension and expansion in queensland 
the argyle diamond underground mine in western australia and the ap60 
aluminium smelter in quebec ongoing capital projects include the second 
phase expansion of the pilbara iron ore infrastructure to 360mta due to come 
on stream at the end of the first half of 2015 and the modernisation of the 
kitimat aluminium smelter in british columbia which is due to be complete  
in the first half of 2015 subject to any additional capital required to complete 
the project receiving board approval 
net proceeds from disposals of subsidiaries joint ventures and associates 
totalled us19 billion in 2013 primarily reflecting the sale of the group’s 
interests in northparkes constellium eagle and altynalmas gold additional 
cash inflows from disposals were reflected within sales of financial assets and 
dividends from equity accounted units total disposal proceeds in 2013 of 
us25 billion are presented after adjusting for working capital and other items  
dividends paid in 2013 of us33 billion reflected the 15 per cent increase  
in the 2012 final dividend 
2012 compared with 2011 
cash flows from operations including dividends from equity accounted units 
were us165 billion 40 per cent lower than 2011 primarily as a consequence  
of lower prices 
purchase of property plant and equipment and intangible assets rose to 
us176 billion an increase of us51 billion from 2011 this included the 
continued expansion of the pilbara iron ore mines and infrastructure to 290mta 
in western australia the construction of the oyu tolgoi coppergold mine and 
concentrator in mongolia the modernisation of the kitimat aluminium smelter  
in british columbia the extension and expansion of the kestrel coking coal mine 
in queensland and the continued underground development of the argyle 
diamond mine in western australia 
during 2012 the group doubled its holding in rbm to 74 per cent through the 
acquisition of bhp billiton’s entire interests for us17 billion  
the group received us135 billion following completion of the agreement with 
chalco to develop and operate the simandou iron ore project in guinea and 
us09 billion from the turquoise hill resources rights offering these amounts 
have been recognised as proceeds from issue of equity to noncontrolling 
interests in the cash flow statement  
cash returns to shareholders totalled us45 billion in 2012 comprising  
us15 billion in share buybacks with the completion of the group’s  
us7 billion share buyback programme in march 2012 and dividends  
of us30 billion  
dividend payments were us08 billion higher than in 2011 reflecting a  
34 per cent increase in the 2011 total dividend 
statement of financial position 
net debt decreased from us192 billion to us181 billion at 31 december  
2013 as operating cash inflows and divestment proceeds fully offset the outflows 
relating to capital expenditure and the increase in the dividend net debt at  
31 december 2013 was made up principally from adjusted total borrowings  
as defined in note 24 to the financial statements of us283 billion offset by 
us102 billion in cash and cash equivalents the proportion of net debt to  
total capital stood at 25 per cent at 31 december 2013 unchanged from the 
prior year  
total borrowings at 31 december 2013 were us285 billion the weighted 
average cost of total borrowings was approximately four per cent and the 
weighted average maturity of total borrowings was around eight years with  
the maximum nominal amount maturing in any one calendar year currently 
us32 billion at 31 december 2013 approximately twothirds of rio tinto’s 
adjusted total borrowings were at fixed interest rates in 2013 rio tinto issued 
us30 billion of fixed and floating rate bonds in us dollars the offering 
comprised us10 billion of three year and us125 billion of 55 year fixed rate 
bonds at coupons of 1375 per cent and 225 per cent respectively and us250 
million two year and us500 million three year floating rate bonds at coupons  
of three month us libor plus 55 and 84 basis points respectively 
total provisions have decreased by us29 billion this is primarily related to  
the impact of the strengthening us dollar actuarial gains on pensions and  
other postretirement obligations due to the impact of higher bond yields  
and significant positive returns on equities held in pension plans 
financial instruments and risk management 
the group’s policies with regard to financial instruments and risk management 
are clearly defined and consistently applied they are a fundamental part of  
the group’s longterm strategy covering areas such as foreign exchange risk 
interest rate risk commodity price risk credit risk and liquidity risk and capital 
management further details of our financial instruments and risk management 
are disclosed in note 30 “financial instruments and risk management” to the 
financial statements 
the group’s 2013 annual report and financial statements show the full  
extent of its financial commitments including debt the principal risks and 
uncertainties to which the group is subject are summarised on page 14 to 17 
the effectiveness of internal control procedures continues to be a high priority  
in the rio tinto group the board’s statement on internal control is set out in  
the risk management section 
dividend 
the 2013 interim dividend was 835 us cents 2012 725 us cents and the  
final dividend is determined as 1085 us cents 2012 945 us cents dividends 
paid on rio tinto plc and rio tinto limited shares are equalised on a net cash 
basis that is without taking into account any associated tax credits dividends 
are determined in us dollars rio tinto plc dividends are paid and declared  
in pounds sterling and rio tinto limited dividends are declared and paid in 
australian dollars converted at exchange rates on 13 february 2014 details 
relating to the dividend policy determination and payment of dividends  
in sterling australian dollars and other currencies and on the payment of 
dividends to holders of american depositary receipts adrs are included  
in the shareholder information section 
capital and liquidity risk management  
the group’s total capital is defined as equity attributable to owners of  
rio tinto plus equity attributable to noncontrolling interests and net debt  
as shown below  
total capital 
2013 
usm
restated
2012 
usm
equity attributable to owners of rio tinto 45886 46553
equity attributable to noncontrolling interests 7616 11187
net debt note 24 18055 19192
total capital 71557 76932
the group’s major capital and evaluation projects are listed in the capital 
allocation section on page 12   riotintocomreportingcentre2013
52
additional financial information continued  
52 
riotintocomreportingcentre2013 
we expect that contractual commitments for expenditure together with other 
expenditure and liquidity requirements will be met from internal cash flow and 
to the extent necessary from the existing facilities described in note 30 
“financial instruments and risk management” part v to the financial 
statements this note also provides further details of our liquidity and capital  
risk management  
treasury management and financial instruments 
details of our treasury management and financial instruments are contained 
within the introductory paragraphs of note 30 
foreign exchange 
the following sensitivities give the estimated effect on underlying earnings 
assuming that each exchange rate moved in isolation the relationship between 
currencies and commodity prices is a complex one and movements in exchange 
rates can cause movements in commodity prices and vice versa where the 
functional currency of an operation is that of a country for which production of 
commodities is an important feature of the economy such as the australian 
dollar there is a certain degree of natural protection against cyclical fluctuations 
in that the currency tends to be weak reducing costs in us dollar terms when 
commodity prices are low and vice versa  
earnings sensitivities – exchange rates 
 
average exchange  
rate for 2013  
us cents 
effect on 
underlying earnings 
of 10 change in 
full year average
 usm
australian dollar 97 563
canadian dollar 97 289
euro 133 22
chilean peso us1 495 pesos 29
new zealand dollar 82 38
south african rand 10 40
uk sterling 156 
the exchange rate sensitivities quoted above include the effect on net operating 
costs of movements in exchange rates but exclude the effect of the revaluation 
of foreign currency financial assets and liabilities they should therefore be used 
with caution further details of our exposure to foreign currency fluctuations  
and currency derivatives and our approach to currency hedging are contained 
within note 30 “financial instruments and risk management” part abi to the 
financial statements 
interest rates 
details of our exposure to interest rate fluctuations are contained within note 30 
“financial instruments and risk management” to the financial statements 
commodity prices 
the approximate effect on the group’s underlying and net earnings of a  
ten per cent change from the full year average market price in 2013 for  
the following products would be 
earnings sensitivities – commodity prices 
 unit 
average market 
price for 2013  
us 
effect on 
underlying and net 
earnings of 10 
change in full year 
average
 usm
iron ore  
62 fe fines fob dmt 126 1214
aluminium 
a 
 tonne 1845 553
copper 
a
 pound 333 221
gold ounce 1410 29
a excludes the impact of commodity derivatives 
the sensitivities give the estimated impact on net earnings of changes in  
prices assuming that all other variables remain constant these should be  
used with caution as noted previously the relationship between currencies  
and commodity prices is a complex one and changes in exchange rates can 
influence commodity prices and vice versa  
further details of our exposure to commodity price fluctuations are  
contained within note 30 “financial instruments and risk management”  
to the financial statements 
credit risks 
details of our exposure to credit risks relating to receivables financial 
instruments and cash deposits are contained within note 30 “financial 
instruments and risk management” to the financial statements 
disposals and acquisitions 
information regarding disposals and acquisitions is provided in note 37 
“purchases and sales of subsidiaries joint ventures associates and other 
interests in businesses” to the financial statements 
critical accounting policies and estimates 
many of the amounts included in the financial statements involve the use  
of judgment andor estimates these judgments and estimates are based on 
management’s best knowledge of the relevant facts and circumstances having 
regard to previous experience but actual results may differ from the amounts 
included in the financial statements  
information about such judgments and estimation is contained under 
“judgements in applying accounting policies and key sources of estimation 
uncertainty” in note 1 “principal accounting policies” on page 119 of the  
financial statements  
off balance sheet arrangements and contractual commitments 
the table below presents information in relation to our material off balance 
sheet arrangements and contractual commitments information regarding the 
group’s pension commitments and funding arrangements is provided in note 45 
“post retirement benefits” to the financial statements information regarding  
the group’s closedown and restoration obligations is provided in note 26 
“provisions including post retirement benefits” to the financial statements  
we expect that these contractual commitments for expenditure together with 
other expenditure and liquidity requirements will be met from internal cash flow 
and to the extent necessary from the existing facilities  
at 31 december 2013 
 1 yr 
usm
13 yrs 
usm 
35 yrs 
usm
 5 yrs 
usm
total
 usm
expenditure commitments  
in relation to  
operating leases 439 667 540 832 2478
other capital 
commitments 5929 1153 133 31 7246
 6368 1820 673 863 9724
longterm debt and other 
financial obligations 
debt 4011 4770 5006 14684 28471
interest payments 1007 1817 1661 6164 10649
purchase obligations 3178 4636 3608 14359 25781
other 33 69 15 76 11
 8229 11292 10260 35131 64912
total 14597 13112 10933 35994 74636
  strategic report financial statements
directors’ report 
board of directors production reserves and operations additional information
riotintocomreportingcentre2013
53
financial statements
directors’ report
board of directors production reserves and operations additional information
additional financial information continued  
52 
riotintocomreportingcentre2013 
we expect that contractual commitments for expenditure together with other 
expenditure and liquidity requirements will be met from internal cash flow and 
to the extent necessary from the existing facilities described in note 30 
“financial instruments and risk management” part v to the financial 
statements this note also provides further details of our liquidity and capital  
risk management  
treasury management and financial instruments 
details of our treasury management and financial instruments are contained 
within the introductory paragraphs of note 30 
foreign exchange 
the following sensitivities give the estimated effect on underlying earnings 
assuming that each exchange rate moved in isolation the relationship between 
currencies and commodity prices is a complex one and movements in exchange 
rates can cause movements in commodity prices and vice versa where the 
functional currency of an operation is that of a country for which production of 
commodities is an important feature of the economy such as the australian 
dollar there is a certain degree of natural protection against cyclical fluctuations 
in that the currency tends to be weak reducing costs in us dollar terms when 
commodity prices are low and vice versa  
earnings sensitivities – exchange rates 
 
average exchange  
rate for 2013  
us cents 
effect on 
underlying earnings 
of 10 change in 
full year average
 usm
australian dollar 97 563
canadian dollar 97 289
euro 133 22
chilean peso us1 495 pesos 29
new zealand dollar 82 38
south african rand 10 40
uk sterling 156 
the exchange rate sensitivities quoted above include the effect on net operating 
costs of movements in exchange rates but exclude the effect of the revaluation 
of foreign currency financial assets and liabilities they should therefore be used 
with caution further details of our exposure to foreign currency fluctuations  
and currency derivatives and our approach to currency hedging are contained 
within note 30 “financial instruments and risk management” part abi to the 
financial statements 
interest rates 
details of our exposure to interest rate fluctuations are contained within note 30 
“financial instruments and risk management” to the financial statements 
commodity prices 
the approximate effect on the group’s underlying and net earnings of a  
ten per cent change from the full year average market price in 2013 for  
the following products would be 
earnings sensitivities – commodity prices 
 unit 
average market 
price for 2013  
us 
effect on 
underlying and net 
earnings of 10 
change in full year 
average
 usm
iron ore  
62 fe fines fob dmt 126 1214
aluminium 
a 
 tonne 1845 553
copper 
a
 pound 333 221
gold ounce 1410 29
a excludes the impact of commodity derivatives 
the sensitivities give the estimated impact on net earnings of changes in  
prices assuming that all other variables remain constant these should be  
used with caution as noted previously the relationship between currencies  
and commodity prices is a complex one and changes in exchange rates can 
influence commodity prices and vice versa  
further details of our exposure to commodity price fluctuations are  
contained within note 30 “financial instruments and risk management”  
to the financial statements 
credit risks 
details of our exposure to credit risks relating to receivables financial 
instruments and cash deposits are contained within note 30 “financial 
instruments and risk management” to the financial statements 
disposals and acquisitions 
information regarding disposals and acquisitions is provided in note 37 
“purchases and sales of subsidiaries joint ventures associates and other 
interests in businesses” to the financial statements 
critical accounting policies and estimates 
many of the amounts included in the financial statements involve the use  
of judgment andor estimates these judgments and estimates are based on 
management’s best knowledge of the relevant facts and circumstances having 
regard to previous experience but actual results may differ from the amounts 
included in the financial statements  
information about such judgments and estimation is contained under 
“judgements in applying accounting policies and key sources of estimation 
uncertainty” in note 1 “principal accounting policies” on page 119 of the  
financial statements  
off balance sheet arrangements and contractual commitments 
the table below presents information in relation to our material off balance 
sheet arrangements and contractual commitments information regarding the 
group’s pension commitments and funding arrangements is provided in note 45 
“post retirement benefits” to the financial statements information regarding  
the group’s closedown and restoration obligations is provided in note 26 
“provisions including post retirement benefits” to the financial statements  
we expect that these contractual commitments for expenditure together with 
other expenditure and liquidity requirements will be met from internal cash flow 
and to the extent necessary from the existing facilities  
at 31 december 2013 
 1 yr 
usm
13 yrs 
usm 
35 yrs 
usm
 5 yrs 
usm
total
 usm
expenditure commitments  
in relation to  
operating leases 439 667 540 832 2478
other capital 
commitments 5929 1153 133 31 7246
 6368 1820 673 863 9724
longterm debt and other 
financial obligations 
debt 4011 4770 5006 14684 28471
interest payments 1007 1817 1661 6164 10649
purchase obligations 3178 4636 3608 14359 25781
other 33 69 15 76 11
 8229 11292 10260 35131 64912
total 14597 13112 10933 35994 74636
 
board of directors 
 
53 
riotintocomreportingcentre2013 
strategic report 
directors’ report 
directors’ report financial statements production reserves and operations additional information 
 
key for committee memberships 
a audit committee   
r remuneration committee  
n nominations committee  
s sustainability committee  
c chairman’s committee  
i independent  
jan du plessis r n and c 
chairman bcom llb casa age 60  
appointment director of rio tinto since 2008 jan was appointed chairman  
in 2009 he is the chairman of the nominations committee 
skills and experience jan a south african and british citizen became group 
finance director of compagnie financière richemont the swiss luxury goods 
group in 1988 in 2004 he was appointed chairman of british american 
tobacco plc a position which he held until 2009  
external appointments current and recent nonexecutive director and 
senior independent nonexecutive director of marks and spencer group plc 
since 2008 and 2012 respectively nonexecutive director of british american 
tobacco plc from 1999 until 2009 and chairman of the board from 2004 until 
2009 nonexecutive director and chairman of the audit committee of lloyds 
banking group plc from 2005 and 2008 respectively until 2009  
sam walsh ao c 
chief executive bcom melbourne age 64  
appointment director of rio tinto since 2009 he was appointed chief 
executive in january 2013  
skills and experience sam an australian citizen joined rio tinto in 1991 
following 20 years in the automotive industry at general motors and nissan 
australia he has held a number of management positions during his career at 
rio tinto including chief executive of the aluminium group from 2001 to 2004 
chief executive of the iron ore group from 2004 to 2009 and chief executive iron 
ore and australia from 2009 to january 2013 sam is a fellow of the australian 
institute of management the australasian institute of mining and metallurgy 
the chartered institute of purchasing and supply management the australian 
institute of company directors and the australian academy of technical 
science and engineering in 2010 he was appointed an officer in the general 
division of the order of australia  
external appointments current and recent member of the council of the 
international council on mining  metals and a director of the international 
council on mining and metals uk limited since january 2013 nonexecutive 
director of seven west media limited from 2008 until january 2013  
chris lynch c 
chief financial officer bcom mba age 60  
appointment director of rio tinto since 2011 nonexecutive and chief 
financial officer since april 2013 
skills and experience chris an australian citizen has nearly 30 years’ 
experience in the mining and metals industry he was chief executive officer of 
the transurban group an international toll road developer and manager with 
interests in australia and north america until 2012 his career has included 
seven years at bhp billiton where he was chief financial officer and then 
executive director and group president – carbon steel materials prior to this 
chris spent 20 years with alcoa inc where he was vicepresident and chief 
information officer based in pittsburgh and chief financial officer alcoa europe 
in switzerland he was also managing director of kaal australia limited a joint 
venture company formed by alcoa and kobe steel  
external appointments current and recent chief executive officer of the 
transurban group limited from 2008 until 2012 commissioner of the australian 
football league from 2008 until march 2014  
robert brown n s and i 
nonexecutive director bsc age 69  
appointment director of rio tinto since 2010 
skills and experience bob is a canadian citizen and contributes his 
considerable experience in large highprofile canadian companies he is 
chairman of aimia inc a customer loyalty management provider and serves  
on the board of bce inc bell canada enterprises canada’s largest 
communications company he was previously president and chief executive 
officer of cae inc a world leader in flight simulation and training before that he 
spent 16 years at bombardier inc the aerospace and transportation company 
where he was firstly head of the aerospace group and then president and chief 
executive officer he has also served as chairman of air canada and of the 
aerospace industries association of canada bob was inducted to the order of 
canada as well as l’ordre national du québec he has been awarded honorary 
doctorates from five canadian universities  
external appointments current and recent nonexecutive director and 
chairman of aimia inc since 2005 and 2008 respectively nonexecutive director 
of bce inc and bell canada since 2009 nonexecutive director of fier cpvc
montreal lp since 2005 president and chief executive officer of cae inc from 
2004 until 2009 nonexecutive director of ace aviation holdings inc from 2004 
until 2009  
vivienne cox n s and i 
nonexecutive director ma oxon mba insead age 54  
appointment director of rio tinto since 2005 vivienne will retire at the 
conclusion of the rio tinto plc annual general meeting in 2014 
skills and experience vivienne is a british citizen she was executive vice 
president of gas power and renewables at bp and former chief executive of bp 
alternative energy during her career at bp she served in a variety of positions 
ranging from supply and trading to commercial finance and exploration and 
renewable energy vivienne holds degrees in chemistry from oxford university 
and in business administration from insead  
external appointments current and recent member of kingfisher plc  
net positive advisory council since october 2013 nonexecutive director of  
bg group plc since 2012 nonexecutive director and senior independent non
executive director of pearson plc since 2012 and january 2013 respectively 
nonexecutive director of the uk department for international development 
since 2010 nonexecutive director of the climate change organisation since 
2010 nonexecutive director and nonexecutive chairman of climate change 
capital limited from 2008 and 2009 respectively until 2012 member and 
chairman of the supervisory board of vallourec since 2010 and may 2013 
respectively member of the offshore advisory committee of mainstream 
renewable power from 2010 until 2012 a member of the board of insead 
business school from 2009 until december 2013  
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54 
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michael fitzpatrick a r n and i 
nonexecutive director beng ba oxon age 61  
appointment director of rio tinto since 2006  
skills and experience michael an australian citizen contributes wideranging 
investment and local knowledge of australian business he is chairman of 
treasury group limited a sydneybased incubator of fund management 
companies chairman of the australian football league and a former chairman 
of the australian sports commission after leaving professional football in 1983 
and working for the treasury of the state of victoria and with investment banks 
in new york michael founded the pioneering infrastructure asset management 
company hastings funds management limited in 1994 he was a rhodes 
scholar in 1975  
external appointments current and recent nonexecutive director of 
carnegie wave energy limited since 2012 chairman of infrastructure capital 
group limited since 2009 chairman of the treasury group limited since 2005 
commissioner and chairman of the australian football league since 2003 and 
2007 respectively director of the walter  eliza hall institute of medical 
research since 2001 
ann godbehere a n and i 
nonexecutive director fcga age 58  
appointment director of rio tinto and chairman of the audit committee  
since 2010  
skills and experience ann a canadian and british citizen has more than  
25 years’ experience in the financial services industry she spent ten years at 
swiss re a global reinsurer latterly as chief financial officer from 2003 until 
2007 she was interim chief financial officer and executive director of northern 
rock bank after its nationalisation ann is a qualified accountant  
external appointments current and recent nonexecutive director of british 
american tobacco plc since 2011 nonexecutive director of ubs ag since 2009 
nonexecutive director of atrium underwriting group limited and arden 
holdings ltd since 2007 nonexecutive director and chairman of the audit 
committee of prudential public limited company since 2007 and 2009 
respectively chief financial officer and executive director of northern rock 
asset management plc from 2008 until 2009  
richard goodmanson r n s and i 
nonexecutive director mba bec and bcom beng civil age 66  
appointment director of rio tinto since 2004 and chairman of the 
sustainability committee  
skills and experience richard a us citizen was executive vice president and 
chief operating officer of dupont until 2009 prior to this he was president and 
chief executive officer of america west airlines and senior vice president of 
operations for fritolay inc a north american division of pepsico richard has 
worked at senior levels for mckinsey  co where he led client service teams on 
major programmes of strategy development he spent ten years in heavy civil 
engineering project management principally in south east asia including the 
construction of the hong kong subway system 
external appointments current and recent nonexecutive director of qantas 
airways limited since 2008 economic adviser to the governor of guangdong 
province china from 2003 until 2009 executive vice president and chief 
operating officer of ei du pont de nemours and company limited from 1999 
until 2009 director of the united way of delaware from 2002 until 2009  
lord kerr of kinlochard n s and i 
nonexecutive director gcmg ma oxon age 72  
appointment director of rio tinto since 2003  
skills and experience john a british citizen was a member of the uk 
diplomatic service for 36 years and headed it from 1997 to 2002 as permanent 
under secretary at the foreign office he previously served in hm treasury and 
in the former soviet union and pakistan and was ambassador to the european 
union and the us he has been an independent member of the house of lords 
since 2004 
external appointments current and recent advisory board member of 
edinburgh partners limited since 2012 director and vice chairman of scottish 
power limited since 2009 and 2012 respectively chairman of the centre for 
european reform london since 2008 vice president of the european policy 
centre brussels since 2007 trustee of the carnegie trust for the universities of 
scotland since 2005 director of the scottish american investment company plc 
since 2002 deputy chairman of royal dutch shell plc from 2005 until 2012 
chairman of the court and council of imperial college london from 2005 until 
2011 advisory board member of bae systems from 2008 until 2011 advisory 
board member of scottish power iberdrola from 2007 until 2009 trustee of the 
national gallery in london from 2002 until 2010 trustee of the rhodes trust 
from 1997 until 2010 a fulbright commissioner from 2004 until 2009 
hon paul tellier a r n and i 
nonexecutive director lll blitt oxon lld cc age 74  
appointment director of rio tinto since 2007  
skills and experience paul a canadian citizen entered the civil service in the 
1970s he was clerk of the privy council office and secretary to the cabinet of 
the government of canada from 1985 to 1992 he became president and chief 
executive officer of the canadian national railway company from 1992 to 2002 
until 2004 he was president and chief executive officer of bombardier inc the 
aerospace and transportation company  
external appointments current and recent chairman of global container 
terminals inc since 2007 director of mccain foods limited since 1996 trustee 
of the international accounting standards foundation from 2007 until 2012  
cochair of the prime minister of canada’s advisory committee on the renewal 
of the public service from 2006 until february 2014 strategic adviser to société 
générale canada from 2005 until may 2013 member of the advisory board of 
general motors of canada since 2005 director of bell canada from 1996 until 
2010 director of bce inc bell canada enterprises from 1999 until 2010 
john varley a r n and i 
nonexecutive director ba ma oxon age 57  
appointment director of rio tinto and chairman of the remuneration 
committee since 2011 and senior independent director since 2012  
skills and experience john a british citizen joined barclays plc in 1982 after 
working as a solicitor he was chief executive of barclays from 2004 until 2010 
during a 28year career with the bank he held several senior positions including 
chairman of the asset management division group finance director and deputy 
chief executive  
external appointments current and recent director of barclays plc and 
barclays bank plc from 1998 until 2010 nonexecutive director of blackrock 
inc since 2009 nonexecutive director of astrazeneca plc since 2006 chairman 
of marie curie cancer care since 2011 and chairman of business action on 
homelessness since 2006  
   strategic report financial statements
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board of directors continued 
54 
riotintocomreportingcentre2013 
michael fitzpatrick a r n and i 
nonexecutive director beng ba oxon age 61  
appointment director of rio tinto since 2006  
skills and experience michael an australian citizen contributes wideranging 
investment and local knowledge of australian business he is chairman of 
treasury group limited a sydneybased incubator of fund management 
companies chairman of the australian football league and a former chairman 
of the australian sports commission after leaving professional football in 1983 
and working for the treasury of the state of victoria and with investment banks 
in new york michael founded the pioneering infrastructure asset management 
company hastings funds management limited in 1994 he was a rhodes 
scholar in 1975  
external appointments current and recent nonexecutive director of 
carnegie wave energy limited since 2012 chairman of infrastructure capital 
group limited since 2009 chairman of the treasury group limited since 2005 
commissioner and chairman of the australian football league since 2003 and 
2007 respectively director of the walter  eliza hall institute of medical 
research since 2001 
ann godbehere a n and i 
nonexecutive director fcga age 58  
appointment director of rio tinto and chairman of the audit committee  
since 2010  
skills and experience ann a canadian and british citizen has more than  
25 years’ experience in the financial services industry she spent ten years at 
swiss re a global reinsurer latterly as chief financial officer from 2003 until 
2007 she was interim chief financial officer and executive director of northern 
rock bank after its nationalisation ann is a qualified accountant  
external appointments current and recent nonexecutive director of british 
american tobacco plc since 2011 nonexecutive director of ubs ag since 2009 
nonexecutive director of atrium underwriting group limited and arden 
holdings ltd since 2007 nonexecutive director and chairman of the audit 
committee of prudential public limited company since 2007 and 2009 
respectively chief financial officer and executive director of northern rock 
asset management plc from 2008 until 2009  
richard goodmanson r n s and i 
nonexecutive director mba bec and bcom beng civil age 66  
appointment director of rio tinto since 2004 and chairman of the 
sustainability committee  
skills and experience richard a us citizen was executive vice president and 
chief operating officer of dupont until 2009 prior to this he was president and 
chief executive officer of america west airlines and senior vice president of 
operations for fritolay inc a north american division of pepsico richard has 
worked at senior levels for mckinsey  co where he led client service teams on 
major programmes of strategy development he spent ten years in heavy civil 
engineering project management principally in south east asia including the 
construction of the hong kong subway system 
external appointments current and recent nonexecutive director of qantas 
airways limited since 2008 economic adviser to the governor of guangdong 
province china from 2003 until 2009 executive vice president and chief 
operating officer of ei du pont de nemours and company limited from 1999 
until 2009 director of the united way of delaware from 2002 until 2009  
lord kerr of kinlochard n s and i 
nonexecutive director gcmg ma oxon age 72  
appointment director of rio tinto since 2003  
skills and experience john a british citizen was a member of the uk 
diplomatic service for 36 years and headed it from 1997 to 2002 as permanent 
under secretary at the foreign office he previously served in hm treasury and 
in the former soviet union and pakistan and was ambassador to the european 
union and the us he has been an independent member of the house of lords 
since 2004 
external appointments current and recent advisory board member of 
edinburgh partners limited since 2012 director and vice chairman of scottish 
power limited since 2009 and 2012 respectively chairman of the centre for 
european reform london since 2008 vice president of the european policy 
centre brussels since 2007 trustee of the carnegie trust for the universities of 
scotland since 2005 director of the scottish american investment company plc 
since 2002 deputy chairman of royal dutch shell plc from 2005 until 2012 
chairman of the court and council of imperial college london from 2005 until 
2011 advisory board member of bae systems from 2008 until 2011 advisory 
board member of scottish power iberdrola from 2007 until 2009 trustee of the 
national gallery in london from 2002 until 2010 trustee of the rhodes trust 
from 1997 until 2010 a fulbright commissioner from 2004 until 2009 
hon paul tellier a r n and i 
nonexecutive director lll blitt oxon lld cc age 74  
appointment director of rio tinto since 2007  
skills and experience paul a canadian citizen entered the civil service in the 
1970s he was clerk of the privy council office and secretary to the cabinet of 
the government of canada from 1985 to 1992 he became president and chief 
executive officer of the canadian national railway company from 1992 to 2002 
until 2004 he was president and chief executive officer of bombardier inc the 
aerospace and transportation company  
external appointments current and recent chairman of global container 
terminals inc since 2007 director of mccain foods limited since 1996 trustee 
of the international accounting standards foundation from 2007 until 2012  
cochair of the prime minister of canada’s advisory committee on the renewal 
of the public service from 2006 until february 2014 strategic adviser to société 
générale canada from 2005 until may 2013 member of the advisory board of 
general motors of canada since 2005 director of bell canada from 1996 until 
2010 director of bce inc bell canada enterprises from 1999 until 2010 
john varley a r n and i 
nonexecutive director ba ma oxon age 57  
appointment director of rio tinto and chairman of the remuneration 
committee since 2011 and senior independent director since 2012  
skills and experience john a british citizen joined barclays plc in 1982 after 
working as a solicitor he was chief executive of barclays from 2004 until 2010 
during a 28year career with the bank he held several senior positions including 
chairman of the asset management division group finance director and deputy 
chief executive  
external appointments current and recent director of barclays plc and 
barclays bank plc from 1998 until 2010 nonexecutive director of blackrock 
inc since 2009 nonexecutive director of astrazeneca plc since 2006 chairman 
of marie curie cancer care since 2011 and chairman of business action on 
homelessness since 2006  
  
 
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directors who left the board 
tom albanese 
chief executive bs mineral economics ms mining engineering age 56  
appointment director of rio tinto from 2006 and chief executive from 2007 
until january 2013  
skills and experience tom a us citizen joined rio tinto in 1993 on rio tinto’s 
acquisition of nerco minerals a us energy company where he was chief 
operating officer his first position with rio tinto was general manager of the 
greens creek mine in alaska he then held a series of management positions 
including overseeing the integration of north limited into rio tinto operations 
on north’s acquisition in 2000 he was appointed chief executive of the 
industrial minerals group in 2000 and chief executive of the copper group and 
head of exploration in 2004  
external appointments current and recent director of the international 
council on mining and metals from 2007 until 2013 member of the board  
of visitors duke university fuqua school of business from 2009  
guy elliott  
senior executive director ma oxon mba insead age 58 
appointment director of rio tinto since 2002 and senior executive director 
since 2012 guy retired from rio tinto at the end of 2013 
skills and experience guy a british citizen was with rio tinto for more than  
30 years he joined the group in 1980 in the uranium marketing division having 
previously been in investment banking he subsequently held a variety of 
commercial and management positions including head of business evaluation 
and president of rio tinto brasil he was chief financial officer from 2002 to  
april 2013 
external appointments current and recent nonexecutive director and 
senior independent director of sab miller plc since july 2013 and december 
2013 respectively nonexecutive director and chairman of the audit committee 
of royal dutch shell plc since 2010 and 2011 respectively a member of the 
takeover panel since 2012 nonexecutive director and senior independent 
director of cadbury plc from 2007 and 2008 respectively until 2010  
 
company secretaries 
eleanor evans 
llb lond age 47 
skills and experience eleanor joined the group as company secretary of  
rio tinto plc and joint company secretary of rio tinto limited in june 2013 
prior to joining rio tinto eleanor was general counsel and company secretary 
at amec plc and chief legal officer and company secretary at cobham plc  
in both roles eleanor was responsible for legal compliance and secretariat 
matters globally was a member of the executive committee and the risk 
committee and was secretary to the board of directors and their principal 
committees eleanor commenced her career as a solicitor specialising in 
corporate and financial law with norton rose fulbright and in her earlier  
career held senior legal roles at the boc group plc and corus group plc  
external appointments current and recent eleanor is a member of the 
executive committee of gc100 the association of general counsel and 
company secretaries of the ftse 100 and is a trustee of the stepchange 
foundation uk a charity 
tim paine 
bec llb age 50 
skills and experience tim joined the group as joint company secretary of  
rio tinto limited in december 2012 he has over 20 years’ experience in 
corporate counsel and company secretary roles including at anz bank mayne 
group symbion health and skilled group tim commenced his career as a 
solicitor in private practice and has also managed his own consulting company  
external appointments current and recent he has no  
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hugo bague 
ma linguistics age 53  
hugo bague was appointed group executive organisational resources in 2013 
after joining rio tinto as global head of human resources in 2007 previously 
he worked for hewlettpackard where he was the global vice president human 
resources for the technology solutions group based in the us prior to this he 
worked for compaq computers nortel networks and abbott laboratories based 
in switzerland france and germany  
he has been a nonexecutive director and member of the nominating and 
governance committee and the compensation committee of jones lang lasalle 
incorporated a global real estate services firm since 2011  
jacynthe côté 
bchem age 55  
jacynthe became chief executive rio tinto alcan in 2009 she joined alcan  
in 1988 and has significant operational and international experience in the 
aluminium industry she was president and chief executive officer primary 
metal rio tinto alcan where she was responsible for all primary metal facilities 
and power generation installations worldwide her previous roles in alcan 
include president and chief executive officer bauxite  alumina business unit 
and senior management roles in business planning human resources and 
environment health and safety jacynthe has a degree in chemistry from laval 
university in québec and was awarded an honorary doctorate from université  
du québec à chicoutimi in 2011  
jacynthe has been a member of the advisory board of the montreal 
neurological institute since 2010 member of the hautes études commerciales 
board since 2009 member of the canadian council of chief executives since 
2009 and a member of the international aluminium institute since 2009  
alan davies 
bbus acctcy llb llm fca age 43 
alan was appointed chief executive diamonds  minerals in 2012 he joined  
the group in 1997 and has held management positions in australia london  
and the us for the iron ore and energy businesses prior to his current role 
alan was president international operations for rio tinto’s iron ore business 
with global accountability for operations and projects in canada india and 
guinea alan is a fellow of the institute of chartered accountants in australia 
he was a director of the art gallery of western australia from 2010 to 2011 
andrew harding 
beng mining engineering mba age 47  
andrew harding was appointed chief executive iron ore in february 2013 prior 
to his current role andrew spent three years as chief executive copper where 
he was responsible for a range of mines and projects including the development 
of the worldclass oyu tolgoi coppergold mine in mongolia andrew joined  
rio tinto in 1992 and spent seven years in rio tinto iron ore he has also held  
a range of positions in technology  innovation energy and aluminium and 
was president and chief executive officer of kennecott utah copper 
he was a director of turquoise hill resources ltd between 2009 and 2010 and 
between 2011 and february 2013 
jeansébastien jacques 
msc age 42 
jeansébastien was appointed chief executive copper in february 2013 he 
joined rio tinto in 2011 as president international operations – copper where 
he led a senior team and oversaw rio tinto’s interests in the palabora mining 
company in south africa northparkes mines in australia kennecott eagle 
minerals the pebble mine in the us and sulawesi in indonesia prior to joining 
rio tinto jeansébastien spent more than 15 years working across europe 
south east asia india and the us in operational and strategy roles in the 
aluminium bauxite and steel industries he served as group director strategy 
and was on the executive committee at tata steel group from 2007 to 2011  
jeansébastien was appointed vice chairman of the international copper 
association in october 2013 he was a director of turquoise hill resources ltd 
from february to september 2013 a director of bougainville copper limited 
from 2012 until april 2013 and a director of palabora mining company limited 
from 2011 until july 2013 
harry kenyonslaney 
bsc hons geology age 53  
harry was appointed chief executive energy in 2012 he joined the group in 
1990 from anglo american corporation and has held management positions  
in south africa australia and the uk harry spent his early career at rio tinto in 
marketing and operational roles in the uranium copper and industrial minerals 
businesses in 2004 he was appointed chief executive of energy resources of 
australia and in 2007 managing director of rio tinto iron  titanium prior to 
his current role he was chief executive of rio tinto’s diamonds  minerals 
product group  
harry has been a director of the world coal association since 2012 and  
became a director of the coal industry advisory board to the iea in march 2013 
greg lilleyman 
beng construction age 47  
greg was appointed group executive technology  innovation in january 2014 
he joined the group in 1990 and held a number of operational roles across  
the pilbara hunter valley and canada with both the iron ore and energy 
businesses in 2011 greg was appointed president pilbara operations for  
rio tinto iron ore and in august 2013 assumed the role of head of productivity 
improvement with technology  innovation  
greg was a board member of the australian institute of management of western 
australia between 2012 and may 2013 a board member of the energy  
minerals institute between 2011 and may 2013 and a director of the chamber of 
minerals and energy of western australia between 2008 and may 2013 holding 
the position of president between 2011 and may 2013 since 2012 he has been a 
board member of the curtin university foundation 
debra valentine 
ba history jd age 60  
debra was appointed group executive legal external  regulatory affairs in 
2009 having joined rio tinto as global head of legal in 2008 she previously 
worked at united technologies corporation in the us where she was vice 
president deputy general counsel and corporate secretary before then she was 
a partner with the law firm o’melveny  myers in washington dc debra served 
as general counsel at the us federal trade commission from 1997 to 2001  
she has been a member of the usbased council on foreign relations since 
1993 and the american law institute since 1991 she is on the board of the 
extractive industries transparency initiative and the north america advisory 
council at chatham house  
executive director members 
sam walsh and chris lynch were also members of the executive committee  
in 2013 through their positions as chief executive and chief financial officer 
respectively guy elliott was a member through his position as chief financial 
officer until april 2013 tom albanese was a member through his position  
as chief executive until january 2013 their biographies are shown on pages  
53 and 55  
 
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corporate governance 
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rio tinto takes a unified approach to corporate governance to comply with  
the regulatory obligations associated with its three principal stock exchange 
listings in the uk australia and the us 
statement of compliance with governance codes and 
standards in 2013 
in compiling this report the directors have referred to the september  
2012 edition of the uk corporate governance code the code the asx 
corporate governance council’s corporate governance principles and 
recommendations 2nd edition with 2010 amendments the asx principles 
and the new york stock exchange nyse corporate governance standards 
the nyse standards 
throughout 2013 and at the date of this report the group applied the 
principles of and was compliant with the provisions of the asx principles  
and with the code 
rio tinto plc as a foreign issuer with american depositary shares listed  
on the nyse is obliged by the nyse standards to disclose any significant ways 
in which its practices of corporate governance differ from the nyse standards 
the company has reviewed the nyse standards and believes that its practices 
are broadly consistent with them with the following exceptions where the strict 
requirements of the nyse standards are not met  
the nyse standards state that companies must have a nominatingcorporate 
governance committee composed entirely of independent directors which  
in addition to identifying individuals qualified to become board members  
develops and recommends to the board a set of corporate governance 
principles applicable to the company rio tinto has a nominations committee 
information about which is set out on page 63 this committee does not 
develop corporate governance principles for the board’s approval the board 
itself performs this task 
under us securities law and the nyse standards the company is required  
to have an audit committee that is directly responsible for the appointment 
compensation retention and oversight of the work of external auditors while 
the rio tinto audit committee makes recommendations to the board on these 
matters the ultimate responsibility for the appointment of the external auditors 
rests with the shareholders 
a discussion of the group’s position on audit tenders is set out on page 62  
of this report  
further information about the corporate governance framework is  
available in the “corporate governance” section of rio tinto’s website 
the board 
rio tinto plc and rio tinto limited have a common board of directors  
the directors are responsible for the success of the group and through the 
independent oversight of management are accountable to shareholders for  
the performance of the business 
role and responsibilities 
the principal role of the board is to set the group’s strategy and to review 
regularly its strategic direction in doing this the board also has responsibility 
for corporate governance 
a formal schedule of matters reserved by the board has been established  
by the directors this covers areas such as the group’s strategy major 
investments acquisitions and divestments and oversight of risk it is available 
on the website 
responsibility for daytoday management of the business is delegated to  
the chief executive and the executive committee in turn authorities are  
also delegated to individual members of the executive committee  
as part of the annual financial planning process the board sets annual 
performance targets which include personal and business performance 
measures under the group’s shortterm incentive plan detailed on page 81  
for the chief executive these performance targets are determined by the 
remuneration committee on behalf of the board the chief executive 
establishes targets for the executive committee those objectives are  
cascaded throughout management teams  
further details of the performance evaluation of the executive directors and 
other senior executives are discussed in the implementation report section  
of the remuneration report on page 80 
board balance and independence 
board composition 
the names skills and experience of each director together with their terms in 
office are shown in the biographical details on pages 53 to 54 details of 
changes to the board during 2013 and in the year to date are set out in the 
directors’ report on page 44 
director independence 
the tests of independence of a nonexecutive director vary between the 
jurisdictions where rio tinto has listings the board has adopted a formal  
policy for the determination of the independence of its nonexecutive directors 
which is available on the group’s website  
among the key criteria of the independence policy are independence from 
management and the absence of any business relationship which could 
materially interfere with the director’s independence of judgment and ability  
to provide a strong valuable contribution to the board’s deliberations or which 
could interfere with the director’s ability to act in the best interests of the group 
where contracts in the ordinary course of business exist between rio tinto and 
a company in which a director has declared an interest these are reviewed for 
materiality both to the group and the other party to the contract “material”  
is defined in the policy as being where the relationship accounts for more than 
two per cent of either party’s consolidated gross revenue per annum although 
the test also takes other circumstances into account the code includes criteria 
to assess independence where a director has served on the board for more 
than nine years from the date of their first election 
the chairman was considered independent upon his appointment under the 
code and in the board’s view he continues to satisfy the tests for independence 
under the asx principles and the nyse standards 
applying the criteria of the independence policy the board is satisfied that all  
of its nonexecutive directors are and remain independent 
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directors’ report 
corporate governance financial statements production reserves and operations additional information 
 
directors’ membership of and attendance at board and committee meetings during 2013 
 
board
scheduled
e
board
short notice
e
audit
committee
e
remuneration
committee
e
sustainability
committee
e
 
nominations
committee
e
chairman’s
committee
e
jan du plessis 99 22 – 88 – 88 1818 
tom albanese 
a
 – 11 – – – – – 
guy elliott 
b
 99 22 – – – – 67 
chris lynch 
c
 99 22 22 – – 11 1314 
sam walsh 
d
 99 22 – – – – 1818 
robert brown 89 22 – – 55 88 – 
vivienne cox 89 22 – – 55 78 – 
michael fitzpatrick 99 22 77 78
f 
– 88 – 
ann godbehere 99 22 77 – – 88 – 
richard goodmanson 99 22 – 88 55 88 – 
lord kerr 99 22 33 – 55 88 – 
paul tellier 89 22 77 88 – 88 – 
john varley 99 22 44 88 – 88 – 
a stood down from the board on 17 january 2013  
b resigned from chairman’s committee with effect from 18 april 2013 and retired from the board with effect from 31 december 2013 
c appointed chief financial officerdesignate on 1 march 2013 at which time chris lynch resigned from the audit committee and joined the chairman’s committee  
d appointed chief executive on 17 january 2013  
e number of meetings attendedmaximum the director could have attended 
f the meeting missed was called on short notice for 15 january 2013  
 
  
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lord kerr richard goodmanson and vivienne cox have been nonexecutive 
directors since 2003 2004 and 2005 respectively lord kerr and richard 
goodmanson have both agreed to stand for reelection to the boards at the 
annual general meetings in 2014 the board considers that lord kerr and 
richard goodmanson will provide continuity to the board given their significant 
knowledge of the business and has confirmed that they both continue to satisfy 
the tests for independence in carrying out their respective roles vivienne cox  
is not seeking reelection at the annual general meetings 
executive directors’ other directorships 
executive directors may be invited to become nonexecutive directors of other 
companies the nominations committee on behalf of the board operates  
a procedure under which approval may be given to accept such invitations 
recognising the benefit to be derived to the individual and to rio tinto from 
such appointments  
election and reelection 
the directors may appoint additional members to join the board during the 
year directors appointed in this way will be subject to election by shareholders 
at the first annual general meetings after their appointment in subsequent 
years the directors are expected to submit themselves for reelection at the 
annual general meetings each year 
nonexecutive directors are normally expected to serve at least six years and 
would not normally serve more than nine years 
lord kerr and richard goodmanson have been nonexecutive directors since 
2003 and 2004 respectively and have therefore already served for ten and  
nine years respectively for the reasons noted above both offer themselves  
for reelection in 2014 
on 5 march 2014 rio tinto announced the appointments of anne lauvergeon 
and simon thompson effective 15 march and 1 april respectively both  
will offer themselves for election at the annual general meetings in 2014  
and further details about them are set out in the notices of annual  
general meetings  
governance processes 
in 2013 there were nine scheduled board meetings and two board meetings 
convened and held at short notice details of the directors’ attendance at  
all of the board and committee meetings held in 2013 are set out on the 
following page 
the board has regular discussions with senior management on the group’s 
strategy these discussions typically include presentations given by senior 
management during the year the board attends an annual twoday strategy 
meeting with the executive committee which includes broader detailed review 
sessions on the group’s strategic direction the outputs from this event help 
underpin the board’s annual financial planning exercise and provide strategic 
direction and focus to the executive committee 
directors receive timely regular and appropriate information to enable them  
to fulfil their duties they also have direct access to the advice and services  
of the company secretary of rio tinto plc and the joint company secretaries  
of rio tinto limited the directors are also able to obtain independent 
professional advice at the group’s expense 
the chairman and nonexecutive directors meet at the start of each board 
meeting without the executive directors to create an opportunity for non
executive directors to raise any issues in private session 
in addition the directors are in regular informal communication with members 
of the executive committee and other members of senior management this 
helps to foster an open and regular exchange of knowledge and experience 
all new nonexecutive directors undertake a full formal and tailored induction 
on joining the board the board is provided with training and development 
opportunities during the year the directors are also encouraged to participate 
in site visits to the group’s operations around the world and to meet with 
employees and from time to time shareholders and other key stakeholders in 
2013 the board visited our copper mine in utah us and our iron ore operations 
in the pilbara western australia these events are arranged by the company 
secretary on behalf of the chairman and seek to ensure directors have 
appropriate knowledge of the company and access to its operations and staff  
progress against our priorities 
the progress made towards achieving the priorities set by the board during 
2013 are set out on page 8 
annual performance evaluation 
an annual exercise is undertaken to evaluate the effectiveness of the board 
board committees and individual directors  
for 2013 the board and committee audit nominations remuneration and 
sustainability evaluation process was conducted by the company secretary  
of rio tinto plc  
the process involved a review of the findings of the externallyfacilitated 2012 
evaluations of the board and its committees and interviews conducted with 
directors seeking their views with regard to progress on the actions arising  
and generally upon the performance of the board and its committees in 2013  
the findings from the evaluation reports for the board and its committees were 
discussed with the chairman and the chairmen of the committees ahead of  
a full review at the february 2014 meetings of the board and its committees  
actions for 2014 were agreed at those meetings 
the nonexecutive directors led by the senior independent director were 
responsible for the performance evaluation of the chairman nonexecutive 
directors met to give their views and the senior independent director also 
sought the views of the executive directors the senior independent director 
gave feedback on the chairman’s performance to him in january  
the chairman continues to be responsible for the assessment of each individual 
director’s performance and contribution 
 
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strategic report 
directors’ report 
corporate governance financial statements production reserves and operations additional information 
 
directors’ membership of and attendance at board and committee meetings during 2013 
 
board
scheduled
e
board
short notice
e
audit
committee
e
remuneration
committee
e
sustainability
committee
e
 
nominations
committee
e
chairman’s
committee
e
jan du plessis 99 22 – 88 – 88 1818 
tom albanese 
a
 – 11 – – – – – 
guy elliott 
b
 99 22 – – – – 67 
chris lynch 
c
 99 22 22 – – 11 1314 
sam walsh 
d
 99 22 – – – – 1818 
robert brown 89 22 – – 55 88 – 
vivienne cox 89 22 – – 55 78 – 
michael fitzpatrick 99 22 77 78
f 
– 88 – 
ann godbehere 99 22 77 – – 88 – 
richard goodmanson 99 22 – 88 55 88 – 
lord kerr 99 22 33 – 55 88 – 
paul tellier 89 22 77 88 – 88 – 
john varley 99 22 44 88 – 88 – 
a stood down from the board on 17 january 2013  
b resigned from chairman’s committee with effect from 18 april 2013 and retired from the board with effect from 31 december 2013 
c appointed chief financial officerdesignate on 1 march 2013 at which time chris lynch resigned from the audit committee and joined the chairman’s committee  
d appointed chief executive on 17 january 2013  
e number of meetings attendedmaximum the director could have attended 
f the meeting missed was called on short notice for 15 january 2013  
 
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governance structure 
the board has established subcommittees which are responsible for audit 
remuneration sustainability and nominations issues in addition a chairman’s 
committee operates under delegated authority between scheduled board 
meetings these committees support the board in ensuring that high  
standards of corporate governance are maintained across the group  
 
 
 
the committees are governed by terms of reference set and approved by  
the board which are reviewed annually the terms of reference of the audit 
nominations remuneration and sustainability committees revised versions  
of which were issued in february 2014 can be viewed in the “corporate 
governance” section of the website 
the chief executive is assisted by the key management committees noted 
below in monitoring performance and delivering rio tinto’s strategy  
  
 
   
audit committee
sustainability 
committee
remuneration 
committee
nominations 
committee
chairman’s 
committee
disclosure 
committee
investment 
committee
executive 
committee
closure  
committee
ore reserves 
steering committee
risk management 
committee
board committees management committees
board of directors
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board committees 
audit committee 
members of the committee are ann godbehere chairman michael fitzpatrick 
paul tellier and john varley chris lynch was appointed to the committee on  
1 june 2012 and stood down upon his appointment as chief financial officer
designate on 1 march 2013 lord kerr stood down from the committee at the 
conclusion of its meeting on 4 march 2013 john varley was appointed to the 
committee on 19 march 2013  
key responsibilities 
the objective of the audit committee is to assist the board to monitor decisions 
and processes designed to ensure the integrity of financial reporting sound 
systems of internal control and risk management  
the committee’s terms of reference set out its main responsibilities  
the committee is responsible for 
– financial reporting  
– internal control including internal control over financial reporting 
– group audit  assurance including internal audit 
– external auditors 
– risk management system effectiveness 
– the integrity and compliance programme including the group’s  
speak–out whistleblowing programme  
in carrying out its responsibilities the committee has full authority to 
investigate all matters that fall within its terms of reference accordingly  
the committee may 
– obtain independent professional advice in the satisfaction of its duties  
at the cost of the group and 
– have direct access to the resources of the group as it may reasonably  
require including the external and internal auditors 
financial reporting 
during 2013 the committee considered among others the following matters 
which it considered to be significant in relation to the 2013 financial statements 
– impairments in the 2012 accounts and continued monitoring of 
management’s determination of cashgenerating units review of impairment 
triggers and consideration of potential impairment charges and reversals 
over the course of the year 
– management’s key accounting judgments and policies and the application  
of these in the accounts including 
– the adoption of new and revised accounting standards including ifric 20 
ifrs 10 ifrs 11 and ias 19r that became effective in 2013 and required 
prior period restatements and 
– accounting for the slide at the bingham canyon copper mine 
to date in 2014 the committee has considered among others the  
following matters which it considered to be significant in relation to the 2013 
financial statements 
– impairments in the 2013 accounts 
– management’s key accounting judgments and policies and the application  
of these in the accounts including 
– reviewing the justifications for exclusion of certain items from underlying 
earnings 
– reviewing the impact of new standards including ifrs 12 and ifrs 13 
which have required additional disclosure in these financial statements 
– reviewing the group’s tax exposure and the appropriateness of provisions 
for uncertain tax positions and 
– reviewing the accounting treatment of the significant divestments 
announced in 2013 including contractual obligations for product sales 
and funding of closure activities which remain with the group following 
completion of the divestments 
key judgments considered 
in preparing the financial statements a number of subjective judgments  
and estimates are required involving assumptions and consideration of future 
events that are inherently uncertain the committee focused its work on 
assessing management’s ongoing judgments and estimates against available 
evidence and evaluating the disclosures in the financial statements the 
committee also considered the external auditors’ views on these matters  
of the judgments and key sources of estimation uncertainty listed as critical 
accounting policies and estimates in note 1 to the financial statements the 
following areas received specific focus from the committee over the year 
– impairment review of asset carrying values 
– the committee focused on the assessment of the carrying value and 
annual impairment reviews of goodwill rio tinto alcan rio tinto  
coal mozambique and oyu tolgoi indefinite lived intangible assets  
rio tinto alcan and property plant  equipment particularly  
rio tinto alcan rio tinto coal mozambique and oyu tolgoi because  
they involve complex judgments about the expected future performance 
of the business  
– the assumptions on discount rate longterm pricing risk factors for 
future growth projects amongst others were considered and challenged 
– for rio tinto alcan and in addition to the testing of individual cash 
generating units the committee considered the combined carrying value 
of the product group and how it had been assessed against external 
market data including comparables and broker reports 
– infrastructure assumptions were a key consideration for the rio tinto  
coal mozambique impairment testing and the committee considered  
these closely 
– for oyu tolgoi the timing of the underground development was an 
important factor in determining impairment and the committee reviewed 
and challenged the likely timing in light of the progress of discussions  
with the government of mongolia 
– closedown restoration and environmental obligations 
– the committee focused on the estimates of risk free discount rates in  
light of the ongoing impact of fiscal interventions it also focused on the 
probability weighting where appropriate of the different remediation  
or closure outcomes which could realistically arise when assessing  
the adequacy of the provisioning for these obligations both involve 
complex judgments 
– recoverability of potential deferred tax assets 
– the committee focused on the appropriateness of continued recognition 
of deferred tax assets particularly those related the mineral resources 
rent tax starting base allowance in australia and tax losses in france 
recovery of which are restricted by legislation 
in addition the committee critically assessed the future projections of cash  
flow under different future scenarios and compared this to cash balances  
and committed facilities available so the committee could recommend to the 
board that the adoption by the group of the going concern basis of preparation 
was appropriate 
governance processes 
the committee met seven times in 2013 the chairman of the board chief 
financial officer other senior management and external and internal auditors 
regularly attended its meetings the committee carries out its business 
following an agreed annual cycle of meetings and topics for consideration 
the members of the committee are independent and free of any relationship 
that would affect their impartiality in carrying out their responsibilities the 
members meet the independence requirements of the code the asx principles 
and the nyse standards the committee meets the composition operation and 
responsibility requirements of the asx principles 
the committee is also bound by sec requirements for audit committees’ 
financial experts and the code and asx principles requirement that at least one 
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experience ann godbehere chairman of the committee is considered by the 
board to have recent and relevant financial experience and financial 
qualifications and has been designated the committee’s financial expert  
all other members of the committee are in the opinion of the committee 
deemed to be financially literate by virtue of their business experience 
the committee applies policies for the preapproval of permitted services 
provided by the group’s external auditors pwc all of the engagements for 
services provided by pwc were either within the preapproval policies or 
approved by the committee the committee members are satisfied that the 
provision of nonaudit services by pwc in accordance with this procedure is 
compatible with the general standard of independence for auditors imposed  
by relevant regulations including australian uk and us legislation 
the committee considered reports from pwc and group audit  assurance  
on the activities undertaken in reviewing and auditing the control environment 
in order to assess the quality and effectiveness of the internal control system 
this included an evaluation of the effectiveness of the group’s internal controls 
over financial reporting and the group’s disclosure controls and procedures  
in accordance with sections 404 and 302 of the sarbanesoxley act 2002  
the external auditors attended all seven committee meetings during the year 
in advance of the committee meetings the audit partners brief the chairman  
on key matters private sessions are routinely held between pwc and the 
committee without management present to discuss the status of the audit  
and nature of interaction with management 
during the year the committee reviewed the effectiveness of pwc for group 
audit and local statutory audit work the evaluation managed by the group’s 
financial controllers took the form of a survey comprising a range of questions 
covering objectivity quality and efficiency and was completed by individual  
rio tinto business units and members of the audit committee the results of 
this survey and review were assessed by the committee which concluded that 
pwc continued to provide a highquality audit and an effective and independent 
challenge to management the committee was satisfied with the external audit 
process and that the independence of the external auditors was in no way 
compromised  
pwc have been the external auditors since the formation of the dual listed 
companies dlc structure in 1995 and acted as external auditors to a number  
of the company’s legacy entities prior to the formation of the dlc since 2002 
pwc have followed the requirements of the sarbanesoxley act 2002 and apb 
ethical standards and rotated both the lead uk and australian audit partners at 
least every five years this continued refreshing of the team brings new 
perspectives to the audit and promotes healthy debate between auditors and 
management as well as the committee the current uk audit engagement 
partner richard hughes was appointed for the 2011 yearend and therefore 
2015 will be his last year of involvement before transition to a new engagement 
partner the australian audit engagement partner paul bendall was appointed 
for the 2012 yearend and therefore 2016 will be his last year of involvement 
before transition to a new engagement partner 
the committee continues to be satisfied both with the quality and effectiveness 
of the external audit process and with pwc’s independence the committee 
also continues to monitor the recent developments on audit market reform 
including proposed mandatory audit firm rotation in europe and proposed  
audit tendering from the competition commission in the uk the provisional 
agreement that was reached between the european institutions in december 
2013 is likely when the european legislative processes have been completed 
and subject to agreement by the uk regulators to require mandatory rotation 
of audit firms every ten years unless there is a tender process after ten years  
in which case the audit firm must be replaced after 20 years at the latest  
the committee intends to review the position once the transitional 
arrangements under the different regimes have been clarified which is 
expected to occur later this year and will determine when it expects to oversee 
an orderly tender process in due course pwc will thus remain in office and a 
resolution to reappoint them for the 2014 audit will therefore be proposed at 
the annual general meetings in 2014  
further information on fees paid to pwc in 2013 for audit and nonaudit 
services are set out on page 46 of the directors’ report  
the committee meets privately with the head of group audit  assurance from 
time to time without management present and the chairman of the committee 
has regular discussions with him  
other 
in 2013 the committee also 
conducted an ongoing review and monitoring of the group’s control 
environment and risk management processes and effectiveness including 
a review of group audit  assurance findings and approval of internal 
audit plan and associated resources for 2014 
monitoring of internal control over financial reporting sox testing 
results 
review of reports at the half year and towards the end of the year from  
the head of group compliance 
monitoring of risk management activities and the effectiveness of the 
group’s risk management system 
monitoring legal and tax disputes  
monitoring closure provisioning and mineral resources and ore reserves 
reporting 
underwent training and development on accounting and governance topics 
with a dedicated session on ifric interpretation 20 – stripping costs in the 
production phase of a surface mine 
considered the requirements for the annual report and accounts taken as  
a whole to be fair balanced and understandable and put in place processes 
to seek to ensure they are 
reviewed the controls and processes in place over reporting of cost savings 
achieved under the group’s cost reduction programme 
considered the findings from the 2012 external evaluation of the 
committee’s performance and implemented the recommendations 
conducted ongoing monitoring of nonstatutory audit activities performed  
by the group’s external auditors and approval of their audit engagement 
contracts and remuneration 
considered proposals from various regulators including the financial 
reporting council and competition commission on auditor independence 
and the audit committee’s responsibilities in this regard 
in the first part of 2014 the committee 
evaluated at the request of the board the annual report and accounts  
2013 to assess whether they are taken as a whole fair balanced and 
understandable 
considered findings from the 2013 evaluation of the committee’s 
performance and agreed the actions arising 
during the remainder of 2014 the committee will follow its annual schedule  
of meetings and topics for discussion and will report on the same in 2015 
sustainability committee 
members of the committee are richard goodmanson chairman  
robert brown vivienne cox and lord kerr 
key responsibilities 
the committee assists the board with overseeing strategies designed to 
manage social and environmental risks overseeing management processes 
and standards and achieving compliance with social and environmental 
responsibilities and commitments the committee reviews the effectiveness  
of management policies and procedures relating to safety health employment 
practices relationships with neighbouring communities environment human 
rights land access political involvement and sustainable development 
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governance processes 
in 2013 the committee met five times the chairman of the board chief 
executive and other senior management regularly attend its meetings the 
committee carries out its business following an agreed annual cycle of 
meetings and topics for consideration 
the members of the committee are all independent in accordance with the 
independence policy adopted by the board 
2013 activities 
in 2012 we said that the committee would 
review key risks associated with mine closures and legacy matters 
communities and social performance and energy environment and climate 
change and management’s plans for tackling them 
review work plans formulated for health safety environment communities 
and employment practices 
undertake “deep dives” around major risk areas including through site visits 
the committee did all of the above and in particular visited the site of the 
manefay slide at bingham canyon utah in september  
we draw to your attention the sustainable development report on pages 18  
to 24 of this report 
remuneration committee 
members of the committee are john varley chairman jan du plessis  
michael fitzpatrick richard goodmanson and paul tellier  
key responsibilities 
the remuneration committee assists the board with fulfilling its oversight 
responsibility to shareholders in particular the committee seeks to spend 
compensation resource fairly and responsibly to ensure that remuneration 
policy and practices are properly linked to corporate and individual performance 
and to the delivery of the group’s strategy on behalf of our owners 
the report of the remuneration committee on pages 68 to 108 has been 
recommended by the committee for approval by the board and was approved 
by the board on 5 march 2014 on page 79 we have included sections dealing 
with the responsibilities of the remuneration committee and how it spent its 
time in 2013  
governance processes 
the committee met eight times in 2013 the committee carries out  
its business following an agreed annual cycle of meetings and topics  
for consideration  
in addition to the matters noted on page 79 the committee considered the 
findings from the 2012 external evaluation of the committee’s performance and 
implemented the recommendations in early 2014 the committee considered 
the findings from the 2013 evaluation of the committee’s performance and 
agreed the actions arising 
as set out in the committee chairman’s annual statement on pages 68 to 69  
we are committed to a continuing dialogue with our owners 
chairman’s committee  
members of the committee are jan du plessis chairman sam walsh and  
chris lynch  
key responsibilities 
the committee acts on behalf of the board between scheduled board meetings 
either in accordance with authority delegated by the board or as specifically set 
out within its terms of reference it supports the functioning of the board and 
ensures that the business of the board and its committees is properly planned 
and aligned with management when mandated by the board the chairman’s 
committee will consider urgent matters between board meetings and deals 
with the implementation of board decisions on transactions and other corporate 
matters other than for the chairman of the board the committee performs the 
annual review of nonexecutive directors’ fees and makes a recommendation  
to the board 
nominations committee 
members of the committee comprise jan du plessis chairman and all  
nonexecutive directors  
key responsibilities 
the committee is responsible on behalf of the board for regularly assessing 
the balance of executive and nonexecutive directors and the composition of 
the board in terms of the diversity and capacity required to oversee the delivery 
of rio tinto’s strategy 
the committee develops and agrees in advance the desired profiles of  
potential candidates for board membership it oversees the recruitment  
process and engages external search consultants to manage searches on its 
behalf including constructing shortlists comprising candidates from diverse 
backgrounds following a final review of shortlisted candidates the committee 
makes recommendations for new board members to the board for approval  
on behalf of the board the committee also reviews proposals for appointments 
to the executive committee and monitors executive succession planning 
governance processes 
the committee meets as required and in 2013 met eight times the members 
of the committee are independent in accordance with the independence policy 
adopted by the board 
the committee in its proceedings takes account of the group’s diversity  
inclusion policy and progress in the diversity and inclusion arena discussed 
further on page 64  
in 2013 the committee 
continued regular executive and nonexecutive succession planning reviews 
recommended to the board the appointments of sam walsh and  
chris lynch as chief executive and chief financial officer respectively 
considered the findings from the 2012 external evaluation of the 
committee’s performance and implemented the recommendations 
reviewed the mix of skills required for nonexecutive directors and  
briefed the search firm accordingly 
received a leadership assessment and development report on senior 
management talent from egon zehnder whom the committee consider  
to be independent of the company and discussed the same with them 
focused on the addition of new suitably qualified and diverse directors 
recommended to the board the appointment of greg lilleyman as group 
executive technology  innovation with effect from 1 january 2014 
reviewed the output from a diversity review in order to gauge progress 
against the aspiration for the right mix of skills and diversity on the board 
in 2014 the committee will continue its regular executive and nonexecutive 
succession planning reviews in early 2014 the committee considered the 
findings from the 2013 evaluation of the committee’s performance and agreed 
the actions arising  
 
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board diversity 
more information about the board’s process for the selection appointment  
and election of directors is available in the “corporate governance” section  
of the website 
the nominations committee regularly reviews the structure size and 
composition of the board  
in leading a global mining and metals company the board seeks to continually 
evolve its membership by seeking nonexecutive directors with diverse and 
complementary skills and perspectives as well as experience which reflects  
the geographic spread of the group’s operations core skills required for  
nonexecutive membership of the board are maintained these skills may 
depending upon the circumstances comprise international business financial 
or public policy experience strategic acumen or mining or metals industry 
experience the board aspires to increase other aspects of diversity including 
gender and nationality of directors in order to bring a diversity of skills 
experience and perspective to the governance of the group the board 
recognises that the evolution of the mix of skills and diversity is a longterm 
process and weighs the various factors relevant to board balance and diversity 
when vacancies arise 
in 2012 the board established two objectives relating to diversity of the board 
the nominations committee will undertake a review of board diversity 
for each director selection and appointment process the external search 
firm supporting the nominations committee will put forward at least one 
credible and suitably experienced female candidate 
an assessment of board diversity was completed by the committee in 2012  
and the output from that assessment was reviewed in the context of the 
committee’s succession deliberations during 2013  
diversity and inclusion 
our commitment to diversity and inclusion 
we are a global company and wherever we operate and across every part  
of our business we strive to create an inclusive culture in which difference  
is recognised and valued by bringing together men and women from  
diverse backgrounds and giving each person the opportunity to contribute  
their skills experience and perspectives we believe that we are able to  
develop the best solutions to challenges and deliver sustainable value for  
rio tinto and its stakeholders 
what diversity and inclusion means for rio tinto 
embracing workforce diversity – age gender race national or ethnic origin 
religion language political beliefs sexual orientation and physical ability 
valuing diversity of perspective – leveraging the diverse thinking skills 
experience and working styles of our employees and other stakeholders 
building a flexible organisation – providing opportunities for work 
arrangements that accommodate the diverse needs of individuals at  
different career and life stages 
respecting stakeholder diversity – developing strong and sustainable 
relationships with diverse shareholders communities employees 
governments customers and suppliers 
how we support diversity and inclusion 
we use the following to drive action and build awareness about diversity  
and inclusion 
governance models 
policies practices and targets 
leadership and cultural competence 
stakeholder relationships 
education and communication 
we prioritise long and shortterm programmes based on need and impact 
read a summary of our diversity and inclusion policy in the “corporate 
governance” section of our website 
our current focus  
our goal is to have a workforce that is representative of the countries and 
communities in which we operate currently our focus is to improve the 
representation of women and of people from nationalities which are under
represented in our workforce and to continue to build an inclusive culture  
in which all talent can thrive 
some of the activities and initiatives relating to diversity that we undertook 
during the year are 
the development of executivesponsored diversity and inclusion plans  
within the product groups and geographies which align with business goals 
and the group diversity and inclusion strategy the aim being to increase  
the diversity in our workforce at all levels and build a more inclusive culture 
progress will be evaluated each year by the executive committee and group 
diversity council and began in 2013  
embed diversity and inclusion scorecards to accompany the above plans 
with metrics in three areas  
1 who we are demographics 
2 how we behave performance and development  
3 what we stand for values 
to be applied across rio tinto to help baseline trend and track progress  
as well as to address areas where we may be underperforming 
active involvement with women in mining groups professional women’s 
associations and other targeted recruiting efforts to raise awareness about 
rio tinto and to increase the attraction development and retention of 
talented women wherever we operate 
expansion of our diversity champions network group to include additional 
geographies and operations and the establishment of several new business 
unit diversity councils and committees across rio tinto these are increasing 
leadership engagement crosscompany collaboration and the sharing and 
replication of best practices  
the expansion of training programmes aimed at countering unconscious 
bias these have targeted senior leaders hiring managers and recruiters to 
help minimise the impact of bias in recruitment and development practices 
as well as to improve the crosscultural interactions and relationship
building needed to globalise our business 
the continuation of a threeyear commitment by the chairman to mentoring 
highpotential female board candidates through the ftse100 cross
company mentoring programme 
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corporate governance financial statements production reserves and operations additional information 
 
proportion of women employees and board members 
in 2013 the proportion of women on the board was 17 per cent in senior 
management 14 per cent and in the overall workforce 19 per cent 
measurable objectives and progress  
we established the following fiveyear measurable objectives for workforce 
diversity at the start of 2011 
measurable objective progress during 2013 
women to represent 20 per cent  
of our senior management by 2015 
women represented 14 per cent  
of our senior management in 2013 
women to represent 40 per cent  
of our 2015 graduate intake 
women represented 28 per cent  
of our 2013 graduate intake 
15 per cent of our 2015 graduate intake 
to be nationals from regions where we 
are developing new businesses 
30 per cent of our 2013 graduate intake 
were nationals from regions where we 
are developing new businesses 
subsidiary board diversity 
in addition to the measurable objectives described above women also 
represented 12 per cent of the directors of our principal controlled subsidiary 
undertakings during 2013 26 female 194 male 
other disclosures 
policies and standards 
rio tinto’s commitment to integrity is set out in our global code of business 
conduct the way we work this contains principles and standards of conduct 
which reaffirm the group’s commitment to integrity it is inspired by our four 
core values accountability respect teamwork and integrity it is available on 
the website  
it is supported by rio tinto’s extensive framework of policies and standards 
core policies are adopted after wide consultation externally and within  
the group  
once adopted they are communicated to business units worldwide  
together with related standards guidance notes and resources to support 
implementation business unit management are required to devote the 
necessary effort to implement and report on these policies and standards 
rio tinto policies and standards include policies on a variety of important 
topics they apply to all rio tinto managed businesses where the group  
does not have operating responsibility for a business rio tinto’s policies and 
standards are communicated to its business partners and they are encouraged 
to adopt similar policies of their own  
rio tinto employees are required to undertake training about the requirements 
of the way we work and other core policies 
“whistleblowing” programme 
the board has adopted a confidential and independently operated 
whistleblowing programme called speakout this offers an avenue where 
employees contractors suppliers and customers of rio tinto managed sites 
can report concerns anonymously if they so choose subject to local law  
this can include any significant concerns about the business or behaviour  
of individuals including suspicion of violations of financial reporting safety  
or environmental procedures or business integrity issues generally the 
programme features web submission a case management tool to better 
manage cases and a reporting tool to allow for improved analysis of case 
statistics and reporting rio tinto is also looking at ways to increase the positive 
awareness of speakout the audit committee receives a report annually on 
speakout activity as does the sustainability committee with regard to calls  
to speakout impacting sustainable development issues 
dealing in rio tinto securities 
rio tinto operates rules which restrict the dealing in rio tinto securities  
by directors and employees with access to “inside information” these rules 
require those people to seek clearance before any proposed dealing and place 
restrictions on when some people can deal  
communication with stakeholders 
rio tinto recognises the importance of effective timely communication with 
shareholders and the wider investment community 
the disclosure committee is responsible for determining whether information 
relating to rio tinto may require disclosure to the markets  
rio tinto makes immediate disclosure unless an exemption applies allowing  
a delay to the relevant listing authorities in accordance with their rules of any 
information that a reasonable person would expect to have a material effect on 
its share price all information released to the markets is posted on the media 
section of the website 
in addition to statutory documents rio tinto’s website features information on 
corporate governance and general investor information annual and half year 
results as well as any major presentations are webcast and the materials are 
available on the website presentation material from investor seminars is also 
made available on the website 
the annual general meetings present an opportunity to provide a summary 
business presentation to inform shareholders of recent developments and to 
give them the opportunity to ask questions generally the chairs of all board 
committees will be available to answer questions raised by shareholders and  
all directors are expected to attend where possible in 2013 all of the directors 
attended the annual general meetings with the exception of robert brown who 
was unable to attend the annual general meeting of rio tinto limited due to his 
attending the annual general meeting of another company rio tinto’s external 
auditors pwc attend the annual general meetings and are available to answer 
questions about the conduct of the external audit and the preparation and 
content of the independent auditors’ report any questions received and 
answers provided ahead of the annual general meetings are made available to 
shareholders who also have the opportunity to meet informally with directors 
after the meetings 
the main channels of communication with the investment community are 
through the chairman chief executive and chief financial officer who have 
regular meetings with the companies’ major shareholders the senior 
independent director has a specific responsibility to be available to shareholders 
who have concerns and where contact with the chairman chief executive or 
chief financial officer has failed to resolve their concerns or for whom such 
contact is inappropriate in his capacity as remuneration committee chairman 
the senior independent director meets shareholders to discuss remuneration 
issues as described in his annual statement on pages 68 and 69 
during 2013 these meetings with the investment community focused  
on the issues of strategy board succession corporate governance executive 
remuneration and the operational and financial performance of the group 
regular investor seminars provide a twoway communication opportunity  
with investors and analysts and feedback from such engagement is routinely 
communicated to the board surveys of major shareholders’ opinions  
are presented to the board by the group’s investor relations advisers on  
a regular basis 
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corporate governance continued 
66 
riotintocomreportingcentre2013 
risk management 
rio tinto’s overriding objective is to generate attractive sustainable returns to 
shareholders through a strategy of investing in longlife lowcost expandable 
operations in the most attractive industry sectors the directors recognise  
that creating shareholder return is the reward for taking and accepting risk  
the risks shareholders face are to some extent managed by the group’s  
diversified portfolio of assets spread across multiple geographies currencies 
and commodities  
a description of the principal risks and uncertainties that could affect  
rio tinto is found on pages 14 to 17 
risk policy and standard 
the board recognises that risk is an integral component of the business and 
carefully considers the level of risk it is prepared to tolerate the group fosters  
a riskaware corporate culture in all decisionmaking and is committed to 
managing all risk in a proactive and effective manner through competent risk 
management that ensures that risks are managed within agreed thresholds to 
support this commitment risk is analysed in order to inform the management 
decisions taken at all levels within the organisation the principles of the risk 
analysis and management process are set out in the risk policy and standard 
which is on the website 
risk approach 
the risk policy and standard is supported by an integrated framework of risk 
governance and reporting specifying how the group organises the handling of 
risk together with the policy the framework provides an ongoing process for 
identifying evaluating and managing the significant risks faced by the group 
clear accountability for risk management is defined throughout the group and 
is a key performance area of line managers  
to support risk understanding and management at all levels the group risk 
function provides the necessary infrastructure information collation for the 
senior executive and coordination between other riskfocused functions 
group risk supports the risk management committee in its review of risk 
whilst the audit committee is responsible for oversight of the effectiveness  
of the group’s risk management systems the responsibility for identifying and 
managing risks rests with the chief executive and all of rio tinto’s managers 
and business leaders who operate within a groupwide framework that ensures 
that risks are managed within agreed thresholds 
internal controls 
the directors are responsible for the group’s system of internal controls and  
for reviewing annually the effectiveness of the internal control system this 
includes reviewing financial operational and compliance controls and risk 
management procedures and their effectiveness the directors have completed 
their annual review and assessment for 2013  
internal control systems 
two of the group’s management committees the executive committee and 
the disclosure committee regularly review reports related to the group’s 
control framework in order to satisfy the internal control requirements of the 
code the asx principles the nyse standards and section 404 of the sarbanes
oxley act 2002 the group audit  assurance function performs reviews of  
the integrity and effectiveness of control activities and provides regular  
reports to the audit committee sustainability committee and other 
management committees 
each year the leaders of the group’s businesses and functions complete a 
representation letter confirming that adequate internal controls are in place  
are operating effectively and are designed to capture and evaluate failings and 
weaknesses if any exist and that action is taken promptly as appropriate  
in 2013 information was reported by management to the audit committee  
to enable it to assess the effectiveness of the company’s risk management  
and internal control systems in addition as part of their role the board and 
its committees routinely monitor the group’s material business risks 
due to the limitations inherent in any risk management system the process for 
identifying evaluating and managing the material business risks is designed to 
manage rather than eliminate risk and to provide reasonable but not absolute 
assurance against material misstatement or loss certain risks for example 
natural disasters cannot be managed to an acceptable degree using internal 
controls such major risks are transferred to third parties in the international 
insurance markets to the extent considered appropriate the group has 
material investments in a number of jointly controlled entities and associates 
where rio tinto does not have managerial control it cannot guarantee that 
local management of mining and related assets will comply with rio tinto 
standards or objectives  
auditors and internal assurance 
external auditors 
as indicated in the report of the audit committee on pages 61 and 62 rio tinto 
has adopted policies designed to uphold the independence of the group’s 
external auditors by prohibiting their engagement to provide other accounting 
and other professional services that might compromise their appointment as 
independent auditors 
the engagement of the external auditors to provide statutory audit services 
other services pursuant to legislation taxation services and certain other 
services is preapproved any engagement of the external auditors to provide 
other permitted services is subject to the specific approval of the audit 
committee or its chairman for other services because of their knowledge 
experience andor for reasons of confidentiality it can be more efficient or 
necessary to engage the external auditor rather than another party  
at half year and year end the chief financial officer and the external auditors 
submit to the audit committee a schedule of the types of services that were 
performed during the period the audit committee may impose a financial  
limit on the total value of other permitted services that can be provided  
any nonaudit service provided by the external auditors where the expected  
fee exceeds a predetermined level must be subject to the group’s normal  
tender procedures 
in exceptional circumstances the chief financial officer is authorised to engage 
the external auditors to provide such services without going to tender but if the 
fees are expected to exceed certain predetermined limits then the chairman  
of the audit committee must give prior approval of the engagement 
further information on audit and nonaudit fees of the group’s external auditors 
is set out in note 39 to the financial statements and in the directors’ report 
group audit  assurance 
group audit  assurance is an internal function which provides independent 
and objective assurance on the adequacy and effectiveness of the group’s 
systems for risk management internal control and governance together with 
recommendations to improve the effectiveness of the relevant systems and 
processes the function has adopted international auditing standards set by  
the institute of internal auditors iia  strategic report financial statements
directors’ report
corporate governance production reserves and operations additional information
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corporate governance continued 
66 
riotintocomreportingcentre2013 
risk management 
rio tinto’s overriding objective is to generate attractive sustainable returns to 
shareholders through a strategy of investing in longlife lowcost expandable 
operations in the most attractive industry sectors the directors recognise  
that creating shareholder return is the reward for taking and accepting risk  
the risks shareholders face are to some extent managed by the group’s  
diversified portfolio of assets spread across multiple geographies currencies 
and commodities  
a description of the principal risks and uncertainties that could affect  
rio tinto is found on pages 14 to 17 
risk policy and standard 
the board recognises that risk is an integral component of the business and 
carefully considers the level of risk it is prepared to tolerate the group fosters  
a riskaware corporate culture in all decisionmaking and is committed to 
managing all risk in a proactive and effective manner through competent risk 
management that ensures that risks are managed within agreed thresholds to 
support this commitment risk is analysed in order to inform the management 
decisions taken at all levels within the organisation the principles of the risk 
analysis and management process are set out in the risk policy and standard 
which is on the website 
risk approach 
the risk policy and standard is supported by an integrated framework of risk 
governance and reporting specifying how the group organises the handling of 
risk together with the policy the framework provides an ongoing process for 
identifying evaluating and managing the significant risks faced by the group 
clear accountability for risk management is defined throughout the group and 
is a key performance area of line managers  
to support risk understanding and management at all levels the group risk 
function provides the necessary infrastructure information collation for the 
senior executive and coordination between other riskfocused functions 
group risk supports the risk management committee in its review of risk 
whilst the audit committee is responsible for oversight of the effectiveness  
of the group’s risk management systems the responsibility for identifying and 
managing risks rests with the chief executive and all of rio tinto’s managers 
and business leaders who operate within a groupwide framework that ensures 
that risks are managed within agreed thresholds 
internal controls 
the directors are responsible for the group’s system of internal controls and  
for reviewing annually the effectiveness of the internal control system this 
includes reviewing financial operational and compliance controls and risk 
management procedures and their effectiveness the directors have completed 
their annual review and assessment for 2013  
internal control systems 
two of the group’s management committees the executive committee and 
the disclosure committee regularly review reports related to the group’s 
control framework in order to satisfy the internal control requirements of the 
code the asx principles the nyse standards and section 404 of the sarbanes
oxley act 2002 the group audit  assurance function performs reviews of  
the integrity and effectiveness of control activities and provides regular  
reports to the audit committee sustainability committee and other 
management committees 
each year the leaders of the group’s businesses and functions complete a 
representation letter confirming that adequate internal controls are in place  
are operating effectively and are designed to capture and evaluate failings and 
weaknesses if any exist and that action is taken promptly as appropriate  
in 2013 information was reported by management to the audit committee  
to enable it to assess the effectiveness of the company’s risk management  
and internal control systems in addition as part of their role the board and 
its committees routinely monitor the group’s material business risks 
due to the limitations inherent in any risk management system the process for 
identifying evaluating and managing the material business risks is designed to 
manage rather than eliminate risk and to provide reasonable but not absolute 
assurance against material misstatement or loss certain risks for example 
natural disasters cannot be managed to an acceptable degree using internal 
controls such major risks are transferred to third parties in the international 
insurance markets to the extent considered appropriate the group has 
material investments in a number of jointly controlled entities and associates 
where rio tinto does not have managerial control it cannot guarantee that 
local management of mining and related assets will comply with rio tinto 
standards or objectives  
auditors and internal assurance 
external auditors 
as indicated in the report of the audit committee on pages 61 and 62 rio tinto 
has adopted policies designed to uphold the independence of the group’s 
external auditors by prohibiting their engagement to provide other accounting 
and other professional services that might compromise their appointment as 
independent auditors 
the engagement of the external auditors to provide statutory audit services 
other services pursuant to legislation taxation services and certain other 
services is preapproved any engagement of the external auditors to provide 
other permitted services is subject to the specific approval of the audit 
committee or its chairman for other services because of their knowledge 
experience andor for reasons of confidentiality it can be more efficient or 
necessary to engage the external auditor rather than another party  
at half year and year end the chief financial officer and the external auditors 
submit to the audit committee a schedule of the types of services that were 
performed during the period the audit committee may impose a financial  
limit on the total value of other permitted services that can be provided  
any nonaudit service provided by the external auditors where the expected  
fee exceeds a predetermined level must be subject to the group’s normal  
tender procedures 
in exceptional circumstances the chief financial officer is authorised to engage 
the external auditors to provide such services without going to tender but if the 
fees are expected to exceed certain predetermined limits then the chairman  
of the audit committee must give prior approval of the engagement 
further information on audit and nonaudit fees of the group’s external auditors 
is set out in note 39 to the financial statements and in the directors’ report 
group audit  assurance 
group audit  assurance is an internal function which provides independent 
and objective assurance on the adequacy and effectiveness of the group’s 
systems for risk management internal control and governance together with 
recommendations to improve the effectiveness of the relevant systems and 
processes the function has adopted international auditing standards set by  
the institute of internal auditors iia 
   
 
67 
riotintocomreportingcentre2013 
strategic report 
directors’ report 
corporate governance financial statements production reserves and operations additional information 
 
the function operates independently of management under a mandate 
approved by the audit committee and has full access to all functions records 
property and personnel of the group the head of group audit  assurance 
administratively reports to the chief financial officer and has direct 
communication lines with the chairs of both the audit committee and 
sustainability committee and regularly attends their meetings providing  
each committee with information relevant to their specific terms of reference 
a riskbased approach is used to focus assurance activities on highrisk areas 
and audit plans are presented annually to the audit committee and 
sustainability committee for approval 
in respect of its internal audit function rio tinto utilises the services of external 
service providers the audit committee has a policy which addresses conflicts 
of interest in relation to engagements of the service provider that are requested 
by management the policy complies with the iia’s standards on independence 
certain services are preapproved under the policy as they would not be in 
conflict with the internal auditor’s role there is a list of prohibited services 
which may not be undertaken without approval of the head of group audit  
assurance and guidance on the consideration of services which may give rise 
to a conflict of interest 
financial reporting 
financial statements 
the directors are required to prepare financial statements for each financial 
period which give a true and fair view of the state of affairs of the group as at 
the end of the financial period and the profit or loss and cash flows for that 
period this includes preparing financial statements in accordance with uk 
company law which give a true and fair view of the state of the company’s 
affairs and preparing a remuneration report which includes the information 
required by regulation 11 schedule 8 of the large and medium sized 
companies and groups accounts and reports regulations 2008 and the 
australian corporations act 2001 
in addition the code requires that the board provides a fair balanced and 
understandable assessment of the company’s position and prospects in  
its external reporting the directors were responsible for the preparation  
and approval of the annual report for the year ended 31 december 2013  
they consider the annual report taken as a whole to be fair balanced and 
understandable and provides the information necessary for shareholders  
to assess the company’s performance business model and strategy  
the directors are responsible for maintaining proper accounting records  
in accordance with uk and australian legislation they have a general 
responsibility for taking such steps as are reasonably open to them to safeguard 
the assets of the group and to prevent and detect fraud and other irregularities 
the directors are also responsible for ensuring that appropriate systems are  
in place to maintain and preserve the integrity of the group’s website 
legislation in the uk governing the preparation and dissemination of financial 
statements may differ from current and future legislation in other jurisdictions 
the work carried out by the auditors does not involve consideration of such 
developments and accordingly the external auditors accept no responsibility 
for any changes should any be made to the financial statements after they are 
made available on the website 
the directors senior executives senior financial managers and other members 
of staff who are required to exercise judgment in the course of the preparation 
of the financial statements are required to conduct themselves with integrity 
and honesty and in accordance with the ethical standards of their profession 
and the business 
the directors consider that the 2013 annual report presents a true and fair  
view and has been prepared in accordance with applicable accounting 
standards using the most appropriate accounting policies for rio tinto’s 
business and supported by reasonable judgments and estimates the 
accounting policies have been consistently applied the directors have received 
a written statement from the chief executive and the chief financial officer to 
this effect in accordance with the internal control requirements of the code  
and the asx principles recommendation 73 this written statement confirms 
that the declarations in the statement are founded on a sound system of risk 
management and internal controls and that the system is operating effectively 
in all material respects in relation to financial reporting risks 
disclosure controls and procedures 
the group maintains disclosure controls and procedures as such term is 
defined in us exchange act rule 13a15e management with the participation 
of the chief executive and chief financial officer has evaluated the effectiveness 
of the design and operation of the group’s disclosure controls and procedures 
pursuant to exchange act rule 13a15b as of the end of the period covered  
by this report and has concluded that these disclosure controls and procedures 
were effective at a reasonable assurance level 
management’s report on internal control over financial reporting 
the management of rio tinto plc and rio tinto limited is responsible for 
establishing and maintaining adequate internal control over financial reporting 
the companies’ internal control over financial reporting is a process designed 
under the supervision of their common chief executive and chief financial officer 
to provide reasonable assurance regarding the reliability of financial reporting 
and the preparation and fair presentation of the group’s published financial 
statements for external reporting purposes in accordance with international 
financial reporting standards eu ifrs 
because of its inherent limitations internal control over financial reporting 
cannot provide absolute assurance and may not prevent or detect all 
misstatements whether caused by error or fraud if any within each of  
rio tinto plc and rio tinto limited 
the group’s internal control over financial reporting includes policies and 
procedures that pertain to the maintenance of records that in reasonable 
detail accurately and fairly reflect transactions and dispositions of assets 
provide reasonable assurances that transactions are recorded as necessary  
to permit preparation of financial statements in accordance with ifrs and  
that receipts and expenditures are being made only in accordance with 
authorisations of management and directors of each of the companies and 
provide reasonable assurance regarding prevention or timely detection of 
unauthorised acquisition use or disposition of the group’s assets that could 
have a material effect on our financial statements 
management conducted an assessment of the effectiveness of internal control 
over financial reporting as of 31 december 2013 based on the internal control 
– integrated framework issued by the committee of sponsoring organizations 
of the treadway commission coso issued in 1992 and concluded that it  
was effective 
there were no changes in the internal controls over financial reporting that 
occurred during the period that have materially affected or are reasonably 
likely to materially affect the internal controls over financial reporting of each  
of rio tinto plc and rio tinto limited 
  riotintocomreportingcentre2013
68
remuneration report annual statement by the remuneration 
committee chairman 
dear shareholder 
on behalf of the board i am pleased to introduce our 2013 directors’ 
remuneration report the remuneration report for which we seek your 
support at our annual general meetings agms in london in april and in 
melbourne in may 
the remuneration report is designed to provide you with the necessary 
information to demonstrate the link between our group’s strategy its 
performance and the remuneration outcomes for our executives particularly 
the executive directors  
with a view to sustaining returns to shareholders over time rio tinto takes a 
longterm approach to its activities and this means concentrating on 
developing longlife lowcost expandable operations that are capable of 
providing competitive returns throughout business cycles our executives’ 
performance objectives are set accordingly 
the remuneration report has been prepared in accordance with applicable 
legislation and corporate governance guidance in the uk and australia 
australian legislation requires disclosures in respect of “key management 
personnel” being those persons having authority and responsibility for 
planning directing and controlling the activities of the group the key 
management personnel are in addition to the directors the nondirector 
members of the executive committee the executive committee comprises  
the executive directors product group chief executive officers and group 
executives throughout this remuneration report the members of the 
executive committee are collectively referred to as “executives” they are  
listed on pages 53 and 56 which also shows the positions held during the  
year and dates of appointment  
shareholders will be aware that we have to comply with uk and australian 
legislation in the remuneration arena and that the rules are different we have 
structured the voting arrangements such that all shareholders vote on all four 
resolutions that we are putting to our agms  
this remuneration report is divided into two parts the statement of 
remuneration policy which summarises our policies and practices in the 
compensation arena the remuneration policy and the annual report on 
remuneration which shows how the remuneration policy has been applied 
the implementation report 
in october 2013 the uk government introduced new legislation that gives 
shareholders a binding vote on a company’s directors’ remuneration policy  
and requires companies to communicate ever more clearly on how their 
policies are being implemented i have described below the structure of the 
voting arrangements as you will see in the pages that follow an increased 
degree of disclosure and transparency has resulted from our adoption of this 
new legislation we hope that shareholders globally will benefit from our 
enhanced reporting under the new uk legislation 
the remuneration policy is subject to a binding vote at our 2014 agms for  
uk law purposes the implementation report including this statement is 
subject to an advisory vote for uk law purposes as in previous years the 
remuneration report as a whole is subject to an advisory vote at the 2014 
agms for australian law purposes 
for the purposes of the new uk regulations on remuneration reporting  
the remuneration policy will if the resolution is passed become effective  
in respect of payments to directors from the date of the second of our agms  
in the absence of circumstances which may necessitate a change to the 
remuneration policy it is our intention that it will next be put before 
shareholders at our agms in 2017  
although as a matter of uk law the remuneration policy once approved  
by shareholders will only apply to the remuneration of our directors it is the 
committee’s intention that the broad policy principles will continue to inform 
the way in which our nondirector key management personnel on the executive 
committee are remunerated 
 
the law in australia governs the benefits which can be given to the holders  
of certain offices when they leave the employment of the group the law is 
complex it affects our ability to apply the policies that are described in detail in 
this report and it also constrains our ability to treat our employees consistently 
so as many other australian companies have done we are seeking approval of 
a termination benefits resolution i emphasise that if the resolution is passed we 
intend no change to our remuneration policies or practices and in particular we 
intend no increase in the amounts we pay on termination 
last year our remuneration report received a vote in favour of 97 per cent at  
the agms whilst the narrative of the remuneration policy has been updated  
to reflect the new regulations introduced for uk incorporated and listed 
companies the substance of the policy remains unchanged from the one which 
received endorsement last year and which was applied in 2012 and 2013  
the remuneration policy describes among other things our executive 
remuneration structure the details of the discretions available to the 
committee our approach to remuneration on recruitment the details  
of executives’ service contracts and our treatment of leavers  
remuneration for executives comprises fixed compensation in the form  
of base salary participation in a pension plan superannuation fund andor  
a cash allowance to contribute to a fund the receipt of certain benefits and 
performancerelated remuneration all as described in the remuneration policy  
the majority of the remuneration will normally be performancerelated and  
is provided in the form of variable short and longterm incentives 
in relation to the shortterm incentive plan stip the committee each year 
sets performance criteria relative to three benchmarks threshold target and 
outstanding target performance is intended to be stretching and is typically 
equivalent to budget for the year 
our new longterm incentive plan ltip was approved by shareholders  
at the 2013 agms the views expressed by our owners during our extensive 
consultations in 2012 were instrumental in the design of the ltip the 
committee intends to keep the group’s longterm incentive arrangements 
under review taking into account among other things the views of our owners 
this review will include the percentage of an award under the new performance 
share plan psp that vests for threshold performance recognising that this is 
an important issue for some owners with whom we consulted  
i want to describe to you our policy relating to the disclosure of measures 
weightings and targets in relation to the ltip these will all be disclosed in 
advance at the beginning of each fiveyear performance period in relation  
to the stip we will when it comes to disclosure distinguish between safety 
financial and individual goals in the area of safety goals we will disclose the 
measures weightings and targets at the beginning of each year in the area  
of financial and individual goals we will at the beginning of each year  
disclose the measures and weightings only because we regard the targets as 
commercially sensitive however we intend to disclose targets and outcomes 
retrospectively in the rare instances where this may not be prudent on grounds 
of commercial sensitivity i will seek to explain why and give an indication of 
when they will be disclosed the measures targets and performance against 
them for 2013 are disclosed in the implementation report  
the chart on page 91 demonstrates the usual timeframe for the delivery of  
the components of remuneration using 2013 as an example this emphasises 
the longterm nature of our remuneration arrangements 
you will see in the remuneration report several mechanisms that are  
intended to create alignment of interest between shareholders and executives 
we have for our executives a mandatory conversion of 50 per cent of any 
annual shortterm bonus payment into shares with vesting deferred for three 
years the performance measures under our longterm remuneration plans  
are structured to support and incentivise the creation of longterm shareholder 
value in addition we have reserved to the committee such discretions as 
enable it should circumstances warrant to safeguard against the return  strategic report financial statements
directors’ report 
remuneration report letter from chairman production reserves and operations additional information
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remuneration report letter from chairman financial statements production reserves and operations additional information 
 
experience of shareholders and the re ward experience of executives being 
materially misaligned we want the remuneration outcomes properly to  
reflect the group’s overall performance we have also increased share 
ownership requirements for executives and these are described in the 
implementation report 
there are many examples in the remune ration policy and practice of how  
our dialogue with shareholders has influenced the committee’s decisions  
we added in 2013 a new performance measure to our psp the relative  
ebit margin improvement measure because many of our owners had 
expressed a wish that our psp should incorporate some diversification beyond 
total shareholder return we extended the performance period of the psp  
from four to five years and have materi ally reduced the payout for threshold 
performance we have ceased using share options as a mechanism for long
term reward we adjusted our safety measures in our stip targets to reflect lost 
time injuries and all injury frequency ra tes as you will see below our decisions 
relating to base pay changes for exec utive directors and executives are now 
broadly guided by pay changes fo r the wider employee population  
2013 performance and remuneration 
in terms of stip for 2013 the committee determined that the group’s earnings 
and cash flow targets set by the board ha d been met this is reflected in the 
financial component of the stip awards at group and product group level  
however disappointingly the group neither met the all injury frequency targets 
set for the year nor the threshold level of performance set for lost time injury 
frequency rates this has led to low leve ls of payment of the safety component 
of the award for most executives further reductions have also been applied as 
required for executives with portfolios where a fatality has occurred  
discretionary downward adjustments of between ten per cent and 40 per cent 
of the stip award have been applied to the chief executive the current and 
former chief financial officers the former group executive technology  
innovation and the chief executive aluminium for the project cost overrun in 
relation to the kitimat modernisation project  
the net effect of these outcomes also taking into account the achievement  
of individual objectives is that stip awards for executive committee members 
have been made in a range from below target to above target levels 
the committee considered the group’s ov erall performance in the context  
of the ltip awards that were due to ve st at the end of 2013 namely the 2010 
award under the psp which had an indicative vesting of 75 per cent of face 
value and the 2011 grant under the share option plan which has an indicative 
vesting of 100 per cent of face value the committee concluded that the 
vesting of awards based upon the ac hievement of the tsr measures set by 
shareholders was justified  
further details are provided in the implementation report 
2014 decisions 
the committee has reviewed the base salary levels for executives and for  
the executive directors and the majori ty of the executive committee made 
adjustments in line with the base sa lary budgets applying to the broader 
employee population  
in one case namely the chief executive copper a further adjustment was  
made taking into account individual performance and a base salary  
significantly below internal and external peers  
the quantum of ltip awards to be gr anted to executives in march 2014  
is broadly similar to those awards made in 2013  
safety cost reduction capital expenditure and cash flow management will 
continue to feature prominently in the individual objectives for executives  
in 2014 
further details are provided in the implementation report 
governance and owners’ views 
we know that there will never be pe rfect consensus among our owners  
about remuneration policy and therefore that ultimately the committee must 
make judgments based on its best as sessment of supporting value creation 
however it has been and will continue to be our intention to be alert to evolving 
best practice and to the views and guidance given to us in the conversations we  
have with you 
we continue to ensure that the company meets regulatory and legislative 
remuneration requirements specified by australian and uk regulation and as 
part of this we held extensive meeting s with shareholders and proxy advisory 
bodies in australia and the uk during 2012 to describe and explain our 
remuneration policies and practices in the context of the overall group strategy  
in preparing the remuneration report we have been informed by the directors’ 
remuneration reporting guidance issued jointly by gc100 the association of 
general counsel and company secretaries of the ftse 100 and investor group 
on 12 september 2013 as amended  
we are committed to a continuing dialogue with our owners 
i am very conscious of the fact that this remuneration report runs to  
40 pages 6 pages longer than last year given the impact of the new uk law 
requirements we try to balance the need for a simple narrative of the year’s 
remuneration events with the appetite of many of our stakeholders for more 
detail please tell us how you think we might improve it 
yours sincerely 
 
 
 
 
john varley 
remuneration committee chairman 
 
 
remuneration report annual statement by the remuneration 
committee chairman 
dear shareholder 
on behalf of the board i am pleased to introduce our 2013 directors’ 
remuneration report the remuneration report for which we seek your 
support at our annual general meetings agms in london in april and in 
melbourne in may 
the remuneration report is designed to provide you with the necessary 
information to demonstrate the link between our group’s strategy its 
performance and the remuneration outcomes for our executives particularly 
the executive directors  
with a view to sustaining returns to shareholders over time rio tinto takes a 
longterm approach to its activities and this means concentrating on 
developing longlife lowcost expandable operations that are capable of 
providing competitive returns throughout business cycles our executives’ 
performance objectives are set accordingly 
the remuneration report has been prepared in accordance with applicable 
legislation and corporate governance guidance in the uk and australia 
australian legislation requires disclosures in respect of “key management 
personnel” being those persons having authority and responsibility for 
planning directing and controlling the activities of the group the key 
management personnel are in addition to the directors the nondirector 
members of the executive committee the executive committee comprises  
the executive directors product group chief executive officers and group 
executives throughout this remuneration report the members of the 
executive committee are collectively referred to as “executives” they are  
listed on pages 53 and 56 which also shows the positions held during the  
year and dates of appointment  
shareholders will be aware that we have to comply with uk and australian 
legislation in the remuneration arena and that the rules are different we have 
structured the voting arrangements such that all shareholders vote on all four 
resolutions that we are putting to our agms  
this remuneration report is divided into two parts the statement of 
remuneration policy which summarises our policies and practices in the 
compensation arena the remuneration policy and the annual report on 
remuneration which shows how the remuneration policy has been applied 
the implementation report 
in october 2013 the uk government introduced new legislation that gives 
shareholders a binding vote on a company’s directors’ remuneration policy  
and requires companies to communicate ever more clearly on how their 
policies are being implemented i have described below the structure of the 
voting arrangements as you will see in the pages that follow an increased 
degree of disclosure and transparency has resulted from our adoption of this 
new legislation we hope that shareholders globally will benefit from our 
enhanced reporting under the new uk legislation 
the remuneration policy is subject to a binding vote at our 2014 agms for  
uk law purposes the implementation report including this statement is 
subject to an advisory vote for uk law purposes as in previous years the 
remuneration report as a whole is subject to an advisory vote at the 2014 
agms for australian law purposes 
for the purposes of the new uk regulations on remuneration reporting  
the remuneration policy will if the resolution is passed become effective  
in respect of payments to directors from the date of the second of our agms  
in the absence of circumstances which may necessitate a change to the 
remuneration policy it is our intention that it will next be put before 
shareholders at our agms in 2017  
although as a matter of uk law the remuneration policy once approved  
by shareholders will only apply to the remuneration of our directors it is the 
committee’s intention that the broad policy principles will continue to inform 
the way in which our nondirector key management personnel on the executive 
committee are remunerated 
 
the law in australia governs the benefits which can be given to the holders  
of certain offices when they leave the employment of the group the law is 
complex it affects our ability to apply the policies that are described in detail in 
this report and it also constrains our ability to treat our employees consistently 
so as many other australian companies have done we are seeking approval of 
a termination benefits resolution i emphasise that if the resolution is passed we 
intend no change to our remuneration policies or practices and in particular we 
intend no increase in the amounts we pay on termination 
last year our remuneration report received a vote in favour of 97 per cent at  
the agms whilst the narrative of the remuneration policy has been updated  
to reflect the new regulations introduced for uk incorporated and listed 
companies the substance of the policy remains unchanged from the one which 
received endorsement last year and which was applied in 2012 and 2013  
the remuneration policy describes among other things our executive 
remuneration structure the details of the discretions available to the 
committee our approach to remuneration on recruitment the details  
of executives’ service contracts and our treatment of leavers  
remuneration for executives comprises fixed compensation in the form  
of base salary participation in a pension plan superannuation fund andor  
a cash allowance to contribute to a fund the receipt of certain benefits and 
performancerelated remuneration all as described in the remuneration policy  
the majority of the remuneration will normally be performancerelated and  
is provided in the form of variable short and longterm incentives 
in relation to the shortterm incentive plan stip the committee each year 
sets performance criteria relative to three benchmarks threshold target and 
outstanding target performance is intended to be stretching and is typically 
equivalent to budget for the year 
our new longterm incentive plan ltip was approved by shareholders  
at the 2013 agms the views expressed by our owners during our extensive 
consultations in 2012 were instrumental in the design of the ltip the 
committee intends to keep the group’s longterm incentive arrangements 
under review taking into account among other things the views of our owners 
this review will include the percentage of an award under the new performance 
share plan psp that vests for threshold performance recognising that this is 
an important issue for some owners with whom we consulted  
i want to describe to you our policy relating to the disclosure of measures 
weightings and targets in relation to the ltip these will all be disclosed in 
advance at the beginning of each fiveyear performance period in relation  
to the stip we will when it comes to disclosure distinguish between safety 
financial and individual goals in the area of safety goals we will disclose the 
measures weightings and targets at the beginning of each year in the area  
of financial and individual goals we will at the beginning of each year  
disclose the measures and weightings only because we regard the targets as 
commercially sensitive however we intend to disclose targets and outcomes 
retrospectively in the rare instances where this may not be prudent on grounds 
of commercial sensitivity i will seek to explain why and give an indication of 
when they will be disclosed the measures targets and performance against 
them for 2013 are disclosed in the implementation report  
the chart on page 91 demonstrates the usual timeframe for the delivery of  
the components of remuneration using 2013 as an example this emphasises 
the longterm nature of our remuneration arrangements 
you will see in the remuneration report several mechanisms that are  
intended to create alignment of interest between shareholders and executives 
we have for our executives a mandatory conversion of 50 per cent of any 
annual shortterm bonus payment into shares with vesting deferred for three 
years the performance measures under our longterm remuneration plans  
are structured to support and incentivise the creation of longterm shareholder 
value in addition we have reserved to the committee such discretions as 
enable it should circumstances warrant to safeguard against the return  riotintocomreportingcentre2013
70
remuneration report remuneration policy 
 
remuneration policy introduction 
as foreshadowed in our remuneration report last year the uk parliament 
approved new legislation setting out the requirements for the reporting of  
and voting on directors’ remuneration by listed companies the regulations 
apply from october 2013 and rio tinto is required to comply with them in  
this remuneration report  
the regulations require the board to present to shareholders a policy for the 
remuneration of its directors that is subject to a binding vote for the first time  
at the 2014 agms and at least every three years thereafter  
subject to shareholder approval at the 2014 agms the remuneration policy 
will for the purposes of the new uk regulations become effective in respect  
of payments to directors from the date of our australian agm  
this remuneration policy applies specifically to our executive and non
executive directors and the chairman it also explains in conformance with 
australian law the broad policy principles which generally apply to the  
nondirector members of the executive committee the policy applying  
to our chairman and nonexecutive directors is set out at the end of the 
remuneration policy on page 78  
this remuneration report has been prepared in accordance with applicable 
legislation and corporate governance guidance in the uk and australia 
australian legislation requires disclosures in respect of “key management 
personnel” being those persons having authority and responsibility for 
planning directing and controlling the activities of the group the key 
management personnel are in addition to the directors the nondirector 
members of the executive committee the executive committee comprises  
the executive directors product group chief executive officers and group 
executives throughout this remuneration report the members of the 
executive committee are collectively referred to as “executives” they are  
listed on page 53 and 56 which also shows the positions held during the year 
and dates of appointment  
shareholders should note that this remuneration policy is binding only in  
so far as it relates to directors  
our remuneration policies principles and practices 
our first objective is to spend remuneration resource wisely in pursuit of  
the implementation of the group’s strategy we want our pay policies to be 
regarded as fair by shareholders and employees alike although we have 
appropriate remuneration structures the committee retains considerable 
discretions enabling it if it thinks fit to override inappropriate mechanistic 
outcomes but always within the confines of the remuneration policy  
rio tinto operates in global and local markets where it competes for a limited 
pool of talented executives highquality people who are capable of achieving 
stretching performance targets are essential to generating superior returns for 
the group our compensation strategies aim to provide this support by enabling 
the group to attract and retain people whose contribution will increase 
shareholder value over time  
we aim to engage our people over the long term by fostering diversity  
providing challenging work and development opportunities and encouraging 
strong delivery by good performance this people strategy is underpinned  
by our values of respect integrity accountability and teamwork and our 
commitment to provide sustainable growth and development for both  
rio tinto and our employees 
our policy is based on the principle of aligning remuneration outcomes with  
the successful delivery of strategy the remuneration strategy and the policies 
which support it together with a description of how we believe they will help  
rio tinto achieve its vision are set out below and in the executive remuneration 
structure table on pages 71 to 73 complementary remuneration structures are 
designed for other employees drawing on these strategies and policies  
competitive performancerelated remuneration 
we aim to provide competitive rewards that attract retain and motivate 
executives of the high calibre required to lead the group while ensuring rewards 
remain appropriate and proportionate both when compared to market practice 
and to remuneration arrangements for other employees in the group 
– the majority of remuneration is linked to demanding performance targets 
over both the short and long term to ensure that executive rewards are 
directed at delivering good performance for shareholders 
– for the purposes of assessing the appropriate level of executive 
remuneration the committee refers to the ftse30 excluding financial 
services companies as the initial comparator group the ftse30 is 
considered the most relevant comparator group as it comprises  
organisations broadly comparable to the group in terms of global reach 
revenue market capitalisation and complexity references are also made  
to other relevant supplementary comparator groups including a cross
section of comparable international industrial organisations and other 
international mining companies  
– typically we aim to position base salaries at the median of these comparator 
groups while our incentive plans are designed with the potential to deliver 
total remuneration outcomes across the full market range according to 
business and individual performance 
– benchmarking is undertaken periodically but not annually and our intention 
is to apply judgment in evaluating market data we will take salary increases 
in the broader employee population into account in determining any change 
to the base pay of executives 
– we regularly consult with shareholders on the design of our policies  
and programmes most recently on the subjects of the safety measure 
component of the stip the ceasing of the use of share options as a 
mechanism for longterm reward and in the performance conditions and  
the performance period for our new psp  
– employee share plans provide the opportunity for employees to participate  
in the voting on executive remuneration employees who are shareholders – 
20 per cent of the workforce – are able to vote on the remuneration report 
employees have not been consulted on the remuneration policy but are free 
to ask any questions they wish and to offer any opinions they have through 
our normal employee communications channels  
safety 
we have a strong focus on safety in the stip targets 
– as an organisation we strive for superior longterm shareholder value 
creation in a healthy safe and environmentally appropriate way these  
are important elements of our licence to operate 
– safety key performance indicators determine a significant portion of the  
stip for executives 
– any fatality will have a material impact on the stip score for the relevant 
executives further details on the approach to fatalities are provided on  
page 91 
long term focus 
consistent with our strategy of investing in and operating longlife lowcost 
expandable mines and businesses we seek to provide incentive plans that focus  
on longerterm performance 
– our incentive plans are designed to promote and reward decisionmaking 
with a positive longterm impact while avoiding excessive risk 
– fifty per cent of the stip for executives is deferred into shares which vest 
after three years through the bonus deferral plan bdp 
– the performancebased options and shares awarded prior to 2013 have  
a three and fouryear time horizon respectively the time horizon for 
performance shares awarded under the psp from 2013 has moved out  
to five years as a transitional measure awards granted in 2013 will 
potentially vest 50 per cent after four years and 50 per cent after five years 
   strategic report financial statements
directors’ report 
remuneration report policy report production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report remuneration policy 
 
remuneration policy introduction 
as foreshadowed in our remuneration report last year the uk parliament 
approved new legislation setting out the requirements for the reporting of  
and voting on directors’ remuneration by listed companies the regulations 
apply from october 2013 and rio tinto is required to comply with them in  
this remuneration report  
the regulations require the board to present to shareholders a policy for the 
remuneration of its directors that is subject to a binding vote for the first time  
at the 2014 agms and at least every three years thereafter  
subject to shareholder approval at the 2014 agms the remuneration policy 
will for the purposes of the new uk regulations become effective in respect  
of payments to directors from the date of our australian agm  
this remuneration policy applies specifically to our executive and non
executive directors and the chairman it also explains in conformance with 
australian law the broad policy principles which generally apply to the  
nondirector members of the executive committee the policy applying  
to our chairman and nonexecutive directors is set out at the end of the 
remuneration policy on page 78  
this remuneration report has been prepared in accordance with applicable 
legislation and corporate governance guidance in the uk and australia 
australian legislation requires disclosures in respect of “key management 
personnel” being those persons having authority and responsibility for 
planning directing and controlling the activities of the group the key 
management personnel are in addition to the directors the nondirector 
members of the executive committee the executive committee comprises  
the executive directors product group chief executive officers and group 
executives throughout this remuneration report the members of the 
executive committee are collectively referred to as “executives” they are  
listed on page 53 and 56 which also shows the positions held during the year 
and dates of appointment  
shareholders should note that this remuneration policy is binding only in  
so far as it relates to directors  
our remuneration policies principles and practices 
our first objective is to spend remuneration resource wisely in pursuit of  
the implementation of the group’s strategy we want our pay policies to be 
regarded as fair by shareholders and employees alike although we have 
appropriate remuneration structures the committee retains considerable 
discretions enabling it if it thinks fit to override inappropriate mechanistic 
outcomes but always within the confines of the remuneration policy  
rio tinto operates in global and local markets where it competes for a limited 
pool of talented executives highquality people who are capable of achieving 
stretching performance targets are essential to generating superior returns for 
the group our compensation strategies aim to provide this support by enabling 
the group to attract and retain people whose contribution will increase 
shareholder value over time  
we aim to engage our people over the long term by fostering diversity  
providing challenging work and development opportunities and encouraging 
strong delivery by good performance this people strategy is underpinned  
by our values of respect integrity accountability and teamwork and our 
commitment to provide sustainable growth and development for both  
rio tinto and our employees 
our policy is based on the principle of aligning remuneration outcomes with  
the successful delivery of strategy the remuneration strategy and the policies 
which support it together with a description of how we believe they will help  
rio tinto achieve its vision are set out below and in the executive remuneration 
structure table on pages 71 to 73 complementary remuneration structures are 
designed for other employees drawing on these strategies and policies  
competitive performancerelated remuneration 
we aim to provide competitive rewards that attract retain and motivate 
executives of the high calibre required to lead the group while ensuring rewards 
remain appropriate and proportionate both when compared to market practice 
and to remuneration arrangements for other employees in the group 
– the majority of remuneration is linked to demanding performance targets 
over both the short and long term to ensure that executive rewards are 
directed at delivering good performance for shareholders 
– for the purposes of assessing the appropriate level of executive 
remuneration the committee refers to the ftse30 excluding financial 
services companies as the initial comparator group the ftse30 is 
considered the most relevant comparator group as it comprises  
organisations broadly comparable to the group in terms of global reach 
revenue market capitalisation and complexity references are also made  
to other relevant supplementary comparator groups including a cross
section of comparable international industrial organisations and other 
international mining companies  
– typically we aim to position base salaries at the median of these comparator 
groups while our incentive plans are designed with the potential to deliver 
total remuneration outcomes across the full market range according to 
business and individual performance 
– benchmarking is undertaken periodically but not annually and our intention 
is to apply judgment in evaluating market data we will take salary increases 
in the broader employee population into account in determining any change 
to the base pay of executives 
– we regularly consult with shareholders on the design of our policies  
and programmes most recently on the subjects of the safety measure 
component of the stip the ceasing of the use of share options as a 
mechanism for longterm reward and in the performance conditions and  
the performance period for our new psp  
– employee share plans provide the opportunity for employees to participate  
in the voting on executive remuneration employees who are shareholders – 
20 per cent of the workforce – are able to vote on the remuneration report 
employees have not been consulted on the remuneration policy but are free 
to ask any questions they wish and to offer any opinions they have through 
our normal employee communications channels  
safety 
we have a strong focus on safety in the stip targets 
– as an organisation we strive for superior longterm shareholder value 
creation in a healthy safe and environmentally appropriate way these  
are important elements of our licence to operate 
– safety key performance indicators determine a significant portion of the  
stip for executives 
– any fatality will have a material impact on the stip score for the relevant 
executives further details on the approach to fatalities are provided on  
page 91 
long term focus 
consistent with our strategy of investing in and operating longlife lowcost 
expandable mines and businesses we seek to provide incentive plans that focus  
on longerterm performance 
– our incentive plans are designed to promote and reward decisionmaking 
with a positive longterm impact while avoiding excessive risk 
– fifty per cent of the stip for executives is deferred into shares which vest 
after three years through the bonus deferral plan bdp 
– the performancebased options and shares awarded prior to 2013 have  
a three and fouryear time horizon respectively the time horizon for 
performance shares awarded under the psp from 2013 has moved out  
to five years as a transitional measure awards granted in 2013 will 
potentially vest 50 per cent after four years and 50 per cent after five years 
  
  
– options are no longer granted but existing options which vest may be 
exercised up to ten years after their grant 
– the committee intends to keep the group’s longterm incentive 
arrangements under review  
shareholder alignment 
our share ownership policy requires executives to build up and maintain  
a meaningful shareholding as described on page 80 we reward executives  
for delivering shareholder value by using relative tsr as one of the measures 
for our ltip 
– for awards granted from 2013 under the psp a new relative ebit margin 
improvement measure complements the relative tsr measures and 
incentivises executives to deliver longterm shareholder value while 
maximising operational performance in the medium term this comprises 
onethird of the total value opportunity under the psp awards 
– the reward opportunity under the remaining portion of the psp awards  
will be delivered based on relative tsr performance against both the hsbc 
global mining index and the broader market of large global companies as 
measured through the morgan stanley capital world index msci 
– the choice of both the hsbc global mining index and msci reflects the  
fact that rio tinto competes in a global market for investors as well as within 
the mining sector and is consistent with rewarding executives for providing 
stable returns over the longterm relative to the broader market and the 
mining sector 
risk management 
the committee has authority under the “malus” provisions of the psp to  
reduce or cancel awards made from 2013 in the event of gross misconduct 
which may have a material effect on the value or reputation of the group  
a materially adverse error in the group’s or a product group’s financial 
statements exceptional events that have a materially detrimental impact  
on the value of any group company or for any other reason that the  
committee decides in a particular case  
the committee also has authority under the “claw back” provisions of the  
psp to recover the value of any awards made from 2013 in the event of 
deliberate misconduct by a participant that may have a material impact on  
the value or reputation of a rio tinto group company or for any other reason 
that the directors decide in a particular case  
the committee reserves rights to exercise discretions more generally  
as described on page 75 
executive remuneration structure – policy table 
the committee seeks to achieve a remuneration mix which best reflects the 
longterm nature of the business the total remuneration package is therefore 
designed to provide an appropriate balance between fixed and variable 
components with an emphasis on longterm variable pay the remuneration 
structure for executives including the relationship between each element of 
remuneration and group performance is summarised below further details on 
the key performance indicators used to assess group performance are provided 
on pages 10 and 11 shareholders should note that the following remuneration 
structure is binding only in so far as it relates to directors 
any commitment made before this remuneration policy takes effect or before 
an executive became or becomes a director will be honoured even if it is not 
consistent with this remuneration policy or any subsequent policy  
 
remuneration arrangements – fixed 
link to group performance  
and strategy 
base salary – base salary provides the main fixed element of the remuneration package 
– base salaries are reviewed annually with a maximum increase of nine per cent or inflation if higher  
per annum an increase may be higher than this for executives who are not directors in the 
circumstances described below 
– any increase is generally aligned with the average base salary increases applying to the broader 
employee population unless there were significant changes to an individual’s role andor 
responsibilities during the year any increases are determined with reference to underlying group and 
individual performance global economic conditions role responsibilities an assessment against 
relevant comparator groups and internal relativities  
– an increase above the maximum noted above for executives who are not directors may be made  
in the event of internal promotion or increase in responsibility or where the executive’s salary is 
significantly below market positioning 
– benchmarking is undertaken periodically but not annually and our intention is to apply judgment  
in evaluating market data 
 
 we pay competitive salaries to 
hire motivate and retain highly 
competent people 
pension or  
superannuation 
– employment benefits typically include participation in a pension plan superannuation fund  
or a cash allowance to contribute to a personal pension or superannuation fund 
– the maximum level of company contribution to an individual executive director’s schemes annually is 
35 per cent of base salary 
– we provide locally competitive 
postemployment benefits in a 
costefficient manner in order to 
hire and retain 
other benefits – include private healthcare cover for the executive and their dependants company car or allowance 
car parking life insurance accident insurance provision of companyprovided transportchauffeur 
professional advice participation in local flexible benefit programmes and certain other minor benefits 
including modest retirement gifts in applicable circumstances occasional spouse travel in support  
of the business and any rio tinto business expenses which are deemed to be taxable where the 
company has paid the tax on their behalf 
– secondment and relocation payments for example housing tax equalisation the payment of school 
fees and periodic visits home for the executive and their family may also be made to and on behalf of 
executives living outside their home country examples of these types of payments in 2013 are set out 
in the implementation report 
– other benefits are paid at cost and given the nature and variety of the items there is no formal 
maximum level of company contribution 
– we provide competitive other 
benefits in a costefficient 
manner to hire and retain 
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remuneration report remuneration policy continued 
 
 
remuneration arrangements – performancerelated at risk link to group performance and strategy 
short term 
incentive plan 
stip 
– the threshold and maximum annual bonus opportunities for commensurate performance under  
the stip for executives are 50 per cent and 200 per cent of base salary respectively if target 
performance is achieved the bonus opportunity is up to 120 per cent of base salary for executive 
directors and up to 100 per cent of base salary for other executives these percentages with the 
exception of the maximum percentage are subject to the exercise of discretion by the committee 
– a scorecard of key performance indicators kpis is established for each executive at the 
commencement of the financial year the measures and the relative weightings are selected  
by the committee in order to drive business performance for the current year including the 
achievement of financial safety and other individual business outcomes that are priorities for  
the financial year in question  
– the measures weightings and targets are reviewed annually and are included either prospectively  
or retrospectively each year in the implementation report the committee retains flexibility to 
determine the measures weightings and targets as appropriate based on the outcomes of its  
annual review  
– we expect to disclose the measures weightings and targets for safety goals at the beginning of each 
year in the area of financial and individual goals we will at the beginning of each year disclose the 
measures and weightings only because we regard the targets as commercially sensitive however 
we intend to disclose targets and outcomes retrospectively in the rare instances where this may not 
be prudent on grounds of commercial sensitivity we will seek to explain why and give an indication 
of when they will be disclosed  
– threshold target and outstanding performance levels are established for all stip measures to help 
drive high levels of business and individual performance  
– the central case or “base” plan delivers what the board considers to be target performance target 
performance is intended to be stretching probability factors are then applied based upon a range  
of potential operating and cost scenarios to establish the threshold and outstanding performance 
levels these threshold below target target and outstanding above target levels are determined 
by the committee at the beginning of each performance year 
– the committee seeks to ensure in making its year end determination of stip awards that actual 
performance is directly comparable to the targets set at the beginning of the year this sometimes 
results in adjustments to the targets being made by the committee in particular to take account  
of events outside management’s control to ensure a likeforlike comparison both upward and 
downward adjustments can be made with reference to principles agreed by the committee to 
ensure the outcomes fairly reflect the board’s objectives  
– safety kpis comprise a significant portion of the stip for executives and any fatality will have a 
material impact on the stip score for the relevant executives  
– stip focuses participants on 
achieving demanding annual 
performance goals which are based 
on the group’s kpis in pursuit of 
the creation of sustainable 
shareholder value 
– we demand that sustainable 
business practices are adhered to 
particularly in the context of safety 
– when reviewing the outcome of  
the awards under the stip the 
committee will when evaluating 
overall safety financial group and 
individual performance consider  
the overall fairness against original 
expectations and shareholder 
experience 
– any discretionary adjustments for 
directors will be disclosed in the 
implementation report for the 
financial period  
bonus  
deferral plan 
bdp 
– fifty per cent of the stip is delivered in deferred shares under the bdp with the remainder  
delivered in cash  
– the bdp vests in the december of the third year after the end of performance year to which  
it relates  
– the number of bdp shares which are awarded is increased by reference to the dividends paid  
in the deferral period before vesting 
– bdp shares lapse if the participant resigns or is dismissed for misconduct before vesting but  
unless the committee decides otherwise vest on leaving for any other reason  
– bdp shares vest on a change of control 
– the bdp ensures ongoing 
alignment between executives and 
shareholders through deferral of  
50 per cent of stip awards into  
rio tinto shares 
   strategic report financial statements
directors’ report 
remuneration report policy report production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report remuneration policy continued 
 
 
remuneration arrangements – performancerelated at risk link to group performance and strategy 
short term 
incentive plan 
stip 
– the threshold and maximum annual bonus opportunities for commensurate performance under  
the stip for executives are 50 per cent and 200 per cent of base salary respectively if target 
performance is achieved the bonus opportunity is up to 120 per cent of base salary for executive 
directors and up to 100 per cent of base salary for other executives these percentages with the 
exception of the maximum percentage are subject to the exercise of discretion by the committee 
– a scorecard of key performance indicators kpis is established for each executive at the 
commencement of the financial year the measures and the relative weightings are selected  
by the committee in order to drive business performance for the current year including the 
achievement of financial safety and other individual business outcomes that are priorities for  
the financial year in question  
– the measures weightings and targets are reviewed annually and are included either prospectively  
or retrospectively each year in the implementation report the committee retains flexibility to 
determine the measures weightings and targets as appropriate based on the outcomes of its  
annual review  
– we expect to disclose the measures weightings and targets for safety goals at the beginning of each 
year in the area of financial and individual goals we will at the beginning of each year disclose the 
measures and weightings only because we regard the targets as commercially sensitive however 
we intend to disclose targets and outcomes retrospectively in the rare instances where this may not 
be prudent on grounds of commercial sensitivity we will seek to explain why and give an indication 
of when they will be disclosed  
– threshold target and outstanding performance levels are established for all stip measures to help 
drive high levels of business and individual performance  
– the central case or “base” plan delivers what the board considers to be target performance target 
performance is intended to be stretching probability factors are then applied based upon a range  
of potential operating and cost scenarios to establish the threshold and outstanding performance 
levels these threshold below target target and outstanding above target levels are determined 
by the committee at the beginning of each performance year 
– the committee seeks to ensure in making its year end determination of stip awards that actual 
performance is directly comparable to the targets set at the beginning of the year this sometimes 
results in adjustments to the targets being made by the committee in particular to take account  
of events outside management’s control to ensure a likeforlike comparison both upward and 
downward adjustments can be made with reference to principles agreed by the committee to 
ensure the outcomes fairly reflect the board’s objectives  
– safety kpis comprise a significant portion of the stip for executives and any fatality will have a 
material impact on the stip score for the relevant executives  
– stip focuses participants on 
achieving demanding annual 
performance goals which are based 
on the group’s kpis in pursuit of 
the creation of sustainable 
shareholder value 
– we demand that sustainable 
business practices are adhered to 
particularly in the context of safety 
– when reviewing the outcome of  
the awards under the stip the 
committee will when evaluating 
overall safety financial group and 
individual performance consider  
the overall fairness against original 
expectations and shareholder 
experience 
– any discretionary adjustments for 
directors will be disclosed in the 
implementation report for the 
financial period  
bonus  
deferral plan 
bdp 
– fifty per cent of the stip is delivered in deferred shares under the bdp with the remainder  
delivered in cash  
– the bdp vests in the december of the third year after the end of performance year to which  
it relates  
– the number of bdp shares which are awarded is increased by reference to the dividends paid  
in the deferral period before vesting 
– bdp shares lapse if the participant resigns or is dismissed for misconduct before vesting but  
unless the committee decides otherwise vest on leaving for any other reason  
– bdp shares vest on a change of control 
– the bdp ensures ongoing 
alignment between executives and 
shareholders through deferral of  
50 per cent of stip awards into  
rio tinto shares 
  
  
 
remuneration arrangements – performancerelated at risk link to group performance and strategy 
performance 
share plan psp 
– a new plan was approved by shareholders at the 2013 agms  
– awards under the new psp have a maximum face value of 438 per cent of base salary  
ignoring dividend equivalents as described below  
– the awards have been calculated independently by our consultants towers watson since  
1 august 2013 and deloitte llp previously to have an expected value of approximately  
50 per cent of face value expected value is face value adjusted for the probability of the  
performance target being met 
– this means that the expected value that can be awarded under the psp is a maximum of  
219 per cent of base salary ie 438 per cent x 50 per cent the threshold value is a maximum  
of 986 per cent of base salary ie 438 per cent x 225 per cent 
– actual award levels vary for each executive and are included in the implementation report  
– conditional share awards vest subject to the achievement of stretching performance conditions 
comparing rio tinto’s performance against 
– onethird tsr relative to the hsbc global mining index 
– onethird tsr relative to the morgan stanley capital world index msci and 
– onethird improvement in ebit margin relative to the global mining comparators which will  
be listed in the implementation report each year  
– each component of the award will be assessed independently details of the tsr and ebit margin 
measures targets and vesting schedules will be set out in the implementation report each year  
those for 2013 can be found on page 108  
– with respect to the ebit margin measure in order to ensure that outcomes are fair and that 
business performance has been appropriately taken into account the committee will consider  
on a discretionary basis any specific significant unusual “below the line” items eg impairments 
reported by rio tinto or its peers during the performance period to ensure genuine comparability 
when determining any level of vesting indicated by thirdparty data the application of any such 
discretion will be disclosed  
– the outperformance required for maximum vesting under all components of the award is considered 
by the committee to be very stretching 
– if but only if vesting is achieved participants in the psp shall be entitled to receive a number of 
additional shares whose market value reflects the aggregate cash amount of dividends that would 
have been received had the shares which have vested at the end of the performance period been 
held throughout the performance period 
– awards and performance conditions can be adjusted to take account of variations of capital  
and other transactions subject to this policy performance conditions may be amended in other 
circumstances if the committee considers that a changed performance condition would be a fairer 
measure of performance  
– if there is a change of control awards will vest to the extent performance conditions are then 
satisfied if the change of control happens during the first 36 months from the date of grant of the 
award the number of shares that can vest will be reduced pro rata over that 36 months period  
the committee may alternatively with agreement of an acquiring company replace awards with 
equivalent new awards over shares in the acquiring company  
– as described under the malus and claw back provisions on page 71 the committee retains the 
discretion to reduce or cancel awards before they vest malus or to recover the value of awards  
after vesting claw back 
– the committee will seek to ensure that outcomes are fair and that they take account of the overall 
performance of the company during the performance period  
– the psp incorporates a simple 
structure to align executive reward 
with shareholder returns and 
operational performance over a 
longterm horizon  
– award levels are set to incentivise 
executives to meet the longterm 
strategic goals of the group to 
provide retention for the executive 
team and to contribute towards the 
competitiveness of the overall 
remuneration package 
– tsr rewards the delivery of superior 
returns to shareholders over the 
longterm 
– ebit margin improvement rewards 
sustained operational performance 
of our business and the cost
competitive operation of our mining 
assets a core part of our strategy  
– how performance is generated is as 
important as what level of 
performance is delivered before 
vesting the committee must satisfy 
itself that relative tsr and ebit 
margin performances are an 
appropriate reflection of the 
underlying performance of the 
business and can adjust vesting 
accordingly 
– awards will normally have a five
year performance period to provide 
longterm alignment with the 
interests of shareholders  
– as a transitional measure awards 
granted in 2013 will vest 50 per 
cent after four years and 50 per 
cent after five years 
the longterm incentive awards made prior to 2013 and under which payments are still intended to be made should the relevant performance conditions be 
satisfied can be paid out under this policy the details of the awards granted prior to 2013 which have yet to vest including the details of the performance conditions 
are provided in the implementation report riotintocomreportingcentre2013
74
remuneration report remuneration policy continued 
 
74 
riotintocomreportingcentre2013 
total remuneration opportunity 
the following charts provide an indication based on 2014 remuneration and the upcoming 2014 psp awards of what can be achieve d under the remuneration 
policy for the executive directors at below threshold a thre shold b target c and outstanding d performance levels to gether with the proportion of the package 
delivered through fixed and variable remuneration the psp stip deferred shares and stip cash are all performancerelated remuneration uk legislation requires 
that these charts are given in rela tion to the first year in which th e remuneration policy applies  
 
sam walsh chief executive 
potential value of 2014 remuneration package 
a’000 
 
proportion of the 2014 remuneration package value  
delivered through fixed and variable remuneration 
 
 
chris lynch chief financial officer 
potential value of 2014 remuneration package 
£’000 
 
proportion of the 2014 remuneration package value  
delivered through fixed and variable remuneration 
 
 
 
the following table provides the basis for th e values included in the charts above 
fixed stated in ‘000 – shown as column  
a above 
base 
salary
a
superannuation
or pension
b
benefits
c
total
fixed
sam walsh a1948  a608  a791  a3347
chris lynch £820  £204  £45 £1069
a base salary is the latest known salary 
b superannuation for sam walsh is measured on a basis consistent with the single figure superannuation figure as set out on page 82 but assumes that sam’s accrued benefit at  
31 december 2013 will receive investment ea rnings at the rate of six per cent the fi nal value for 2014 will depend on the actual investment earnings received and may therefore be 
significantly different the pension value for chris reflects an estimate for the full year 
c benefits are as measured at the benefits figure in the single figure tables on pages 82 and 85 excluding amounts considered to be oneoff in nature these oneoff items which related  
to sam’s and chris’s relocations from aust ralia to london during 2013 were a206000 and £896000 respectively note that this number for sam includes expatriate benefits which  
are not capped 
  
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
d c b a
key
psp
stip – deferred shares
stip – cash
superannuation
benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum
 

fixed
1373
2059
3347
6357
9775
15425
0
20
40
60
80
100
d c b a
key
psp
stip – deferred shares
stip – cash
superannuation
benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum

fixed
58
24
18
31
12
10
9
9
29
20
8
6
12
12
42
13
5
4
13
13
52
0
1000
2000
3000
4000
5000
6000
7000
d c b a
key
 psp
 stip – deferred shares
 stip – cash
 pension
 benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum

fixed
1373
2059
£1069
£2299
£3693
£5989
0
20
40
60
80
100
d c b a
key
psp
stip – deferred shares
stip – cash
pension
benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum

fixed
77
4
19
36
2
9
11
11
31
22
1
6
13
13
45
14
1
3
14
14
54 strategic report financial statements
directors’ report 
remuneration report policy report production reserves and operations additional information
riotintocomreportingcentre2013
75
remuneration report remuneration policy continued 
 
74 
riotintocomreportingcentre2013 
total remuneration opportunity 
the following charts provide an indication based on 2014 remuneration and the upcoming 2014 psp awards of what can be achieve d under the remuneration 
policy for the executive directors at below threshold a thre shold b target c and outstanding d performance levels to gether with the proportion of the package 
delivered through fixed and variable remuneration the psp stip deferred shares and stip cash are all performancerelated remuneration uk legislation requires 
that these charts are given in rela tion to the first year in which th e remuneration policy applies  
 
sam walsh chief executive 
potential value of 2014 remuneration package 
a’000 
 
proportion of the 2014 remuneration package value  
delivered through fixed and variable remuneration 
 
 
chris lynch chief financial officer 
potential value of 2014 remuneration package 
£’000 
 
proportion of the 2014 remuneration package value  
delivered through fixed and variable remuneration 
 
 
 
the following table provides the basis for th e values included in the charts above 
fixed stated in ‘000 – shown as column  
a above 
base 
salary
a
superannuation
or pension
b
benefits
c
total
fixed
sam walsh a1948  a608  a791  a3347
chris lynch £820  £204  £45 £1069
a base salary is the latest known salary 
b superannuation for sam walsh is measured on a basis consistent with the single figure superannuation figure as set out on page 82 but assumes that sam’s accrued benefit at  
31 december 2013 will receive investment ea rnings at the rate of six per cent the fi nal value for 2014 will depend on the actual investment earnings received and may therefore be 
significantly different the pension value for chris reflects an estimate for the full year 
c benefits are as measured at the benefits figure in the single figure tables on pages 82 and 85 excluding amounts considered to be oneoff in nature these oneoff items which related  
to sam’s and chris’s relocations from aust ralia to london during 2013 were a206000 and £896000 respectively note that this number for sam includes expatriate benefits which  
are not capped 
  
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
d c b a
key
psp
stip – deferred shares
stip – cash
superannuation
benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum
 

fixed
1373
2059
3347
6357
9775
15425
0
20
40
60
80
100
d c b a
key
psp
stip – deferred shares
stip – cash
superannuation
benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum

fixed
58
24
18
31
12
10
9
9
29
20
8
6
12
12
42
13
5
4
13
13
52
0
1000
2000
3000
4000
5000
6000
7000
d c b a
key
 psp
 stip – deferred shares
 stip – cash
 pension
 benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum

fixed
1373
2059
£1069
£2299
£3693
£5989
0
20
40
60
80
100
d c b a
key
psp
stip – deferred shares
stip – cash
pension
benefits
base salary
a below threshold performance minimum
b threshold performance
c target performance
d outstanding performance maximum

fixed
77
4
19
36
2
9
11
11
31
22
1
6
13
13
45
14
1
3
14
14
54
  
75 
riotintocomreportingcentre2013 
strategic report 
directors’ report 
remuneration policy policy report financial statements production reserves and operations additional information 
 
performancerelated at risk   
threshold stip and ltip 
a
 
performance – shown as 
column b above 
a stip award of 50 of the target  
stip opportunity ie 60 of base salary  
threshold vesting of the psp award at  
225 of face value calculated as 945 and 
900 of base salary for sam walsh and chris 
lynch respectively 
target stip and ltip 
performance shown as 
column c above 
a stip award of 100 of the target stip 
opportunity ie 120 of base salary  
expected value of the psp award of 50 of  
face value calculated as 210 and 200 of 
base salary for sam walsh and chris lynch 
respectively  
outstanding stip and ltip 
performance maximum – 
shown as column d above 
a maximum stip award of 200 of  
base salary  
full vesting of the psp award calculated as 
420 and 400 of base salary for sam walsh 
and chris lynch respectively 
a longterm incentives consist of share awards only measured at 2014 face value as 
disclosed on pages 83 and 86 of this report this does not constitute an estimate of the 
value of awards that may potentially vest with respect to year end 31 december 2014 
no assumption has been made for increase in share price or payment of dividends 
context for outstanding performance 
demanding performance targets are designed to ensure that the level  
of remuneration is aligned with performance delivered for shareholders 
outstanding business and individual performance is required to achieve  
the maximum level of remuneration this comprises 
– outstanding performance against all financial health and safety and  
individual stip measures 
– tsr outperformance against both the hsbc and msci indices by  
six per cent per annum over five years and 
– ebit margin improvement equal to or greater than the second ranked  
company in the comparator group over five years 
the intention of the committee is that if these levels of reward are achieved  
by our executives then shareholders will benefit over time from superior share 
price performance  
discretions  
the committee recognises the importance of ensuring that the outcomes  
of the group’s executive pay arrangements described in this remuneration 
policy properly reflect the group’s ov erall performance and the experience  
of its shareholders and other stakehol ders over the performance period  
the committee undertakes to owners that it will exercise discretion diligently 
and in a manner that is aligned with our strategy to create longterm 
shareholder value accordingly when reviewing the operation of short and  
longterm incentive plans and the outcom e of awards made under these plans 
the committee will when evaluating safety financial group and individual 
performance consider the overall shareholder experience during the 
performance period in question  
it is the committee’s intention that th e mechanistic outcome of performance 
conditions relating to awards made under such plans will routinely be subject  
to review to avoid outcomes which could be seen as contrary to shareholders’ 
expectations to the extent provided for in the terms of any performance 
condition or in accordance with any re levant amendment power under the plan 
rules the committee may adjust andor set different performance measures if 
events occur such as a change in strateg y a material acquisition or divestment 
a change in control or unexpected event which cause the committee to 
determine that the measures are no longer appropriate or in the best interests  
of shareholders and that the amendment is required so that the measures 
achieve their original purpose committee discretion should not operate as an 
automatic override and it must be exercised judiciously 
to the extent that discretion is a pplied in any year the committee undertakes 
that this will be clearly explained and disclosed to shareholders in the 
implementation report  
recruitment remuneration 
our approach to recruitment remuneration for executives both external  
and internal is set out below sharehol ders are reminded that the following 
principles are binding only in so far as th ey relate to the recruitment of directors 
we aim to position base salary at an a ppropriate level taking into consideration 
a range of factors including an executive’s current remuneration experience 
internal relativities an assessment against relevant comparator groups and cost  
other elements of remuneration will be established in line with the 
remuneration policy set out in the ex ecutive remuneration structure table  
on pages 71 to 73 as such annual varia ble remuneration for new appointees  
will comprise a maximum award of 200 per cent of base salary under the  
stip and a maximum award of 438 per cent of base salary under the psp  
in the event that an inte rnal appointment is made existing commitments will  
be honoured 
if the committee concludes that it is ne cessary and appropriate to secure an 
appointment relocationrelated support and international mobility benefits may 
also be provided depending on the circumstances examples of recent relocation 
arrangements are set out on page 86 of the implementation report  
any compensation provided to an executive recruited from outside the group for 
the forfeiture of any award under variable remuneration arrangements entered 
into with a previous employer is consid ered separately to the establishment of 
forward looking annual remuneration arrangements our policy with respect to 
such “buyouts” is to determine a reasonab le level of award on a likeforlike 
basis of primarily equitybased but also potentially cash or restricted stock 
taking into consideration the quantum of forfeited awards their performance 
conditions and vesting schedules the committee will obtain an independent 
external assessment of the value of aw ards proposed to be bought out and 
retains discretion subject to the above to make such compensation as it deems 
necessary and appropriate to secure the relevant executive’s employment  
the committee’s intention is that buyou t compensation should include where 
appropriate performancetested equity  riotintocomreportingcentre2013
76
remuneration report remuneration policy continued 
 
executives’ service contracts and termination  
the committee will seek to honour any commitments made in respect  
of termination of employment in the executive directors’ service contracts 
predating this remuneration policy which are described in this section this 
section also sets out rio tinto’s policy on termination payments and notice 
periods shareholders are reminded that such policy is binding only in so far  
as it relates to directors  
for new appointments where the company terminates by making a payment  
in lieu of notice the committee will for executive directors to the extent 
permitted by relevant law have regard to the executive director’s ability to 
mitigate his loss in assessing the payment to be made 
the executive directors have service contracts that save as noted below can  
be terminated by either party with 12 months’ notice in writing or immediately 
by paying the base salary only in lieu of any unexpired notice an initial  
notice period of up to 24 months during the first two years of employment 
reducing to 12 months thereafter may sometimes be necessary to secure an 
external appointment  
sam walsh’s employment concludes without the need for either party  
to give notice on 31 december 2015 the company may also terminate his 
employment for any reason on 31 december 2014 provided it gives notice  
of this decision by 31 october 2014 the company or sam may terminate this 
employment at any time by giving written notice of 12 months or such lesser 
period as may exist between the date on which the notice is given and  
31 december 2014 
chris lynch’s employment concludes without the need for either party to  
give notice on 28 february 2017 the company may terminate chris lynch’s 
employment for any reason on 29 february 2016 provided it gives notice of  
this decision by 31 december 2015 the company or chris may terminate this 
employment at any time by giving written notice of 12 months or such lesser 
period as may exist between the date on which the notice is given and  
29 february 2016 
other executives have service contracts which can be terminated by the 
company with 12 months’ notice in writing and by the employee with six 
months’ notice in writing or immediately by the company by paying the  
base salary only in lieu of any unexpired notice  
jacynthe côté is eligible to receive 24 months’ base salary and target  
stip opportunity which if taken as salary continuance will include ongoing 
participation in benefit programmes during that period inclusive of notice to  
the extent paid in line with entitlements under her alcan inc contract which  
the company inherited on the acquisition of alcan inc 
executives may be required to undertake garden leave during all or part of their 
notice period and may receive their contractual salary stip and benefits during 
the notice period or the cash equivalent where applicable tax equalisation  
and other expatriate benefits will continue in accordance with the executive’s 
prevailing terms and conditions 
in the case of dismissal for cause the company can terminate employment 
without notice and without payment of any salary or compensation in lieu of 
notice deferred bonus shares and outstanding awards under the ltip may  
be forfeited in these circumstances  
accrued but untaken annual leave and any long service leave will be paid out on 
termination in accordance with the relevant country legislation and applicable 
practice applying to all employees for eligible leavers as defined below  
in australia the value of the leave is calculated on the basis of base salary  
target stip and car allowance no stip is included where the executive is  
not an eligible leaver  
if termination is a result of redundancy the terms of the relevant local policy 
may apply in the same way as for other local employees  
on termination the company will pay relocation or expatriation benefits as 
agreed on the original expatriation andor in accordance with its applicable 
policies on travel and relocation for example sam walsh is provided with 
expatriation benefits and allowances and on termination of his employment  
by the company repatriation expenses would be paid 
on termination other than for cause the company may make a payment in 
consideration for entry by the departing executive director into appropriate 
restrictive covenants to protect rio tinto and its shareholders the amount of 
such payment will be determined by the committee based on the content and 
duration of the covenant  
following termination executive directors may be eligible to exercise long 
term incentives awards under the conditions described in the sections following 
they and their dependants may also be eligible for postretirement benefits 
such as medical and life insurance the company may also agree to continue 
certain other benefits for a period following termination where the arrangements 
are provided under term contracts or in accordance with the terms of the service 
contract for example payment for financial advice tax advice and preparation  
of tax returns for a tax year in some cases they may receive a modest 
retirement gift 
the company may pay such amount as it determines is reasonable to settle  
any claims which in the committee’s view are legitimate which the executive 
director may have in connection with the termination of his employment  
the company may also pay reasonable legal and other professional fees 
including outplacement support to or in respect of a director in connection  
with the termination of his employment these may include legal fees incurred 
by him in negotiating a settlement agreement with rio tinto in assessing what 
is reasonable the company will take account of prevailing rates for such advice 
and support and determine appropriate level of contribution based on the 
complexity of the issues  
positions held and date of appointment to position 
name positions held during 2013 
date of appointment
to position 
executive directors    
sam walsh 
a
 chief executive  17 january 2013  
  chief executive iron ore and 
australia 
5 june 2009 
chris lynch 
b
 chief financial officer  18 april 2013  
  nonexecutive director 1 september 2011 
tom albanese 
c
 chief executive 1 may 2007 
guy elliott 
d
 senior executive director  18 april 2013  
  chief financial officer 19 june 2002 
a mr walsh held the role of chief executive iron ore and australia until 16 january 2013 
b mr lynch was appointed as an executive director on 1 march 2013 and assumed the 
role of chief financial officer on 18 april 2013 
c mr albanese held the role of chief executive until 17 january 2013 he stepped  
down from the executive committee on this date and left the group on 16 july 2013 
d mr elliott held the role of chief financial officer until 18 april 2013 he stepped  
down from the executive committee on this date and retired from the group on  
31 december 2013 
e the details for other executives are provided in the implementation report 
treatment of stip and ltip on termination 
the stip and share plan rules govern the entitlements that executive 
participants may have under those plans upon termination of employment 
usually there is a discretion for the remuneration committee to treat a person  
as an eligible leaver 
an eligible leaver is an executive who leaves the group by reason of illhealth 
injury disability as determined by the executive’s employer retirement 
redundancy transfer of the undertaking in which the executive works change  
of control of the executive’s employing company or death  
   strategic report financial statements
directors’ report 
remuneration report policy report production reserves and operations additional information
riotintocomreportingcentre2013
77
remuneration report remuneration policy continued 
 
executives’ service contracts and termination  
the committee will seek to honour any commitments made in respect  
of termination of employment in the executive directors’ service contracts 
predating this remuneration policy which are described in this section this 
section also sets out rio tinto’s policy on termination payments and notice 
periods shareholders are reminded that such policy is binding only in so far  
as it relates to directors  
for new appointments where the company terminates by making a payment  
in lieu of notice the committee will for executive directors to the extent 
permitted by relevant law have regard to the executive director’s ability to 
mitigate his loss in assessing the payment to be made 
the executive directors have service contracts that save as noted below can  
be terminated by either party with 12 months’ notice in writing or immediately 
by paying the base salary only in lieu of any unexpired notice an initial  
notice period of up to 24 months during the first two years of employment 
reducing to 12 months thereafter may sometimes be necessary to secure an 
external appointment  
sam walsh’s employment concludes without the need for either party  
to give notice on 31 december 2015 the company may also terminate his 
employment for any reason on 31 december 2014 provided it gives notice  
of this decision by 31 october 2014 the company or sam may terminate this 
employment at any time by giving written notice of 12 months or such lesser 
period as may exist between the date on which the notice is given and  
31 december 2014 
chris lynch’s employment concludes without the need for either party to  
give notice on 28 february 2017 the company may terminate chris lynch’s 
employment for any reason on 29 february 2016 provided it gives notice of  
this decision by 31 december 2015 the company or chris may terminate this 
employment at any time by giving written notice of 12 months or such lesser 
period as may exist between the date on which the notice is given and  
29 february 2016 
other executives have service contracts which can be terminated by the 
company with 12 months’ notice in writing and by the employee with six 
months’ notice in writing or immediately by the company by paying the  
base salary only in lieu of any unexpired notice  
jacynthe côté is eligible to receive 24 months’ base salary and target  
stip opportunity which if taken as salary continuance will include ongoing 
participation in benefit programmes during that period inclusive of notice to  
the extent paid in line with entitlements under her alcan inc contract which  
the company inherited on the acquisition of alcan inc 
executives may be required to undertake garden leave during all or part of their 
notice period and may receive their contractual salary stip and benefits during 
the notice period or the cash equivalent where applicable tax equalisation  
and other expatriate benefits will continue in accordance with the executive’s 
prevailing terms and conditions 
in the case of dismissal for cause the company can terminate employment 
without notice and without payment of any salary or compensation in lieu of 
notice deferred bonus shares and outstanding awards under the ltip may  
be forfeited in these circumstances  
accrued but untaken annual leave and any long service leave will be paid out on 
termination in accordance with the relevant country legislation and applicable 
practice applying to all employees for eligible leavers as defined below  
in australia the value of the leave is calculated on the basis of base salary  
target stip and car allowance no stip is included where the executive is  
not an eligible leaver  
if termination is a result of redundancy the terms of the relevant local policy 
may apply in the same way as for other local employees  
on termination the company will pay relocation or expatriation benefits as 
agreed on the original expatriation andor in accordance with its applicable 
policies on travel and relocation for example sam walsh is provided with 
expatriation benefits and allowances and on termination of his employment  
by the company repatriation expenses would be paid 
on termination other than for cause the company may make a payment in 
consideration for entry by the departing executive director into appropriate 
restrictive covenants to protect rio tinto and its shareholders the amount of 
such payment will be determined by the committee based on the content and 
duration of the covenant  
following termination executive directors may be eligible to exercise long 
term incentives awards under the conditions described in the sections following 
they and their dependants may also be eligible for postretirement benefits 
such as medical and life insurance the company may also agree to continue 
certain other benefits for a period following termination where the arrangements 
are provided under term contracts or in accordance with the terms of the service 
contract for example payment for financial advice tax advice and preparation  
of tax returns for a tax year in some cases they may receive a modest 
retirement gift 
the company may pay such amount as it determines is reasonable to settle  
any claims which in the committee’s view are legitimate which the executive 
director may have in connection with the termination of his employment  
the company may also pay reasonable legal and other professional fees 
including outplacement support to or in respect of a director in connection  
with the termination of his employment these may include legal fees incurred 
by him in negotiating a settlement agreement with rio tinto in assessing what 
is reasonable the company will take account of prevailing rates for such advice 
and support and determine appropriate level of contribution based on the 
complexity of the issues  
positions held and date of appointment to position 
name positions held during 2013 
date of appointment
to position 
executive directors    
sam walsh 
a
 chief executive  17 january 2013  
  chief executive iron ore and 
australia 
5 june 2009 
chris lynch 
b
 chief financial officer  18 april 2013  
  nonexecutive director 1 september 2011 
tom albanese 
c
 chief executive 1 may 2007 
guy elliott 
d
 senior executive director  18 april 2013  
  chief financial officer 19 june 2002 
a mr walsh held the role of chief executive iron ore and australia until 16 january 2013 
b mr lynch was appointed as an executive director on 1 march 2013 and assumed the 
role of chief financial officer on 18 april 2013 
c mr albanese held the role of chief executive until 17 january 2013 he stepped  
down from the executive committee on this date and left the group on 16 july 2013 
d mr elliott held the role of chief financial officer until 18 april 2013 he stepped  
down from the executive committee on this date and retired from the group on  
31 december 2013 
e the details for other executives are provided in the implementation report 
treatment of stip and ltip on termination 
the stip and share plan rules govern the entitlements that executive 
participants may have under those plans upon termination of employment 
usually there is a discretion for the remuneration committee to treat a person  
as an eligible leaver 
an eligible leaver is an executive who leaves the group by reason of illhealth 
injury disability as determined by the executive’s employer retirement 
redundancy transfer of the undertaking in which the executive works change  
of control of the executive’s employing company or death  
  
  
77 
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short term incentive plan stip  
if an eligible leaver leaves the grou p during a performance year the committee 
may determine in its absolute discretion to award a pro rata portion of the stip 
based on the amount of the year serv ed and based on actual assessment of 
performance against targets any cash pa yment will be made at the normal  
stip payment date and no portion of the award will be deferred into shares 
if an executive provides the company notice of their resignation during  
the performance year but will not leave the group until after the end of the 
performance year the committee may dete rmine in its absolute discretion  
to make an award under the stip in th ese circumstances the executive will  
only be eligible to receive the cash po rtion of the award and will forfeit the 
deferred shares portion any cash paym ent will be made at the normal stip 
payment date 
no stip payment will be made where an executive resigns or is terminated  
for cause prior to the end of the performance year  
bonus deferral plan bdp 2013 onwards 
for grants made to executives from and including 2013 awards will normally  
be retained and vest at the schedule d vesting date save where the committee 
determines otherwise there will be no pro rata reduction of awards and any 
dividend equivalent shares will be calculated on the vested shares 
if the executive resigns or is dismissed for misconduct or for any other reason 
that the committee decides the awards will lapse  
bdp pre2013 
for grants made to eligible leavers before 2013 awards will normally vest at the 
scheduled vesting date save where th e committee determines otherwise there 
will be no pro rata reduction of awards and any dividend equivalent shares will 
be calculated on the vested shares 
if an executive leaves the group for any other reason awards will lapse 
for any bdp award where required by la w or regulation and the remuneration 
committee allows cash may be provided in lieu of shares 
psp 2013 onwards 
for grants made to executives from and including 2013 awards will normally  
be retained and vest at the scheduled vesting date unvested awards remain 
subject to the satisfaction of the performance conditions any dividend 
equivalent shares will be calculated on the vested shares at vesting 
if the executive leaves the group during the first 36 months from the date of 
grant of the award the numb er of shares that can vest will be reduced pro rata 
over that 36month period  
awards will vest immediately on death bu t if an executive dies during the first  
36 months from the date of grant of the award the number of shares that can 
vest will be reduced pro rata over that 36month period  
if the executive resigns or is dismissed for misconduct or for any other reason 
that the committee decides the awards will lapse  
psp pre2013 
for grants made to eligible leavers before 2013 awards will normally be retained 
and vest at the scheduled vesting date  although the committee may determine 
that awards should vest early unve sted awards remain subject to the 
satisfaction of the performance conditions 
awards vest immediately on death the number of shares vesting is determined 
on the assumption that performance conditions are met at median level or  
at the level to which they are actually sati sfied at the date of death if higher  
the number of shares is further reduced as described above  
if an executive leaves the group for any other reason awards will lapse 
for any psp award where permitted and the remuneration committee allows 
awards may be made in ca sh in lieu of shares 
 
share option plan sop pre2013 
for grants made to eligible leavers before 2013 awards will normally be 
retained if the executive is an eligible leaver vested awards will lapse one year 
from the date the executive leaves th e group and unvested awards will lapse 
one year from the vesting date or such longer period as permitted by the 
committee unvested awards remain subject to the satisfaction of the 
performance conditions  
awards vest in full on death 
if an executive leaves the group for any other reason unvested awards and 
vested awards that have not been exercised will lapse 
management share plan msp  
awards under the msp are only made to executives prior to their appointment  
as an executive committee member all reta ined awards will be reduced pro rata 
to reflect the proportion of the period between the date of grant of the award  
and the normal vesting date which has not elapsed at the time employment 
ceased any dividend equivalent shares or cash equivalent will be calculated  
on the vested shares awards vest on death subject to the pro rata reduction 
described above 
msp 2013 onwards 
for grants made to executives from and including 2013 awards will normally  
be retained and vest at the committee’s discretion at the scheduled vesting 
date although awards of us taxpayers may vest on leaving 
if the executive resigns or is dismissed for misconduct or for any other reason 
that the committee decides the awards will lapse 
msp pre2013 
for grants made to eligible leavers before 2013 awards will normally be retained 
by the executive and vest at the committee’s discretion at the scheduled 
vesting date although awards of us taxpayers may vest on leaving 
if an executive leaves the group for any other reason awards will lapse  
   riotintocomreportingcentre2013
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remuneration report remuneration policy continued 
 
chairman and nonexecutive directors’ remuneration 
chairman 
it is rio tinto’s policy that the chairman should be remunerated on a 
competitive basis and at a level which reflects his contribution to the group  
as assessed by the board  
the committee determines the terms of service including remuneration of  
the chairman the chairman’s fees are set by the committee the chairman  
has no part in the setting of his fees and is not present at any discussion at  
the committee about his fees 
the chairman receives a fixed annual fee and does not receive any additional  
fee or allowance either for committee membership or chairmanship or for  
travel the chairman does not participate in the group’s incentive plans  
the chairman is provided with a car and driver any use for transport between 
home and the office and other personal travel is a taxable benefit to the 
chairman and the company pays any tax arising on the chairman’s behalf  
the chairman pays a fixed annual fee to the company for the personal  
travel element  
other benefits provided include private healthcare cover accident insurance 
note this is neither contractual nor a taxable benefit other minor benefits 
including modest retirement gifts in applicable circumstances occasional 
spouse travel in support of the business and any rio tinto business expenses 
which are deemed to be taxable where the company has paid the tax on his 
behalf rio tinto does not pay retirement or postemployment benefits to  
the chairman 
nonexecutive directors 
fees paid to nonexecutive directors reflect their respective duties and 
responsibilities and the time required to be spent by them so as to make  
a meaningful and effective contribution to the affairs of rio tinto  
the nonexecutive directors’ fees and other terms are set by the board upon  
the recommendation of the chairman’s committee which comprises the 
chairman chief executive and chief financial officer 
nonexecutive directors receive a fixed annual fee comprising a base fee 
committee membership or committee chairmanship fee or senior independent 
director fee as applicable and allowances for attending meetings which involve 
medium or longdistance air travel they do not participate in any of the group’s 
incentive plans 
where the payment of statutory minimum superannuation contributions for 
australian nonexecutive directors is required by australian superannuation law 
these contributions are deducted from the director’s overall fee entitlements 
nonexecutive directors may on occasion receive reimbursement for costs 
incurred in relation to professional advice these payments if made are  
taxable benefits to the nonexecutive directors and the tax arising is paid  
by the company on the director’s behalf  
other benefits provided include accident insurance note this is neither 
contractual nor a taxable benefit other minor benefits including modest 
retirement gifts in applicable circumstances occasional spouse travel in 
support of the business and any rio tinto business expenses which are deemed 
to be taxable where the company has paid the tax on their behalf rio tinto does  
not pay retirement or postemployment benefits to nonexecutive directors 
appointment  
the appointment of nonexecutive directors including the chairman is  
handled through the nominations committee and board processes the current 
fee levels are set out in the implementation report on page 88 
details of each element of remuneration paid to the chairman and non
executive directors during 2013 are set out in the implementation report in  
table 1b on page 100  
the chairman’s letter of appointment from the company stipulates his duties as 
chairman of the group his appointment may be terminated without liability on 
the part of rio tinto in accordance with the group’s constitutional documents 
dealing with retirement disqualification from office or other vacation from office 
otherwise his appointment may be terminated by giving 12 months’ notice 
there are no provisions for compensation payable on termination of his 
appointment other than if his appointment as chairman is terminated by reason 
of his removal as a director pursuant to a resolution of shareholders in general 
meeting in which case the company shall be liable to pay any fees accrued to 
the date of any such removal  
the nonexecutive directors’ letters of appointment from the company stipulate 
their duties and responsibilities as directors each nonexecutive director is 
appointed subject to their election and annual reelection by shareholders  
nonexecutive directors’ appointments may be terminated by giving three 
months’ notice there are no provisions for compensation payable on 
termination of their appointment the letters of appointment are available for 
inspection at rio tinto plc’s registered office and at its annual general meeting 
in accordance with the provisions of the group’s constitutional documents the 
maximum aggregate fees payable to the nonexecutive directors including the 
chairman in respect of any year including fees received by the nonexecutive 
directors for serving on any committee of the boards and any travel allowances 
received by the nonexecutive directors for attending meetings will not in any 
year exceed £3000000 nonmonetary benefits are not included in this limit 
  strategic report financial statements
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remunera tion report  implementation report   production reserves and operations additional information
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remuneration report remuneration policy continued 
 
chairman and nonexecutive directors’ remuneration 
chairman 
it is rio tinto’s policy that the chairman should be remunerated on a 
competitive basis and at a level which reflects his contribution to the group  
as assessed by the board  
the committee determines the terms of service including remuneration of  
the chairman the chairman’s fees are set by the committee the chairman  
has no part in the setting of his fees and is not present at any discussion at  
the committee about his fees 
the chairman receives a fixed annual fee and does not receive any additional  
fee or allowance either for committee membership or chairmanship or for  
travel the chairman does not participate in the group’s incentive plans  
the chairman is provided with a car and driver any use for transport between 
home and the office and other personal travel is a taxable benefit to the 
chairman and the company pays any tax arising on the chairman’s behalf  
the chairman pays a fixed annual fee to the company for the personal  
travel element  
other benefits provided include private healthcare cover accident insurance 
note this is neither contractual nor a taxable benefit other minor benefits 
including modest retirement gifts in applicable circumstances occasional 
spouse travel in support of the business and any rio tinto business expenses 
which are deemed to be taxable where the company has paid the tax on his 
behalf rio tinto does not pay retirement or postemployment benefits to  
the chairman 
nonexecutive directors 
fees paid to nonexecutive directors reflect their respective duties and 
responsibilities and the time required to be spent by them so as to make  
a meaningful and effective contribution to the affairs of rio tinto  
the nonexecutive directors’ fees and other terms are set by the board upon  
the recommendation of the chairman’s committee which comprises the 
chairman chief executive and chief financial officer 
nonexecutive directors receive a fixed annual fee comprising a base fee 
committee membership or committee chairmanship fee or senior independent 
director fee as applicable and allowances for attending meetings which involve 
medium or longdistance air travel they do not participate in any of the group’s 
incentive plans 
where the payment of statutory minimum superannuation contributions for 
australian nonexecutive directors is required by australian superannuation law 
these contributions are deducted from the director’s overall fee entitlements 
nonexecutive directors may on occasion receive reimbursement for costs 
incurred in relation to professional advice these payments if made are  
taxable benefits to the nonexecutive directors and the tax arising is paid  
by the company on the director’s behalf  
other benefits provided include accident insurance note this is neither 
contractual nor a taxable benefit other minor benefits including modest 
retirement gifts in applicable circumstances occasional spouse travel in 
support of the business and any rio tinto business expenses which are deemed 
to be taxable where the company has paid the tax on their behalf rio tinto does  
not pay retirement or postemployment benefits to nonexecutive directors 
appointment  
the appointment of nonexecutive directors including the chairman is  
handled through the nominations committee and board processes the current 
fee levels are set out in the implementation report on page 88 
details of each element of remuneration paid to the chairman and non
executive directors during 2013 are set out in the implementation report in  
table 1b on page 100  
the chairman’s letter of appointment from the company stipulates his duties as 
chairman of the group his appointment may be terminated without liability on 
the part of rio tinto in accordance with the group’s constitutional documents 
dealing with retirement disqualification from office or other vacation from office 
otherwise his appointment may be terminated by giving 12 months’ notice 
there are no provisions for compensation payable on termination of his 
appointment other than if his appointment as chairman is terminated by reason 
of his removal as a director pursuant to a resolution of shareholders in general 
meeting in which case the company shall be liable to pay any fees accrued to 
the date of any such removal  
the nonexecutive directors’ letters of appointment from the company stipulate 
their duties and responsibilities as directors each nonexecutive director is 
appointed subject to their election and annual reelection by shareholders  
nonexecutive directors’ appointments may be terminated by giving three 
months’ notice there are no provisions for compensation payable on 
termination of their appointment the letters of appointment are available for 
inspection at rio tinto plc’s registered office and at its annual general meeting 
in accordance with the provisions of the group’s constitutional documents the 
maximum aggregate fees payable to the nonexecutive directors including the 
chairman in respect of any year including fees received by the nonexecutive 
directors for serving on any committee of the boards and any travel allowances 
received by the nonexecutive directors for attending meetings will not in any 
year exceed £3000000 nonmonetary benefits are not included in this limit 
 
remuneration report implementation report 
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remuneration report implementation report financial statements production reserves and operations additional information 
 
implementation report introduction  
this implementation report is presented to shareholders for approval at the 
agms and outlines how our remuneration policy was implemented in 2013  
and how it is intended to be operated in 2014  
remuneration for executives set out in th e single total figure of remuneration 
tables is shown gross of tax and in the relevant currency of award or payment 
the information reported for executives in table 1a on pages 98 and 99 is 
reported in accordance with australian statutory disclosure requirements and  
is shown gross of tax and in us dollars uk and australian remuneration figures 
are generally not comparable due to the different methodologies required to 
calculate various parts of the remuneration packages most notably ltip 
arrangements and the value of pension or superannuation 
in addition to executive remuneration this report covers the remuneration 
of the chairman and the nonexecutive directors in table 1b on page 100  
all figures are shown gross of tax and in us dollars 
remuneration committee responsibilities 
the committee’s responsibilities are set out in its terms of reference which  
are available in the corporate governance section of the rio tinto website  
the responsibilities of the committee include 
determining the remuneration structure and policies and assessing their 
cost including pension and superannuation arrangements for executives 
determining the use of short and long term incentive plans for executives 
overseeing the operation of the group’s short and longterm incentive plans 
as they relate to executives includin g the approval of awards setting of 
performance criteria where applicable and determination of any vesting  
determining contractual notice periods and termination  
commitments and setting any retention and termination  
arrangements for executives 
determining awards under the group’s allemployee share plans and 
determining the terms of service upon appointment and any subsequent 
changes for the chairman and executives 
the committee considers the level of pay and conditions throughout  
the group when determining executive remuneration and ensures that  
the same principles are used when designing the broader employee 
remuneration policies  
the members of the committee are john va rley chairman jan du plessis  
michael fitzpatrick richard goodmanson and paul tellier 
the membership and meeting attendances are detailed in the corporate 
governance section on page 59 the co mmittee is supported by executives  
and members of senior management who regularly attend meetings to provide 
information as requested by the committee these included sam walsh  
chief executive hugo bague group executive organisational resources 
john beadle vice president executive performance and reward and eleanor 
evans company secretary none of the attendees mentioned above was 
present when matters associated with their own remuneration were considered 
by the committee 
how the committee spent its time in 2013 
during 2013 the committee met eight times it fulfilled its responsibilities  
as set out in its terms of reference  
in particular its work in 2013 and the early part of 2014 have included 
reviewing and determining any base salary adjustments for executives 
reviewing and determining threshold target and outstanding performance 
targets used in the 2013 stip assessing any applicable adjustments and 
those to be used in the 2014 stip  
reviewing actual performance against the targets in the 2013 stip 
reviewing and determining the outcomes for ltip awards vesting at the  
end of 2013 
reviewing and determining ltip grants for the executives in 2014 
reviewing and determining the terms of promotion or appointment for  
sam walsh chris lynch andrew harding jeansébastien jacques and  
hugo bague  
determining the terms of departure for tom albanese and doug ritchie and 
reviewing the group’s remuneration policy and preparing the remuneration 
report including this implementation report in the light of the new uk 
regulations and generally 
the performance targets under the ltip and the company’s approach  
to establishing the performance targets under the stip are detailed in the 
executive remuneration structure table on pages 71 to 73 the committee’s 
approach to the commercial sensitivity of certain targets is discussed below  
independent advisers  
the independent advisers engaged by and reporting to the committee from 
january to july 2013 were deloitte llp 
in june 2013 the committee appointed towers watson as its independent 
advisers with effect from 1 august 2013 during 2013 the committee formally 
reviewed and determined the scope of servic es which it required to be provided 
by an independent adviser and issued an invitation to tender to a range  
of candidates all of which were members of the remuneration consultants’ 
group and had specific expertise in advisi ng uk and australian listed companies 
on a variety of remuneration matters the decision to appoint towers watson 
was made following a detailed review of tender responses and a formal 
interview process towers watson and deloitte llp before them report  
to the committee 
to ensure that “remuneration recommendations” being advice relating to the 
elements of remuneration for key management personnel as defined under  
the australian corporations act were made free from undue influence by key 
management personnel to whom they may relate the committee established  
a protocol for the engagement of and interaction with remuneration consultants 
and has monitored compliance with its requirements throughout 2013 
declarations were given by deloitte llp or towers watson to the effect that 
remuneration recommendations were made free from undue influence of  
key management personnel to whom they related the board has received 
assurance from the committee and is theref ore satisfied that the remuneration 
recommendations received from deloitte llp and towers watson were made 
free from undue influence by key management personnel to whom any of the 
remuneration recommendations related   riotintocomreportingcentre2013
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remuneration report implementation report continued 
both deloitte llp and towers watson are members of the remuneration 
consultants’ group and as such voluntarily operate under the code of conduct 
the code in relation to executive remuneration consulting in the uk the code 
is based upon principles of transparency integrity objectivity competence due 
care and confidentiality by executive remuneration consultants deloitte llp 
and towers watson have confirmed that they adhered to the code throughout 
2013 for all remuneration services provided to rio tinto it is available at 
remunerationconsultantsgroupcom  
deloitte llp and towers watson are the only remuneration consultants which 
provided remuneration recommendations to the committee during 2013  
the committee is content that deloitte llp and towers watson in providing 
remuneration advice to the committee did not have any connections with  
rio tinto that impaired its independence  
during 2013 as part of their respective engagements deloitte llp and  
towers watson provided remuneration recommendations to the committee 
including committee meeting attendance and advice in relation to 
management proposals deloitte llp was paid us89588 for these services 
towers watson was paid us101854 for these services  
deloitte llp and towers watson respectively provided general and technical 
executive remuneration services these services included benchmarking data 
and advice about remuneration of employees other than key management 
personnel across the group and advice from towers watson in relation to 
preparation of the 2013 remuneration report deloitte llp was paid 
us110616 for these services towers watson was paid us150575 for  
these services  
deloitte llp provided various nonaudit services to the group during 2013 
including advice in relation to taxation project management and consulting 
and advisory services and was paid a total of us896 million for these 
services towers watson provided nonaudit services to the group during  
2013 including consultancy and advisory services and was paid a total  
of us387233 for these services towers watson advises various rio tinto 
pension fund trustees 
other services and publications were received from a range of advisers  
in relation to remuneration data 
performance review process for executives 
rio tinto conducts an annual performance review process for all  
of its executives in the case of members of the executive committee  
the chief executive conducts the review in the case of the chief executive  
his performance is assessed by the chairman of the board 
the key objectives of the performance review process are to 
– improve organisational effectiveness by creating alignment between  
the executive’s objectives and rio tinto’s strategy and 
– provide a consistent transparent and balanced approach to measure 
recognise and reward executive performance 
all such reviews took place in 2013 or early 2014 
share ownership policy for executives 
the group recognises the importance of aligning executives’ interests with 
those of shareholders and they are therefore expected to build up and maintain 
a meaningful shareholding the committee intends that executives should  
aim to reach a share ownership defined below in rio tinto shares equivalent 
in value to  
 share ownership requirement
chief executive 4 x base salary
other executives 3 x base salary
the shareholding requirement was increased from the previous level of two 
times’ base salary for the chief executive and other executives as part of the 
changes to the group’s longterm incentive arrangements in 2013  
the committee expects that this shareholding will be built up over a fiveyear 
period by holding shares and share options that vest under the ltips for new 
hires longer periods may be accepted to build up this shareholding given the 
fiveyear vesting periods for our psp details of executives’ beneficial interests 
in rio tinto shares are set out in table 2 on page 101 and the details of awards  
of shares and options under longterm incentive plans are set out in table 3  
on pages 102 to 108 
shares will be treated as “owned” if they are not subject to restriction and  
as such include shares directly held by the executive and any shares where 
there is a beneficial interest a beneficial interest includes any shares where  
the executive receives the benefit of ownership such as a right to receive 
dividends without actually directly owning the shares 
a value for vested but unexercised share options is included with a 50 per 
cent discount for the likely effects of taxation on the basis that executives with 
unexercised vested options have a strong financial alignment with the share 
price and therefore with shareholder interests  
additional shareholding requirements were introduced for senior management 
below the executive committee in 2013  
the following table illustrates the executive share ownership level for current 
members of the executive committee in office at 31 december 2013 as a 
multiple of salary as at the same date 
 
share ownership
level at 31 december 2013
as a multiple of base pay
hugo bague 33
jacynthe côté 35
alan davies 14
andrew harding 21
jeansébastien jacques 04
harry kenyonslaney  24
debra valentine 33
the recent vesting of the 2010 psp has increased the multiples noted above  
for several executives  strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
81
remuneration report implementation report continued 
both deloitte llp and towers watson are members of the remuneration 
consultants’ group and as such voluntarily operate under the code of conduct 
the code in relation to executive remuneration consulting in the uk the code 
is based upon principles of transparency integrity objectivity competence due 
care and confidentiality by executive remuneration consultants deloitte llp 
and towers watson have confirmed that they adhered to the code throughout 
2013 for all remuneration services provided to rio tinto it is available at 
remunerationconsultantsgroupcom  
deloitte llp and towers watson are the only remuneration consultants which 
provided remuneration recommendations to the committee during 2013  
the committee is content that deloitte llp and towers watson in providing 
remuneration advice to the committee did not have any connections with  
rio tinto that impaired its independence  
during 2013 as part of their respective engagements deloitte llp and  
towers watson provided remuneration recommendations to the committee 
including committee meeting attendance and advice in relation to 
management proposals deloitte llp was paid us89588 for these services 
towers watson was paid us101854 for these services  
deloitte llp and towers watson respectively provided general and technical 
executive remuneration services these services included benchmarking data 
and advice about remuneration of employees other than key management 
personnel across the group and advice from towers watson in relation to 
preparation of the 2013 remuneration report deloitte llp was paid 
us110616 for these services towers watson was paid us150575 for  
these services  
deloitte llp provided various nonaudit services to the group during 2013 
including advice in relation to taxation project management and consulting 
and advisory services and was paid a total of us896 million for these 
services towers watson provided nonaudit services to the group during  
2013 including consultancy and advisory services and was paid a total  
of us387233 for these services towers watson advises various rio tinto 
pension fund trustees 
other services and publications were received from a range of advisers  
in relation to remuneration data 
performance review process for executives 
rio tinto conducts an annual performance review process for all  
of its executives in the case of members of the executive committee  
the chief executive conducts the review in the case of the chief executive  
his performance is assessed by the chairman of the board 
the key objectives of the performance review process are to 
– improve organisational effectiveness by creating alignment between  
the executive’s objectives and rio tinto’s strategy and 
– provide a consistent transparent and balanced approach to measure 
recognise and reward executive performance 
all such reviews took place in 2013 or early 2014 
share ownership policy for executives 
the group recognises the importance of aligning executives’ interests with 
those of shareholders and they are therefore expected to build up and maintain 
a meaningful shareholding the committee intends that executives should  
aim to reach a share ownership defined below in rio tinto shares equivalent 
in value to  
 share ownership requirement
chief executive 4 x base salary
other executives 3 x base salary
the shareholding requirement was increased from the previous level of two 
times’ base salary for the chief executive and other executives as part of the 
changes to the group’s longterm incentive arrangements in 2013  
the committee expects that this shareholding will be built up over a fiveyear 
period by holding shares and share options that vest under the ltips for new 
hires longer periods may be accepted to build up this shareholding given the 
fiveyear vesting periods for our psp details of executives’ beneficial interests 
in rio tinto shares are set out in table 2 on page 101 and the details of awards  
of shares and options under longterm incentive plans are set out in table 3  
on pages 102 to 108 
shares will be treated as “owned” if they are not subject to restriction and  
as such include shares directly held by the executive and any shares where 
there is a beneficial interest a beneficial interest includes any shares where  
the executive receives the benefit of ownership such as a right to receive 
dividends without actually directly owning the shares 
a value for vested but unexercised share options is included with a 50 per 
cent discount for the likely effects of taxation on the basis that executives with 
unexercised vested options have a strong financial alignment with the share 
price and therefore with shareholder interests  
additional shareholding requirements were introduced for senior management 
below the executive committee in 2013  
the following table illustrates the executive share ownership level for current 
members of the executive committee in office at 31 december 2013 as a 
multiple of salary as at the same date 
 
share ownership
level at 31 december 2013
as a multiple of base pay
hugo bague 33
jacynthe côté 35
alan davies 14
andrew harding 21
jeansébastien jacques 04
harry kenyonslaney  24
debra valentine 33
the recent vesting of the 2010 psp has increased the multiples noted above  
for several executives 
 
executives’ external and other appointments 
executives may be invited to become nonexecutive directors of other 
companies it is rio tinto’s policy that such appointments can broaden the 
experience and knowledge of executives to the benefit of the group this  
policy limits each executive’s external appointment to one ftse100 company 
directorship or equivalent consequently where there is no likelihood that such 
an appointment will give rise to a conflict of interest the board will normally 
provide consent to the appointment the executive is typically permitted to 
retain any fees earned 
details of all executives’ external appointments can be found on pages 53  
and 56 
performance and impact on 2013 stip 
group financial and safety measures are included in the stip for executive 
directors and group executives the stip measures for the product group  
chief executive officers pgceos include product group financial and safety 
measures in addition to the group financial measures  
safety measures for all executives in 2013 were split equally between lost time 
injury frequency rate ltifr and all injury frequency rate aifr the safety  
of our people is core to everything we do our goal is zero harm including 
above all the elimination of workplace fatalities we are committed to 
reinforcing our strong safety culture and improving safety leadership 
the committee selected the current financial measures of underlying  
earnings and cash flow because they are kpis used in managing the business 
underlying earnings is the key financial performance indicator used across  
the group it gives insight to cost management production growth and 
performance efficiency we are focused on aggressively reducing our costs  
and increasing productivity to improve earnings and deliver greater value  
for shareholders operating cash flow is a complementary measure to 
underlying earnings it also provides insight to how we are managing  
costs and increasing efficiency and productivity across the business  
in measuring financial performance against the annual plan half is measured 
against the original plan and half is “flexed” to exclude the impact of 
uncontrollable fluctuations in exchange rates quoted metal and other prices 
earnings and cash flow results are therefore compared against equally 
weighted flexed and unflexed targets  
the financial and safety measures and outcomes for the executive directors 
with commentary on key highlights are provided on page 91 additional details 
for other executives are provided on page 90  
 
group measures 
weight  
 
score 
out of 200
weighted 
score 
group safety 200 38 76
underlying earnings 125 118 148
underlying earnings – flexed 125 117 146
cash flow 125 190 238
cash flow – flexed 125 198 248
group financial 500 156 780
safety and financial  
measures 
a
 700 1223 856
individual measures 
b
 300  
total 
a
 1000 – –
a the weighted score represents the total financial score out of a maximum of  
200 per cent weighted based on the total stip opportunity of 70 per cent allocated  
to the safety and financial measures 
b the outcomes against individual measures and the total score out of 200 per cent  
for executives are included in the following pages 
  
safety performance 
regrettably we did not meet our goal of zero fatalities in 2013 three 
people lost their lives while working at rio tinto managed operations  
the fatalities were caused by a mobile equipment incident during road 
maintenance at rio tinto la granja project in peru a crush incident at  
rio tinto alcan’s alma smelter in canada and a crush incident at richards 
bay minerals in south africa we remain committed to achieving our goal  
of zero harm including above all the elimination of workplace fatalities 
safe operations that protect our people are a priority and we work 
systematically to mitigate risks that are critical to operating safely this is 
supported by our management system which provides the framework for 
incorporating hazard identification risk assessment and risk management  
into all aspects of the operations 
the remuneration committee sought guidance from the sustainability 
committee on safety performance for 2013 as per our normal procedures  
both committees noted the continued improvement in aifr with the group’s 
aifr reducing from 067 in 2012 to 065 in 2013 this did not meet the group 
target for 2013 of 062 but was better than the threshold level of 071  
the ltifr has however increased from 037 in 2012 to 042 in 2013 which  
was less than both the target and threshold levels of 035 and 037 respectively  
the combined performance meant that the overall group result for safety  
was below threshold with differentiated levels of safety performance across  
the product groups further reductions have also been applied as required for 
executives with portfolios where a fatality has occurred the total safety score 
for the group was 38 per cent out of a maximum of 200 per cent 
group financial performance 
highlights of 2013 include 
– delivering in excess of us3 billion of operating cash cost and exploration  
and evaluation savings over 2012 
– setting new production records in iron ore bauxite and thermal coal and 
realising productivity gains across the portfolio 
– increasing underlying earnings by ten per cent over 2012 and improving 
cash flows by 22 per cent 
– reducing capital spend by 26 per cent and strengthening capital discipline 
– reducing net debt and announcing or completing divestments of  
us35 billion 
additional details on our progress against strategy are provided on page 8 
the group exceeded its earnings and cash flow targets set by the board  
and this is reflected in the financial component of the stip awards at the  
group and product group level  
the group’s underlying earnings and cash flow generated from operating 
activities for 2013 were us102 billion and us151 billion respectively against 
targets of us99 billion and us123 billion respectively the flexed earnings  
and cash flow targets were similar to the unflexed targets at us99 billion  
and us121 billion respectively the committee seeks to ensure in making  
its year end determination of stip awards that actual performance is directly 
comparable to the targets set at the beginning of the year this resulted in 
adjustments to the targets by the committee to take account of events outside 
management’s control to ensure a likeforlike like comparison both upward 
and downward adjustments were made to the targets by reference to principles 
agreed by the committee which have been consistently applied over several 
years to ensure the outcomes fairly reflect the board’s objectives  
accordingly the group exceeded its financial target with differentiated levels 
of financial performance across the product groups the group’s performance 
against the financial targets was 156 per cent out of a maximum of 200  
per cent 
   riotintocomreportingcentre2013
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82 
riotintocomreportingcentre2013 
stip individual measures for 2013 
individual measures were set by the chairman for the chief executive and  
by the chief executive for other executives based on the following categories 
1 business transformation  
2 cost reduction  
3 performance delivery  
4 leadership and engagement  
details of the outcomes against the in dividual measures are provided in the 
following pages 
discretionary adjustments for 2013 
discretionary downward adjustments of ten per cent of the overall 2013  
stip award have been applied to the chief executive and the current and  
former chief financial officer for the pr oject cost overrun in relation to the 
kitimat modernisation project downward adjustments of 40 per cent have  
been applied to the former group executive technology  innovation and  
20 per cent to the chief executive aluminium 
performance and impact on ltip vesting outcome for the period  
ended 31 december 2013 
the performance shares under the psp awarded in 2010 had a fouryear 
performance period that ended on 31 december 2013 this award has an 
indicative vesting of 75 per cent of face value 50 per cent of maximum  
share options under the sop granted in 2011 had a performance period that 
ended on 31 december 2013 this award had an indicative vesting of 100 per 
cent of face value options can be exercised from 6 may 2014 until 6 may 2021 
the committee considered the group’s ov erall performance in the context of 
the ltip awards that were due to vest at the end of 2013 and concluded that 
the vesting of awards based upon the achievement of the tsr measures set  
by shareholders was justified 
further details of the ltip outcomes for the period ended 31 december 2013 
and in prior years are provided on page 95  
sam walsh chief executive 
single total figure of remuneration 
the table below provides a summary of actual remuneration in respect of  
2013 and prior years in accordance with uk legislation stated in australian 
dollars the currency of sam’s arrangem ents this is in addition to the 
australian statutory disclosure requirements set out in us dollars in table  
1a on pages 98 and 99 the remuneration details set out in table 1a include 
theoretical accounting values relating to various parts of the remuneration 
packages most notably ltip arrangements and require a different 
methodology for calculating the superannuation value accordingly the  
figures below are not directly comp arable with those in table 1a 
stated in a‘000 2013 2012 2011
base salary paid 
a
 1889 1643 1571
stip payment – cash 1371 1075 1196
stip payment – deferred shares 
b
 1370 1075 1196
total shortterm pay 4630 3793 3963
value of ltip awards vesting 
c
 3121 2225 1383
superannuation 
d
 1322 745 657
other benefits 
e
 997 232 92
single total figure of remuneration 10070 6995 6095
percentage change in total 
remuneration 2013 versus 2012  
2012 versus 2011 440 148 –
percentage of total remuneration 
provided as performancerelated  
pay stip and ltip 582 625 619
percentage of total remuneration 
provided as nonperformance
related pay base salary  
pension and other benefits 418 375 381
percentage of maximum stip  
awarded 
f
 721 650 752
percentage of maximum stip forfeited 279 350 248
percentage of target stip awarded 1202 1083 1254
percentage of psp award vesting 75 925 0
percentage sop award vesting – 100 100
a salary paid in the financial year to 31 december salaries are reviewed with effect from 
1 march however in 2013 sam received a salary increase on appointment with effect 
from 17 january 2013 and no fu rther increase in 2013 the salary and single figure of 
remuneration for 2012 and 2011 relates to his position as pgceo iron ore 
b value of stip deferred under the bdp 
c based on the value of the ltip awards which vested in respect of the performance 
period that ended 31 december the rio tinto ltd share price used to calculate the 
value of the award vesting on 17 february 2014 of a6954 was sourced from investis 
ltd the performance conditions for awards vesting for the period ending 31 december 
2013 are detailed in the notes to table 3 on pages 106 to 108  
d superannuation reflects the value of the superannuation accrued during the year 
assuming that it was to come into payment immediately this differs from the value 
reported in table 1a which is calculated using an ias19 methodology and assumptions 
on rates of investment return inflation and salary increases the figures disclosed  
for prior years have been restated in accordance with the new uk reporting 
requirements the previous figures disc losed for 2012 and 2011 were a410000  
and a372000 respectively 
e includes international assignment benefits of a786000 for 2013 of which a206000 
are considered oneoff costs associated with sam’s relocation from perth australia  
to london allowance for professional tax services car allowance company provided 
transport other contractual payments and for 2012 activities in relation to rio tinto’s 
sponsorship of the medals for the 2012 london olympics 
f the maximum potential stip award is 200 per cent of base salary  strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report implementation report continued 
82 
riotintocomreportingcentre2013 
stip individual measures for 2013 
individual measures were set by the chairman for the chief executive and  
by the chief executive for other executives based on the following categories 
1 business transformation  
2 cost reduction  
3 performance delivery  
4 leadership and engagement  
details of the outcomes against the in dividual measures are provided in the 
following pages 
discretionary adjustments for 2013 
discretionary downward adjustments of ten per cent of the overall 2013  
stip award have been applied to the chief executive and the current and  
former chief financial officer for the pr oject cost overrun in relation to the 
kitimat modernisation project downward adjustments of 40 per cent have  
been applied to the former group executive technology  innovation and  
20 per cent to the chief executive aluminium 
performance and impact on ltip vesting outcome for the period  
ended 31 december 2013 
the performance shares under the psp awarded in 2010 had a fouryear 
performance period that ended on 31 december 2013 this award has an 
indicative vesting of 75 per cent of face value 50 per cent of maximum  
share options under the sop granted in 2011 had a performance period that 
ended on 31 december 2013 this award had an indicative vesting of 100 per 
cent of face value options can be exercised from 6 may 2014 until 6 may 2021 
the committee considered the group’s ov erall performance in the context of 
the ltip awards that were due to vest at the end of 2013 and concluded that 
the vesting of awards based upon the achievement of the tsr measures set  
by shareholders was justified 
further details of the ltip outcomes for the period ended 31 december 2013 
and in prior years are provided on page 95  
sam walsh chief executive 
single total figure of remuneration 
the table below provides a summary of actual remuneration in respect of  
2013 and prior years in accordance with uk legislation stated in australian 
dollars the currency of sam’s arrangem ents this is in addition to the 
australian statutory disclosure requirements set out in us dollars in table  
1a on pages 98 and 99 the remuneration details set out in table 1a include 
theoretical accounting values relating to various parts of the remuneration 
packages most notably ltip arrangements and require a different 
methodology for calculating the superannuation value accordingly the  
figures below are not directly comp arable with those in table 1a 
stated in a‘000 2013 2012 2011
base salary paid 
a
 1889 1643 1571
stip payment – cash 1371 1075 1196
stip payment – deferred shares 
b
 1370 1075 1196
total shortterm pay 4630 3793 3963
value of ltip awards vesting 
c
 3121 2225 1383
superannuation 
d
 1322 745 657
other benefits 
e
 997 232 92
single total figure of remuneration 10070 6995 6095
percentage change in total 
remuneration 2013 versus 2012  
2012 versus 2011 440 148 –
percentage of total remuneration 
provided as performancerelated  
pay stip and ltip 582 625 619
percentage of total remuneration 
provided as nonperformance
related pay base salary  
pension and other benefits 418 375 381
percentage of maximum stip  
awarded 
f
 721 650 752
percentage of maximum stip forfeited 279 350 248
percentage of target stip awarded 1202 1083 1254
percentage of psp award vesting 75 925 0
percentage sop award vesting – 100 100
a salary paid in the financial year to 31 december salaries are reviewed with effect from 
1 march however in 2013 sam received a salary increase on appointment with effect 
from 17 january 2013 and no fu rther increase in 2013 the salary and single figure of 
remuneration for 2012 and 2011 relates to his position as pgceo iron ore 
b value of stip deferred under the bdp 
c based on the value of the ltip awards which vested in respect of the performance 
period that ended 31 december the rio tinto ltd share price used to calculate the 
value of the award vesting on 17 february 2014 of a6954 was sourced from investis 
ltd the performance conditions for awards vesting for the period ending 31 december 
2013 are detailed in the notes to table 3 on pages 106 to 108  
d superannuation reflects the value of the superannuation accrued during the year 
assuming that it was to come into payment immediately this differs from the value 
reported in table 1a which is calculated using an ias19 methodology and assumptions 
on rates of investment return inflation and salary increases the figures disclosed  
for prior years have been restated in accordance with the new uk reporting 
requirements the previous figures disc losed for 2012 and 2011 were a410000  
and a372000 respectively 
e includes international assignment benefits of a786000 for 2013 of which a206000 
are considered oneoff costs associated with sam’s relocation from perth australia  
to london allowance for professional tax services car allowance company provided 
transport other contractual payments and for 2012 activities in relation to rio tinto’s 
sponsorship of the medals for the 2012 london olympics 
f the maximum potential stip award is 200 per cent of base salary 
 
base salary 
the committee has increased sam’s base salary by 25 per cent with effect 
from 1 march 2014 consistent with the salary budget for other australian 
contracted employees in the group  
 2014 2013  change
base salary stated in a‘000 1948 1900 25
stip individual objectives for 2013 
sam’s performance against his individual objectives is summarised below 
category performance 
business 
transformation 
– refocused the business on pursuing greater value  
for shareholders 
– reshaped the executive committee 
– initiated a review of the group capital allocation 
processes 
– set a clear framework for the organisation and asked 
every employee to act like an owner 
cost reductions 
– exceeded the publicly committed operating cash  
cost reductions of us2 billion 
– reduced exploration  evaluation expenditure  
by us1 billion again exceeding the us750 million 
target  
– exceeded reductions in support costs 
– reduced net debt and capital expenditure 
performance  
delivery 
– delivered five major projects during the year 
– oversaw the closure sale or curtailment of six 
businesses 
– delivered first shipment of concentrate from  
oyu tolgoi in july 
– delivered the pilbara 290 million tonnes per annum 
mta us400 million ahead of budget and four 
months ahead of schedule 
– announced the breakthrough pathway for the  
pilbara 360mta expansion 
leadership and 
engagement 
– met with key stakeholders including investors 
employees governments international organisations 
customers suppliers and civil society representatives
– actively promoted the values of the business 
the committee with input from the chairman of the board assessed  
sam’s performance against his individual objectives as 160 per cent out of  
200 per cent for his individual contribution to the business during the year  
stip outcomes for 2013 
the following table summarises the stip outcomes for 2013 
measures 
weight  
 
score 
out of 
200
weighted 
score
group safety and financial 70 1223 856
individual  30 1600 480
subtotal 100 – 1336
discretionary adjustment 
a
  134
total  of target out of 200   1202
a the committee decided that the overall stip outcome would be reduced  
by ten per cent for the project cost overrun in relation to the kitimat  
modernisation project 
as a result sam received a stip award of 1202 per cent of target equivalent  
to 1443 per cent of base salary 50 per cent to be delivered in cash in  
march 2014 and the remainder to be delivered in deferred shares vesting in 
december 2016  
ltip outcome for the period ended 31 december 2013 
sam received 41881 shares in rio tinto limited on 17 february 2014 from  
the vesting of the psp awarded in 2010 he also received a cash payment of 
a208735 equal to the aggregate net dividends that would have been paid  
on the shares that vested had he owned them during that fouryear period  
no dividends were paid in respect of the shares that lapsed 
in 2011 sam elected to receive his full ltip award under the psp and as a 
result he has no options under the sop that were granted in 2011 and which 
had a performance period that ended on 31 december 2013 
further details of the awards vesting in 2014 and in prior years are provided  
on page 95 and in table 3 on page 103 
ltip award granted in 2013 
the details of sam’s 2013 ltip award are summarised in the following table 
type of 
award grant date
face value 
of award 
 of base 
salary 
face value   
 of award  
 a’000
a
  
 vesting at 
threshold 
performance
end of the 
 performance 
 period over 
which the 
 performance  
 conditions  
have to be 
fulfilled
bc
psp 27 may 2013 420 7980   225 31 dec 2017 
a the face value represents the maximum value of the award and resulted in an  
award of 133255 conditional shares based on the average share price over 2012  
of a59885 the expected value of the award is 50 per cent of the face value or 
a3990000 
b as a transitional measure for the 2013 psp award half of the award may vest  
after four years in 2017 and half the award may vest after five years in 2018 
c the full performance conditions for the award are set out in detail on page 108 
ltip award for 2014 
sam’s psp award in 2014 will have a face value of 420 per cent of base salary 
and an expected value of 210 per cent of base salary the award may vest after 
five years in 2019 subject to the group’s relative tsr and relative ebit margin 
performance the performance conditions for the award are unchanged from 
2013 and the full performance conditions are set out in detail on pages 89  
and 90 as with other participants sam’s award in 2014 may be subject to  
prorating depending on the date of his retirement from rio tinto  
shareholding 
sam’s shareholding for the purposes of the share ownership policy calculated 
using the market price of rio tinto shares on the latest practicable date each 
year before the date of publication of this report was  
 
31 december 
2013 
31 december 
2012
increase in 
shareholding
value of 
options
holding of ordinary shares 94444 46950 1012
value of vested but  
unexercised options ‘000 a1073 a1115 38
multiple of base salary 40 23 17
the value of vested but unexercised options is calculated based on the share 
price as at the relevant date in february each year less the exercise price and 
with a 50 per cent discount for the effects of taxation  riotintocomreportingcentre2013
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remuneration report implementation report continued 
84 
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superannuation 
sam is provided with superannuation through an employer funded plan as 
provided to australianbased employees 
in line with australianbased employees with defined benefit provision who 
remain in service beyond age 62 sam’s benefit is calculated as the greater of 
a 20 per cent of basic salary averaged progressively over the three years 
from age 62 to age 65 for each year of service and proportionate month 
with the company to date of retirement or 
b i his accrued benefit at age 62 of 405 times final basic salary plus 
ii company contributions at the superannuation guarantee rate 
currently nine per cent of basic salary less tax plus 
iii investment earnings at the rate the trustee of the superannuation  
fund may determine from time to time for the period from age 62  
to the date of retirement 
in line with typical market practice in australia sam continues to receive an 
additional company contribution on a defined contribution basis of 20 per cent 
of the lesser of 
i 50 per cent of the annual stip award or 
ii 20 per cent of base salary 
this benefit can be taken without employer or trustee consent and without 
actuarial reduction on cessation of employment on or after age 62 
the accrued lump sum benefit as at 31 december 2013 was a8454000  
31 december 2012 a7145000 the 2012 figure has been restated to 
include the impact of the investment earnings on sam’s accrued benefit under 
the superannuation fund for the period from age 62 as set out in biii above 
the figure disclosed previously for 2012 was a6836000 being the accrued 
lump sum benefit calculated by reference to sam’s base salary as set out in  
a above as the increase to the benefit arose due to investment earnings 
there was no additional cost to the company resulting from this restate and  
the disclosure in table 1a is therefore unchanged the 2013 figure also reflects 
the impact of the investment earnings under the superannuation fund the 
accrued lump sum benefit as at 31 december 2013 calculated by reference  
to sam’s base salary as set out in a above was a7811427 the additional 
company contribution on a defined contribution basis for 2013 was a66000 
2012 a64000  
fees received from external appointments 
in 2013 sam received a27282 2012 a161011 in respect of his position  
as a nonexecutive director of seven west media limited from which he stood 
down in january 2013 
service contract 
sam’s employment concludes without the need for either party to give notice 
on 31 december 2015 the company may also terminate his employment for 
any reason on 31 december 2014 provided it gives notice of this decision by  
31 october 2014 the company or sam may terminate this employment at any 
time by giving written notice of 12 months or such lesser period as may exist 
between the date on which the notice is given and 31 december 2014 
other 
the company paid for various standard relocation costs associated with  
sam’s move from perth australia to london of approximately a206000  
he also receives a housing allowance and other assignment benefits during  
his secondment to london his remuneration is not subject to tax equalisation 
or cost of living adjustments both of which are standard provisions for other 
international assignees in the group the amounts are included in note e 
under the table on page 82  
sam will be eligible to receive the value of unused annual leave and  
long service leave at the conclusion of his employment in accordance with 
australian legislation and applicable practice applying to all employees in 
australia the value of this leave as at 17 february 2014 was a787000 and 
a1592000 respectively  
chief executive’s pay and employee pay 
the table below compares the changes from 2012 to 2013 in salary benefits 
and annual incentives paid for the chief executive and the australian workforce 
we chose the comparison to the australian workforce because it is the country 
where 40 per cent of the total workforce is based this comparator group has 
been selected due to the availability of comparative data and to remove the 
impacts of yearonyear exchange rate fluctuations the underlying elements  
of the chief executive’s pay are based on the values reported in the single total 
figure of remuneration table 
sam’s base salary was increased by 149 per cent with effect from 17 january 
2013 to reflect his promotion to chief executive the increase in his benefits is 
primarily due to international assignment benefits and oneoff costs associated 
with his relocation from perth australia to london  
 
percentage 
change in 
salary paid 
percentage 
change in 
other 
benefits paid 
percentage 
 change in 
 annual  
 incentive 
 paid
b
chief executive  149 3297 101  
australian workforce 
a
 42 27 73  
a the percentage change in each element of remuneration for the workforce is 
calculated on a per capita basis using average employee numbers 
b the percentage change in annual incentive compares amounts paid in 2013 with 
respect to the 2012 performance year to amounts paid in 2012 with respect to the 
2011 performance year annual incentives for the workforce comprise a number of 
different shortterm incentive arrangements  
   strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report implementation report continued 
84 
riotintocomreportingcentre2013 
superannuation 
sam is provided with superannuation through an employer funded plan as 
provided to australianbased employees 
in line with australianbased employees with defined benefit provision who 
remain in service beyond age 62 sam’s benefit is calculated as the greater of 
a 20 per cent of basic salary averaged progressively over the three years 
from age 62 to age 65 for each year of service and proportionate month 
with the company to date of retirement or 
b i his accrued benefit at age 62 of 405 times final basic salary plus 
ii company contributions at the superannuation guarantee rate 
currently nine per cent of basic salary less tax plus 
iii investment earnings at the rate the trustee of the superannuation  
fund may determine from time to time for the period from age 62  
to the date of retirement 
in line with typical market practice in australia sam continues to receive an 
additional company contribution on a defined contribution basis of 20 per cent 
of the lesser of 
i 50 per cent of the annual stip award or 
ii 20 per cent of base salary 
this benefit can be taken without employer or trustee consent and without 
actuarial reduction on cessation of employment on or after age 62 
the accrued lump sum benefit as at 31 december 2013 was a8454000  
31 december 2012 a7145000 the 2012 figure has been restated to 
include the impact of the investment earnings on sam’s accrued benefit under 
the superannuation fund for the period from age 62 as set out in biii above 
the figure disclosed previously for 2012 was a6836000 being the accrued 
lump sum benefit calculated by reference to sam’s base salary as set out in  
a above as the increase to the benefit arose due to investment earnings 
there was no additional cost to the company resulting from this restate and  
the disclosure in table 1a is therefore unchanged the 2013 figure also reflects 
the impact of the investment earnings under the superannuation fund the 
accrued lump sum benefit as at 31 december 2013 calculated by reference  
to sam’s base salary as set out in a above was a7811427 the additional 
company contribution on a defined contribution basis for 2013 was a66000 
2012 a64000  
fees received from external appointments 
in 2013 sam received a27282 2012 a161011 in respect of his position  
as a nonexecutive director of seven west media limited from which he stood 
down in january 2013 
service contract 
sam’s employment concludes without the need for either party to give notice 
on 31 december 2015 the company may also terminate his employment for 
any reason on 31 december 2014 provided it gives notice of this decision by  
31 october 2014 the company or sam may terminate this employment at any 
time by giving written notice of 12 months or such lesser period as may exist 
between the date on which the notice is given and 31 december 2014 
other 
the company paid for various standard relocation costs associated with  
sam’s move from perth australia to london of approximately a206000  
he also receives a housing allowance and other assignment benefits during  
his secondment to london his remuneration is not subject to tax equalisation 
or cost of living adjustments both of which are standard provisions for other 
international assignees in the group the amounts are included in note e 
under the table on page 82  
sam will be eligible to receive the value of unused annual leave and  
long service leave at the conclusion of his employment in accordance with 
australian legislation and applicable practice applying to all employees in 
australia the value of this leave as at 17 february 2014 was a787000 and 
a1592000 respectively  
chief executive’s pay and employee pay 
the table below compares the changes from 2012 to 2013 in salary benefits 
and annual incentives paid for the chief executive and the australian workforce 
we chose the comparison to the australian workforce because it is the country 
where 40 per cent of the total workforce is based this comparator group has 
been selected due to the availability of comparative data and to remove the 
impacts of yearonyear exchange rate fluctuations the underlying elements  
of the chief executive’s pay are based on the values reported in the single total 
figure of remuneration table 
sam’s base salary was increased by 149 per cent with effect from 17 january 
2013 to reflect his promotion to chief executive the increase in his benefits is 
primarily due to international assignment benefits and oneoff costs associated 
with his relocation from perth australia to london  
 
percentage 
change in 
salary paid 
percentage 
change in 
other 
benefits paid 
percentage 
 change in 
 annual  
 incentive 
 paid
b
chief executive  149 3297 101  
australian workforce 
a
 42 27 73  
a the percentage change in each element of remuneration for the workforce is 
calculated on a per capita basis using average employee numbers 
b the percentage change in annual incentive compares amounts paid in 2013 with 
respect to the 2012 performance year to amounts paid in 2012 with respect to the 
2011 performance year annual incentives for the workforce comprise a number of 
different shortterm incentive arrangements  
  
 
 
chris lynch chief financial officer 
single total figure of remuneration 
the table below provides a summary of actual remuneration in respect of 2013 
and the prior year in accordance with uk legislation stated in pounds sterling 
the currency of chris’s arrangements this is in addition to the australian 
statutory disclosure requirements set out in us dollars in tables 1a and 1b on 
pages 98 to 100 the remuneration details for 2013 set out in table 1a include 
theoretical accounting values relating to various parts of the remuneration 
packages most notably ltip arrangements and require a different 
methodology for calculating the pension value accordingly the figures below 
are not directly comparable with those in table 1a 
remuneration for 2012 related to chris’s role as a nonexecutive director 
remuneration for 2013 has been split for the period chris was a nonexecutive 
director up until 28 february 2013 and for the period from 1 march 2013  
the day he became an executive director to 31 december 2013 
 
stated in £‘000 
2013 
1 mar to 
31 dec 
2013
1 jan to
28 feb
2012
1 jan to
31 dec
base salary paidfees 
a
 667 35 165
stip payment – cash 
a
 457  
stip payment – deferred shares 
b
 456  
total shortterm pay 1580 35 165
value of ltip awards vesting 
c
 0  
pension 
d
 167  
other benefits 
e
 941  91
single total figure of remuneration 2688 35 256
percentage of total remuneration 
provided as performancerelated  
pay stip and ltip 340  
percentage of total remuneration 
provided as nonperformance
related pay base salaryfees 
pension and other benefits 660 100 100
percentage of maximum stip  
awarded 
f
 681  
percentage of maximum stip forfeited 319  
percentage of target stip awarded 1135  
percentage of psp award vesting 
c
   
percentage sop award vesting 
c
   
a salaryfees paid in the financial year to 31 december salaries are reviewed with effect 
from 1 march 
b value of stip deferred for the period 1 march 2013 to 31 december 2013 under  
the bdp 
c chris had no ltip awards vest in respect of the performance period that ended  
31 december 2013 as he received no ltip awards prior to the award made in 2013 
d pension reflects the value of the pension contribution and payment in lieu of pension 
paid during the year 
e includes oneoff costs of £896000 in 2013 associated with chris’s relocation from 
melbourne australia to london healthcare allowance for professional tax services  
car allowance and international relocation assistance 
f the maximum potential stip award is 200 per cent of base salary 
base salary 
the committee has increased chris’s base salary by 25 per cent with effect 
from 1 march 2014 consistent with the salary budget for other uk contracted 
employees in the group  
  2014 2013  change
base salary stated in £‘000 820 800 25
stip individual objectives for 2013 
chris’s performance against his individual objectives is summarised below  
 
category performance 
business 
transformation 
– undertook a review of the group strategy for 
consideration by the board 
– reinvigorated capital allocation processes with  
the introduction of the evaluation committee 
cost reductions 
– exceeded the publicly committed operating cash  
cost reductions of us2 billion 
– reduced exploration  evaluation expenditure by  
us1 billion again exceeding the us750 million target
– exceeded reductions in support costs 
– reduced net debt in 2013 to us181 billion 
– reduced 2013 capital expenditure to us130 million 
performance delivery
– reworked the capital profile of the group 
– made good progress with divestments with  
us35 billion of sales announced or completed  
during the year 
leadership and 
engagement 
– engaged with shareholders and rating agencies  
 
the committee with input from the chief executive assessed chris’s 
performance against his individual objectives as 135 per cent out of 200  
per cent for his individual contribution to the business during the year  
stip outcomes for 2013 
the following table summarises the stip outcomes for 2013 
measures 
weight  
 
score 
out of 
200
weighted 
score
group safety and financial 70 1223 856
individual  30 1350 405
subtotal 100 – 1261
discretionary adjustment 
a
  126
total  of target out of 200   1135
a the committee decided that the overall stip outcome would be reduced  
by ten per cent for the project cost overrun in relation to the kitimat  
modernisation project 
as a result chris received a stip award of 1135 per cent of target his stip was 
calculated on a pro rata basis for the period 1 march 2013 the day he became 
an executive director to 31 december 2013 which resulted in a stip award 
equivalent to 1142 per cent of base salary fifty per cent of the award is to be 
delivered in cash in march 2014 and the remainder is to be delivered in deferred 
shares vesting in december 2016  
ltip outcome for the period ended 31 december 2013 
chris had no ltip awards which had a performance period that ended on  
31 december 2013 having become an executive director on 1 march 2013  riotintocomreportingcentre2013
86
remuneration report implementation report continued 
ltip award granted in 2013 
the details of chris’s 2013 ltip award are summarised in the following table 
type of 
award grant date 
face value 
of award  
 of base 
salary  
face value 
of award 
 £’000
a
 vesting at 
threshold 
performance 
end of the 
 performance
 period over which 
the performance 
 conditions have 
to be fulfilled
bc
psp 27 may 2013 420 3360  225 31 dec 2017 
a the face value represents the maximum value of the award and resulted in an award 
of 104169 conditional shares based on the average share price over 2012 of £32255 
the expected value of the award is 50 per cent of the face value or £1680000 
b as a transitional measure for the 2013 psp award half of the award may vest after 
four years in 2017 and half the award may vest after five years in 2018 
c the full performance conditions for the award are set out in detail on page 108 
ltip award for 2014 
chris’s psp award in 2014 will have a face value of 400 per cent of base salary 
and an expected value of 200 per cent of base salary the award may vest after 
five years in 2019 subject to the group’s relative tsr and the relative ebit 
margin performance the performance conditions for the award are unchanged 
from 2013 and the full performance conditions are set out in detail on pages  
89 and 90 
shareholding 
chris’s shareholding for the purposes of the share ownership policy calculated 
using the market price of rio tinto shares on the latest practicable date each 
year before the date of publication of this report was  
 
31 december 
2013 
31 december 
2012
increase in 
shareholding
holding of ordinary shares  8960 8960 0
multiple of base salaryfees 04 na –
chris holds no options over rio tinto shares chris held a multiple of 37 times 
his base fee as a nonexecutive director in compliance with the group’s share 
ownership policy for nonexecutive directors and has until 2018 to build up his 
ownership in shares to three times his salary as chief financial officer 
pension 
chris is employed in the uk and is provided with pension benefits on a defined 
contribution basis 
the company paid a pension contribution to a funded uk company pension 
arrangement of 25 per cent of £135000 being the current maximum salary  
on which pension contributions are based under that arrangement pro rata for 
the period from 1 march 2013 the pension contribution for 2013 was £28000 
chris also received a cash supplement equal to 25 per cent of the amount by 
which his base salary exceeded £135000 less any applicable withholdings and 
again pro rata for the period from 1 march 2013 the gross cash supplement  
for 2013 was £139000 
service contract 
chris lynch’s employment concludes without the need for either party to  
give notice on 28 february 2017 the company may terminate chris lynch’s 
employment for any reason on 29 february 2016 provided it gives notice  
of this decision by 31 december 2015 the company or chris may terminate 
this employment at any time by giving written notice of 12 months or such 
lesser period as may exist between the date on which the notice is given and  
29 february 2016 
other 
the company paid for various standard oneoff relocation costs associated with 
chris’s move from melbourne to london and he received transitional housing 
support including house purchase assistance as a uk contracted employee  
he is not eligible for tax equalisation on his remuneration cost of living or any 
other ongoing assignment benefits such as housing allowance the amounts 
are included in note e under the table on page 85  
tom albanese former chief executive  
single total figure of remuneration  
the table below provides a summary of actual remuneration in respect of 2013 
and prior years in accordance with uk legislation stated in pounds sterling the 
currency of tom’s arrangements this is in addition to the australian statutory 
disclosure requirements set out in us dollars in table 1a on pages 98 and 99 
the remuneration details set out in table 1a include theoretical accounting 
values relating to various parts of the remuneration packages most notably 
ltip arrangements and require a different methodology for calculating the 
pension value accordingly the figures below are not directly comparable with 
those in table 1a  
remuneration for 2013 is for the period as a director from 1 january 2013 until 
17 january 2013 amounts received from 18 january 2013 until 16 july 2013 
are included under the section headed pastdirector payments 
 
stated in £‘000 2013 2012 2011
base salary paid 
a
 50 1052 1010
stip payment – cash  0 00
stip payment – deferred shares  0 00
total shortterm pay 50 1052 1010
value of ltip awards vesting 
b
 0 1762 1478
pension 
c
 0 1031 1499
other benefits 
d
 3 195 269
single total figure of remuneration 53 4040 4256
percentage change in total 
remuneration 2013 versus 2012 
2012 versus 2011 987 51 –
percentage of total remuneration 
provided as performancerelated 
pay stip and ltip 0 436 347
percentage of total remuneration 
provided as nonperformance
related pay base salary pension  
and other benefits 100 564 653
percentage of maximum stip  
awarded 
e
 0 0 0
percentage of maximum stip forfeited 100 100 100
percentage of target stip awarded 0 0 0
percentage of psp award vesting 
b
 – 925 0
percentage sop award vesting 
b
 – 100 100
a salary paid in the financial year to 31 december  
b tom had no ltip awards vest in respect of the performance period that ended  
31 december 2013 all outstanding ltip awards lapsed and were forfeited  
on termination save as noted below in respect of the vested awards described  
all deferred bonus awards lapsed at the same time 
c pension reflects the value of the pension accrued during the year assuming that  
it was to come into payment immediately this differs from the value reported in  
table 1a which is calculated using an ias19 methodology and assumptions on rates  
of investment return inflation and salary increases the figures disclosed for prior 
years have been restated in accordance with the new uk reporting requirements  
the previous figures disclosed for 2012 and 2011 were £1360000 and £1230000 
respectively 
d includes healthcare allowance for professional tax services company provided 
transport and other contractual payments and for 2012 activities in relation  
to rio tinto’s sponsorship of the medals for the 2012 london olympics  
e the maximum potential stip award is 200 per cent of base salary  strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
87
remuneration report implementation report continued 
ltip award granted in 2013 
the details of chris’s 2013 ltip award are summarised in the following table 
type of 
award grant date 
face value 
of award  
 of base 
salary  
face value 
of award 
 £’000
a
 vesting at 
threshold 
performance 
end of the 
 performance
 period over which 
the performance 
 conditions have 
to be fulfilled
bc
psp 27 may 2013 420 3360  225 31 dec 2017 
a the face value represents the maximum value of the award and resulted in an award 
of 104169 conditional shares based on the average share price over 2012 of £32255 
the expected value of the award is 50 per cent of the face value or £1680000 
b as a transitional measure for the 2013 psp award half of the award may vest after 
four years in 2017 and half the award may vest after five years in 2018 
c the full performance conditions for the award are set out in detail on page 108 
ltip award for 2014 
chris’s psp award in 2014 will have a face value of 400 per cent of base salary 
and an expected value of 200 per cent of base salary the award may vest after 
five years in 2019 subject to the group’s relative tsr and the relative ebit 
margin performance the performance conditions for the award are unchanged 
from 2013 and the full performance conditions are set out in detail on pages  
89 and 90 
shareholding 
chris’s shareholding for the purposes of the share ownership policy calculated 
using the market price of rio tinto shares on the latest practicable date each 
year before the date of publication of this report was  
 
31 december 
2013 
31 december 
2012
increase in 
shareholding
holding of ordinary shares  8960 8960 0
multiple of base salaryfees 04 na –
chris holds no options over rio tinto shares chris held a multiple of 37 times 
his base fee as a nonexecutive director in compliance with the group’s share 
ownership policy for nonexecutive directors and has until 2018 to build up his 
ownership in shares to three times his salary as chief financial officer 
pension 
chris is employed in the uk and is provided with pension benefits on a defined 
contribution basis 
the company paid a pension contribution to a funded uk company pension 
arrangement of 25 per cent of £135000 being the current maximum salary  
on which pension contributions are based under that arrangement pro rata for 
the period from 1 march 2013 the pension contribution for 2013 was £28000 
chris also received a cash supplement equal to 25 per cent of the amount by 
which his base salary exceeded £135000 less any applicable withholdings and 
again pro rata for the period from 1 march 2013 the gross cash supplement  
for 2013 was £139000 
service contract 
chris lynch’s employment concludes without the need for either party to  
give notice on 28 february 2017 the company may terminate chris lynch’s 
employment for any reason on 29 february 2016 provided it gives notice  
of this decision by 31 december 2015 the company or chris may terminate 
this employment at any time by giving written notice of 12 months or such 
lesser period as may exist between the date on which the notice is given and  
29 february 2016 
other 
the company paid for various standard oneoff relocation costs associated with 
chris’s move from melbourne to london and he received transitional housing 
support including house purchase assistance as a uk contracted employee  
he is not eligible for tax equalisation on his remuneration cost of living or any 
other ongoing assignment benefits such as housing allowance the amounts 
are included in note e under the table on page 85  
tom albanese former chief executive  
single total figure of remuneration  
the table below provides a summary of actual remuneration in respect of 2013 
and prior years in accordance with uk legislation stated in pounds sterling the 
currency of tom’s arrangements this is in addition to the australian statutory 
disclosure requirements set out in us dollars in table 1a on pages 98 and 99 
the remuneration details set out in table 1a include theoretical accounting 
values relating to various parts of the remuneration packages most notably 
ltip arrangements and require a different methodology for calculating the 
pension value accordingly the figures below are not directly comparable with 
those in table 1a  
remuneration for 2013 is for the period as a director from 1 january 2013 until 
17 january 2013 amounts received from 18 january 2013 until 16 july 2013 
are included under the section headed pastdirector payments 
 
stated in £‘000 2013 2012 2011
base salary paid 
a
 50 1052 1010
stip payment – cash  0 00
stip payment – deferred shares  0 00
total shortterm pay 50 1052 1010
value of ltip awards vesting 
b
 0 1762 1478
pension 
c
 0 1031 1499
other benefits 
d
 3 195 269
single total figure of remuneration 53 4040 4256
percentage change in total 
remuneration 2013 versus 2012 
2012 versus 2011 987 51 –
percentage of total remuneration 
provided as performancerelated 
pay stip and ltip 0 436 347
percentage of total remuneration 
provided as nonperformance
related pay base salary pension  
and other benefits 100 564 653
percentage of maximum stip  
awarded 
e
 0 0 0
percentage of maximum stip forfeited 100 100 100
percentage of target stip awarded 0 0 0
percentage of psp award vesting 
b
 – 925 0
percentage sop award vesting 
b
 – 100 100
a salary paid in the financial year to 31 december  
b tom had no ltip awards vest in respect of the performance period that ended  
31 december 2013 all outstanding ltip awards lapsed and were forfeited  
on termination save as noted below in respect of the vested awards described  
all deferred bonus awards lapsed at the same time 
c pension reflects the value of the pension accrued during the year assuming that  
it was to come into payment immediately this differs from the value reported in  
table 1a which is calculated using an ias19 methodology and assumptions on rates  
of investment return inflation and salary increases the figures disclosed for prior 
years have been restated in accordance with the new uk reporting requirements  
the previous figures disclosed for 2012 and 2011 were £1360000 and £1230000 
respectively 
d includes healthcare allowance for professional tax services company provided 
transport and other contractual payments and for 2012 activities in relation  
to rio tinto’s sponsorship of the medals for the 2012 london olympics  
e the maximum potential stip award is 200 per cent of base salary 
 
base salary 
as reported last year tom’s base salary of £1056000 was not increased 
effective 1 march 2013 and his base salary remained at this level until he left 
the group on 16 july 2013 
stip outcomes for 2013 
the committee determined that tom would receive no stip award for 2013  
and no stip objectives were set 
ltip outcome for the period ended 31 december 2013 
all outstanding but unvested ltip awards earned in previous years lapsed  
and were forfeited by tom when he left the group 
ltip award granted in 2013 
the committee determined that no ltip award would be granted to tom 
for 2013 
pension 
tom’s target defined benefit pension was equal to twothirds of basic salary  
at age 60 through funded and unfunded arrangements as provided to other 
ukbased employees this was inclusive of benefits accrued in the us  
normal retirement date is age 60 and the accrued pension is subject to 
actuarial reduction if taken before that age 
the accrued pension as at 16 july 2013 was £559000 per annum  
31 december 2012 £522000 per annum 
pastdirector payments 
tom stepped down as a director on 17 january 2013 and left the group on  
16 july 2013 until that date he received his base salary benefits and pension 
contributions  
the base salary paid pension and other benefits for the period 18 january 2013 
through to 16 july 2013 were £520500 £555000 and £570000 respectively 
other benefits included a oneoff payment of £482000 relating to a contractual 
tax equalisation payment relating to his employment prior to his appointment 
as chief executive on exercised share options 
tom returned to the us prior to his termination date and is eligible to receive 
postretirement medical coverage in the us for himself and his spouse in line 
with contractual commitments  
he received his 2009 performance share and the 2010 share option awards 
both of which vested prior to 16 july 2013 in accordance with the plan rules  
as reported last year he was also able to exercise any vested but unexercised 
share options prior to 16 july 2013 
tom’s accrued defined benefit pension as at 16 july 2013 was £559000 per 
annum tom was required to join the us defined contribution pension plan on 
his return to the us prior to 16 july 2013 tom’s target defined benefit pension 
was reduced by the actuarial value of the company’s contributions to the 
defined contribution pension plan so that he received no additional benefit  
the company’s contribution to the us defined contribution pension plan was 
£11000 31 december 2012 £nil 
when he left the group all outstanding but unvested ltip and bdp awards 
earned in previous years lapsed and were forfeited  
tom did not receive a termination payment 
guy elliott former chief financial officer 
single total figure of remuneration 
the table below provides a summary of actual remuneration in respect of 2013 
and prior years in accordance with uk legislation stated in pounds sterling the 
currency of guy’s arrangements this is in addition to the australian statutory 
disclosure requirements set out in us dollars in table 1a on pages 98 and 99 
the remuneration details set out in table 1a include theoretical accounting 
values relating to various parts of the remuneration packages most notably 
ltip arrangements and require a different methodology for calculating the 
pension value accordingly the figures below are not directly comparable with 
those in table 1a  
stated in £‘000 2013 2012 2011
base salary paid 
a
 738 735 713
stip payment – cash 
b
 826 00
stip payment – deferred shares 0 00
total shortterm pay 1564 735 713
value of ltip awards vesting 
c
 1720 1311 1100
pension 
d
 0 97 457
other benefits 
e
 128 150 210
single total figure of remuneration 3412 2293 2480
percentage change in total 
remuneration 2013 versus 2012 
2012 versus 2011 488 75 –
percentage of total remuneration 
provided as performancerelated 
pay stip and ltip 746 572 444
percentage of total remuneration 
provided as nonperformance
related pay base salary pension 
and other benefits 254 428 556
percentage of maximum stip  
awarded 
f
 560 00 00
percentage of maximum stip forfeited 440 1000 1000
percentage of target stip awarded 932 00 00
percentage of psp award vesting 75 925 0
percentage sop award vesting 100 100 100
a salary paid in the financial year to 31 december  
b no stip awards were made to guy in 2011 or 2012 in the light of impairments made  
to the group as reported last year the full value of the 2013 stip will be paid in  
march 2014 
c based on the value of the ltip awards which vested in respect of the performance 
period that ended 31 december the rio tinto plc share price used to calculate the 
value of the award vesting on 17 february 2014 of £3559 was sourced from investis 
ltd the performance conditions for awards vesting for the period ending 31 december 
2013 are detailed in the notes to table 3 on pages 106 to 108 
d pension reflects the value of the pension accrued during the year assuming that  
it was to come into payment immediately this differs from the value reported in  
table 1a which is calculated using an ias19 methodology and assumptions on rates  
of investment return inflation and salary increases the pension was subject to an 
actuarial reduction to take its early payment into account and as a result the value  
at the end of the year is less than the value at the beginning of the year the figures 
disclosed for prior years have been restated in accordance with the new uk reporting 
requirements the previous figures disclosed for 2012 and 2011 were £382000 and 
£351000 respectively 
e includes healthcare allowance for professional tax services company provided 
transport and driver and other contractual payments and for 2012 activities in  
relation to rio tinto’s sponsorship of the medals for the 2012 london olympics 
f the maximum potential stip award is 200 per cent of base salary  riotintocomreportingcentre2013
88
remuneration report implementation report continued 
88 
riotintocomreportingcentre2013 
base salary 
as reported last year guy’s base sala ry of £738000 was not increased effective 
1 march 2013 and his base salary remained at this level until his retirement on 
31 december 2013 
stip individual objectives for 2013 
guy’s individual objectives were similar to chris lynch’s save that a key 
objective was to ensure an orderly successi on for the next chief financial officer 
guy ceased to be chief financial officer in april and left the executive 
committee at that time guy remained a director and attended all board 
meetings for the balance of the year  
the committee with input from the chief executive assessed guy’s 
performance against his individual objectives as 60 per cent out of 200  
per cent for his individual contribution to the business during the year  
stip outcomes for 2013 
the following table summarises the stip outcomes for 2013 
measures 
weight  
 
score 
out of 
200
weighted 
score
group safety and financial 70 1223 856
individual  30 600 180
sub total 100 – 1036
discretionary adjustment 
a
  104
total  of target out of 200   932
a the committee decided that the overall stip outcome would be reduced  
by ten per cent for the project cost overrun in relation to the kitimat  
modernisation project 
as a result guy received a stip award of 932 per cent of target equivalent  
to 1119 per cent of base salary 100 per cent to be delivered wholly in cash 
due to him having retired at the end of december 2013 in march 2014  
ltip outcomes for the period ended 31 december 2013 
guy received 44374 shares in rio tinto plc on 17 february 2014 from  
the vesting of the psp awarded in 2010 he also received a cash payment  
of £141495 equal to the aggregate net dividends that would have been paid  
on the shares that vested had he owne d them during that four yearperiod  
no dividends were paid in respect of the shares that lapsed 
guy has an option over 59708 shares at a price of £4245 per share from  
the vesting of the sop granted in 2011  the market price of rio tinto plc  
shares at 17 february 2014 being the la test practicable date before the date  
of publication of this report was £3559  these options can be exercised from  
6 may 2014 and guy will have until 6 may 2015 to exercise the options further 
details of the awards vesting in 2014 and in prior years are provided on page  
95 in table 3 and on pages 102 to 108 
ltip award granted in 2013 
the committee determined that no lt ip award would be granted to guy  
for 2013  
pension 
guy’s target defined benefit pension is equal to 23 per cent of basic salary  
for each year of service with the company to age 60 through funded and 
unfunded arrangements as provided to other ukbased employees  
normal retirement date is age 60 and the accrued pension is subject to 
actuarial reduction if taken before that age 
the accrued pension as at 31 december 2013 was £531000 per annum  
31 december 2012 £547000 per annum the pension was subject to an 
actuarial reduction to take its early pa yment into account and as a result the 
value at the end of the year is less than the value at the beginning of the year 
fees received from external appointments 
in 2013 guy elliott received us225764 in respect of his position as a  
nonexecutive director of royal dutch shell 2012 us212147 fees of 
us83706 2012 usnil received by gu y elliott in respect of his position  
as a nonexecutive director of sabmiller were paid to rio tinto pursuant  
to an arrangement agreed with guy 
retirement 
guy retired on 31 december 2013 during 2013 he received his contractual 
remuneration including base pay eligibility for stip benefits and pension 
contributions until his retirement date 
upon his retirement good leaver trea tment and prorating where applicable 
was applied to outstanding ltip awards in accordance with the plan rules he 
will also receive a payment for 235 days outstanding unused annual leave of 
£66704 in accordance with his contractua l commitments he is also eligible for 
postretirement medical insurance under the rio tinto medical expenses plan 
subject to the rules of the plan  
what we paid our chairman and nonexecutive directors 
annual fees payable 
the table below sets out the annual fees paid in 2013 and payable in 2014 to 
the chairman and the nonexecutive directors 
  2014 2013 2012 
director fees     
chairman’s fee 
a
 £730000 £715000 £700000
nonexecutive director base fee 
b
 £90000 £85000 £85000
senior independent director £40000 £40000 £40000
committee fees     
audit committee chairman £35000 £35000 £35000
audit committee member £20000 £20000 £20000
remuneration committee chairman £30000 £30000 £30000
remuneration committee member £15000 £15000 £15000
sustainability committee chairman £30000 £30000 £30000
sustainability committee member £15000 £15000 £15000
nominations committee member £7500 £7500 £7500
meeting allowances     
long distance  
flights over 10 hours per journey £10000 £10000 £10000
medium distance  
flights of 510 hours per journey £5000 £5000 £5000
a the chairman’s fee was increased with effe ct from 1 july 2013 to £730000 per annum 
from £700000 the level at which it was set when he was appointed to the role in 
march 2009 this adjustment reflected the increasing demands on the role the 
performance in the role and comparison with external peers  
b the fees payable to nonexecutive directors are subject to review by the board on the 
recommendation of the chairman’s committee following a review taking into 
account the demands on directors market and related developments the base fee for 
nonexecutive directors was increased to £90000 with effect from 1 january 2014 
there have been no changes to other fees or allowances since 1 january 2012 save 
that the travel allowances are now based on length of flights unchanged rather than 
whether the travel is overseas  
details of each element of remuneration and the single total figure of 
remuneration paid to the chairman an d nonexecutive directors during  
2013 and 2012 are set out in us dollars in table 1b on page 100 no post
employment termination payments or sharebased payments were made 
where the payment of statutory mini mum superannuation contributions  
for nonexecutive directors is required by australian superannuation law  
these contributions are deducted from the director’s overall fee entitlements 
the total fee and allowances payments made to the chairman and non
executive directors in 2013 are within the maximum aggregate annual amount 
of £3 million set out in the group’s co nstitutional documents approved by 
shareholders at the 2009 annual general meetings  strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
89
remuneration report implementation report continued 
88 
riotintocomreportingcentre2013 
base salary 
as reported last year guy’s base sala ry of £738000 was not increased effective 
1 march 2013 and his base salary remained at this level until his retirement on 
31 december 2013 
stip individual objectives for 2013 
guy’s individual objectives were similar to chris lynch’s save that a key 
objective was to ensure an orderly successi on for the next chief financial officer 
guy ceased to be chief financial officer in april and left the executive 
committee at that time guy remained a director and attended all board 
meetings for the balance of the year  
the committee with input from the chief executive assessed guy’s 
performance against his individual objectives as 60 per cent out of 200  
per cent for his individual contribution to the business during the year  
stip outcomes for 2013 
the following table summarises the stip outcomes for 2013 
measures 
weight  
 
score 
out of 
200
weighted 
score
group safety and financial 70 1223 856
individual  30 600 180
sub total 100 – 1036
discretionary adjustment 
a
  104
total  of target out of 200   932
a the committee decided that the overall stip outcome would be reduced  
by ten per cent for the project cost overrun in relation to the kitimat  
modernisation project 
as a result guy received a stip award of 932 per cent of target equivalent  
to 1119 per cent of base salary 100 per cent to be delivered wholly in cash 
due to him having retired at the end of december 2013 in march 2014  
ltip outcomes for the period ended 31 december 2013 
guy received 44374 shares in rio tinto plc on 17 february 2014 from  
the vesting of the psp awarded in 2010 he also received a cash payment  
of £141495 equal to the aggregate net dividends that would have been paid  
on the shares that vested had he owne d them during that four yearperiod  
no dividends were paid in respect of the shares that lapsed 
guy has an option over 59708 shares at a price of £4245 per share from  
the vesting of the sop granted in 2011  the market price of rio tinto plc  
shares at 17 february 2014 being the la test practicable date before the date  
of publication of this report was £3559  these options can be exercised from  
6 may 2014 and guy will have until 6 may 2015 to exercise the options further 
details of the awards vesting in 2014 and in prior years are provided on page  
95 in table 3 and on pages 102 to 108 
ltip award granted in 2013 
the committee determined that no lt ip award would be granted to guy  
for 2013  
pension 
guy’s target defined benefit pension is equal to 23 per cent of basic salary  
for each year of service with the company to age 60 through funded and 
unfunded arrangements as provided to other ukbased employees  
normal retirement date is age 60 and the accrued pension is subject to 
actuarial reduction if taken before that age 
the accrued pension as at 31 december 2013 was £531000 per annum  
31 december 2012 £547000 per annum the pension was subject to an 
actuarial reduction to take its early pa yment into account and as a result the 
value at the end of the year is less than the value at the beginning of the year 
fees received from external appointments 
in 2013 guy elliott received us225764 in respect of his position as a  
nonexecutive director of royal dutch shell 2012 us212147 fees of 
us83706 2012 usnil received by gu y elliott in respect of his position  
as a nonexecutive director of sabmiller were paid to rio tinto pursuant  
to an arrangement agreed with guy 
retirement 
guy retired on 31 december 2013 during 2013 he received his contractual 
remuneration including base pay eligibility for stip benefits and pension 
contributions until his retirement date 
upon his retirement good leaver trea tment and prorating where applicable 
was applied to outstanding ltip awards in accordance with the plan rules he 
will also receive a payment for 235 days outstanding unused annual leave of 
£66704 in accordance with his contractua l commitments he is also eligible for 
postretirement medical insurance under the rio tinto medical expenses plan 
subject to the rules of the plan  
what we paid our chairman and nonexecutive directors 
annual fees payable 
the table below sets out the annual fees paid in 2013 and payable in 2014 to 
the chairman and the nonexecutive directors 
  2014 2013 2012 
director fees     
chairman’s fee 
a
 £730000 £715000 £700000
nonexecutive director base fee 
b
 £90000 £85000 £85000
senior independent director £40000 £40000 £40000
committee fees     
audit committee chairman £35000 £35000 £35000
audit committee member £20000 £20000 £20000
remuneration committee chairman £30000 £30000 £30000
remuneration committee member £15000 £15000 £15000
sustainability committee chairman £30000 £30000 £30000
sustainability committee member £15000 £15000 £15000
nominations committee member £7500 £7500 £7500
meeting allowances     
long distance  
flights over 10 hours per journey £10000 £10000 £10000
medium distance  
flights of 510 hours per journey £5000 £5000 £5000
a the chairman’s fee was increased with effe ct from 1 july 2013 to £730000 per annum 
from £700000 the level at which it was set when he was appointed to the role in 
march 2009 this adjustment reflected the increasing demands on the role the 
performance in the role and comparison with external peers  
b the fees payable to nonexecutive directors are subject to review by the board on the 
recommendation of the chairman’s committee following a review taking into 
account the demands on directors market and related developments the base fee for 
nonexecutive directors was increased to £90000 with effect from 1 january 2014 
there have been no changes to other fees or allowances since 1 january 2012 save 
that the travel allowances are now based on length of flights unchanged rather than 
whether the travel is overseas  
details of each element of remuneration and the single total figure of 
remuneration paid to the chairman an d nonexecutive directors during  
2013 and 2012 are set out in us dollars in table 1b on page 100 no post
employment termination payments or sharebased payments were made 
where the payment of statutory mini mum superannuation contributions  
for nonexecutive directors is required by australian superannuation law  
these contributions are deducted from the director’s overall fee entitlements 
the total fee and allowances payments made to the chairman and non
executive directors in 2013 are within the maximum aggregate annual amount 
of £3 million set out in the group’s co nstitutional documents approved by 
shareholders at the 2009 annual general meetings 
 
share ownership policy for nonexecutive directors 
the board in 2006 adopted a policy whereby nonexecutive directors are 
encouraged to build up a shareholding within three years of their appointment 
equal in value to one year’s base fee details of nonexecutive directors’  
share interests in the group including total holdings are set out in table 2  
on page 101 
nonexecutive directors’ share ownership 
director 
share ownership level
at 31 december 2013
as a multiple of base fee
jan du plessis 14
robert brown 17
vivienne cox 12
michael fitzpatrick 27
ann godbehere 12
richard goodmanson 62
john kerr 60
paul tellier 74
john varley 12
what we paid our other executive committee members  
and why 
base salary 
the committee has reviewed the base salary levels and for the majority of  
the executives made adjustments in line with the base salary budgets applying 
to the broader employee population  
in one case namely jeansébastien jacques the chief executive copper  
a further adjustment was made taking into account performance and  
a base salary significantly below internal and external peers  
stated in ‘000 2014 2013  change
hugo bague £484 £473 25
preston chiaro  us789 us789 00
jacynthe côté c946 c930 17
alan davies a791 a771 25
andrew harding £560 £546 25
jeansébastien jacques £512 £436 175
harry kenyonslaney £525 £512 25
greg lilleyman 
a
 a760  
debra valentine us682 us672 16
a greg lilleyman’s base salary upon his appointment as group executive technology  
 innovation effective 1 january 2014 
stip objectives and outcomes for 2013 
overview of stip weightings and measures for 2013 
the following table provides an overview of the measures and weightings used 
to determine stip awards for members of the executive committee in 2013 
 
weighting for 
executive 
directors and 
group 
executives
weighting for 
pgceos
safety – split equally between ltifr and aifr 
and adjusted for fatalities 20 20
financial measures split equally between 
underlying earnings  cash flow for the group 50 20
financial measures split equally between 
underlying earnings and cash flow for the 
relevant product group 0 30
individual measures based on key strategic 
initiatives of each role and contribution to 
overall company performance 30 30
the average performance against individual safety goals for executive committee 
members was below target and for individual financial goals above target 
the individual performance of executive committee members who are not 
executive directors was reviewed by the committee against these measures 
and on average was considered above target this reflected among other 
things the outstanding performance against the cost reduction targets set  
for 2013 
downward adjustments of 40 per cent and 20 per cent respectively were 
applied to the former group executive technology  innovation and the  
chief executive aluminium for the project cost overrun in relation to the  
kitimat modernisation project 
2013 stip award 
 of salary
a
2013 stip award
000’s
jacynthe côté 1417
1134 after application 
of discretion
c1054
alan davies 1073 a828
andrew harding 1361 £743
jeansébastien jacques 
c
 1195 £458
harry kenyonslaney 1135 £581
hugo bague 1291 £610
preston chiaro 
b
 1500
90 after application 
of discretion
us710
debra valentine 1276 us857
a scores out of 200 have been rounded to one decimal place in the above table  
as the actual stip awards do not use rounding conventions small rounding  
variances may occur 
b the 2013 stip awards for jacynthe côté and preston chiaro show the award as a 
percentage of salary before and after the impact of discretionary discounts to their 
stip payments for the kitimat project cost overrun 
c stip award for the period 14 february 2013 – 31 december 2013 
detailed commentary on the performance of each product group is provided  
in the annual report on pages 26 to 37 and 49 the average individual 
performance of executive committee members who are not executive directors 
was adjudged to be between target and outstanding 
ltip outcomes for the period ended 31 december 2013 
details of the ltip outcomes for the period ended 31 december 2013 are 
provided on page 95 
   riotintocomreportingcentre2013
90
remuneration report implementation report continued 
ltip awards granted in 2013 
the maximum potential value of psp awards granted in 2013 was 438 per cent 
of base salary the committee decided that the psp awards in 2013 would  
have a face value of awards as shown in the table below the eventual value  
of the award will depend on the group’s relative tsr and relative ebit margin 
performance during the years 20132017 half of the award may vest after  
four years in 2017 and half the award may vest after five years in 2018  
the performance conditions for the awards granted in 2013 are consistent  
with the performance conditions for awards to be granted in 2014 as set  
out below 
ltip awards for 2014 
the committee has decided that the psp awards in 2014 will have a face  
value of awards as shown in the table below the award levels have been set  
to incentivise executives to meet the longterm strategic goals of the group  
to provide retention and to contribute towards the competitiveness of the 
overall remuneration package the average face value of awards to be made  
to executive committee members in 2014 is 405 per cent of base salary  
2013 380 per cent  
maximum value 
percentage of 1 march base salary 2014 2013
hugo bague 400 400
preston chiaro – 300
jacynthe côté 400 300
alan davies 400 420
andrew harding 430 420
jeansébastien jacques 430 380
harry kenyonslaney 400 420
greg lilleyman 
a
 380 
debra valentine 400 400
average 405 380
a appointed group executive technology  innovation effective 1 january 2014 
the performance conditions for the awards made in 2014 and 2013 are the 
same the expected value of the awards in both years is equal to 50 per cent of 
the face value the percentage vesting at threshold performance in both years 
is 225 per cent the 2014 award may vest after five years in 2019 subject to 
the group’s relative tsr and relative ebit margin performance  
for the tsr component constituting twothirds of the award where tsr 
performance is measured against both the hsbc global mining index and the 
broader market of large global companies as measured through the morgan 
stanley capital world index the award will vest as follows 
            
 
outperformance of the index by 6 per cent 
per annum  
10 x award vests 
performance between equal to the 
index and 6 per cent outperformance  
proportionate vesting between  
0225 x and 10 x vesting 
performance equal to the index 0225 x award vests 
performance less than the index nil vesting 
for the ebit margin measure change in the ebit margin of rio tinto and each 
of the comparator companies measured on a “pointtopoint” basis using the 
last financial year in the performance period and the financial year prior to the 
start of the performance period will be calculated using independent third
party data vesting will be subject to rio tinto’s interpolated ranking position 
using the following schedule 
 
equal to or greater than 2nd ranked company 10 x award vests 
between the 5th and 2nd ranked companies proportionate vesting between 
0225 x and 10 x vesting 
above the 6th ranked company 0225 x award vests 
equal to the 6th ranked company or below nil vesting 
the 2014 comparator group unchanged from 2013 for the ebit margin 
measure is alcoa antofagasta anglo american barrick gold bhp billiton 
freeport mcmoran glencorexstrata peabody teck resources and vale  
postemployment benefits 
executives may participate in pension superannuation and postemployment 
medical and life insurance benefits which are typically offered to the broader 
employee population in similar locations  
positions held and date of appointment to position 
name positions held during 2013 
date of appointment 
to position
other executives    
hugo bague group executive 
organisational resources 
1 march 2013
 group executive  
people  organisation 
1 august 2007
preston chiaro 
a
 group executive 
technology  innovation 
1 november 2009
bret clayton 
b
 group executive  
business support  
operations 
1 november 2009
jacynthe côté chief executive  
rio tinto alcan 
1 february 2009
alan davies chief executive 
diamonds  minerals 
1 september 2012
andrew harding chief executive iron ore 14 february 2013
 chief executive copper 1 november 2009
jeansébastien jacques chief executive copper 14 february 2013
harry kenyonslaney chief executive energy  1 september 2012
doug ritchie 
c
 chief executive energy 1 november 2009
debra valentine group executive  
legal external  regulatory 
affairs 
15 january 2008
a preston chiaro stepped down from the executive committee on 31 december 2013 
and retires from the group on 1 april 2014 
b bret clayton stepped down from the executive committee on 1 march 2013  
he remains with the group 
c doug ritchie left the group on 16 july 2013 
termination 
doug ritchie stepped down from the executive committee on 17 january 2013 
and left the group on 16 july 2013 until that date he received his base salary 
benefits and superannuation contributions he did not receive an increase on 
his base salary of a967000 for 2013 a stip award either for 2012 or 2013  
or an ltip award for 2013  
he received his 2010 sop award which vested prior to his termination date  
in accordance with the sop rules he was also able to exercise any vested but 
unexercised sop awards prior to 16 july 2013 when he left the group all 
outstanding unvested ltip and bdp awards earned in previous years lapsed 
and were forfeited  
he was eligible for statutory payments of outstanding annual leave and long 
service leave totalling a878000 and a192000 respectively which were paid 
in july 2013 upon his departure from the group  
doug did not receive a termination payment 
   strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
91
remuneration report implementation report continued 
ltip awards granted in 2013 
the maximum potential value of psp awards granted in 2013 was 438 per cent 
of base salary the committee decided that the psp awards in 2013 would  
have a face value of awards as shown in the table below the eventual value  
of the award will depend on the group’s relative tsr and relative ebit margin 
performance during the years 20132017 half of the award may vest after  
four years in 2017 and half the award may vest after five years in 2018  
the performance conditions for the awards granted in 2013 are consistent  
with the performance conditions for awards to be granted in 2014 as set  
out below 
ltip awards for 2014 
the committee has decided that the psp awards in 2014 will have a face  
value of awards as shown in the table below the award levels have been set  
to incentivise executives to meet the longterm strategic goals of the group  
to provide retention and to contribute towards the competitiveness of the 
overall remuneration package the average face value of awards to be made  
to executive committee members in 2014 is 405 per cent of base salary  
2013 380 per cent  
maximum value 
percentage of 1 march base salary 2014 2013
hugo bague 400 400
preston chiaro – 300
jacynthe côté 400 300
alan davies 400 420
andrew harding 430 420
jeansébastien jacques 430 380
harry kenyonslaney 400 420
greg lilleyman 
a
 380 
debra valentine 400 400
average 405 380
a appointed group executive technology  innovation effective 1 january 2014 
the performance conditions for the awards made in 2014 and 2013 are the 
same the expected value of the awards in both years is equal to 50 per cent of 
the face value the percentage vesting at threshold performance in both years 
is 225 per cent the 2014 award may vest after five years in 2019 subject to 
the group’s relative tsr and relative ebit margin performance  
for the tsr component constituting twothirds of the award where tsr 
performance is measured against both the hsbc global mining index and the 
broader market of large global companies as measured through the morgan 
stanley capital world index the award will vest as follows 
            
 
outperformance of the index by 6 per cent 
per annum  
10 x award vests 
performance between equal to the 
index and 6 per cent outperformance  
proportionate vesting between  
0225 x and 10 x vesting 
performance equal to the index 0225 x award vests 
performance less than the index nil vesting 
for the ebit margin measure change in the ebit margin of rio tinto and each 
of the comparator companies measured on a “pointtopoint” basis using the 
last financial year in the performance period and the financial year prior to the 
start of the performance period will be calculated using independent third
party data vesting will be subject to rio tinto’s interpolated ranking position 
using the following schedule 
 
equal to or greater than 2nd ranked company 10 x award vests 
between the 5th and 2nd ranked companies proportionate vesting between 
0225 x and 10 x vesting 
above the 6th ranked company 0225 x award vests 
equal to the 6th ranked company or below nil vesting 
the 2014 comparator group unchanged from 2013 for the ebit margin 
measure is alcoa antofagasta anglo american barrick gold bhp billiton 
freeport mcmoran glencorexstrata peabody teck resources and vale  
postemployment benefits 
executives may participate in pension superannuation and postemployment 
medical and life insurance benefits which are typically offered to the broader 
employee population in similar locations  
positions held and date of appointment to position 
name positions held during 2013 
date of appointment 
to position
other executives    
hugo bague group executive 
organisational resources 
1 march 2013
 group executive  
people  organisation 
1 august 2007
preston chiaro 
a
 group executive 
technology  innovation 
1 november 2009
bret clayton 
b
 group executive  
business support  
operations 
1 november 2009
jacynthe côté chief executive  
rio tinto alcan 
1 february 2009
alan davies chief executive 
diamonds  minerals 
1 september 2012
andrew harding chief executive iron ore 14 february 2013
 chief executive copper 1 november 2009
jeansébastien jacques chief executive copper 14 february 2013
harry kenyonslaney chief executive energy  1 september 2012
doug ritchie 
c
 chief executive energy 1 november 2009
debra valentine group executive  
legal external  regulatory 
affairs 
15 january 2008
a preston chiaro stepped down from the executive committee on 31 december 2013 
and retires from the group on 1 april 2014 
b bret clayton stepped down from the executive committee on 1 march 2013  
he remains with the group 
c doug ritchie left the group on 16 july 2013 
termination 
doug ritchie stepped down from the executive committee on 17 january 2013 
and left the group on 16 july 2013 until that date he received his base salary 
benefits and superannuation contributions he did not receive an increase on 
his base salary of a967000 for 2013 a stip award either for 2012 or 2013  
or an ltip award for 2013  
he received his 2010 sop award which vested prior to his termination date  
in accordance with the sop rules he was also able to exercise any vested but 
unexercised sop awards prior to 16 july 2013 when he left the group all 
outstanding unvested ltip and bdp awards earned in previous years lapsed 
and were forfeited  
he was eligible for statutory payments of outstanding annual leave and long 
service leave totalling a878000 and a192000 respectively which were paid 
in july 2013 upon his departure from the group  
doug did not receive a termination payment 
  
 
91 
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directors’ report 
remuneration report implementation report financial statements production reserves and operations additional information 
 
stip measures weightings and targets for 2014 
as in 2013 the stip measures and opportunities for executives will be weighted 
50 per cent for financial 30 per cent for individual and 20 per cent for safety 
measures the financial and individual targets which have been set for 2014  
are regarded by the board to be commercially sensitive as such the specific 
targets for these measures and the performance against them will be 
described retrospectively in the 2014 implementation report the group 
financial targets relate to earnings and cash flow the individual targets include 
objectives relating to business transformation cost reduction performance 
delivery and leadership and engagement 
the safety measures weightings and targets for 2014 are outlined below 
2014 safety measures weightings and targets 
the safety measures for all executives in 2013 were split equally between  
ltifr and aifr for 2014 the aifr measure will continue to apply however  
as ltifr is a subset of aifr we have decided that the equal weighting measure 
to apply alongside aifr will be the actual count of lost time injuries ltis  
this is intended to bring a greater focus to the actual injuries resulting in lost 
time during the year  
threshold will be set at the average of the prior three years performance for the 
group and target at a four per cent impr ovement over threshold for ltis and  
seven per cent improvement over thresh old for aifr outstanding performance 
will be set at twice the percentage im provement between threshold and target 
the adjustment for fatalities which has been applied in prior years has been 
strengthened to align with the zero fatality target and simplified the new 
fatality adjustment in the event a fatality occurs is  
for the pgceo of the product group in which the fatality occurs the chief 
executive and the group executive organisational resources the safety 
score is reduced by 50 per cent 
for the chief financial officer and the group executive legal external  
regulatory affairs the safety score is reduced by 25 per cent 
 
when remuneration is delivered 
the following chart demonstrates the usual timeframe for the delive ry of the components of remune ration using 2013 as an example 
 
a psp awards are typically allocated in march the 2013 awards we re allocated on 27 may 2013 after shareholders approved the new psp 
b psp awards have a fiveyear performance period to provide longterm alignment with shareholders as a transitional measure awa rds granted in 2013 will vest 50 per cent after four 
years and 50 per cent after five years 
jan 
2013
mar
2013
may
2013
dec
2013
feb
2014
mar
2014
base salary
stip
psp
stip and psp 
performance 
measurement 
commences
stip award 
approved
stip cash 
paidbdp 
shares 
allocated
performance measured deferred shares bdp
3  years
45 years 
b
performance measured
new 
base 
salary 
effective
psp awards 
allocated 
a riotintocomreportingcentre2013
92
remuneration report implementation report continued 
single total figure of remuneration 
the table below provides a summary of actual remuneration in respect of 2013 and 2012 stated in the currency of payment while not required under uk or 
australian legislation the information is presented for consistency with the disclosures for executive directors on pages 82 to 88 this is in addition to the australian 
statutory disclosure requirements set out in us dollars in table 1a on pages 98 and 99 the remuneration details set out in table 1a include theoretical accounting 
values relating to various parts of the remuneration packages most notably ltip arrangements and require a different methodology for calculating the pension and 
superannuation values accordingly the figures below are not directly comparable with those in table 1a 
 hugo bague preston chiaro bret clayton
g
 
stated in ‘000 2013 2012 2013 2012 2013 2012
base salary paid 
a
 £465 £427 us789 us786 us126 us760
stip payment – cash £305 £219 us710 us196 us75 us0
stip payment – deferred shares 
b
 £305 £219 us0 us196 us75 us0
total shortterm pay £1075 £865 us1499 us1178 us276 us760
value of ltip awards vesting 
c
 £916 £4 us1846 us1217 us293 us1174
pension or superannuation 
d
 £110 £102 us412 us304 us436 us723
other benefits 
e
 £45 £144 us18 us83 us391 us1160
single total figure of remuneration £2146 £1115 us3775 us2782 us1396 us3817
percentage change in total remuneration 2013 versus 2012 925 357 634
percentage of total remuneration provided as performance 
related pay stip and ltip 711 396 677 578 317 308
percentage of total remuneration provided as nonperformance
related pay base salary pension and other benefits 289 604 323 422 683 692
percentage of maximum stip awarded 
f
 646 510 450 248 598 00
percentage of maximum stip forfeited 354 490 550 752 402 1000
percentage of target stip awarded 1291 1020 900 496 1189 00
 
 
 
jacynthe côté alan davies
h
 andrew harding 
stated in ‘000 2013 2012 2013 2012 2013 2012
base salary paid 
a
 c930 c921 a768 a250 £533 £433
stip payment – cash c527 c100 a414 a118 £372 £248
stip payment – deferred shares 
b
 c527 c101 a414 a119 £371 £249
total shortterm pay c1984 c1122 a1596 a487 £1276 £930
value of ltip awards vesting 
c
 c2154 c1380 a764 a378 £1074 £0
pension or superannuation 
d
 c832 c496 a174 a49 £133 £103
other benefits 
e
 c48 c140 a529 a158 £416 £408
single total figure of remuneration c5018 c3138 a3063 a1072 £2899 £1441
percentage change in total remuneration 2013 versus 2012 599 1857 1012
percentage of total remuneration provided as performancerelated 
pay stip and ltip 639 504 520 574 627 345
percentage of total remuneration provided as nonperformance
related pay base salary pension and other benefits 361 496 480 426 373 655
percentage of maximum stip awarded 
f
 567 108 537 475 680 570
percentage of maximum stip forfeited 433 892 463 525 320 430
percentage of target stip awarded 1134 216 1073 949 1361 1139
 
   strategic report financial statements
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remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
93
remuneration report implementation report continued 
single total figure of remuneration 
the table below provides a summary of actual remuneration in respect of 2013 and 2012 stated in the currency of payment while not required under uk or 
australian legislation the information is presented for consistency with the disclosures for executive directors on pages 82 to 88 this is in addition to the australian 
statutory disclosure requirements set out in us dollars in table 1a on pages 98 and 99 the remuneration details set out in table 1a include theoretical accounting 
values relating to various parts of the remuneration packages most notably ltip arrangements and require a different methodology for calculating the pension and 
superannuation values accordingly the figures below are not directly comparable with those in table 1a 
 hugo bague preston chiaro bret clayton
g
 
stated in ‘000 2013 2012 2013 2012 2013 2012
base salary paid 
a
 £465 £427 us789 us786 us126 us760
stip payment – cash £305 £219 us710 us196 us75 us0
stip payment – deferred shares 
b
 £305 £219 us0 us196 us75 us0
total shortterm pay £1075 £865 us1499 us1178 us276 us760
value of ltip awards vesting 
c
 £916 £4 us1846 us1217 us293 us1174
pension or superannuation 
d
 £110 £102 us412 us304 us436 us723
other benefits 
e
 £45 £144 us18 us83 us391 us1160
single total figure of remuneration £2146 £1115 us3775 us2782 us1396 us3817
percentage change in total remuneration 2013 versus 2012 925 357 634
percentage of total remuneration provided as performance 
related pay stip and ltip 711 396 677 578 317 308
percentage of total remuneration provided as nonperformance
related pay base salary pension and other benefits 289 604 323 422 683 692
percentage of maximum stip awarded 
f
 646 510 450 248 598 00
percentage of maximum stip forfeited 354 490 550 752 402 1000
percentage of target stip awarded 1291 1020 900 496 1189 00
 
 
 
jacynthe côté alan davies
h
 andrew harding 
stated in ‘000 2013 2012 2013 2012 2013 2012
base salary paid 
a
 c930 c921 a768 a250 £533 £433
stip payment – cash c527 c100 a414 a118 £372 £248
stip payment – deferred shares 
b
 c527 c101 a414 a119 £371 £249
total shortterm pay c1984 c1122 a1596 a487 £1276 £930
value of ltip awards vesting 
c
 c2154 c1380 a764 a378 £1074 £0
pension or superannuation 
d
 c832 c496 a174 a49 £133 £103
other benefits 
e
 c48 c140 a529 a158 £416 £408
single total figure of remuneration c5018 c3138 a3063 a1072 £2899 £1441
percentage change in total remuneration 2013 versus 2012 599 1857 1012
percentage of total remuneration provided as performancerelated 
pay stip and ltip 639 504 520 574 627 345
percentage of total remuneration provided as nonperformance
related pay base salary pension and other benefits 361 496 480 426 373 655
percentage of maximum stip awarded 
f
 567 108 537 475 680 570
percentage of maximum stip forfeited 433 892 463 525 320 430
percentage of target stip awarded 1134 216 1073 949 1361 1139
 
  
 
93 
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remuneration report implementation report financial statements production reserves and operations additional information 
 
 jeansébastien jacques 
i
 harry kenyonslaney doug ritchie 
j
 
stated in ‘000 2013 2012 2013 2012 2013 2012
base salary paid 
a
 £383 – £512 £459 a54 a961
stip payment – cash £229 – £291 £256 a0 a0
stip payment – deferred shares 
b
 £229 – £290 £257 a0 a0
total shortterm pay £841 – £1093 £972 a54 a961
value of ltip awards vesting 
c
 £236 – £916 £4 a0 a0
pension or superannuation 
d
 £77 – £126 £82 a0 a347
other benefits 
e
 £23 – £298 £137 a2 a166
single total figure of remuneration £1177 – £2433 £1195 a56 a1474
percentage change in total remuneration 2013 versus 2012 – 1036 962
percentage of total remuneration provided as performance 
related pay stip and ltip 589 – 615 433 00 00
percentage of total remuneration provided as nonperformance 
related pay base salary pension and other benefits 411 – 385 567 1000 1000
percentage of maximum stip awarded 
f
 597 – 567 501 00 00
percentage of maximum stip forfeited  403 – 433 499 1000 1000
percentage of target stip awarded 1195 – 1135 1001 00 00
 
 debra valentine   
stated in ‘000 2013 2012 
base salary paid 
a
 us668 us648 
stip payment – cash us429 us342 
stip payment – deferred shares 
b
 us428 us342 
total shortterm pay us1525 us1332 
value of ltip awards vesting 
c
 us1451 us381 
pension or superannuation 
d
 us214 us214 
other benefits 
e
 us585 us1514 
single total figure of remuneration us3775 us3441 
percentage change in total remuneration 2013 versus 2012 97 
percentage of total remuneration provided as performancerelated 
pay stip and ltip 611 310 
percentage of total remuneration provided as nonperformance
related pay base salary pension and other benefits 389 690 
percentage of maximum stip awarded 
f
 638 525 
percentage of maximum stip forfeited  362 475 
percentage of target stip awarded 1276 1049 
 
a salary paid in the financial year to 31 december salaries are reviewed with effect  
from 1 march 
b value of stip deferred under the bdp 
c based on the value of the ltip awards which vested in respect of the performance 
period that ended 31 december the rio tinto ltd and rio tinto plc share prices  
used to calculate the value of the awards vesting on 17 february 2014 of a6954  
and £3559 respectively were sourced from investis ltd 
d for defined benefit plans pension or superannuation reflects the value of the pension 
or superannuation accrued during the year assuming that it was to come into payment 
immediately for defined contribution plans it is the amount contributed in the year by 
the company this differs from the value reported in table 1a which is calculated using 
an ias19 methodology and assumptions on rates of investment return inflation and 
salary increases in line with changes to uk reporting requirements it includes cash 
paid in lieu of pension contributions for hugo bague alan davies harry kenyonslaney 
and andrew harding which were included in “other benefits” for 2012 the 2012 
figures have been restated accordingly the previous figures disclosed for 2012 were 
£27000 for hugo bague a3000 for alan davies £27000 for andrew harding and 
£94000 for harry kenyonslaney similarly “other postemployment benefits”  
for bret clayton and debra valentine that were included in “pension or 
superannuation” in 2012 have been reclassified as “other benefits” to reflect  
the changes to uk reporting requirements the 2012 figures have been restated 
accordingly the previous figures disclose d for 2012 were us342000 for bret clayton 
and us219000 for debra valentine 
e includes healthcare allowance for professional tax services car allowance or car and 
for 2012 activities in relation to rio tin to’s sponsorship of the medals for the 2012 
london olympics will include active or legacy expatriate related benefits as relevant 
in line with changes to uk reporting requirements  cash paid in lieu of pension 
contributions for hugo bague alan davies harry kenyonslaney and andrew harding 
are included in “pension or superannuatio n” the 2012 figures have been restated 
accordingly the previous figures disclosed for 2012 were £220000 for hugo bague 
a204000 for alan davies £484000 fo r andrew harding and £219000 for harry 
kenyonslaney similarly “other postemployment benefits” for bret clayton and 
debra valentine that were included in “pen sion or superannuation” in 2012 have been 
reclassified as “other benefits” to reflect the changes to uk reporting requirements 
the 2012 figures have been restated accordingly the previous figures disclosed for 
2012 were us1156000 for bret clayton and us1510000 for debra valentine 
f the maximum potential stip award is 200 per cent of base salary 
g remuneration details for 2013 reflect re muneration received for the period  
1 january 2013 – 1 march 2013 
h remuneration details for 2012 reflect re muneration received for the period  
1 september 2012 – 31 december 2012 
i remuneration details for 2013 reflect re muneration received for the period  
14 february 2013 – 31 december 2013 
j remuneration details for 2013 reflect remune ration received for the period 1 january 
2013 – 17 january 2013 outstanding ltip aw ards lapsed upon leaving the group 
remuneration received for the period 18 january 2013 – 16 july 2013 was base salary 
of a481000 superannuation of a79000 an d other benefits of a35000 statutory 
accrued annual leave and long service leave totalling a1070000 was also paid out  
on termination  riotintocomreportingcentre2013
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context to outcomes for the executive committee 
the increase in total remuneration for most executives is primarily driven by the sign ificant change in the value of ltip award s vesting in 2013 compared to 2012  
and relatively higher stip awards for 2013  
hugo bague alan davies andrew harding harry kenyonslaney an d debra valentine did not participate in the 2009 psp awards whi ch vested with respect to  
the performance period that ended 31 december 2012 as their aw ards for 2009 comprised awards under the msp and sop the 2009 aw ards under the 2009 msp 
and 2009 sop had performance periods that ended 31 december 2011 awards under the 2010 sop which vested with respect to the pe rformance period ending  
31 december 2012 had minimal value in terms of 2012 remuneration due to the share price at the ti me of vesting being close to o r below the option exercise price 
alan davies and debra valentine also had awards of msp shares wh ich vested with respect to the performance period ending 31 dec ember 2012  
the increase in remuneration for alan davies reflects that his 2012 remuneration represents part year remuneration for the peri od 1 september 2012 to  
31 december 2012 the increases for preston chiaro and jacynthe côté reflect higher stip awards in 2013 compared to 2012 due to significantly higher  
discretionary downward adjustments being made to their 2012 stip awards the decreases in remuneration for bret clayton and doug ritchie reflects that  
their 2013 remuneration represents part year remuneration for the periods 1 january 2013 to 1 march 2013 and 1 january 2013 to 17 january 2013 respectively  
potential value of 2014 remuneration package 
the table below shows the potential minimum and maximum value of the 2014 remuneration package and the threshold target and ma ximum value of the 2014 
stip and ltip awards 
stated in ‘000 currency base salary 
pension  
superannuation
a
benefits
b
minimum 
 potential 
 remuneration
c
threshold 
 value of 
 stip and  
 ltip awards
d
target value   
of stip and   
 ltip awards
e
 
maximum 
value of 
stip and  
ltip awards
f
maximum 
potential 
remuneration
hugo bague £ £484  £110  £45  £639  £678  £1452  £2904  £3543
jacynthe côté c c946  c832  c48  c1826  c1324  c2838  c5676  c7502
alan davies a a791  a174  a529  a1494  a1107  a2373  a4746  a6240
andrew harding £ £560  £133  £416  £1109  £822  £1764  £3528  £4637
jeansébastien jacques £ £512  £118  £26  £656  £751  £1613  £3226  £3882
harry kenyonslaney £ £525  £126  £298  £949  £735  £1575  £3150  £4099
greg lilleyman a a760  a587  a174  a1521  a1030  a2204  a4408  a5929
debra valentine us us682  us214  us585  us1481  us955  us2046  us4092 us5573
a superannuation or pension is measured at the superannuation or pension figure in the single figure tables on pages 92 to 93 ad justed accordingly for jeansébastien jacques where  
the value for 2013 did not represent a full year  
b benefits are as measured at the benefits figure in the single figure tables on pages 92 to 93 excluding any significant oneof f items where applicable and adjusted accordingly for  
jeansébastien jacques where the value for 2013 did not represent a full year note that this number includes expatriate benefi ts which are not capped 
c the sum of base salary pensionsuperannuation and benefits is the minimum potential remuneration fixed remuneration 
d calculated based on threshold performance under the stip 50 per cent of base salary and threshold psp vesting 225 per cent of the face value of the 2014 psp award 
e calculated based on target performance under the stip 100 per ce nt of base salary and target psp vesting 50 per cent of the face value of the 2014 psp award 
f calculated based on outstanding performance under the stip 200 per cent of base salary and maximum psp vesting 100 per cent of the face value of the 2014 psp award 
   strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
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remuneration report implementation report continued 
94 
riotintocomreportingcentre2013 
context to outcomes for the executive committee 
the increase in total remuneration for most executives is primarily driven by the sign ificant change in the value of ltip award s vesting in 2013 compared to 2012  
and relatively higher stip awards for 2013  
hugo bague alan davies andrew harding harry kenyonslaney an d debra valentine did not participate in the 2009 psp awards whi ch vested with respect to  
the performance period that ended 31 december 2012 as their aw ards for 2009 comprised awards under the msp and sop the 2009 aw ards under the 2009 msp 
and 2009 sop had performance periods that ended 31 december 2011 awards under the 2010 sop which vested with respect to the pe rformance period ending  
31 december 2012 had minimal value in terms of 2012 remuneration due to the share price at the ti me of vesting being close to o r below the option exercise price 
alan davies and debra valentine also had awards of msp shares wh ich vested with respect to the performance period ending 31 dec ember 2012  
the increase in remuneration for alan davies reflects that his 2012 remuneration represents part year remuneration for the peri od 1 september 2012 to  
31 december 2012 the increases for preston chiaro and jacynthe côté reflect higher stip awards in 2013 compared to 2012 due to significantly higher  
discretionary downward adjustments being made to their 2012 stip awards the decreases in remuneration for bret clayton and doug ritchie reflects that  
their 2013 remuneration represents part year remuneration for the periods 1 january 2013 to 1 march 2013 and 1 january 2013 to 17 january 2013 respectively  
potential value of 2014 remuneration package 
the table below shows the potential minimum and maximum value of the 2014 remuneration package and the threshold target and ma ximum value of the 2014 
stip and ltip awards 
stated in ‘000 currency base salary 
pension  
superannuation
a
benefits
b
minimum 
 potential 
 remuneration
c
threshold 
 value of 
 stip and  
 ltip awards
d
target value   
of stip and   
 ltip awards
e
 
maximum 
value of 
stip and  
ltip awards
f
maximum 
potential 
remuneration
hugo bague £ £484  £110  £45  £639  £678  £1452  £2904  £3543
jacynthe côté c c946  c832  c48  c1826  c1324  c2838  c5676  c7502
alan davies a a791  a174  a529  a1494  a1107  a2373  a4746  a6240
andrew harding £ £560  £133  £416  £1109  £822  £1764  £3528  £4637
jeansébastien jacques £ £512  £118  £26  £656  £751  £1613  £3226  £3882
harry kenyonslaney £ £525  £126  £298  £949  £735  £1575  £3150  £4099
greg lilleyman a a760  a587  a174  a1521  a1030  a2204  a4408  a5929
debra valentine us us682  us214  us585  us1481  us955  us2046  us4092 us5573
a superannuation or pension is measured at the superannuation or pension figure in the single figure tables on pages 92 to 93 ad justed accordingly for jeansébastien jacques where  
the value for 2013 did not represent a full year  
b benefits are as measured at the benefits figure in the single figure tables on pages 92 to 93 excluding any significant oneof f items where applicable and adjusted accordingly for  
jeansébastien jacques where the value for 2013 did not represent a full year note that this number includes expatriate benefi ts which are not capped 
c the sum of base salary pensionsuperannuation and benefits is the minimum potential remuneration fixed remuneration 
d calculated based on threshold performance under the stip 50 per cent of base salary and threshold psp vesting 225 per cent of the face value of the 2014 psp award 
e calculated based on target performance under the stip 100 per ce nt of base salary and target psp vesting 50 per cent of the face value of the 2014 psp award 
f calculated based on outstanding performance under the stip 200 per cent of base salary and maximum psp vesting 100 per cent of the face value of the 2014 psp award 
  
 
95 
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remuneration report implementation report financial statements production reserves and operations additional information 
 
remuneration mix  
the graphs below show the proportion of th e package delivered through fixed and variable remuneration the psp stip deferred s hares and stip cash are all 
performancerelated remuneration 
proportion of the 2014 remuneration package value delivered through fixed and variable remuneration 
 
 
 
longterm incentives – awards made prior to 2013 
in 2012 and prior years awards were made in the form of options under  
the share option plan sop andor performance shares under the psp  
from 2011 executives were able to express a preference regarding the mix  
of their longterm incentive opportunity 
they could choose either a mix of pe rformance shares and share options 
with a maximum face value performance share award of 200 per cent of 
base salary and a performance “kicker” leading to a vesting up to 15 times 
for exceptional performance together with a maximum share option award 
of 300 per cent of base salary  
or alternatively they could choose to receive the full award in performance 
shares with a maximum face value performance share award of 292 per cent 
of base salary and a performance kicker leading to a vesting up to 15 times 
for exceptional performance 
the maximum value of award from selecting the full award in  
performance shares was therefore 438 per cent of base salary 292 per cent  
x 150 per cent  
the total expected value of awards ma de under either preference was the 
same at 190 per cent of base salary  
both awards were based solely on relative tsr performance to reward 
executives for increasing the share price and delivering superior tsr 
performance against other companies over a longterm timeframe  
before awards vest the committee must also satisfy itself that tsr 
performance is an appropriate reflection of the underlying performance of  
the business andor the health of th e group the committee may therefore 
adjust vesting subject to the plan rules 
longterm incentives – vesting outcomes for the period ended 
31 december 2013 
the awards with performance periods ending 31 december 2013 were the 2010 
psp awards and the 2011 sop awards  
2010 psp awards 
performance period 4 years 1 january 2010 – 31 december 2013
rio tinto tsr 501 
  
comparator index hsbc msci
index tsr 10 662
outperformance per annum 105 43
vesting against index 150 0
 of shares vested 75 50 of maximum
 of shares forfeited 75 50 of maximum
the performance conditions for the 2010 2011 and 2012 psp awards are 
included in the notes to table 3 on pages 106 to 108 
the methodology used to calculate th e starting share prices for tsr 
comparison purposes for rio tinto an d the index was the 12month average 
prior to the commencement of the performance period  
the methodology used to calculate the en ding share prices for tsr comparison 
purposes for rio tinto and the inde x was the last 12 months in the 
performance period the usual conventions were also applied to set the number 
of options awarded based upon th e prior year average share price 
0
20
40
60
80
100
below threshold 
performance
threshold 
performance
min ltip
threshold 
performance 
max ltip
target
performance
min ltip
target 
performance
max ltip
outstanding
performance
min ltip
outstanding
performance
max ltip
key
    psp           stip – deferred shares           stip – cash           pensionsuperannuation           benefits           base salary
21
21
58
28
8
8
12
12
32
30
8
8
12
11
31
40
11
11
8
8
22
44
10
10
8
8
20
51
13
13
5
5
13
54
12
12
5
12
5 riotintocomreportingcentre2013
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remuneration report implementation report continued 
96 
riotintocomreportingcentre2013 
the table below summarises the average vesting of performance shares for 
executive directors over the fiveyear period 20102014 
performance period vesting year 
 of shares 
vested 
 of maximum 
shares vested
20062009 2010 396 264
20072010 2011 364 243
20082011 2012 00 00
20092012 2013 925 617
20102013 2014 750 500
average vesting – 487 325
2011 sop awards 
performance period 3 years 1 january 201131 december 2013
rio tinto outperformance 231
outperformance required for full 
vesting  158
 of options vested 100
 of options forfeited 0
options awarded under the 2011 sop can be exercised from 6 may 2014 until  
6 may 2021 
the performance conditions for the 2011 and 2012 sop awards are included  
in the notes to table 3 on page 108 
the methodology used to calculate the starting share prices for tsr 
comparison purposes for rio tinto an d the index was the 12month average 
prior to the commencement of the performance period  
the methodology used to calculate the ending share prices for tsr  
comparison purposes for rio tinto and the index was the last 12 months  
in the performance period the usual conventions were also applied to set the 
number of options awarded based upon the prior year average share price 
the table below summarises the average ve sting of share options for executive 
directors over the fiveyear period 20102014 
performance period vesting year 
 of options 
vested
20072009 2010 00
20082010 2011 00
20092011 2012 1000
20102012 2013 1000
20112013 2014 1000
average vesting – 600
the sop ceased operation from 2013 no awards of share options have been 
made since 2012 
msp awards  
although executives are not eligible to receive awards under the msp after their 
appointment as executives alan davies and jeansébastien jacques received 
grants prior to their appointments as pgceos  
plan period plan period that ended 31 december 2013
vesting period 21 march 201131 december 2013
 of shares vested 100
 of shares forfeited –
 
tsr and relevant index tsr 
relative tsr is the single performance measure used to determine the vesting 
of awards made under the psp and sop prior to 2013 rio tinto’s tsr relative 
to the relevant index over the performanc e period has a direct impact on the 
levels of ltip vesting 
the effect of this performance on shareholder wealth as measured by  
tsr delivered during the relevant calendar year is detailed in the table 
dividends 
paid during 
the year
share price –  
rio tinto plc  
pence 
share price –  
rio tinto limited  
a 
total 
shareholder 
return
tsr
year 
us cents 
per share 1 jan 31 dec 1 jan 31 dec group 
2013 1780 3512 3409 6601 6818 21
2012 1635 3125 3512 6030 6601 148
2011 1170 4487 3125 8547 6030 312
2010 900 3390 4487 7489 8547 316
2009 680 1231 3390 2997 7489 1718
the graph below illustrates the tsr performance of the group against the 
hsbc global mining index and the msci over the past five years to the end  
of 2013 these two indices are used to assess rio tinto’s relative tsr 
performance for awards made under the psp from 2010 to 2012 the hsbc 
global mining index alone is used to determine the vesting of awards made 
under the sop  
the graph has been prepared in accordan ce with the requirements of schedule 
8 of the large and mediumsized co mpanies and groups accounts and 
reports regulations 2008 as amended and is not an indication of the likely 
vesting of awards granted under the ps p and sop the executive remuneration 
structure policy table on pages 71 to 73 provides further details of the 
performance conditions for the current psp the performance conditions for  
the previous psp and the sop are provided in the notes to table 3 on pages  
107 to 108 
 
total return basis index 2008  100
rio tinto dlc  
hsbc index
msci world index
tsr us – rio tinto group vs the hsbc global mining and 
msci world indices
0
100
200
300
400
500
2013 2012 2011 2010 2009 2008 strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
97
remuneration report implementation report continued 
96 
riotintocomreportingcentre2013 
the table below summarises the average vesting of performance shares for 
executive directors over the fiveyear period 20102014 
performance period vesting year 
 of shares 
vested 
 of maximum 
shares vested
20062009 2010 396 264
20072010 2011 364 243
20082011 2012 00 00
20092012 2013 925 617
20102013 2014 750 500
average vesting – 487 325
2011 sop awards 
performance period 3 years 1 january 201131 december 2013
rio tinto outperformance 231
outperformance required for full 
vesting  158
 of options vested 100
 of options forfeited 0
options awarded under the 2011 sop can be exercised from 6 may 2014 until  
6 may 2021 
the performance conditions for the 2011 and 2012 sop awards are included  
in the notes to table 3 on page 108 
the methodology used to calculate the starting share prices for tsr 
comparison purposes for rio tinto an d the index was the 12month average 
prior to the commencement of the performance period  
the methodology used to calculate the ending share prices for tsr  
comparison purposes for rio tinto and the index was the last 12 months  
in the performance period the usual conventions were also applied to set the 
number of options awarded based upon the prior year average share price 
the table below summarises the average ve sting of share options for executive 
directors over the fiveyear period 20102014 
performance period vesting year 
 of options 
vested
20072009 2010 00
20082010 2011 00
20092011 2012 1000
20102012 2013 1000
20112013 2014 1000
average vesting – 600
the sop ceased operation from 2013 no awards of share options have been 
made since 2012 
msp awards  
although executives are not eligible to receive awards under the msp after their 
appointment as executives alan davies and jeansébastien jacques received 
grants prior to their appointments as pgceos  
plan period plan period that ended 31 december 2013
vesting period 21 march 201131 december 2013
 of shares vested 100
 of shares forfeited –
 
tsr and relevant index tsr 
relative tsr is the single performance measure used to determine the vesting 
of awards made under the psp and sop prior to 2013 rio tinto’s tsr relative 
to the relevant index over the performanc e period has a direct impact on the 
levels of ltip vesting 
the effect of this performance on shareholder wealth as measured by  
tsr delivered during the relevant calendar year is detailed in the table 
dividends 
paid during 
the year
share price –  
rio tinto plc  
pence 
share price –  
rio tinto limited  
a 
total 
shareholder 
return
tsr
year 
us cents 
per share 1 jan 31 dec 1 jan 31 dec group 
2013 1780 3512 3409 6601 6818 21
2012 1635 3125 3512 6030 6601 148
2011 1170 4487 3125 8547 6030 312
2010 900 3390 4487 7489 8547 316
2009 680 1231 3390 2997 7489 1718
the graph below illustrates the tsr performance of the group against the 
hsbc global mining index and the msci over the past five years to the end  
of 2013 these two indices are used to assess rio tinto’s relative tsr 
performance for awards made under the psp from 2010 to 2012 the hsbc 
global mining index alone is used to determine the vesting of awards made 
under the sop  
the graph has been prepared in accordan ce with the requirements of schedule 
8 of the large and mediumsized co mpanies and groups accounts and 
reports regulations 2008 as amended and is not an indication of the likely 
vesting of awards granted under the ps p and sop the executive remuneration 
structure policy table on pages 71 to 73 provides further details of the 
performance conditions for the current psp the performance conditions for  
the previous psp and the sop are provided in the notes to table 3 on pages  
107 to 108 
 
total return basis index 2008  100
rio tinto dlc  
hsbc index
msci world index
tsr us – rio tinto group vs the hsbc global mining and 
msci world indices
0
100
200
300
400
500
2013 2012 2011 2010 2009 2008
 
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chief executive’s remuneration summary 
year chief executive
a
 
single total 
figure of 
remuneration 
‘000  
annual  
stip award 
against 
maximum 
opportunity 
longterm  
 incentive  
 vesting  
 against  
 maximum  
 opportunity 
 sop
bc
longterm 
 incentive 
 vesting  
 against  
 maximum  
 opportunity  
 psp
c
2009 tom albanese £3516 541 00  264  
2010 tom albanese £4512 878 00  243  
2011 tom albanese £4256 00 1000  00  
2012 tom albanese £4040 00 1000  617  
2013 tom albanese £53 00 –  –  
 sam walsh a10070 721 –  500  
a tom albanese held the role of chief executive until 17 january 2013 and left the 
group on 16 july 2013 the single total figu re of remuneration for tom albanese  
for 2013 is for the period up until 17 january 2013 sam walsh took over as chief 
executive from 17 january 2013 having previously been the chief executive iron ore 
and australia 
b in 2011 sam walsh elected to receive his full ltip award under the psp and as  
a result he has no options under the sop that were granted in 2011 and which had  
a performance period that ended on 31 december 2013 
c all outstanding but unvested ltip awards earned in previous years lapsed and were 
forfeited when tom albanese left the group 
employee share plans 
management share plan msp 
the primary focus of the msp is to su pport the group’s ability to attract and 
retain key staff below executive level in an increasingly tight and competitive 
labour market executives are not el igible to participate in the msp  
retention of key individuals is also important given the longterm nature  
of the delivery of the business strategy msp awards are conditional awards  
not subject to a performance condition as they vest subject to continued 
employment at the end of three years and thus act as an effective retention 
tool shares to satisfy the awards are purchased in the market and no new 
shares are issued 
all employee share plans 
executives may participate in broadbased share and share option plans  
which are available to group employees generally and for which performance 
conditions do not apply these plans form part of standard remuneration 
practice whereby employees are offered participation in plans to encourage 
alignment with the longterm performance of the group 
global employee share plan  
the committee believes that all employees should be given the opportunity  
to become shareholders in our business a global employee share purchase 
plan is normally offered to all eligible employees across the world save for any 
local jurisdictional restrictions under the plan employees may acquire shares 
up to the value of us5000 or equivalent in other currencies per year capped 
at ten per cent of base salary each share purchased will be matched by the 
company providing the participant holds the shares and remains employed  
at the end of the threeyear vesting pe riod the committee believes this plan 
will serve to engage retain and moti vate employees over the longterm  
the current participation rate is now 20 per cent of employees which means 
that over 12000 of our employees are shareholders 
dilution 
awards under the sop psp and all employee plans may be satisfied by 
treasury shares the issue of new shares or the purchase of shares in the 
market currently rio tinto plc satisfies these awards by the issue of new 
shares or the transfer of shares from treasury rio tinto limited currently 
satisfies these awards by the market purchase and delivery of shares to plan 
participants in the uk institutions have issued corporate governance guidelines 
in relation to the issue of new shares wi th which rio tinto plc complies they  
do not apply to rio tinto limited all other share awards are satisfied by the 
use of shares which are purchased in the market further information in respect 
of the number of shares issued under plan arrangements can be found in note 
44 to the financial statements 
shareholder voting 
the table below sets out the results of the remunerationrelated resolutions 
approved at the group’s 2013 agms  
resolution total votes cast votes for 
votes 
against
votes 
 withheld
a
approval of the 
remuneration 
report 1230689523 1185844929 40800291 4044303  
  967 33 
approval of the 
2013 psp  1230035676 1134250333 83492776 12292567 
  931 69 
a a vote “withheld” is not a vote in law and is not counted in the calculation of the 
proportion of votes for and against the resolution  
relative spend on remuneration 
the table below sets out the details of to tal remuneration paid distributions to 
shareholders purchase of property plant and equipment and intangible assets 
and tax paid during the financial year 
stated in usm 2013 2012
remuneration paid 
a
 7568 8671
distributions to shareholders 
b
  3322 3038
purchase of property plant and equipment  
and intangible assets 
c
 13001 17615
corporate income tax paid 
c
 3698 5845
a total employment costs for the financial year as per note 5 to the financial statements 
b dividends paid during the financial year as per note 11 to the financial statements 
c purchase of property plant and equipment and intangible assets and corporate 
income tax paid during the financial year are as per the group cash flow statement  
and are calculated as per note 1 to the financial statements these additional items 
were chosen by the directors as they represent other significant disbursements of  
the company’s funds   riotintocomreportingcentre2013
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remuneration report implementation report continued 
98 
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table 1a – executives’ remuneration 
  shortterm benefits  
longterm benefits  
value of sharebased awards
f
 
 
stated in us’000
a
  base salary cash bonus
b
other cash
based
benefits
c
non
monetary
benefits
de
total short
term
benefits
other long
term benefits bdp
g
psp
executive directors  
  
sam walsh  2013  1830   1223   87   871   4011  –   1189   3386 
  2012  1702   1115   93   146   3056 –   964   3152 
chris lynch 
l
 2013  1043   754   236   1443   3476  –   176   399 
tom albanese 
m
 2013  78   –   –   4   82 –   16   128 
  2012  1667  –   3   306   1976  –   338   2675 
guy elliott 2013  1155   1364   130   55   2704 –   256   3342 
  2012  1165   –   24   213   1402  –   268   1924 
other key management personnel  
hugo bague 2013  728   504   151   42   1425  –   402   1147 
  2012  677   354   139   208   1378 –   290   852 
preston chiaro 2013  789   710   –   17   1516  –   291   1339 
  2012  786   196  –   83   1065 –   294   1284 
bret clayton 
n
 2013  126   75   –   391   592  –   58   213 
  2012  760  –   3   1153   1916 –   247   1241 
jacynthe côté 2013  903   495   1   45   1444  –   433   1543 
  2012  921   101   12   128   1162 –   320   1467 
alan davies 2013  743   369   193   470   1775  –   228   563 
 2012  258   123   59   152   592 –   265   105 
andrew harding 2013  833   614   167   614   2228  –   455   1390 
  2012  687   401   125   642   1855 –   319   1018 
jeansébastien jacques 
o
 2013  600   378   101   11   1090  –   115   212 
harry kenyonslaney 2013  802   480   150   462   1894 –   422   1336 
  2012  727   415   144   203   1489  –   318   995 
doug ritchie 
p
 2013  44   –   –   2   46 –   13   57 
  2012  995  –   8   164   1167  –   289   1221 
debra valentine 2013  668   428   26   550   1672 –   395   1115 
  2012  648   342   26   1483   2499  –   376   845 
notes to table 1a – executives’ remuneration 
a the total remuneration is reported in us dollars the amounts have been converted using the relevant 2013 average exchange rate s of £1us15646 a1us09685 and 
c1us09714 the annual cash bonus payable under the stip has been converted using the relevant 2013 year end exchange rates of £1us16521 a1us08921 and 
1cus09398 
b cash bonus relates to the cash portion of the 2013 stip to be paid in march 2014  
c other cashbased benefits include cash in lieu of a car and fuel  for chris lynch hugo bague jeansébastien jacques harry ke nyonslaney and andrew harding it includes a cash 
supplement equal to 20 per cent 25 per cent for chris lynch of the amount by which their “contributory salary” exceeds the “e arning cap” as defined in the rio tinto pension fund  
for guy elliott it includes a payment for 235 days outstanding unused annual leave for alan davies it includes the differenc e between the company superannuation contributions  
and the minimum level allowed in australia under the superannuation guarantee legislation or the concessional contributions lim its which can be paid as a taxable cash allowance  
for jacynthe côté it includes a residual amount to be paid out in 2014 for her 2013 flexible perquisites  
d nonmonetary benefits for executives include healthcare coverage provision of a car professional tax advice and flexible perq uisites for executive directors it includes the value of 
company provided transport for sam walsh it also includes spouse travel to attend the annual general meeting 2012 figures in clude the value of activities in relation to rio tinto’s 
sponsorship of the medals for the 2012 london olympics 
e for executives living outside their home country international assignment benefits comprising housing education relocation e xpenses tax equalisation and relocation payments  
made to and on their behalf are included for sam walsh it includes relocation costs between perth and london and a housing al lowance and other assignment benefits in relation  
to his secondment his remuneration is not subject to tax equalisation or cost of living adjustments for chris lynch it inclu des oneoff relocation costs associated with his move  
from melbourne to london and transitional housing support including house purchase assistance he is not eligible for tax equal isation on his remuneration cost of living or any other 
ongoing assignment benefits 
f the value of share based awards has been determined in accordance with the recognition and measurement requirements of ifrs2 “s harebased payment” the fair value of awards 
granted under the share option plan sop the management share plan msp the bonus deferral plan bdp the performance shar e plan psp and the share savings plan ssp 
have been calculated at their dates of grant using valuation models provided by external consultants lane clark and peacock ll p including an independent latticebased option 
valuation model and a monte carlo valuation model which take into account the constraints on vesting and exercise attached to t hese awards further details of the valuation methods 
and assumptions used for these awards are in cluded in note 44 sharebased payments in the 2013 full financial statements the fair value of other sharebased awards is measured at 
the purchase cost of the shares from the market the nonexecutive directors do not participate in the longterm incentive shar e schemes 
g bdp bonus deferral plan represents the deferral of the 20102013 bonus under stip into rio tinto shares 
   strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
99
remuneration report implementation report continued 
98 
riotintocomreportingcentre2013 
table 1a – executives’ remuneration 
  shortterm benefits  
longterm benefits  
value of sharebased awards
f
 
 
stated in us’000
a
  base salary cash bonus
b
other cash
based
benefits
c
non
monetary
benefits
de
total short
term
benefits
other long
term benefits bdp
g
psp
executive directors  
  
sam walsh  2013  1830   1223   87   871   4011  –   1189   3386 
  2012  1702   1115   93   146   3056 –   964   3152 
chris lynch 
l
 2013  1043   754   236   1443   3476  –   176   399 
tom albanese 
m
 2013  78   –   –   4   82 –   16   128 
  2012  1667  –   3   306   1976  –   338   2675 
guy elliott 2013  1155   1364   130   55   2704 –   256   3342 
  2012  1165   –   24   213   1402  –   268   1924 
other key management personnel  
hugo bague 2013  728   504   151   42   1425  –   402   1147 
  2012  677   354   139   208   1378 –   290   852 
preston chiaro 2013  789   710   –   17   1516  –   291   1339 
  2012  786   196  –   83   1065 –   294   1284 
bret clayton 
n
 2013  126   75   –   391   592  –   58   213 
  2012  760  –   3   1153   1916 –   247   1241 
jacynthe côté 2013  903   495   1   45   1444  –   433   1543 
  2012  921   101   12   128   1162 –   320   1467 
alan davies 2013  743   369   193   470   1775  –   228   563 
 2012  258   123   59   152   592 –   265   105 
andrew harding 2013  833   614   167   614   2228  –   455   1390 
  2012  687   401   125   642   1855 –   319   1018 
jeansébastien jacques 
o
 2013  600   378   101   11   1090  –   115   212 
harry kenyonslaney 2013  802   480   150   462   1894 –   422   1336 
  2012  727   415   144   203   1489  –   318   995 
doug ritchie 
p
 2013  44   –   –   2   46 –   13   57 
  2012  995  –   8   164   1167  –   289   1221 
debra valentine 2013  668   428   26   550   1672 –   395   1115 
  2012  648   342   26   1483   2499  –   376   845 
notes to table 1a – executives’ remuneration 
a the total remuneration is reported in us dollars the amounts have been converted using the relevant 2013 average exchange rate s of £1us15646 a1us09685 and 
c1us09714 the annual cash bonus payable under the stip has been converted using the relevant 2013 year end exchange rates of £1us16521 a1us08921 and 
1cus09398 
b cash bonus relates to the cash portion of the 2013 stip to be paid in march 2014  
c other cashbased benefits include cash in lieu of a car and fuel  for chris lynch hugo bague jeansébastien jacques harry ke nyonslaney and andrew harding it includes a cash 
supplement equal to 20 per cent 25 per cent for chris lynch of the amount by which their “contributory salary” exceeds the “e arning cap” as defined in the rio tinto pension fund  
for guy elliott it includes a payment for 235 days outstanding unused annual leave for alan davies it includes the differenc e between the company superannuation contributions  
and the minimum level allowed in australia under the superannuation guarantee legislation or the concessional contributions lim its which can be paid as a taxable cash allowance  
for jacynthe côté it includes a residual amount to be paid out in 2014 for her 2013 flexible perquisites  
d nonmonetary benefits for executives include healthcare coverage provision of a car professional tax advice and flexible perq uisites for executive directors it includes the value of 
company provided transport for sam walsh it also includes spouse travel to attend the annual general meeting 2012 figures in clude the value of activities in relation to rio tinto’s 
sponsorship of the medals for the 2012 london olympics 
e for executives living outside their home country international assignment benefits comprising housing education relocation e xpenses tax equalisation and relocation payments  
made to and on their behalf are included for sam walsh it includes relocation costs between perth and london and a housing al lowance and other assignment benefits in relation  
to his secondment his remuneration is not subject to tax equalisation or cost of living adjustments for chris lynch it inclu des oneoff relocation costs associated with his move  
from melbourne to london and transitional housing support including house purchase assistance he is not eligible for tax equal isation on his remuneration cost of living or any other 
ongoing assignment benefits 
f the value of share based awards has been determined in accordance with the recognition and measurement requirements of ifrs2 “s harebased payment” the fair value of awards 
granted under the share option plan sop the management share plan msp the bonus deferral plan bdp the performance shar e plan psp and the share savings plan ssp 
have been calculated at their dates of grant using valuation models provided by external consultants lane clark and peacock ll p including an independent latticebased option 
valuation model and a monte carlo valuation model which take into account the constraints on vesting and exercise attached to t hese awards further details of the valuation methods 
and assumptions used for these awards are in cluded in note 44 sharebased payments in the 2013 full financial statements the fair value of other sharebased awards is measured at 
the purchase cost of the shares from the market the nonexecutive directors do not participate in the longterm incentive shar e schemes 
g bdp bonus deferral plan represents the deferral of the 20102013 bonus under stip into rio tinto shares 
  
 
99 
riotintocomreportingcentre2013 
governance remuneration 
appendix
strategic report 
directors’ report 
remuneration report implementation report financial statements production reserves and operations additional information 
 
 
 
  
longterm benefits  
value of sharebased awards
f
 postemployment benefits
i
     
 
stated in us’000
a
  msp sop others
h
pension and 
superannuation
other post
employment
benefits
termination 
benefits 
total
remuneration
j
currency of
actual
payment
k
 executive directors 
 sam walsh  2013 –   160  2   453 – –   9201   a  
   2012 –  817  3   424 – –  8416   a  
 chris lynch 
l
 2013 –  – –   44 – –  4095   £  
 tom albanese 
m
 2013 –  92 –   109 – –  427   £  
   2012 –  1951  6   2156 – –  9102   £  
 guy elliott 2013 –  1499  9   647 – –  8457   £  
   2012 –  1407  7   605 – –  5613   £  
 other key management personnel 
 hugo bague 2013 –  546  6   42 – –   3568   £  
   2012 –  793  6   43 – –  3362   £  
 preston chiaro 2013 –  650  1   382 – –  4179   us  
   2012 –  975  2   383 – –  4003   us  
 bret clayton 
n
 2013 –  103 –   64 – –  1030   us  
   2012 –  944 –   339  3 –  4690   us  
 jacynthe côté 2013 –  745  1   510 – –  4676   c  
   2012 –  1114 –   474 – –   4537   usc  
 alan davies 2013  195  –  3   10 – –  2774   a  
  2012  121  –  1   3 – –  1087   a  
 andrew harding 2013 –   566  10   56 – –  4705   £  
   2012  –   881  8   43 – –   4124   £  
 jeansébastien jacques 
o
 2013  310   –  4   37 – –  1768   £  
 harry kenyonslaney 2013 –  287  1   157 – –  4097   £  
   2012  –   523  8   149 – –  3482   £  
 doug ritchie 
p
 2013  –   46  –   11 – –  173   a  
   2012 –  1009  2   280 – –  3968   a  
 debra valentine 2013 –   535  1   214  5 –  3937   us  
   2012  6   785  1   214  5 –   4731   us  
 
h others include the share savings plan share ow nership plan and global employee share plan  
i the costs shown for defined benefit pension plans and postretirement medical benefits are the service costs attributable to th e individual calculated in accordance with ias19  
the cost for defined contribution plans is the amount contributed in the year by the company  
j total remuneration represents the disclosure of total emoluments and compensation required under the australian corporations act 2001 and applicable accounting standards 
k jacynthe côté’s remuneration was stated in us dollars until 29 february 2012 using a fixed exchange rate of us1c0987167 ef fective 1 march 2012 her sa lary and all other short
term benefits received are paid in canadian dollars  
l chris lynch was appointed as an executive director on 1 march 2013 and assumed the role of chief financial officer on 18 april 2013 his remuneration for the period from 1 january 2013 
to 28 february 2013 when he se rved as a nonexecutive direct or is reported in table 1b 
m tom albanese stepped down as a director on 17 january 2013 and left the group on 16 july 2013 the figures reported in table 1a relate to the period he was director his total 
remuneration for the period from 17 january 201316 july 2013 was us3555420 on termination all unvested awards were forfeited a reversal of the if rs2 “sharebased payment” 
compensation recognised to date is included 
n bret clayton stepped down from the executive committee on 1 march 2013 the fi gures reported in table 1a relate to the period 1 january 2013 to 1 march 2013 
o jeansébastien jacques was appointed chief ex ecutive copper on 14 february 2013 the fi gures reported in table 1a relate to th e period from 14 february 2013 to 31 december 2013 
p doug ritchie stepped down from the executive committee on 17 ja nuary 2013 and left the group on 16 july 2013 the figures repor ted in table 1a relate to the period when he was a 
member of the executive committee his tota l remuneration for the period from 17 january 2013 to 16 july 2013 was us1968186  on termination all unvested awards were forfeited 
a reversal of the ifrs2 “sharebased payment” compensation recognised to date is included 
   riotintocomreportingcentre2013
100
remuneration report implementation report continued 
100 
riotintocomreportingcentre2013 
table 1b – nonexecutive directors’ remuneration 
 
stated in us’000
a
 
fees and  
allowances
b
 
nonmonetary
benefits
cd
single total
figure of
remuneration
e
chairman  
jan du plessis 2013 1119   121   1240  
  2012 1109   225   1334  
nonexecutive directors    
robert brown 2013 246   74   320  
  2012 257   119   376  
vivienne cox 2013 184   14   198  
  2012 218   100   318  
michael fitzpatrick 2012 294   –   294  
  2013 265   122   387  
ann godbehere 2013 246   22   268  
  2012 234   100   334  
richard goodmanson 2013 340   97   437  
 2012 313   137   450  
andrew gould 2012 85   8   93  
lord kerr 2013 222   14   236  
  2012 250   83   333  
chris lynch
 f
 2013 55   –   55  
  2012 262   145   407  
paul tellier 2013 293   71   364  
  2012 289   115   404  
john varley 2013 325   18   343  
  2012 330  –   330  
notes to table 1b – nonexecutive directors’ remuneration 
a the remuneration is reported in us dollars the amounts have been converted where applicable using the relevant 2013 average exchange rates of £1us15646 a1 us09685 
and c1 us09714  
b fees and allowances comprise the total fees for the chairman and all nonexecutive directors and travel allowances for the nonexecutive directors other than the chairman where  
the payment of statutory minimum superannuation contributions for nonexecutive directors is required by australian superannuation law these contributions are deducted from the 
director’s overall fee entitlements the amounts deducted in 2013 and 2012 for michael fitzpatrick were a25000 and a22000 r espectively the amounts deducted in 2013 and 2012 
for chris lynch were a5000 and a22000 respectively the fees reported for 2012 for michael fitzpatrick and chris lynch of a 186000 and a152000 respectively have been restated 
as they were reported net of superannuation contributions  
c nonmonetary benefits include for the first time in 2013 amounts which are deemed by the uk tax authorities to be benefits in kind relating largely to the costs of nonexecutive 
directors’ expenses in attending board meetings held at the comp any’s uk registered office including associated hotel and subsistence expenses given these expenses are incurred  
by directors in the fulfilment of their duties the company pays the tax on them  
d in 2013 the following additional amounts are included as noted for the relevant director for jan du plessis the value of com pany provided transport and medical insurance premiums 
for robert brown accountancy fees for richard goodmanson accountancy fees and a tax payment made by rio tinto on his behalf for the activities in relation to rio tinto’s 
sponsorship of the medals for the 2012 london olympics for jan du plessis robert brow n vivienne cox michael fitzpatrick an n godbehere richard goodmanson lord kerr  
chris lynch and paul tellier 2012 figures include the value of ac tivities in relation to rio tinto’s sponsorship of the medals for the 2012 london olympics 
e represents disclosure of the single total figure of remuneration under schedule 8 of the large and mediumsized companies and g roups accounts and reports regulations 2008  
as amended and total remuneration under the australian corporations act 2001 and applicable accounting standards 
f the figures reported in table 1b relate to the period from 1 january 2013 to 28 february 2013 when chris lynch served as a non executive director  strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report implementation report continued 
100 
riotintocomreportingcentre2013 
table 1b – nonexecutive directors’ remuneration 
 
stated in us’000
a
 
fees and  
allowances
b
 
nonmonetary
benefits
cd
single total
figure of
remuneration
e
chairman  
jan du plessis 2013 1119   121   1240  
  2012 1109   225   1334  
nonexecutive directors    
robert brown 2013 246   74   320  
  2012 257   119   376  
vivienne cox 2013 184   14   198  
  2012 218   100   318  
michael fitzpatrick 2012 294   –   294  
  2013 265   122   387  
ann godbehere 2013 246   22   268  
  2012 234   100   334  
richard goodmanson 2013 340   97   437  
 2012 313   137   450  
andrew gould 2012 85   8   93  
lord kerr 2013 222   14   236  
  2012 250   83   333  
chris lynch
 f
 2013 55   –   55  
  2012 262   145   407  
paul tellier 2013 293   71   364  
  2012 289   115   404  
john varley 2013 325   18   343  
  2012 330  –   330  
notes to table 1b – nonexecutive directors’ remuneration 
a the remuneration is reported in us dollars the amounts have been converted where applicable using the relevant 2013 average exchange rates of £1us15646 a1 us09685 
and c1 us09714  
b fees and allowances comprise the total fees for the chairman and all nonexecutive directors and travel allowances for the nonexecutive directors other than the chairman where  
the payment of statutory minimum superannuation contributions for nonexecutive directors is required by australian superannuation law these contributions are deducted from the 
director’s overall fee entitlements the amounts deducted in 2013 and 2012 for michael fitzpatrick were a25000 and a22000 r espectively the amounts deducted in 2013 and 2012 
for chris lynch were a5000 and a22000 respectively the fees reported for 2012 for michael fitzpatrick and chris lynch of a 186000 and a152000 respectively have been restated 
as they were reported net of superannuation contributions  
c nonmonetary benefits include for the first time in 2013 amounts which are deemed by the uk tax authorities to be benefits in kind relating largely to the costs of nonexecutive 
directors’ expenses in attending board meetings held at the comp any’s uk registered office including associated hotel and subsistence expenses given these expenses are incurred  
by directors in the fulfilment of their duties the company pays the tax on them  
d in 2013 the following additional amounts are included as noted for the relevant director for jan du plessis the value of com pany provided transport and medical insurance premiums 
for robert brown accountancy fees for richard goodmanson accountancy fees and a tax payment made by rio tinto on his behalf for the activities in relation to rio tinto’s 
sponsorship of the medals for the 2012 london olympics for jan du plessis robert brow n vivienne cox michael fitzpatrick an n godbehere richard goodmanson lord kerr  
chris lynch and paul tellier 2012 figures include the value of ac tivities in relation to rio tinto’s sponsorship of the medals for the 2012 london olympics 
e represents disclosure of the single total figure of remuneration under schedule 8 of the large and mediumsized companies and g roups accounts and reports regulations 2008  
as amended and total remuneration under the australian corporations act 2001 and applicable accounting standards 
f the figures reported in table 1b relate to the period from 1 january 2013 to 28 february 2013 when chris lynch served as a non executive director 
  
 
101 
riotintocomreportingcentre2013 
governance remuneration 
appendix
governance remuneration 
appendix
strategic report 
directors’ report 
remuneration report implementation report financial statements production reserves and operations additional information 
 
 
table 2 – directors’ and executives’ beneficial interests in rio tinto shares 
 rio tinto plc
a
 rio tinto limited movements 
  
1 jan   
2013
b
 
31 dec   
2013
c
 
17 feb 
2014
c
1 jan 
2013
b
31 dec 
2013
c
17 feb 
2014
c
exercise   
of options
d
 compensation
e
other
f
directors 
tom albanese 
g
 253042 253042 – –   – – – – 
robert brown 2200 4200 4200 –   – – – 2000 
vivienne cox 2912 2912 2912 –   – – – – 
jan du plessis 30000 30000 30000 –   – – – – 
guy elliott 
g
 103272 103612 – –   – 151886 50548 202093 
michael fitzpatrick – – – 6252 6252 6252 – – – 
ann godbehere 2111 2981 2981 –     – – 870 
richard goodmanson 12465 15443 15443 –     – – 2978 
lord kerr 15000 15000 15000 –     – – – 
chris lynch 2070 2070 2070 6890 6890 6890 – – – 
paul tellier 16039 18490 18490 –     – – 2451 
john varley 2985 2985 2985 –     – – – 
sam walsh – – – 46950 94444 94444 – 48866 1372 
executives 
hugo bague 34910 39708 39741 – – – 84 7139 2391 
preston chiaro 
g
 99373 99684 – – – – 0 28946 28635 
bret clayton 
g
 28616 28621 – – – – 0 18668 18662 
jacynthe côté 22636 39899 39921 – – – 0 32845 15560 
alan davies – – – 7821 15920 15941 3538 5000 418 
andrew harding 154 4466 4466 24684 24684 24684 0 8154 3842 
jeansébastien jacques 
h
 199 4528 4561   – – 0 8156 3793 
harry kenyonslaney 27815 32506 32517 – – – 280 8158 3735 
greg lilleyman 
i
 – – – – – 23154 – 20 – 
doug ritchie 
g
 – – – 42399 42399 – – – – 
debra valentine 29852 33926 33948 – – – 180 7442 3525 
notes to table 2 
a rio tinto plc ordinary shares or american depositary shares 
b or date of appointment if later 
c or date of retirement or at date no longer a member of the executive committee if earlier 
d shares obtained through the exercise of options under the rio tinto share savings plan or the sop the number of shares retaine d may differ from the number of options exercised 
e shares obtained through the rio tinto share ownership plan andor vesting of awards under the psp msp and bdp 
f share movements due to sale or purchase of shares shares received under the dividend reinvestment plan shares purchasedsold through the rio tinto america savings plan or  
nonexecutive directors’ share purchase plan 
g tom albanese resigned as a director on 17 january 2013 guy elli ott retired as a director on 31 december 2013 doug ritchie br et clayton and preston chiaro resigned from the 
executive committee on 17 january 2013 1 marc h 2013 and 31 december 2013 respectively  
h appointed 14 february 2013 the ba lance at 19 february 2013 for jeansébastien jacques was understated in the 2012 remuneration report by 199 shares 
i appointed 1 january 2014 
j interests in outstanding awards under ltips and option plans are set out in table 3  riotintocomreportingcentre2013
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remuneration report implementation report continued 
102 
riotintocomreportingcentre2013 
table 3 – plan interests awards of shares and options under longterm incentive plans 
 
conditional 
award 
granted 
market 
price at 
award 
1 jan   
2013
a
 awarded
lapsed 
cancelled
dividend 
shares vested
31 dec  
2013
b
performance 
period 
concludes 
date of 
election
market
price at
election
monetary 
value of 
vested 
award 
us‘000
bonus deferral plan 
tom albanese 21mar11 £4058 20127 – 20127 –– – 01dec13 –– –
hugo bague 21mar11 £4058 6380 –– 503 6883 – 01dec13 06dec13 £3305 356
 19mar12 £3615 7069 –– –– 7069 01dec14 –– –
 27may13 £2867 – 6945 – –– 6945 01dec15 –– –
preston chiaro 21mar11 £4058 8837 –– 697 9534 – 01dec13 12dec13 £3192 476
 19mar12 £3615 7062 –– –– 7062 01dec14 –– –
 27may13 £2867 – 4105 – –– 4105 01dec15 –– –
bret clayton 21mar11 £4058 7472 –– –– 7472 01dec13 –– –
 19mar12 £3615 8636 –– –– 8636 01dec14 –– –
jacynthe côté 21mar11 £4058 9979 –– 787 10766 – 01dec13 09dec13 £3291 554
 19mar12 £3615 9096 –– –– 9096 01dec14 –– –
 27may13 £2867 – 2050 – –– 2050 01dec15 –– –
alan davies 21mar11 a8100 823 –– 48 871 – 01dec13 04dec13 a6629 56
 19mar12 a6585 2315 –– –– 2315 01dec14 –– –
 27may13 a5311 – 6702 – –– 6702 01dec15 –– –
guy elliott 21mar11 £4058 15956 –– 1259 17215 – 01dec13 13dec13 £3180 857
andrew harding 21mar11 £4058 7465 –– 589 8054 – 01dec13 05dec13 £3269 412
 19mar12 £3615 7096 –– –– 7096 01dec14 –– –
 27may13 £2867 – 7870 – –– 7870 01dec15 –– –
jeansébastien jacques 19mar12 £3615 518 –– –– 518 01dec14 –– –
 27may13 £2867 – 2113 – –– 2113 01dec15 –– –
harry kenyonslaney 21mar11 £4058 7521 –– 593 8114 – 01dec13 11dec13 £3192 405
 19mar12 £3615 6729 –– –– 6729 01dec14 –– –
 27may13 £2867 – 8128 – –– 8128 01dec15 –– –
doug ritchie 21mar11 a8100 7639 – 7639 –– – 01dec13 –– –
 19mar12 a6585 7221 – 7221 –– – 01dec14 –– –
debra valentine 21mar11 £4058 6802 –– 536 7338 – 01dec13 13dec13 £3180 365
 19mar12 £3615 7244 –– –– 7244 01dec14 –– –
 27may13 £2867 – 7173 – –– 7173 01dec15 –– –
sam walsh 21mar11 a8100 17914 –– 1066 18980 – 01dec13 11dec13 a6577 1209
 19mar12 a6585 18490 –– –– 18490 01dec14 –– –
 27may13 a5311 – 18413 – –– 18413 01dec15 –– –
performance share plan 
tom albanese 17mar09 £1982 48019 – 3602 – 44417 – 31dec12 19feb13 £3714 2581
 22mar10 £3730 79486 – 79486 –– – 31dec13 –– –
 06may11 £4151 56943 – 56943 –– – 31dec14 –– –
 19mar12 £3615 54230 – 54230 –– – 31dec15 –– –
hugo bague 22mar10 £3730 31531 –– –– 31531 31dec13 –– –
 06may11 £4151 22943 –– –– 22943 31dec14 –– –
 19mar12 £3615 22056 –– –– 22056 31dec15 –– –
 27may13 £2867 – 29294 – –– 29294 31dec16 –– –
 27may13 £2867 – 29295 – –– 29295 31dec17 –– –
preston chiaro 17mar09 £1982 20904 – 1568 – 19336 – 31dec12 18mar13 £3277 991
 22mar10 £3730 40559 –– –– 40559 31dec13 –– –
 06may11 £4151 27565 –– –– 27565 31dec14 –– –
 19mar12 £3615 25724 –– –– 25724 31dec15 –– –
 27may13 £2867 – 23150 – –– 23150 31dec16 –– –
 27may13 £2867 – 23151 – –– 23151 31dec17 –– –
bret clayton 17mar09 £1982 20182 – 1514 – 18668 – 31dec12 19feb13 £3714 1085
 22mar10 £3730 39160 –– –– 39160 31dec13 –– –
 06may11 £4151 26670 –– –– 26670 31dec14 –– –
 19mar12 £3615 24893 –– –– 24893 31dec15 –– –
   strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report implementation report continued 
102 
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table 3 – plan interests awards of shares and options under longterm incentive plans 
 
conditional 
award 
granted 
market 
price at 
award 
1 jan   
2013
a
 awarded
lapsed 
cancelled
dividend 
shares vested
31 dec  
2013
b
performance 
period 
concludes 
date of 
election
market
price at
election
monetary 
value of 
vested 
award 
us‘000
bonus deferral plan 
tom albanese 21mar11 £4058 20127 – 20127 –– – 01dec13 –– –
hugo bague 21mar11 £4058 6380 –– 503 6883 – 01dec13 06dec13 £3305 356
 19mar12 £3615 7069 –– –– 7069 01dec14 –– –
 27may13 £2867 – 6945 – –– 6945 01dec15 –– –
preston chiaro 21mar11 £4058 8837 –– 697 9534 – 01dec13 12dec13 £3192 476
 19mar12 £3615 7062 –– –– 7062 01dec14 –– –
 27may13 £2867 – 4105 – –– 4105 01dec15 –– –
bret clayton 21mar11 £4058 7472 –– –– 7472 01dec13 –– –
 19mar12 £3615 8636 –– –– 8636 01dec14 –– –
jacynthe côté 21mar11 £4058 9979 –– 787 10766 – 01dec13 09dec13 £3291 554
 19mar12 £3615 9096 –– –– 9096 01dec14 –– –
 27may13 £2867 – 2050 – –– 2050 01dec15 –– –
alan davies 21mar11 a8100 823 –– 48 871 – 01dec13 04dec13 a6629 56
 19mar12 a6585 2315 –– –– 2315 01dec14 –– –
 27may13 a5311 – 6702 – –– 6702 01dec15 –– –
guy elliott 21mar11 £4058 15956 –– 1259 17215 – 01dec13 13dec13 £3180 857
andrew harding 21mar11 £4058 7465 –– 589 8054 – 01dec13 05dec13 £3269 412
 19mar12 £3615 7096 –– –– 7096 01dec14 –– –
 27may13 £2867 – 7870 – –– 7870 01dec15 –– –
jeansébastien jacques 19mar12 £3615 518 –– –– 518 01dec14 –– –
 27may13 £2867 – 2113 – –– 2113 01dec15 –– –
harry kenyonslaney 21mar11 £4058 7521 –– 593 8114 – 01dec13 11dec13 £3192 405
 19mar12 £3615 6729 –– –– 6729 01dec14 –– –
 27may13 £2867 – 8128 – –– 8128 01dec15 –– –
doug ritchie 21mar11 a8100 7639 – 7639 –– – 01dec13 –– –
 19mar12 a6585 7221 – 7221 –– – 01dec14 –– –
debra valentine 21mar11 £4058 6802 –– 536 7338 – 01dec13 13dec13 £3180 365
 19mar12 £3615 7244 –– –– 7244 01dec14 –– –
 27may13 £2867 – 7173 – –– 7173 01dec15 –– –
sam walsh 21mar11 a8100 17914 –– 1066 18980 – 01dec13 11dec13 a6577 1209
 19mar12 a6585 18490 –– –– 18490 01dec14 –– –
 27may13 a5311 – 18413 – –– 18413 01dec15 –– –
performance share plan 
tom albanese 17mar09 £1982 48019 – 3602 – 44417 – 31dec12 19feb13 £3714 2581
 22mar10 £3730 79486 – 79486 –– – 31dec13 –– –
 06may11 £4151 56943 – 56943 –– – 31dec14 –– –
 19mar12 £3615 54230 – 54230 –– – 31dec15 –– –
hugo bague 22mar10 £3730 31531 –– –– 31531 31dec13 –– –
 06may11 £4151 22943 –– –– 22943 31dec14 –– –
 19mar12 £3615 22056 –– –– 22056 31dec15 –– –
 27may13 £2867 – 29294 – –– 29294 31dec16 –– –
 27may13 £2867 – 29295 – –– 29295 31dec17 –– –
preston chiaro 17mar09 £1982 20904 – 1568 – 19336 – 31dec12 18mar13 £3277 991
 22mar10 £3730 40559 –– –– 40559 31dec13 –– –
 06may11 £4151 27565 –– –– 27565 31dec14 –– –
 19mar12 £3615 25724 –– –– 25724 31dec15 –– –
 27may13 £2867 – 23150 – –– 23150 31dec16 –– –
 27may13 £2867 – 23151 – –– 23151 31dec17 –– –
bret clayton 17mar09 £1982 20182 – 1514 – 18668 – 31dec12 19feb13 £3714 1085
 22mar10 £3730 39160 –– –– 39160 31dec13 –– –
 06may11 £4151 26670 –– –– 26670 31dec14 –– –
 19mar12 £3615 24893 –– –– 24893 31dec15 –– –
  
  
 
103 
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appendix
governance remuneration 
appendix
strategic report 
directors’ report 
remuneration report implementation report financial statements production reserves and operations additional information 
 
 
table 3 – plan interests awards of shares and options under longterm incentive plans continued 
 
conditional 
award 
granted 
market 
price at 
award 
1 jan   
2013
a
 awarded
lapsed 
cancelled
dividend 
shares vested
31 dec  
2013
b
performance 
period 
concludes 
date of 
election
market
price at
election
monetary 
value of 
vested 
award 
us‘000
performance share plan continued 
jacynthe côté 17mar09 £1982 23787 – 1785 – 22002 – 31dec12 20feb13 £3646 1255
 22mar10 £3730 46153 –– –– 46153 31dec13 –– –
 06may11 £4151 31682 –– –– 31682 31dec14 –– –
 19mar12 £3615 30056 –– –– 30056 31dec15 –– –
 27may13 £2867 – 27296 – –– 27296 31dec16 –– –
 27may13 £2867 – 27297 – –– 27297 31dec17 –– –
alan davies 22mar10 a7503 9750 –– –– 9750 31dec13 –– –
 21mar11 a8100 6228 –– –– 6228 31dec14 –– –
 19mar12 a6585 6663 –– –– 6663 31dec15 –– –
 27may13 a5311 – 27047 – –– 27047 31dec16 –– –
 27may13 a5311 – 27047 – –– 27047 31dec17 –– –
guy elliott 17mar09 £1982 35743 – 2681 – 33062 – 31dec12 15mar13 £3312 1713
 22mar10 £3730 59166 –– –– 59166 31dec13 –– –
 06may11 £4151 39805 –– –– 39805 31dec14 –– –
 19mar12 £3615 37899 –– –– 37899 31dec15 –– –
andrew harding 22mar10 a7503 31064 –– –– 31064 31dec13 –– –
 06may11 £4151 23219 –– –– 23219 31dec14 –– –
 19mar12 £3615 22390 –– –– 22390 31dec15 –– –
 27may13 £2867 – 35547 – –– 35547 31dec16 –– –
 27may13 £2867 – 35548 – –– 35548 31dec17 –– –
jeansébastien jacques 19mar12 £3615 4793 –– –– 4793 31dec15 –– –
 27may13 £2867 – 25682 – –– 25682 31dec16 –– –
 27may13 £2867 – 25683 – –– 25683 31dec17 –– –
harry kenyonslaney 22mar10 £3730 31531 –– –– 31531 31dec13 –– –
 06may11 £4151 33936 –– –– 33936 31dec14 –– –
 19mar12 £3615 22390 –– –– 22390 31dec15 –– –
 27may13 £2867 – 33353 – –– 33353 31dec16 –– –
 27may13 £2867 – 33354 – –– 33354 31dec17 –– –
christopher lynch 27may13 £2867 – 52084 – –– 52084 31dec16 –– –
 27may13 £2867 – 52085 – –– 52085 31dec17 –– –
doug ritchie 22mar10 a7503 32180 – 32180 –– – 31dec13 –– –
 06may11 a7957 24713 – 24713 –– – 31dec14 –– –
 19mar12 a6585 25417 – 25417 –– – 31dec15 –– –
debra valentine 22mar10 £3730 31887 –– –– 31887 31dec13 –– –
 06may11 £4151 22553 –– –– 22553 31dec14 –– –
 19mar12 £3615 21257 –– –– 21257 31dec15 –– –
 27may13 £2867 – 26274 – –– 26274 31dec16 –– –
 27may13 £2867 – 26275 – –– 26275 31dec17 –– –
sam walsh 17mar09 a5201 26670 – 2001 – 24669 – 31dec12 20feb13 a6968 1665
 09jul09 a4760 5614 – 422 – 5192 – 31dec12 21feb13 a6788 341
 22mar10 a7503 55842 –– –– 55842 31dec13 –– –
 06may11 a7957 61752 –– –– 61752 31dec14 –– –
 19mar12 a6585 63540 –– –– 63540 31dec15 –– –
 27may13 a5311 – 66627 – –– 66627 31dec16 –– –
 27may13 a5311 – 66628 – –– 66628 31dec17 –– –
management share plan 
alan davies 22mar10 a7503 5118 –– 228 5346 – 31dec12 21feb13 a6788 351
 21mar11 a8100 3487 –– –– 3487 31dec13 –– –
 19mar12 a6585 3997 –– –– 3997 31dec14 –– –
jeansébastien jacques 12sep11 £3510 7500 –– 408 7908 – 01jul13 27aug13 £2993 370
 12sep11 £3510 7500 –– –– 7500 01jul14 –– –
 19mar12 £3615 2875 –– –– 2875 31dec14 –– –
 
   riotintocomreportingcentre2013
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table 3 – plan interests awards of shares and options under longterm incentive plans continued 
  date of grant 1 jan 13
a
granted
 
vested  
during 2013 exercised
lapsed
cancelled 
share savings plan 
tom albanese 04oct11 531 – – – 531
hugo bague 20oct09 84 – 84 84 –
  04oct11 425 – – – –
preston chiaro 05oct10 189 – 189 – 189
  04oct11 243 – – – –
alan davies 05oct10 323 – – – –
guy elliott 17oct08 629 – – – –
andrew harding 20oct09 723 – – – –
  05oct10 555 – – – –
harry kenyonslaney 05oct07 280 – 280 280 –
  20oct09 434 – – – –
doug ritchie 20oct09 422 – – 422 –
debra valentine 05oct10 189 – 189 180 9
sam walsh 20oct09 125 – – – –
 05oct10 457 – – – –
share option plan 
tom albanese 07mar03 168459 – – 168459 –
  22apr04 101706 – – 101706 –
  09mar05 101592 – – 101592 –
  07mar06 81722 – – 81722 –
  17mar09 72029 – – 72029 –
  22mar10 119230 – 119230 – 119230
  06may11 85415 – – – 85415
  19mar12 81345 – – – 81345
hugo bague 17mar09 15714 – – – –
  22mar10 47297 – 47297 – –
  06may11 34415 – – – –
  19mar12 33085 – – – –
preston chiaro 07mar06 62067 – – – –
  17mar09 31355 – – – –
  22mar10 60838 – 60838 – –
  06may11 41348 – – – –
  19mar12 38586 – – – –
bret clayton 07mar06 13033 – – – –
  17mar09 30274 – – – –
  22mar10 58740 – – – –
  06may11 40005 – – – –
  19mar12 37339 – – – –
jacynthe côté 17mar09 35680 – – – –
  22mar10 69230 – 69230 – –
  06may11 47523 – – – –
  19mar12 45084 – – – –
alan davies 07mar06 3151 – – 3151 –
  17mar09 6279 – – 6279 –
 
   strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report implementation report continued 
104 
riotintocomreportingcentre2013 
table 3 – plan interests awards of shares and options under longterm incentive plans continued 
  date of grant 1 jan 13
a
granted
 
vested  
during 2013 exercised
lapsed
cancelled 
share savings plan 
tom albanese 04oct11 531 – – – 531
hugo bague 20oct09 84 – 84 84 –
  04oct11 425 – – – –
preston chiaro 05oct10 189 – 189 – 189
  04oct11 243 – – – –
alan davies 05oct10 323 – – – –
guy elliott 17oct08 629 – – – –
andrew harding 20oct09 723 – – – –
  05oct10 555 – – – –
harry kenyonslaney 05oct07 280 – 280 280 –
  20oct09 434 – – – –
doug ritchie 20oct09 422 – – 422 –
debra valentine 05oct10 189 – 189 180 9
sam walsh 20oct09 125 – – – –
 05oct10 457 – – – –
share option plan 
tom albanese 07mar03 168459 – – 168459 –
  22apr04 101706 – – 101706 –
  09mar05 101592 – – 101592 –
  07mar06 81722 – – 81722 –
  17mar09 72029 – – 72029 –
  22mar10 119230 – 119230 – 119230
  06may11 85415 – – – 85415
  19mar12 81345 – – – 81345
hugo bague 17mar09 15714 – – – –
  22mar10 47297 – 47297 – –
  06may11 34415 – – – –
  19mar12 33085 – – – –
preston chiaro 07mar06 62067 – – – –
  17mar09 31355 – – – –
  22mar10 60838 – 60838 – –
  06may11 41348 – – – –
  19mar12 38586 – – – –
bret clayton 07mar06 13033 – – – –
  17mar09 30274 – – – –
  22mar10 58740 – – – –
  06may11 40005 – – – –
  19mar12 37339 – – – –
jacynthe côté 17mar09 35680 – – – –
  22mar10 69230 – 69230 – –
  06may11 47523 – – – –
  19mar12 45084 – – – –
alan davies 07mar06 3151 – – 3151 –
  17mar09 6279 – – 6279 –
 
  
  
 
105 
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appendix
governance remuneration 
appendix
strategic report 
directors’ report 
remuneration report implementation report financial statements production reserves and operations additional information 
 
 
 
    
vested and   
 exercisable on   
 31 dec 13
b
 31 dec 13
b
exercise price
value of options 
exercised 
during 2013
market price  
on date of 
exercise 
date from 
which first 
exercisable expiry date
share savings plan 
tom albanese – – £28630 – – na 01jul17
hugo bague – – £21480 £125832 £3646 01jan13 01jul13
  – 425 £28630 – – 01jan17 01jul17
preston chiaro – – £31660 – – 01jan13 06jan13
  – 243 £24580 – – 01jan14 04jan14
alan davies – 323 a5926 – – 01jan14 01jul14
guy elliott – 629 £26576 – – 01jan14 01jul14
andrew harding – 723 a4873 – – 01jan15 01jul15
  – 555 £27810 – – 01jan16 01jul16
harry kenyonslaney – – £23850 £353080 £3646 01jan13 01jul13
  – 434 £21480 – – 01jan15 01jul15
doug ritchie – – a4873 a903924 a7015 01jan13 01jul13
debra valentine – – £31660 £88560 £3658 01jan13 06jan13
sam walsh – 125 a4873 – – 01jan15 01jul15
 – 457 a5926 – – 01jan16 01jul16
share option plan 
tom albanese – – £10434 £455277293 £3746 07mar06 17jul13
  – – £10979 £166655452 £2737 22apr09 17jul13
  – – £15086 £165635597 £3139 09mar08 17jul13
  – – £22397 £70387159 £3101 07mar09 17jul13
  – – £16530 £74946175 £2694 17mar12 17jul13
  – – £37050 – – na 17jul13
  – – £42450 – – na 17jul13
  – – £35179 – – na 17jul13
hugo bague 15714 15714 £16530 – – 17mar12 17mar19
  47297 47297 £37050 – – 22mar13 22mar20
  – 34415 £42450 – – 06may14 06may21
  – 33085 £35179 – – 19mar15 19mar22
preston chiaro 62067 62067 £22397 – – 07mar09 07mar16
  31355 31355 £16530 – – 17mar12 17mar19
  60838 60838 £37050 – – 22mar13 22mar20
  – 41348 £42450 – – 06may14 06may21
  – 38586 £35179 – – 19mar15 19mar22
bret clayton 13033 13033 £22397 – – 07mar09 07mar16
  30274 30274 £16530 – – 17mar12 17mar19
  – 58740 £37050 – – 22mar13 22mar20
  – 40005 £42450 – – 06may14 06may21
  – 37339 £35179 – – 19mar15 19mar22
jacynthe côté 35680 35680 £16530 – – 17mar12 17mar19
  69230 69230 £37050 – – 22mar13 22mar20
  – 47523 £42450 – – 06may14 06may21
  – 45084 £35179 – – 19mar15 19mar22
alan davies – – a54951 a3528805 a6615 07mar09 07mar16
 – – a33450 a20532330 a6615 17mar12 17mar19
  riotintocomreportingcentre2013
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table 3 – plan interests awards of shares and options under longterm incentive plans continued 
  date of grant 1 jan 13
a
granted
 
vested  
during 2013 exercised
lapsed
cancelled 
share option plan 
guy elliott 07mar03 70732 – – 70732 –
  07mar03 47154 – – 47154 –
  22apr04 69213 – – 14000 –
  22apr04 20000 – – 20000 –
  09mar05 88332 – – – –
  07mar06 70330 – – – –
  17mar09 53615 – – – –
  22mar10 88749 – 88749 – – 
  06may11 59708 – – – –
  19mar12 56849 – – – –
andrew harding 17mar09 6268 – – – –
  22mar10 46597 – 46597 – – 
  06may11 34829 – – – –
  19mar12 33585 – – – –
harry kenyonslaney 17mar09 6938 – – – – 
  22mar10 47297 – 47297 – –
  19mar12 33585 – – – –
doug ritchie 07mar06 7308 – – 7308 –
  17mar09 8230 – – 8230 –
  22mar10 48270 – 48270 – 48270 
  06may11 37070 – – – 37070
  19mar12 38126 – – – 38126
debra valentine 17mar09 13558 – – – –
  22mar10 47831 – 47831 – – 
  06may11 33830 – – – –
  19mar12 31886 – – – –
sam walsh 07mar06 48079 – – – –
  17mar09 40005 – – – –
  22mar10 83763 – 83763 – – 
notes to table 3  
a or date of appointment if later 
b or date of retirement or at date no longer a member of the executive committee if earlier 
c jeansébastien jacques was appointed on 14 february 2013 
d tom albanese and doug ritchie left the company on 16 july 2013 bret clayton resigned as a member of the executive committee on 1 march 2013 
e awards denominated in pounds sterling were for rio tinto plc ordinary shares of 10 pence each and awards denominated in austral ian dollars were for rio tinto limited shares  
all options granted over ordinary shares rio tinto plc – ordinary shares of 10 pence each stated in sterling rio tinto limite d ordinary shares stated in australian dollars each option  
is granted over one share at no cost to participants  
f the weighted fair value per shar e of conditional awards granted under the bdp was £2866 for rio tint o plc and a5439 for rio tinto limited and for psp was £1889 fouryear vesting 
and £1921 fiveyear vesting for rio tinto plc and a3589 four year vesting and a3646 fiveyear vesting for rio tinto limited 
g conditional awards are awarded at no cost to the recipient and no amount remains unpaid on any shares granted 
h the 2010 psp awards granted on 22 march with a performance peri od that concluded on 31 december 2013 vested at 75 per cent 
i the closing price of rio tinto plc ordinary shares at 31 december 2013 was £34095 and of rio tinto limited ordinary shares at 31 december 2013 was a6818 the high and low prices 
during 2013 of rio tinto plc and rio tinto limited shares were £3757 and £2582 and a7207 and a5024 respectively 
j the exercise price represents the price payable on the options 
   strategic report financial statements
directors’ report 
remunera tion report  implementation report   production reserves and operations additional information
riotintocomreportingcentre2013
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remuneration report implementation report continued 
106 
riotintocomreportingcentre2013 
table 3 – plan interests awards of shares and options under longterm incentive plans continued 
  date of grant 1 jan 13
a
granted
 
vested  
during 2013 exercised
lapsed
cancelled 
share option plan 
guy elliott 07mar03 70732 – – 70732 –
  07mar03 47154 – – 47154 –
  22apr04 69213 – – 14000 –
  22apr04 20000 – – 20000 –
  09mar05 88332 – – – –
  07mar06 70330 – – – –
  17mar09 53615 – – – –
  22mar10 88749 – 88749 – – 
  06may11 59708 – – – –
  19mar12 56849 – – – –
andrew harding 17mar09 6268 – – – –
  22mar10 46597 – 46597 – – 
  06may11 34829 – – – –
  19mar12 33585 – – – –
harry kenyonslaney 17mar09 6938 – – – – 
  22mar10 47297 – 47297 – –
  19mar12 33585 – – – –
doug ritchie 07mar06 7308 – – 7308 –
  17mar09 8230 – – 8230 –
  22mar10 48270 – 48270 – 48270 
  06may11 37070 – – – 37070
  19mar12 38126 – – – 38126
debra valentine 17mar09 13558 – – – –
  22mar10 47831 – 47831 – – 
  06may11 33830 – – – –
  19mar12 31886 – – – –
sam walsh 07mar06 48079 – – – –
  17mar09 40005 – – – –
  22mar10 83763 – 83763 – – 
notes to table 3  
a or date of appointment if later 
b or date of retirement or at date no longer a member of the executive committee if earlier 
c jeansébastien jacques was appointed on 14 february 2013 
d tom albanese and doug ritchie left the company on 16 july 2013 bret clayton resigned as a member of the executive committee on 1 march 2013 
e awards denominated in pounds sterling were for rio tinto plc ordinary shares of 10 pence each and awards denominated in austral ian dollars were for rio tinto limited shares  
all options granted over ordinary shares rio tinto plc – ordinary shares of 10 pence each stated in sterling rio tinto limite d ordinary shares stated in australian dollars each option  
is granted over one share at no cost to participants  
f the weighted fair value per shar e of conditional awards granted under the bdp was £2866 for rio tint o plc and a5439 for rio tinto limited and for psp was £1889 fouryear vesting 
and £1921 fiveyear vesting for rio tinto plc and a3589 four year vesting and a3646 fiveyear vesting for rio tinto limited 
g conditional awards are awarded at no cost to the recipient and no amount remains unpaid on any shares granted 
h the 2010 psp awards granted on 22 march with a performance peri od that concluded on 31 december 2013 vested at 75 per cent 
i the closing price of rio tinto plc ordinary shares at 31 december 2013 was £34095 and of rio tinto limited ordinary shares at 31 december 2013 was a6818 the high and low prices 
during 2013 of rio tinto plc and rio tinto limited shares were £3757 and £2582 and a7207 and a5024 respectively 
j the exercise price represents the price payable on the options 
  
  
 
107 
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governance remuneration 
appendix
governance remuneration 
appendix
strategic report 
directors’ report 
remuneration report implementation report financial statements production reserves and operations additional information 
 
 
 
    
vested and  
 exercisable on  
 31 dec 13
b
 31 dec 13
b
exercise price
value of options 
exercised 
during 2013
market price on 
date of exercise 
date from 
which first 
exercisable expiry date
share option plan 
guy elliott – – £10434 £190311519 £3734 07mar06 07mar13
  – – £10434 £112914968 £3438 07mar06 07mar13
  55213 55213 £10979 £28974400 £3168 22apr09 22apr14
  – – £10979 £44142000 £3305 22apr09 22apr14
  88332 88332 £15086 – – 09mar08 09mar15
  70330 70330 £22397 – – 07mar09 07mar16
  53615 53615 £16530 – – 17mar12 17mar19
  88749 88749 £37050 – – 22mar13 22mar20
  – 59708 £42450 – – 06may14 06may21
  – 56849 £35179 – – 19mar15 19mar22
andrew harding 6268 6268 a33450 – – 17mar12 17mar19
  46597 46597 a76150 – – 22mar13 22mar20
  – 34829 £42450 – – 06may14 06may21
  – 33585 £35179 – – 19mar15 19mar22
harry kenyonslaney 6938 6938 £16530 – – 17mar12 17mar19
  47297 47297 £37050 – – 22mar13 22mar20
  – 33585 £35179 – – 19mar15 19mar22
doug ritchie – – a54950 a11108160 a7015 07mar09 17jul13
  – – a33450 a30204100 a7015 17mar12 17jul13
  – – a76150 – – 22mar13 17jul13
  – – a81800 – – na 17jul13
  – – a64688 – – na 17jul13
debra valentine 13558 13558 £16530 – – 17mar12 17mar19
  47831 47831 £37050 – – 22mar13 22mar20
  – 33830 £42450 – – 06may14 06may21
  – 31886 £35179 – – 19mar15 19mar22
sam walsh 48079 48079 a54950 – – 07mar09 07mar16
  40005 40005 a33450 – – 17mar12 17mar19
  83763 83763 a76150 – – 22mar13 22mar20
 
k the amount in us dollars has been converte d at the rate of us063915  £1 and us1 03258  a1 being the average exchange rat es for 2013 
l as of 17 february 2014 members of the executive committee held 1399125 shares awarded and not vested under longterm incenti ve plans and 847611 options to acquire rio tinto 
plc and rio tinto limited shares 
m between 31 december 2013 and 17 february 2014 no options were granted to the executives 
n details of performance conditions for the bdp are provided below 
50 per cent of the stip is delivered in cash and 50 per cent delivered in deferred shares under the bdp the bdp vests in decem ber of the third year after the end of performance year  
to which they relate 
o details of performance conditions for the psp are provided below 
for 2010 2011 and 2012 awards fouryear performance period and fr om 2014 awards will have a fi veyear performance period commencing on 1 january of th e year of grant for 2013 
awards only 50 per cent of the award granted will be measured against the performance conditions after four years at the end of 2016 and 50 per cent of the awards granted will be 
measured against the performance conditions after five years at the end of 2017 
for 2011 and 2012 awards subject to the “mix” chosen awards have a maximum face value of 292 per cent of base salary with the potential for 15 times of this value  
ie 438 per cent of base salary for outstanding performance the expected value of awards is 190 per cent of base salary actua l award levels granted in 2013 vary by executive  
in all cases the maximum face value of aw ards granted to executive co mmittee members in 2013 was lower than the maximum value granted to participants under the 2012 psp  
of 438 per cent of base salary 
for 2010 2011 and 2012 awards conditional share awards vest subj ect to the achievement of a stretching tsr performance condit ion comparing rio tinto’s tsr performance against  
– 50 per cent the hsbc global mining index 
– 50 per cent the morgan stanley capital world index msci 
 
   riotintocomreportingcentre2013
108
remuneration report implementation report continued 
108 
riotintocomreportingcentre2013 
 vesting of awards made in 2010 2011 and 2012 is as follows 
outperformance of the index by 8 per cent per annum 15x award vests 
performance between index and 8 per cent outperformance proportionate vesting for performance between index and 8 per cent out performance of 
the index 
outperformance of the index by approximately 5 per cent per annum 10x award vests 
performance equal to index 035x award vests 
performance less than index nil vesting 
for 2013 awards for the tsr component const ituting twothirds of the award where ts r performance is measured against both t he hsbc global mining index and the broader market 
of large global companies as measured through the morgan stanley capital world index the award will vest as follows 
outperformance of the index by 6 per cent per annum 10x award vests 
performance between equal to the index and 6 per cent outperf ormance proportionate vesting between 0225x and 10x vesting 
performance equal to the index 0225x award vests 
performance less than index nil vesting 
for the ebit margin measure change in the ebit margin of rio tinto and each of the comparator companies measured on a “point topoint” basis using the last financial year in the 
performance period and the financial year prior to the start of the performance period will be calculated using independent th irdparty data vesting will be subject to rio tinto’s 
interpolated ranking position using the following schedule 
equal to or greater than 2
nd
 ranked company 10x award vests 
between the 5
th
 and 2
nd
 ranked companies proportionate vesting between 0225x and 10x vesting 
above the 6
th
 ranked company 0225x award vests 
equal to the 6
th
 ranked company or below nil vesting 
 for awards granted in 2010 2011 and 2012 if vesting is achieved a cash payment will be paid eq ual to the dividends that wou ld have been received had the number of shares which have 
vested at the end of the performance period been held througho ut the performance period for 2013 awards if vesting is achieve d participants will be entitled to receive a number of 
additional shares whose market value reflects the aggregate cash amount of dividends that would have been received had the numb er of shares which have vested at the end of the 
performance period been held throughout the period  
p details of performance conditions for the sop are provided below 
threeyear performance period 
awards have a maximum face value of 300 per cent of base salary 
options vest subject to the achievement of a stretching tsr performance condition comparing rio tinto’s tsr performance to tha t of the hsbc global mining index 
vesting of awards made in 2011 and 2012 is as follows 
outperformance of the index by 5 per cent per annum awards vest in full 
performance between index and 5 per cent outperformance proportionate vesting of residual award for performance between index and 5 per cent out
performance of the index 
performance equal to index awards of up to 20000 options or onethird of the award whichever is the higher 
performance less than index nil vesting 
the sop ceased to operate from 2013 no furthe r awards of shares options will be made 
  strategic report financial statements production reserves and operations additional information
riotintocomreportingcentre2013
109
remuneration report implementation report continued 
108 
riotintocomreportingcentre2013 
 vesting of awards made in 2010 2011 and 2012 is as follows 
outperformance of the index by 8 per cent per annum 15x award vests 
performance between index and 8 per cent outperformance proportionate vesting for performance between index and 8 per cent out performance of 
the index 
outperformance of the index by approximately 5 per cent per annum 10x award vests 
performance equal to index 035x award vests 
performance less than index nil vesting 
for 2013 awards for the tsr component const ituting twothirds of the award where ts r performance is measured against both t he hsbc global mining index and the broader market 
of large global companies as measured through the morgan stanley capital world index the award will vest as follows 
outperformance of the index by 6 per cent per annum 10x award vests 
performance between equal to the index and 6 per cent outperf ormance proportionate vesting between 0225x and 10x vesting 
performance equal to the index 0225x award vests 
performance less than index nil vesting 
for the ebit margin measure change in the ebit margin of rio tinto and each of the comparator companies measured on a “point topoint” basis using the last financial year in the 
performance period and the financial year prior to the start of the performance period will be calculated using independent th irdparty data vesting will be subject to rio tinto’s 
interpolated ranking position using the following schedule 
equal to or greater than 2
nd
 ranked company 10x award vests 
between the 5
th
 and 2
nd
 ranked companies proportionate vesting between 0225x and 10x vesting 
above the 6
th
 ranked company 0225x award vests 
equal to the 6
th
 ranked company or below nil vesting 
 for awards granted in 2010 2011 and 2012 if vesting is achieved a cash payment will be paid eq ual to the dividends that wou ld have been received had the number of shares which have 
vested at the end of the performance period been held througho ut the performance period for 2013 awards if vesting is achieve d participants will be entitled to receive a number of 
additional shares whose market value reflects the aggregate cash amount of dividends that would have been received had the numb er of shares which have vested at the end of the 
performance period been held throughout the period  
p details of performance conditions for the sop are provided below 
threeyear performance period 
awards have a maximum face value of 300 per cent of base salary 
options vest subject to the achievement of a stretching tsr performance condition comparing rio tinto’s tsr performance to tha t of the hsbc global mining index 
vesting of awards made in 2011 and 2012 is as follows 
outperformance of the index by 5 per cent per annum awards vest in full 
performance between index and 5 per cent outperformance proportionate vesting of residual award for performance between index and 5 per cent out
performance of the index 
performance equal to index awards of up to 20000 options or onethird of the award whichever is the higher 
performance less than index nil vesting 
the sop ceased to operate from 2013 no furthe r awards of shares options will be made 
 
directors’ report
directors’ report continued  
audited information  
under schedule 8 of the large and mediumsized companies and groups 
accounts and reports regulations 2008 as amended the information 
included in respect of the single total figure of remuneration for each director 
details of the directors’ total pension entitlements details of scheme interests 
awarded to the directors during the financial year details of payments to past 
directors and the statement of the directors’ shareholdings and share interests 
as set out in the implementation report are all auditable the australian 
securities and investments commission issued an order dated 22 december 
2010 as amended on 17 february 2012 under which the remuneration report 
must be prepared and audited in accordance with the requirements of the 
corporations act 2001 applied on the basis of certain modifications set out  
in the order as detailed on page 201 the information provided in the 
remuneration report has been audited as required by section 3083c  
of the corporations act  
going concern  
the directors having made appropriate enquiries have satisfied themselves 
that no material uncertainties that cast significant doubt about the ability  
of the companies and the group to continue as a going concern have been 
identified and they have a reasonable expectation that the group has adequate 
financial resources to continue in operational existence for the foreseeable 
future therefore these financial statements have been prepared on a going 
concern basis  
annual general meetings  
the 2014 annual general meetings will be held on 15 april in london and  
8 may in melbourne separate notices of the 2014 annual general meetings  
are produced for the shareholders of each company  
directors’ approval statement 
the directors’ report is delivered in accordance with a resolution of the board 
 
 
 
jan du plessis  
chairman  
5 march 2014  
 
  riotintocomreportingcentre2013
110
2013 financial statements 
110 
riotintocomreportingcentre2013 
contents 
primary financial statements 
group income statement 111
group statement of comprehensive income 112
group statement of cash flows 113
group statement of financial position 114
group statement of changes in equity 115
reconciliation with australian accounting standards 117
outline of dual listed companies structure and basis of financial 
statements 117
 
notes to the 2013 financial statements 
note 1    principal accounting policies 118
 
group income statement 
note 2    operating segments 133
note 3    operating segments    additional information 136
note 4    net operating costs 137
note 5    employment costs 137
note 6    impairment charges 138
note 7    share of profit after tax of equity accounted units 139
note 8    finance income and finance costs 140
note 9    taxation 140
note 10    earningsloss per ordinary share 141
note 11    dividends 142
 
group statement of financial position 
note 12    goodwill 143
note 13    intangible assets 144
note 14    property plant and equipment 145
note 15    investments in equity accounted units 147
note 16    inventories 147
note 17    deferred taxation 147
note 18    trade and other receivables 149
note 19    assets and liabilities held for sale 149
note 20    other financial assets 150
note 21    cash and cash equivalents 150
note 22    borrowings and other financial liabilities 151
note 23    capitalised finance leases 152
note 24    consolidated net debt 153
note 25    trade and other payables 153
note 26    provisions including post retirement benefits 154
 
capital and reserves 
note 27    share capital    rio tinto plc 155
note 28    share capital    rio tinto limited 156
note 29    other reserves and retained earnings 156
  
additional disclosures 
note 30    financial instruments and risk management 158
note 31    contingencies and commitments 168
note 32    average number of employees 169
note 33    principal subsidiaries 170
note 34    principal joint operations 174
note 35    principal joint ventures 174
note 36    principal associates 176
note 37    purchases and sales of subsidiaries joint ventures 
associates and other interests in businesses 177
note 38    directors’ and key management remuneration 179
note 39    auditors’ remuneration 180
note 40    related party transactions 180
note 41    exchange rates in us 181
note 42    bougainville copper limited bcl 181
note 43    events after the statement of financial position date 181
note 44    share based payments 181
note 45    post retirement benefits 184
note 46    impact of new accounting standards 191
note 47    rio tinto limited parent company disclosures 193
 
rio tinto plc 194
 
rio tinto financial information by business unit 197
 
australian corporations act    summary of asic relief 201
 
directors’ declaration 202
 
auditor’s independence declaration 203
 
independent auditors’ report to the members of rio tinto plc  
and rio tinto limited 204
 
financial summary 20042013 208
 
summary financial data 210
  riotintocomreportingcentre2013
111
strategic report financial statements directors’ report production reserves and operations additional information
2013 financial statements 
110 
riotintocomreportingcentre2013 
contents 
primary financial statements 
group income statement 111
group statement of comprehensive income 112
group statement of cash flows 113
group statement of financial position 114
group statement of changes in equity 115
reconciliation with australian accounting standards 117
outline of dual listed companies structure and basis of financial 
statements 117
 
notes to the 2013 financial statements 
note 1    principal accounting policies 118
 
group income statement 
note 2    operating segments 133
note 3    operating segments    additional information 136
note 4    net operating costs 137
note 5    employment costs 137
note 6    impairment charges 138
note 7    share of profit after tax of equity accounted units 139
note 8    finance income and finance costs 140
note 9    taxation 140
note 10    earningsloss per ordinary share 141
note 11    dividends 142
 
group statement of financial position 
note 12    goodwill 143
note 13    intangible assets 144
note 14    property plant and equipment 145
note 15    investments in equity accounted units 147
note 16    inventories 147
note 17    deferred taxation 147
note 18    trade and other receivables 149
note 19    assets and liabilities held for sale 149
note 20    other financial assets 150
note 21    cash and cash equivalents 150
note 22    borrowings and other financial liabilities 151
note 23    capitalised finance leases 152
note 24    consolidated net debt 153
note 25    trade and other payables 153
note 26    provisions including post retirement benefits 154
 
capital and reserves 
note 27    share capital    rio tinto plc 155
note 28    share capital    rio tinto limited 156
note 29    other reserves and retained earnings 156
  
additional disclosures 
note 30    financial instruments and risk management 158
note 31    contingencies and commitments 168
note 32    average number of employees 169
note 33    principal subsidiaries 170
note 34    principal joint operations 174
note 35    principal joint ventures 174
note 36    principal associates 176
note 37    purchases and sales of subsidiaries joint ventures 
associates and other interests in businesses 177
note 38    directors’ and key management remuneration 179
note 39    auditors’ remuneration 180
note 40    related party transactions 180
note 41    exchange rates in us 181
note 42    bougainville copper limited bcl 181
note 43    events after the statement of financial position date 181
note 44    share based payments 181
note 45    post retirement benefits 184
note 46    impact of new accounting standards 191
note 47    rio tinto limited parent company disclosures 193
 
rio tinto plc 194
 
rio tinto financial information by business unit 197
 
australian corporations act    summary of asic relief 201
 
directors’ declaration 202
 
auditor’s independence declaration 203
 
independent auditors’ report to the members of rio tinto plc  
and rio tinto limited 204
 
financial summary 20042013 208
 
summary financial data 210
 
group income statement 
years ended 31 december 
111 
riotintocomreportingcentre2013 
 note
2013 
usm 
restated
a
2012
usm
restated
a
 
2011
usm
continuing operations    
consolidated sales revenue  2 51171  50942 60529 
net operating costs excluding items shown separately 4 36104 37534 36155
net impairment charges 6 7315 14701 9174
net gains on consolidation and disposal of interests in businesses 2 37 787  845 185 
exploration and evaluation costs 13 948 1971 1437
lossprofit relating to interests in undeveloped projects 13 161 494 89 
operating profitloss 7430  1925 14037 
share of profit after tax of equity accounted units 7 698  1056 696 
impairment after tax of investments in equity accounted units 6 216 1526 592
profitloss before finance items and taxation 7912  2395 14141 
    
finance items    
net exchange lossesgains on external debt and intragroup balances 24 3672 492 161
net gains on derivatives not qualifying for hedge accounting 59  88 51 
finance income 8 82  116 106 
finance costs 8 507 293 496
amortisation of discount  369 439 369
 4407 36 869
profitloss before taxation 3505  2431 13272 
taxation 9 2426 589 6472
profitloss from continuing operations 1079  3020 6800 
discontinued operations    
loss after tax from discontinued operations    7 10
profitloss for the year 1079  3027 6790 
  attributable to owners of rio tinto net earningslosses 3665  3028 5835 
  attributable to noncontrolling interests 2586 1  955 
    
basic earningslosses per share     
profitloss from continuing operations  10 1984c  1634c 3039c 
loss from discontinued operations 10    04c 05c
profitloss for the year 10 1984c  1638c 3034c 
diluted earningslosses per share     
profitloss from continuing operations 10 1973c  1634c 3020c 
loss from discontinued operations  10    04c 05c
profitloss for the year 10 1973c  1638c 3015c 
a comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
the notes on pages 118 to 193 are an integral part of these consolidated financial statements   riotintocomreportingcentre2013
112
group statement of comprehensive income 
years ended 31 december 
112 
riotintocomreportingcentre2013 
 
note
2013 
usm 
restated
a
2012
usm
restated
a
 2011
usm
profitloss after tax for the year 1079 3027 6790 
other comprehensive incomeloss    
items that will not be reclassified to profit or loss    
actuarial gainslosses on post retirement benefit plans 45 2260  332 1843
share of other comprehensive lossesincome of equity accounted units net of tax 1 1 7
tax relating to components of other comprehensive income 9 641 83 532 
 1618  248 1318
    
items that have beenmay be reclassified subsequently to profit or loss    
currency translation adjustment 2657 727 960
currency translation on companies disposed of transferred to the income statement 81  3 46 
fair value movements   
  cash flow hedge gainslosses 195  67 82 
  cash flow hedge gainslosses transferred to the income statement 92 100 141 
  lossesgains on revaluation of available for sale securities 101 34 236
  lossesgains on revaluation of available for sale securities transferred to the income statement 146 355 19
share of other comprehensive lossincome of equity accounted units net of tax 44 158 55 
tax relating to components of other comprehensive income 9 56 26 99
 2528 252 990
other comprehensive lossincome for the year net of tax 910 4 2308
total comprehensive incomeloss for the year 169  3023 4482 
  attributable to owners of rio tinto 3261  3164 3605 
  attributable to noncontrolling interests 3092  141 877 
a comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
the notes on pages 118 to 193 are an integral part of these consolidated financial statements   riotintocomreportingcentre2013
113
strategic report financial statements directors’ report production reserves and operations additional information
group statement of comprehensive income 
years ended 31 december 
112 
riotintocomreportingcentre2013 
 
note
2013 
usm 
restated
a
2012
usm
restated
a
 2011
usm
profitloss after tax for the year 1079 3027 6790 
other comprehensive incomeloss    
items that will not be reclassified to profit or loss    
actuarial gainslosses on post retirement benefit plans 45 2260  332 1843
share of other comprehensive lossesincome of equity accounted units net of tax 1 1 7
tax relating to components of other comprehensive income 9 641 83 532 
 1618  248 1318
    
items that have beenmay be reclassified subsequently to profit or loss    
currency translation adjustment 2657 727 960
currency translation on companies disposed of transferred to the income statement 81  3 46 
fair value movements   
  cash flow hedge gainslosses 195  67 82 
  cash flow hedge gainslosses transferred to the income statement 92 100 141 
  lossesgains on revaluation of available for sale securities 101 34 236
  lossesgains on revaluation of available for sale securities transferred to the income statement 146 355 19
share of other comprehensive lossincome of equity accounted units net of tax 44 158 55 
tax relating to components of other comprehensive income 9 56 26 99
 2528 252 990
other comprehensive lossincome for the year net of tax 910 4 2308
total comprehensive incomeloss for the year 169  3023 4482 
  attributable to owners of rio tinto 3261  3164 3605 
  attributable to noncontrolling interests 3092  141 877 
a comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
the notes on pages 118 to 193 are an integral part of these consolidated financial statements  
group statement of cash flows 
years ended 31 december 
113 
riotintocomreportingcentre2013 
 note
2013 
usm 
restated
c
2012
usm
restated
c
2011
usm
cash flow from consolidated operations 
a
 19531  15999 26810 
dividends from equity accounted units 600  522 799 
cash flows from operations 20131  16521 27609 
net interest paid 1164 824 622
dividends paid to holders of noncontrolling interests in subsidiaries 191 422 548
tax paid 3698 5845 6204
net cash generated from operating activities 15078  9430 20235 
cash flow from investing activities    
acquisitions of subsidiaries joint ventures  associates  37 4  1335 4156
disposals of subsidiaries joint ventures  associates 37 1896  251 386 
purchase of property plant and equipment and intangible assets 2 13001 17615 12573
sales of financial assets 224  692 104 
purchases of financial assets 75 50 147
other funding of equity accounted units 88 223 657
other investing cash flows 94  37 53 
cash used in investing activities 10946 18243 16990
cash flow before financing activities 4132  8813 3245 
cash flow from financing activities    
equity dividends paid to owners of rio tinto  11 3322 3038 2236
proceeds from additional borrowings 3954  8569 4705 
repayment of borrowings 1832 682 497
proceeds from issue of equity to noncontrolling interests 
b
 159  2945 424 
own shares purchased from owners of rio tinto    1471 5504
purchase of noncontrolling interests 37    76 2243
cash movement on equity accounted units funded balances     1683 
other financing cash flows 107  77 245 
net cash flow from financing activities 934 6324 3423
effects of exchange rates on cash and cash equivalents 261 16 70
net increasedecrease in cash and cash equivalents 2937  2473 248
opening cash and cash equivalents less overdrafts 7272  9745 9993 
closing cash and cash equivalents less overdrafts 21 10209  7272 9745 
a cash flow from consolidated operations    
profitloss from continuing operations 1079  3020 6800 
adjustments for    
  taxation 2426  589 6472 
  finance items 4407  36 869 
  share of profit after tax of equity accounted units 698 1056 696
  impairment after tax of investments in equity accounted units 216  1526 592 
  gain on consolidation and on disposal of interests in businesses  37 787 845 185
  impairment charges less reversals 6 7315  14701 9174 
  depreciation and amortisation 4791  4624 3972 
  provisions including exchange differences on provisions 26 1449  886 1082 
utilisation of provisions 26 871 840 633
utilisation of provision for post retirement benefits 26 635 695 667
change in inventories 330 433 1051
change in trade and other receivables 84  412 104 
change in trade and other payables 803  266 1318 
other items 282  152 341
 19531  15999 26810 
b cash proceeds from the issue of equity to noncontrolling interests in 2012 included us18 billion from the transfer of a 47 per cent interest in simfer jersey limited a rio tinto 
subsidiary to chalco iron ore holdings limited a consortium led by chalco and reimbursing rio tinto for historic project costs plus subsequent cash calls to meet project costs and 
us09 billion of proceeds from subscription by noncontrolling interests in a rights offering by turquoise hill refer to the ‘statement of changes in equity’ on page 115 and to note 37 
c comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
the notes on pages 118 to 193 are an integral part of these consolidated financial statements  riotintocomreportingcentre2013
114
group statement of financial position 
114 
riotintocomreportingcentre2013 
note
at 31 december  
2013 
usm 
restated
a
at 31 december
2012
usm
restated
a
at 1 january
 2012
usm
noncurrent assets    
goodwill 12 1349  2774 9558 
intangible assets 13 5421  6880 8042 
property plant and equipment 14 70827  76985 66381 
investments in equity accounted units 15 3957  3941 7548 
inventories 16 511  423 381 
deferred tax assets 17 3555  3476 1864 
trade and other receivables  18 2140  2265 2042 
other financial assets including tax recoverable and loans to equity accounted units 20 983  1183 2012 
 88743  97927 97828 
current assets    
inventories 16 5737  6375 5538 
trade and other receivables 18 4667  5341 6060 
other financial assets including tax recoverable and loans to equity accounted units 20 710  689 876 
cash and cash equivalents 21 10216  7135 9762 
 21330  19540 22236 
assets of disposal groups held for sale  19 952  970 88 
total assets 111025  118437 120152 
    
current liabilities    
borrowings and other financial liabilities  22 3926 2198 1415
trade and other payables 25 8400 9420 9582
tax payable 1126 823 2662
provisions including post retirement benefits 26 1738 1539 1503
 15190 13980 15162
noncurrent liabilities  
borrowings and other financial liabilities 22 24625 24706 20529
trade and other payables 25 576 605 708
tax payable 468 406 404
deferred tax liabilities 17 4140 5145 6300
provisions including post retirement benefits 26 12343 15442 18132
 42152 46304 46073
liabilities of disposal groups held for sale  19 181 413 33
total liabilities 57523 60697 61268
net assets 53502  57740 58884 
    
capital and reserves    
share capital     
  rio tinto plc 27 230  230 234 
  rio tinto limited  28 4911  5715 5582 
share premium account 4269  4244 4208 
other reserves 29 12871  14868 14745 
retained earnings 29 23605  21496 27430 
equity attributable to owners of rio tinto  45886  46553 52199 
attributable to noncontrolling interests 7616  11187 6685 
total equity 53502  57740 58884 
a comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
the notes on pages 118 to 193 are an integral part of these consolidated financial statements  
the financial statements on pages 111 to 203 were approved by the directors on 5 march 2014 and signed on their behalf by 
 
 
 
jan du plessis chairman  sam walsh ao chief executive  chris lynch chief financial officer 
  riotintocomreportingcentre2013
115
strategic report financial statements directors’ report production reserves and operations additional information
group statement of financial position 
114 
riotintocomreportingcentre2013 
note
at 31 december  
2013 
usm 
restated
a
at 31 december
2012
usm
restated
a
at 1 january
 2012
usm
noncurrent assets    
goodwill 12 1349  2774 9558 
intangible assets 13 5421  6880 8042 
property plant and equipment 14 70827  76985 66381 
investments in equity accounted units 15 3957  3941 7548 
inventories 16 511  423 381 
deferred tax assets 17 3555  3476 1864 
trade and other receivables  18 2140  2265 2042 
other financial assets including tax recoverable and loans to equity accounted units 20 983  1183 2012 
 88743  97927 97828 
current assets    
inventories 16 5737  6375 5538 
trade and other receivables 18 4667  5341 6060 
other financial assets including tax recoverable and loans to equity accounted units 20 710  689 876 
cash and cash equivalents 21 10216  7135 9762 
 21330  19540 22236 
assets of disposal groups held for sale  19 952  970 88 
total assets 111025  118437 120152 
    
current liabilities    
borrowings and other financial liabilities  22 3926 2198 1415
trade and other payables 25 8400 9420 9582
tax payable 1126 823 2662
provisions including post retirement benefits 26 1738 1539 1503
 15190 13980 15162
noncurrent liabilities  
borrowings and other financial liabilities 22 24625 24706 20529
trade and other payables 25 576 605 708
tax payable 468 406 404
deferred tax liabilities 17 4140 5145 6300
provisions including post retirement benefits 26 12343 15442 18132
 42152 46304 46073
liabilities of disposal groups held for sale  19 181 413 33
total liabilities 57523 60697 61268
net assets 53502  57740 58884 
    
capital and reserves    
share capital     
  rio tinto plc 27 230  230 234 
  rio tinto limited  28 4911  5715 5582 
share premium account 4269  4244 4208 
other reserves 29 12871  14868 14745 
retained earnings 29 23605  21496 27430 
equity attributable to owners of rio tinto  45886  46553 52199 
attributable to noncontrolling interests 7616  11187 6685 
total equity 53502  57740 58884 
a comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
the notes on pages 118 to 193 are an integral part of these consolidated financial statements  
the financial statements on pages 111 to 203 were approved by the directors on 5 march 2014 and signed on their behalf by 
 
 
 
jan du plessis chairman  sam walsh ao chief executive  chris lynch chief financial officer 
 
group statement of changes in equity 
 
115 
riotintocomreportingcentre2013 
year ended 31 december 2013 attributable to owners of rio tinto 
share capital
notes 27
 and 28 
usm
share 
premium 
usm
other 
reserves 
note 29
 usm
retained 
earnings
note 29  
usm
total  
usm 
non
controlling 
interests 
usm
total 
equity
 usm
opening balance as restated 
j
  5945  4244  14868  21496   46553   11187  57740 
total comprehensive income for the year 
a
      1984 5245   3261   3092 169 
currency translation arising on rio tinto limited’s  
share capital 
b
  804         804    804
dividends         3322  3322  196 3518
own shares purchased for share options      77 44  121    121
treasury shares reissued and other movements    25    55   80     80 
change in equity held by rio tinto        102   102  78 24 
equity issued to holders of noncontrolling interests               159  159 
companies no longer consolidated              369 369
employee share options      64  73   137  5  142 
closing balance  5141  4269  12871  23605   45886   7616  53502 
 
year ended 31 december 2012 attributable to owners of rio tinto 
share capital 
notes 27 
and 28 
usm
share 
premium 
usm
other 
reserves 
note 29 
usm
retained 
earnings  
note 29  
usm
total  
usm 
non
controlling 
interests 
usm
total 
equity 
usm
opening balance as restated 
j
  5816  4208  14745  27430   52199   6685  58884 
total comprehensive loss for the year 
a
     103  3267  3164  141  3023
currency translation arising on rio tinto limited’s  
share capital 
b
 133       133      133 
dividends        3038  3038  422 3460
share buyback schemes 4    4  764  764     764
own shares purchased for share options        62 41  103     103
treasury shares reissued and other movements   36   3 39      39 
newly consolidated operations 
c d
            2902  2902 
change in equity held by rio tinto 
e
     1128   1128  166  1294 
equity issued to holders of noncontrolling interests 
f
            1595  1595 
employee share options and other ifrs 2 charges taken  
to the income statement     78  45   123  120  243 
closing balance  5945  4244  14868  21496   46553   11187  57740  riotintocomreportingcentre2013
116
group statement of changes in equity continued 
116 
riotintocomreportingcentre2013 
year ended 31 december 2011 attributable to owners of rio tinto 
share capital 
notes 27 
and 28 
usm
share 
premium 
usm
other 
reserves 
note 29 
usm
retained 
earnings 
note 29 
usm
total  
usm 
non
controlling 
interests 
usm
total 
equity 
usm
opening balance  5847  4258  15643  32499   58247   6265  64512 
prior year adjustment for changes in  
  subsidiaries post tax       215  215     215
  equity accounted units post tax       226  226     226
as restated 
j
  5847  4258  15643  32058   57806   6265  64071 
total comprehensive income for the year 
a
     910 4515   3605   877  4482 
currency translation arising on rio tinto limited’s  
share capital 
b
 19          19     19
dividends          2236  2236  548 2784
share buyback schemes 12    12 6210  6210     6210
own shares purchased for share options    50 71 10   111     111
newly consolidated operations 
g
                 1555  1555 
change in equity held by rio tinto 
g h i
         793  793  1882 2675
equity issued to holders of noncontrolling interests             424  424 
company no longer consolidated             6 6
employee share options and other ifrs 2 charges taken to the 
income statement      71  86   157      157 
closing balance  5816 4208 14745 27430   52199   6685 58884
a refer to statement of comprehensive income 
b refer to note 1 d 
c rio tinto gained control of the non oyu tolgoi llc ot assets of turquoise hill resources ltd turquoise hill formerly ivanhoe mines limited on 24 january 2012 when its  
share reached 51 per cent  
within newly consolidated operations for 31 december 2012 us2678 million represents noncontrolling interests in the non ot assets of which us1439 million is the 49 per cent  
noncontrolling interest in net loans receivable from rio tinto group companies refer to note 37  
d rio tinto acquired a controlling interest in richards bay minerals rbm in 2012 with consolidation effective from 3 september 2012 the acquisition date us224 million within  
newly consolidated operations relates to the fair value of noncontrolling interests at the acquisition date refer to note 37 
e the majority of the adjustments to equity held by rio tinto in 2012 arose from the acquisition by a consortium led by chalco of shares in simfer jersey limited a rio tinto subsidiary  
as set out in the simandou joint development agreement sjda chalco made a payment of us135 billion on 24 april 2012 in exchange for an equity interest of 47 per cent in simfer 
jersey reimbursing rio tinto for historic project costs the transfer on 24 april 2012 resulted in an adjustment to retained earnings attributable to owners of rio tinto of us105 billion 
relating to the amount received over rio tinto’s carrying value of the interest transferred 
f equity issued to holders of noncontrolling interests in 2012 include us09 billion of proceeds from a rights offering by turquoise hill and cash calls of us480 million following the 
transfer described in e which resulted in the chalco consortium being issued with additional equity interest in proportion to its interest 
g the purchase of rio tinto coal mozambique rtcm formerly riversdale mining limited in 2011 was treated as a step acquisition noncontrolling interests of us1498 million arose  
at the acquisition date when rio tinto’s share in rtcm reached 526 per cent these noncontrolling interests reversed as rio tinto increased its interests in rtcm to 100 per cent  
an amount of us479 million was recognised directly in equity in relation to rio tinto’s interests purchased after the acquisition date representing the excess of consideration paid  
to acquire these additional shareholdings over noncontrolling interests acquired refer to note 37 
h a reduction of us339 million in noncontrolling interests arose as rio tinto increased its economic share in ot through the acquisition of additional interests in turquoise hill 
adjustments to retained earnings attributable to owners of rio tinto of us129 million related to the aggregate excess of consideration paid for the additional investments in  
turquoise hill over the value of the additional economic share acquired in ot refer to note 37 
i in relation to the group’s purchase of an additional stake in coal  allied adjustments to retained earnings of us185 million were made for the excess of consideration paid  
to acquire shareholdings of us45 million from noncontrolling interests 
j comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191  riotintocomreportingcentre2013
117
strategic report financial statements directors’ report production reserves and operations additional information
group statement of changes in equity continued 
116 
riotintocomreportingcentre2013 
year ended 31 december 2011 attributable to owners of rio tinto 
share capital 
notes 27 
and 28 
usm
share 
premium 
usm
other 
reserves 
note 29 
usm
retained 
earnings 
note 29 
usm
total  
usm 
non
controlling 
interests 
usm
total 
equity 
usm
opening balance  5847  4258  15643  32499   58247   6265  64512 
prior year adjustment for changes in  
  subsidiaries post tax       215  215     215
  equity accounted units post tax       226  226     226
as restated 
j
  5847  4258  15643  32058   57806   6265  64071 
total comprehensive income for the year 
a
     910 4515   3605   877  4482 
currency translation arising on rio tinto limited’s  
share capital 
b
 19          19     19
dividends          2236  2236  548 2784
share buyback schemes 12    12 6210  6210     6210
own shares purchased for share options    50 71 10   111     111
newly consolidated operations 
g
                 1555  1555 
change in equity held by rio tinto 
g h i
         793  793  1882 2675
equity issued to holders of noncontrolling interests             424  424 
company no longer consolidated             6 6
employee share options and other ifrs 2 charges taken to the 
income statement      71  86   157      157 
closing balance  5816 4208 14745 27430   52199   6685 58884
a refer to statement of comprehensive income 
b refer to note 1 d 
c rio tinto gained control of the non oyu tolgoi llc ot assets of turquoise hill resources ltd turquoise hill formerly ivanhoe mines limited on 24 january 2012 when its  
share reached 51 per cent  
within newly consolidated operations for 31 december 2012 us2678 million represents noncontrolling interests in the non ot assets of which us1439 million is the 49 per cent  
noncontrolling interest in net loans receivable from rio tinto group companies refer to note 37  
d rio tinto acquired a controlling interest in richards bay minerals rbm in 2012 with consolidation effective from 3 september 2012 the acquisition date us224 million within  
newly consolidated operations relates to the fair value of noncontrolling interests at the acquisition date refer to note 37 
e the majority of the adjustments to equity held by rio tinto in 2012 arose from the acquisition by a consortium led by chalco of shares in simfer jersey limited a rio tinto subsidiary  
as set out in the simandou joint development agreement sjda chalco made a payment of us135 billion on 24 april 2012 in exchange for an equity interest of 47 per cent in simfer 
jersey reimbursing rio tinto for historic project costs the transfer on 24 april 2012 resulted in an adjustment to retained earnings attributable to owners of rio tinto of us105 billion 
relating to the amount received over rio tinto’s carrying value of the interest transferred 
f equity issued to holders of noncontrolling interests in 2012 include us09 billion of proceeds from a rights offering by turquoise hill and cash calls of us480 million following the 
transfer described in e which resulted in the chalco consortium being issued with additional equity interest in proportion to its interest 
g the purchase of rio tinto coal mozambique rtcm formerly riversdale mining limited in 2011 was treated as a step acquisition noncontrolling interests of us1498 million arose  
at the acquisition date when rio tinto’s share in rtcm reached 526 per cent these noncontrolling interests reversed as rio tinto increased its interests in rtcm to 100 per cent  
an amount of us479 million was recognised directly in equity in relation to rio tinto’s interests purchased after the acquisition date representing the excess of consideration paid  
to acquire these additional shareholdings over noncontrolling interests acquired refer to note 37 
h a reduction of us339 million in noncontrolling interests arose as rio tinto increased its economic share in ot through the acquisition of additional interests in turquoise hill 
adjustments to retained earnings attributable to owners of rio tinto of us129 million related to the aggregate excess of consideration paid for the additional investments in  
turquoise hill over the value of the additional economic share acquired in ot refer to note 37 
i in relation to the group’s purchase of an additional stake in coal  allied adjustments to retained earnings of us185 million were made for the excess of consideration paid  
to acquire shareholdings of us45 million from noncontrolling interests 
j comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
 
117 
riotintocomreportingcentre2013 
reconciliation with australian accounting standards 
the group’s financial statements have been prepared in accordance with ifrs as adopted by the european union eu ifrs which differs in certain respects  
from the version of ifrs that is applicable in australia referred to as australian accounting standards aas 
prior to 1 january 2004 the group’s financial statements were prepared in accordance with uk gaap under eu ifrs goodwill on acquisitions prior to 1998  
which was eliminated directly against equity in the group’s uk gaap financial statements has not been reinstated this was permitted under the rules  
governing the transition to eu ifrs set out in ifrs 1 the equivalent australian standard aasb 1 does not provide for the netting of goodwill against equity  
as a consequence shareholders’ funds under aas include the residue of such goodwill which amounted to us550 million at 31 december 2013  
2012 us535 million 2011 us537 million 
save for the exception described above the group’s financial statements drawn up in accordance with eu ifrs are consistent with the requirements of aas  
outline of dual listed companies structure and basis of financial statements 
the rio tinto group  
these are the financial statements of the group formed through the merger of economic interests of rio tinto plc and rio tinto limited  ‘‘merger’’ and presented 
by both rio tinto plc and rio tinto limited as their consolidated accounts in accordance with both united kingdom and australian legislation and regulations 
merger terms 
on 21 december 1995 rio tinto plc and rio tinto limited which are listed respectively on stock exchanges in the united kingdom and  australia entered into  
a dual listed companies dlc merger this was effected by contractual arrangements between the companies and amendments to rio tinto plc’s memorandum  
and articles of association and rio tinto limited’s constitution  
as a result rio tinto plc and rio tinto limited and their respective groups operate together as a single economic enterprise with neither assuming a dominant role 
in particular the arrangements 
confer upon the shareholders of rio tinto plc and rio tinto limited a common economic interest in both groups 
provide for common boards of directors and a unified management structure 
provide for equalised dividends and capital distributions and 
provide for the shareholders of rio tinto plc and rio tinto limited to take key decisions including the election of directors through an electoral procedure  
in which the public shareholders of the two companies effectively vote on a joint basis  
the merger involved no change in the legal ownership of any assets of rio tinto plc or rio tinto limited nor any change in the ownership of any existing shares  
or securities of rio tinto plc or rio tinto limited nor the issue of any shares securities or payment by way of consideration save for the issue by each company  
of one special voting share to a trustee company which provides the joint electoral procedure for public shareholders during 2002 each of the parent companies 
issued a dlc dividend share to facilitate the efficient management of funds within the dlc structure 
accounting standards 
the financial statements have been drawn up in accordance with eu ifrs the merger was accounted for as a merger under uk gaap as permitted under the rules 
governing the transition to eu ifrs which are set out in ifrs 1 the group did not restate business combinations that occurred before the transition date of 1 january 
2004 as a result the dlc merger of economic interests described above continues to be accounted for as a merger under eu ifrs 
the main consequence of adopting merger rather than acquisition accounting is that the statement of financial position of the merged group includes the assets  
and liabilities of rio tinto plc and rio tinto limited at their carrying values prior to the merger subject to adjustments to achieve uniformity of accounting policies 
rather than at their fair values at the date of the merger for accounting purposes rio tinto plc and rio tinto limited are viewed as a single public parent company 
with their respective public shareholders being the shareholders in that single company as a result the amounts attributable to both rio tinto plc and rio tinto 
limited public shareholders are included in the amounts attributed to owners of rio tinto on the statement of financial position income statement and statement  
of comprehensive income 
australian corporations act 
the financial statements are drawn up in accordance with an order under section 340 of the australian corporations act 2001 issued by the australian securities 
and investments commission asic on 22 december 2010 as amended on 17 february 2012 the main provisions of the order are that the financial statements 
are prepared in accordance with ifrs and include a reconciliation from eu ifrs to the australian equivalents of ifrs see above 
for further details of the asic class order relief see page 201  riotintocomreportingcentre2013
118
notes to the 2013 financial statements 
118 
riotintocomreportingcentre2013 
1  principal accounting policies 
corporate information 
the financial statements of the group as defined in b basis of consolidation below were authorised for issue in accordance with a directors’ resolution on  
5 march 2014 rio tinto plc and rio tinto limited are listed and incorporated respectively on stock exchanges in the uk and australia rio tinto plc’s registered 
office is at 2 eastbourne terrace london w2 6lg uk rio tinto limited’s registered office is at 120 collins street melbourne australia 3000 
rio tinto’s business is finding mining and processing mineral resources major products are iron ore aluminium copper diamonds coal uranium gold and 
industrial minerals borates titanium dioxide and salt activities span the world and are strongly represented in australia and north america with significant 
businesses in asia europe africa and south america information on the group’s structure is provided in notes 33 to 36 information on other related party 
relationships of the group is provided in note 40 
basis of preparation 
the basis of preparation and the accounting policies used in preparing the financial statements for the year ended 31 december 2013 are set out below 
the financial statements for the year ended 31 december 2013 have been prepared in accordance with international financial reporting standards as adopted  
by the european union eu ifrs and with international financial reporting standards as issued by the international accounting standards board ifrs and 
interpretations issued from time to time by the ifrs interpretations committee ifric and adopted by the eu that are mandatory or in certain cases permitted  
to be earlyadopted for the year ended 31 december 2013 the companies act 2006 applicable to companies reporting under ifrs and in accordance with  
applicable uk law applicable australian law as amended by the australian securities and investments commission order dated 22 december 2010 as amended  
on 17 february 2012 and article 4 of the european union ias regulation the financial statements are prepared on a going concern basis page 109 
the eu ifrs financial information has been drawn up on the basis of accounting policies consistent with those applied in the financial statements for the year to  
31 december 2012 except for the changes in accounting requirements set out below the impact of these changes in accounting requirements on the statement  
of financial position as at 1 january 2012 together with the impact on the income statement for the years ended 31 december 2011 and 31 december 2012 are set 
out on pages 191 to 192 material impacts on the primary statements for prior periods presented are explained below with the exception of ifrs 13 and ias 19 
revised 2011 all of the changes were effective from 1 january 2011 the earliest period presented in these financial statements application of ias 19 revised 2011 
is fully retrospective 
annual improvements 2011 these annual improvements address six areas none of which materially impacted the group’s primary statements 
amendment to ias 1 “presentation of financial statements – presentation of items of other comprehensive income” the amendment requires  
items presented in other comprehensive income oci to be grouped on the basis of whether they can potentially be reclassified to the income statement 
reclassification adjustments tax applicable to these items is grouped on the same basis the group’s statement of comprehensive income for the years  
ended 31 december 2011 and 31 december 2012 has been represented accordingly 
ias 19 revised 2011 “employee benefits” ias 19r the amendment to ias 19 requires the expected return on plan assets to assume returns in line with  
the discount rate applied in the calculation of the pension obligation whereas the previous standard allowed an assumed rate based on plan assets actually held 
which generally gave a higher rate the income statement impact on the expected return on assets is offset in actuarial gains and losses within the statement  
of comprehensive income the amendment also changes the timing of recognition of past service cost 
ifrs 10 “consolidated financial statements” ifrs 11 “joint arrangements” and ias 28 revised 2011 “investments in associates and joint ventures” 
ifrs 10 ifrs 11 and ias 28 are not mandatory under eu ifrs until 2014 however early adoption is permitted and the group has chosen to earlyadopt  
ifrs 10 replaces previous guidance on control and consolidation in ias 27 “consolidated and separate financial statements” and sic 12 “consolidation – special 
purpose entities” it provides a revised definition of control to be used as the basis for determining which entities are consolidated in the financial statements  
ifrs 11 replaces ias 31 “interests in joint ventures” the classification and subsequent accounting for joint arrangements now depends on the rights and 
obligations of the parties to the arrangement and not just the legal form these standards have been adopted with effect from 1 january 2011 
all entities and arrangements within the group have been reviewed to assess the impact of ifrs 10 and ifrs 11 as a result certain operations including 
queensland alumina limited new zealand aluminium smelters limited and pechiney reynolds quebec inc that were previously equity accounted are now 
accounted for as joint operations these arrangements are primarily designed for the provision of output to the parties sharing joint control indicating that the 
parties have rights to substantially all the economic benefits of the assets the liabilities of the arrangements are in substance satisfied by cash flows received 
from the parties this dependence indicates that the parties effectively have obligations for the liabilities it is these facts and circumstances that give rise to the 
classification as joint operations as a result the group no longer recognises “investments in equity accounted units” or “share of profitloss after tax of equity 
accounted units” or “impairment after tax of investments in equity accounted units” for these arrangements but instead consolidates its share of their assets 
liabilities revenues expenses and cash flows on a linebyline basis the reduction in “investments in equity accounted units” and increase in other assets shown 
in the restated statement of financial position at 1 january 2012 also results in a reallocation of the 2012 impairment charge under ifrs the impairment charge  
is allocated to goodwill before other assets the goodwill that is recognised in the restated statement of financial position at 1 january 2012 is therefore impaired 
before certain other assets in 2012 this results in an increase of us14 billion in the allocation of the impairment charge to goodwill with a corresponding 
decrease in the allocation to “property plant and equipment” “investments in equity accounted units” and “intangible assets” as well as an increase in  
“deferred tax liabilities” there is no change in the total aluminium businesses’ posttax impairment charge for 2012 as a result of these changes 
ifrs 12 “disclosure of interests in other entities” ifrs 12 includes the disclosure requirements for all forms of interests in other entities this disclosure is 
included in notes 33 to 36 
ifrs 13 “fair value measurement” ifrs 13 is prospective in application it establishes a single source of guidance for all fair value measurements the standard 
provides guidance on how to measure fair value when fair value is required or permitted under other standards it does not change when an entity is required to 
use fair value for the year ended 31 december 2013 this has resulted in some minor changes to the method of valuation of embedded commodity derivatives 
   riotintocomreportingcentre2013
119
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements 
118 
riotintocomreportingcentre2013 
1  principal accounting policies 
corporate information 
the financial statements of the group as defined in b basis of consolidation below were authorised for issue in accordance with a directors’ resolution on  
5 march 2014 rio tinto plc and rio tinto limited are listed and incorporated respectively on stock exchanges in the uk and australia rio tinto plc’s registered 
office is at 2 eastbourne terrace london w2 6lg uk rio tinto limited’s registered office is at 120 collins street melbourne australia 3000 
rio tinto’s business is finding mining and processing mineral resources major products are iron ore aluminium copper diamonds coal uranium gold and 
industrial minerals borates titanium dioxide and salt activities span the world and are strongly represented in australia and north america with significant 
businesses in asia europe africa and south america information on the group’s structure is provided in notes 33 to 36 information on other related party 
relationships of the group is provided in note 40 
basis of preparation 
the basis of preparation and the accounting policies used in preparing the financial statements for the year ended 31 december 2013 are set out below 
the financial statements for the year ended 31 december 2013 have been prepared in accordance with international financial reporting standards as adopted  
by the european union eu ifrs and with international financial reporting standards as issued by the international accounting standards board ifrs and 
interpretations issued from time to time by the ifrs interpretations committee ifric and adopted by the eu that are mandatory or in certain cases permitted  
to be earlyadopted for the year ended 31 december 2013 the companies act 2006 applicable to companies reporting under ifrs and in accordance with  
applicable uk law applicable australian law as amended by the australian securities and investments commission order dated 22 december 2010 as amended  
on 17 february 2012 and article 4 of the european union ias regulation the financial statements are prepared on a going concern basis page 109 
the eu ifrs financial information has been drawn up on the basis of accounting policies consistent with those applied in the financial statements for the year to  
31 december 2012 except for the changes in accounting requirements set out below the impact of these changes in accounting requirements on the statement  
of financial position as at 1 january 2012 together with the impact on the income statement for the years ended 31 december 2011 and 31 december 2012 are set 
out on pages 191 to 192 material impacts on the primary statements for prior periods presented are explained below with the exception of ifrs 13 and ias 19 
revised 2011 all of the changes were effective from 1 january 2011 the earliest period presented in these financial statements application of ias 19 revised 2011 
is fully retrospective 
annual improvements 2011 these annual improvements address six areas none of which materially impacted the group’s primary statements 
amendment to ias 1 “presentation of financial statements – presentation of items of other comprehensive income” the amendment requires  
items presented in other comprehensive income oci to be grouped on the basis of whether they can potentially be reclassified to the income statement 
reclassification adjustments tax applicable to these items is grouped on the same basis the group’s statement of comprehensive income for the years  
ended 31 december 2011 and 31 december 2012 has been represented accordingly 
ias 19 revised 2011 “employee benefits” ias 19r the amendment to ias 19 requires the expected return on plan assets to assume returns in line with  
the discount rate applied in the calculation of the pension obligation whereas the previous standard allowed an assumed rate based on plan assets actually held 
which generally gave a higher rate the income statement impact on the expected return on assets is offset in actuarial gains and losses within the statement  
of comprehensive income the amendment also changes the timing of recognition of past service cost 
ifrs 10 “consolidated financial statements” ifrs 11 “joint arrangements” and ias 28 revised 2011 “investments in associates and joint ventures” 
ifrs 10 ifrs 11 and ias 28 are not mandatory under eu ifrs until 2014 however early adoption is permitted and the group has chosen to earlyadopt  
ifrs 10 replaces previous guidance on control and consolidation in ias 27 “consolidated and separate financial statements” and sic 12 “consolidation – special 
purpose entities” it provides a revised definition of control to be used as the basis for determining which entities are consolidated in the financial statements  
ifrs 11 replaces ias 31 “interests in joint ventures” the classification and subsequent accounting for joint arrangements now depends on the rights and 
obligations of the parties to the arrangement and not just the legal form these standards have been adopted with effect from 1 january 2011 
all entities and arrangements within the group have been reviewed to assess the impact of ifrs 10 and ifrs 11 as a result certain operations including 
queensland alumina limited new zealand aluminium smelters limited and pechiney reynolds quebec inc that were previously equity accounted are now 
accounted for as joint operations these arrangements are primarily designed for the provision of output to the parties sharing joint control indicating that the 
parties have rights to substantially all the economic benefits of the assets the liabilities of the arrangements are in substance satisfied by cash flows received 
from the parties this dependence indicates that the parties effectively have obligations for the liabilities it is these facts and circumstances that give rise to the 
classification as joint operations as a result the group no longer recognises “investments in equity accounted units” or “share of profitloss after tax of equity 
accounted units” or “impairment after tax of investments in equity accounted units” for these arrangements but instead consolidates its share of their assets 
liabilities revenues expenses and cash flows on a linebyline basis the reduction in “investments in equity accounted units” and increase in other assets shown 
in the restated statement of financial position at 1 january 2012 also results in a reallocation of the 2012 impairment charge under ifrs the impairment charge  
is allocated to goodwill before other assets the goodwill that is recognised in the restated statement of financial position at 1 january 2012 is therefore impaired 
before certain other assets in 2012 this results in an increase of us14 billion in the allocation of the impairment charge to goodwill with a corresponding 
decrease in the allocation to “property plant and equipment” “investments in equity accounted units” and “intangible assets” as well as an increase in  
“deferred tax liabilities” there is no change in the total aluminium businesses’ posttax impairment charge for 2012 as a result of these changes 
ifrs 12 “disclosure of interests in other entities” ifrs 12 includes the disclosure requirements for all forms of interests in other entities this disclosure is 
included in notes 33 to 36 
ifrs 13 “fair value measurement” ifrs 13 is prospective in application it establishes a single source of guidance for all fair value measurements the standard 
provides guidance on how to measure fair value when fair value is required or permitted under other standards it does not change when an entity is required to 
use fair value for the year ended 31 december 2013 this has resulted in some minor changes to the method of valuation of embedded commodity derivatives 
  
 
119 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
ifric 20 “stripping costs in the production phase of a surface mine” in open pit mining operations it is necessary to remove overburden and other waste 
materials in order to access ore from which minerals can be extracted economically the process of removing overburden and waste materials is referred to as 
stripping the group capitalises preproduction stripping costs incurred during the development of a mine or pit as part of the investment in construction of the 
mine or pit these costs are subsequently amortised over the life of the mine or pit on a units of production basis this accounting treatment is unchanged  
by the implementation of ifric 20 which specifies the accounting for production phase stripping costs only the group’s accounting policy for production phase 
stripping costs for 2012 and previous years was to defer costs where this was the most appropriate basis for matching the costs against the related economic 
benefits and the effect was material implementation of ifric 20 has changed the way in which the group accounts for production phase stripping costs and 
resulted in a writeoff to retained earnings on implementation ifric 20 is not fully retrospective the impact of adoption is calculated as at 1 january 2011 and 
comparatives are restated from that point on implementation of ifric 20 capitalised production phase stripping costs could only be carried forward if they could 
be identified with a remaining component of the orebody for the relevant business unit a net amount of us07 billion was therefore written off these capitalised 
costs pretax and noncontrolling interests which reduced retained earnings at 1 january 2011 by us04 billion post tax and noncontrolling interests 
amendments to ias 36 “recoverable amount disclosures for nonfinancial assets” the amendment clarifies the disclosures required in relation to the 
recoverable amount of impaired assets if that amount is based on fair value less costs of disposal the group has early adopted the amendment and the related 
disclosures are included in note 6  
the group has not applied the following pronouncements which are not mandatory for 2013 
mandatory for 2014  
amendments to ias 32 “financial instruments presentation – offsetting financial assets and financial liabilities” the amendment has been endorsed  
by the eu 
ifric 21 “levies” clarifies when to recognise a liability to pay a levy a levy is an outflow of resources embodying economic benefits that is imposed by 
governments on entities in accordance with legislation ifric 21 does not apply to items that are within the scope of other standards such as income taxes  
that are within the scope of ias 12 income taxes or fines and penalties ifric 21 has not yet been endorsed by the eu 
mandatory for 2015 and beyond and not yet endorsed by the eu 
ifrs 9 “financial instruments” addresses the classification measurement and recognition of financial assets and financial liabilities it replaces the parts of  
ias 39 “financial instruments recognition and measurement” that relate to the classification and measurement of financial instruments 
the group is currently evaluating the impact of these pronouncements which are not currently expected to materially impact the group’s earnings or  
shareholders’ funds  
judgments in applying accounting policies and key sources of estimation uncertainty 
the preparation of the financial statements requires the use of judgment in applying accounting policies and in making critical accounting estimates  
these judgments and estimates are based on management’s best knowledge of the relevant facts and circumstances having regard to previous experience  
but actual results may differ from the amounts included in the financial statements information about such significant judgments and estimation is contained  
in the accounting policies andor the notes to the financial statements and the key areas are summarised below 
areas of judgment that have the most significant effect on the amounts recognised in the financial statements are 
merger accounting for the 1995 merger of the economic interests of rio tinto plc and rio tinto limited into the dual listed companies dlc structure  
see dual listed companies structure on page 117  
acquisitions – note 1b and note 37  
review of asset carrying values impairment charges and reversals and the recoverability of goodwill – note 1e and i note 6 note 12 and note 13 
estimation of asset lives – note 1e and i  
determination of ore reserve estimates – note 1j  
provision for onerous contracts – note 1i 
closedown restoration and environmental obligations – note 1k  
deferral of stripping costs – note 1h  
recognition of deferred tax on mining rights recognised in acquisitions – note 1m  
recoverability of potential deferred tax assets – note 17 d and f  
capitalisation of exploration and evaluation costs – note 1f  
identification of functional currencies – note 1d 
basis of consolidation – note 1b and 
postretirement cost assumptions – note 1n 
key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the  
next financial year are 
review of asset carrying values impairment charges and reversals and the recoverability of goodwill – note1e and i note 6 note 12 and note 13 
estimation of closedown restoration and environmental costs and the timing of expenditure – note 1k and note 26  
estimation of obligations for postretirement costs – note 45  
recoverability of potential deferred tax assets – note 17d and f  
capitalisation of exploration and evaluation costs – note 1f and 
contingencies – note 31  
these areas of judgment and estimation are discussed further in critical accounting policies and estimates on page 129   riotintocomreportingcentre2013
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notes to the 2013 financial statements continued 
120 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
a accounting convention 
the financial information included in the financial statements for the year ended 31 december 2013 and for the related comparative periods has been prepared 
under the historical cost convention as modified by the revaluation of certain derivative contracts and financial assets the impact of fair value hedge accounting  
on the hedged item and the accounting for postretirement assets and obligations the group’s policy in respect of these items is set out in the notes below  
the group’s financial statements are presented in us dollars and all values are rounded to the nearest million usm unless otherwise stated  
b basis of consolidation 
the financial statements comprise the consolidation of the accounts of rio tinto plc and rio tinto limited together “the companies” and their respective 
subsidiaries together “the group” together with the group’s share of joint arrangements and associates accounted for as described below 
all intragroup transactions and balances have been eliminated on consolidation  
where necessary adjustments are made to the assets liabilities and results of subsidiaries joint arrangements and associates to bring their accounting policies  
into line with those used by the group 
subsidiaries subsidiaries are entities controlled by the companies control exists where the companies have power over the entities ie existing rights that give  
them the current ability to direct the relevant activities of the entities those that significantly affect the companies’ returns exposure or rights to variable returns 
from their involvement with the entities and the ability to use their power to affect those returns 
joint arrangements a joint arrangement is an arrangement of which two or more parties have joint control joint control is the contractually agreed sharing of 
control such that decisions about the relevant activities of the arrangement those that significantly affect the companies’ returns require the unanimous consent  
of the parties sharing control the group has two types of joint arrangement 
joint operations jos a jo is a joint arrangement in which the parties that share joint control have rights to the assets and obligations for the liabilities relating  
to the arrangement this includes situations where the parties benefit from the joint activity through a share of the output rather than by receiving a share of the 
results of trading in relation to its interest in a jo the group recognises its share of assets and liabilities revenue from the sale of its share of the output and its 
share of any revenue generated from the sale of the output by the jo and its share of expenses these are incorporated into the group’s financial statements  
under the appropriate headings 
joint ventures jvs a jv is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement jvs are accounted  
for using the equity accounting method  
associates an associate is an entity that is neither a subsidiary nor a joint arrangement over which the group has significant influence significant influence is 
presumed to exist where there is neither control nor joint control and the group has over 20 per cent of the voting rights unless it can be clearly demonstrated that 
this is not the case significant influence can arise where the group holds less than 20 per cent of the voting rights if it has the power to participate in the financial 
and operating policy decisions affecting the entity investments in associates are accounted for using the equity accounting method  
the group uses the term “equity accounted units” eaus to refer to associates and jvs collectively for all eaus the carrying value will include any longterm  
debt interests that in substance form part of the group’s net investment 
under the equity accounting method the investment is recorded initially at cost to the group including any goodwill on acquisition in subsequent periods the 
carrying amount of the investment is adjusted to reflect the group’s share of the eaus’ retained postacquisition profit or loss and other comprehensive income 
when the group’s share of losses in an eau equals or exceeds its interest in the eau including any other unsecured receivables the group does not recognise 
further losses unless it has incurred legal or constructive obligations or made payments on behalf of the eau 
acquisitions 
under the “acquisition” method of accounting for business combinations the purchase consideration is allocated to the identifiable assets acquired and liabilities  
and contingent liabilities assumed the identifiable net assets on the basis of their fair value at the date of acquisition which is the date on which control is obtained 
provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date the excess of the consideration transferred the amount of 
any noncontrolling interest in the acquiree and the acquisitiondate fair value of any previous equity interest in the acquiree over the fair value of the identifiable net 
assets acquired is recorded as goodwill any shortfall is immediately recognised in the income statement  
costs related to the acquisition of a subsidiary are expensed as incurred  
on an acquisitionbyacquisition basis the group recognises any noncontrolling interest in the acquiree either at the noncontrolling interest’s proportionate share 
of the acquiree’s identifiable net assets or at fair value in some cases noncontrolling interests may be treated as equity options and valued on that basis goodwill 
see note e and amounts attributable to noncontrolling interests will differ depending on the basis used  
where the group has a previously held noncontrolling interest in the acquiree this is remeasured to fair value at the date control is gained with any gain or loss 
recognised in the income statement the cash cost of the share purchase that gives rise to control is included within “investing activities” in the cash flow statement 
where the group increases its ownership interest in a subsidiary the difference between the purchase price and the carrying value of the share of net assets acquired 
is recorded in equity the cash cost of such purchases is included within “financing activities” in the cash flow statement 
the results of businesses acquired during the year are included in the consolidated financial statements from the date on which control joint control or significant 
influence commences 
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notes to the 2013 financial statements continued 
120 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
a accounting convention 
the financial information included in the financial statements for the year ended 31 december 2013 and for the related comparative periods has been prepared 
under the historical cost convention as modified by the revaluation of certain derivative contracts and financial assets the impact of fair value hedge accounting  
on the hedged item and the accounting for postretirement assets and obligations the group’s policy in respect of these items is set out in the notes below  
the group’s financial statements are presented in us dollars and all values are rounded to the nearest million usm unless otherwise stated  
b basis of consolidation 
the financial statements comprise the consolidation of the accounts of rio tinto plc and rio tinto limited together “the companies” and their respective 
subsidiaries together “the group” together with the group’s share of joint arrangements and associates accounted for as described below 
all intragroup transactions and balances have been eliminated on consolidation  
where necessary adjustments are made to the assets liabilities and results of subsidiaries joint arrangements and associates to bring their accounting policies  
into line with those used by the group 
subsidiaries subsidiaries are entities controlled by the companies control exists where the companies have power over the entities ie existing rights that give  
them the current ability to direct the relevant activities of the entities those that significantly affect the companies’ returns exposure or rights to variable returns 
from their involvement with the entities and the ability to use their power to affect those returns 
joint arrangements a joint arrangement is an arrangement of which two or more parties have joint control joint control is the contractually agreed sharing of 
control such that decisions about the relevant activities of the arrangement those that significantly affect the companies’ returns require the unanimous consent  
of the parties sharing control the group has two types of joint arrangement 
joint operations jos a jo is a joint arrangement in which the parties that share joint control have rights to the assets and obligations for the liabilities relating  
to the arrangement this includes situations where the parties benefit from the joint activity through a share of the output rather than by receiving a share of the 
results of trading in relation to its interest in a jo the group recognises its share of assets and liabilities revenue from the sale of its share of the output and its 
share of any revenue generated from the sale of the output by the jo and its share of expenses these are incorporated into the group’s financial statements  
under the appropriate headings 
joint ventures jvs a jv is a joint arrangement in which the parties that share joint control have rights to the net assets of the arrangement jvs are accounted  
for using the equity accounting method  
associates an associate is an entity that is neither a subsidiary nor a joint arrangement over which the group has significant influence significant influence is 
presumed to exist where there is neither control nor joint control and the group has over 20 per cent of the voting rights unless it can be clearly demonstrated that 
this is not the case significant influence can arise where the group holds less than 20 per cent of the voting rights if it has the power to participate in the financial 
and operating policy decisions affecting the entity investments in associates are accounted for using the equity accounting method  
the group uses the term “equity accounted units” eaus to refer to associates and jvs collectively for all eaus the carrying value will include any longterm  
debt interests that in substance form part of the group’s net investment 
under the equity accounting method the investment is recorded initially at cost to the group including any goodwill on acquisition in subsequent periods the 
carrying amount of the investment is adjusted to reflect the group’s share of the eaus’ retained postacquisition profit or loss and other comprehensive income 
when the group’s share of losses in an eau equals or exceeds its interest in the eau including any other unsecured receivables the group does not recognise 
further losses unless it has incurred legal or constructive obligations or made payments on behalf of the eau 
acquisitions 
under the “acquisition” method of accounting for business combinations the purchase consideration is allocated to the identifiable assets acquired and liabilities  
and contingent liabilities assumed the identifiable net assets on the basis of their fair value at the date of acquisition which is the date on which control is obtained 
provisional fair values allocated at a reporting date are finalised within 12 months of the acquisition date the excess of the consideration transferred the amount of 
any noncontrolling interest in the acquiree and the acquisitiondate fair value of any previous equity interest in the acquiree over the fair value of the identifiable net 
assets acquired is recorded as goodwill any shortfall is immediately recognised in the income statement  
costs related to the acquisition of a subsidiary are expensed as incurred  
on an acquisitionbyacquisition basis the group recognises any noncontrolling interest in the acquiree either at the noncontrolling interest’s proportionate share 
of the acquiree’s identifiable net assets or at fair value in some cases noncontrolling interests may be treated as equity options and valued on that basis goodwill 
see note e and amounts attributable to noncontrolling interests will differ depending on the basis used  
where the group has a previously held noncontrolling interest in the acquiree this is remeasured to fair value at the date control is gained with any gain or loss 
recognised in the income statement the cash cost of the share purchase that gives rise to control is included within “investing activities” in the cash flow statement 
where the group increases its ownership interest in a subsidiary the difference between the purchase price and the carrying value of the share of net assets acquired 
is recorded in equity the cash cost of such purchases is included within “financing activities” in the cash flow statement 
the results of businesses acquired during the year are included in the consolidated financial statements from the date on which control joint control or significant 
influence commences 
  
 
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disposals 
individual noncurrent assets or “disposal groups” ie groups of assets and liabilities to be disposed of by sale or otherwise in a single transaction are classified  
as “held for sale” if the following criteria are met at the period end 
the carrying amount will be recovered principally through a sale transaction rather than through continuing use and  
the disposal group is available for immediate sale in its present condition subject only to terms that are usual and customary for such sales and  
the sale is highly probable  
disposal groups held for sale are carried at the lower of their carrying amount and fair value less costs to sell the comparative statement of financial position is not 
restated disposal groups acquired with a view to resale are held at the fair value determined at the acquisition date for these assets acquired for resale no profits  
or losses are recognised between the acquisition date and the disposal date unless there is a subsequent impairment 
on classification as held for sale the assets are no longer depreciated  
the results of businesses disposed of are included in the consolidated financial statements until the date on which control joint control or significant influence 
ceases the cash proceeds of disposals are included within “investing activities” in the cash flow statement if control is lost any interest in the entity retained by  
the group is remeasured to its fair value and the change in carrying amount is recognised in the income statement the retained interest may be subsequently 
accounted for as a joint venture associate or financial asset depending on the facts any amounts previously recognised in other comprehensive income in respect  
of the entity disposed of or for which control joint control or significant influence has ceased may be recycled to the income statement in proportion to the interest 
disposed of  
gains or losses on disposals to noncontrolling interests where control is retained are recorded in equity the cash proceeds of such disposals are included within 
“financing activities” in the cash flow statement 
c sales revenue 
sales revenue comprises sales to third parties at invoiced amounts most sales are priced ex works free on board fob or cost insurance and freight cif amounts 
billed to customers in respect of shipping and handling are classified as sales revenue where the group is responsible for carriage insurance and freight all shipping 
and handling costs incurred by the group are recognised as operating costs if the group is acting solely as an agent amounts billed to customers are offset against 
the relevant costs revenue from services is recognised as services are rendered and accepted by the customer 
sales revenue excludes any applicable sales taxes mining royalties are presented as an operating cost or where they are in substance a profitbased tax  
within taxation 
revenues from the sale of significant byproducts such as gold are included in sales revenue sundry revenue incidental to the main revenuegenerating activities 
of the operations and which is a consequence of producing and selling the main products is treated as a credit to operating costs  
thirdparty commodity swap arrangements for delivery and receipt of smelter grade alumina are offset within operating costs 
sales revenue is only recognised on individual sales when all of the following criteria are met 
the significant risks and rewards of ownership of the product have been transferred to the buyer  
neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold has been retained  
the amount of revenue can be measured reliably  
it is probable that the economic benefits associated with the sale will flow to the group and  
the costs incurred or to be incurred in respect of the sale can be measured reliably  
these conditions are generally satisfied when title passes to the customer in most instances sales revenue is recognised when the product is delivered  
to the destination specified by the customer which is typically the vessel on which it will be shipped the destination port or the customer’s premises 
the majority of the group’s products are sold to customers under contracts which vary in tenure and pricing mechanisms with some volumes sold in the  
spot market 
pricing for iron ore is on a range of terms the majority being either monthly or quarterly average pricing mechanisms with a smaller proportion of iron ore  
volumes being sold on the spot market substantially all iron ore sales are reflected at final prices in the results for the period based on the best available 
information at the period end  
sales revenue is commonly subject to adjustment based on an inspection of the product by the customer in such cases sales revenue is initially recognised  
on a provisional basis using the group’s best estimate of contained metal and adjusted subsequently 
certain products are “provisionally priced” ie the selling price is subject to final adjustment at the end of a period normally ranging from 30 to 180 days after  
delivery to the customer the final price is based on the market price at the relevant quotation point stipulated in the contract 
as is customary in the industry revenue on provisionallypriced sales is recognised based on estimates of the fair value of the consideration receivable based on 
relevant forward market prices at each reporting date provisionally priced metal is marked to market based on the forward selling price for the quotational period 
stipulated in the contract for this purpose the selling price can be measured reliably for those products such as copper for which there exists an active and  
freelytraded commodity market such as the london metals exchange and the value of product sold by the group is directly linked to the form in which it is traded 
on that market 
the marking to market of provisionallypriced sales contracts is recorded as an adjustment to sales revenue information on provisionallypriced sales contracts  
is included in note 30  riotintocomreportingcentre2013
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d currency translation 
the functional currency for each entity in the group and for joint arrangements and associates is the currency of the primary economic environment in which that 
entity operates for many entities this is the currency of the country in which they are located transactions denominated in other currencies are converted to the 
functional currency at the exchange rate ruling at the date of the transaction monetary assets and liabilities denominated in foreign currencies are retranslated at 
year end exchange rates the group’s accounting policies for derivative financial instruments and hedge accounting are explained in more detail in note 1p iii  
the group’s financial statements are presented in us dollars as that presentation currency most reliably reflects the global business performance of the group  
as a whole on consolidation income statement items for each entity are translated from the functional currency into us dollars at average rates of exchange  
where the average is a reasonable approximation of rates prevailing on the transaction date statement of financial position items are translated into us dollars  
at periodend exchange rates  
exchange differences arising on the translation of the net assets of entities with functional currencies other than the us dollar are recognised directly in the foreign 
currency translation reserve these translation differences are shown in the statement of comprehensive income with the exception of translation adjustments 
relating to rio tinto limited’s share capital which are shown in the statement of changes in equity 
where an intragroup balance is in substance part of the group’s net investment in an entity exchange gains and losses on that balance are taken to the foreign 
currency translation reserve except as noted above or in note p below relating to derivative contracts all other exchange differences are charged or credited to  
the income statement in the year in which they arise 
e goodwill and intangible assets excluding exploration and evaluation expenditure 
goodwill is not amortised it is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment investments 
in eaus including any goodwill are tested for impairment as a single asset when a trigger for impairment has been identified the group’s impairment policy is 
explained in note 1i 
purchased intangible assets are initially recorded at cost finitelife intangible assets are amortised over their useful economic lives on a straight line or units of 
production basis as appropriate intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready for use are not amortised  
they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment in accordance with accounting 
policy note 1i 
the group considers that intangible assets have indefinite lives when based on an analysis of all of the relevant factors there is no foreseeable limit to the period 
over which the asset is expected to generate cash flows for the group the factors considered in making this determination include the existence of contractual rights 
for unlimited terms or evidence that renewal of the contractual rights without significant incremental cost can be expected for indefinite future periods in view of the 
group’s investment intentions the life cycles of the products and processes that depend on the asset are also considered  
f exploration and evaluation 
exploration and evaluation expenditure comprises costs that are directly attributable to 
researching and analysing existing exploration data  
conducting geological studies exploratory drilling and sampling  
examining and testing extraction and treatment methods andor  
compiling prefeasibility and feasibility studies  
exploration expenditure relates to the initial search for deposits with economic potential evaluation expenditure arises from a detailed assessment of deposits  
or other projects that have been identified as having economic potential expenditure on exploration activity is not capitalised 
capitalisation of evaluation expenditure commences when there is a high degree of confidence that the group will determine that a project is commercially viable 
and therefore it is considered probable that future economic benefits will flow to the group 
the carrying values of capitalised evaluation expenditure are reviewed for impairment twice a year by management in the case of undeveloped mining projects 
projects for which the decision to mine has not yet been approved at the appropriate authorisation level within the group which have arisen through acquisition 
there may be only inferred resources to form a basis for that review the review is based on a status report summarising the group’s intentions for development  
in some cases undeveloped projects are regarded as successors to orebodies smelters or refineries currently in production where this is the case it is intended  
that these will be developed and go into production when the current source of ore is exhausted or to replace the output when existing smelters andor refineries  
are closed it is often the case that technological and other improvements will allow successor smelters andor refineries to more than replace the capacity of  
their predecessors 
g property plant and equipment 
property plant and equipment is stated at cost as defined in ias 16 less accumulated depreciation and accumulated impairment losses the cost of property  
plant and equipment includes the estimated closedown and restoration costs associated with the asset once an undeveloped mining project has been established 
as commercially viable and approval to mine has been given expenditure other than that on land buildings plant and equipment is capitalised under “mining 
properties and leases” together with any amount transferred from “exploration and evaluation” commercial viability is deemed to be achieved when the group 
determines that the project will provide a satisfactory return relative to its perceived risks ore reserves may be declared for an undeveloped mining project before  
its commercial viability has been fully determined evaluation costs may continue to be capitalised during the period between declaration of reserves and approval  
to mine as further work is undertaken in order to refine the development case to maximise the project’s returns 
costs of evaluation of an undeveloped smelter or refinery project are capitalised under “capital works in progress” provided that there is a high degree of confidence 
that the project will be deemed to be commercially viable 
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notes to the 2013 financial statements continued 
122 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
d currency translation 
the functional currency for each entity in the group and for joint arrangements and associates is the currency of the primary economic environment in which that 
entity operates for many entities this is the currency of the country in which they are located transactions denominated in other currencies are converted to the 
functional currency at the exchange rate ruling at the date of the transaction monetary assets and liabilities denominated in foreign currencies are retranslated at 
year end exchange rates the group’s accounting policies for derivative financial instruments and hedge accounting are explained in more detail in note 1p iii  
the group’s financial statements are presented in us dollars as that presentation currency most reliably reflects the global business performance of the group  
as a whole on consolidation income statement items for each entity are translated from the functional currency into us dollars at average rates of exchange  
where the average is a reasonable approximation of rates prevailing on the transaction date statement of financial position items are translated into us dollars  
at periodend exchange rates  
exchange differences arising on the translation of the net assets of entities with functional currencies other than the us dollar are recognised directly in the foreign 
currency translation reserve these translation differences are shown in the statement of comprehensive income with the exception of translation adjustments 
relating to rio tinto limited’s share capital which are shown in the statement of changes in equity 
where an intragroup balance is in substance part of the group’s net investment in an entity exchange gains and losses on that balance are taken to the foreign 
currency translation reserve except as noted above or in note p below relating to derivative contracts all other exchange differences are charged or credited to  
the income statement in the year in which they arise 
e goodwill and intangible assets excluding exploration and evaluation expenditure 
goodwill is not amortised it is tested annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment investments 
in eaus including any goodwill are tested for impairment as a single asset when a trigger for impairment has been identified the group’s impairment policy is 
explained in note 1i 
purchased intangible assets are initially recorded at cost finitelife intangible assets are amortised over their useful economic lives on a straight line or units of 
production basis as appropriate intangible assets that are deemed to have indefinite lives and intangible assets that are not yet ready for use are not amortised  
they are reviewed annually for impairment or more frequently if events or changes in circumstances indicate a potential impairment in accordance with accounting 
policy note 1i 
the group considers that intangible assets have indefinite lives when based on an analysis of all of the relevant factors there is no foreseeable limit to the period 
over which the asset is expected to generate cash flows for the group the factors considered in making this determination include the existence of contractual rights 
for unlimited terms or evidence that renewal of the contractual rights without significant incremental cost can be expected for indefinite future periods in view of the 
group’s investment intentions the life cycles of the products and processes that depend on the asset are also considered  
f exploration and evaluation 
exploration and evaluation expenditure comprises costs that are directly attributable to 
researching and analysing existing exploration data  
conducting geological studies exploratory drilling and sampling  
examining and testing extraction and treatment methods andor  
compiling prefeasibility and feasibility studies  
exploration expenditure relates to the initial search for deposits with economic potential evaluation expenditure arises from a detailed assessment of deposits  
or other projects that have been identified as having economic potential expenditure on exploration activity is not capitalised 
capitalisation of evaluation expenditure commences when there is a high degree of confidence that the group will determine that a project is commercially viable 
and therefore it is considered probable that future economic benefits will flow to the group 
the carrying values of capitalised evaluation expenditure are reviewed for impairment twice a year by management in the case of undeveloped mining projects 
projects for which the decision to mine has not yet been approved at the appropriate authorisation level within the group which have arisen through acquisition 
there may be only inferred resources to form a basis for that review the review is based on a status report summarising the group’s intentions for development  
in some cases undeveloped projects are regarded as successors to orebodies smelters or refineries currently in production where this is the case it is intended  
that these will be developed and go into production when the current source of ore is exhausted or to replace the output when existing smelters andor refineries  
are closed it is often the case that technological and other improvements will allow successor smelters andor refineries to more than replace the capacity of  
their predecessors 
g property plant and equipment 
property plant and equipment is stated at cost as defined in ias 16 less accumulated depreciation and accumulated impairment losses the cost of property  
plant and equipment includes the estimated closedown and restoration costs associated with the asset once an undeveloped mining project has been established 
as commercially viable and approval to mine has been given expenditure other than that on land buildings plant and equipment is capitalised under “mining 
properties and leases” together with any amount transferred from “exploration and evaluation” commercial viability is deemed to be achieved when the group 
determines that the project will provide a satisfactory return relative to its perceived risks ore reserves may be declared for an undeveloped mining project before  
its commercial viability has been fully determined evaluation costs may continue to be capitalised during the period between declaration of reserves and approval  
to mine as further work is undertaken in order to refine the development case to maximise the project’s returns 
costs of evaluation of an undeveloped smelter or refinery project are capitalised under “capital works in progress” provided that there is a high degree of confidence 
that the project will be deemed to be commercially viable 
  
 
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costs which are necessarily incurred whilst commissioning new assets in the period before they are capable of operating in the manner intended by management 
are capitalised development costs incurred after the commencement of production are capitalised to the extent they are expected to give rise to a future economic 
benefit interest on borrowings related to construction or development projects is capitalised at the rate payable on projectspecific debt if applicable or at the 
group’s cost of borrowing if not until the point when substantially all the activities that are necessary to make the asset ready for its intended use are complete 
h deferred stripping 
in open pit mining operations it is necessary to remove overburden and other waste materials to access ore from which minerals can be extracted economically  
the process of removing overburden and waste materials is referred to as stripping during the development of a mine or pit before production commences 
stripping costs are capitalised as part of the investment in construction of the mine or pit and are subsequently amortised over the life of the mine or pit on  
a units of production basis 
where a mine operates several open pits that are regarded as separate operations for the purpose of mine planning initial stripping costs are accounted for 
separately by reference to the ore from each separate pit if however the pits are highly integrated for the purpose of mine planning the second and subsequent  
pits are regarded as extensions of the first pit in accounting for stripping costs in such cases the initial stripping ie overburden and other waste removal of the 
second and subsequent pits is considered to be production phase stripping and accounted for by reference to the specific volume of the orebody that is made  
more accessible by the stripping activity 
the group’s determination of whether multiple pit mines are considered separate or integrated operations depends on each mine’s specific circumstances  
the following factors would point towards the initial stripping costs for the individual pits being accounted for separately 
if mining of the second and subsequent pits is conducted consecutively with that of the first pit rather than concurrently  
if separate investment decisions are made to develop each pit rather than a single investment decision being made at the outset  
if the pits are operated as separate units in terms of mine planning and the sequencing of overburden removal and ore mining rather than as an integrated unit  
if expenditures for additional infrastructure to support the second and subsequent pits are relatively large  
if the pits extract ore from separate and distinct orebodies rather than from a single orebody  
if the designs of the second and subsequent pits are significantly influenced by opportunities to optimise output from the several pits combined including the  
cotreatment or blending of the output from the pits then this would point to treatment as an integrated operation in accounting for stripping costs  
the relative importance of each of the above factors is considered in each case  
in order for production phase stripping costs to qualify for capitalisation as a stripping activity asset three criteria must be met 
it must be probable that economic benefit will be realised in a future accounting period as a result of improved access to the orebody created by the stripping 
activity and 
it must be possible to identify the “component” of the orebody for which access has been improved and 
it must be possible to reliably measure the costs that relate to the stripping activity 
a “component” is a specific volume of the orebody that is made more accessible by the stripping activity it will typically be a subset of the larger orebody that  
is distinguished by a separate useful economic life 
when the cost of stripping related to development which has a future benefit is not distinguishable from the cost of producing current inventories ie there is a 
mixture of waste being removed to extract ore in the current period as well as waste being removed to allow extraction of ore in future periods the stripping costs  
are allocated to each activity based on a relevant production measure generally the measure would be calculated based on a ratio ratio obtained by dividing  
the tonnage of waste mined for the component for the period either by the quantity of ore mined for the component or by the quantity of minerals contained in the 
ore mined for the component in some operations the quantity of ore is a more appropriate basis for allocating costs particularly where there are significant by
products stripping costs incurred in the period related to the component are deferred to the extent that the current period ratio exceeds the life of component  
ratio the stripping activity asset is depreciated on a “units of production” basis based on expected production of either ore or contained minerals over the life of  
the component unless another method is more appropriate 
the life of component ratios are based on proved and probable reserves of the mine and for some mines other mineral resources and the annual mine plan  
they are a function of the mine design and therefore changes to that design will generally result in changes to the ratios changes in other technical or economic 
parameters that impact on reserves may also have an impact on the life of component ratios even if they do not affect the mine design changes to the life of 
component ratios are accounted for prospectively it may be the case that subsequent phases of stripping will access additional ore and that these subsequent 
phases are only possible after the first phase has taken place where applicable the group considers this on a minebymine basis generally the only ore attributed 
to the stripping activity asset for the purposes of calculating a life of component ratio and for the purposes of amortisation is the ore to be extracted from the 
originally identified component 
deferred stripping costs are included in “mining properties and leases” within “property plant and equipment” or within “investments in equity accounted units”  
as appropriate amortisation of deferred stripping costs is included in “net operating costs” or in “share of profit after tax of equity accounted units” as appropriate 
   riotintocomreportingcentre2013
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1  principal accounting policies continued 
i depreciation and impairment 
depreciation of noncurrent assets 
property plant and equipment is depreciated over its useful life or over the remaining life of the mine if that is shorter and there is no alternative use for the asset  
the useful lives of the major assets of a cashgenerating unit are often dependent on the life of the orebody to which they relate where this is the case the lives  
of mining properties and their associated refineries concentrators and other longlived processing equipment generally relate to the expected life of the orebody 
the life of the orebody in turn is estimated on the basis of the lifeofmine plan where the major assets of a cashgenerating unit are not dependent on the life  
of a related orebody management applies judgment in estimating the remaining service potential of longlived assets in the case of smelters factors affecting  
the remaining service potential include smelter technology and electricity purchase contracts when the power is not sourced from the company’s or certain local 
government’s electricity generating capacity 
the useful lives and residual values for material assets and categories of assets are reviewed annually and charges reflected prospectively 
depreciation commences when an asset is available for use the major categories of property plant and equipment are depreciated on a units of production  
andor straightline basis as follows 
units of production basis 
for mining properties and leases and certain mining equipment the consumption of the economic benefits of the asset is linked to the production level  
except as noted below these assets are depreciated on a units of production basis 
in applying the units of production method depreciation is normally calculated based on production in the period as a percentage of total expected production in 
current and future periods based on proved and probable reserves and for some mines other mineral resources these other mineral resources may be included  
in depreciation calculations in limited circumstances and where there is a high degree of confidence in their economic extraction this would be the case when  
the other mineral resources do not yet have the status of reserves merely because the necessary detailed evaluation work has not yet been performed and the 
responsible technical personnel agree that inclusion of a proportion of measured and indicated resources is appropriate based on historic reserve conversion rates 
such inclusion would usually only occur in situations where there are very large areas of contiguous mineralisation for which the economic viability is not sensitive  
to likely variations in grade as may be the case for certain iron ore bauxite and industrial minerals deposits the required level of confidence is unlikely to exist for 
minerals that are typically found in lowgrade ore compared with the above such as copper or gold in these cases specific areas of mineralisation have to be 
evaluated in considerable detail before their economic status can be predicted with confidence where measured and indicated resources are used in the calculation 
of depreciation for infrastructure primarily rail and port which will benefit current and future mines then the measured and indicated resources may relate to mines 
which are currently in production or to mines which will be brought into production in the future the quantum of resources is determined taking into account future 
capital costs as required by the joint ore reserves committee jorc code the depreciation calculation however does not take into account future development 
costs for mines which are not yet in production measured and indicated resources are currently only incorporated into depreciation calculations in the group’s 
australian iron ore business  
straightline basis 
assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than  
the related mine are depreciated on a straightline basis  
impairment of noncurrent assets 
property plant and equipment and intangible assets with finite lives are reviewed for impairment if there is an indication that the carrying amount may  
not be recoverable all goodwill and intangible assets that are not yet ready for use or have an indefinite life are tested annually for impairment as at  
30 september regardless of whether there has been an impairment trigger or more frequently if events or changes in circumstances indicate a  
potential impairment  
impairment is assessed at the level of cashgenerating units which in accordance with ias 36 “impairment of assets” are identified as the smallest identifiable  
group of assets that generate cash inflows which are largely independent of the cash inflows from other assets the existence of an active market for intermediate 
products is also monitored and separate cashgenerating units are identified even if the majority of those products are further processed internally and therefore  
the cash flows are not independent  
in some cases individual business units consist of several operations with independent cashgenerating streams which constitute separate cashgenerating units 
goodwill acquired through business combinations is allocated to the cashgenerating unit or groups of cashgenerating units if that is the lowest level within the 
group at which goodwill is monitored for internal management purposes that are expected to benefit from the related business combination  
when an impairment review is undertaken the recoverable amount is assessed by reference to the higher of value in use being the net present value of expected 
future cash flows of the relevant cashgenerating unit in its current condition and fair value less costs of disposal fvlcd  
when the recoverable amount of the cashgenerating unit has been measured by reference to fvlcd this amount has been further classified in accordance with the 
fair value hierarchy for observable market data that is consistent with the unit of account for the cashgenerating unit being tested the best evidence of fvlcd is the 
value obtained from an active market or binding sale agreement and the recoverable amount is classified in the fair value hierarchy as level 1 when fvlcd is based 
on quoted prices for equity instruments but adjusted to reflect factors such as a lack of liquidity in the market the recoverable amount is classified as level 2 in the 
fair value hierarchy no cashgenerating units are currently assessed for impairment by reference to a recoverable amount based on fvlcd classified as level 2 
where unobservable inputs are material to the measurement of the recoverable amount fvlcd is based on the best information available to reflect the amount  
the group could receive for the cashgenerating unit in an orderly transaction between market participants at the measurement date this is often estimated using 
discounted cash flow techniques and is classified as level 3 in the fair value hierarchy 
where the recoverable amount is assessed using fvlcd based on discounted cash flow techniques the resulting estimates are based on detailed “lifeofmine” 
andor production plans  riotintocomreportingcentre2013
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notes to the 2013 financial statements continued 
124 
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1  principal accounting policies continued 
i depreciation and impairment 
depreciation of noncurrent assets 
property plant and equipment is depreciated over its useful life or over the remaining life of the mine if that is shorter and there is no alternative use for the asset  
the useful lives of the major assets of a cashgenerating unit are often dependent on the life of the orebody to which they relate where this is the case the lives  
of mining properties and their associated refineries concentrators and other longlived processing equipment generally relate to the expected life of the orebody 
the life of the orebody in turn is estimated on the basis of the lifeofmine plan where the major assets of a cashgenerating unit are not dependent on the life  
of a related orebody management applies judgment in estimating the remaining service potential of longlived assets in the case of smelters factors affecting  
the remaining service potential include smelter technology and electricity purchase contracts when the power is not sourced from the company’s or certain local 
government’s electricity generating capacity 
the useful lives and residual values for material assets and categories of assets are reviewed annually and charges reflected prospectively 
depreciation commences when an asset is available for use the major categories of property plant and equipment are depreciated on a units of production  
andor straightline basis as follows 
units of production basis 
for mining properties and leases and certain mining equipment the consumption of the economic benefits of the asset is linked to the production level  
except as noted below these assets are depreciated on a units of production basis 
in applying the units of production method depreciation is normally calculated based on production in the period as a percentage of total expected production in 
current and future periods based on proved and probable reserves and for some mines other mineral resources these other mineral resources may be included  
in depreciation calculations in limited circumstances and where there is a high degree of confidence in their economic extraction this would be the case when  
the other mineral resources do not yet have the status of reserves merely because the necessary detailed evaluation work has not yet been performed and the 
responsible technical personnel agree that inclusion of a proportion of measured and indicated resources is appropriate based on historic reserve conversion rates 
such inclusion would usually only occur in situations where there are very large areas of contiguous mineralisation for which the economic viability is not sensitive  
to likely variations in grade as may be the case for certain iron ore bauxite and industrial minerals deposits the required level of confidence is unlikely to exist for 
minerals that are typically found in lowgrade ore compared with the above such as copper or gold in these cases specific areas of mineralisation have to be 
evaluated in considerable detail before their economic status can be predicted with confidence where measured and indicated resources are used in the calculation 
of depreciation for infrastructure primarily rail and port which will benefit current and future mines then the measured and indicated resources may relate to mines 
which are currently in production or to mines which will be brought into production in the future the quantum of resources is determined taking into account future 
capital costs as required by the joint ore reserves committee jorc code the depreciation calculation however does not take into account future development 
costs for mines which are not yet in production measured and indicated resources are currently only incorporated into depreciation calculations in the group’s 
australian iron ore business  
straightline basis 
assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than  
the related mine are depreciated on a straightline basis  
impairment of noncurrent assets 
property plant and equipment and intangible assets with finite lives are reviewed for impairment if there is an indication that the carrying amount may  
not be recoverable all goodwill and intangible assets that are not yet ready for use or have an indefinite life are tested annually for impairment as at  
30 september regardless of whether there has been an impairment trigger or more frequently if events or changes in circumstances indicate a  
potential impairment  
impairment is assessed at the level of cashgenerating units which in accordance with ias 36 “impairment of assets” are identified as the smallest identifiable  
group of assets that generate cash inflows which are largely independent of the cash inflows from other assets the existence of an active market for intermediate 
products is also monitored and separate cashgenerating units are identified even if the majority of those products are further processed internally and therefore  
the cash flows are not independent  
in some cases individual business units consist of several operations with independent cashgenerating streams which constitute separate cashgenerating units 
goodwill acquired through business combinations is allocated to the cashgenerating unit or groups of cashgenerating units if that is the lowest level within the 
group at which goodwill is monitored for internal management purposes that are expected to benefit from the related business combination  
when an impairment review is undertaken the recoverable amount is assessed by reference to the higher of value in use being the net present value of expected 
future cash flows of the relevant cashgenerating unit in its current condition and fair value less costs of disposal fvlcd  
when the recoverable amount of the cashgenerating unit has been measured by reference to fvlcd this amount has been further classified in accordance with the 
fair value hierarchy for observable market data that is consistent with the unit of account for the cashgenerating unit being tested the best evidence of fvlcd is the 
value obtained from an active market or binding sale agreement and the recoverable amount is classified in the fair value hierarchy as level 1 when fvlcd is based 
on quoted prices for equity instruments but adjusted to reflect factors such as a lack of liquidity in the market the recoverable amount is classified as level 2 in the 
fair value hierarchy no cashgenerating units are currently assessed for impairment by reference to a recoverable amount based on fvlcd classified as level 2 
where unobservable inputs are material to the measurement of the recoverable amount fvlcd is based on the best information available to reflect the amount  
the group could receive for the cashgenerating unit in an orderly transaction between market participants at the measurement date this is often estimated using 
discounted cash flow techniques and is classified as level 3 in the fair value hierarchy 
where the recoverable amount is assessed using fvlcd based on discounted cash flow techniques the resulting estimates are based on detailed “lifeofmine” 
andor production plans 
 
125 
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the cash flow forecasts for fvlcd purposes are based on management’s best estimates of expected future revenues and costs including the future cash costs  
of production capital expenditure closure restoration and environmental costs for the purposes of determining fvlcd from a market participant’s perspective  
the cash flows incorporate management’s price and cost assumptions in the short and medium term in the longer term operating margins are assumed to remain 
constant where appropriate as it is considered unlikely that a market participant would prepare detailed forecasts over a longer term the cash flow forecasts may 
include net cash flows expected to be realised from extraction processing and sale of material that does not currently qualify for inclusion in proved or probable  
ore reserves such nonreserve material is only included where there is a high degree of confidence in its economic extraction this expectation is usually based  
on preliminary drilling and sampling of areas of mineralisation that are contiguous with existing reserves typically the additional evaluation to achieve reserve  
status for such material has not yet been done because this would involve incurring evaluation costs earlier than is required for the efficient planning and operation 
of the mine 
as noted above cost levels incorporated in the cash flow forecasts for fvlcd purposes are based on the current lifeofmine plan or long term production plan  
for the cashgenerating unit this differs from value in use which requires future cash flows to be estimated for the asset in its current condition and therefore does 
not include future cash flows associated with improving or enhancing an asset’s performance anticipated enhancements to assets may be included in fvlcd 
calculations and therefore generally result in a higher value 
where the recoverable amount of a cashgenerating unit is dependent on the life of its associated orebody expected future cash flows reflect longterm mine plans 
which are based on detailed research analysis and iterative modelling to optimise the level of return from investment output and sequence of extraction the mine 
plan takes account of all relevant characteristics of the orebody including wastetoore ratios ore grades haul distances chemical and metallurgical properties of 
the ore impacting on process recoveries and capacities of processing equipment that can be used the lifeofmine plan is therefore the basis for forecasting 
production output and production costs in each future year 
forecast cash flows for ore reserve estimation for jorc purposes are generally based on rio tinto’s commodity price forecasts which assume shortterm market 
prices will revert to the group’s assessment of the longterm price generally over a period of three to five years for most commodities these forecast commodity 
prices are derived from a combination of analyses of the marginal costs of the producers and of the incentive price of these commodities these assessments often 
differ from current price levels and are updated periodically the group does not believe that published medium and longterm forward prices provide a good 
indication of future levels because they tend to be strongly influenced by spot prices these price forecasts are also used for impairment testing unless management 
deems that in certain economic environments a market participant would not assign rio tinto’s view on prices in which case management estimates the 
assumptions that a market participant would be expected to use  
in some cases prices applying to some part of the future sales volumes of a cashgenerating unit are predetermined by existing sales contracts the effects of such 
contracts are taken into account in forecasting future cash flows 
the discount rates applied to the future cash flow forecasts represent an estimate of the rate the market would apply having regard to the time value of money and 
the risks specific to the asset for which the future cash flow estimates have not been adjusted the group’s weighted average cost of capital is used as a starting 
point for determining the discount rates with appropriate adjustments for the risk profile of the countries in which the individual cashgenerating units operate  
for final feasibility studies and ore reserve estimation internal hurdle rates which are generally higher than the weighted average cost of capital are used 
for operations with a functional currency other than the us dollar the impairment review is undertaken in the relevant functional currency the great majority  
of the group’s sales are based on prices denominated in us dollars to the extent that the currencies of countries in which the group produces commodities 
strengthen against the us dollar without commodity price offset cash flows and therefore net present values are reduced 
in estimating fvlcd a forecast of the longterm exchange rates for the australian and canadian dollars is made having regard to spot exchange rates historical  
data and external forecasts and is linked to price assumptions management considers that over the long term there is a tendency for movements in commodity 
prices to compensate to some extent for movements in the value of the us dollar and vice versa however such compensating changes are not synchronised  
and do not fully offset each other 
ias 36 requires that value in use be based on exchange rates current at the time of the assessment 
noncurrent assets excluding goodwill that have suffered impairment are reviewed whenever events or changes in circumstances indicate that the impairment  
loss may no longer exist or may have decreased if appropriate an impairment reversal will be recognised 
an onerous contract is defined under ias 37 “provisions contingent liabilities and contingent assets” as a contract under which the unavoidable costs of meeting 
the obligations under the contract exceed the economic benefits expected to be received under it however no provision is required provided that the assets 
dedicated to the contract which may be the wider cashgenerating unit of which the business unit forms part are not fully impaired  
j determination of ore reserve estimates 
the group estimates its ore reserves and mineral resources based on information compiled by competent persons as defined in accordance with the australasian 
code for reporting of exploration results mineral resources and ore reserves of december 2012 the jorc code reserves and for certain mines other mineral 
resources determined in this way are used in the calculation of depreciation amortisation and impairment charges and for forecasting the timing of the payment  
of closedown and restoration costs and environmental costs 
the depreciation and impairment policy above notes instances in which mineral resources are taken into account for accounting purposes in addition value may  
be attributed to mineral resources in purchase price allocations undertaken for the purposes of business combination accounting 
k closedown restoration and environmental obligations 
the group has provisions for closedown and restoration costs which include the dismantling and demolition of infrastructure and the removal of residual materials 
and remediation of disturbed areas for the mines and certain refineries and smelters  
closedown and restoration costs are a normal consequence of mining or production and the majority of closedown and restoration expenditure is incurred at the 
end of the life of the mine refinery or smelter although the ultimate cost to be incurred is uncertain the group’s businesses estimate their costs based on feasibility 
and engineering studies using current restoration standards and techniques  riotintocomreportingcentre2013
126
notes to the 2013 financial statements continued 
126 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
closedown and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs based on the net  
present value of estimated future costs with where appropriate probability weighting of the different remediation closure or other activities required to achieve 
relinquishment this may occur during development or during the production phase of a facility 
provisions for closedown and restoration costs do not include any additional obligations which are expected to arise from future disturbance the costs are 
estimated on the basis of a closure plan and are updated annually during the life of the operation to reflect known developments eg revisions to cost estimates  
and to the estimated lives of operations the estimates are subject to formal review at regular intervals 
the initial closedown and restoration provision is capitalised within “property plant and equipment” subsequent movements in the closedown and restoration 
provisions including those resulting from new disturbance updated cost estimates changes to the estimated lives of operations and revisions to discount rates are 
also capitalised within “property plant and equipment” these costs are then depreciated over the lives of the assets to which they relate 
the amortisation or “unwinding” of the discount applied in establishing the net present value of provisions is charged to the income statement in each accounting 
period the amortisation of the discount is shown within “finance items” in the income statement  
where rehabilitation is conducted systematically over the life of the operation rather than at the time of closure provision is made for the estimated outstanding 
continuous rehabilitation work at each statement of financial position date and the cost is charged to the income statement 
environmental costs result from environmental damage that was not a necessary consequence of operations and may include remediation compensation and 
penalties provision is made for the estimated present value of such costs at the statement of financial position date these costs are charged to “net operating 
costs” except for the unwinding of the discount which is shown within “finance items”  
remediation procedures may commence soon after the time the disturbance remediation process and estimated remediation costs become known but can 
continue for many years depending on the nature of the disturbance and the remediation techniques used 
l inventories 
inventories are valued at the lower of cost and net realisable value primarily on a weighted average cost basis average costs are calculated by reference to the cost 
levels experienced in the relevant month together with those in opening inventory the cost of raw materials and consumable stores is the purchase price the cost 
of partlyprocessed and saleable products is generally the cost of production including  
labour costs materials and contractor expenses which are directly attributable to the extraction and processing of ore and the production of alumina  
and aluminium  
the depreciation of mining properties and leases and of property plant and equipment used in the extraction and processing of ore and the production  
of alumina and aluminium and  
production overheads  
work in progress includes ore stockpiles and other partly processed material stockpiles represent ore that has been extracted and is available for further processing 
if there is significant uncertainty as to when the stockpiled ore will be processed the ore is expensed as mined where the future processing of this ore can be 
predicted with confidence eg because it exceeds the mine’s cutoff grade it is valued at the lower of cost and net realisable value if the ore will not be processed 
within the 12 months after the statement of financial position date it is included within noncurrent assets and net realisable value is calculated on a discounted  
cash flow basis quantities of stockpiled ore are assessed primarily through surveys and assays 
m taxation 
current tax is the tax expected to be payable on the taxable income for the year calculated using rates that have been enacted or substantively enacted by the 
statement of financial position date it includes adjustments for tax expected to be payable or recoverable in respect of previous periods 
deferred tax is provided in respect of fair value adjustments on acquisitions these adjustments may relate to assets such as mining rights that in general are not 
eligible for income tax allowances provision for deferred tax is based on the difference between the carrying value of the asset and its income tax base which may  
be nil even where there is no income tax base the existence of a tax base for capital gains tax purposes is not taken into account in determining the deferred tax 
provision for the mining rights because it is expected that the carrying amount will be recovered primarily through use of the rights and not from disposal  
n postemployment benefits 
the group operates a number of defined benefit plans which provide lump sums pensions medical benefits and life insurance to retirees for postretirement 
defined benefit plans the difference between the fair value of any plan assets and the present value of the plan obligations is recognised as an asset or liability  
in the statement of financial position 
where appropriate the recognition of assets may be restricted to the present value of any amounts the group expects to recover by way of refunds from the plan  
or reductions in future contributions  
actuarial gains and losses arising in the year are creditedcharged to the statement of comprehensive income and comprise the effects of changes in actuarial 
assumptions and experience adjustments due to differences between the previous actuarial assumptions and what has actually occurred in particular the  
difference between the interest income and the actual return on plan assets is recognised in the statement of comprehensive income 
other movements in the net surplus or deficit which include the current service cost any past service cost and the effect of any curtailment or settlements are 
recognised in the income statement the interest cost less interest income on assets held in the plans is also charged to the income statement all amounts charged 
to the income statement in respect of these plans are included within “net operating costs” or in “share of profit after tax of equity accounted units” as appropriate 
the most significant assumptions used in accounting for pension plans are the discount rate the inflation assumption and the mortality assumptions the discount 
rate is used to determine the net present value of the obligations the interest cost on the obligations and the interest income on plan assets the discount rate used 
is the yield on highquality corporate bonds with maturities and terms that match those of the postretirement obligations as closely as possible where there is no 
developed corporate bond market in a country the rate on government bonds is used each period the resulting interest cost net of the interest income on assets   riotintocomreportingcentre2013
127
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
126 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
closedown and restoration costs are provided for in the accounting period when the obligation arising from the related disturbance occurs based on the net  
present value of estimated future costs with where appropriate probability weighting of the different remediation closure or other activities required to achieve 
relinquishment this may occur during development or during the production phase of a facility 
provisions for closedown and restoration costs do not include any additional obligations which are expected to arise from future disturbance the costs are 
estimated on the basis of a closure plan and are updated annually during the life of the operation to reflect known developments eg revisions to cost estimates  
and to the estimated lives of operations the estimates are subject to formal review at regular intervals 
the initial closedown and restoration provision is capitalised within “property plant and equipment” subsequent movements in the closedown and restoration 
provisions including those resulting from new disturbance updated cost estimates changes to the estimated lives of operations and revisions to discount rates are 
also capitalised within “property plant and equipment” these costs are then depreciated over the lives of the assets to which they relate 
the amortisation or “unwinding” of the discount applied in establishing the net present value of provisions is charged to the income statement in each accounting 
period the amortisation of the discount is shown within “finance items” in the income statement  
where rehabilitation is conducted systematically over the life of the operation rather than at the time of closure provision is made for the estimated outstanding 
continuous rehabilitation work at each statement of financial position date and the cost is charged to the income statement 
environmental costs result from environmental damage that was not a necessary consequence of operations and may include remediation compensation and 
penalties provision is made for the estimated present value of such costs at the statement of financial position date these costs are charged to “net operating 
costs” except for the unwinding of the discount which is shown within “finance items”  
remediation procedures may commence soon after the time the disturbance remediation process and estimated remediation costs become known but can 
continue for many years depending on the nature of the disturbance and the remediation techniques used 
l inventories 
inventories are valued at the lower of cost and net realisable value primarily on a weighted average cost basis average costs are calculated by reference to the cost 
levels experienced in the relevant month together with those in opening inventory the cost of raw materials and consumable stores is the purchase price the cost 
of partlyprocessed and saleable products is generally the cost of production including  
labour costs materials and contractor expenses which are directly attributable to the extraction and processing of ore and the production of alumina  
and aluminium  
the depreciation of mining properties and leases and of property plant and equipment used in the extraction and processing of ore and the production  
of alumina and aluminium and  
production overheads  
work in progress includes ore stockpiles and other partly processed material stockpiles represent ore that has been extracted and is available for further processing 
if there is significant uncertainty as to when the stockpiled ore will be processed the ore is expensed as mined where the future processing of this ore can be 
predicted with confidence eg because it exceeds the mine’s cutoff grade it is valued at the lower of cost and net realisable value if the ore will not be processed 
within the 12 months after the statement of financial position date it is included within noncurrent assets and net realisable value is calculated on a discounted  
cash flow basis quantities of stockpiled ore are assessed primarily through surveys and assays 
m taxation 
current tax is the tax expected to be payable on the taxable income for the year calculated using rates that have been enacted or substantively enacted by the 
statement of financial position date it includes adjustments for tax expected to be payable or recoverable in respect of previous periods 
deferred tax is provided in respect of fair value adjustments on acquisitions these adjustments may relate to assets such as mining rights that in general are not 
eligible for income tax allowances provision for deferred tax is based on the difference between the carrying value of the asset and its income tax base which may  
be nil even where there is no income tax base the existence of a tax base for capital gains tax purposes is not taken into account in determining the deferred tax 
provision for the mining rights because it is expected that the carrying amount will be recovered primarily through use of the rights and not from disposal  
n postemployment benefits 
the group operates a number of defined benefit plans which provide lump sums pensions medical benefits and life insurance to retirees for postretirement 
defined benefit plans the difference between the fair value of any plan assets and the present value of the plan obligations is recognised as an asset or liability  
in the statement of financial position 
where appropriate the recognition of assets may be restricted to the present value of any amounts the group expects to recover by way of refunds from the plan  
or reductions in future contributions  
actuarial gains and losses arising in the year are creditedcharged to the statement of comprehensive income and comprise the effects of changes in actuarial 
assumptions and experience adjustments due to differences between the previous actuarial assumptions and what has actually occurred in particular the  
difference between the interest income and the actual return on plan assets is recognised in the statement of comprehensive income 
other movements in the net surplus or deficit which include the current service cost any past service cost and the effect of any curtailment or settlements are 
recognised in the income statement the interest cost less interest income on assets held in the plans is also charged to the income statement all amounts charged 
to the income statement in respect of these plans are included within “net operating costs” or in “share of profit after tax of equity accounted units” as appropriate 
the most significant assumptions used in accounting for pension plans are the discount rate the inflation assumption and the mortality assumptions the discount 
rate is used to determine the net present value of the obligations the interest cost on the obligations and the interest income on plan assets the discount rate used 
is the yield on highquality corporate bonds with maturities and terms that match those of the postretirement obligations as closely as possible where there is no 
developed corporate bond market in a country the rate on government bonds is used each period the resulting interest cost net of the interest income on assets  
 
127 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
is charged to the group’s income statement as the interest cost in each accounting period the inflation assumption is used to project increases in future benefit 
payments for those plans that have benefits linked to inflation the mortality assumption is used to project the future stream of benefit payments which is then 
discounted to arrive at the net present value of the obligations 
valuations of the obligations are carried out using the projected unit method which values benefits accrued at the valuation date with allowance where appropriate 
for future increases to pay and pensions 
the values of the obligations are assessed in accordance with the advice of independent qualified actuaries 
the group’s contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate 
o cash and cash equivalents 
for the purposes of the statement of financial position cash and cash equivalents comprise cash on hand deposits held on call with banks and shortterm highly
liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value for the purposes of the 
cash flow statement cash and cash equivalents are net of bank overdrafts that are repayable on demand bank overdrafts are shown as current liabilities in the 
statement of financial position 
p financial instruments 
i financial assets 
classification 
the group classifies its financial assets in the following categories at fair value through profit or loss loans and receivables availableforsale and held to maturity 
investments the classification depends on the purpose for which the financial assets were acquired the group’s policy with regard to financial risk management is 
set out in note 30 generally the group does not acquire financial assets for the purpose of selling in the short term when the group enters into derivative contracts 
these transactions are designed to reduce exposures related to assets and liabilities firm commitments or anticipated transactions 
management determines the classification of financial assets at initial recognition 
a financial assets at fair value through profit or loss 
derivatives including embedded derivatives separated from the host contracts are included within financial assets at fair value through profit or loss unless they are 
designated as effective hedging instruments assets in this category are classified as current assets if expected to be settled within 12 months otherwise they are 
classified as noncurrent 
b loans and receivables 
loans and receivables comprise nonderivative financial assets with fixed or determinable payments that are not quoted in an active market trade receivables are 
included within this category however trade receivables subject to provisional pricing are valued as explained in note 1c sales revenue 
c held to maturity 
heldtomaturity investments are nonderivative financial assets with fixed or determinable payments and fixed maturity that the group has the intention and ability 
to hold to maturity assets in this category are classified as other investments and are classified as current assets or noncurrent assets based on their maturity 
d availableforsale financial assets 
availableforsale financial assets are nonderivative financial assets that are either designated as availableforsale or not classified in any of the other categories 
they are included in noncurrent assets unless the group intends to dispose of the assets within 12 months of the statement of financial position date or the asset 
matures within 12 months  
recognition and measurement 
regular purchases and sales of financial assets are recognised on the tradedate being the date on which the group commits to purchase or sell the asset  
all financial assets not carried at fair value through profit or loss are initially recognised at fair value plus transaction costs financial assets carried at fair value 
through profit or loss are initially recognised at fair value and transaction costs are expensed in the income statement financial assets are derecognised when the 
rights to receive cash flows from the assets have expired or have been transferred and the group has transferred substantially all risks and rewards of ownership 
availableforsale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value loans and receivables are 
subsequently carried at amortised cost using the effective interest method 
derivatives that do not qualify for hedge accounting are marked to market at the statement of financial position date derivatives embedded in host contracts are 
treated as separate derivatives when their risks and characteristics are not closely related to their host contracts in some cases the embedded derivatives may be 
designated as hedges and accounted for as described above 
fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement 
date where relevant market prices are available these have been used to determine fair values adjusted where necessary for market liquidity bidoffer spreads  
and credit considerations in other cases fair values have been calculated using quotations from independent financial institutions or by using valuation techniques 
consistent with general market practice applicable to the instrument 
the fair values of cash shortterm borrowings and loans to joint ventures and associates approximate to their carrying values as a result of their short maturity or 
because they carry floating rates of interest the fair values of the various derivative instruments used for hedging purposes are disclosed in note 30 movements  
on the hedging reserve are disclosed within note 29 
offsetting financial instruments 
financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is a legally enforceable right  
to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously  riotintocomreportingcentre2013
128
notes to the 2013 financial statements continued 
128 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
impairment of financial assets 
the group assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired  
if impairment is identified for a financial asset carried at amortised cost the carrying amount of the asset is reduced through the use of an allowance account and  
the loss is recognised in the income statement 
in the case of equity securities classified as availableforsale an evaluation is made as to whether a decline in fair value is “significant” or “prolonged” based on an 
analysis of indicators such as significant adverse changes in the technological market economic or legal environment in which the company invested in operates  
if such evidence exists for availableforsale financial assets the cumulative loss measured as the difference between acquisition cost and the current fair value  
less any impairment loss previously recognised in the income statement is removed from equity and recognised in the income statement 
ii financial liabilities 
borrowings and other financial liabilities including trade payables but excluding derivative liabilities are recognised initially at fair value net of transaction costs 
incurred and are subsequently stated at amortised cost  
any difference between the amounts originally received for borrowings and other financial liabilities net of transaction costs and the redemption value is recognised 
in the income statement over the period to maturity using the effective interest method 
the fair values of medium and longterm borrowings are calculated as the present value of the estimated future cash flows using quoted prices in active markets  
or an appropriate market based yield curve the carrying value of the borrowings is amortised cost 
where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially 
modified such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability and the difference in the 
respective carrying amounts is recognised in the income statement 
iii derivative financial instruments and hedging activities 
derivatives are initially recognised at their fair value on the date the derivative contract is entered into and transaction costs are expensed in the income statement 
they are subsequently remeasured to fair value at each statement of financial position date the method of recognising the resulting gain or loss depends on 
whether or not the derivative is designated as a hedging instrument and if so the nature of the item being hedged the group designates certain derivatives as 
either hedges of the fair value of recognised assets or liabilities or of firm commitments fair value hedges or hedges of a particular risk associated with a 
recognised asset or liability or of a highly probable forecast transaction cash flow hedges 
fair value hedges changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement together  
with any changes in the fair value of the hedged asset or liability or firm commitment that is attributable to the hedged risk 
when a fair value interest rate hedging instrument expires or is sold or when a fair value interest rate hedge no longer meets the criteria for hedge accounting  
the fair value adjustments which have been made to the hedged item are amortised through the income statement over the remaining life of the hedged item  
or written off immediately where the hedged item is derecognised  
cash flow hedges the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other 
comprehensive income the gain or loss relating to the ineffective portion is recognised immediately in the income statement amounts accumulated in equity  
are recycled in the income statement in the period when the hedged item affects profit or loss for example when the forecast sale that is being hedged takes  
place when the forecast transaction that is being hedged results in the recognition of a nonfinancial asset the gains and losses previously deferred in equity are 
transferred from equity and adjust the cost of the asset the gains and losses are recognised subsequently in the income statement when the nonfinancial asset  
is amortised or sold 
when a cash flow hedging instrument expires or is sold or when a cash flow hedge no longer meets the criteria for hedge accounting although the forecast 
transaction is still expected to occur any cumulative gain or loss relating to the instrument which is held in equity at that time remains in equity and is recognised 
when the forecast transaction is ultimately recognised in the income statement when a forecast transaction is no longer expected to occur the cumulative gain  
or loss that is held in equity is immediately transferred to the income statement 
q sharebased payments 
the group’s equitysettled share plans are settled either by the issue of shares by the relevant parent company the purchase of shares on market or the use  
of shares previously acquired as part of a share buyback the fair value of the share plans is recognised as an expense over the expected vesting period with a 
corresponding entry to retained earnings for rio tinto plc plans and to other reserves for rio tinto limited plans 
if the cost of shares acquired to satisfy the plans exceeds the expense charged the excess is taken to retained earnings or other reserves as appropriate  
the fair value of the share plans is determined at the date of grant taking into account any marketbased vesting conditions attached to the award 
the group uses fair values provided by independent actuaries calculated using either a latticebased option valuation model or a monte carlo simulation model 
nonmarketbased vesting conditions eg earnings per share targets are taken into account in estimating the number of awards likely to vest the estimate of the 
number of awards likely to vest is reviewed at each statement of financial position date up to the vesting date at which point the estimate is adjusted to reflect the 
actual awards issued no adjustment is made after the vesting date even if the awards are forfeited or not exercised 
the terms of each plan are considered at the statement of financial position date the group no longer operates any plans as cashsettled however the performance 
share plan can at the discretion of the directors offer employees an equivalent amount in cash this is not standard practice in some jurisdictions employees are 
granted cashsettled awards where equitysettled awards are prohibited by local laws and regulations the value of these awards is immaterial further information 
about the treatment of individual sharebased payment plans is provided in note 44 
   riotintocomreportingcentre2013
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strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
128 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
impairment of financial assets 
the group assesses at each statement of financial position date whether there is objective evidence that a financial asset or a group of financial assets is impaired  
if impairment is identified for a financial asset carried at amortised cost the carrying amount of the asset is reduced through the use of an allowance account and  
the loss is recognised in the income statement 
in the case of equity securities classified as availableforsale an evaluation is made as to whether a decline in fair value is “significant” or “prolonged” based on an 
analysis of indicators such as significant adverse changes in the technological market economic or legal environment in which the company invested in operates  
if such evidence exists for availableforsale financial assets the cumulative loss measured as the difference between acquisition cost and the current fair value  
less any impairment loss previously recognised in the income statement is removed from equity and recognised in the income statement 
ii financial liabilities 
borrowings and other financial liabilities including trade payables but excluding derivative liabilities are recognised initially at fair value net of transaction costs 
incurred and are subsequently stated at amortised cost  
any difference between the amounts originally received for borrowings and other financial liabilities net of transaction costs and the redemption value is recognised 
in the income statement over the period to maturity using the effective interest method 
the fair values of medium and longterm borrowings are calculated as the present value of the estimated future cash flows using quoted prices in active markets  
or an appropriate market based yield curve the carrying value of the borrowings is amortised cost 
where an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially 
modified such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability and the difference in the 
respective carrying amounts is recognised in the income statement 
iii derivative financial instruments and hedging activities 
derivatives are initially recognised at their fair value on the date the derivative contract is entered into and transaction costs are expensed in the income statement 
they are subsequently remeasured to fair value at each statement of financial position date the method of recognising the resulting gain or loss depends on 
whether or not the derivative is designated as a hedging instrument and if so the nature of the item being hedged the group designates certain derivatives as 
either hedges of the fair value of recognised assets or liabilities or of firm commitments fair value hedges or hedges of a particular risk associated with a 
recognised asset or liability or of a highly probable forecast transaction cash flow hedges 
fair value hedges changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement together  
with any changes in the fair value of the hedged asset or liability or firm commitment that is attributable to the hedged risk 
when a fair value interest rate hedging instrument expires or is sold or when a fair value interest rate hedge no longer meets the criteria for hedge accounting  
the fair value adjustments which have been made to the hedged item are amortised through the income statement over the remaining life of the hedged item  
or written off immediately where the hedged item is derecognised  
cash flow hedges the effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other 
comprehensive income the gain or loss relating to the ineffective portion is recognised immediately in the income statement amounts accumulated in equity  
are recycled in the income statement in the period when the hedged item affects profit or loss for example when the forecast sale that is being hedged takes  
place when the forecast transaction that is being hedged results in the recognition of a nonfinancial asset the gains and losses previously deferred in equity are 
transferred from equity and adjust the cost of the asset the gains and losses are recognised subsequently in the income statement when the nonfinancial asset  
is amortised or sold 
when a cash flow hedging instrument expires or is sold or when a cash flow hedge no longer meets the criteria for hedge accounting although the forecast 
transaction is still expected to occur any cumulative gain or loss relating to the instrument which is held in equity at that time remains in equity and is recognised 
when the forecast transaction is ultimately recognised in the income statement when a forecast transaction is no longer expected to occur the cumulative gain  
or loss that is held in equity is immediately transferred to the income statement 
q sharebased payments 
the group’s equitysettled share plans are settled either by the issue of shares by the relevant parent company the purchase of shares on market or the use  
of shares previously acquired as part of a share buyback the fair value of the share plans is recognised as an expense over the expected vesting period with a 
corresponding entry to retained earnings for rio tinto plc plans and to other reserves for rio tinto limited plans 
if the cost of shares acquired to satisfy the plans exceeds the expense charged the excess is taken to retained earnings or other reserves as appropriate  
the fair value of the share plans is determined at the date of grant taking into account any marketbased vesting conditions attached to the award 
the group uses fair values provided by independent actuaries calculated using either a latticebased option valuation model or a monte carlo simulation model 
nonmarketbased vesting conditions eg earnings per share targets are taken into account in estimating the number of awards likely to vest the estimate of the 
number of awards likely to vest is reviewed at each statement of financial position date up to the vesting date at which point the estimate is adjusted to reflect the 
actual awards issued no adjustment is made after the vesting date even if the awards are forfeited or not exercised 
the terms of each plan are considered at the statement of financial position date the group no longer operates any plans as cashsettled however the performance 
share plan can at the discretion of the directors offer employees an equivalent amount in cash this is not standard practice in some jurisdictions employees are 
granted cashsettled awards where equitysettled awards are prohibited by local laws and regulations the value of these awards is immaterial further information 
about the treatment of individual sharebased payment plans is provided in note 44 
  
 
129 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
r share capital 
ordinary shares are classified as equity incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction net of tax  
from the proceeds 
where any group company purchases the group’s equity share capital treasury shares the consideration paid including any directly attributable incremental  
costs net of income taxes is deducted from equity attributable to owners of rio tinto where such shares are subsequently reissued any consideration received  
net of any directlyattributable incremental transaction costs and the related income tax effects is included in equity attributable to owners of rio tinto 
s segment reporting  
operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker codm the codm  
who is responsible for allocating resources and assessing performance of the operating segments has been identified as rio tinto’s chief executive  
critical accounting policies and estimates 
i dual listed companies reporting  
as described in the “outline of dual listed companies structure and basis of financial statements” the consolidated financial statements of the rio tinto group  
deal with the results assets and liabilities of both of the dual listed companies rio tinto plc and rio tinto limited and their subsidiaries rio tinto plc and rio tinto 
limited are viewed as a single parent company with their respective shareholders being the shareholders in that single company 
the 2013 annual report satisfies the obligations of rio tinto limited to prepare consolidated accounts under australian company law as amended by an order  
issued by the australian securities and investments commission on 22 december 2010 as amended on 17 february 2012 the 2013 financial statements disclose 
the effect of the adjustments to the group’s consolidated profitloss consolidated total comprehensive incomeloss and consolidated shareholders’ funds as 
prepared under eu ifrs that would be required under the version of ifrs that is applicable in australia referred to as australian accounting standards aas 
the us dollar is the presentation currency used in these financial statements as it most reliably reflects the group’s global business performance 
ii acquisitions 
the determination of the fair values of net identifiable assets acquired and of any goodwill involves significant judgment this is particularly the case when the 
acquisition involves little or no cash for example when the group gains control of a company in stages or for shares the allocation of fair value between intangible 
assets and the tangible assets with which they are used is also judgmental the group engages thirdparty valuers to advise on the purchase price allocation for 
significant acquisitions  
iii impairment review of asset carrying values 
events or changes in circumstances can give rise to significant impairment charges or reversals of impairment  
estimates in respect of the timing of project expansions and the cost to complete asset construction are critical to determining the recoverable amounts for  
cashgenerating units  
where the recoverable amounts of the group’s cashgenerating units are assessed by analyses of discounted cash flows the resulting valuations are also sensitive  
to changes in estimates of longterm commodity prices exchange rates operating costs and discount rates 
note 6 outlines the significant judgments and assumptions made in measuring the impairments recorded and notes 12 and 13 outline judgments in relation to the 
testing of cashgenerating units containing goodwill and indefinitelived intangible assets respectively  
iv estimation of asset lives and determination of ore reserve and mineral resource estimates 
intangible assets are considered to have indefinite lives when based on an analysis of all of the relevant factors there is no foreseeable limit to the period over  
which the asset is expected to generate cash flows for the group the factors considered in making this determination include the existence of contractual rights  
for unlimited terms or evidence that renewal of the contractual rights without significant incremental cost can be expected for indefinite periods into the future in 
view of the group’s investment intentions 
rio tinto estimates its ore reserves and mineral resources based on information compiled by competent persons as defined in accordance with the australasian 
code for reporting of exploration results mineral resources and ore reserves of december 2012 the ‘jorc code’ the amounts presented under eu ifrs and  
aas are based on the ore reserves and in some cases mineral resources determined under the jorc code 
the estimation of ore reserves and mineral resources requires judgment to interpret available geological data and then to select an appropriate mining method and 
establish an extraction schedule it also requires assumptions about future commodity prices exchange rates production costs recovery rates and discount rates 
and in some instances the renewal of mining licenses  
there are numerous uncertainties inherent in estimating ore reserves and mineral resources consequently assumptions that are valid at the time of estimation  
may change significantly when new information becomes available  
new geological data as well as changes in the above assumptions may change the economic status of ore reserves and mineral resources and may ultimately 
result in their restatement such changes in ore reserves and in some cases mineral resources could have an impact on depreciation and amortisation rates the 
carrying values of intangible assets and property plant and equipment deferred stripping calculations and provisions for closedown and restoration costs  
v closedown restoration and environmental obligations 
provision is made for closedown restoration and environmental costs when the obligation occurs based on the net present value of estimated future costs with 
where appropriate probability weighting of the different remediation closure or other activities required to achieve relinquishment the ultimate cost of closedown  
and restoration is uncertain and management uses its judgment and experience to provide for these costs over the life of the operations cost estimates can vary in 
response to many factors including changes to the relevant legal or localnational government ownership requirements or the group’s closure and environmental 
policies review of remediation and relinquishment options the emergence of new restoration techniques the timing of the expenditures and the effects of inflation 
experience gained at other mine or production sites is also a significant consideration  
   riotintocomreportingcentre2013
130
notes to the 2013 financial statements continued 
130 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
cost estimates are updated throughout the life of the operation the accuracy range for operations with a remaining life of ten to 40 years is 30 per cent  
for operations with a remaining life of five to ten years the accuracy range is 20 per cent five years prior to the estimated date of closure operations must 
produce a full decommissioning plan with an accuracy range of 15 per cent 
the expected timing of expenditure included in cost estimates can also change for example in response to changes to expectations relating to ore reserves and 
resources production rates operating licence or economic conditions expenditure may occur before and after closure and can continue for an extended period  
of time depending on the specific site requirements some expenditure can continue into perpetuity  
cash flows must be discounted if this has a material effect the selection of appropriate sources on which to base the calculation of the riskfree discount rate used 
for such obligations also requires judgment 
as a result of all of the above factors there could be significant adjustments to the provision for closedown restoration and environmental costs which would affect 
future financial results increases and decreases in environmental obligations are charged directly to the income statement increases and decreases in closedown 
obligations are capitalised for operating businesses an increase in closedown and restoration provisions would increase the unwind of the discount and depreciation 
charges in the income statement in future years and increase the carrying value of property plant and equipment potentially impacting any future impairment 
charges or reversals 
vi deferral of stripping costs 
stripping of waste materials takes place throughout the production phase of a surface mine or pit the identification of components within a mine and of life of 
component strip ratios is a function of an individual mine’s design changes to that design may introduce new components andor change the life of component  
strip ratios changes in other technical or economic parameters that impact on ore reserves may also have an impact on the life of component ratios even if they  
do not affect the mine’s design changes to the life of component ratios are accounted for prospectively 
the group’s determination of whether multiple pit mines are considered separate or integrated operations determines whether initial stripping of a pit is deemed  
to be preproduction or production phase stripping and therefore the accounting treatment of those costs the determination depends on each mine’s specific 
circumstances and the analysis requires judgment another mining company could make a different determination even where the fact pattern appears to be similar  
at 31 december 2013 the net book value of capitalised production phase stripping costs totalled us13 billion with us09 billion within property plant and 
equipment and a further us04 billion within investments in equity accounted units 2012 total of us15 billion with us12 billion in property plant and 
equipment and a further us03 billion within investment in equity accounted units  
the main movements in capitalised production phase stripping costs during 2013 were capitalisation of us05 billion primarily related to the pushbacks of  
the pit walls at kennecott utah copper kuc and escondida a transfer of us02 billion to assets held for sale relating to clermont and a us04 billion write off 
relating to kuc as a result of the pit wall slide in april  
vii recognition of deferred tax liabilities on mining rights recognised in acquisitions 
deferred tax is provided in respect of fair value adjustments on acquisitions these adjustments may relate to assets such as mining rights that in general are  
not eligible for income tax allowances provision for deferred tax is based on the difference between the carrying value of the asset and its income tax base which 
may be nil even where there is no income tax base the existence of a tax base for capital gains tax purposes is not taken into account in determining the deferred 
tax liability for the mining rights because it is expected that the carrying amount will be recovered primarily through use of the rights and not from disposal for 
acquisitions after 1 january 2004 such a deferred tax liability on acquisition results in a consequential increase in the amounts attributed to goodwill for acquisitions 
prior to 1 january 2004 such deferred tax was recognised in equity on transition to eu ifrs amounts attributed to goodwill for business combinations in 2012 and 
2013 are shown in note 37 
viii capitalisation of exploration and evaluation costs and other costs prior to the decision to mineconstruct 
under the group’s accounting policy exploration expenditure is not capitalised evaluation expenditure is capitalised when there is a high degree of confidence  
that the group will determine that a project is commercially viable and therefore it is considered probable that future economic benefits will flow to the group 
a project’s commercial viability is determined based on whether it will provide a satisfactory return relative to the perceived risks of the project once a project’s 
commercial viability has been established the group will decide at the appropriate authorisation level whether to approve the decision to mine the appropriate 
authorisation level within the group is the rio tinto investment committee and the board where appropriate in determining whether to approve a project the 
investment committee reviews the ore reserves estimate together with analyses regarding the net present value of the project and sensitivity analyses around  
key assumptions  
there are occasions when the group concludes that the asset recognition criteria are met at an earlier stage than approval to mine in these cases evaluation 
expenditure is capitalised if there is a high degree of confidence that the group will determine the project is commercially viable the group’s view is that a high 
degree of confidence is greater than “more likely than not” that is greater than 50 per cent certainty and less than “virtually certain” that is less than 90 per cent 
certainty determining whether there is a high degree of confidence that the group will determine that an evaluation project is commercially viable requires a 
significant degree of judgment and assessment of all relevant factors such as the nature and objective of the project the project’s current stage project timeline 
current estimates of the project’s net present value including sensitivity analyses around key assumptions and the main risks of the project development 
expenditure incurred prior to the decision to mine is subject to the same criteria for capitalisation being a high degree of confidence that the group will determine 
that a project is commercially viable 
in accordance with ifrs 6 “exploration for and evaluation of mineral resources” the criteria for the capitalisation of exploration and evaluation costs is applied 
consistently from period to period  
subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project if a project does not prove viable  
all irrecoverable costs associated with the project net of any related impairment provisions are charged to the income statement at 31 december 2013 a total  
of us23 billion had been capitalised comprising evaluation costs us19 billion and us04 billion of early works expenditure within property plant and 
equipment 31 december 2012 a total of us21 billion   riotintocomreportingcentre2013
131
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
130 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
cost estimates are updated throughout the life of the operation the accuracy range for operations with a remaining life of ten to 40 years is 30 per cent  
for operations with a remaining life of five to ten years the accuracy range is 20 per cent five years prior to the estimated date of closure operations must 
produce a full decommissioning plan with an accuracy range of 15 per cent 
the expected timing of expenditure included in cost estimates can also change for example in response to changes to expectations relating to ore reserves and 
resources production rates operating licence or economic conditions expenditure may occur before and after closure and can continue for an extended period  
of time depending on the specific site requirements some expenditure can continue into perpetuity  
cash flows must be discounted if this has a material effect the selection of appropriate sources on which to base the calculation of the riskfree discount rate used 
for such obligations also requires judgment 
as a result of all of the above factors there could be significant adjustments to the provision for closedown restoration and environmental costs which would affect 
future financial results increases and decreases in environmental obligations are charged directly to the income statement increases and decreases in closedown 
obligations are capitalised for operating businesses an increase in closedown and restoration provisions would increase the unwind of the discount and depreciation 
charges in the income statement in future years and increase the carrying value of property plant and equipment potentially impacting any future impairment 
charges or reversals 
vi deferral of stripping costs 
stripping of waste materials takes place throughout the production phase of a surface mine or pit the identification of components within a mine and of life of 
component strip ratios is a function of an individual mine’s design changes to that design may introduce new components andor change the life of component  
strip ratios changes in other technical or economic parameters that impact on ore reserves may also have an impact on the life of component ratios even if they  
do not affect the mine’s design changes to the life of component ratios are accounted for prospectively 
the group’s determination of whether multiple pit mines are considered separate or integrated operations determines whether initial stripping of a pit is deemed  
to be preproduction or production phase stripping and therefore the accounting treatment of those costs the determination depends on each mine’s specific 
circumstances and the analysis requires judgment another mining company could make a different determination even where the fact pattern appears to be similar  
at 31 december 2013 the net book value of capitalised production phase stripping costs totalled us13 billion with us09 billion within property plant and 
equipment and a further us04 billion within investments in equity accounted units 2012 total of us15 billion with us12 billion in property plant and 
equipment and a further us03 billion within investment in equity accounted units  
the main movements in capitalised production phase stripping costs during 2013 were capitalisation of us05 billion primarily related to the pushbacks of  
the pit walls at kennecott utah copper kuc and escondida a transfer of us02 billion to assets held for sale relating to clermont and a us04 billion write off 
relating to kuc as a result of the pit wall slide in april  
vii recognition of deferred tax liabilities on mining rights recognised in acquisitions 
deferred tax is provided in respect of fair value adjustments on acquisitions these adjustments may relate to assets such as mining rights that in general are  
not eligible for income tax allowances provision for deferred tax is based on the difference between the carrying value of the asset and its income tax base which 
may be nil even where there is no income tax base the existence of a tax base for capital gains tax purposes is not taken into account in determining the deferred 
tax liability for the mining rights because it is expected that the carrying amount will be recovered primarily through use of the rights and not from disposal for 
acquisitions after 1 january 2004 such a deferred tax liability on acquisition results in a consequential increase in the amounts attributed to goodwill for acquisitions 
prior to 1 january 2004 such deferred tax was recognised in equity on transition to eu ifrs amounts attributed to goodwill for business combinations in 2012 and 
2013 are shown in note 37 
viii capitalisation of exploration and evaluation costs and other costs prior to the decision to mineconstruct 
under the group’s accounting policy exploration expenditure is not capitalised evaluation expenditure is capitalised when there is a high degree of confidence  
that the group will determine that a project is commercially viable and therefore it is considered probable that future economic benefits will flow to the group 
a project’s commercial viability is determined based on whether it will provide a satisfactory return relative to the perceived risks of the project once a project’s 
commercial viability has been established the group will decide at the appropriate authorisation level whether to approve the decision to mine the appropriate 
authorisation level within the group is the rio tinto investment committee and the board where appropriate in determining whether to approve a project the 
investment committee reviews the ore reserves estimate together with analyses regarding the net present value of the project and sensitivity analyses around  
key assumptions  
there are occasions when the group concludes that the asset recognition criteria are met at an earlier stage than approval to mine in these cases evaluation 
expenditure is capitalised if there is a high degree of confidence that the group will determine the project is commercially viable the group’s view is that a high 
degree of confidence is greater than “more likely than not” that is greater than 50 per cent certainty and less than “virtually certain” that is less than 90 per cent 
certainty determining whether there is a high degree of confidence that the group will determine that an evaluation project is commercially viable requires a 
significant degree of judgment and assessment of all relevant factors such as the nature and objective of the project the project’s current stage project timeline 
current estimates of the project’s net present value including sensitivity analyses around key assumptions and the main risks of the project development 
expenditure incurred prior to the decision to mine is subject to the same criteria for capitalisation being a high degree of confidence that the group will determine 
that a project is commercially viable 
in accordance with ifrs 6 “exploration for and evaluation of mineral resources” the criteria for the capitalisation of exploration and evaluation costs is applied 
consistently from period to period  
subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project if a project does not prove viable  
all irrecoverable costs associated with the project net of any related impairment provisions are charged to the income statement at 31 december 2013 a total  
of us23 billion had been capitalised comprising evaluation costs us19 billion and us04 billion of early works expenditure within property plant and 
equipment 31 december 2012 a total of us21 billion  
 
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ix identification of functional currencies 
the functional currency for each entity in the group and for equity accounted units is the currency of the primary economic environment in which it operates 
determination of functional currency involves significant judgment and other mining companies may make different judgments based on similar facts for many  
of rio tinto’s entities their functional currency is the currency of the country in which they operate the group reconsiders the functional currency of its entities  
if there is a change in the underlying transactions events and conditions which determine their primary economic environment 
the determination of functional currency affects the carrying value of noncurrent assets included in the statement of financial position and as a consequence  
the amortisation of those assets included in the income statement it also impacts exchange gains and losses included in the income statement and in equity  
x estimation of obligations for postemployment costs 
the value of the group’s obligations for postretirement benefits is dependent on the amount of benefits to be paid out and is discounted to the balance sheet date 
this amount will vary depending on the assumptions made about the future pay increases received by members of final pay plans the level of inflation for those 
benefits that are subject to some form of inflation protection the number of individuals and how long individuals live in retirement plan assets are measured at  
fair value which is the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date 
most of the group’s defined benefit pension plans are closed to new entrants and the majority of the obligations relate to former employees as a consequence  
the carrying value of the group’s postretirement obligations is less sensitive to assumptions about future salary increases than it is to assumptions regarding future 
inflation the assumption regarding future inflation is based on market yields on inflationlinked instruments where possible combined with consensus views on 
future inflation and is derived using the same process at each reporting date changes to the assumption therefore reflect changes to the market and consensus 
views of future inflation 
the group reviews the actual mortality rates of retirees in its major pension plans on a regular basis and uses these rates to set its current mortality assumptions  
it also allows for future improvements in mortality having regard to standard improvement scales in each country 
the discount rate used to value postretirement obligations is based upon the yields on high quality corporate bonds in the relevant currency and which have 
durations consistent with the nature of the obligations the discount rate will vary from one period to another in line with movements in corporate bond yields  
but at any given measurement date there is relatively little estimation uncertainty this rate is also used to calculate the interest cost on obligations and interest 
income on plan assets  
details of the key assumptions how they have moved since the previous statement of financial position date and the sensitivity of the carrying value to changes  
in the assumptions are set out in note 45 
for 2013 the charge against income for postretirement benefits net of tax and noncontrolling interests was us558 million this charge included both pension  
and postretirement healthcare benefits the charge is net of interest income of us410 million after tax and noncontrolling interests 
the average future increase in compensation levels was assumed to be 34 per cent in 2013 and will be 36 per cent for 2014 the average discount rate used  
was 39 per cent in 2013 and will be 44 per cent in 2014 reflecting the net impact of changes in corporate bond yields in the regions where the group has  
pension obligations 
based on the known changes in assumptions noted above and other expected circumstances the expected impact of postretirement costs on the group’s  
eu ifrs net earnings in 2014 would be us93 million less than in 2013 the actual charge may be impacted by other factors that cannot be predicted such  
as the effect of changes in benefits number of employees and exchange rates 
the table below sets out the potential change in the group’s 2013 net earnings after tax and noncontrolling interests that would result from hypothetical changes 
to postretirement assumptions and estimates the sensitivities are viewed for each assumption in isolation although a change in one assumption is likely to result  
in some offset elsewhere the figures in the table only show the impact on underlying and net earnings changing the assumptions would also have an impact on  
the statement of financial position 
us million
sensitivity of the group’s 2013 underlying and net earnings to changes in 
discount rate 
increase of 05 percentage points 38
decrease of 05 percentage points 33
inflation 
increase of 05 percentage points 34
decrease of 05 percentage points 32
salary increases 
increase of 05 percentage points 10
decrease of 05 percentage points 10
demographic – allowance for additional future mortality improvements 
participants assumed to have the mortality rates of individuals who are one year older 15
participants assumed to have the mortality rates of individuals who are one year younger 15
xi recoverability of potential deferred tax assets  
the group has tax losses and other deductible temporary differences mainly in uk french canadian us and australian taxable entities that have the potential  
to reduce tax payments in future years deferred tax assets have been recognised to the extent that their recovery is probable having regard to the projected future 
taxable income of these taxable entities and after taking account of specific risk factors that affect the recovery of these assets   riotintocomreportingcentre2013
132
notes to the 2013 financial statements continued 
132 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
recognised and unrecognised deferred tax assets are shown in the table below and totalled us17755 million at 31 december 2013 2012 us18630 million  
of this total us3555 million has been recognised as deferred tax assets 2012 us3476 million leaving us14200 million 2012 us15154 million 
unrecognised as recovery is not considered probable  
the recognised amounts do not include deferred tax assets that have been offset against recognised deferred tax liabilities  
us million recognised unrecognised 
at 31 december 2013 2012 2013 2012
uk  104 212 215 235 
france 
a
 444 499 1339 1034 
canada  297 49 181 136 
us 560 459 16 17 
australia 
b
 1880 2134 11000 12913 
other 270 123 1449 819
total 3555 3476 14200 15154
a the amount recognised takes account of legislation which restricts the recovery of losses 
b the recognised and unrecognised amounts include temporary differences that are deductible for the purposes of mineral resources rent tax mrrt  
xii contingencies 
disclosure is made of material contingent liabilities unless the possibility of any loss arising is considered remote contingencies are disclosed in note 31 
xiii basis of consolidation 
judgment is sometimes required to determine whether the group has control joint control or significant influence over an entity these judgments are set out  
in notes 33 to 36  
in some cases the group makes acquisitions over a period of days weeks or months it is a matter of judgment as to whether the payments made during this  
period form part of one transaction or a number of separate transactions in the latter case the transactions will be treated as an acquisition in stages the effect  
on the financial statements of treatment as an acquisition in stages is that any excess of consideration over identifiable net assets for transactions after control  
has been gained will be recorded as a reduction in equity if the transactions were treated as one acquisition then all such excess consideration would be treated  
as goodwill in addition acquisitions of shares after the date on which control is gained and which are accounted for as an acquisition in stages are shown within 
“financing activities” in the cash flow statement rather than in “investing activities” 
factors which are considered in this judgment are the length of time between the acquisition date and completion of the transaction and whether at the time  
of the initial share purchase it was clear what percentage ownership would ultimately be obtained  
   riotintocomreportingcentre2013
133
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
132 
riotintocomreportingcentre2013 
1  principal accounting policies continued 
recognised and unrecognised deferred tax assets are shown in the table below and totalled us17755 million at 31 december 2013 2012 us18630 million  
of this total us3555 million has been recognised as deferred tax assets 2012 us3476 million leaving us14200 million 2012 us15154 million 
unrecognised as recovery is not considered probable  
the recognised amounts do not include deferred tax assets that have been offset against recognised deferred tax liabilities  
us million recognised unrecognised 
at 31 december 2013 2012 2013 2012
uk  104 212 215 235 
france 
a
 444 499 1339 1034 
canada  297 49 181 136 
us 560 459 16 17 
australia 
b
 1880 2134 11000 12913 
other 270 123 1449 819
total 3555 3476 14200 15154
a the amount recognised takes account of legislation which restricts the recovery of losses 
b the recognised and unrecognised amounts include temporary differences that are deductible for the purposes of mineral resources rent tax mrrt  
xii contingencies 
disclosure is made of material contingent liabilities unless the possibility of any loss arising is considered remote contingencies are disclosed in note 31 
xiii basis of consolidation 
judgment is sometimes required to determine whether the group has control joint control or significant influence over an entity these judgments are set out  
in notes 33 to 36  
in some cases the group makes acquisitions over a period of days weeks or months it is a matter of judgment as to whether the payments made during this  
period form part of one transaction or a number of separate transactions in the latter case the transactions will be treated as an acquisition in stages the effect  
on the financial statements of treatment as an acquisition in stages is that any excess of consideration over identifiable net assets for transactions after control  
has been gained will be recorded as a reduction in equity if the transactions were treated as one acquisition then all such excess consideration would be treated  
as goodwill in addition acquisitions of shares after the date on which control is gained and which are accounted for as an acquisition in stages are shown within 
“financing activities” in the cash flow statement rather than in “investing activities” 
factors which are considered in this judgment are the length of time between the acquisition date and completion of the transaction and whether at the time  
of the initial share purchase it was clear what percentage ownership would ultimately be obtained  
  
 
133 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
2 operating segments 
gross sales revenue 
a
 
2013  
usm 
restated
2012
usm
restated
2011
usm
iron ore 25994 24279 29475
aluminium 12463 12170 14422
copper  5916 6661 7634
energy  5454 6062 7045
diamonds  minerals 4193 4056 3654
other operations 1761 3898 5149
reportable segments total 55781 57126 67379
intersegment transactions 1182 1560 2025
product group total  54599   55566  65354 
items excluded from underlying earnings 24 31 56
share of equity accounted units and adjustments for intrasubsidiaryequity accounted units sales  3404 4655 4769
consolidated sales revenue per income statement  51171   50942  60529
  
depreciation and amortisation 
b
  
iron ore 1627 1485 1168
aluminium 1151 1287 1388
copper  962 794 573
energy  766 770 520
diamonds  minerals 513 421 367
other operations 67 214 245
reportable segments total 5086 4971 4261
other items 106 113 114
less depreciation and amortisation of equity accounted units 401 460 403
depreciation and amortisation per note 4 4791 4624 3972
  
underlying earnings 
c
  
iron ore 9858 9247 13268
aluminium 557 54 610
copper  821 1059 2013
energy  33 309 1114
diamonds  minerals 350 149 159
other operations 281 582 288
reportable segments total 11338 10236 16558
intersegment transactions 4 8 40
other items 730 750 684
exploration and evaluation not attributed to product groups 145 97 102
net finance costs 242 112 240
underlying earnings 10217 9269 15572
items excluded from underlying earnings 
d
 6552 12297 9737
net earningsloss attributable to owners of rio tinto per income statement 3665 3028 5835
tax charge  
iron ore 5290 4273 5942
aluminium 18 205 187
copper  236 67 651
energy  12 8 531
diamonds  minerals 177 84 30
other operations 227 235 149
reportable segments total 5470 3858 7192
other items 302 266 419
exploration and evaluation not attributed to product groups 23 26 28
net finance costs 77 81 138
 5068 3485 6607
tax credit excluded from underlying earnings 
d
 2642 2896 135
tax charge per income statement 2426 589 6472
   riotintocomreportingcentre2013
134
notes to the 2013 financial statements continued 
134 
riotintocomreportingcentre2013 
2 operating segments continued 
 
2013  
usm 
restated
2012
usm
restated
2011
usm
capital expenditure  
iron ore 6814 7152 4004
aluminium 2226 2755 2292
copper  2813 4455 3925
energy  732 1877 1415
diamonds  minerals 1009 1814 1392
other operations 278 432 394
reportable segments total 13872 18485 13422
other items 145 161 260
less capital expenditure of equity accounted units 1073 1071 1146
capital expenditure per financial information by business units 12944 17575 12536
add proceeds from disposal of property plant and equipment 57 40 37
capital expenditure per statement of cash flow 13001 17615 12573
rio tinto’s management structure is based on the principal product groups shown above together with the global functions that support the business the chief 
executive of each product group reports to the chief executive of rio tinto the chief executive of rio tinto monitors the performance of each product group based 
on a number of measures including capital expenditure and operating cash flows with underlying earnings being the key financial performance indicator finance 
costs and net debt are managed on a group basis  
generally business units are allocated to product groups based on their primary product the energy product group includes both coal and uranium businesses  
the diamonds  minerals product group includes businesses with products such as borates salt and titanium dioxide feedstock together with diamond operations 
and the simandou iron ore project which is the responsibility of the diamonds  minerals product group chief executive the copper group includes certain gold 
operations in addition to copper 
the financial information by business unit provided on page 197 of these financial statements provide additional voluntary disclosure which the group considers 
useful to the users of the financial statements 
a gross sales revenue 
gross sales revenue includes the sales revenue of equity accounted units after adjusting for sales to subsidiaries of us3757 million 2012 us5067 million   
2011 us5239 million in addition to consolidated sales revenue consolidated sales revenue includes subsidiary sales of us353 million 2012 us412 million 
2011 us470 million to equity accounted units which are not included in gross sales revenue 
intersegment transactions relate to sales between the aluminium product group and constellium formerly alcan engineered products and other aluminium 
operations whose results are reported within other operations 
b depreciation and amortisation 
product group depreciation and amortisation totals include 100 per cent of subsidiaries’ depreciation and amortisation and include rio tinto’s share of the 
depreciation and amortisation of equity accounted units rio tinto’s share of the depreciation and amortisation charge of equity accounted units is deducted to  
arrive at depreciation and amortisation excluding equity accounted units as shown in note 4 these figures exclude impairment charges which are excluded from 
underlying earnings 
c underlying earnings 
underlying earnings is reported by rio tinto to provide greater understanding of the underlying business performance of its operations and to enhance comparability 
of reporting periods 
the measure of underlying earnings is used by the chief executive of rio tinto to assess the performance of the product groups underlying earnings and net 
earnings both represent amounts net of tax attributable to owners of rio tinto the following items are excluded from net earnings in arriving at underlying earnings 
each period irrespective of materiality 
profits less losses on acquisitionsdisposal of interests in businesses 
impairment chargesreversals  
profitloss after tax from discontinued operations 
exchange and derivative gains and losses this exclusion includes exchange gainslosses on us dollar net debt and intragroup balances gains and losses  
on currency and interest rate derivatives not qualifying for hedge accounting and gainslosses on commodity derivatives not qualifying for hedge accounting 
in addition there is a final judgemental category which includes where applicable other credits and charges that individually or in aggregate if of a similar type  
are of a nature or size to require exclusion in order to provide additional insight into underlying business performance  
product group earnings include earnings of subsidiaries and equity accounted units stated before finance items but after the amortisation of discount 
   riotintocomreportingcentre2013
135
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
134 
riotintocomreportingcentre2013 
2 operating segments continued 
 
2013  
usm 
restated
2012
usm
restated
2011
usm
capital expenditure  
iron ore 6814 7152 4004
aluminium 2226 2755 2292
copper  2813 4455 3925
energy  732 1877 1415
diamonds  minerals 1009 1814 1392
other operations 278 432 394
reportable segments total 13872 18485 13422
other items 145 161 260
less capital expenditure of equity accounted units 1073 1071 1146
capital expenditure per financial information by business units 12944 17575 12536
add proceeds from disposal of property plant and equipment 57 40 37
capital expenditure per statement of cash flow 13001 17615 12573
rio tinto’s management structure is based on the principal product groups shown above together with the global functions that support the business the chief 
executive of each product group reports to the chief executive of rio tinto the chief executive of rio tinto monitors the performance of each product group based 
on a number of measures including capital expenditure and operating cash flows with underlying earnings being the key financial performance indicator finance 
costs and net debt are managed on a group basis  
generally business units are allocated to product groups based on their primary product the energy product group includes both coal and uranium businesses  
the diamonds  minerals product group includes businesses with products such as borates salt and titanium dioxide feedstock together with diamond operations 
and the simandou iron ore project which is the responsibility of the diamonds  minerals product group chief executive the copper group includes certain gold 
operations in addition to copper 
the financial information by business unit provided on page 197 of these financial statements provide additional voluntary disclosure which the group considers 
useful to the users of the financial statements 
a gross sales revenue 
gross sales revenue includes the sales revenue of equity accounted units after adjusting for sales to subsidiaries of us3757 million 2012 us5067 million   
2011 us5239 million in addition to consolidated sales revenue consolidated sales revenue includes subsidiary sales of us353 million 2012 us412 million 
2011 us470 million to equity accounted units which are not included in gross sales revenue 
intersegment transactions relate to sales between the aluminium product group and constellium formerly alcan engineered products and other aluminium 
operations whose results are reported within other operations 
b depreciation and amortisation 
product group depreciation and amortisation totals include 100 per cent of subsidiaries’ depreciation and amortisation and include rio tinto’s share of the 
depreciation and amortisation of equity accounted units rio tinto’s share of the depreciation and amortisation charge of equity accounted units is deducted to  
arrive at depreciation and amortisation excluding equity accounted units as shown in note 4 these figures exclude impairment charges which are excluded from 
underlying earnings 
c underlying earnings 
underlying earnings is reported by rio tinto to provide greater understanding of the underlying business performance of its operations and to enhance comparability 
of reporting periods 
the measure of underlying earnings is used by the chief executive of rio tinto to assess the performance of the product groups underlying earnings and net 
earnings both represent amounts net of tax attributable to owners of rio tinto the following items are excluded from net earnings in arriving at underlying earnings 
each period irrespective of materiality 
profits less losses on acquisitionsdisposal of interests in businesses 
impairment chargesreversals  
profitloss after tax from discontinued operations 
exchange and derivative gains and losses this exclusion includes exchange gainslosses on us dollar net debt and intragroup balances gains and losses  
on currency and interest rate derivatives not qualifying for hedge accounting and gainslosses on commodity derivatives not qualifying for hedge accounting 
in addition there is a final judgemental category which includes where applicable other credits and charges that individually or in aggregate if of a similar type  
are of a nature or size to require exclusion in order to provide additional insight into underlying business performance  
product group earnings include earnings of subsidiaries and equity accounted units stated before finance items but after the amortisation of discount 
  
 
 
rio tinto’s share of the underlying earnings of equity accounted units amount to us747 million in 2013 2012 us1061 million 2011 us945 million  
this amount is attributable as follows us777 million profit to the copper group and us30 million loss to other product groups 2012 us799 million profit 
attributable to the copper product group and us262 million profit to other product groups 2011 us699 million profit attributable to the copper product group  
and us246 million profit to other product groups these amounts are included in underlying earnings of the relevant product groups and include the underlying 
earnings of the group’s tolling entities which process alumina tolling entities recharge the majority of their costs and generally have minimal earnings  
the copper product group’s underlying earnings in 2013 included us131 million impairment after tax in relation to the group’s investment in northern dynasty 
minerals ltd following a strategic review of this shareholding by the group  
the energy product group’s underlying earnings in 2012 included us258 million profit after tax in relation to the divestments of equity interest in extract resources 
and kalahari minerals  
d reconciliation of net earningslosses to underlying earnings 
exclusions from underlying earnings 
pretax
k
2013 
usm 
taxation 
2013
usm
non
controlling
interests
2013 
usm
net amount  
2013 
usm 
restated 
net amount 
2012
usm
restated 
net amount 
2011
usm
impairment charges net of reversals note 6 7531 1547 2556 3428 14360 9290
net gains on disposal and consolidation of interests in businesses 
e
787 18 42 847  827 167
exchange and derivative lossesgains   
– exchange lossesgains on us dollar net debt and intragroup 
balances 3674 795 50 2929 425 157
– gainslosses on currency and interest rate derivatives not 
qualifying for hedge accounting 30 16 12 2  59 20
– gains on commodity derivatives not qualifying for hedge 
accounting 282 86 – 196  66 109 
restructuring costs including global headcount reductions 502 126 9 367 77 –
kennecott utah copper 
f
 437 154 – 283 – –
clermontblair athol 
g
 252 79 – 173 – –
mrrt 
h
 – – – –  1130 – 
deferred tax asset write off 
i
 – 114 – 114 134 342
other exclusions 
j
 443 139 1 303 233 204
total excluded from underlying earnings 11740 2642 2546 6552 12297 9737
net earningslosses 3505 2426 2586 3665  3028 5835 
underlying earnings 15245 5068 40 10217  9269 15572 
e net gains on disposal and consolidation of interests in businesses during 2013 mainly relate to the group’s divestment of its remaining interest in constellium formerly alcan 
engineering products and the northparkes mine  
net gains arising on the consolidation and disposal of interests in businesses for the year ended 31 december 2012 relate principally to consolidation of richards bay minerals rbm 
and turquoise hill resources ltd formerly ivanhoe mines limited and in 2011 principally to the divestment of the group’s talc business refer to note 37 for additional information  
f kennecott utah copper bingham canyon mine experienced a slide along a geological fault line of its northeastern wall on 10 april 2013 charges relating to the slide which have been 
excluded from underlying earnings primarily comprise the write off of certain deferred stripping assets and damaged equipment adjustments for settlement of insurance claims have 
been made to the amount excluded from underlying earnings and will continue as insurance claims are settled 
g adjustments in relation to clermont and blair athol arose following reclassification to disposal groups held for sale and reflect contractual obligations for product sales and funding of 
closure activities which will remain with the group following completion of the divestments further adjustments in respect of these obligations will be combined with the net gainloss 
on disposal expected to be recognised in 2014 
h a deferred tax asset was recognised following the introduction of the minerals resource rent tax mrrt on 1 july 2012 
i deferred tax assets were written off as a result of restrictions on the utilisation of french losses introduced in 2011 to eliminate the increase in deferred tax assets following the 
impairment of french aluminium assets in 2012 and 2013  
j other credits and charges that individually or in aggregate if of similar type are of a nature or size to require exclusion in order to provide additional insight into underlying business 
performance in 2013 other exclusions include adjustments relating to inventory sold by rbm during the period which had been recognised at fair value on initial consolidation in 2012 
k exclusions from underlying earnings relating to equity accounted units after tax are included in the column ‘pretax’ 
 
   riotintocomreportingcentre2013
136
notes to the 2013 financial statements continued 
136 
riotintocomreportingcentre2013 
3 operating segments – additional information 
gross sales revenue by destination 
a
 
2013

2012
 
2011
 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
china 354 323 309 19331  17948 20149 
japan 161 158 163 8770  8787 10671 
other asia 152 152 158 8313  8464 10322 
united states of america 131 127 138 7142  7085 9019 
europe excluding united kingdom 102 115 116 5552  6380 7549 
canada 23 33 29 1276  1823 1926 
australia  20 26 25 1114  1420 1643 
united kingdom 11 12 14 617  678 922 
other  46 54 48 2460  3012 3097 
total 100 100 100 54575  55597 65298 
share of equity accounted units sales and intrasubsidiary  
equity accounted units sales and items excluded from  
underlying earnings 3404 4655 4769
consolidated sales revenue  51171  50942 60529
a gross sales revenue by geographical destination are based on the ultimate country of destination of the product if known if the eventual destination of the product sold through traders 
is not known then revenue is allocated to the location of the product at the time when the risks and rewards of ownership are passed rio tinto is domiciled in both the united kingdom 
and australia 
gross sales revenue by product  
gross sales revenues of the group are derived from the following products sold to external customers 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
iron ore 26235  24756 29867 
aluminium 12059  12535 14327 
copper 4766  4749 5144 
coal  4557  5060 6026 
industrial minerals 3330  3460 3131 
diamonds 859  754 726 
gold 402  614 1012 
other 2367  3669 5065 
total 54575  55597 65298 
share of equity accounted units sales and intrasubsidiaryequity accounted units sales 3404 4655 4769
consolidated sales revenue 51171  50942 60529
noncurrent assets other than excluded items  
the total of noncurrent assets other than items excluded is shown by location below this is allocated based on the location of the business units holding the assets 
noncurrent assets other than excluded items 
b
 
2013
usm
restated 
2012
usm
australia   38100  40252 
canada  18567  18527 
mongolia  8315  14766 
united states  4739  5162 
africa  3261  4872 
south america  3146  2726 
united kingdom  1246  1016 
indonesia  968  816 
france  602  590 
europe excluding france  524  506 
other countries  3007  2182 
  82475  91415 
table continued on next page   riotintocomreportingcentre2013
137
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
136 
riotintocomreportingcentre2013 
3 operating segments – additional information 
gross sales revenue by destination 
a
 
2013

2012
 
2011
 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
china 354 323 309 19331  17948 20149 
japan 161 158 163 8770  8787 10671 
other asia 152 152 158 8313  8464 10322 
united states of america 131 127 138 7142  7085 9019 
europe excluding united kingdom 102 115 116 5552  6380 7549 
canada 23 33 29 1276  1823 1926 
australia  20 26 25 1114  1420 1643 
united kingdom 11 12 14 617  678 922 
other  46 54 48 2460  3012 3097 
total 100 100 100 54575  55597 65298 
share of equity accounted units sales and intrasubsidiary  
equity accounted units sales and items excluded from  
underlying earnings 3404 4655 4769
consolidated sales revenue  51171  50942 60529
a gross sales revenue by geographical destination are based on the ultimate country of destination of the product if known if the eventual destination of the product sold through traders 
is not known then revenue is allocated to the location of the product at the time when the risks and rewards of ownership are passed rio tinto is domiciled in both the united kingdom 
and australia 
gross sales revenue by product  
gross sales revenues of the group are derived from the following products sold to external customers 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
iron ore 26235  24756 29867 
aluminium 12059  12535 14327 
copper 4766  4749 5144 
coal  4557  5060 6026 
industrial minerals 3330  3460 3131 
diamonds 859  754 726 
gold 402  614 1012 
other 2367  3669 5065 
total 54575  55597 65298 
share of equity accounted units sales and intrasubsidiaryequity accounted units sales 3404 4655 4769
consolidated sales revenue 51171  50942 60529
noncurrent assets other than excluded items  
the total of noncurrent assets other than items excluded is shown by location below this is allocated based on the location of the business units holding the assets 
noncurrent assets other than excluded items 
b
 
2013
usm
restated 
2012
usm
australia   38100  40252 
canada  18567  18527 
mongolia  8315  14766 
united states  4739  5162 
africa  3261  4872 
south america  3146  2726 
united kingdom  1246  1016 
indonesia  968  816 
france  602  590 
europe excluding france  524  506 
other countries  3007  2182 
  82475  91415 
table continued on next page  
 
137 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
noncurrent assets other than excluded items 
b
 
2013
usm
restated 
2012
usm
noncurrent assets excluded from analysis above 
deferred tax assets  3555  3476 
derivatives and other financial assets  899  1084 
loans to equity accounted units 
c
  277  406 
tax recoverable  83  86 
accounts receivable  1454  1460 
total noncurrent assets per statement of financial position  88743  97927
b allocation of noncurrent assets by country is based on the location of the business units holding the assets and includes investments in equity accounted units totalling us3681 
million 2012 us3548 million which represents the group’s share of net assets excluding quasi equity loans shown separately within loans to equity accounted units above  
c loans to equity accounted units comprise quasi equity loans of us276 million 2012 us393 million included in ‘investments in equity accounted units’ on the face of the statement 
of financial position and nonquasi equity loans of us1 million 2012 us13 million shown within “other financial assets” 
4 net operating costs 
 note
2013 
usm 
restated 
2012 
usm
restated 
2011 
usm
raw materials and consumables 8801  10124 11842 
amortisation of intangible assets 13 255  310 325 
depreciation of property plant and equipment 14 4536  4314 3647 
employment costs  5 7568  8671 7140 
repairs and maintenance 2363  2932 2533 
shipping costs 1894  1896 1885 
other freight costs 1619  1628 1274 
increasedecrease in finished goods and work in progress 199  100 42
royalties  2883  2374 2791 
amounts charged by equity accounted units 
a
 1728  2154 2297 
net foreign exchange lossesgains 71 2 82
other external costs 4025  3027 2571 
provisions including exchange differences on provisions 26 1449  886 1082 
research and development 231  246 150 
costs included above qualifying for capitalisation 582 544 862
other operating income 794 586 396
net operating costs excluding items shown separately 36104  37534 36155
a amounts charged by equity accounted units relate to toll processing and also include purchases from equity accounted units of bauxite and aluminium which are then  
processed by the product group or sold to third parties generally purchases are in proportion to the group’s share of the equity accounted unit but in 2013 us529 million  
2012 us690 million 2011 us849 million related to purchases of the other investor’s share of production  
information on auditors’ remuneration is included in note 39 
5 employment costs 
 note
2013 
usm 
restated 
2012 
usm
restated 
2011
usm
employment costs   
– wages and salaries 7181  8382 6908 
– social security costs 421  156 128 
– net post retirement cost 45 805  823 753 
– share option charge 44 142  240 156 
 8549  9601 7945 
less charged within provisions 981 930 805
total employment costs 4 7568  8671 7140
 
   riotintocomreportingcentre2013
138
notes to the 2013 financial statements continued 
138 
riotintocomreportingcentre2013 
6 impairment charges 
 
pretax 
2013
usm
taxation 
2013
usm
non
controlling 
interests 
2013
usm
net  
amount  
2013 
usm 
restated 
pretax 
amount 
2012
usm
pretax 
amount 
2011
usm
copper – oyu tolgoi 4716 892 2335 1489 – – 
aluminium 1797 504 – 1293 12214 9182
energy – rio tinto coal mozambique 497 27 – 470 3269 – 
copper – south gobi 269 67 154 48 – – 
diamonds 
a
 – – – –  659 467
other 
b
 252 57 67 128 85 117
total 7531 1547 2556 3428 16227 9766
  
allocated as  
goodwill note 12 1149 8009 7405
intangible assets note 13 1287 1817 – 
property plant and equipment note 14 4882 4686 1793
investment in equity accounted units 216 1526 592
other assets 3  189 24 
total  7531 16227 9766
  
comprising  
impairment of consolidated balances 7315 14701 9174
impairment of investments in equity accounted units 230 2217 941
total impairment in the financial information by  
business unit page 198  7545 16918 10115
taxation including related to eaus 1561  2536 825 
noncontrolling interests 2556  22 – 
net impairment in the income statement 3428 14360 9290
a on 24 june 2013 the group announced that the strategic review had concluded with a decision to retain the diamonds businesses no impairment triggers relating to diamonds  
were identified during 2013 
b other impairments include adjustments to reduce the carrying amount of the eagle nickelcopper project to fair value less costs of disposal “fvlcd” prior to divestment on  
17 july 2013 and is considered to be a level 1 classification under the fair value hierarchy other impairment include an adjustment to the carrying value of inova resources limited 
which was sold on 1 november 2013 
copper – oyu tolgoi 
the annual impairment review of the oyu tolgoi cashgenerating unit resulted in a pretax impairment of us1149 million to goodwill and us3567 million  
to property plant and equipment primarily as a result of the delay in developing the underground the recoverable amount for oyu tolgoi was determined to be 
us84 billion assessed by reference to a fvlcd model in line with the accounting policy set out in note 1i the impairment loss was allocated to goodwill and  
the accounting uplift to property plant and equipment that were previously recognised as accounting uplifts from when rio tinto obtained control of oyu tolgoi  
such that individual items of property plant and equipment were not written down below fair value 
the recoverable amount of the oyu tolgoi cashgenerating unit is classified as level 3 under the fair value hierarchy in arriving at fvlcd posttax cash flows 
expressed in real terms have been estimated until the end of the life of mine plan and discounted using a country specific posttax discount rate of 87 per cent 
2012 83 percent for mongolia 
the most critical assumption for the fvlcd calculation is the timing of the underground project if this is further delayed it would have an adverse impact upon  
the recoverable amount due to the delay in commencing full production a further twelve month delay in the timing of cash flows related to the underground  
would decrease fvlcd by us08 billion 
other key assumptions to which the calculation of fvlcd for oyu tolgoi is most sensitive are longterm copper prices discount rates and operating costs  
other assumptions include the longterm gold price and mongolian tugrik and chinese yuan exchange rates against the us dollar future selling prices and 
operating costs have been estimated in line with the policy set out in note 1i 
aluminium 
the annual impairment review of the group’s aluminium cashgenerating units with indefinitelived intangible assets resulted in a pretax impairment charge  
of us908 million to intangible assets and us42 million to property plant and equipment within the kitimat cashgenerating unit primarily as a result of a 
significant project cost overrun the recoverable amount of us2258 million for the kitimat cashgenerating unit was determined by reference to a fvlcd model  
in line with the accounting policy set out in note 1i and the impairment loss recorded such that individual items of property plant and equipment were not written 
down below fair value 
   riotintocomreportingcentre2013
139
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
138 
riotintocomreportingcentre2013 
6 impairment charges 
 
pretax 
2013
usm
taxation 
2013
usm
non
controlling 
interests 
2013
usm
net  
amount  
2013 
usm 
restated 
pretax 
amount 
2012
usm
pretax 
amount 
2011
usm
copper – oyu tolgoi 4716 892 2335 1489 – – 
aluminium 1797 504 – 1293 12214 9182
energy – rio tinto coal mozambique 497 27 – 470 3269 – 
copper – south gobi 269 67 154 48 – – 
diamonds 
a
 – – – –  659 467
other 
b
 252 57 67 128 85 117
total 7531 1547 2556 3428 16227 9766
  
allocated as  
goodwill note 12 1149 8009 7405
intangible assets note 13 1287 1817 – 
property plant and equipment note 14 4882 4686 1793
investment in equity accounted units 216 1526 592
other assets 3  189 24 
total  7531 16227 9766
  
comprising  
impairment of consolidated balances 7315 14701 9174
impairment of investments in equity accounted units 230 2217 941
total impairment in the financial information by  
business unit page 198  7545 16918 10115
taxation including related to eaus 1561  2536 825 
noncontrolling interests 2556  22 – 
net impairment in the income statement 3428 14360 9290
a on 24 june 2013 the group announced that the strategic review had concluded with a decision to retain the diamonds businesses no impairment triggers relating to diamonds  
were identified during 2013 
b other impairments include adjustments to reduce the carrying amount of the eagle nickelcopper project to fair value less costs of disposal “fvlcd” prior to divestment on  
17 july 2013 and is considered to be a level 1 classification under the fair value hierarchy other impairment include an adjustment to the carrying value of inova resources limited 
which was sold on 1 november 2013 
copper – oyu tolgoi 
the annual impairment review of the oyu tolgoi cashgenerating unit resulted in a pretax impairment of us1149 million to goodwill and us3567 million  
to property plant and equipment primarily as a result of the delay in developing the underground the recoverable amount for oyu tolgoi was determined to be 
us84 billion assessed by reference to a fvlcd model in line with the accounting policy set out in note 1i the impairment loss was allocated to goodwill and  
the accounting uplift to property plant and equipment that were previously recognised as accounting uplifts from when rio tinto obtained control of oyu tolgoi  
such that individual items of property plant and equipment were not written down below fair value 
the recoverable amount of the oyu tolgoi cashgenerating unit is classified as level 3 under the fair value hierarchy in arriving at fvlcd posttax cash flows 
expressed in real terms have been estimated until the end of the life of mine plan and discounted using a country specific posttax discount rate of 87 per cent 
2012 83 percent for mongolia 
the most critical assumption for the fvlcd calculation is the timing of the underground project if this is further delayed it would have an adverse impact upon  
the recoverable amount due to the delay in commencing full production a further twelve month delay in the timing of cash flows related to the underground  
would decrease fvlcd by us08 billion 
other key assumptions to which the calculation of fvlcd for oyu tolgoi is most sensitive are longterm copper prices discount rates and operating costs  
other assumptions include the longterm gold price and mongolian tugrik and chinese yuan exchange rates against the us dollar future selling prices and 
operating costs have been estimated in line with the policy set out in note 1i 
aluminium 
the annual impairment review of the group’s aluminium cashgenerating units with indefinitelived intangible assets resulted in a pretax impairment charge  
of us908 million to intangible assets and us42 million to property plant and equipment within the kitimat cashgenerating unit primarily as a result of a 
significant project cost overrun the recoverable amount of us2258 million for the kitimat cashgenerating unit was determined by reference to a fvlcd model  
in line with the accounting policy set out in note 1i and the impairment loss recorded such that individual items of property plant and equipment were not written 
down below fair value 
  
 
the recoverable amount of the kitimat cashgenerating unit is classified as level 3 under the fair value hierarchy in arriving at fvlcd posttax cash flows expressed 
in real terms have been estimated over the expected useful economic life of the new smelter being the principal asset of the cashgenerating unit and discounted 
using a posttax discount rate of 73 per cent 2012 69 per cent 
modernisation of the kitimat aluminium smelter in british columbia is due to be completed in the first half of 2015 subject to any additional capital required to 
complete the project receiving board approval the most critical assumption for the fvlcd calculation is the cost to complete the project where a cost overrun  
has recently been identified a process to validate the extent of the overrun is currently underway should the cost to complete the project be greater than currently 
forecast it could result in further impairment 
other key assumptions to which the calculation of fvlcd for kitimat is sensitive are the aluminium price discount rates the canadian dollar exchange rate and 
operating cost assumptions the price of alumina is not considered a key assumption as it is typically priced as a percentage of the aluminium price the longterm 
aluminium price for impairment testing purposes decreased by 65 per cent 2012 three per cent in real terms compared to the prior year marginally above the 
midpoint of the range published for 2017 by market commentators of us2001 and us2570 per tonne with an average of us2250 per tonne 
the remaining us847 million pretax impairment loss in the group’s aluminium business relates to the full writeoff of property plant and equipment at the  
gove alumina refinery following the decision to curtail operations and at the shawinigan aluminium smelter following the decision to close the plant  
in previous years the group’s aluminium cashgenerating units were tested for impairment in aggregate as the goodwill was allocated and monitored at the 
segment level this goodwill was fully written off in 2012 during 2012 impairment testing of the group’s aluminium business resulted in a pretax impairment charge  
of us7468 million to goodwill 2011 us7405 million a pretax impairment charge of us229 million to intangible assets 2011 usnil a pretax impairment 
charge of us3944 million to property plant and equipment 2011 us1186 million a posttax impairment charge of 379 million to investments in equity 
accounted units 2011 us579 million and a pretax adjustment of us194 million to other assets and liabilities 2011 usnil 
energy – rio tinto coal mozambique 
an impairment trigger was identified at rio tinto coal mozambique following reassessment of the development plan discount rate and associated country risk 
premium subsequent testing resulted in a posttax impairment of the benga cashgenerating unit which is classified as an investment in equity accounted unit of 
us216 million 2012 us1147 million and a pretax impairment of the zambeze cashgenerating unit intangible assets of us259 million 2012 us1581 million 
and property plant and equipment of us22 million 2012 no impairment charge the impairment recorded in 2012 also included the full write off of goodwill of 
us541 million which was monitored and tested at the business unit level 
the recoverable amount for benga has been determined to be us86 million assessed by reference to a fvlcd model and the recoverable amount for zambeze  
has been determined by reference to a valueinuse of nil as the property is undeveloped 
the recoverable amount for the benga cashgenerating unit is classified as level 3 under the fair value hierarchy in arriving at fvlcd posttax cash flows expressed 
in real terms have been estimated over the assets’ life based on long term production plans including restoration and environmental cleanup costs the cash flows 
are discounted using a country specific posttax discount rate of 103 per cent 2012 79 per cent for mozambique 
the key assumptions to which the calculation of fvlcd for benga is most sensitive are the thermal coal and hard coking coal price operating costs discount rates 
and infrastructure assumptions coal prices and operating costs have been estimated in line with the policy set out in note 1i  
copper – southgobi expansion and undeveloped properties 
the expansion and undeveloped properties in southgobi were recognised in accordance with the requirement in ifrs to fair value assets on first consolidation  and 
were therefore recorded as an accounting uplift when rio tinto obtained control of turquoise hill resources on 24 january 2012 these assets were not amortised 
and therefore have been tested for impairment the recoverable amount has been determined as nil by reference to a recoverable amount based on valueinuse  
as a result a pretax impairment charge of us113 million has been recorded against intangible assets and a further us156 million has been recorded against 
property plant and equipment 
7 share of profit after tax of equity accounted units 
 
 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
sales revenue rio tinto share 
a
 4113  5498 6098 
operating costs 2871 3779 4893
profit before finance items and taxation 1242  1719 1205 
finance items 97 68 32
share of profit after tax of equity accounted units 31  47 38 
profit before taxation 1176  1698 1211 
taxation 478 642 515
profit for the year rio tinto share 698  1056 696
a sales revenue of equity accounted units excludes charges by equity accounted units to group subsidiaries 
additional information relating to the group’s interests in joint ventures and associates is given in notes 35 and 36 
   riotintocomreportingcentre2013
140
notes to the 2013 financial statements continued 
140 
riotintocomreportingcentre2013 
8 finance income and finance costs 
 note
2013 
usm 
restated 
2012
usm
restated 
2011
usm
finance income from equity accounted units 14  14 27 
other finance income including bank deposits and other financial assets  68  102 79 
total finance income 82  116 106 
  
interest payable and similar charges 
a
 1234 1059 989
amounts capitalised 14 727  766 493 
total finance costs 507 293 496
a interest payable and similar charges relate to interest on bank loans and other borrowings this includes a fair value loss on interest rate swaps designated as hedges of  
us266 million 2012 us25 million loss 2011 us311 million gain and a fair value gain on bonds and notes attributable to interest rate risk of us257 million 2012 us13 million 
loss 2011 us308 million loss  
9 taxation  
note
2013 
usm 
restated 
2012 
usm
restated 
2011
usm
taxation charge  
– current 4102  3887 6144 
– deferred 17 1676 3298 328 
 2426  589 6472 
 
prima facie tax reconciliation 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
profitloss before taxation 3505  2431 13272 
deduct share of profit after tax of equity accounted units 698 1056 696
add impairment after tax of investments in equity accounted units 
a
 216  1526 592 
parent companies’ and subsidiaries’ profitloss before tax 3023  1961 13168 
  
prima facie tax payable at uk rate of 23 2012 24 2011 26 695  471 3424 
higher rate of taxation on australian earnings 1411  838 759 
impact of items excluded in arriving at underlying earnings  
– impairment charges 135  1683 1909 
– gains and losses on disposal and consolidation of businesses 199 185 33
– foreign exchange on excluded finance items 77  44 27
– impact of tax law changes on recognition of deferred tax assets 
b
 –  1205 342 
– other exclusions 7 157 90
impact of changes in tax rates and laws 12  5 20 
other tax rates applicable outside the uk and australia  63 74 129 
resource depletion and other depreciation allowances 103 121 182
research development and other investment allowances 49 57 78
recognition of previously unrecognised deferred tax assets –  84 – 
unrecognised current year operating losses 339  200 272 
other items 178  43 27
total taxation charge 
c
  2426  589 6472
a impairment of investments in equity accounted units is net of tax credits of us14 million 2012 us691 million 2011 us349 million  
b minerals resource rent tax mrrt is an additional tax on profits from the mining of iron ore and coal in australia which came into effect on 1 july 2012 in computing mrrt liabilities 
a deduction is given in respect of the market value of the mining assets as at 1 may 2010 a deferred tax asset has been recognised on the temporary difference between the amount 
that is deductible for tax purposes and the carrying value of the assets in the accounts to the extent that its recovery is probable this temporary difference will reverse over the life of 
the mines 
c this tax reconciliation relates to the group’s parent companies subsidiaries and joint operations  
   riotintocomreportingcentre2013
141
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
140 
riotintocomreportingcentre2013 
8 finance income and finance costs 
 note
2013 
usm 
restated 
2012
usm
restated 
2011
usm
finance income from equity accounted units 14  14 27 
other finance income including bank deposits and other financial assets  68  102 79 
total finance income 82  116 106 
  
interest payable and similar charges 
a
 1234 1059 989
amounts capitalised 14 727  766 493 
total finance costs 507 293 496
a interest payable and similar charges relate to interest on bank loans and other borrowings this includes a fair value loss on interest rate swaps designated as hedges of  
us266 million 2012 us25 million loss 2011 us311 million gain and a fair value gain on bonds and notes attributable to interest rate risk of us257 million 2012 us13 million 
loss 2011 us308 million loss  
9 taxation  
note
2013 
usm 
restated 
2012 
usm
restated 
2011
usm
taxation charge  
– current 4102  3887 6144 
– deferred 17 1676 3298 328 
 2426  589 6472 
 
prima facie tax reconciliation 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
profitloss before taxation 3505  2431 13272 
deduct share of profit after tax of equity accounted units 698 1056 696
add impairment after tax of investments in equity accounted units 
a
 216  1526 592 
parent companies’ and subsidiaries’ profitloss before tax 3023  1961 13168 
  
prima facie tax payable at uk rate of 23 2012 24 2011 26 695  471 3424 
higher rate of taxation on australian earnings 1411  838 759 
impact of items excluded in arriving at underlying earnings  
– impairment charges 135  1683 1909 
– gains and losses on disposal and consolidation of businesses 199 185 33
– foreign exchange on excluded finance items 77  44 27
– impact of tax law changes on recognition of deferred tax assets 
b
 –  1205 342 
– other exclusions 7 157 90
impact of changes in tax rates and laws 12  5 20 
other tax rates applicable outside the uk and australia  63 74 129 
resource depletion and other depreciation allowances 103 121 182
research development and other investment allowances 49 57 78
recognition of previously unrecognised deferred tax assets –  84 – 
unrecognised current year operating losses 339  200 272 
other items 178  43 27
total taxation charge 
c
  2426  589 6472
a impairment of investments in equity accounted units is net of tax credits of us14 million 2012 us691 million 2011 us349 million  
b minerals resource rent tax mrrt is an additional tax on profits from the mining of iron ore and coal in australia which came into effect on 1 july 2012 in computing mrrt liabilities 
a deduction is given in respect of the market value of the mining assets as at 1 may 2010 a deferred tax asset has been recognised on the temporary difference between the amount 
that is deductible for tax purposes and the carrying value of the assets in the accounts to the extent that its recovery is probable this temporary difference will reverse over the life of 
the mines 
c this tax reconciliation relates to the group’s parent companies subsidiaries and joint operations  
  
 
141 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
the tax creditcharge relating to components of other comprehensive income is as follows 
 
2013 
total  
usm 
restated 
2012
total 
usm
restated 
2011
total 
usm
tax on exchange adjustments 17 1 13 
fair value movements  
– cash flow hedge fair value gainslosses 34 26 24
– cash flow hedge gainslosses transferred to the income statement 19  50 52
– losses on revaluation of available for sale securities 2  6 21 
– lossesgains on revaluation of available for sale securities  
 transferred to the income statement 20 1 1 
currency translation reclassified –  – 3
actuarial gainslosses on post retirement benefit plans 641 83 532 
deferred tax on share options 6 8 55
 697 57 433 
share of tax on other comprehensive expense  
of equity accounted units –  – 3
tax relating to components of other  
comprehensive incomeexpense for the year 
a
 697 57 430
a this comprises deferred tax charge of us697 million 2012 credit of us54 million 2011 credit of us476 million and current tax credits of usnil 2012 us3 million 2011 charge 
of us43 million plus share of tax on other comprehensive income of equity accounted units shown separately see note 17 
10 earningsloss per ordinary share 
 
2013
earnings 
usm
2013
weighted 
average 
number of 
shares 
millions 
2013
per share 
amount 
cents
2012 
earnings  
usm 
restated 
2012
weighted 
average 
number of 
shares 
millions 
restated 
2012
per share 
amount 
cents
basic earningsloss per share attributable to ordinary  
shareholders of rio tinto – continuing operations  3665 18473 1984 3021 18491 1634
basic loss per share attributable to ordinary  
shareholders of rio tinto – discontinued operations – 18473 – 7 18491 04
total basic earningsloss per share – profit for the year 
a
 3665 18473 1984 3028 18491 1638
diluted earningsloss per share attributable to ordinary 
shareholders of rio tinto – continuing operations  3665 18577 1973 3021 18491 1634
diluted loss per share attributable to ordinary  
shareholders of rio tinto – discontinued operations – 18577 – 7 18491 04
total diluted earningsloss per share – profit for the year 
b
 3665 18577 1973 3028 18491 1638
 
 
2011 
earnings  
usm 
restated 
2011
weighted 
average 
number of 
shares 
millions 
restated 
2011
per share 
amount 
cents
basic earnings per share attributable to ordinary shareholders of rio tinto – continuing operations  5845  19231 3039 
basic loss per share attributable to ordinary shareholders of rio tinto – discontinued operations 10 19231 05
total basic earnings per share – profit for the year 
a
 5835  19231 3034 
diluted earnings per share attributable to ordinary shareholders of rio tinto – continuing operations  5845  19355 3020 
diluted loss per share attributable to ordinary shareholders of rio tinto – discontinued operations 10 19355 05
total diluted earnings per share – profit for the year 5835  19355 3015
a the weighted average number of shares is calculated as the average number of rio tinto plc shares outstanding not held as treasury shares of 14116 million 2012 14134 million 
2011 14873 million plus the average number of rio tinto limited shares outstanding of 4357 million 2012 4358 million 2011 4358 million no rio tinto limited shares were  
held by rio tinto plc in any of the periods presented 
b in accordance with ias 33 ‘earnings per share’ the effects of antidilutive potential have not been included when calculating diluted loss per share for the year ended 31 december 
2012 for the purposes of calculating diluted earnings per share the effect of dilutive securities of 124 million shares in 2011 is added to the weighted average number of shares 
described in a above this effect is calculated under the treasury stock method the group’s only potential dilutive ordinary shares are share options for which terms and conditions 
are described in note 44 
   riotintocomreportingcentre2013
142
notes to the 2013 financial statements continued 
142 
riotintocomreportingcentre2013 
11 dividends 
 
2013 
usm 
2012
usm
2011
usm
rio tinto plc previous year final dividend paid  1311  1295 955 
rio tinto plc interim dividend paid  1213  1054 778 
rio tinto limited previous year final dividend paid  406  380 279 
rio tinto limited interim dividend paid  392  309 224 
dividends paid during the year 3322  3038 2236 
  
dividends per share paid during the year 1780c 1635c 1170c
dividends per share proposed in the announcement of the results for the year  1085c 945c 910c
 
 
dividends  
per share  
2013 
dividends 
per share 
2012
dividends 
per share 
2011
rio tinto plc previous year final pence 6034p  5733p 3914p 
rio tinto plc interim pence 5428p  4643p 3314p 
rio tinto limited previous year final – fully franked at 30 australian cents 9167c  8420c 6194c 
rio tinto limited interim – fully franked at 30 australian cents 9300c  6851c 4981c 
 
 
number  
of shares  
2013  
millions 
number 
of shares 
2012 
millions
number 
of shares 
2011 
millions
rio tinto plc previous year final  14119 14167 15226
rio tinto plc interim  14125 14109 14795
rio tinto limited previous year final  4358 4358 4358
rio tinto limited interim  4358 4358 4358
the dividends paid in 2013 are based on the following us cents per share amounts 2012 final – 945 cents 2013 interim – 835 cents 2012 dividends paid  
2011 final – 910 cents 2012 interim – 725 cents 2011 dividends paid 2010 final – 630 cents 2011 interim – 540 cents 
the number of shares on which rio tinto plc dividends are based excludes those held as treasury shares 2013 2012 and 2011 no rio tinto limited shares were 
held by rio tinto plc 
in addition the directors of rio tinto announced a final dividend of 1085 cents per share on 13 february 2014 this is expected to result in payments of  
us2005 million rio tinto plc us1532 million rio tinto limited us473 million the dividends will be paid on 10 april 2014 to rio tinto plc shareholders  
on the register at the close of business on 7 march 2014 and to rio tinto limited shareholders on the register at the close of business on 12 march 2014 
the proposed rio tinto limited dividends will be franked out of existing franking credits or out of franking credits arising from the payment of income tax  
during 2014 
the approximate amount of the rio tinto limited consolidated tax group’s retained profits and reserves that could be distributed as dividends and franked out  
of credits that arose from net payments of income tax in respect of periods up to 31 december 2013 after deducting franking credits expected to be utilised on  
the 2013 final dividend declared is us14298 million 
   riotintocomreportingcentre2013
143
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
142 
riotintocomreportingcentre2013 
11 dividends 
 
2013 
usm 
2012
usm
2011
usm
rio tinto plc previous year final dividend paid  1311  1295 955 
rio tinto plc interim dividend paid  1213  1054 778 
rio tinto limited previous year final dividend paid  406  380 279 
rio tinto limited interim dividend paid  392  309 224 
dividends paid during the year 3322  3038 2236 
  
dividends per share paid during the year 1780c 1635c 1170c
dividends per share proposed in the announcement of the results for the year  1085c 945c 910c
 
 
dividends  
per share  
2013 
dividends 
per share 
2012
dividends 
per share 
2011
rio tinto plc previous year final pence 6034p  5733p 3914p 
rio tinto plc interim pence 5428p  4643p 3314p 
rio tinto limited previous year final – fully franked at 30 australian cents 9167c  8420c 6194c 
rio tinto limited interim – fully franked at 30 australian cents 9300c  6851c 4981c 
 
 
number  
of shares  
2013  
millions 
number 
of shares 
2012 
millions
number 
of shares 
2011 
millions
rio tinto plc previous year final  14119 14167 15226
rio tinto plc interim  14125 14109 14795
rio tinto limited previous year final  4358 4358 4358
rio tinto limited interim  4358 4358 4358
the dividends paid in 2013 are based on the following us cents per share amounts 2012 final – 945 cents 2013 interim – 835 cents 2012 dividends paid  
2011 final – 910 cents 2012 interim – 725 cents 2011 dividends paid 2010 final – 630 cents 2011 interim – 540 cents 
the number of shares on which rio tinto plc dividends are based excludes those held as treasury shares 2013 2012 and 2011 no rio tinto limited shares were 
held by rio tinto plc 
in addition the directors of rio tinto announced a final dividend of 1085 cents per share on 13 february 2014 this is expected to result in payments of  
us2005 million rio tinto plc us1532 million rio tinto limited us473 million the dividends will be paid on 10 april 2014 to rio tinto plc shareholders  
on the register at the close of business on 7 march 2014 and to rio tinto limited shareholders on the register at the close of business on 12 march 2014 
the proposed rio tinto limited dividends will be franked out of existing franking credits or out of franking credits arising from the payment of income tax  
during 2014 
the approximate amount of the rio tinto limited consolidated tax group’s retained profits and reserves that could be distributed as dividends and franked out  
of credits that arose from net payments of income tax in respect of periods up to 31 december 2013 after deducting franking credits expected to be utilised on  
the 2013 final dividend declared is us14298 million 
  
 
143 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
12 goodwill 
 
2013
usm
restated 
2012
usm
net book value 
at 1 january  2774 9558 
adjustment on currency translation 253 246 
company no longer consolidated 23 – 
newly consolidated operations – 979 
impairment charges 
a
 1149 8009
at 31 december 1349 2774 
– cost 22678 24451 
– accumulated impairment 21329 21677
at 1 january  
– cost 24451 23511 
– accumulated impairment 21677 13953
at 31 december goodwill has been allocated as follows  
 
2013
usm
2012
usm
net book value 
richards bay minerals 656 806 
iron ore – australia 445 518 
copper – oyu tolgoi – 1149 
other  248 301 
 1349 2774
a during 2013 the goodwill impairment charge of us1149 million represents the full impairment of goodwill allocated to oyu tolgoi during 2012 the goodwill impairment charge 
related mainly to rio tinto alcan and rio tinto coal mozambique refer to note 6 for further details 
impairment tests for goodwill 
richards bay minerals 
the group consolidated richards bay minerals on 3 september 2012 goodwill of us806 million arose in accordance with the requirement in ifrs to recognise  
a deferred tax asset or liability on the difference between the fair value of newly consolidated assets and liabilities and their tax base the recognition of richards  
bay minerals’ identifiable assets and liabilities in the statement of financial position was based on fair values at the acquisition date determined with the assistance  
of an independent third party valuer  
richard bay minerals’ annual impairment review resulted in no impairment charge for 2013 2012 no impairment charge the recoverable amount has been 
assessed by reference to fvlcd in line with the policy set out in note 1i and classified as level 3 under the fair value hierarchy fvlcd was determined by 
estimating cash flows until the end of the life of mine plan in arriving at fvlcd a posttax discount rate of 73 per cent 2012 69 per cent has been applied  
to the posttax cash flows expressed in real terms  
the key assumptions to which the calculation of fvlcd for richards bay minerals is most sensitive are the longterm titanium slag prices and discount rates  
other assumptions include the longterm pig iron and zircon prices the south african rand exchange rate against the us dollar and operating costs future selling 
prices and operating costs have been estimated in line with the policy set out in note 1i  
a five per cent decrease in the longterm titanium slag price in isolation would lead to a us482 million decrease in the fvlcd a one per cent increase in the 
discount rate in isolation would lead to a us388 million decrease in the fvlcd a ten per cent strengthening of the south african rand against the us dollar in 
isolation would lead to a us920 million decrease in fvlcd the recoverable amount of the cashgenerating unit exceeds the carrying value as a result of each of 
these sensitivities applied in isolation 
iron ore – australia 
the recoverability of goodwill arising from the acquisition of robe river has been assessed by reference to fvlcd using discounted cash flows which is in line with 
the policy set out in note 1i and is classified as level 3 under the fair value hierarchy in arriving at fvlcd a posttax discount rate of 73 per cent 2012 69 per 
cent has been applied to the posttax cash flows expressed in real terms the recoverable amounts were determined to be significantly in excess of carrying value 
and there are no reasonably possible changes in key assumptions that would cause the remaining goodwill to be impaired 
other 
the recoverability of the other goodwill has been assessed by reference to fvlcd using discounted cash flows which is in line with the policy set out in note 1i  
the recoverable amounts were determined to be in excess of carrying value and there are no reasonably possible changes in key assumptions that would cause  
the remaining goodwill to be impaired by a significant amount 
   riotintocomreportingcentre2013
144
notes to the 2013 financial statements continued 
144 
riotintocomreportingcentre2013 
13 intangible assets 
year ended 31 december 2013 
exploration and
evaluation
a
usm
trademarks
patented and 
non patented 
technology 
usm
contract 
based 
intangible 
assets
b
 
usm 
other 
intangible 
assets 
usm
total
d
 usm
net book value    
at 1 january 2013 2053 212 4120  495 6880 
adjustment on currency translation 96 7 290 47 426
expenditure during the year 368 – 9  159 536 
amortisation for the year 
c
 – 21 123 111 255
impairment charges 
e
  379 – 908 – 1287
disposals transfers and other movements 92 – 23  42 27
at 31 december 2013 1854 198 2831  538 5421 
– cost 4507 334 4830  1357 11028 
– accumulated amortisation and impairment 2653 136 1999 819 5607
 
year ended 31 december 2012 restated 
exploration and
evaluation
a
usm
trademarks
patented and 
non patented 
technology 
usm
contract 
 based 
intangible 
assets
b
 
usm 
other 
intangible 
assets 
usm
total
d
 
usm
net book value    
at 1 january 2012 2857 227 4400  558 8042 
adjustment on currency translation 21 4 106  13 144 
expenditure during the year 924 1 –  84 1009 
amortisation for the year 
c
 – 20 133 157 310
impairment charges net of reversals 1581 5 234 7 1817
disposals transfers and other movements 168 5 19  4 188
at 31 december 2012 2053 212 4120  495 6880 
– cost 3634 322 5265  1291 10512 
– accumulated amortisation and impairment 1581 110 1145 796 3632
a exploration and evaluation assets’ useful life is not determined until transferred to property plant  equipment the impairment charge in 2013 of us379 million 2012 us1581 
mainly related to exploration and evaluation assets within rio tinto coal mozambique rtcm and southgobi resources limited see note 6 
b the group benefits from certain intangible assets acquired with alcan including power supply contracts customer contracts and water rights the water rights are expected to 
contribute to the efficiency and cost effectiveness of operations for the foreseeable future accordingly these rights are considered to have indefinite lives and are not subject to 
amortisation but are tested annually for impairment these water rights constitute the majority of the amounts in ‘contract based intangible assets’ 
c finite life intangible assets are amortised over their useful economic lives on a straight line or units of production basis as appropriate where amortisation is calculated on a straight 
line basis the following useful lives have been determined  
 trademark patented and nonpatented technology 
trademarks 14 to 20 years 
patented and nonpatented technology 10 to 20 years 
 contract based intangible assets  
power contracts 2 to 39 years 
other purchase and customer contracts 5 to 15 years 
 other intangible assets 
internally generated intangible assets and computer software 2 to 5 years 
other intangible assets 2 to 20 years 
d there are no intangible assets either pledged as security or held under restriction of title 
e impairment test for indefinite lived assets 
 all indefinite lived intangible assets relate to water rights having been allocated to the kitimat and the quebec smelters cashgenerating units within the aluminium business on 
consolidation of rio tinto alcan in 2007 the annual impairment test for indefinite lived intangible assets resulted in an impairment loss being recognised in the kitimat cashgenerating 
unit as described in note 6 the remaining carrying value of indefinite lived intangible assets wholly relate to the water rights in the quebec smelters cashgenerating unit the carrying 
value of those water rights is us2131 million the quebec smelters cashgenerating unit was tested for impairment and it was determined that its recoverable amount determined  
on a fvlcd basis is us7736 million and exceeds the carrying amount by us385 million 
 the recoverable amount of the quebec smelters is classified as level 3 under the fair value hierarchy in arriving at fvlcd posttax cash flows expressed in real terms have been 
estimated over the expected useful economic lives of the underlying smelting assets and discounted using a posttax discount rate of 73 per cent 2012 69 per cent riotintocomreportingcentre2013
145
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
144 
riotintocomreportingcentre2013 
13 intangible assets 
year ended 31 december 2013 
exploration and
evaluation
a
usm
trademarks
patented and 
non patented 
technology 
usm
contract 
based 
intangible 
assets
b
 
usm 
other 
intangible 
assets 
usm
total
d
 usm
net book value    
at 1 january 2013 2053 212 4120  495 6880 
adjustment on currency translation 96 7 290 47 426
expenditure during the year 368 – 9  159 536 
amortisation for the year 
c
 – 21 123 111 255
impairment charges 
e
  379 – 908 – 1287
disposals transfers and other movements 92 – 23  42 27
at 31 december 2013 1854 198 2831  538 5421 
– cost 4507 334 4830  1357 11028 
– accumulated amortisation and impairment 2653 136 1999 819 5607
 
year ended 31 december 2012 restated 
exploration and
evaluation
a
usm
trademarks
patented and 
non patented 
technology 
usm
contract 
 based 
intangible 
assets
b
 
usm 
other 
intangible 
assets 
usm
total
d
 
usm
net book value    
at 1 january 2012 2857 227 4400  558 8042 
adjustment on currency translation 21 4 106  13 144 
expenditure during the year 924 1 –  84 1009 
amortisation for the year 
c
 – 20 133 157 310
impairment charges net of reversals 1581 5 234 7 1817
disposals transfers and other movements 168 5 19  4 188
at 31 december 2012 2053 212 4120  495 6880 
– cost 3634 322 5265  1291 10512 
– accumulated amortisation and impairment 1581 110 1145 796 3632
a exploration and evaluation assets’ useful life is not determined until transferred to property plant  equipment the impairment charge in 2013 of us379 million 2012 us1581 
mainly related to exploration and evaluation assets within rio tinto coal mozambique rtcm and southgobi resources limited see note 6 
b the group benefits from certain intangible assets acquired with alcan including power supply contracts customer contracts and water rights the water rights are expected to 
contribute to the efficiency and cost effectiveness of operations for the foreseeable future accordingly these rights are considered to have indefinite lives and are not subject to 
amortisation but are tested annually for impairment these water rights constitute the majority of the amounts in ‘contract based intangible assets’ 
c finite life intangible assets are amortised over their useful economic lives on a straight line or units of production basis as appropriate where amortisation is calculated on a straight 
line basis the following useful lives have been determined  
 trademark patented and nonpatented technology 
trademarks 14 to 20 years 
patented and nonpatented technology 10 to 20 years 
 contract based intangible assets  
power contracts 2 to 39 years 
other purchase and customer contracts 5 to 15 years 
 other intangible assets 
internally generated intangible assets and computer software 2 to 5 years 
other intangible assets 2 to 20 years 
d there are no intangible assets either pledged as security or held under restriction of title 
e impairment test for indefinite lived assets 
 all indefinite lived intangible assets relate to water rights having been allocated to the kitimat and the quebec smelters cashgenerating units within the aluminium business on 
consolidation of rio tinto alcan in 2007 the annual impairment test for indefinite lived intangible assets resulted in an impairment loss being recognised in the kitimat cashgenerating 
unit as described in note 6 the remaining carrying value of indefinite lived intangible assets wholly relate to the water rights in the quebec smelters cashgenerating unit the carrying 
value of those water rights is us2131 million the quebec smelters cashgenerating unit was tested for impairment and it was determined that its recoverable amount determined  
on a fvlcd basis is us7736 million and exceeds the carrying amount by us385 million 
 the recoverable amount of the quebec smelters is classified as level 3 under the fair value hierarchy in arriving at fvlcd posttax cash flows expressed in real terms have been 
estimated over the expected useful economic lives of the underlying smelting assets and discounted using a posttax discount rate of 73 per cent 2012 69 per cent
 
145 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
the key assumptions to which the calculation of fvlcd for the quebec smelters is most sensitive and the corresponding decrease in fvlcd are set out below  
 
us million
05 increase in discount rate applied to posttax cash flows  492 
5 decrease in aluminium and alumina prices 1282 
5 strengthening of the canadian dollar 556 
5 increase in operating costs 810 
each of the sensitivities has been determined by assuming that the relevant key assumption moves in isolation except where modifying the aluminium price directly 
affects the price assumption for certain input costs and further assumes that there is no mitigating action by management   
in previous years the group’s aluminium cashgenerating units were tested for impairment in aggregate as the goodwill was allocated and monitored at the 
segment level the remaining goodwill was fully impaired in 2012 refer to note 6 for further details  
exploration and evaluation expenditure  
the charge for the year and the net amount of intangible assets capitalised during the year are as follows  
2013 
usm 
restated 
2012
usm
restated 
2011
usm
net expenditure in the year net of proceeds of us27 million 2012 us217 million 2011 us52 million  
on disposal of undeveloped projects 1317 2608 1604
changes in accruals including impairment of undeveloped projects of us159 million  
2012 usnil 2011 us37 million and noncash proceeds on disposal of undeveloped projects 160 207 8 
amount capitalised during the year 368  924 248 
net charge for the year  1109 1477 1348
reconciliation to income statement  
exploration and evaluation costs 948 1971 1437
lossprofit on disposal of interests in undeveloped projects 161 494 89 
net charge for the year  1109 1477 1348
14 property plant and equipment 
year ended 31 december 2013 
mining
 properties
 and leases
a
usm
land and
buildings
b
usm
plant and 
equipment 
usm 
capital 
works in 
progress 
usm
total
 usm
net book value    
at 1 january 2013 16902 7187 31601  21295 76985 
adjustment on currency translation 1303 629 3670 1612 7214
adjustments to capitalised closure costs note 26 391 – –  – 391 
interest capitalised 
c
 note 8 – – 2  725 727 
additions 397 214 1444  9879 11934 
depreciation for the year 
a d
 816 439 3281 – 4536
impairment charges net of reversals 
e
 3976 67 676 163 4882
disposals 1 5 89 27 122
subsidiaries no longer consolidated 401 62 274 334 1071
transfers and other movements 
f
 313 1211 13409  15692 1385
at 31 december 2013 10880 7410 38466  14071 70827 
– cost 21521 11328 68429  14487 115765 
– accumulated depreciation and impairment 10641 3918 29963 416 44938
noncurrent assets held under finance leases 
g
 – 14 9  – 23 
other noncurrent assets pledged as security 
h
 1435 175 2872  97 4579 
 
   riotintocomreportingcentre2013
146
notes to the 2013 financial statements continued 
146 
riotintocomreportingcentre2013 
14 property plant and equipment continued 
year ended 31 december 2012 restated 
mining
properties
and leases
a
usm
land and
 buildings
b
usm
plant and 
equipment 
usm 
capital 
works in 
progress 
usm
total 
usm
net book value    
at 1 january 2012 16440 6261 28414  15266 66381 
adjustment on currency translation 223 103 598  249 1173 
adjustments to capitalised closure costs note 26 3005 – –  – 3005
interest capitalised 
c
 note 8 – – –  766 766 
additions 280 172 1136  15735 17323 
depreciation for the year 
a d
 904 357 3057 4 4314
impairment charges net of reversals 
e
 136 310 3053 1187 4686
disposals 2 8 91 11 112
newly consolidated operations note 37 2527 277 735  241 3780 
subsidiaries no longer consolidated 3 37 44 21 105
transfers and other movements 
f
 1482 1086 6963  9747 216
at 31 december 2012 16902 7187 31601  21295 76985 
– cost 23457 11027 58827  23820 117131 
– accumulated depreciation and impairment 6555 3840 27226 2525 40146
    
noncurrent assets held under finance leases 
g
 – 16 33  – 49 
other noncurrent assets pledged as security 
h
 1877 226 2023  158 4284 
a mining properties include deferred stripping costs of us855 million 2012 us1188 million amortisation of deferred stripping costs of us70 million 2012 us105 million  
2011 us62 million is included within ‘depreciation for the year’ 
b at 31 december 2013 the net book value amount for land and buildings includes freehold us6847 million 2012 us7071 million long leasehold us562 million  
2012 us93 million and short leasehold us1 million 2012 us23 million 
c interest is capitalised at a rate based on the group’s cost of borrowing or at the rate on project specific debt where applicable the group’s average borrowing rate used for  
capitalisation of interest is four per cent 2012 46 per cent  
d assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are 
depreciated on a straight line basis as follows  
 land and buildings  
land not depreciated 
buildings 5 to 50 years 
 plant and equipment 
other plant and equipment 3 to 35 years 
power assets 25 to 100 years 
capital work in progress not depreciated 
e  during 2013 impairment charges primarily relate to the aluminium and copper business during 2012 impairment charges primarily related to the aluminium businesses and argyle 
during 2011 the impairment charge primarily related to the aluminium business refer to note 6 for details 
f ‘transfers and other movements’ includes reclassifications between categories including transfer to assets of disposal groups held for sale 
g the finance leases under which these assets are held are disclosed in note 23 
h excludes assets held under finance leases noncurrent assets pledged as security represent amounts pledged as collateral against us865 million 2012 us996 million of loans 
which are included in note 22 
   riotintocomreportingcentre2013
147
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
146 
riotintocomreportingcentre2013 
14 property plant and equipment continued 
year ended 31 december 2012 restated 
mining
properties
and leases
a
usm
land and
 buildings
b
usm
plant and 
equipment 
usm 
capital 
works in 
progress 
usm
total 
usm
net book value    
at 1 january 2012 16440 6261 28414  15266 66381 
adjustment on currency translation 223 103 598  249 1173 
adjustments to capitalised closure costs note 26 3005 – –  – 3005
interest capitalised 
c
 note 8 – – –  766 766 
additions 280 172 1136  15735 17323 
depreciation for the year 
a d
 904 357 3057 4 4314
impairment charges net of reversals 
e
 136 310 3053 1187 4686
disposals 2 8 91 11 112
newly consolidated operations note 37 2527 277 735  241 3780 
subsidiaries no longer consolidated 3 37 44 21 105
transfers and other movements 
f
 1482 1086 6963  9747 216
at 31 december 2012 16902 7187 31601  21295 76985 
– cost 23457 11027 58827  23820 117131 
– accumulated depreciation and impairment 6555 3840 27226 2525 40146
    
noncurrent assets held under finance leases 
g
 – 16 33  – 49 
other noncurrent assets pledged as security 
h
 1877 226 2023  158 4284 
a mining properties include deferred stripping costs of us855 million 2012 us1188 million amortisation of deferred stripping costs of us70 million 2012 us105 million  
2011 us62 million is included within ‘depreciation for the year’ 
b at 31 december 2013 the net book value amount for land and buildings includes freehold us6847 million 2012 us7071 million long leasehold us562 million  
2012 us93 million and short leasehold us1 million 2012 us23 million 
c interest is capitalised at a rate based on the group’s cost of borrowing or at the rate on project specific debt where applicable the group’s average borrowing rate used for  
capitalisation of interest is four per cent 2012 46 per cent  
d assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life shorter than the related mine are 
depreciated on a straight line basis as follows  
 land and buildings  
land not depreciated 
buildings 5 to 50 years 
 plant and equipment 
other plant and equipment 3 to 35 years 
power assets 25 to 100 years 
capital work in progress not depreciated 
e  during 2013 impairment charges primarily relate to the aluminium and copper business during 2012 impairment charges primarily related to the aluminium businesses and argyle 
during 2011 the impairment charge primarily related to the aluminium business refer to note 6 for details 
f ‘transfers and other movements’ includes reclassifications between categories including transfer to assets of disposal groups held for sale 
g the finance leases under which these assets are held are disclosed in note 23 
h excludes assets held under finance leases noncurrent assets pledged as security represent amounts pledged as collateral against us865 million 2012 us996 million of loans 
which are included in note 22 
  
 
147 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
15 investments in equity accounted units 
summary statement of financial position rio tinto share 
2013
usm
restated 
2012
usm
rio tinto’s share of assets 
– noncurrent assets 5860 6318 
– current assets 1197 1916 
 7057 8234
rio tinto’s share of liabilities 
– current liabilities 791 1342
– noncurrent liabilities  2309 2951
 3100 4293
rio tinto’s share of net assets 
a b
 3957 3941 
a further details of investments in equity accounted units are set out in notes 35 and 36 
b the impact of impairment charges on the group’s investments in equity accounted units are summarised in note 6 
  at 31 december 2013 and 2012 the group had no investment in equity accounted units with shares listed on recognised stock exchanges 
c at 31 december 2013 net debt of equity accounted units excluding amounts due to rio tinto was us991 million 2012 us814 million none of which 2012 us15 million  
was with recourse to rio tinto 
16 inventories 
 
2013
usm
restated 
2012
usm
raw materials and purchased components 1116 1421 
consumable stores 1596 1861 
work in progress 1721 1982 
finished goods and goods for resale 1815 1534 
 6248 6798
comprising 
expected to be used within one year 5737 6375 
expected to be used after more than one year 511 423 
 6248 6798
inventory write downs net of reversals amounting to us201 million 2012 us208 million 2011 us184 million were recognised during the year  
17 deferred taxation 
 
2013
usm
restated 
2012
usm
at 1 january 1669 4436 
adjustment on currency translation 201 60 
credited to the income statement 1676 3298
chargedcredited to statement of comprehensive income 
a
 697 54
newly consolidated operations note 37 
b
 1 1027 
transfer to asset held for sale note 19 – 93
other movements 
c
 95 409
at 31 december 585 1669 
 
comprising 
– deferred tax liabilities 
d e
 4140 5145 
– deferred tax assets 
d f g
 3555 3476
deferred tax balances for which there is a right of offset within the same jurisdiction are presented net on the face of the statement of financial position as permitted 
by ias 12 the closing deferred tax liabilities and assets prior to this offsetting of balances are shown in the table following 
   riotintocomreportingcentre2013
148
notes to the 2013 financial statements continued 
148 
riotintocomreportingcentre2013 
17 deferred taxation continued 
 
total
 2013
usm
restated 
total 
2012
usm
deferred tax liabilities arising from 
capital allowances 6391 7777 
unremitted earnings 637 495 
capitalised interest 348 683 
unrealised exchange gains 91 738 
other temporary differences 761 954 
 8228 10647
 
deferred tax assets arising from 
tax losses 2496 2101
provisions 2084 1691
capital allowances 
h
 1289 2633
post retirement benefits 1036 1781
unrealised exchange losses 184 246
other temporary differences 554 526
 7643 8978
 
creditedcharged to the income statement 
unrealised exchange losses 566 58 
tax losses 563 426
provisions 434 4
decelerated capital allowances 44 3092
tax on unremitted earnings 3 26
post retirement benefits 68 72 
other temporary differences 134 120 
 1676 3298
a the amounts credited directly to the statement of comprehensive income relate to tax relief on share options provisions for tax on exchange differences on intragroup loans qualifying 
for reporting as part of the net investment in subsidiaries on cash flow hedges and on actuarial gains and losses on pension schemes and on post retirement healthcare plans 
b deferred tax relating to newly consolidated operations in 2012 is principally the result of deferred tax liabilities arising on the difference between the fair value and the tax base  
of the assets of richards bay minerals and turquoise hill resources ltd refer to note 37  
c ‘other movements’ include deferred tax relating to tax payable recognised by subsidiary holding companies on the profits of the equity accounted units to which it relates  
d the deferred tax liability of us4140 million 2012 us5145 million includes us4139 million 2012 us5143 million due in more than one year the deferred tax asset of  
us3555 million 2012 us3476 million includes us3426 million 2012 us3331 million receivable in more than one year 
e deferred tax is not recognised on the unremitted earnings of subsidiaries and joint ventures where the group is able to control the timing of the remittance and it is probable that there 
will be no remittance in the foreseeable future if these earnings were remitted tax of us183 million 2012 us198 million would be payable 
f us14200 million 2012 us15154 million of potential deferred tax assets have not been recognised as assets in the financial statements us10664 million 2012 12631 million  
of the potential assets relate to temporary differences that are deductible for the purposes of minerals resource rent tax mrrt us1274 million 2012 us1034 million of the 
potential assets relate to trading losses in france which were acquired as part of the alcan acquisition us652 million 2012 us447 million of the potential assets relate to realised 
or unrealised capital losses recovery of which depends on the existence of capital gains in future years there is a time limit the shortest of which is one year for the recovery 
of us343 million of these potential assets 2012 us116 million  
g there is a limited time period the shortest of which is four years for the recovery of us1384 million 2012 us1017 million of tax losses and other tax assets which have been 
recognised as deferred tax assets in the financial statements 
h deferred tax assets arising from capital allowances include amounts arising following the introduction of the minerals resource rent tax mrrt on 1 july 2012 refer to note 9  
   riotintocomreportingcentre2013
149
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
148 
riotintocomreportingcentre2013 
17 deferred taxation continued 
 
total
 2013
usm
restated 
total 
2012
usm
deferred tax liabilities arising from 
capital allowances 6391 7777 
unremitted earnings 637 495 
capitalised interest 348 683 
unrealised exchange gains 91 738 
other temporary differences 761 954 
 8228 10647
 
deferred tax assets arising from 
tax losses 2496 2101
provisions 2084 1691
capital allowances 
h
 1289 2633
post retirement benefits 1036 1781
unrealised exchange losses 184 246
other temporary differences 554 526
 7643 8978
 
creditedcharged to the income statement 
unrealised exchange losses 566 58 
tax losses 563 426
provisions 434 4
decelerated capital allowances 44 3092
tax on unremitted earnings 3 26
post retirement benefits 68 72 
other temporary differences 134 120 
 1676 3298
a the amounts credited directly to the statement of comprehensive income relate to tax relief on share options provisions for tax on exchange differences on intragroup loans qualifying 
for reporting as part of the net investment in subsidiaries on cash flow hedges and on actuarial gains and losses on pension schemes and on post retirement healthcare plans 
b deferred tax relating to newly consolidated operations in 2012 is principally the result of deferred tax liabilities arising on the difference between the fair value and the tax base  
of the assets of richards bay minerals and turquoise hill resources ltd refer to note 37  
c ‘other movements’ include deferred tax relating to tax payable recognised by subsidiary holding companies on the profits of the equity accounted units to which it relates  
d the deferred tax liability of us4140 million 2012 us5145 million includes us4139 million 2012 us5143 million due in more than one year the deferred tax asset of  
us3555 million 2012 us3476 million includes us3426 million 2012 us3331 million receivable in more than one year 
e deferred tax is not recognised on the unremitted earnings of subsidiaries and joint ventures where the group is able to control the timing of the remittance and it is probable that there 
will be no remittance in the foreseeable future if these earnings were remitted tax of us183 million 2012 us198 million would be payable 
f us14200 million 2012 us15154 million of potential deferred tax assets have not been recognised as assets in the financial statements us10664 million 2012 12631 million  
of the potential assets relate to temporary differences that are deductible for the purposes of minerals resource rent tax mrrt us1274 million 2012 us1034 million of the 
potential assets relate to trading losses in france which were acquired as part of the alcan acquisition us652 million 2012 us447 million of the potential assets relate to realised 
or unrealised capital losses recovery of which depends on the existence of capital gains in future years there is a time limit the shortest of which is one year for the recovery 
of us343 million of these potential assets 2012 us116 million  
g there is a limited time period the shortest of which is four years for the recovery of us1384 million 2012 us1017 million of tax losses and other tax assets which have been 
recognised as deferred tax assets in the financial statements 
h deferred tax assets arising from capital allowances include amounts arising following the introduction of the minerals resource rent tax mrrt on 1 july 2012 refer to note 9  
  
 
149 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
18 trade and other receivables 
 
noncurrent 
2013
usm
current 
2013
usm
total 
2013
usm
restated 
 noncurrent 
2012 
usm 
restated 
current 
2012
usm
restated 
total 
2012
usm
trade receivables 
a
 5 2987 2992 –  3292 3292 
other receivables 
b
 1150 1212 2362 1301  1475 2776 
prepayment of tolling charges to jointly controlled entities 
c
 479 – 479 484  – 484 
pension surpluses note 45 290 – 290 154  – 154 
amounts due from equity accounted units – 136 136 –  238 238 
other prepayments  216 332 548 326  336 662 
 2140 4667 6807 2265  5341 7606 
a at 31 december 2013 trade and other receivables are stated net of provisions for doubtful debts of us12 million 2012 us23 million amounts of us10 million  
2012 us21 million were impaired the majority of these receivable more than 90 days overdue   
b noncurrent receivables at 31 december 2013 included a us700 million 2012 us700 million prepayment for an intangible asset as a result of signing the agreement  
for the simandou iron ore project in 2012 
c rio tinto aluminium has made certain prepayments to equity accounted units for toll processing of alumina these prepayments will be charged to group operating  
costs as processing takes place 
there is no material element of trade and other receivables that is interest bearing 
the fair value of current trade and other receivables including the majority of amounts classified as noncurrent assets approximates their carrying value  
as of 31 december 2013 trade and other receivables of us178 million 2012 us190 million were past due but not impaired the ageing of these receivables  
is as follows 
 
2013
usm
2012
usm
less than 30 days overdue 57 117
between 30 and 60 days overdue 71 22
between 60 and 90 days overdue 47 19
more than 90 days overdue 3 32
 178 190 
these relate to a number of customers for whom there is no recent history of default or other indicators of impairment  
with respect to trade and other receivables that are neither impaired nor past due there are no indications as of the reporting date that the debtors will not meet 
their payment obligations  
19 assets and liabilities held for sale 
at 31 december 2013 assets and liabilities held for sale comprise the group’s 501 per cent interest in the clermont joint venture clermont its 712 per cent 
interest in the blair athol coal project blair athol and zululand anthracite colliery zac which was acquired with rio tinto coal mozambique in 2011  
on 25 october 2013 rio tinto announced that it had reached a binding agreement to sell its interest in clermont to gs coal pty ltd a company jointly owned  
by glencore xstrata and sumitomo corporation for us1015 billion the sale is conditional upon certain conditions precedent including customary regulatory 
approval on 3 october the rio tinto coal australia managed blair athol coal joint venture signed a conditional sale and purchase agreement to transfer its 
interests in blair athol to new emerald coal ltd nec a subsidiary of linc energy ltd the transaction is expected to complete during the first half of 2014  
rio tinto ceased mining at blair athol in november 2012 
in relation to clermont and blair athol assets held for sale include property plant and equipment of us807 million and other assets of us81 million liabilities  
held for sale include provisions of us95 million and other liabilities of us44 million  
at 31 december 2012 assets and liabilities held for sale comprised palabora mining company limited and zac the sale of palabora to a consortium comprising 
south african and chinese entities led by the industrial development corporation of south africa limited and hebei iron  steel group completed on 31 july 2013  
at 31 december 2011 assets and liabilities held for sale comprised zac  
   riotintocomreportingcentre2013
150
notes to the 2013 financial statements continued 
150 
riotintocomreportingcentre2013 
20 other financial assets 
noncurrent 
2013
usm
current 
2013
usm
 
total 
2013
usm
restated 
 noncurrent 
2012 
usm 
restated
 current 
2012
usm
restated 
total 
2012
usm
derivative financial instruments 403 63 466 414  29 443 
equity shares and quoted funds 157 122 279 298  71 369 
other investments including loans  339 167 506 372  167 539 
loans to equity accounted units 1 93 94 13  269 282 
tax recoverable  83 265 348 86  153 239 
 983 710 1693 1183  689 1872 
detailed information relating to other financial assets is given in note 30  
21 cash and cash equivalents 
note 
2013
usm
restated 
2012
usm
cash at bank and in hand  1548 1320 
other short term deposits  8668 5815 
balance per group statement of financial position  10216 7135 
bank overdrafts repayable on demand unsecured 22 7 97
cash and cash equivalents included in assets held for sale  – 234 
balance per group cash flow statement  10209 7272 
us570 million 2012 us108 million of cash and cash equivalents is held in countries where there are restrictions on remittances of this balance us402 million 
2012 us87million could be used to repay subsidiaries’ third party borrowings 
there are also restrictions on a further us652 million 2012 us546 million of cash and cash equivalents the majority of which is held by partially owned entities 
and is not available for use in the wider group due to the legal and contractual restrictions currently in place of this balance us119 million 2012 us199 million 
could be used to repay subsidiaries’ third party borrowings 
   riotintocomreportingcentre2013
151
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
150 
riotintocomreportingcentre2013 
20 other financial assets 
noncurrent 
2013
usm
current 
2013
usm
 
total 
2013
usm
restated 
 noncurrent 
2012 
usm 
restated
 current 
2012
usm
restated 
total 
2012
usm
derivative financial instruments 403 63 466 414  29 443 
equity shares and quoted funds 157 122 279 298  71 369 
other investments including loans  339 167 506 372  167 539 
loans to equity accounted units 1 93 94 13  269 282 
tax recoverable  83 265 348 86  153 239 
 983 710 1693 1183  689 1872 
detailed information relating to other financial assets is given in note 30  
21 cash and cash equivalents 
note 
2013
usm
restated 
2012
usm
cash at bank and in hand  1548 1320 
other short term deposits  8668 5815 
balance per group statement of financial position  10216 7135 
bank overdrafts repayable on demand unsecured 22 7 97
cash and cash equivalents included in assets held for sale  – 234 
balance per group cash flow statement  10209 7272 
us570 million 2012 us108 million of cash and cash equivalents is held in countries where there are restrictions on remittances of this balance us402 million 
2012 us87million could be used to repay subsidiaries’ third party borrowings 
there are also restrictions on a further us652 million 2012 us546 million of cash and cash equivalents the majority of which is held by partially owned entities 
and is not available for use in the wider group due to the legal and contractual restrictions currently in place of this balance us119 million 2012 us199 million 
could be used to repay subsidiaries’ third party borrowings 
  
 
151 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
22 borrowings and other financial liabilities 
borrowings at 31 december note
noncurrent 
2013
usm
current 
2013
usm
total  
2013
usm
restated  
noncurrent 
2012 
usm 
restated 
current
 2012
usm
restated 
total 
2012
usm
usd commercial paper – 156 156  –  200 200 
rio tinto finance usa limited bonds 895 2014 
a
 – 1907 1907  1935  – 1935 
alcan inc global notes 52 due 2014 
a
 – 499 499  498  – 498 
rio tinto finance usa limited bonds 1875 2015  500 – 500  500  – 500 
rio tinto finance usa plc bonds 1125 2015  499 – 499  498  – 498 
rio tinto finance usa plc bonds libor plus 055 2015 250 – 250  –  – – 
alcan inc global notes 50 due 2015 
a
 499 – 499  501  – 501 
rio tinto finance usa limited bonds 2500 2016  698 – 698  696  – 696 
rio tinto finance usa limited bonds 2250 2016  498 – 498  497  – 497 
rio tinto finance usa plc bonds 1375 2016  996 – 996  –  – – 
rio tinto finance usa plc bonds libor plus 084 2016  499 – 499  –  – – 
rio tinto finance usa plc bonds 20 2017  499 – 499  499  – 499 
rio tinto finance usa plc bonds 1625 2017 1243 – 1243  1241  – 1241 
rio tinto finance usa limited bonds 65 2018 
a
 1979 – 1979  2059  – 2059 
rio tinto finance usa plc bonds 2250 2018 1238 – 1238  –  – – 
rio tinto finance usa limited bonds 90 2019 
a
 1467 – 1467  1456  – 1456 
rio tinto finance usa limited bonds 35 2020 995 – 995  994  – 994 
rio tinto finance plc euro bonds 20 due 2020 
a
 
b
 999 – 999  971  – 971 
rio tinto finance usa limited bonds 4125 2021  996 – 996  997  – 997 
rio tinto finance usa limited bonds 3750 2021  1145 – 1145  1143  – 1143 
rio tinto finance usa plc bonds 35 2022 992 – 992  992  – 992 
rio tinto finance usa plc bonds 2875 2022 985 – 985  984  – 984 
rio tinto finance plc euro bonds 2875 due 2024 
a b
 639 – 639  636  – 636 
rio tinto finance usa limited bonds 7125 2028 
a
 934 – 934  1053  – 1053 
alcan inc debentures 725 due 2028 107 – 107  107  – 107 
rio tinto finance plc sterling bonds 40 due 2029 
a b
 822 – 822  804  – 804 
alcan inc debentures 725 due 2031 430 – 430  432  – 432 
alcan inc global notes 6125 due 2033 739 – 739  738  – 738 
alcan inc global notes 575 due 2035  284 – 284  283  – 283 
rio tinto finance usa limited bonds 52 2040  1147 – 1147  1146  – 1146 
rio tinto finance usa plc bonds 475 2042  490 – 490  489  – 489 
rio tinto finance usa plc bonds 4125 2042  725 – 725  725  – 725 
alcan inc global notes 450 due 2013 
a
 – – –  –  498 498 
rio tinto finance usa limited bonds 5875 2013 
a
 – – –  –  595 595 
rio tinto finance usa limited bonds 7125 2013 
a
 – – –  –  100 100 
loans from equity accounting units  9 77 86  111  5 116 
other secured loans 651 214 865  918  78 996 
other unsecured loans 551 1049 1600  519  590 1109 
finance leases 23 39 7 46  55  12 67 
bank overdrafts 21 – 7 7  –  97 97 
total borrowings including overdrafts 
c
 24544 3916 28460  24477  2175 26652 
a these borrowings are subject to the hedging arrangements summarised below 
b rio tinto has a us10 billion 2012 us10 billion european debt issuance programme edip against which the cumulative amount utilised was us26 billion equivalent at  
31 december 2013 2012 us24 billion the carrying value of these bonds after hedge accounting adjustments amounted to us25 billion 2012 us24 billion in aggregate 
c the group’s borrowings of us285 billion 2012 us267 billion include some us33 billion 2012 us41 billion which relates to subsidiary entity borrowings that are without 
recourse to the group of which us07 billion 2012 us08 billion are subject to various financial and general covenants with which the respective borrowers were in compliance  
as at 31 december 2013  
 
 
 
 
 
  riotintocomreportingcentre2013
152
notes to the 2013 financial statements continued 
152 
riotintocomreportingcentre2013 
22 borrowings and other financial liabilities continued 
other financial liabilities 
 
noncurrent 
2013
usm
current 
2013
usm
total 
2013
usm
restated  
noncurrent 
2012 
usm 
restated 
current
 2012
usm
restated 
total 
2012
usm
derivative financial instruments 31 10 41 171  23 194 
other financial liabilities 50 – 50 58  – 58 
total other financial liabilities 81 10 91 229  23 252 
  
total borrowings and other financial liabilities 24625 3926 28551 24706  2198 26904 
detailed information relating to other financial liabilities is given in note 30 
swap arrangements  
at 31 december 2013 us42 billion 2012 us54 billion us dollar notional of the fixed rate us dollar borrowings were swapped to floating us dollar rates  
us16 billion 2012 us16 billion us dollar notional equivalent of euro borrowings were fully swapped to floating us dollar rates and us08 billion  
2012 us08billion us dollar notional equivalent of pound sterling borrowings were fully swapped to fixed us dollar rates the rio tinto finance plc sterling  
bond 40 due 2029 has been designated as a cash flow hedge 
other borrowings have been swapped to floating rates and fair value hedge accounting has been applied except for us250 million 2012 us250 million of  
the rio tinto finance usa limited bonds 895 due 2014 us750 million 2012 us750 million of the rio tinto finance usa limited bonds 65 due 2018  
us75 million 2012 us75 million of the rio tinto finance usa limited bonds 7125 due 2028 and us200 million 2012 us200 million of the alcan inc 
global notes 52 due 2014 in addition at 31 december 2012 us100 million of the rio tinto finance usa limited bonds 7125 due 2013 and us87 million  
of the rio tinto finance usa limited bonds 5875 due 2013 were swapped but not in a fair value hedge 
the fair value of interest rate and cross currency interest rate swap assets and liabilities at 31 december 2013 was us192 million 2012 us347 million and  
us14 million 2012 us44 million respectively these are included in ‘other financial assets’ and ‘other financial liabilities’ in the statement of financial position  
details of the major interest rate and cross currency interest rate swaps are shown in note 30 us07 billion 2012 us08 billion of borrowings were subject to 
financial covenants 
23 capitalised finance leases 
 
note 
2013
usm
restated 
2012
usm
present value of minimum lease payments  
total minimum lease payments  48 69 
effect of discounting  2 2
 14 46 67 
  
payments under capitalised finance leases  
due within one year   7 12 
between 1 and 3 years  13 11 
between 3 and 5 years  11 13 
more than 5 years  15 31 
 14 46 67 
   riotintocomreportingcentre2013
153
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
152 
riotintocomreportingcentre2013 
22 borrowings and other financial liabilities continued 
other financial liabilities 
 
noncurrent 
2013
usm
current 
2013
usm
total 
2013
usm
restated  
noncurrent 
2012 
usm 
restated 
current
 2012
usm
restated 
total 
2012
usm
derivative financial instruments 31 10 41 171  23 194 
other financial liabilities 50 – 50 58  – 58 
total other financial liabilities 81 10 91 229  23 252 
  
total borrowings and other financial liabilities 24625 3926 28551 24706  2198 26904 
detailed information relating to other financial liabilities is given in note 30 
swap arrangements  
at 31 december 2013 us42 billion 2012 us54 billion us dollar notional of the fixed rate us dollar borrowings were swapped to floating us dollar rates  
us16 billion 2012 us16 billion us dollar notional equivalent of euro borrowings were fully swapped to floating us dollar rates and us08 billion  
2012 us08billion us dollar notional equivalent of pound sterling borrowings were fully swapped to fixed us dollar rates the rio tinto finance plc sterling  
bond 40 due 2029 has been designated as a cash flow hedge 
other borrowings have been swapped to floating rates and fair value hedge accounting has been applied except for us250 million 2012 us250 million of  
the rio tinto finance usa limited bonds 895 due 2014 us750 million 2012 us750 million of the rio tinto finance usa limited bonds 65 due 2018  
us75 million 2012 us75 million of the rio tinto finance usa limited bonds 7125 due 2028 and us200 million 2012 us200 million of the alcan inc 
global notes 52 due 2014 in addition at 31 december 2012 us100 million of the rio tinto finance usa limited bonds 7125 due 2013 and us87 million  
of the rio tinto finance usa limited bonds 5875 due 2013 were swapped but not in a fair value hedge 
the fair value of interest rate and cross currency interest rate swap assets and liabilities at 31 december 2013 was us192 million 2012 us347 million and  
us14 million 2012 us44 million respectively these are included in ‘other financial assets’ and ‘other financial liabilities’ in the statement of financial position  
details of the major interest rate and cross currency interest rate swaps are shown in note 30 us07 billion 2012 us08 billion of borrowings were subject to 
financial covenants 
23 capitalised finance leases 
 
note 
2013
usm
restated 
2012
usm
present value of minimum lease payments  
total minimum lease payments  48 69 
effect of discounting  2 2
 14 46 67 
  
payments under capitalised finance leases  
due within one year   7 12 
between 1 and 3 years  13 11 
between 3 and 5 years  11 13 
more than 5 years  15 31 
 14 46 67 
  
 
153 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
24 consolidated net debt 
 
2013
usm
restated 
2012
usm
analysis of changes in consolidated net debt 
opening balance 19192 8342
adjustment on currency translation 2051 411
exchange lossesgains chargedcredited to the income statement
a
 2120 417 
cash movements excluding exchange movements 1076 10412
net fundsdebt of acquired companies 14 540
other movements 116 96 
closing balance 18055 19192
 
total borrowings in statement of financial position note 22 28460 26652
derivatives related to net debt included in ‘other financial assetsliabilities’ note 30 173 294 
eau funded balances excluded from net debt 
b
 16 31 
adjusted total borrowings 28271 26327
cash and cash equivalents note 21 10216 7135 
consolidated net debt 18055 19192
 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
exchange lossesgains on us dollar net debt and intragroup balances excluded from underlying earnings 
exchange lossesgains on us dollar net debt  2098 416 186
exchange lossesgains on intragroup balances 1574 54 42 
exchange gainslosses on loans from equity accounted units –  4 1
exchange gainslosses on settlement of dividend –  18 16
chargedcredited to income statement 3672 492 161
a exchange gains taken to the income statement include amounts excluded from underlying earnings  
b eau funded balances are defined as amounts owed by partially owned subsidiaries to eaus where such funding was provided to the eau by the group  
further information relating to the currency and interest rate exposures arising from net debt and related derivatives is given in note 30 
25 trade and other payables 
noncurrent
 2013
usm
current 
2013
usm
total 
2013
usm
restated  
noncurrent 
2012 
usm 
restated 
current
 2012
usm
restated 
total 
2012
usm
trade payables 2 3095 3097 –  3317 3317 
accruals and deferred income 146 2481 2627 190  3190 3380 
other payables 
a
 164 1112 1276 226  1129 1355 
employee entitlements – 861 861 55  884 939 
royalties and mining taxes 2 682 684 –  539 539 
amounts owed to equity accounted units 135 155 290 –  357 357 
government grants deferred 127 14 141 134  4 138 
576 8400 8976 605  9420 10025 
a “other payables” include deferred consideration of us54 million 2012 us82 million relating to acquired assets all other accounts payable and accruals are non interest bearing 
due to their short term maturities the fair value of trade and other payables approximates their carrying value  
  riotintocomreportingcentre2013
154
notes to the 2013 financial statements continued 
154 
riotintocomreportingcentre2013 
26 provisions including post retirement benefits 
 
pensions
and post
retirement 
healthcare
a
usm
other
employee 
entitlements
b
usm
close down
and restoration
environmental
c d e f
usm
other  
usm 
total 
2013
usm
restated 
total 
2012
usm
at 1 january 6205 873 9223 680  16981 19635 
adjustment on currency translation 188 102 749 42 1081 371 
adjustments to mining properties note 14 
f
    
– changes in estimate – – 391 –  391 1869
– change in discount rate – – – –  – 1136
chargedcredited to profit    
– increases to existing provisions 449 430 117 175  1171 819 
– new provisions – 111 2 342  455 339 
– change in discount rate – – – –  – 130
– unused amounts reversed – 7 144 18 169 137
– exchange gains on provisions – – 8 –  8 5
– amortisation of discount – 3 374 –  377 451 
utilised in year 635 369 301 201 1506 1535
actuarial losses recognised in equity 2204 – – –  2204 375 
newly consolidated operations note 37 – 1 17 –  18 87 
subsidiaries no longer consolidated 24 8 247 19  260 93
transfers to assets held for sale – 4 97 3 104 135
transfers and other movements  4 13 4 7  20 56
at 31 december 3599 941 8582 959  14081 16981 
statement of financial position analysis    
current  130 747 467 394  1738 1539 
noncurrent 3469 194 8115 565  12343 15442 
total 3599 941 8582 959  14081 16981
a the main assumptions used to determine the provision for pensions and post retirement healthcare and other information including the expected level of future funding payments  
in respect of those arrangements are given in note 45 
b the provision for other employee entitlements includes a provision for long service leave of us314 million 2012 us347 million based on the relevant entitlements in certain  
group operations and includes us193 million 2012 us77 million of provision for redundancy and severance payments  
c the group’s policy on close down and restoration costs is described in note 1k and in paragraph v under ‘critical accounting policies and estimates’ on pages 125 and 129 close 
down and restoration costs are a normal consequence of mining and the majority of close down and restoration expenditure is incurred at the end of the relevant operation remaining 
lives of mines and infrastructure range from one to over 50 years with an average weighted by closure provision of around 21 years 2012 21 years although the ultimate cost to be 
incurred is uncertain the group’s businesses estimate their respective costs based on feasibility and engineering studies using current restoration standards and techniques provisions 
of us8582 million 2012 us9223 million for close down and restoration costs and environmental clean up obligations include estimates of the effect of future inflation and have 
been adjusted to reflect risk these estimates have been discounted to their present value at an average nominal rate of approximately four per cent per annum based on an estimate 
of the long term risk free pretax cost of borrowing before discounting this provision is equivalent to some us129 billion 2012 us137 billion 
d noncurrent provisions for close down and restorationenvironmental expenditure include amounts relating to environmental cleanup of us327 million 2012 us507 million 
expected to take place between one and five years from the statement of financial position date and us909 million 2012 us793 million expected to take place later than five  
years after the statement of financial position date 
e close down and restorationenvironmental liabilities at 31 december 2013 have not been adjusted for amounts of us142 million 2012 us198 million relating to insurance 
recoveries and other financial assets held for the purposes of meeting these obligations 
f close down and restorationenvironmental remediation provisions decreased during 2012 following a group wide review of estimated liabilities the review included a reevaluation  
of the estimates of risk free discount rates in light of the impact of fiscal interventions and where appropriate of the probability weighting for the different remediation closure or other 
activities required to achieve relinquishment 
   riotintocomreportingcentre2013
155
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
154 
riotintocomreportingcentre2013 
26 provisions including post retirement benefits 
 
pensions
and post
retirement 
healthcare
a
usm
other
employee 
entitlements
b
usm
close down
and restoration
environmental
c d e f
usm
other  
usm 
total 
2013
usm
restated 
total 
2012
usm
at 1 january 6205 873 9223 680  16981 19635 
adjustment on currency translation 188 102 749 42 1081 371 
adjustments to mining properties note 14 
f
    
– changes in estimate – – 391 –  391 1869
– change in discount rate – – – –  – 1136
chargedcredited to profit    
– increases to existing provisions 449 430 117 175  1171 819 
– new provisions – 111 2 342  455 339 
– change in discount rate – – – –  – 130
– unused amounts reversed – 7 144 18 169 137
– exchange gains on provisions – – 8 –  8 5
– amortisation of discount – 3 374 –  377 451 
utilised in year 635 369 301 201 1506 1535
actuarial losses recognised in equity 2204 – – –  2204 375 
newly consolidated operations note 37 – 1 17 –  18 87 
subsidiaries no longer consolidated 24 8 247 19  260 93
transfers to assets held for sale – 4 97 3 104 135
transfers and other movements  4 13 4 7  20 56
at 31 december 3599 941 8582 959  14081 16981 
statement of financial position analysis    
current  130 747 467 394  1738 1539 
noncurrent 3469 194 8115 565  12343 15442 
total 3599 941 8582 959  14081 16981
a the main assumptions used to determine the provision for pensions and post retirement healthcare and other information including the expected level of future funding payments  
in respect of those arrangements are given in note 45 
b the provision for other employee entitlements includes a provision for long service leave of us314 million 2012 us347 million based on the relevant entitlements in certain  
group operations and includes us193 million 2012 us77 million of provision for redundancy and severance payments  
c the group’s policy on close down and restoration costs is described in note 1k and in paragraph v under ‘critical accounting policies and estimates’ on pages 125 and 129 close 
down and restoration costs are a normal consequence of mining and the majority of close down and restoration expenditure is incurred at the end of the relevant operation remaining 
lives of mines and infrastructure range from one to over 50 years with an average weighted by closure provision of around 21 years 2012 21 years although the ultimate cost to be 
incurred is uncertain the group’s businesses estimate their respective costs based on feasibility and engineering studies using current restoration standards and techniques provisions 
of us8582 million 2012 us9223 million for close down and restoration costs and environmental clean up obligations include estimates of the effect of future inflation and have 
been adjusted to reflect risk these estimates have been discounted to their present value at an average nominal rate of approximately four per cent per annum based on an estimate 
of the long term risk free pretax cost of borrowing before discounting this provision is equivalent to some us129 billion 2012 us137 billion 
d noncurrent provisions for close down and restorationenvironmental expenditure include amounts relating to environmental cleanup of us327 million 2012 us507 million 
expected to take place between one and five years from the statement of financial position date and us909 million 2012 us793 million expected to take place later than five  
years after the statement of financial position date 
e close down and restorationenvironmental liabilities at 31 december 2013 have not been adjusted for amounts of us142 million 2012 us198 million relating to insurance 
recoveries and other financial assets held for the purposes of meeting these obligations 
f close down and restorationenvironmental remediation provisions decreased during 2012 following a group wide review of estimated liabilities the review included a reevaluation  
of the estimates of risk free discount rates in light of the impact of fiscal interventions and where appropriate of the probability weighting for the different remediation closure or other 
activities required to achieve relinquishment 
  
 
 
27 share capital – rio tinto plc 
2013
number 
million
2012
number 
million
2011
number 
million
2013 
usm 
2012
usm
2011
usm
issued and fully paid up share capital of 10p each  
at 1 january 1425376 1453400 1529004 230  234 246 
ordinary shares issued 
a c
 0001 – – – – –
ordinary shares purchased but uncancelled on 1 january 
b
 – 1800 – – – – 
own shares purchased and cancelled 
b
 – 26224 75604 – 4 12
at 31 december 1425377 1425376 1453400 230  230 234 
  
shares held by public  
at 1 january 1411257 1436542 1526305  
shares reissued from treasury 
a
 1437 0939 0875  
shares purchased and cancelled 
b
 – 26224 75604 
shares purchased and held in treasury 
c
 – – 13234 
shares purchased and awaiting cancellation 
b
 – – 1800 
ordinary shares issued during 2013 
a c
 0001 – –  
at 31 december 1412695 1411257 1436542  
  
shares repurchased and held in treasury 
b
 12682 14119 15058  
shares repurchased and awaiting cancellation 
b
 – – 1800  
shares held by public 1412695 1411257 1436542  
total share capital 1425377 1425376 1453400  
  
other share classes  
special voting share of 10p each 
d
 1 only 1 only 1 only 
dlc dividend share of 10p each 
d
 1 only 1 only 1 only 
equalisation share of 10p each 
d
 1 only 1 only 1 only 
a 951 ordinary shares were issued in 2013 under the global employee share plan 1436542 ordinary shares were reissued from treasury during the year resulting from the exercise  
of options under rio tinto plc employee share based payment plans with exercise prices between £1043p and £3576p per share 2012 no new ordinary shares were issued and 
939423 ordinary shares reissued from treasury with exercise prices between £1043p and £3946p per share 2011 no new ordinary shares issued and 875057 ordinary shares  
reissued from treasury with exercise prices between £1043p and £4712p per share 
b the authority for the company to buy back its ordinary shares was renewed at the 2013 annual general meeting from january to march 2012 26223910 shares were bought  
back and cancelled and 1800000 shares purchased and awaiting cancellation at 31 december 2012 were cancelled no shares were bought back and held in treasury in 2013 
c the aggregate consideration for new shares issued under the global employee share plan was us45 million 2012 us39 million 2011 us48 million the difference between  
the nominal value and the issue price of the shares issued was credited to the share premium account the aggregate consideration received for treasury shares reissued was  
us80 million no new shares were issued as a result of the exercise of options under rio tinto plc employee share based payment plans in 2013 2012 and 2011  
d the ‘special voting share’ was issued to facilitate the joint voting by shareholders of rio tinto plc and rio tinto limited on joint decisions following the dlc merger directors have  
the ability to issue an equalisation share if that is required under the terms of the dlc merger sharing agreement the ‘dlc dividend share’ was issued to facilitate the efficient 
management of funds within the dlc structure  
during 2013 us42 million of shares and adrs 2012 us41 million of shares 2011 us86 million of shares were purchased by employee share ownership  
trusts on behalf of rio tinto plc to satisfy future share options and awards as they vest at 31 december 2013 715300 shares and 4184 adrs were held in the 
employee share ownership trusts on behalf of rio tinto plc  
information relating to share options and other share based incentive schemes is given in note 44 on share based payments  
   riotintocomreportingcentre2013
156
notes to the 2013 financial statements continued 
28 share capital – rio tinto limited 
 
2013
number 
million
 2012
number 
million
 2011
number 
million
2013 
usm 
2012
usm
2011
usm
issued and fully paid up share capital  
at 1 january 43576 43576 43576 5715  5582 5601 
adjustment on currency translation – – – 804 133 19
at 31 december 43576 43576 43576 4911  5715 5582 
– special voting share 
a
 1 only 1 only 1 only 
– dlc dividend share 
a
 1 only 1 only 1 only 
total share capital 
a
 43576 43576 43576  
a the ‘special voting share’ was issued to facilitate the joint voting by shareholders of rio tinto limited and rio tinto plc on joint decisions following the dlc merger directors have  
the ability to issue an equalisation share if that is required under the terms of the dlc merger sharing agreement the ‘dlc dividend share’ was issued to facilitate the efficient 
management of funds within the dlc structure 
share options exercised during the year to 31 december 2013 under various rio tinto limited employee share option schemes were satisfied by the onmarket 
purchase of rio tinto limited shares by a third party on the group’s behalf 
information relating to share options and other share based incentive schemes is given in note 44 on share based payments  
29 other reserves and retained earnings   
 
2013  
usm 
restated 
2012 
usm
restated 
2011
usm
capital redemption reserve 
a
  
at 1 january 28  24 12 
own shares purchased and cancelled –  4 12 
at 31 december 28  28 24 
  
hedging reserves 
b
  
at 1 january 68 44 155
parent and subsidiaries’ net cash flow hedge fair value gainslosses 149  60 84 
parent and subsidiaries’ net cash flow hedge gainslosses transferred to the income statement 69 47 81 
net movement on equity accounted units cash flow hedges –  – 2 
tax on the above 9 11 56
at 31 december 3  68 44
  
available for sale revaluation reserves 
c
  
at 1 january 179 193 427 
losses on available for sale securities 67 25 238
lossesgains on available for sale securities transferred to the income statement 146  355 19
tax on the above 17 8 23 
at 31 december 117 179 193 
  
other reserves 
d
  
at 1 january 11778  11765 11785 
own shares purchased from rio tinto limited shareholders to satisfy share options 77 62 71
employee share options value of services 64  78 71 
deferred tax on share options 1  3 20
at 31 december 11766  11778 11765 
  
foreign currency translation reserve 
e
  
at 1 january 3309  2807 3574 
parent and subsidiaries currency translation and exchange adjustments 2138 664 878
equity accounted units currency translation adjustments 44 158 55 
currency translation reclassified on disposal 81  3 46 
tax on the above 17 1 10 
at 31 december 1191  3309 2807 
  
total other reserves per statement of financial position 12871  14868 14745 
 
  riotintocomreportingcentre2013
157
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
28 share capital – rio tinto limited 
 
2013
number 
million
 2012
number 
million
 2011
number 
million
2013 
usm 
2012
usm
2011
usm
issued and fully paid up share capital  
at 1 january 43576 43576 43576 5715  5582 5601 
adjustment on currency translation – – – 804 133 19
at 31 december 43576 43576 43576 4911  5715 5582 
– special voting share 
a
 1 only 1 only 1 only 
– dlc dividend share 
a
 1 only 1 only 1 only 
total share capital 
a
 43576 43576 43576  
a the ‘special voting share’ was issued to facilitate the joint voting by shareholders of rio tinto limited and rio tinto plc on joint decisions following the dlc merger directors have  
the ability to issue an equalisation share if that is required under the terms of the dlc merger sharing agreement the ‘dlc dividend share’ was issued to facilitate the efficient 
management of funds within the dlc structure 
share options exercised during the year to 31 december 2013 under various rio tinto limited employee share option schemes were satisfied by the onmarket 
purchase of rio tinto limited shares by a third party on the group’s behalf 
information relating to share options and other share based incentive schemes is given in note 44 on share based payments  
29 other reserves and retained earnings   
 
2013  
usm 
restated 
2012 
usm
restated 
2011
usm
capital redemption reserve 
a
  
at 1 january 28  24 12 
own shares purchased and cancelled –  4 12 
at 31 december 28  28 24 
  
hedging reserves 
b
  
at 1 january 68 44 155
parent and subsidiaries’ net cash flow hedge fair value gainslosses 149  60 84 
parent and subsidiaries’ net cash flow hedge gainslosses transferred to the income statement 69 47 81 
net movement on equity accounted units cash flow hedges –  – 2 
tax on the above 9 11 56
at 31 december 3  68 44
  
available for sale revaluation reserves 
c
  
at 1 january 179 193 427 
losses on available for sale securities 67 25 238
lossesgains on available for sale securities transferred to the income statement 146  355 19
tax on the above 17 8 23 
at 31 december 117 179 193 
  
other reserves 
d
  
at 1 january 11778  11765 11785 
own shares purchased from rio tinto limited shareholders to satisfy share options 77 62 71
employee share options value of services 64  78 71 
deferred tax on share options 1  3 20
at 31 december 11766  11778 11765 
  
foreign currency translation reserve 
e
  
at 1 january 3309  2807 3574 
parent and subsidiaries currency translation and exchange adjustments 2138 664 878
equity accounted units currency translation adjustments 44 158 55 
currency translation reclassified on disposal 81  3 46 
tax on the above 17 1 10 
at 31 december 1191  3309 2807 
  
total other reserves per statement of financial position 12871  14868 14745 
 
 
 
 
2013  
usm 
2012 
usm
2011
usm
retained earnings 
f
  
at 1 january  21496  27430 32499 
adjustment in relation to ifrs restatements –  – 441
parent and subsidiaries’ profitloss for the year 2796  3859 4923 
equity accounted units’ profit after tax for the year 869  831 912 
actuarial gainslosses 
g
 2211  311 1799
tax relating to components of other comprehensive income 631 72 479 
total comprehensive incomeloss for the year 5245  3267 4515 
share buyback scheme –  764 6210
dividends paid 3322 3038 2236
change in equity interest held by rio tinto 102  1128 793
own shares purchasedtreasury shares reissued for share options and other items 
h
 11  38 10 
employee share options and other ifrs 2 charges taken to the income statement 73  45 86 
at 31 december 23605  21496 27430
a the capital redemption reserve was set up to comply with section 733 of the companies act 2006 previously 170 of the companies act 1985 when shares of a company are  
redeemed or purchased wholly out of the company’s profits balances reflect the amount by which the company’s issued share capital is diminished in accordance with this section 
b the hedging reserve records gains or losses on cash flow hedges that are recognised initially in equity as described in note 1 p iii  
c the available for sale revaluation reserves record fair value gains or losses relating to available for sale securities as described in note 1 p i d  
d other reserves include the cumulative amount recognised under ifrs 2 in respect of options granted but not exercised to acquire shares in rio tinto limited less where applicable  
the cost of shares purchased to satisfy share options exercised the cumulative amount recognised under ifrs 2 in respect of options granted but not exercised to acquire shares in  
rio tinto plc is recorded in retained earnings 
other reserves also include us11936 million which represents the difference between the nominal value and issue price of the shares issued arising from rio tinto plc’s rights issue 
completed in july 2009 no share premium was recorded in the rio tinto plc financial statements through the operation of the merger relief provisions of the companies act 1985 
e exchange differences arising on the translation of the group’s net investment in foreign controlled companies are taken to the foreign currency translation reserve as described in  
note 1d the cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of 
f retained earnings and movements in reserves of subsidiaries include those arising from the group’s share of joint operations 
g in 2013 there were no actuarial losses relating to equity accounted units 2012 usnil 2011 us5 million  
h in 2011 this is stated net of a us95 million reclassification between share premium and retained earnings relating to the weighted average cost of shares held that was applied  
to the sale of shares in rio tinto plc to rio tinto limited and for the satisfaction of share options in prior periods 
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158 
riotintocomreportingcentre2013 
30 financial instruments and risk management  
except where stated the information given below relates to the financial instruments of the parent companies and their subsidiaries and joint operations  
and excludes those of equity accounted units the information is grouped in the following sections 
a – financial assets and liabilities by categories 
b – derivative financial instruments 
c – fair values 
a a financial assets and liabilities by categories  
at 31 december 2013 note
total
 usm
loans and 
receivables 
usm
available for 
sale securities 
usm 
held at fair 
value 
usm
held to 
maturity 
assetsother 
financial 
liabilities 
usm
financial assets  
cash and cash equivalents  21 10216 10216 –  – – 
trade and other receivables
 a
 5412 5412 –  – – 
equity shares and quoted funds  20 279 – 279  – – 
other investments including loans  20 506 179 –  322 5 
currency and commodity contracts designated as hedges 
b
 20 21 – –  21 – 
derivatives and embedded derivatives not related to net debt  
not designated as hedges 
b
 20 253 – –  253 – 
derivatives related to net debt
 b
 202224 192 – –  192 – 
loans to equity accounted units including quasi equity loans 370 370 –  – – 
total financial assets 17249 16177 279  788 5 
  
financial liabilities  
trade and other payables
 c
 6899 – 6899
short term borrowings and bank overdrafts 22 3916 – 3916
medium and long term borrowings  22 24544 – 24544
derivatives related to net debt
 b
 2224 19 19 – 
other derivatives and embedded derivatives not designated  
as hedges
 b
 22 22 22 – 
other financial liabilities  22 50 – 50
total financial liabilities 35450 41 35409
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notes to the 2013 financial statements continued 
158 
riotintocomreportingcentre2013 
30 financial instruments and risk management  
except where stated the information given below relates to the financial instruments of the parent companies and their subsidiaries and joint operations  
and excludes those of equity accounted units the information is grouped in the following sections 
a – financial assets and liabilities by categories 
b – derivative financial instruments 
c – fair values 
a a financial assets and liabilities by categories  
at 31 december 2013 note
total
 usm
loans and 
receivables 
usm
available for 
sale securities 
usm 
held at fair 
value 
usm
held to 
maturity 
assetsother 
financial 
liabilities 
usm
financial assets  
cash and cash equivalents  21 10216 10216 –  – – 
trade and other receivables
 a
 5412 5412 –  – – 
equity shares and quoted funds  20 279 – 279  – – 
other investments including loans  20 506 179 –  322 5 
currency and commodity contracts designated as hedges 
b
 20 21 – –  21 – 
derivatives and embedded derivatives not related to net debt  
not designated as hedges 
b
 20 253 – –  253 – 
derivatives related to net debt
 b
 202224 192 – –  192 – 
loans to equity accounted units including quasi equity loans 370 370 –  – – 
total financial assets 17249 16177 279  788 5 
  
financial liabilities  
trade and other payables
 c
 6899 – 6899
short term borrowings and bank overdrafts 22 3916 – 3916
medium and long term borrowings  22 24544 – 24544
derivatives related to net debt
 b
 2224 19 19 – 
other derivatives and embedded derivatives not designated  
as hedges
 b
 22 22 22 – 
other financial liabilities  22 50 – 50
total financial liabilities 35450 41 35409
  
 
159 
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at 31 december 2012 restated note
total 
usm
loans and 
receivables 
usm
available for 
sale securities 
usm 
held at fair 
value 
usm
held to 
maturity 
assetsother 
financial 
liabilities 
usm
financial assets  
cash and cash equivalents  21 7135 7135 –  – – 
trade and other receivables
 a
 6201 6201 –  – – 
equity shares and quoted funds  20 369 – 369  – – 
other investments including loans  20 539 172 –  367 – 
currency and commodity contracts designated as hedges
 b
 20 10 – –  10 – 
derivatives and embedded derivatives not related to net debt   
not designated as hedges
 b
 20 86 – –  86 – 
derivatives related to net debt
 b
 202224 347 – –  347 – 
loans to equity accounted units including quasi equity loans 675 675 –  – – 
total financial assets 15362 14183 369  810 – 
  
financial liabilities  
trade and other payables
 c
 7944 – 7944
short term borrowings and bank overdrafts 22 2175 – 2175
medium and long term borrowings 22 24477 – 24477
derivatives related to net debt
 b
 2224 53 53 – 
other derivatives and embedded derivatives not designated  
as hedges 
b
 22 141 141 – 
other financial liabilities  22 58 – 58
total financial liabilities 34848 194 34654
a this excludes pension surpluses prepayment of tolling charges to joint operations other prepayments and specific items within other receivables and will therefore not agree  
to note 18 trade and other receivables 
b these financial assets and liabilities in aggregate agree to total derivative financial instruments disclosed in notes 20 other financial assets and 22 borrowings and other  
financial liabilities 
c trade and other payables excludes deferred income government grants royalties mining taxes and employee entitlements and will therefore not agree to note 25 trade and  
other payables 
a b financial risk management 
funding and exposure management 
the group’s policies on financial risk management are clearly defined and consistently applied they are a fundamental part of the group’s long term strategy 
covering areas such as foreign exchange risk interest rate risk commodity price risk credit risk liquidity risk and capital management 
the group mainly sells commodities it has produced and also enters into third party transactions and physical swaps on alumina to balance the regional positions 
and to balance the loading on production facilities  
the group has a diverse portfolio of commodities and operates in a number of markets which have varying responses to the economic cycle the relationship 
between commodity prices and the currencies of most of the countries in which the group operates provides a further natural hedge in the long term production  
of minerals aluminium and alumina is an important contributor to the gross domestic products of australia and canada countries in which the group has a large 
presence as a consequence the australian and canadian currencies have historically tended to strengthen when commodity prices are high in addition us dollar 
floating interest rates have historically also tended to be high when commodity prices are high and vice versa and hence the group’s interest rate policy is to 
generally borrow and invest after the impact of hedging at floating interest rates however in some circumstances the group elects to maintain a higher proportion 
of fixed rate funding these natural hedges significantly reduce the necessity for using derivatives or other forms of synthetic hedging such hedging is therefore 
undertaken to a strictly limited degree as described below  
treasury operations 
treasury operates as a service to the businesses of the group and not as a profit centre strict limits on the size and type of transactions permitted are laid down by 
the board and are subject to rigorous internal controls senior management is advised of corporate cash and debt positions as well as commodity currency interest 
rate and interest rate derivatives through a monthly reporting framework  
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160 
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30 financial instruments and risk management continued 
treasury policy 
rio tinto does not acquire or issue derivative financial instruments for trading or speculative purposes nor does it believe that it has material exposure to such 
trading or speculative holdings through its investments in joint arrangements and associates derivatives are used to separate funding and cash management 
decisions from currency exposure and interest rate management bank counterparty exposures are managed within allocated credit limits investment funding  
and cash management activities are managed and coordinated by treasury 
i foreign exchange risk 
management policy 
the group’s shareholders’ equity earnings and cash flows are influenced by a wide variety of currencies due to the geographic diversity of the group’s sales and the 
countries in which it operates the us dollar however is the currency in which the majority of the group’s sales are denominated operating costs are influenced by 
the currencies of those countries where the group’s mines and processing plants are located and also by those currencies in which the costs of imported equipment 
and services are determined the australian and canadian dollars are the most important currencies apart from the us dollar influencing costs in any particular 
year currency fluctuations may have a significant impact on rio tinto’s financial results a strengthening of the us dollar against the currencies in which the group’s 
costs are partly determined has a positive effect on rio tinto’s underlying earnings 
given the dominant role of the us currency in the group’s affairs the us dollar is the currency in which financial results are presented both internally and externally 
it is also the most appropriate currency for financing the group’s operations borrowings and cash are predominantly denominated in us dollars either directly or 
through the use of derivatives 
certain us dollar debt and other financial assets and liabilities including intragroup balances are not held in the functional currency of the relevant subsidiary 
this results in an accounting exposure to exchange gains and losses as the financial assets and liabilities are translated into the functional currency of the subsidiary 
that holds those assets and liabilities these exchange gains and losses are recorded in the group’s income statement except to the extent that they can be taken  
to equity under the group’s accounting policy which is explained in note 1d gains and losses on us dollar net debt and on intragroup balances are excluded from 
underlying earnings other exchange gains and losses are included in underlying earnings 
see section b for the details of cross currency interest rate and interest rate swaps relating to borrowings 
after taking into account relevant swap instruments almost all of the group’s net debt is denominated in us dollars the table below summarises by currency  
the net debt after taking into account relevant currency swaps 
net debtfunds by currency 
cash and cash 
equivalents
usm
total 
borrowings 
in note 22
usm
derivatives 
related to 
net debt
usm
eau funded 
balances 
excluded from 
net debt 
usm 
net debt
2013
usm
restated 
net debt
2012
usm
united states dollar 9110 26642 173 –  17359 18629
australian dollar 561 953 – 16  376 217
euro 64 282 –  –  218 177
south african rand 193 394 –  –  201 258
canadian dollar 70 185 –  –  115 153
pound sterling 96 1 –  –  95 100
other 122 3 –  –  119 142
total 10216 28460 173 16  18055 19192
hedging strategy 
under normal market conditions the group does not generally believe that active currency hedging of transactions would provide long term benefits to shareholders 
the group reviews its exposure on a regular basis and reserves the right to enter into hedges to maintain financial stability currency protection measures may  
be deemed appropriate in specific commercial circumstances typically hedging of significant financial items such as acquisitions disposals tax and dividends  
and are subject to strict limits laid down by the board a monthly treasury report is provided to senior management which summarises corporate debt exposed  
to currency risks after the impact of derivatives refer to section b for the details of currency forward cross currency interest rate and option contracts used to 
manage the currency risk exposures of the group at 31 december 2013 
sensitivities 
the table below gives the estimated retranslation effect on financial assets and financial liabilities of a ten per cent strengthening in the closing exchange rate of the 
us dollar against significant currencies the sensitivity associated with a ten per cent weakening of a particular currency would be equal and opposite to the figures 
presented the impact is expressed in terms of the effect on net earnings underlying earnings and equity assuming that each exchange rate moves in isolation  
the sensitivities are based on financial assets and financial liabilities held at 31 december 2013 where balances are not denominated in the functional currency of 
the subsidiary or joint operation and exclude financial assets and liabilities held by equity accounted units these balances will not remain constant throughout 2014 
and therefore the following information should be used with care 
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notes to the 2013 financial statements continued 
160 
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30 financial instruments and risk management continued 
treasury policy 
rio tinto does not acquire or issue derivative financial instruments for trading or speculative purposes nor does it believe that it has material exposure to such 
trading or speculative holdings through its investments in joint arrangements and associates derivatives are used to separate funding and cash management 
decisions from currency exposure and interest rate management bank counterparty exposures are managed within allocated credit limits investment funding  
and cash management activities are managed and coordinated by treasury 
i foreign exchange risk 
management policy 
the group’s shareholders’ equity earnings and cash flows are influenced by a wide variety of currencies due to the geographic diversity of the group’s sales and the 
countries in which it operates the us dollar however is the currency in which the majority of the group’s sales are denominated operating costs are influenced by 
the currencies of those countries where the group’s mines and processing plants are located and also by those currencies in which the costs of imported equipment 
and services are determined the australian and canadian dollars are the most important currencies apart from the us dollar influencing costs in any particular 
year currency fluctuations may have a significant impact on rio tinto’s financial results a strengthening of the us dollar against the currencies in which the group’s 
costs are partly determined has a positive effect on rio tinto’s underlying earnings 
given the dominant role of the us currency in the group’s affairs the us dollar is the currency in which financial results are presented both internally and externally 
it is also the most appropriate currency for financing the group’s operations borrowings and cash are predominantly denominated in us dollars either directly or 
through the use of derivatives 
certain us dollar debt and other financial assets and liabilities including intragroup balances are not held in the functional currency of the relevant subsidiary 
this results in an accounting exposure to exchange gains and losses as the financial assets and liabilities are translated into the functional currency of the subsidiary 
that holds those assets and liabilities these exchange gains and losses are recorded in the group’s income statement except to the extent that they can be taken  
to equity under the group’s accounting policy which is explained in note 1d gains and losses on us dollar net debt and on intragroup balances are excluded from 
underlying earnings other exchange gains and losses are included in underlying earnings 
see section b for the details of cross currency interest rate and interest rate swaps relating to borrowings 
after taking into account relevant swap instruments almost all of the group’s net debt is denominated in us dollars the table below summarises by currency  
the net debt after taking into account relevant currency swaps 
net debtfunds by currency 
cash and cash 
equivalents
usm
total 
borrowings 
in note 22
usm
derivatives 
related to 
net debt
usm
eau funded 
balances 
excluded from 
net debt 
usm 
net debt
2013
usm
restated 
net debt
2012
usm
united states dollar 9110 26642 173 –  17359 18629
australian dollar 561 953 – 16  376 217
euro 64 282 –  –  218 177
south african rand 193 394 –  –  201 258
canadian dollar 70 185 –  –  115 153
pound sterling 96 1 –  –  95 100
other 122 3 –  –  119 142
total 10216 28460 173 16  18055 19192
hedging strategy 
under normal market conditions the group does not generally believe that active currency hedging of transactions would provide long term benefits to shareholders 
the group reviews its exposure on a regular basis and reserves the right to enter into hedges to maintain financial stability currency protection measures may  
be deemed appropriate in specific commercial circumstances typically hedging of significant financial items such as acquisitions disposals tax and dividends  
and are subject to strict limits laid down by the board a monthly treasury report is provided to senior management which summarises corporate debt exposed  
to currency risks after the impact of derivatives refer to section b for the details of currency forward cross currency interest rate and option contracts used to 
manage the currency risk exposures of the group at 31 december 2013 
sensitivities 
the table below gives the estimated retranslation effect on financial assets and financial liabilities of a ten per cent strengthening in the closing exchange rate of the 
us dollar against significant currencies the sensitivity associated with a ten per cent weakening of a particular currency would be equal and opposite to the figures 
presented the impact is expressed in terms of the effect on net earnings underlying earnings and equity assuming that each exchange rate moves in isolation  
the sensitivities are based on financial assets and financial liabilities held at 31 december 2013 where balances are not denominated in the functional currency of 
the subsidiary or joint operation and exclude financial assets and liabilities held by equity accounted units these balances will not remain constant throughout 2014 
and therefore the following information should be used with care 
  
 
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at 31 december 2013 
gainslosses associated with 10 strengthening of the us dollar 
currency exposure 
closing 
exchange rate
us cents
effect on  
net earnings  
usm 
of which 
amount 
impacting 
underlying 
earnings
usm
impact 
directly 
on equity 
usm
australian dollar 89 1442 21 20 
canadian dollar 94 3077 30 – 
south african rand 12 4 1 2 
euro 138 372  22 6 
new zealand dollar 82 51  – – 
at 31 december 2012 restated 
gainslosses associated with 10 strengthening of the us dollar 
currency exposure 
closing 
exchange rate
us cents
effect on  
net earnings  
usm 
of which 
amount 
impacting 
underlying 
earnings
usm
impact 
directly 
on equity 
usm
australian dollar 104 799 90 1 
canadian dollar 100 1436 32 1 
south african rand 12 3  1 – 
euro 132 28  31 – 
new zealand dollar 82 54  – – 
ten per cent is the maximum annual exchange rate movement that management deems to be reasonably probable on an annual basis over the long run for one of 
the group’s significant currencies and as such provides an appropriate representation 
ii interest rate risk  
management policy  
interest rate risk refers to the risk that the value of a financial instrument or cash flows associated with the instruments will fluctuate due to changes in market 
interest rates the group’s interest rate management policy is generally to borrow and invest at floating interest rates this approach is based on historical 
correlation between interest rates and commodity prices in some circumstances the group may consider a higher proportion of fixed rate funding to be appropriate  
hedging strategy 
as noted above the group may hedge its interest rate risk by entering into interest rate derivatives to achieve its policies the market value of such instruments 
moves in alignment with the market and at times can act as an alternative source of funding the group reviews the positions on a regular basis and may act to 
monetise inthemoney instruments either to take advantage of favourable market conditions or manage counterparty credit risk during 2013 no interest rate  
swaps were closed out during 2012 the group closed out interest rate swaps with a notional principal of us200 million giving rise to a net cash inflow of us3 
million including accrued interest of us3 million the interest rate swaps closed out in 2012 were in fair value hedge relationships prior to close out see section  
b for the details of currency and interest rate swaps relating to borrowings 
at the end of 2013 us204 billion 2012 us177 billion of the group’s adjusted total borrowings was at fixed rates after taking into account interest and currency 
interest rate swaps resulting in a fixed to floating debt ratio of 72 per cent fixed to 28 per cent floating 2012 67 per cent fixed to 33 per cent floating on a net  
debt basis the fixed to floating debt ratio was 111 per cent fixed liability to 11 per cent floating asset 2012 91 per cent fixed liability to 9 per cent floating liability  
the weighted average interest rate on total adjusted borrowings as at 31 december 2013 was 38 per cent 2012 4 per cent and the weighted average maturity was 
8 years 2012 9 years weighted average effective interest rate is based on interest rates and carrying value of gross borrowings at the year end current interest 
rates are applied for debt at floating rates 
the net debt ratio at the end of 2013 and 2012 reflects the high level of cash cash equivalents and other liquid resources held by the group and the impact  
of borrowings held at fixed rates 
see note 22 borrowings and other financial liabilities for the details of debt outstanding at 31 december 2013   
sensitivities 
based on the group’s net debt refer to note 24 and other floating rate financial instruments outstanding as at 31 december 2013 the effect on net earnings  
of a half percentage point increase in us dollar libor interest rates with all other variables held constant would be an increase of us9 million 2012 decrease  
of us9 million reflecting the high level of cash at the period end the group has an exposure to interest rate volatility within shareholders’ equity arising from  
fair value movements on derivatives in the cash flow reserve the derivatives have an underlying exposure to pound sterling and us dollar rates with all factors 
remaining constant and based on the composition of derivatives impacting the cash flow reserve at 31 december 2013 the sensitivity of a 100 basis point increase  
in interest rates in each of the currencies in isolation would impact equity before tax by us106 million charge 2012 us126 million charge for pound sterling  
and us101 million credit 2012 us125 million credit for us dollar a 100 basis point decrease would have broadly the same impact in the opposite direction 
these balances will not remain constant throughout 2014 and therefore this information should be used with care 
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162 
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30 financial instruments and risk management continued 
iii commodity price risk 
management policy 
the group’s normal policy is to sell its products at prevailing market prices exceptions to this rule are subject to strict limits laid down by the board and to rigid 
internal controls  
metals such as copper and aluminium are generally sold under contracts which vary in tenure and pricing mechanisms with some volumes sold in the spot market 
the prices are determined by reference to prevailing market prices on terminal markets such as the london metal exchange lme and comex in new york  
prices fluctuate widely in response to changing levels of supply and demand but in the long run prices are related to the marginal cost of supply gold is also  
priced in an active market in which prices respond to daily changes in quantities offered and sought newly mined gold is only one source of supply investment  
and disinvestment can be important elements of supply and demand contract prices for many other natural resource products including coal are generally agreed 
quarterly or for longer periods with customers although volume commitments vary by product 
certain products predominantly copper concentrate are ‘provisionally priced’ that is the selling price is determined normally 30 to 180 days after delivery to  
the customer based on the market price at the relevant quotation point stipulated in the contract revenue is recognised on provisionally priced sales based on 
estimates of fair value of the consideration receivable which is based on forward market prices at each reporting date provisionally priced metal sales are marked  
to market based on the forward selling price for the period stipulated in the contract for this purpose the selling price can be measured reliably for those products 
such as copper concentrate for which the price is directly related to the price of copper for which an active and freely traded commodity market exists such as the 
lme and the value of product sold by the group is directly linked to the form in which it is traded on that market 
the marking to market of provisionally priced sales contracts is recorded as an adjustment to sales revenue 
at the end of 2013 the group had 254 million pounds of copper sales 2012 249 million pounds that were provisionally priced at us 333 cents per pound  
2012 us 360 cents per pound the final price of these sales will be determined during the first half of 2014 a ten per cent change in the price of copper realised  
on the provisionally priced sales would increase or reduce net earnings by us49 million 2012 us56 million 
hedging strategy 
rio tinto’s exposure to commodity prices is diversified by virtue of its broad commodity base and the group does not generally believe commodity price  
hedging would provide a long term benefit to shareholders the group may hedge certain commitments with some of its customers or suppliers details  
of commodity derivatives held at 31 december 2013 are set out in section b 
sensitivities 
the group’s commodity derivatives are impacted by changes in market prices and include those aluminium forward and option contracts embedded in electricity 
purchase contracts outstanding at 31 december 2013 a ten per cent increase in market prices would reduce net earnings by us164 million 2012 us144 million 
and a ten per cent decrease in prices would increase net earnings by us93 million 2012 us125 million a ten per cent change in prices would impact equity 
before tax by us8 million 2012 us13 million 
the group’s “own use contracts” are excluded from the sensitivity analysis as they are outside the scope of ias 39 such contracts to buy or sell non financial items 
can be net settled but were entered into and continue to be held for the purpose of the receipt or delivery of the non financial item in accordance with the business 
unit’s expected purchase sale or usage requirements the sensitivity does not include the impact arising from derivatives held by equity accounted units including 
equity accounted units primarily impacts the sensitivity to a 10 per cent increase in aluminium prices and would result in a us59 million reduction in net earnings 
2012 us59 million 
iv credit risk 
treasury management policy 
credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract leading to a financial loss  
the group is exposed to credit risk from its operating activities primarily from customer receivables and from its financing activities including investments  
in government securities deposits with banks and financial institutions other short term investments interest rate and currency derivative contracts and  
other financial instruments 
credit risks related to receivables 
customer credit risk is managed by each business unit subject to the group’s established policy procedures and controls relating to customer credit risk 
management credit limits are established for all customers based on internal or external rating criteria where customers are rated by an independent credit rating 
agency these ratings are used to set credit limits in circumstances where no independent credit rating exists the credit quality of the customer is assessed based  
on an extensive credit rating scorecard outstanding customer receivables are regularly monitored and any credit concerns highlighted to senior management  
high risk shipments to major customers are generally covered by letters of credit or other forms of credit insurance  
at 31 december 2013 the group had approximately 120 customers 2012 80 customers that owed the group more than us5 million each and these balances 
accounted for approximately 93 per cent 2012 68 per cent of all receivables owing there were 46 customers 2012 25 customers with balances greater than 
us20 million accounting for just over 65 per cent 2012 just over 48 per cent of total amounts receivable details of trade and other receivables past due but  
not impaired are provided in note 18 
the maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets refer to table of financial assets and liabilities 
reported above the group does not hold collateral as security for any trade receivables  
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notes to the 2013 financial statements continued 
162 
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30 financial instruments and risk management continued 
iii commodity price risk 
management policy 
the group’s normal policy is to sell its products at prevailing market prices exceptions to this rule are subject to strict limits laid down by the board and to rigid 
internal controls  
metals such as copper and aluminium are generally sold under contracts which vary in tenure and pricing mechanisms with some volumes sold in the spot market 
the prices are determined by reference to prevailing market prices on terminal markets such as the london metal exchange lme and comex in new york  
prices fluctuate widely in response to changing levels of supply and demand but in the long run prices are related to the marginal cost of supply gold is also  
priced in an active market in which prices respond to daily changes in quantities offered and sought newly mined gold is only one source of supply investment  
and disinvestment can be important elements of supply and demand contract prices for many other natural resource products including coal are generally agreed 
quarterly or for longer periods with customers although volume commitments vary by product 
certain products predominantly copper concentrate are ‘provisionally priced’ that is the selling price is determined normally 30 to 180 days after delivery to  
the customer based on the market price at the relevant quotation point stipulated in the contract revenue is recognised on provisionally priced sales based on 
estimates of fair value of the consideration receivable which is based on forward market prices at each reporting date provisionally priced metal sales are marked  
to market based on the forward selling price for the period stipulated in the contract for this purpose the selling price can be measured reliably for those products 
such as copper concentrate for which the price is directly related to the price of copper for which an active and freely traded commodity market exists such as the 
lme and the value of product sold by the group is directly linked to the form in which it is traded on that market 
the marking to market of provisionally priced sales contracts is recorded as an adjustment to sales revenue 
at the end of 2013 the group had 254 million pounds of copper sales 2012 249 million pounds that were provisionally priced at us 333 cents per pound  
2012 us 360 cents per pound the final price of these sales will be determined during the first half of 2014 a ten per cent change in the price of copper realised  
on the provisionally priced sales would increase or reduce net earnings by us49 million 2012 us56 million 
hedging strategy 
rio tinto’s exposure to commodity prices is diversified by virtue of its broad commodity base and the group does not generally believe commodity price  
hedging would provide a long term benefit to shareholders the group may hedge certain commitments with some of its customers or suppliers details  
of commodity derivatives held at 31 december 2013 are set out in section b 
sensitivities 
the group’s commodity derivatives are impacted by changes in market prices and include those aluminium forward and option contracts embedded in electricity 
purchase contracts outstanding at 31 december 2013 a ten per cent increase in market prices would reduce net earnings by us164 million 2012 us144 million 
and a ten per cent decrease in prices would increase net earnings by us93 million 2012 us125 million a ten per cent change in prices would impact equity 
before tax by us8 million 2012 us13 million 
the group’s “own use contracts” are excluded from the sensitivity analysis as they are outside the scope of ias 39 such contracts to buy or sell non financial items 
can be net settled but were entered into and continue to be held for the purpose of the receipt or delivery of the non financial item in accordance with the business 
unit’s expected purchase sale or usage requirements the sensitivity does not include the impact arising from derivatives held by equity accounted units including 
equity accounted units primarily impacts the sensitivity to a 10 per cent increase in aluminium prices and would result in a us59 million reduction in net earnings 
2012 us59 million 
iv credit risk 
treasury management policy 
credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract leading to a financial loss  
the group is exposed to credit risk from its operating activities primarily from customer receivables and from its financing activities including investments  
in government securities deposits with banks and financial institutions other short term investments interest rate and currency derivative contracts and  
other financial instruments 
credit risks related to receivables 
customer credit risk is managed by each business unit subject to the group’s established policy procedures and controls relating to customer credit risk 
management credit limits are established for all customers based on internal or external rating criteria where customers are rated by an independent credit rating 
agency these ratings are used to set credit limits in circumstances where no independent credit rating exists the credit quality of the customer is assessed based  
on an extensive credit rating scorecard outstanding customer receivables are regularly monitored and any credit concerns highlighted to senior management  
high risk shipments to major customers are generally covered by letters of credit or other forms of credit insurance  
at 31 december 2013 the group had approximately 120 customers 2012 80 customers that owed the group more than us5 million each and these balances 
accounted for approximately 93 per cent 2012 68 per cent of all receivables owing there were 46 customers 2012 25 customers with balances greater than 
us20 million accounting for just over 65 per cent 2012 just over 48 per cent of total amounts receivable details of trade and other receivables past due but  
not impaired are provided in note 18 
the maximum exposure to credit risk at the reporting date is the carrying value of each class of financial assets refer to table of financial assets and liabilities 
reported above the group does not hold collateral as security for any trade receivables  
  
 
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credit risk related to financial instruments and cash deposits 
credit risk from investments in government securities primarily us government treasuries and funds or aaa rated money market funds and balances with banks 
and financial institutions is managed by group treasury in accordance with a board approved policy investments of surplus funds are made only with approved 
counterparties and within credit limits assigned to each counterparty mainly based upon specific assessment criteria counterparty credit limits are reviewed by  
the rio tinto board at least annually the limits are set to minimise the concentration of credit risk and therefore mitigate the potential for financial loss through 
counterparty failure  
the maximum credit risk exposure of the group’s financial assets at the balance sheet date is as follows 
 note 
2013
usm
restated
2012
usm
cash and cash equivalents 21 10216 7135 
trade and other receivables  5412 6201
investments 20 506 539 
derivative assets 20 466 443 
total  16600 14318
v liquidity and capital risk management  
management policy 
the group’s overriding objective when managing capital is to safeguard the business as a going concern whilst maximising returns for shareholders in practice this 
involves regular reviews by the board and senior management these reviews take into account the group’s strategic priorities economic and business conditions 
and opportunities that are identified to invest across all points of the commodities cycle and the focus on the progressive dividend policy whilst also striving to 
maintain the group’s “a” credit rating the resulting capital structure provides the group with a high degree of financial flexibility at a low cost of capital 
to maintain an “a” credit rating the group considers various financial metrics including the overall level of borrowings and their maturity profile liquidity levels 
total capital cash flow ebitda and interest cover ratios either on a statutory reported basis or as expected to be adjusted by the credit rating agencies 
the group’s total capital which is defined as equity attributable to owners of rio tinto plus equity attributable to noncontrolling interests plus net debt amounted 
to us716 billion at 31 december 2013 2012 us769 billion 
total capital 
2013
usm
restated
2012
usm
equity attributable to owners of rio tinto see group statement of financial position 45886 46553 
equity attributable to noncontrolling interests see group statement of financial position 7616 11187 
net debt note 24  18055 19192 
total capital 71557 76932
net debt is a measure used by management and the board of directors to manage the group’s capital structure and therefore is linked to the group’s financial  
and operational excellence strategic driver net debt is disclosed and defined in note 24 net debt decreased from us192 billion at 31 december 2012 to  
us181 billion at 31 december 2013 as operating cash inflows and divestment proceeds were partly offset by outflows relating to capital expenditure and the 
increase in the dividend net debt to total capital was 25 per cent at 31 december 2013 2012 25 per cent and interest cover was 13 times 2012 13 times 
the unified credit status of the group is maintained through cross guarantees whereby contractual obligations of rio tinto plc and rio tinto limited are 
automatically guaranteed by the other the table below summarises the credit ratings attributed to the group as at 31 december 
 2013 2012
standard  poor’s sp 
long term rating a a
short term rating a2 a2
outlook 
a
 negative stable
 
moody’s 
long term rating a3 a3
short term rating p2 p2
outlook stable stable
a on 27 february 2014 sp revised its rio tinto outlook to ‘stable’ 
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164 
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30 financial instruments and risk management continued 
the group has access to various forms of financing including but not limited to capital markets as well as the bank market in june 2013 under its us shelf 
programme the group issued four rio tinto finance usa plc bonds us1000 million 1375 bond due 2016 us1250 million 2250 bond due 2018  
us250 million libor plus 055 bond due 2015 and us500 million libor plus 0840 bond due 2016 in march 2012 under its us shelf programme the  
group issued four rio tinto finance usa plc bonds us500 million 1125 bond due 2015 us500 million 2000 bond due 2017 us1000 million 3500  
bond due 2022 and us500 million 4750 bond due 2042 in august 2012 the group issued three rio tinto finance usa plc bonds us1250 million 1625 
bond due 2017 us1000 million 2875 bond due 2022 and us750 million 4125 bond due 2042 in december 2012 under its european debt issuance 
programme the group issued three rio tinto finance plc bonds eur750 million 200 bond due 2020 eur500 million 2875 bond due 2024 and gbp500  
million 400 bond due 2029 the euro denominated bonds were swapped using cross currency interest rate swaps to us dollar floating rate bonds and  
the gbp bond was swapped to a us dollar fixed rate bond 
rio tinto finance plc and rio tinto finance limited entered into new facility agreements for the aggregate amount of us75 billion on 15 november 2013 as 
borrowers with a syndicate of banks the facilities are guaranteed by rio tinto plc and rio tinto limited the facilities comprise a us1875 million threeyear multi
currency revolving credit facility and a us5625 million fiveyear multicurrency revolving credit facility including a us denominated same day access swingline 
facility both facilities could be extended for one year on the first anniversary and for a further year on the second anniversary of the date of the facility agreements 
by mutual agreement of the parties to the agreement the funds made available under the facility agreements may be used for general corporate purposes of the 
group the new facilities replace the us6 billion multicurrency revolving credit facility dated 12 november 2010 and the us2 billion bilateral bank facility 
agreements entered in the last quarter of 2012 which were closed out on 15 november 2013 
advances under the revolving facilities bear an interest rate per annum equal to the margin which is dependent on the group’s longterm credit rating as 
determined by moody’s and standard  poor’s and the level of drawdown plus libor or euribor cdor or bbsw in relation to any euro canadian dollar  
or australian dollar loans plus a margin the facility agreements contain no financial covenants at 31 december 2013 the facilities were undrawn 
during the last quarter of 2012 the group entered into bilateral bank facility agreements amounting to us2 billion in aggregate the facilities were denominated  
in us dollars and had a term of one year that was extendable at the group’s option by a further 364 days any borrowings under each facility were at prevailing 
libor rates plus an agreed margin dependent on the amount of drawdown and the credit rating of the group the facilities were not subject to financial covenants 
at 31 december 2012 the facilities were undrawn and subsequently closed out on 15 november 2013 
in november 2010 the group entered into a us6 billion multicurrency committed revolving credit facility maturing in november 2015 with its relationship banks 
any borrowings under this facility were at prevailing libor rates plus an agreed margin dependent on the amount of drawdown and the credit rating of the group 
the facility was not subject to any financial covenants the overall agreement also enabled same day access to a us swingline facility the funds available under 
the facility agreement could have been used for general corporate purposes of the group at 31 december 2012 the facility was undrawn and subsequently closed 
out on 15 november 2013 
further details of the group’s credit facilities are set out in note 22 of the 2013 financial statements  
in february 2011 the group commenced a us5 billion share buyback programme during 2012 26 million rio tinto plc shares were bought back at a total cost  
of us15 billion which completed the programme in march 2012 
a c financial liability analysis  
the table below analyses the group’s financial liabilities by relevant maturity groupings based on the remaining period from the statement of financial position date 
to the contractual maturity date as the amounts disclosed in the table are the contractual undiscounted cash flows these balances will not necessarily agree with 
the amounts disclosed in the statement of financial position  
at 31 december 2013 
outflowsinflows 
within 1
year or on 
demand
usm
between 
1 and 2
years
usm
between 
2 and 3
years
usm
between 
3 and 4
years
usm
between 
4 and 5 
years 
usm 
after 
5 years
usm
total
usm
nonderivative financial liabilities  
trade and other payables 6585 314 – – –  – 6899
borrowings before swaps 4011 1926 2844 1984 3022 14684 28471
expected future interest payments 
a
 1007 928 889 857 804 6164 10649
other financial liabilities 39 67 18 – 1 1 126
derivative financial liabilities
 b
  
derivatives related to net debt – net settled
 a
 – – – – –  5 5
derivatives related to net debt – gross settled
 a
  
– gross inflows 516 20 20 20 20  797 1393 
– gross outflows 510 12 12 12 12 720 1278
total 11636 3227 3743 2833 3819 20777 46035
 
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notes to the 2013 financial statements continued 
164 
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30 financial instruments and risk management continued 
the group has access to various forms of financing including but not limited to capital markets as well as the bank market in june 2013 under its us shelf 
programme the group issued four rio tinto finance usa plc bonds us1000 million 1375 bond due 2016 us1250 million 2250 bond due 2018  
us250 million libor plus 055 bond due 2015 and us500 million libor plus 0840 bond due 2016 in march 2012 under its us shelf programme the  
group issued four rio tinto finance usa plc bonds us500 million 1125 bond due 2015 us500 million 2000 bond due 2017 us1000 million 3500  
bond due 2022 and us500 million 4750 bond due 2042 in august 2012 the group issued three rio tinto finance usa plc bonds us1250 million 1625 
bond due 2017 us1000 million 2875 bond due 2022 and us750 million 4125 bond due 2042 in december 2012 under its european debt issuance 
programme the group issued three rio tinto finance plc bonds eur750 million 200 bond due 2020 eur500 million 2875 bond due 2024 and gbp500  
million 400 bond due 2029 the euro denominated bonds were swapped using cross currency interest rate swaps to us dollar floating rate bonds and  
the gbp bond was swapped to a us dollar fixed rate bond 
rio tinto finance plc and rio tinto finance limited entered into new facility agreements for the aggregate amount of us75 billion on 15 november 2013 as 
borrowers with a syndicate of banks the facilities are guaranteed by rio tinto plc and rio tinto limited the facilities comprise a us1875 million threeyear multi
currency revolving credit facility and a us5625 million fiveyear multicurrency revolving credit facility including a us denominated same day access swingline 
facility both facilities could be extended for one year on the first anniversary and for a further year on the second anniversary of the date of the facility agreements 
by mutual agreement of the parties to the agreement the funds made available under the facility agreements may be used for general corporate purposes of the 
group the new facilities replace the us6 billion multicurrency revolving credit facility dated 12 november 2010 and the us2 billion bilateral bank facility 
agreements entered in the last quarter of 2012 which were closed out on 15 november 2013 
advances under the revolving facilities bear an interest rate per annum equal to the margin which is dependent on the group’s longterm credit rating as 
determined by moody’s and standard  poor’s and the level of drawdown plus libor or euribor cdor or bbsw in relation to any euro canadian dollar  
or australian dollar loans plus a margin the facility agreements contain no financial covenants at 31 december 2013 the facilities were undrawn 
during the last quarter of 2012 the group entered into bilateral bank facility agreements amounting to us2 billion in aggregate the facilities were denominated  
in us dollars and had a term of one year that was extendable at the group’s option by a further 364 days any borrowings under each facility were at prevailing 
libor rates plus an agreed margin dependent on the amount of drawdown and the credit rating of the group the facilities were not subject to financial covenants 
at 31 december 2012 the facilities were undrawn and subsequently closed out on 15 november 2013 
in november 2010 the group entered into a us6 billion multicurrency committed revolving credit facility maturing in november 2015 with its relationship banks 
any borrowings under this facility were at prevailing libor rates plus an agreed margin dependent on the amount of drawdown and the credit rating of the group 
the facility was not subject to any financial covenants the overall agreement also enabled same day access to a us swingline facility the funds available under 
the facility agreement could have been used for general corporate purposes of the group at 31 december 2012 the facility was undrawn and subsequently closed 
out on 15 november 2013 
further details of the group’s credit facilities are set out in note 22 of the 2013 financial statements  
in february 2011 the group commenced a us5 billion share buyback programme during 2012 26 million rio tinto plc shares were bought back at a total cost  
of us15 billion which completed the programme in march 2012 
a c financial liability analysis  
the table below analyses the group’s financial liabilities by relevant maturity groupings based on the remaining period from the statement of financial position date 
to the contractual maturity date as the amounts disclosed in the table are the contractual undiscounted cash flows these balances will not necessarily agree with 
the amounts disclosed in the statement of financial position  
at 31 december 2013 
outflowsinflows 
within 1
year or on 
demand
usm
between 
1 and 2
years
usm
between 
2 and 3
years
usm
between 
3 and 4
years
usm
between 
4 and 5 
years 
usm 
after 
5 years
usm
total
usm
nonderivative financial liabilities  
trade and other payables 6585 314 – – –  – 6899
borrowings before swaps 4011 1926 2844 1984 3022 14684 28471
expected future interest payments 
a
 1007 928 889 857 804 6164 10649
other financial liabilities 39 67 18 – 1 1 126
derivative financial liabilities
 b
  
derivatives related to net debt – net settled
 a
 – – – – –  5 5
derivatives related to net debt – gross settled
 a
  
– gross inflows 516 20 20 20 20  797 1393 
– gross outflows 510 12 12 12 12 720 1278
total 11636 3227 3743 2833 3819 20777 46035
 
  
 
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at 31 december 2012  
outflowsinflows 
within 1
year or on 
demand
usm
between 
1 and 2
years
usm
between 
2 and 3
years
usm
between 
3 and 4
years
usm
between 
4 and 5 
years 
usm 
after 
5 years
usm
total
usm
nonderivative financial liabilities  
trade and other payables 7737 207 – – –  – 7944
borrowings before swaps 2169 2628 1799 1343 2055 16340 26334
expected future interest payments 
a
 1075 972 880 848 823 6919 11517
other financial liabilities 49 73 21 – 9 129 281
derivative financial liabilities 
b
  
derivatives related to net debt – net settled 
a b
 – – – – –  – – 
derivatives related to net debt – gross settled 
a
  
– gross inflows 80 80 80 80 80  1359 1759 
– gross outflows 71 71 71 71 71 1297 1652
total 11021 3871 2691 2182 2878 23326 45969
a interest payments have been projected using interest rates applicable at 31 december 2013 where debt is subject to variable interest rates future interest payments are subject to 
change in line with market rates  
b the maturity grouping is based on the earliest payment date 
c the maximum carrying value of borrowings repayable after the impact of swaps maturing in any financial year is us32 billion 2012 us27 billion 
offsetting and enforceable master netting agreements 
financial assets and liabilities are offset and the net amount reported in the consolidated statement of financial position when there is a legally enforceable right  
to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously there were no material 
amounts offset in the statement of financial position and no material enforceable master netting agreements 
b derivative financial instruments 
the group’s derivatives including embedded derivatives as at 31 december 2013 are summarised below 
 total fair value 
derivatives designated as hedges 
2013
asset 
usm
2013 
liability 
usm 
restated 
2012
asset 
usm
restated 
2012
liability 
usm
aluminium forward contracts embedded in electricity purchase contracts
a
 21 –  10 – 
interest rate swaps
 b
 138 –  346 – 
cross currency interest rate swaps
 c
 54 14 – 44
total derivatives designated as hedges 213 14 356 44
 
derivatives not designated as hedges usm usm usm usm
currency forward contracts and swaps 4 1 4 4
aluminium forward contracts
 d
 6 19 29 57
aluminium options embedded in electricity purchase contracts
 a
 85 2 52 69
aluminium forward contracts embedded in electricity purchase contracts
a
 128 –  – – 
other commodity contracts – – 1–
other embedded derivatives 30 –  – 11
interest rate swaps
 b
 – –  1 – 
currency options embedded in borrowing contracts – 5 – 9
total derivatives not designated as hedges 253 27 87 150
  
total derivative instruments 466 41 443 194
  
analysed by maturity  
less than 1 year 63 10 29 23
between 1 and 5 years 109 11 80 11 
more than 5 years 294 20 334 182
total 466 41 443 194
total net derivative instruments 425  249
 
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166 
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30 financial instruments and risk management continued 
reconciliation to statement of financial position   
2013
usm
2012
usm
– noncurrent assets note 20  403 414 
– current assets note 20  63 29 
– current liabilities note 22  10 23
– noncurrent liabilities note 22  31 171
total net derivatives instruments detailed above  425 249
a aluminium embedded derivatives forward contracts and options are contained within certain aluminium smelter electricity purchase contracts these contracts reduce the group’s 
exposure to movements in the aluminium price  
b the interest rate swaps are used to convert certain fixed rate borrowings to a floating rate for further details see note 22 ‘borrowings and other financial liabilities’ 
c the cross currency interest rate swaps are used to convert non us dollar denominated borrowings to either fixed or floating us dollar borrowings for further details see note 22 
‘borrowings and other financial liabilities’ 
d the aluminium forward contracts are entered into to convert aluminium sales made at a fixed price to lme cash and to hedge the sales from high cost smelters no ineffective portion 
arising from cash flow hedges was recognised in the income statement in 2013 2012 gain of us6 million pre tax 
the aluminium forward contracts which were taken out to convert aluminium sales made as a fixed price to lme cash are not designated as hedges as they  
largely offset 
c fair values 
the carrying amounts and fair values of all of the group’s financial instruments which are not carried at an amount which approximates their fair value at  
31 december are shown in the following table the fair values of the group’s cash short term borrowings and loans to equity accounted units approximate  
their carrying values as a result of their short maturity or because they carry floating rates of interest see note 1p 
 31 december 2013 
restated 
31 december 2012 
 
carrying
value
usm
fair 
value 
usm 
carrying
value
usm
fair
value
usm
short term borrowings note 22 3916 3924 2175 2194
medium and long term borrowings note 22  24544 25746 24477 27274
borrowings with a carrying value of us252 billion 2012 us243 billion relate to listed bonds with a fair value of us262 billion 2012 us268 billion and  
are categorised as level 1 in the fair value hierarchy the remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable 
market quoted yield and are categorised as level 2 in the fair value hierarchy 
c a valuation hierarchy 
the table below shows the financial instruments carried at fair value by valuation method at 31 december 2013 
 total level 1
a
level 2
b
 level 3
c
not held at 
fair value
    
assets    
equity shares and quoted funds note 20 279 139 79 15 46 
other investments including loans 
d
 note 20 506 106 1  215 184 
 785 245 80  230 230 
derivatives
 e
    
forward contracts designated as hedges section b 21 – –  21 – 
forward contracts and option contracts not designated as hedges section b 231 2 19  210 – 
derivatives related to net debt section b 173 – 173  – – 
 1210 247 272  461 230
 
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notes to the 2013 financial statements continued 
166 
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30 financial instruments and risk management continued 
reconciliation to statement of financial position   
2013
usm
2012
usm
– noncurrent assets note 20  403 414 
– current assets note 20  63 29 
– current liabilities note 22  10 23
– noncurrent liabilities note 22  31 171
total net derivatives instruments detailed above  425 249
a aluminium embedded derivatives forward contracts and options are contained within certain aluminium smelter electricity purchase contracts these contracts reduce the group’s 
exposure to movements in the aluminium price  
b the interest rate swaps are used to convert certain fixed rate borrowings to a floating rate for further details see note 22 ‘borrowings and other financial liabilities’ 
c the cross currency interest rate swaps are used to convert non us dollar denominated borrowings to either fixed or floating us dollar borrowings for further details see note 22 
‘borrowings and other financial liabilities’ 
d the aluminium forward contracts are entered into to convert aluminium sales made at a fixed price to lme cash and to hedge the sales from high cost smelters no ineffective portion 
arising from cash flow hedges was recognised in the income statement in 2013 2012 gain of us6 million pre tax 
the aluminium forward contracts which were taken out to convert aluminium sales made as a fixed price to lme cash are not designated as hedges as they  
largely offset 
c fair values 
the carrying amounts and fair values of all of the group’s financial instruments which are not carried at an amount which approximates their fair value at  
31 december are shown in the following table the fair values of the group’s cash short term borrowings and loans to equity accounted units approximate  
their carrying values as a result of their short maturity or because they carry floating rates of interest see note 1p 
 31 december 2013 
restated 
31 december 2012 
 
carrying
value
usm
fair 
value 
usm 
carrying
value
usm
fair
value
usm
short term borrowings note 22 3916 3924 2175 2194
medium and long term borrowings note 22  24544 25746 24477 27274
borrowings with a carrying value of us252 billion 2012 us243 billion relate to listed bonds with a fair value of us262 billion 2012 us268 billion and  
are categorised as level 1 in the fair value hierarchy the remaining borrowings have a fair value measured by discounting estimated cash flows with an applicable 
market quoted yield and are categorised as level 2 in the fair value hierarchy 
c a valuation hierarchy 
the table below shows the financial instruments carried at fair value by valuation method at 31 december 2013 
 total level 1
a
level 2
b
 level 3
c
not held at 
fair value
    
assets    
equity shares and quoted funds note 20 279 139 79 15 46 
other investments including loans 
d
 note 20 506 106 1  215 184 
 785 245 80  230 230 
derivatives
 e
    
forward contracts designated as hedges section b 21 – –  21 – 
forward contracts and option contracts not designated as hedges section b 231 2 19  210 – 
derivatives related to net debt section b 173 – 173  – – 
 1210 247 272  461 230
 
  
 
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the table below shows the financial instruments carried at fair value by valuation method at 31 december 2012 restated  
 total level 1
a
level 2
b
 level 3
c
not held at 
fair value
assets    
equity shares and quoted funds note 20 369 289 27 12 41 
other investments including loans note 20 539 136 6 225 172
 908 425 33  237 213 
derivatives
 e
    
forward contracts designated as hedges section b 10 – –  10 – 
forward contracts and option contracts not designated as hedges section b 55 – 3  58 – 
derivatives related to net debt section b 294 – 294  – – 
 1157 425 330  189 213
a valuation is based on unadjusted quoted prices in active markets for identical financial instruments this category includes listed equity shares and other quoted funds 
b valuation is based on inputs that are observable for the financial instruments which includes quoted prices for similar instruments or identical instruments in markets which  
are not considered to be active or either directly or indirectly based on observable market data  
c valuation is based on inputs for the asset or liability that are not based on observable market data unobservable inputs 
d other investments including loans comprise cash deposits in rehabilitation funds government bonds contingent consideration receivable from divested businesses and royalty 
amounts receivable the royalty receivables are valued based on an estimate of future production subject to the royalty agreement 
e the net asset or liability derivative balance for the three different categories reconcile to the net asset and liability balances presented in section b 
f interest rate and currency interest rate swaps are valued using applicable market quoted swap yield curves adjusted for relevant basis and credit default spreads currency interest  
rate swap valuations also use market quoted foreign exchange rates a discounted cash flow approach is applied to the cash flows derived from the inputs to determine fair value 
g level 3 derivatives consist of embedded derivatives in electricity purchase contracts linked to the lme with terms expiring between 2014 and 2040 the embedded derivatives are 
measured using discounted cash flows and option model valuation techniques longterm embedded derivatives with a fair value of us196 million at 31 december 2013 is valued 
using significant unobservable inputs as the term of the derivatives extends beyond the forward curve for aluminium 
aluminium prices are flatlined beyond the market forward curve and increased by projected inflation up to the date of expiry of the contract the range of market prices are  
us2413 per metric tonne in 2024 to us3157 in 2040 the other contracts with a fair value of us35 million at 31 december 2013 are categorised as level 3 as the market premium 
assumptions used represent material unobservable inputs  
h there were no transfers between level 1 and level 2 and between level 2 and level 3 in 2013 
c b level 3 financial assets and financial liabilities 
the table below shows the summary of changes in the fair value of the group’s level 3 financial assets and financial liabilities for the year ended 31 december 2013 
and 31 december 2012  
 
31 december 2013
level 3 financial 
assets and financial 
liabilities
restated 
31 december 2012
level 3 financial 
assets and financial 
liabilities
opening balance 189 95 
currency translation adjustments 8 2
total realised gains or losses included in  
– consolidated sales revenue 20 – 
– net operating costs 150 46 
total unrealised gains or losses included in  
– consolidated sales revenue 2 – 
– net operating costs 127 36 
total unrealised gains or losses transferred into other comprehensive income 21 18
additions – 107 
disposals – 75
closing balance 461 189 
total gains for the year included in the income statement for assets and liabilities held at year end 130 46
sensitivity analysis in respect of level 3 derivatives 
the carrying value of forward contracts valued using unobservable inputs is calculated using appropriate discounted cash flow and option model valuation 
techniques the most significant assumptions relate to internal long term aluminium prices beyond 10 years a 10 per cent increase in long term aluminium  
prices would result in a us165 million 2012 us205 million decrease in carrying value a 10 per cent decrease in long term aluminium prices would result  
in a us94 million 2012 us181 million increase in carrying value 
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notes to the 2013 financial statements continued 
168 
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31 contingencies and commitments 
 
2013
usm
restated
2012
usm
capital commitments excluding the group’s share of joint venture capital commitments 
within 1 year 5098 10671 
between 1 and 3 years 364 829 
between 3 and 5 years 6 108 
after 5 years 31 31 
total 5499 11639 
 
group’s share of joint venture capital commitments  
within 1 year 831 796 
between 1 and 3 years 789 444 
between 3 and 5 years 127 19 
after 5 years – – 
total 1747 1259
unrecognised commitments to contribute funding or resources to joint ventures  
for minera escondida limitada sohar aluminium company llc and rio tinto benga mauritius limited the group along with the other joint venturers  
has made various commitments to provide shareholder funding as required subject to approved thresholds in particular minera escondida limitada holds  
a shareholder line of credit for us225 million rio tinto share which is currently undrawn this line of credit was also available in 2012 
the group has a commitment to purchase and market a portion which may be different to the group’s ownership interest of the output of both sohar aluminium 
company llc and sornorge aluminium as aluminium smelters in which the group is a joint venturer purchases are at market prices and the group subsequently 
sells the purchased products to third parties 
operating leases 
the aggregate amount of minimum lease payments under non cancellable operating leases are as follows 
 
2013
usm
restated
2012
usm
within 1 year 439 417 
between 1 and 3 years 667 691 
between 3 and 5 years 540 555 
after 5 years 832 855 
 2478 2518
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
168 
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31 contingencies and commitments 
 
2013
usm
restated
2012
usm
capital commitments excluding the group’s share of joint venture capital commitments 
within 1 year 5098 10671 
between 1 and 3 years 364 829 
between 3 and 5 years 6 108 
after 5 years 31 31 
total 5499 11639 
 
group’s share of joint venture capital commitments  
within 1 year 831 796 
between 1 and 3 years 789 444 
between 3 and 5 years 127 19 
after 5 years – – 
total 1747 1259
unrecognised commitments to contribute funding or resources to joint ventures  
for minera escondida limitada sohar aluminium company llc and rio tinto benga mauritius limited the group along with the other joint venturers  
has made various commitments to provide shareholder funding as required subject to approved thresholds in particular minera escondida limitada holds  
a shareholder line of credit for us225 million rio tinto share which is currently undrawn this line of credit was also available in 2012 
the group has a commitment to purchase and market a portion which may be different to the group’s ownership interest of the output of both sohar aluminium 
company llc and sornorge aluminium as aluminium smelters in which the group is a joint venturer purchases are at market prices and the group subsequently 
sells the purchased products to third parties 
operating leases 
the aggregate amount of minimum lease payments under non cancellable operating leases are as follows 
 
2013
usm
restated
2012
usm
within 1 year 439 417 
between 1 and 3 years 667 691 
between 3 and 5 years 540 555 
after 5 years 832 855 
 2478 2518
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
169 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
purchase obligations 
the aggregate amount of future payment commitments for the next five years under purchase obligations outstanding at 31 december was 
 
2013
usm
restated
a
2012 
usm
within 1 year 3178 2908 
between 1 and 2 years 2434 2694 
between 2 and 3 years 2202 2758 
between 3 and 4 years 1865 2529 
between 4 and 5 years 1743 2234 
after 5 years 14359 13931 
 25781 27054
a purchase obligations are agreements to purchase goods or services that are enforceable and legally binding and specify all significant terms including fixed or minimum quantities  
to be purchased fixed minimum or variable price provisions and the approximate timing of the transactions the definition of purchase obligations has been further clarified for  
2013 and comparatives restated accordingly in particular purchase obligations between subsidiaries and joint arrangements are now included to the extent that they relate to  
other venturers 
 
2013
usm
restated
a
2012 
usm
contingent liabilities subsidiaries and joint operations 
indemnities and other performance guarantees
 a b
 489 728
a indemnities and other performance guarantees represent the potential outflow of funds from the group for the satisfaction of obligations including those under contractual 
arrangements for example undertakings related to rehabilitation activities and supplier agreements not provided for in the statement of financial position where the likelihood  
of the guarantees or indemnities being called is assessed as possible rather than probable or remote the comparative for indemnities and other performance guarantees for 2012  
has been restated for consistency 
b there were no contingent liabilities arising in relation to the group’s joint ventures and associates  
there are a number of legal claims currently outstanding against the group no material loss to the group is expected to result from these claims  
contingent assets 
the group has various insurance claims outstanding with reinsurers including claims relating to the manefay slide at kennecott utah copper in april 2013  
an interim progress payment was received on this claim in 2013 further receipts are considered probable but the amount cannot currently be reliably estimated 
32 average number of employees 
 subsidiaries and joint operations 
equity accounted units  
rio tinto share
a
 group total 
 2013 2012 2011 2013 2012 2011 2013 2012 2011
the principal locations of employment were    
australia and new zealand 24740  25301 22454 749 808 965  25489  26109 23419 
canada 12830  13688 13958 – – 26  12830  13688 13984 
europe 4210  5760 6601 2427 3184 3377  6637  8944 9978 
africa 6787  7055 6107 1505 2226 2328  8292  9281 8435 
united states 4039  4564 4995 285 375 406  4324  4939 5401 
mongolia 3289  2904 1131 – – 358  3289  2904 1489 
indonesia 2467  2467 2325 – – –  2467  2467 2325 
south america 511  235 347 1409 1307 1221  1920  1542 1568 
other countries 980  1143 895 103 202 436  1083  1345 1331 
 59853  63117 58813 6478 8102 9117  66331  71219 67930
a employee numbers which represent the average for the year include 100 per cent of employees of subsidiary companies employee numbers for joint operations and equity accounted 
units are proportional to the group’s interest average employee numbers include a part year effect for companies acquired or disposed of during the year 
part time employees are included on a full time equivalent basis temporary employees are included in employee numbers  
people employed by contractors are not included 
discontinued operations’ employees of 782 2012 787 2011 790 all of whom are located in africa are not included in the above numbers 
   riotintocomreportingcentre2013
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170 
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33 principal subsidiaries  
at 31 december 2013 
company and country of 
incorporationoperation principal activities 
class of
shares held
proportion of 
class held  
group
interest 
non
controlling
interest 
australia   
argyle diamond limited mining and processing of diamonds  ordinary 100  100 –
coal  allied industries limited 
a
 coal mining  ordinary 80 80 20 
dampier salt limited salt production ordinary 6836 6836 3164
energy resources of australia limited uranium mining class a 6839 6839 3161
hamersley iron pty limited  iron ore mining ordinary 100  100 –
queensland coal pty limited 
b
 coal mining  ordinary 100  100 –
rio tinto aluminium holdings limited bauxite mining alumina production primary 
aluminium smelting 
ordinary 100  100 –
robe river mining co pty ltd 
c
 iron ore mining class a 40  
 
60 40 
  class b 7636  
north mining limited 
c
 iron ore mining ordinary 100  100 –
brazil   
alcan alumina ltda 
d
 alumina production quota 100  100 – 
canada   
rio tinto canada uranium corporation uranium projects common shares 100  100 –
iron ore company of canada inc 
e
 iron ore mining iron ore pellets common shares 5872 5872 4128
rio tinto fer et titane inc titanium dioxide feedstock  common shares 100  100 –
  high purity iron and steel class b preference shares 100  100 –
  cad 001 preferred shares 100  100 –
rio tinto alcan inc bauxite mining alumina refining production of 
specialty alumina aluminium smelting 
common shares 100  100 –
diavik diamond mines inc 
f
 diamond mining and processing class a b c 100  100 –
  class p1 preferred 100  100 –
guinea   
simfer jersey limited 
g
 iron ore project ordinary 53  53 47 
madagascar   
qit madagascar minerals sa 
h
  ilmenite mining common shares 80  80 15 
  investment certificates na 5 
mongolia   
turquoise hill resources ltd including  
oyu tolgoi llc and southgobi  
resources ltd 
i
 
copper and gold mining  common shares 5079  5079 4921 
mozambique   
riversdale mining limited 
j
 coal mining and exploration common shares 100  100 –
namibia   
rössing uranium limited 
k
 uranium mining b n1 7116 
 
6858 3142
  c n10c 7059 
south africa   
richards bay titanium proprietary limited 
l
 titanium dioxidehigh purity iron production b ordinary 100  
 
74 26   b preference 100  
  bhp billiton preference 100  
richards bay mining proprietary limited ilmenite rutile and zircon mining b ordinary 100  
 
74 26   b preference 100  
  bhp billiton preference 100  
united states of america   
kennecott holdings corporation including 
kennecott utah copper kennecott land 
and kennecott exploration 
copper and gold mining smelting and refining 
land development and exploration activities 
 
common us001 100  100 –
us borax inc mining refining and marketing of borates common us010 100  100 –
 
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notes to the 2013 financial statements continued 
170 
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33 principal subsidiaries  
at 31 december 2013 
company and country of 
incorporationoperation principal activities 
class of
shares held
proportion of 
class held  
group
interest 
non
controlling
interest 
australia   
argyle diamond limited mining and processing of diamonds  ordinary 100  100 –
coal  allied industries limited 
a
 coal mining  ordinary 80 80 20 
dampier salt limited salt production ordinary 6836 6836 3164
energy resources of australia limited uranium mining class a 6839 6839 3161
hamersley iron pty limited  iron ore mining ordinary 100  100 –
queensland coal pty limited 
b
 coal mining  ordinary 100  100 –
rio tinto aluminium holdings limited bauxite mining alumina production primary 
aluminium smelting 
ordinary 100  100 –
robe river mining co pty ltd 
c
 iron ore mining class a 40  
 
60 40 
  class b 7636  
north mining limited 
c
 iron ore mining ordinary 100  100 –
brazil   
alcan alumina ltda 
d
 alumina production quota 100  100 – 
canada   
rio tinto canada uranium corporation uranium projects common shares 100  100 –
iron ore company of canada inc 
e
 iron ore mining iron ore pellets common shares 5872 5872 4128
rio tinto fer et titane inc titanium dioxide feedstock  common shares 100  100 –
  high purity iron and steel class b preference shares 100  100 –
  cad 001 preferred shares 100  100 –
rio tinto alcan inc bauxite mining alumina refining production of 
specialty alumina aluminium smelting 
common shares 100  100 –
diavik diamond mines inc 
f
 diamond mining and processing class a b c 100  100 –
  class p1 preferred 100  100 –
guinea   
simfer jersey limited 
g
 iron ore project ordinary 53  53 47 
madagascar   
qit madagascar minerals sa 
h
  ilmenite mining common shares 80  80 15 
  investment certificates na 5 
mongolia   
turquoise hill resources ltd including  
oyu tolgoi llc and southgobi  
resources ltd 
i
 
copper and gold mining  common shares 5079  5079 4921 
mozambique   
riversdale mining limited 
j
 coal mining and exploration common shares 100  100 –
namibia   
rössing uranium limited 
k
 uranium mining b n1 7116 
 
6858 3142
  c n10c 7059 
south africa   
richards bay titanium proprietary limited 
l
 titanium dioxidehigh purity iron production b ordinary 100  
 
74 26   b preference 100  
  bhp billiton preference 100  
richards bay mining proprietary limited ilmenite rutile and zircon mining b ordinary 100  
 
74 26   b preference 100  
  bhp billiton preference 100  
united states of america   
kennecott holdings corporation including 
kennecott utah copper kennecott land 
and kennecott exploration 
copper and gold mining smelting and refining 
land development and exploration activities 
 
common us001 100  100 –
us borax inc mining refining and marketing of borates common us010 100  100 –
 
  
 
171 
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the group comprises a large number of companies and it is not practical to include all of them in this list the list therefore only includes those companies that  
have a more significant impact on the profit or assets of the group  
the group’s principal subsidiaries are mostly held by intermediate holding companies and not directly by rio tinto plc or rio tinto limited 
a of the group’s 80 per cent interest in coal  allied industries limited an indirect share of 429 per cent is held through its investment in an equity accounted unit coal  allied forms 
part of the rio tinto coal australia business unit  
through a series of intermediate companies coal  allied holds interests in bengalla 40 per cent mount thorley 80 per cent and warkworth 556 per cent the group’s beneficial 
interests are therefore bengalla 32 per cent mount thorley 64 per cent warkworth 445 per cent these are unincorporated arrangements that are not entities the group recognises 
its share of assets liabilities revenues and expenses relating to these arrangements coal  allied also owns 100 per cent of hunter valley operations 
b queensland coal pty limited is the main legal entity that holds the group’s interests in hail creek 82 per cent blair athol 712 per cent clermont 501 per cent and kestrel  
80 per cent these are unincorporated arrangements that are not entities the group recognises its share of assets liabilities revenues and expenses relating to these arrangements 
queensland coal forms part of the rio tinto coal australia business unit 
c robe river mining company pty limited which is 60 per cent owned by the group holds a 30 per cent interest in robe river iron associates robe river north mining ltd which  
is wholly owned by the group holds a 35 per cent interest in robe river through these companies the group recognises a 65 per cent share of the assets liabilities revenues and 
expenses of robe river with a 12 per cent noncontrolling interest the group therefore has a 53 per cent beneficial interest in robe river 
d alcan alumina ltda holds the group’s 10 per cent interest in consórcio de alumínio do maranhão a joint operation in which group participates but is not a joint operator  
the group recognises its share of assets liabilities revenues and expenses relating to this arrangement 
e this entity is incorporated in the united states of america but operates in canada 
f diavik diamond mines inc is the legal entity that owns the group’s 60 per cent interest in the diavik diamond mine diavik an unincorporated arrangement that is not an entity  
the group recognises its share of assets liabilities revenue and expenses relating to this arrangement 
g simfer jersey a company incorporated in jersey in which the group has a 53 per cent interest has a 95 per cent interest in simfer sa the company that operates the simandou  
mining project in guinea the group therefore has a 504 per cent indirect interest in simfer sa these entities are consolidated as subsidiaries and together referred to as the 
simandou iron ore project 
h the group’s shareholding in qit madagascar minerals sa carries an 80 per cent economic interest and 80 per cent of the total voting rights a further 5 per cent economic interest is 
held through nonvoting investment certificates to give an economic interest of 85 per cent the noncontrolling interests have a 15 per cent economic interest and 20 per cent of the 
total voting rights 
i the group obtained a controlling interest in turquoise hill resources ltd formerly ivanhoe mines limited on 24 january 2012 ivanhoe was renamed turquoise hill resources ltd 
turquoise hill on 2 august 2012 refer to note 37 for further details relating to the consolidation of turquoise hill the group has a 5079 per cent interest in turquoise hill which 
holds a 66 per cent interest in oyu tolgoi ot and a 5595 per cent interest in southgobi resources ltd southgobi these companies are subsidiaries of turquoise hill the group 
therefore has a 335 per cent indirect interest in ot and a 284 per cent indirect interest in southgobi  
this entity is incorporated in canada but operates in mongolia 
j this entity is incorporated in australia but operates in mozambique 
k the group’s shareholding in rössing uranium limited carries 3554 per cent of the total voting rights the noncontrolling interests hold 6446 per cent of the total voting rights  
rössing is consolidated by virtue of board control the government of namibia has the ability to veto matters that are considered not to be in the interest of namibia this is considered 
to be a protective right rio tinto therefore has control of rössing and consolidates it as a subsidiary 
l additional classes of shares issued by richards bay titanium proprietary limited and richards bay mining proprietary limited representing noncontrolling interests are not shown 
the group’s total legal and beneficial interest in richards bay titanium proprietary limited and richards bay mining proprietary limited is 74 per cent 
   riotintocomreportingcentre2013
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notes to the 2013 financial statements continued 
172 
riotintocomreportingcentre2013 
33 principal subsidiaries  continued 
summary financial information for subsidiaries that have noncontrolling interests that are material to the group 
this summarised financial information is shown on a 100 per cent basis it represents the amounts shown in the subsidiaries’ financial statements prepared in 
accordance with ifrs under group accounting policies including fair value adjustments and before intercompany eliminations 
 
iron ore 
company of 
canada 
2013 
iron ore 
company of 
canada
2012
energy 
resources of 
australia
2013
energy 
resources of 
australia
2012
simfer
jersey
a
2013
simfer  
jersey
a
 
2012  
turquoise
hill
b
2013
turquoise
hill
b
2012
revenue 2258 1972 339 416 –  –  237 138 
profitloss after tax 485 380 132 250 87 327 5080 604
– attributable to noncontrolling 
interests 
 
200 157 41 79 44
 
62 3203 500
– attributable to rio tinto 285 223 91 171 43 265 1877 104
other comprehensive lossincome 61 17 114 26 –  –  96 118 
total comprehensive incomeloss 424 397 246 224 87 327 5176 486
noncurrent assets 3209 3272 793 1036 1702 1489 8536 13855 
current assets 501 607 563 749 107 293 1192 1925 
current liabilities 414 571 141 176 45 113 2771 2746
noncurrent liabilities 904 1081 573 721 34 31 425 1220
net assets 2392 2227 642 888 1730 1638 6532 11814 
– attributable to noncontrolling 
interests 
 
988 921 203 282
 
862 
 
817 
 
3052 
 
6483 
– attributable to rio tinto 1404 1306 439 606 868 821 3480 5331 
cashflow from operations 924 755 4 22 93 342 807 727
dividends paid to noncontrolling 
interests 
 
106 – – –
 
– 
 
– 
 
– 
 
– 
a on 24 april 2012 the chalco consortium acquired a 47 per cent equity interest in simfer jersey limited this reduced rio tinto’s interest from 95 per cent to 5035 per cent  
during 2013 chalco sold its interest to chinalco its parent company these figures represent the consolidated position of both simfer jersey and simfer sa which together form  
the simandou iron ore project 
b turquoise hill holds controlling interests in a number of companies including ot and southgobi  
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notes to the 2013 financial statements continued 
172 
riotintocomreportingcentre2013 
33 principal subsidiaries  continued 
summary financial information for subsidiaries that have noncontrolling interests that are material to the group 
this summarised financial information is shown on a 100 per cent basis it represents the amounts shown in the subsidiaries’ financial statements prepared in 
accordance with ifrs under group accounting policies including fair value adjustments and before intercompany eliminations 
 
iron ore 
company of 
canada 
2013 
iron ore 
company of 
canada
2012
energy 
resources of 
australia
2013
energy 
resources of 
australia
2012
simfer
jersey
a
2013
simfer  
jersey
a
 
2012  
turquoise
hill
b
2013
turquoise
hill
b
2012
revenue 2258 1972 339 416 –  –  237 138 
profitloss after tax 485 380 132 250 87 327 5080 604
– attributable to noncontrolling 
interests 
 
200 157 41 79 44
 
62 3203 500
– attributable to rio tinto 285 223 91 171 43 265 1877 104
other comprehensive lossincome 61 17 114 26 –  –  96 118 
total comprehensive incomeloss 424 397 246 224 87 327 5176 486
noncurrent assets 3209 3272 793 1036 1702 1489 8536 13855 
current assets 501 607 563 749 107 293 1192 1925 
current liabilities 414 571 141 176 45 113 2771 2746
noncurrent liabilities 904 1081 573 721 34 31 425 1220
net assets 2392 2227 642 888 1730 1638 6532 11814 
– attributable to noncontrolling 
interests 
 
988 921 203 282
 
862 
 
817 
 
3052 
 
6483 
– attributable to rio tinto 1404 1306 439 606 868 821 3480 5331 
cashflow from operations 924 755 4 22 93 342 807 727
dividends paid to noncontrolling 
interests 
 
106 – – –
 
– 
 
– 
 
– 
 
– 
a on 24 april 2012 the chalco consortium acquired a 47 per cent equity interest in simfer jersey limited this reduced rio tinto’s interest from 95 per cent to 5035 per cent  
during 2013 chalco sold its interest to chinalco its parent company these figures represent the consolidated position of both simfer jersey and simfer sa which together form  
the simandou iron ore project 
b turquoise hill holds controlling interests in a number of companies including ot and southgobi  
  
 
173 
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robe river
mining co 
pty 
2013
robe river 
mining co 
pty
2012
other
companies
and
eliminations
c
2013
other  
companies  
and  
eliminations
c
 
2012  
robe river
2013
robe river
2012
revenue 2074 2009 2417 2344 4491 4353
  
profit after tax 1021 1063 1093 1000 2114 2063
– attributable to noncontrolling interests 398 420 –  –  398 420
– attributable to rio tinto 623 643 1093 1000 1716 1643
  
other comprehensive lossincome 620 93 348 30 968 123
total comprehensive income 401 1156 745 1030 1146 2186
  
noncurrent assets 4545 4090 5329 4524 9874 8614
current assets 149 179 176 204 325 383
current liabilities 213 187 396 323 609 510
noncurrent liabilities 314 120 2436 2595 2750 2715
net assets 4167 3962 2673 1810 6840 5772
   
– attributable to noncontrolling interests 1645 1570 –  –  1645 1570
– attributable to rio tinto 2522 2392 2673 1810 5195 4202
  
cashflow from operations 1570 1475 1801 1692 3371 3167
dividends paid to noncontrolling interests 78 414 –  –  78 414
c ‘other companies and eliminations’ includes north mining limited a wholly owned subsidiary of the group and goodwill of us445 million 2012 us518 million that arose on 
acquisition of the group’s interest in robe river 
   riotintocomreportingcentre2013
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notes to the 2013 financial statements continued 
174 
riotintocomreportingcentre2013 
34 principal joint operations 
at 31 december 2013 
name and country of operation principal activities 
group 
interest 

australia  
tomago aluminium joint venture aluminium smelting 516 
clermont coal coal mining 501 
kestrel coal mining 80 
gladstone power station power generation 421 
hope downs joint venture iron ore mining 50 
queensland alumina limited 
a b
 alumina production 80 
new zealand  
new zealand aluminium smelters limited 
a b
 aluminium smelting 794 
canada  
alouette aluminium production 40 
indonesia  
grasberg expansion  copper and gold mining 40 
united states of america  
pechiney reynolds quebec inc 
b c
 aluminium smelting 503 
the group comprises a large number of operations and it is not practical to include all of them in this list the list therefore only includes those joint operations  
that have a more significant impact on the profit or operating assets of the group  
the group’s joint operations are held by intermediate holding companies and not directly by rio tinto plc or rio tinto limited 
a although the group has a 794 per cent interest in new zealand aluminium smelters and an 80 per cent interest in queensland alumina limited decisions about activities that 
significantly affect the returns that are generated require agreement of both parties to the arrangements giving rise to joint control  
b queensland alumina limited new zealand aluminium smelters and pechiney reynolds quebec inc are joint arrangements that are primarily designed for the provision of output to 
the parties sharing joint control this indicates that the parties have rights to substantially all the economic benefits of the assets the liabilities of the arrangements are in substance 
satisfied by cash flows received from the parties this dependence indicates that the parties effectively have obligations for the liabilities it is these facts and circumstances that give  
rise to the classification for these entities as joint operations 
c pechiney reynolds quebec has a 501 per cent interest in the aluminerie de becancour aluminium smelter which is located in canada 
 
35 principal joint ventures  
at 31 december 2013 
company and country of incorporationoperation principal activities 
 number of
 shares held
class of  
shares held 
proportion of
class held 

group 
interest
 
chile   
minera escondida limitada 
a
 copper mining and refining  30 30 
mozambique   
rio tinto benga mauritius limited 
b
 coal mining and exploration 474591847 class a 65 65 
  65 management 65 65 
norway   
sornorge aluminium as aluminium smelting – ordinary a shares – 

50 
  500000 ordinary b shares 100
oman   
sohar aluminium company llc 
c
 aluminium smeltingpower generation 37500 ordinary 20 20 
the group comprises a large number of operations and it is not practical to include all of them in this list the list therefore only includes those joint ventures that 
have a more significant impact on the profit or operating assets of the group  
the group’s principal joint ventures are held by intermediate holding companies and not directly by rio tinto plc or rio tinto limited 
a although the group has a 30 per cent interest in this entity participant and management agreements allow for an owners’ council whereby significant  commercial and operational 
decisions about the relevant activities that significantly affect the returns that are generated require the joint approval of both rio tinto and bhp billiton holders of a 575 per cent 
interest it is therefore determined that rio tinto participates in joint control 
 the year end of minera escondida limitada is 30 june the amounts included in the consolidated financial statements of rio tinto are however based on accounts of minera escondida 
limitada that are coterminous with those of the group 
b although the group holds a 65 per cent interest in this entity decisions about the relevant activities that significantly affect the returns that are generated require agreement  
of both parties to the arrangement it is therefore determined that rio tinto participates in joint control 
 this entity is incorporated in mauritius but operates mainly in mozambique where it has a 100 per cent interest in riversdale mozambique limitada a coal mine located in  
tete mozambique 
c although the group holds a 20 per cent interest in this entity decisions about relevant activities that significantly affect the returns that are generated require agreement of all parties  
to the arrangement it is therefore determined that rio tinto participates in joint control   riotintocomreportingcentre2013
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strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
174 
riotintocomreportingcentre2013 
34 principal joint operations 
at 31 december 2013 
name and country of operation principal activities 
group 
interest 

australia  
tomago aluminium joint venture aluminium smelting 516 
clermont coal coal mining 501 
kestrel coal mining 80 
gladstone power station power generation 421 
hope downs joint venture iron ore mining 50 
queensland alumina limited 
a b
 alumina production 80 
new zealand  
new zealand aluminium smelters limited 
a b
 aluminium smelting 794 
canada  
alouette aluminium production 40 
indonesia  
grasberg expansion  copper and gold mining 40 
united states of america  
pechiney reynolds quebec inc 
b c
 aluminium smelting 503 
the group comprises a large number of operations and it is not practical to include all of them in this list the list therefore only includes those joint operations  
that have a more significant impact on the profit or operating assets of the group  
the group’s joint operations are held by intermediate holding companies and not directly by rio tinto plc or rio tinto limited 
a although the group has a 794 per cent interest in new zealand aluminium smelters and an 80 per cent interest in queensland alumina limited decisions about activities that 
significantly affect the returns that are generated require agreement of both parties to the arrangements giving rise to joint control  
b queensland alumina limited new zealand aluminium smelters and pechiney reynolds quebec inc are joint arrangements that are primarily designed for the provision of output to 
the parties sharing joint control this indicates that the parties have rights to substantially all the economic benefits of the assets the liabilities of the arrangements are in substance 
satisfied by cash flows received from the parties this dependence indicates that the parties effectively have obligations for the liabilities it is these facts and circumstances that give  
rise to the classification for these entities as joint operations 
c pechiney reynolds quebec has a 501 per cent interest in the aluminerie de becancour aluminium smelter which is located in canada 
 
35 principal joint ventures  
at 31 december 2013 
company and country of incorporationoperation principal activities 
 number of
 shares held
class of  
shares held 
proportion of
class held 

group 
interest
 
chile   
minera escondida limitada 
a
 copper mining and refining  30 30 
mozambique   
rio tinto benga mauritius limited 
b
 coal mining and exploration 474591847 class a 65 65 
  65 management 65 65 
norway   
sornorge aluminium as aluminium smelting – ordinary a shares – 

50 
  500000 ordinary b shares 100
oman   
sohar aluminium company llc 
c
 aluminium smeltingpower generation 37500 ordinary 20 20 
the group comprises a large number of operations and it is not practical to include all of them in this list the list therefore only includes those joint ventures that 
have a more significant impact on the profit or operating assets of the group  
the group’s principal joint ventures are held by intermediate holding companies and not directly by rio tinto plc or rio tinto limited 
a although the group has a 30 per cent interest in this entity participant and management agreements allow for an owners’ council whereby significant  commercial and operational 
decisions about the relevant activities that significantly affect the returns that are generated require the joint approval of both rio tinto and bhp billiton holders of a 575 per cent 
interest it is therefore determined that rio tinto participates in joint control 
 the year end of minera escondida limitada is 30 june the amounts included in the consolidated financial statements of rio tinto are however based on accounts of minera escondida 
limitada that are coterminous with those of the group 
b although the group holds a 65 per cent interest in this entity decisions about the relevant activities that significantly affect the returns that are generated require agreement  
of both parties to the arrangement it is therefore determined that rio tinto participates in joint control 
 this entity is incorporated in mauritius but operates mainly in mozambique where it has a 100 per cent interest in riversdale mozambique limitada a coal mine located in  
tete mozambique 
c although the group holds a 20 per cent interest in this entity decisions about relevant activities that significantly affect the returns that are generated require agreement of all parties  
to the arrangement it is therefore determined that rio tinto participates in joint control  
 
175 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
summary information for joint ventures that are material to the group 
this summarised financial information is shown on a 100 per cent basis it represents the amounts shown in the joint ventures’ financial statements prepared  
in accordance with ifrs under group accounting policies including fair value adjustments and amounts due to and from rio tinto 
 
 minera
 escondida
 limitada
d
 2013
 
 minera 
 escondida 
 limitada
d
 
2012 
rio tinto
benga
 mauritius
limited
e
2013
rio tinto
 benga
 mauritius 
limited
e
2012
revenue  8553  8553   135  15 
     
depreciation and amortisation  720 830  43 45
impairment charges 
e
  –  –   354 2592
other operating costs  3697 3230  289 123
operating profitloss  4136  4493   551 2745
    
interest expense  17  30  3 – 
income tax  1543 1697  22  828 
profitloss after tax  2610  2766   532 1917
     
total comprehensive incomeloss  2610  2766   532 1917
     
noncurrent assets  9823  7387   389  623 
current assets  2653  2987   166  102 
current liabilities  1031 1417  136 78
noncurrent liabilities  2152 1410  328 100
net assets  9293  7547   91  547 
     
assets and liabilities above include     
cash and cash equivalents  319  457   –  – 
current financial liabilities  56 183  54 11
noncurrent financial liabilities  1084 460  223 28
     
dividends received from joint venture rio tinto share  432  270   –  – 
reconciliation of the above amounts to the investment recognised in the consolidated statement of financial position 
group interest  30 30 65 65 
     
net assets  9293  7547   91  547 
group’s ownership interest  2788  2264   59  356 
other adjustments  2  4   –  26
     
carrying value of group’s interest  2790  2268   59  330 
d in addition to its ‘investment in equity accounted unit’ the group recognises deferred tax liabilities of us511million 2012 us421 million relating to tax on unremitted earnings 
e the group has recognised a us216 million 2012 us1147 million post tax impairment of its investment in rio tinto benga mauritius limited the investment was recognised  
at fair value on acquisition and it is this investment that has been impaired  
   riotintocomreportingcentre2013
176
notes to the 2013 financial statements continued 
176 
riotintocomreportingcentre2013 
36 principal associates 
at 31 december 2013 
company and country of incorporationoperation principal activities 
number of
 shares held
class of  
shares held 
proportion of
 class held 

group 
interest 

australia   
boyne smelters limited 
a
 aluminium smelting 153679560 ordinary 594 594
brazil   
mineração rio do norte sa 
b
 bauxite mining 25000000 ordinary 
 
125 

12 
  47000000 preferred 118 
cameroon   
compagnie camerounaise de l’aluminum aluminium smelting 1623127 ordinary 467 467 
united states of america   
halco mining inc  c 4500 common  45 45
the group’s principal associates are held by intermediate holding companies and not directly by rio tinto plc or rio tinto limited 
the group comprises a large number of operations and it is not practical to include all of them in this list the list therefore only includes those associates that  
have a more significant impact on the profit or operating assets of the group 
a the parties that collectively control this entity do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the  
parties although each combination requires rio tinto’s approval this is not joint control as defined under ifrs 11 rio tinto is therefore determined to have significant influence  
over this company 
b although the group holds only 12 per cent of this entity it has representation on its board of directors and a consequent ability to participate in the financial and operating policy 
decisions it is therefore determined that rio tinto has significant influence  
c halco has a 51 per cent indirect interest in compagnie des bauxites de guinée a bauxite mine the core assets of which are located in guinea 
summary information for associates that are material to the group 
this summarised financial information is shown on a 100 per cent basis it represents the amounts shown in the associate’s financial statements prepared in 
accordance with ifrs under group accounting policies including amounts due to and from rio tinto   
 
boyne
smelters
limited
d
2013
boyne
smelters
limited
d
2012
revenue  –  – 
loss after tax  47 564
   
other comprehensive loss 
e
  –  12 
total comprehensive loss  47 576
   
noncurrent assets  1086  1234 
current assets  111  162 
current liabilities  101 108
noncurrent liabilities  1697 1939
net assets  601 651
d boyne smelters limited is a tolling operation as such it is dependent on its participants for funding which is provided through cash calls rio tinto aluminium has made certain 
prepayments to boyne for toll processing of alumina these are charged to group operating costs as processing takes place  
e ‘other comprehensive loss’ is net of amounts recognised by subsidiaries in relation to quasi equity loans 
 
group interest  59 59 
net assets  601 651
group’s ownership interest  357 387
loans to equity accounted units  276  393 
carrying value of group’s interest  81 6 
   riotintocomreportingcentre2013
177
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
176 
riotintocomreportingcentre2013 
36 principal associates 
at 31 december 2013 
company and country of incorporationoperation principal activities 
number of
 shares held
class of  
shares held 
proportion of
 class held 

group 
interest 

australia   
boyne smelters limited 
a
 aluminium smelting 153679560 ordinary 594 594
brazil   
mineração rio do norte sa 
b
 bauxite mining 25000000 ordinary 
 
125 

12 
  47000000 preferred 118 
cameroon   
compagnie camerounaise de l’aluminum aluminium smelting 1623127 ordinary 467 467 
united states of america   
halco mining inc  c 4500 common  45 45
the group’s principal associates are held by intermediate holding companies and not directly by rio tinto plc or rio tinto limited 
the group comprises a large number of operations and it is not practical to include all of them in this list the list therefore only includes those associates that  
have a more significant impact on the profit or operating assets of the group 
a the parties that collectively control this entity do so through decisions that are determined on an aggregate voting interest that can be achieved by several combinations of the  
parties although each combination requires rio tinto’s approval this is not joint control as defined under ifrs 11 rio tinto is therefore determined to have significant influence  
over this company 
b although the group holds only 12 per cent of this entity it has representation on its board of directors and a consequent ability to participate in the financial and operating policy 
decisions it is therefore determined that rio tinto has significant influence  
c halco has a 51 per cent indirect interest in compagnie des bauxites de guinée a bauxite mine the core assets of which are located in guinea 
summary information for associates that are material to the group 
this summarised financial information is shown on a 100 per cent basis it represents the amounts shown in the associate’s financial statements prepared in 
accordance with ifrs under group accounting policies including amounts due to and from rio tinto   
 
boyne
smelters
limited
d
2013
boyne
smelters
limited
d
2012
revenue  –  – 
loss after tax  47 564
   
other comprehensive loss 
e
  –  12 
total comprehensive loss  47 576
   
noncurrent assets  1086  1234 
current assets  111  162 
current liabilities  101 108
noncurrent liabilities  1697 1939
net assets  601 651
d boyne smelters limited is a tolling operation as such it is dependent on its participants for funding which is provided through cash calls rio tinto aluminium has made certain 
prepayments to boyne for toll processing of alumina these are charged to group operating costs as processing takes place  
e ‘other comprehensive loss’ is net of amounts recognised by subsidiaries in relation to quasi equity loans 
 
group interest  59 59 
net assets  601 651
group’s ownership interest  357 387
loans to equity accounted units  276  393 
carrying value of group’s interest  81 6 
  
 
177 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
summary information for joint ventures and associates that are not individually material to the group  
 
joint
ventures
2013
joint 
ventures 
2012 
associates
2013
associates
2012
carrying value of group’s interest 405 422 784 915
  
profit after tax 29 182 102 99
  
other comprehensive loss income 7 33 38 117
total comprehensive loss income 36 149 64 18
37 purchases and sales of subsidiaries joint ventures associates and other interests in businesses 
2013 acquisitions 
there were no material acquisitions during the year ended 31 december 2013  
2012 acquisitions 
consolidation of turquoise hill resources ltd 
on 24 january 2012 rio tinto increased its ownership of shares in turquoise hill to a controlling 5101 per cent interest the acquisition gave rio tinto control  
of the assets in turquoise hill other than those relating to oyu tolgoi ot control of which the group had previously gained in 2010 
total consideration to acquire the controlling interest in turquoise hill amounted to us839 million comprising us678 million relating to the fair value of the 
group’s interest in turquoise hill prior to the acquisition date and us161 million of cash price paid to acquire the controlling interest after adjusting for amounts 
attributable to ot and net intragroup balances between rio tinto and turquoise hill fair values on acquisition of turquoise hill were determined and finalised  
during 2012 
consolidation of richards bay minerals  
on 7 september 2012 rio tinto increased its holding in richards bay minerals rbm to 74 per cent with consolidation effective from 3 september 2012 following 
the completion of its acquisition of bhp billiton’s entire interests including bhp billiton’s 37 per cent indirect equity voting interests in the rbm operating companies 
the acquisition price was us19 billion before contractual adjustments for cash payments made by rbm to bhp billiton since the acquisition trigger date of  
1 february 2012 this price included us06 billion for bhp billiton’s 37 per cent equity interest in rbm us10 billion for a 50 per cent interest in outstanding  
rbm shareholder financing arrangements and us03 billion for a royalty stream  
provisional fair values recognised on acquisition were finalised by 3 september 2013 12 months after the consolidation date no adjustments were made to 
provisional fair values as a result of finalisation 
2011 acquisitions 
rio tinto mozambique formerly riversdale mining limited 
during 2011 between january and july rio tinto acquired a 100 per cent interest in riversdale mining limited the purchase was accounted for as an acquisition 
taking place in two stages first the acquisition of a 526 per cent controlling interest on 8 april 2011 the acquisition date for us1713 million net of cash acquired 
and record the purchase of additional interest for us1977 million after the acquisition date  
rio tinto canada uranium corporation formerly hathor exploration limited  
during 2011 between april and december rio tinto acquired an 88 per cent controlling interest in hathor exploration limited hathor by 12 january 2012 the 
remaining 12 per cent was acquired and hathor was subsequently delisted from the toronto stock exchange and renamed rio tinto canada uranium corporation  
goodwill arising on acquisition comprised us150 million being rio tinto’s 88 per cent share of the amount calculated in accordance with ifrs to recognise a 
deferred tax liability on the difference between the provisional fair value of newly consolidated assets and liabilities with their tax base 
turquoise hill resources ltd formerly ivanhoe mines limited 
during the year ended 31 december 2011 rio tinto increased its ownership of shares in ivanhoe mines limited by 1327 million for aggregate consideration of 
us1860 million increasing its ownership from 403 per cent to 490 per cent 
   riotintocomreportingcentre2013
178
notes to the 2013 financial statements continued 
178 
riotintocomreportingcentre2013 
37 purchases and sales of subsidiaries joint ventures associates and other interests in businesses continued 
2013 disposals 
significant divestments and disposals of interests in businesses during the year ended 31 december 2013 are summarised below 
 
northparkes  
mine constellium
palabora 
mining
 company
eagle  
nickelcopper  
project
altynalmas
 gold
inova
 resources
 limited
rio tinto ownership per cent 
a
 80 366 577 100 50 57
  
buyer
 
china molybdenum 
co ltd 
b c lundin mining 
corporation
sumeru gold bv shanxi donghui 
coal coking  
chemicals 
group co
  
date completed 1 december three tranche 
sell down
31 july 17 july 29 november 1 november
consideration usm 
d
 820 671 373 315 235 81
a for altynalmas gold and inova resources limited ownership percentages represent interests divested by turquoise hill resources ltd a 508 per cent owned subsidiary of rio tinto 
all other amounts reflect rio tinto’s effective interest divested 
b on 23 may the initial public offering of constellium formerly alcan engineered products was launched resulting in rio tinto reducing its holding from 366 per cent to 275 per cent 
rio tinto subsequently divested the remainder of its holding in two further tranches total consideration from these transactions was us671 million inclusive of a special dividend  
and proceeds from sale of rio tinto’s equity shareholding which are included within dividends from equity accounted units and sales of financial assets respectively in the group’s 
statement of cash flows 
c the purchaser of palabora was a consortium comprising south african and chinese entities led by the industrial development corporation of south africa and hebei iron  steel group 
d consideration represents total cash proceeds disposals in the statement of cash flows are presented net of cash on disposal of us338 million and after adjusting for working capital 
and other items as specified under the sale agreements  
2012 disposals 
chalco joint venture and settlement agreement with government of guinea gog for the simandou iron ore project 
on 24 april 2012 rio tinto and chalco a listed subsidiary of the aluminium corporation of china chinalco completed the formation of their joint venture to 
develop and operate the simandou iron ore project in guinea following the completion of all chinese regulatory approvals to complete earn in to a 4465 per cent 
net economic interest in the simandou project a consortium led by chalco made a payment to rio tinto of us135 billion in line with an agreement reached with 
rio tinto on 29 july 2010 in late 2013 chalco completed the transfer of 65 per cent of their interest in simandou to their holding company chinalco who now holds 
the simandou interest directly 
under the settlement agreement signed by rio tinto and the government of guinea on 22 april 2011 gog has an option to take an interest of up to 35 per cent  
in simfer sa simfer the rio tinto subsidiary that will undertake the mining portion of the simandou project 
the settlement agreement provides for the transfer of ownership of railway and port infrastructure from simfer to a newly formed infrastructure entity infraco 
in which gog had indicated its intention to fund a 51 per cent interest  
amendment to simfer’s mining convention and the terms of a new infrastructure convention required to give effect to the settlement agreement including the  
gog participation in the project need to be finalised and will require legislative ratification  
the eventual basis of accounting for infraco remains to be determined pending finalisation of the detailed infrastructure agreements 
other disposals 
during 2012 rio tinto completed the sale of alcan cable the specialty alumina businesses and the lynemouth power station finalisation of working capital 
adjustments took place where applicable and did not result in a material impact on the group 
2011 disposals 
constellium formerly alcan engineered products  
on 4 january 2011 rio tinto completed the divestment of 61 per cent of alcan engineered products aep to certain investment funds affiliated with apollo global 
management llc apollo and the fonds stratégique d´investissement fsi the terms of the transaction are confidential aep was rebranded as constellium on  
3 may 2011 
divestment of the talc business  
on 1 august 2011 rio tinto completed the divestment of its talc business to imerys for gross consideration based on an enterprise value of us340 million before 
any deductions or tax  
   riotintocomreportingcentre2013
179
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
178 
riotintocomreportingcentre2013 
37 purchases and sales of subsidiaries joint ventures associates and other interests in businesses continued 
2013 disposals 
significant divestments and disposals of interests in businesses during the year ended 31 december 2013 are summarised below 
 
northparkes  
mine constellium
palabora 
mining
 company
eagle  
nickelcopper  
project
altynalmas
 gold
inova
 resources
 limited
rio tinto ownership per cent 
a
 80 366 577 100 50 57
  
buyer
 
china molybdenum 
co ltd 
b c lundin mining 
corporation
sumeru gold bv shanxi donghui 
coal coking  
chemicals 
group co
  
date completed 1 december three tranche 
sell down
31 july 17 july 29 november 1 november
consideration usm 
d
 820 671 373 315 235 81
a for altynalmas gold and inova resources limited ownership percentages represent interests divested by turquoise hill resources ltd a 508 per cent owned subsidiary of rio tinto 
all other amounts reflect rio tinto’s effective interest divested 
b on 23 may the initial public offering of constellium formerly alcan engineered products was launched resulting in rio tinto reducing its holding from 366 per cent to 275 per cent 
rio tinto subsequently divested the remainder of its holding in two further tranches total consideration from these transactions was us671 million inclusive of a special dividend  
and proceeds from sale of rio tinto’s equity shareholding which are included within dividends from equity accounted units and sales of financial assets respectively in the group’s 
statement of cash flows 
c the purchaser of palabora was a consortium comprising south african and chinese entities led by the industrial development corporation of south africa and hebei iron  steel group 
d consideration represents total cash proceeds disposals in the statement of cash flows are presented net of cash on disposal of us338 million and after adjusting for working capital 
and other items as specified under the sale agreements  
2012 disposals 
chalco joint venture and settlement agreement with government of guinea gog for the simandou iron ore project 
on 24 april 2012 rio tinto and chalco a listed subsidiary of the aluminium corporation of china chinalco completed the formation of their joint venture to 
develop and operate the simandou iron ore project in guinea following the completion of all chinese regulatory approvals to complete earn in to a 4465 per cent 
net economic interest in the simandou project a consortium led by chalco made a payment to rio tinto of us135 billion in line with an agreement reached with 
rio tinto on 29 july 2010 in late 2013 chalco completed the transfer of 65 per cent of their interest in simandou to their holding company chinalco who now holds 
the simandou interest directly 
under the settlement agreement signed by rio tinto and the government of guinea on 22 april 2011 gog has an option to take an interest of up to 35 per cent  
in simfer sa simfer the rio tinto subsidiary that will undertake the mining portion of the simandou project 
the settlement agreement provides for the transfer of ownership of railway and port infrastructure from simfer to a newly formed infrastructure entity infraco 
in which gog had indicated its intention to fund a 51 per cent interest  
amendment to simfer’s mining convention and the terms of a new infrastructure convention required to give effect to the settlement agreement including the  
gog participation in the project need to be finalised and will require legislative ratification  
the eventual basis of accounting for infraco remains to be determined pending finalisation of the detailed infrastructure agreements 
other disposals 
during 2012 rio tinto completed the sale of alcan cable the specialty alumina businesses and the lynemouth power station finalisation of working capital 
adjustments took place where applicable and did not result in a material impact on the group 
2011 disposals 
constellium formerly alcan engineered products  
on 4 january 2011 rio tinto completed the divestment of 61 per cent of alcan engineered products aep to certain investment funds affiliated with apollo global 
management llc apollo and the fonds stratégique d´investissement fsi the terms of the transaction are confidential aep was rebranded as constellium on  
3 may 2011 
divestment of the talc business  
on 1 august 2011 rio tinto completed the divestment of its talc business to imerys for gross consideration based on an enterprise value of us340 million before 
any deductions or tax  
  
 
 
38 directors’ and key management remuneration 
aggregate remuneration calculated in accordance with the companies act 2006 of the directors of the parent companies was as follows 
 
2013 
us000 
2012
us000
2011
us000
emoluments 14061  11165 10145 
long term incentive plans  3719  – 3215 
 17780  11165 13360 
pension contributions defined contribution plans 108  66 61 
gains made on exercise of share options 5888  1668 – 
the group defines key management personnel as the directors and members of the executive committee the executive committee comprises the executive 
directors product group chief executive officers pgceos and group executives 
the aggregate remuneration incurred by rio tinto plc in respect of its directors was us11451000 2012 us7357000 2011 us9059000 the aggregate 
pension contribution to defined contribution plans was us44000 2012 usnil 2011 usnil the aggregate remuneration including pension contributions and 
other retirement benefits incurred by rio tinto limited in respect of its directors was us6437000 2012 us3874000 2011 us4362000 the aggregate 
pension contribution to defined contribution plans was us64000 2012 us66000 2011 us61000 
during 2013 three directors 2012 three 2011 three accrued retirement benefits under defined benefit arrangements and two directors 2012 one 2011 one 
accrued retirement benefits under defined contribution arrangements 
emoluments included in the table above have been translated from local currency at the average rate for the year with the exception of bonus payments which 
together with amounts payable under long term incentive plans have been translated at the year end rate 
detailed information concerning directors’ remuneration shareholdings and options is shown in the remuneration report including tables 1 to 3 on pages 98  
to 108 of the 2013 annual report 
aggregate compensation representing the expense recognised under eu ifrs of the group’s key management including directors was as follows  
 
2013 
us000 
2012
us000
2011
us000
short term employee benefits and costs 30696  27164 25122 
post employment benefits 2741  5121 4542 
share based payments 26392  32435 28190 
 59829  64720 57854 
the figures shown above include employment costs which comprise social security and accident premiums in the uk and us and payroll taxes in australia paid by 
the employer as a direct additional cost of hire in total they amount to us2897000 2012 us2863000 2011 us2010000 and although disclosed here are  
not included in table 1 of the remuneration report 
in 2012 alan davies received an interest free advance of a55600 net for home sale assistance in accordance with the terms and conditions of his international 
secondment prior to his appointment to the executive committee the advance was reimbursable to rio tinto if mr davies had not sold his home by 30 august 
2014 mr davies met the conditions associated with the advance during 2013 and has no further obligation in respect of this matter 
more detailed information concerning the remuneration of key management is shown in the remuneration report including tables 1 to 3 on pages 98 to 108  
of the 2013 annual report  
   riotintocomreportingcentre2013
180
notes to the 2013 financial statements continued 
180 
riotintocomreportingcentre2013 
39 auditors’ remuneration 
 
2013 
usm 
2012
usm
2011
usm
group auditors’ remuneration 
a
  
audit of the company 38  31 28 
audit of subsidiaries 115  141 116 
total audit 153  172 144 
audit related assurance services  12  15 11 
other assurance services 
b
 30  38 33 
total assurance services 42  53 44 
tax compliance 
c
 05  03 03 
tax advisory services 
c
 04  04 12 
services related to corporate finance transactions not covered above  
– services in connection with bond issuescapital raising 04  06 05 
– services in connection with divestment programme 05  03 20 
other nonaudit services not covered above 04  05 11 
total nonaudit services 22  21 51 
 217  246 239 
audit fees payable to other accounting firms  
audit of the accounts of the group’s subsidiaries 30  29 26 
fees in respect of pension scheme audits 03  01 01 
 33  30 27 
a the remuneration payable to pwc the group auditors is approved by the audit committee the committee sets the policy for the award of non audit work to the auditors and approves 
the nature and extent of such work and the amount of the related fees to ensure that independence is maintained the fees disclosed above consolidate all payments made to member 
firms of pwc by the companies and their subsidiaries together with the group’s share of the payments made by joint operations  
nonaudit services arise largely from assurance andor regulation related work  
b other assurance services are mainly related to carveout financial statements sustainability assurance and limited assurance over the “taxes paid” report 
c “taxation services” includes tax compliance and advisory services tax compliance involves the preparation or review of returns for corporation income sales and excise taxes  
tax advisory services includes advice on non recurring acquisitions and disposals advice on transfer pricing and advice on employee global mobility  
40 related party transactions 
information about material related party transactions of the rio tinto group is set out below 
subsidiary companies and joint operations 
details of investments in principal subsidiary companies are disclosed in note 33 information relating to joint operations can be found in note 34 
equity accounted units 
transactions and balances with equity accounted units are summarised below purchases trade and other receivables and trade and other payables relate largely  
to amounts charged by equity accounted units for toll processing of alumina and purchases of bauxite and aluminium sales relate largely to charges for supply  
of coal to jointly controlled marketing entities for onward sale to third party customers 
income statement items 
2013 
usm 
restated
2012
usm
restated
2011
usm
purchases from equity accounted units 1953 2283 2781
sales to equity accounted units 1569  1742 2075 
 
statement of cash flow items usm usm usm
cash movement on equity accounted units funded balances note 24 – – 1683 
net funding of equity accounted units 88 223 657
 
statement of financial position items usm usm usm
investments in equity accounted units note 15 
a
 3957  3941 7548 
loans to equity accounted units 94  282 584 
loans from equity accounted units 86 116 3405
trade and other receivables amounts due from equity accounted units note 18 615  722 801 
trade and other payables amounts due to equity accounted units note 25 290 357 550
a further information about investments in equity accounted units is set out in notes 35 and 36  
   riotintocomreportingcentre2013
181
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
180 
riotintocomreportingcentre2013 
39 auditors’ remuneration 
 
2013 
usm 
2012
usm
2011
usm
group auditors’ remuneration 
a
  
audit of the company 38  31 28 
audit of subsidiaries 115  141 116 
total audit 153  172 144 
audit related assurance services  12  15 11 
other assurance services 
b
 30  38 33 
total assurance services 42  53 44 
tax compliance 
c
 05  03 03 
tax advisory services 
c
 04  04 12 
services related to corporate finance transactions not covered above  
– services in connection with bond issuescapital raising 04  06 05 
– services in connection with divestment programme 05  03 20 
other nonaudit services not covered above 04  05 11 
total nonaudit services 22  21 51 
 217  246 239 
audit fees payable to other accounting firms  
audit of the accounts of the group’s subsidiaries 30  29 26 
fees in respect of pension scheme audits 03  01 01 
 33  30 27 
a the remuneration payable to pwc the group auditors is approved by the audit committee the committee sets the policy for the award of non audit work to the auditors and approves 
the nature and extent of such work and the amount of the related fees to ensure that independence is maintained the fees disclosed above consolidate all payments made to member 
firms of pwc by the companies and their subsidiaries together with the group’s share of the payments made by joint operations  
nonaudit services arise largely from assurance andor regulation related work  
b other assurance services are mainly related to carveout financial statements sustainability assurance and limited assurance over the “taxes paid” report 
c “taxation services” includes tax compliance and advisory services tax compliance involves the preparation or review of returns for corporation income sales and excise taxes  
tax advisory services includes advice on non recurring acquisitions and disposals advice on transfer pricing and advice on employee global mobility  
40 related party transactions 
information about material related party transactions of the rio tinto group is set out below 
subsidiary companies and joint operations 
details of investments in principal subsidiary companies are disclosed in note 33 information relating to joint operations can be found in note 34 
equity accounted units 
transactions and balances with equity accounted units are summarised below purchases trade and other receivables and trade and other payables relate largely  
to amounts charged by equity accounted units for toll processing of alumina and purchases of bauxite and aluminium sales relate largely to charges for supply  
of coal to jointly controlled marketing entities for onward sale to third party customers 
income statement items 
2013 
usm 
restated
2012
usm
restated
2011
usm
purchases from equity accounted units 1953 2283 2781
sales to equity accounted units 1569  1742 2075 
 
statement of cash flow items usm usm usm
cash movement on equity accounted units funded balances note 24 – – 1683 
net funding of equity accounted units 88 223 657
 
statement of financial position items usm usm usm
investments in equity accounted units note 15 
a
 3957  3941 7548 
loans to equity accounted units 94  282 584 
loans from equity accounted units 86 116 3405
trade and other receivables amounts due from equity accounted units note 18 615  722 801 
trade and other payables amounts due to equity accounted units note 25 290 357 550
a further information about investments in equity accounted units is set out in notes 35 and 36  
  
 
181 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
pension funds 
information relating to pension fund arrangements is disclosed in note 45 
directors and key management  
details of directors’ and key management remuneration are set out in note 38 and in the remuneration report on pages 68 to 108 
41 exchange rates in us 
the principal exchange rates used in the preparation of the 2013 financial statements are  
 
annual average year end 
2013 2012 2011 2013 2012 2011
sterling 156 158 160 165  162 154 
australian dollar 097 104 103 089  104 101 
canadian dollar 097 100 101 094  100 098 
south african rand 0104 0122 0138 0096  0122 0122 
euro 133 129 139 138  132 130 
42 bougainville copper limited bcl 
the group owns 538 per cent of the issued share capital of bcl mining has been suspended at the panguna mine since 1989 safe access by company employees 
has not been possible since that time and an accurate assessment of the condition of the assets cannot therefore be made considerable funding would be required 
to recommence operations to the level which applied at the time of the mines closure in 1989 an order of magnitude study completed by bcl in 2013 indicated  
an estimated capital requirement of us52 billion to reopen the mine assuming all site infrastructure is replaced rio tinto does not have control over bcl under 
ifrs as it does not have the current ability to direct the activities that affect its returns being the mining and sale of ore from the panguna mine it is therefore not  
a subsidiary  
43 events after the statement of financial position date 
on 13 january 2014 rio tinto’s 508 per cent subsidiary turquoise hill resources ltd closed its rights offering rio tinto exercised all of its rights under the basic 
subscription with holders of the noncontrolling interest subscribing for 495133382 shares at a price of c253 per share rio tinto’s share in turquoise hill 
remained unchanged at 508 per cent of common shares as a result of the offering  
on 12 february 2014 the group announced that it had entered into an option agreement for lng canada to acquire or lease a wharf and associated land at  
rio tinto’s port facility at kitimat british columbia canada 
other than the items above no events were identified after the statement of financial position date which could be expected to have a material impact on the 
consolidated financial statements 
44 share based payments 
rio tinto plc and rio tinto limited the companies have a number of share based payment plans which are described in detail in the remuneration report  
these plans have been accounted for in accordance with the fair value recognition provisions of ‘ifrs 2 sharebased payment’ 
the chargecredit that has been recognised in the income statement for rio tinto’s sharebased compensation plans and the related liability for cashsettled 
plans is set out in the table below  
 
chargecredit  
recognised for the year 
liability at the 
end of the year 
2013
usm
2012
usm
2011 
usm 
2013
usm
2012
usm
equitysettled plans 142 243 157 – –
cashsettled plans – 3 1 1 2
total 142 240 156 1 2
the 2012 share based payment charge included one off costs associated with management changes at turquoise hill resources ltd trq of us76 million  
these costs were incurred on trq’s own share based payment plans these charges did not recur in 2013 and are not expected to recur in future years  
the main rio tinto plc and rio tinto limited plans are as follows 
share savings plans  
awards under these plans are settled in equity and accounted for accordingly the fair value of each award on the day of grant was estimated using a latticebased 
option valuation model including allowance for the exercise price being at a discount to market price 
awards are no longer granted under the share savings plans as these plans were replaced by the global employee share plan in 2012 charges will continue  
to be incurred until prior period awards have vested  
   riotintocomreportingcentre2013
182
notes to the 2013 financial statements continued 
182 
riotintocomreportingcentre2013 
44 share based payments continued 
share option plan 
the group has a policy of settling awards made under the share option plan in equity although the directors at their discretion can offer a cash alternative  
the awards are accounted for in accordance with the requirements applying to equitysettled sharebased payment transactions the performance conditions  
in relation to total shareholder return tsr have been incorporated in the measurement of fair value for these awards by modelling the correlation between  
rio tinto’s tsr and that of the hsbc global mining index the relationship between rio tinto’s tsr and the index was simulated many thousands of times to  
derive a distribution which in conjunction with the latticebased option valuation model was used to determine the fair value of the options  
no awards were granted under the share option plans in 2013 as the ltip arrangements have been simplified and awards are now only made under the 
performance share plan charges will continue to be incurred until prior period awards have vested 
uk share plan formerly the share ownership plan 
the fair values of awards of matching and free shares made by rio tinto are taken to be the market value of the shares on the date of purchase these awards  
are settled in equity the total fair value of shares awarded during the year was us2 million 2012 us3 million 
performance share plan 
participants are generally assigned shares in settlement of their awards and therefore the plan is accounted for in accordance with the requirements applying  
to equitysettled sharebased payment transactions 
for the awards or parts of awards with tsr performance conditions the fair value fv of the awards was calculated using a monte carlo simulation model taking  
into account the tsr performance conditions in each case fair values were adjusted for non receipt of dividends between grant date and date of vesting excluding 
awards for executive directors and product group ceos onethird of the 2013 awards must satisfy an earnings target relative to ten global mining  comparators  
for vesting as this is a nonmarket related performance condition under ifrs 2 the fair value recognised is reviewed at each accounting date based on the  
directors’ expectations for the proportion vesting as at 31 december 2013 it was assumed 100 per cent of awards subject to the condition would vest forfeitures  
are assumed prior to vesting at three per cent per annum of outstanding awards except for the 2009 awards which applied to senior executives only with no 
allowance for forfeitures 
management share plan 
the management share plan was introduced during 2007 to provide conditional sharebased awards to management the vesting of these awards is dependent  
on service andor performance based conditions being met in general the awards will be settled in equity including the dividends accumulated from date of award  
to vesting the awards are accounted for in accordance with the requirements applying to equitysettled sharebased payment transactions 
the fair value of each award on the day of grant is equal to share price on the day of grant less a small adjustment for the timing of dividends forfeitures are 
assumed prior to vesting at five per cent per annum of outstanding awards 
bonus deferral plan 
the bonus deferral plan was originally introduced during 2009 for the mandatory deferral of the 2008 bonuses for executive directors product group executives and 
for other executives additional bonus deferral awards were made in 2010 2011 and 2012 for the mandatory deferral of 50 per cent of the bonuses for executive 
directors and product group executives and 10 per cent of the bonuses for other executives 
the vesting of these awards is dependent only on service conditions being met in general the awards will be settled in equity including the dividends accumulated 
from date of award to vesting the awards are accounted for in accordance with the requirements applying to equitysettled sharebased payment transactions  
the fair value of each award on the day of grant is equal to share price on the day of grant less a small adjustment for the timing of dividends vesting forfeitures  
are assumed prior to vesting at three per cent per annum of outstanding awards 
global employee share plan  
the global employee share plan was introduced during 2012 the company provides matching shares for each share purchased the vesting of these matching 
awards is dependent on service conditions being met these awards are settled in equity the fair value of each matching share on the day of grant is equal to share 
price on the date of purchase forfeitures are assumed prior to vesting at five per cent per annum of outstanding awards 
   riotintocomreportingcentre2013
183
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
182 
riotintocomreportingcentre2013 
44 share based payments continued 
share option plan 
the group has a policy of settling awards made under the share option plan in equity although the directors at their discretion can offer a cash alternative  
the awards are accounted for in accordance with the requirements applying to equitysettled sharebased payment transactions the performance conditions  
in relation to total shareholder return tsr have been incorporated in the measurement of fair value for these awards by modelling the correlation between  
rio tinto’s tsr and that of the hsbc global mining index the relationship between rio tinto’s tsr and the index was simulated many thousands of times to  
derive a distribution which in conjunction with the latticebased option valuation model was used to determine the fair value of the options  
no awards were granted under the share option plans in 2013 as the ltip arrangements have been simplified and awards are now only made under the 
performance share plan charges will continue to be incurred until prior period awards have vested 
uk share plan formerly the share ownership plan 
the fair values of awards of matching and free shares made by rio tinto are taken to be the market value of the shares on the date of purchase these awards  
are settled in equity the total fair value of shares awarded during the year was us2 million 2012 us3 million 
performance share plan 
participants are generally assigned shares in settlement of their awards and therefore the plan is accounted for in accordance with the requirements applying  
to equitysettled sharebased payment transactions 
for the awards or parts of awards with tsr performance conditions the fair value fv of the awards was calculated using a monte carlo simulation model taking  
into account the tsr performance conditions in each case fair values were adjusted for non receipt of dividends between grant date and date of vesting excluding 
awards for executive directors and product group ceos onethird of the 2013 awards must satisfy an earnings target relative to ten global mining  comparators  
for vesting as this is a nonmarket related performance condition under ifrs 2 the fair value recognised is reviewed at each accounting date based on the  
directors’ expectations for the proportion vesting as at 31 december 2013 it was assumed 100 per cent of awards subject to the condition would vest forfeitures  
are assumed prior to vesting at three per cent per annum of outstanding awards except for the 2009 awards which applied to senior executives only with no 
allowance for forfeitures 
management share plan 
the management share plan was introduced during 2007 to provide conditional sharebased awards to management the vesting of these awards is dependent  
on service andor performance based conditions being met in general the awards will be settled in equity including the dividends accumulated from date of award  
to vesting the awards are accounted for in accordance with the requirements applying to equitysettled sharebased payment transactions 
the fair value of each award on the day of grant is equal to share price on the day of grant less a small adjustment for the timing of dividends forfeitures are 
assumed prior to vesting at five per cent per annum of outstanding awards 
bonus deferral plan 
the bonus deferral plan was originally introduced during 2009 for the mandatory deferral of the 2008 bonuses for executive directors product group executives and 
for other executives additional bonus deferral awards were made in 2010 2011 and 2012 for the mandatory deferral of 50 per cent of the bonuses for executive 
directors and product group executives and 10 per cent of the bonuses for other executives 
the vesting of these awards is dependent only on service conditions being met in general the awards will be settled in equity including the dividends accumulated 
from date of award to vesting the awards are accounted for in accordance with the requirements applying to equitysettled sharebased payment transactions  
the fair value of each award on the day of grant is equal to share price on the day of grant less a small adjustment for the timing of dividends vesting forfeitures  
are assumed prior to vesting at three per cent per annum of outstanding awards 
global employee share plan  
the global employee share plan was introduced during 2012 the company provides matching shares for each share purchased the vesting of these matching 
awards is dependent on service conditions being met these awards are settled in equity the fair value of each matching share on the day of grant is equal to share 
price on the date of purchase forfeitures are assumed prior to vesting at five per cent per annum of outstanding awards 
  
 
183 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
summary of options outstanding  
a summary of the status of the companies’ equitysettled share option plans at 31 december 2013 is presented below 
options outstanding at 31 december 2013 number
weighted 
average 
exercise price 
per option 
£a 
weighted
average
remaining
contractual life
years
aggregate
intrinsic
value
2013 
usm
rio tinto plc share savings plan fv £21 – £29 699504 2707 12 8
rio tinto limited share savings plan fv a48 – a67 984551 5477 17 12
rio tinto plc share option plan fv £10 – £43 1962541 2812 53 26
rio tinto limited share option plan fv a18 – a77 569935 4832 41 11
  4216531  57
as at 31 december 2012 there were 7042815 options outstanding with an aggregate intrinsic value of us122 million 
options exercisable at 31 december 2013  
rio tinto plc share option plan fv £10 – £38 1360884 2344 42 26
rio tinto limited share option plan fv a18 – a77 569935 4832 41 11
  1930819   37 
as at 31 december 2013 there were no options 2012 no options exercisable under either the rio tinto plc or the rio tinto limited share savings plans  
the performance share plan management share plan bonus deferral plan global employee share plan and uk share plan together represent 91 per cent 2012 
83 per cent of the total ifrs 2 charge for rio tinto plc and rio tinto limited plans in 2013  
performance share plan 
 rio tinto plc awards rio tinto ltd awards 
 
2013 
number 
weighted
average
fair value at 
grant date
2013
£
2012
number
weighted
average
fair value at 
grant date
2012
£
2013
number
weighted 
average 
fair value at 
grant date 
2013 
a 
2012
number
weighted
average
fair value at 
grant date
2012
a
nonvested shares at 1 january 2705545 3040 2473203 3367 1541776 6046 1204561 7124
awarded 949588 1906 711701 2467 651435 3617 531937 4479
forfeited 303008 3120 44625 2988 137408 5740 24794 6049
failed performance conditions 14070 1361 358026 4069 2423 3274 126498 8965
vested 176103 1391 76708 3508 29861 3274 43430 8261
nonvested shares at 31 december 3161952 2791 2705545 3040 2023519 5329 1541776 6046
 
 
2013 
number 
weighted
average
share price
2013
£
2012
number
weighted
average
share price
2012
£
2013
number
weighted 
average 
share price 
2013 
a 
2012
number
weighted
average
share price
2012
a
shares issued in respect of vested 
awards during the year 176103  3469 76708 3640 29861 6903 43430 6701
in addition to the equitysettled awards shown above there were 2811 rio tinto plc cashsettled awards outstanding at 31 december 2013 the total liability for 
these awards at 31 december 2013 was less than us1 million 2012 less than us1 million 
   riotintocomreportingcentre2013
184
notes to the 2013 financial statements continued 
184 
riotintocomreportingcentre2013 
44 share based payments continued 
management share plan bonus deferral plan global employee share plan and uk share plan combined  
 rio tinto plc awards rio tinto ltd awards 
 
2013 
number 
weighted
average
fair value at 
grant date
2013
£
2012
number
weighted
average
fair value at 
grant date
2012
£
2013
number
weighted 
average 
fair value at 
grant date 
2013 
a 
2012
number
weighted
average
fair value at 
grant date
2012
a
nonvested awards at 1 january 2073129 3721 2565372 3005 1574153 7173 1574088 6523
awarded 1420445 2909 819564 3548 1301055 5536 749616 6416
forfeited 237265 3413 135133 3768 165591 6236 62583 7173
expired 5172 3697 3411 1732 219 7602 4032 4832
vested 973918 3661 1173263 2034 650496 7317 682936 4860
nonvested awards at 31 december 2277219 3272 2073129 3721 2058902 6164 1574153 7173
comprising of   
– management share plan 1708472 3338 1838633 3712 1505507 6293 1409513 7196
– bonus deferral plan 206336 3220 234496 3790 205242 5910 164640 6974
– global employee share plan 353049 2993 – – 348153 5757 – –
– uk share plan 9362 2911 – – – – – –
 
 
2013 
number 
weighted
average
share price
2013
£
2012
number
weighted
average
share price
2012
a
2013
number
weighted 
average 
share price 
2013 
a 
2012
number
weighted
average
share price
2012
a
shares issued in respect of vested awards during the year including dividend shares applied on vesting 
– management share plan 843009  3382 1251063 3563 582493 6509 697695 6530
– bonus deferral plan 106335  3223 7533 3387 65297 6477 372 6974
– global employee share plan 12335  3092 – – 10324 6034 – –
– uk share plan 35250  2972 – – – – – –
in addition to the equitysettled awards shown above there were 10506 rio tinto plc cashsettled awards outstanding at 31 december 2013 the total liability   
for these awards at 31 december 2013 was less than us1 million 2012 less than us1 million 
45  post retirement benefits 
description of plans 
the group operates a number of pension and post retirement healthcare plans around the world some of these plans are defined contribution and some are  
defined benefit with assets held in separate trusts foundations and similar entities  
defined benefit pension and post retirement healthcare plans expose the group to a number of risks  
uncertainty in benefit payments  the value of the group’s liabilities for post retirement benefits will ultimately depend on the amount of benefits paid out  
this in turn will depend on the future pay increases the level of inflation for those benefits that are subject to some form  
of inflation protection and how long individuals live  
volatility in asset values the group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments  
uncertainty in cash funding movements in the values of the obligations or assets may result in the group being required to provide higher levels of  
cash funding although changes in the level of cash required can often be spread over a number of years in some countries 
control over the rate of cash funding or over the investment policy for pension assets might rest to some extent with a trustee 
body or other body that is not under the group’s direct control in addition the group is also exposed to adverse changes in 
pension regulation  
for these reasons the group has a policy of moving away from defined benefit pension provision and towards defined contribution arrangements instead  
the defined benefit pension plans for salaried employees are closed to new entrants in almost all countries for unionised employees some plans remain open  
but others are closed  
the group does not usually participate in multiemployer plans in which the risks are shared with other companies using those plans the group’s participation  
in such plans is immaterial and consequently no detailed disclosures are provided in this note  
   riotintocomreportingcentre2013
185
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
184 
riotintocomreportingcentre2013 
44 share based payments continued 
management share plan bonus deferral plan global employee share plan and uk share plan combined  
 rio tinto plc awards rio tinto ltd awards 
 
2013 
number 
weighted
average
fair value at 
grant date
2013
£
2012
number
weighted
average
fair value at 
grant date
2012
£
2013
number
weighted 
average 
fair value at 
grant date 
2013 
a 
2012
number
weighted
average
fair value at 
grant date
2012
a
nonvested awards at 1 january 2073129 3721 2565372 3005 1574153 7173 1574088 6523
awarded 1420445 2909 819564 3548 1301055 5536 749616 6416
forfeited 237265 3413 135133 3768 165591 6236 62583 7173
expired 5172 3697 3411 1732 219 7602 4032 4832
vested 973918 3661 1173263 2034 650496 7317 682936 4860
nonvested awards at 31 december 2277219 3272 2073129 3721 2058902 6164 1574153 7173
comprising of   
– management share plan 1708472 3338 1838633 3712 1505507 6293 1409513 7196
– bonus deferral plan 206336 3220 234496 3790 205242 5910 164640 6974
– global employee share plan 353049 2993 – – 348153 5757 – –
– uk share plan 9362 2911 – – – – – –
 
 
2013 
number 
weighted
average
share price
2013
£
2012
number
weighted
average
share price
2012
a
2013
number
weighted 
average 
share price 
2013 
a 
2012
number
weighted
average
share price
2012
a
shares issued in respect of vested awards during the year including dividend shares applied on vesting 
– management share plan 843009  3382 1251063 3563 582493 6509 697695 6530
– bonus deferral plan 106335  3223 7533 3387 65297 6477 372 6974
– global employee share plan 12335  3092 – – 10324 6034 – –
– uk share plan 35250  2972 – – – – – –
in addition to the equitysettled awards shown above there were 10506 rio tinto plc cashsettled awards outstanding at 31 december 2013 the total liability   
for these awards at 31 december 2013 was less than us1 million 2012 less than us1 million 
45  post retirement benefits 
description of plans 
the group operates a number of pension and post retirement healthcare plans around the world some of these plans are defined contribution and some are  
defined benefit with assets held in separate trusts foundations and similar entities  
defined benefit pension and post retirement healthcare plans expose the group to a number of risks  
uncertainty in benefit payments  the value of the group’s liabilities for post retirement benefits will ultimately depend on the amount of benefits paid out  
this in turn will depend on the future pay increases the level of inflation for those benefits that are subject to some form  
of inflation protection and how long individuals live  
volatility in asset values the group is exposed to future movements in the values of assets held in pension plans to meet future benefit payments  
uncertainty in cash funding movements in the values of the obligations or assets may result in the group being required to provide higher levels of  
cash funding although changes in the level of cash required can often be spread over a number of years in some countries 
control over the rate of cash funding or over the investment policy for pension assets might rest to some extent with a trustee 
body or other body that is not under the group’s direct control in addition the group is also exposed to adverse changes in 
pension regulation  
for these reasons the group has a policy of moving away from defined benefit pension provision and towards defined contribution arrangements instead  
the defined benefit pension plans for salaried employees are closed to new entrants in almost all countries for unionised employees some plans remain open  
but others are closed  
the group does not usually participate in multiemployer plans in which the risks are shared with other companies using those plans the group’s participation  
in such plans is immaterial and consequently no detailed disclosures are provided in this note  
  
 
185 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
pension plans  
the majority of the group’s defined benefit pension obligations are in canada the uk the us switzerland and the eurozone  
in canada the benefits for salaried staff are generally linked to final average pay and are closed to new entrants benefits for bargaining employees are reviewed  
in negotiation with unions and are typically either linked to final average pay or to a flat monetary amount per year of service some of these plans have been  
closed to new entrants but some remain open at present the plans are subject to the regulatory requirements that apply to canadian pension plans in the relevant 
provinces and territories predominantly quebec pension committees are responsible for ensuring that the plans operate in a manner that is compliant with the 
relevant regulations the pension committees generally have a number of members appointed by the sponsor and a number appointed by the plan participants  
in some cases there is also an independent committee member  
the defined benefit sections of the uk arrangements are linked to final pay and are closed to new members new employees are admitted to defined contribution 
sections the plans are subject to the regulatory requirements that apply to uk pension plans trustees are responsible for ensuring that the plans operate in a 
manner that is compliant with uk regulations trustee boards have a number of directors appointed by the sponsor and a number appointed by the plan participants 
in some cases there is also an independent trustee director  
a number of defined benefit pension plans are sponsored by the us entities benefits for salaried staff are generally linked to final average pay and closed to new 
entrants while benefits for bargaining employees are reviewed in negotiation with unions and are typically a flat monetary amount per year of service a benefits 
governance committee is responsible for ensuring that the plans are compliant with us regulations members of that committee are appointed by the sponsor  
in europe there are defined benefit plans in switzerland the netherlands germany and france the largest single plan is in switzerland and provides benefits  
linked to final average pay the swiss plan is overseen by a foundation board which is responsible for ensuring that the plan complies with swiss regulations 
foundation board members are appointed by the plan sponsor by employees and by retirees  
in australia the main arrangements are principally defined contribution in nature but there are sections providing defined benefits linked to final pay typically  
paid in lump sum form the defined benefit sections are closed to new entrants  
the group also operates a number of unfunded defined benefit plans which are included in the figures below  
post retirement healthcare plans  
certain subsidiaries of the group mainly in the us and canada provide health and life insurance benefits to retired employees and in some cases to their 
beneficiaries and covered dependants eligibility for cover is dependent upon certain age and service criteria these arrangements are generally unfunded  
and are included in the figures below  
plan assets  
the assets of the pension plans are invested predominantly in a diversified range of equities bonds and property consequently the funding level of the pension 
plans is affected by movements in the level of equity markets and also by movements in interest rates the group monitors its exposure to changes in interest rates 
and equity markets and also measures its statement of financial position pension risk using a value at risk approach these measures are considered when deciding 
whether significant changes in investment strategy are required assetliability studies are conducted on a periodic basis for the main pension plans to determine the 
optimal investment mix bearing in mind the group’s tolerance for risk the risk tolerance of the local sponsor companies and the views of the pension committees 
and trustee boards who are legally responsible for the investments of the plans in canada the uk and switzerland the group works with the trustees to ensure that 
the investment policy adopted is consistent with the group’s tolerance for risk in the us the group has direct control over the investment policy subject to the local 
investment regulations  
the proportions of the total fair value of assets in the pension plans for each asset class at the statement of financial position date were  
 2013 
restated 
2012
equities 453 492
– quoted  421 464
– private  32 28
bonds 404 378
– government fixed income  107 107
– government inflationlinked  103 96
– corporate and other publicly quoted  185 162
– private  09 13
property 87 80
– quoted property funds  46 24
– unquoted property funds  40 36
– directly held property  01 20
qualifying insurance policies 17 18
cash  other 39 32
 1000 1000
the assets of the plans are managed on a daytoday basis by external specialist fund managers these managers may invest in the group’s securities subject  
to limits imposed by the relevant fiduciary committees and local legislation the approximate total holding of group securities within the plans is us40 million 
2012 us47 million 
the holdings of quoted equities are invested either in pooled funds or segregated accounts held in the name of the relevant pension funds these equity portfolios 
are well diversified in terms of the geographic distribution and market sectors  riotintocomreportingcentre2013
186
notes to the 2013 financial statements continued 
186 
riotintocomreportingcentre2013 
45  post retirement benefits continued 
the holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated corporate and other quoted bonds  
are usually of investment grade private debt is mainly in north america 
the quoted property funds are invested in a diversified range of properties the directly held property is owned by the swiss pension fund and is predominantly 
invested in properties in and around zurich 
the holdings of cash and other are predominantly cash and shortterm money market instruments 
investments in private equity private debt unquoted property funds and directly held property are less liquid than the other investment classes listed above and 
therefore the group’s investment in those asset classes is restricted to a level that does not endanger the liquidity of the pension plans 
the group does not currently utilise derivatives to manage risk in its pension plans however fund managers may use derivatives to hedge currency movements 
within their portfolios and in the case of bond managers to take positions that could be taken using direct holdings of bonds but more efficiently 
maturity of defined benefit obligations 
an approximate analysis of the maturity of the obligations is given in the table below 
pension 
benefits
other 
benefits
2013  
total 
 
restated 
2012 
total

restated 
2011 
total

proportion relating to current employees 25 22 25 29 30
proportion relating to former employees not yet retired 12 4 11 11 10
proportion relating to retirees 63 74 64 60 60
total 100 100 100 100 100
  
duration of obligations years 134 123 133  141  133 
geographical distribution of defined benefit obligations  
an approximate analysis of the geographic distribution of the obligations is given in the table below 
pension 
benefits
other 
benefits
2013 
total  
 
restated 
2012
total 

restated 
2011
total 

canada 46 41 45 49 46
uk 28 2 27 23 24
us 12 55 14 15 16
switzerland 6 0 6 5 5
eurozone 5 0 5 5 5
australia 2 0 2 2 3
other 1 2 1 1 1
total 100 100 100 100 100
total expense recognised in the income statement 
pension 
benefits
other 
benefits
2013 
total  
usm 
restated 
2012
total 
usm
restated 
2011
total 
usm
current employer service cost for defined benefit plans 267 17 284 270 251
past service cost 1  – 1  4 12 
curtailment gains 27 17 44  59 20 
settlement gains 2  – 2   – – 
net interest cost on defined benefit liability 161 48 209 240 226
noninvestment expenses paid from the plans 22 – 22 20 20
total defined benefit expense 420 48 468 475 465
current employer service cost for defined contribution and industrywide plans 335 2 337 348 288
total expense recognised in the income statement 755 50 805 823 753
the above expense amounts are included as an employee cost within net operating costs in 2013 us21 million pretax of curtailment and settlement gains 
relating to the sale of businesses have been excluded from underlying earnings 2012 us34 million 2011 us20 million 
the curtailments shown in the table above relate primarily to headcount reductions at various operations during 2013 and divestments the settlements in 2013 
relate mainly to an exercise in the us in which deferred vested participants were offered a onetime lump sum payment in place of their future pension payments 
the settlements also include amounts paid to insurance companies to take on the obligations for two relatively small pension plans which were then woundup 
   riotintocomreportingcentre2013
187
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
186 
riotintocomreportingcentre2013 
45  post retirement benefits continued 
the holdings of government bonds are generally invested in the debt of the country in which a pension plan is situated corporate and other quoted bonds  
are usually of investment grade private debt is mainly in north america 
the quoted property funds are invested in a diversified range of properties the directly held property is owned by the swiss pension fund and is predominantly 
invested in properties in and around zurich 
the holdings of cash and other are predominantly cash and shortterm money market instruments 
investments in private equity private debt unquoted property funds and directly held property are less liquid than the other investment classes listed above and 
therefore the group’s investment in those asset classes is restricted to a level that does not endanger the liquidity of the pension plans 
the group does not currently utilise derivatives to manage risk in its pension plans however fund managers may use derivatives to hedge currency movements 
within their portfolios and in the case of bond managers to take positions that could be taken using direct holdings of bonds but more efficiently 
maturity of defined benefit obligations 
an approximate analysis of the maturity of the obligations is given in the table below 
pension 
benefits
other 
benefits
2013  
total 
 
restated 
2012 
total

restated 
2011 
total

proportion relating to current employees 25 22 25 29 30
proportion relating to former employees not yet retired 12 4 11 11 10
proportion relating to retirees 63 74 64 60 60
total 100 100 100 100 100
  
duration of obligations years 134 123 133  141  133 
geographical distribution of defined benefit obligations  
an approximate analysis of the geographic distribution of the obligations is given in the table below 
pension 
benefits
other 
benefits
2013 
total  
 
restated 
2012
total 

restated 
2011
total 

canada 46 41 45 49 46
uk 28 2 27 23 24
us 12 55 14 15 16
switzerland 6 0 6 5 5
eurozone 5 0 5 5 5
australia 2 0 2 2 3
other 1 2 1 1 1
total 100 100 100 100 100
total expense recognised in the income statement 
pension 
benefits
other 
benefits
2013 
total  
usm 
restated 
2012
total 
usm
restated 
2011
total 
usm
current employer service cost for defined benefit plans 267 17 284 270 251
past service cost 1  – 1  4 12 
curtailment gains 27 17 44  59 20 
settlement gains 2  – 2   – – 
net interest cost on defined benefit liability 161 48 209 240 226
noninvestment expenses paid from the plans 22 – 22 20 20
total defined benefit expense 420 48 468 475 465
current employer service cost for defined contribution and industrywide plans 335 2 337 348 288
total expense recognised in the income statement 755 50 805 823 753
the above expense amounts are included as an employee cost within net operating costs in 2013 us21 million pretax of curtailment and settlement gains 
relating to the sale of businesses have been excluded from underlying earnings 2012 us34 million 2011 us20 million 
the curtailments shown in the table above relate primarily to headcount reductions at various operations during 2013 and divestments the settlements in 2013 
relate mainly to an exercise in the us in which deferred vested participants were offered a onetime lump sum payment in place of their future pension payments 
the settlements also include amounts paid to insurance companies to take on the obligations for two relatively small pension plans which were then woundup 
  
 
187 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
total amount recognised in other comprehensive income before tax 
2013 
usm 
restated 
2012
usm
restated 
2011
usm
actuarial gainslosses 1092  1235 1627
return on assets net of interest on assets 1212  903 216
loss on application of asset ceiling 44  –  – 
total gainloss recognised in other comprehensive income 2260  332 1843
amounts recognised in the statement of financial position 
the following amounts were measured in accordance with ias 19 at 31 december 
pension 
benefits
other  
benefits 
2013
total 
usm
restated 
2012
total 
usm
total fair value of plan assets 15527 –  15527 14671 
present value of obligations – funded 16699 –  16699 18415
present value of obligations – unfunded 999 1094 2093 2307
present value of obligations – total 17698 1094 18792 20722
effect of asset ceiling 44 –  44 – 
aggregate deficit to be shown in the statement of financial position 2215 1094 3309 6051
comprising  
– deficits 2505 1094 3599 6205
– surpluses 290 –  290 154 
net deficits on pension plans 2215 –  2215 4801
unfunded post retirement healthcare obligation – 1094 1094 1250
the surplus amounts shown above are included in the statement of financial position as trade and other receivables see note 18 
deficits are shown in the statement of financial position within provisions including post retirement benefits see note 26  
funding policy and contributions to plans 
the group reviews the funding position of its major pension plans on a regular basis and considers whether to provide funding above the minimum level required in 
each country in canada and the us the minimum level is prescribed by legislation in the uk and switzerland the minimum is negotiated with the local trustee or 
foundation in accordance with the funding guidance issued by the local regulators in deciding whether to provide funding above the minimum level the group takes 
into account other possible uses of cash within the group the tax situation of the local sponsoring entity and any strategic advantage that the group might obtain by 
accelerating contributions the group does not generally prefund postretirement healthcare arrangements 
pension 
benefits
other
 benefits
2013  
total 
 usm 
restated 
2012 
total 
usm
restated 
2011
total 
usm
contributions  
contributions to defined benefit plans 667 67 734  727 681 
contributions to defined contribution plans 315 2 317  328 272 
contributions to industrywide plans 20  – 20  20 16 
total 1002 69 1071  1075 969 
contributions to defined benefit pension plans for 2014 are estimated to be around us400 million this is kept under regular review and actual contributions will  
be determined in line with the group’s wider financing strategy healthcare plans are generally unfunded and contributions for future years will be equal to benefit 
payments which are expected to be similar to the amounts paid in 2013 
   riotintocomreportingcentre2013
188
notes to the 2013 financial statements continued 
188 
riotintocomreportingcentre2013 
45  post retirement benefits continued 
movements in the net defined benefit liability 
a summary of the movement in the net defined benefit liability is shown in the first table below the subsequent tables provide a more detailed analysis of the 
movements in the present value of the obligations the fair value of assets and the effect of the asset ceiling 
the amounts shown below include where appropriate 100 per cent of the costs contributions gains and losses in respect of employees who participate in the plans 
and who are employed in associates and joint arrangements consequently the costs contributions gains and losses may not correspond directly to the amounts 
disclosed above in respect of the group defined contribution plans and industrywide plans are excluded from the movements below 
pension 
benefits
other  
benefits 
2013
total 
usm
restated 
2012
total 
usm
change in the net defined benefit liability  
net defined benefit liability at start of the year 4801 1250 6051 5890
amounts recognised in income 420 48 468 475
amounts recognised in other comprehensive income 2164 96  2260 332
employer contributions 667 67  734 732 
divestmentsnewly included arrangements 20 1 19 41 
currency exchange rate movements 155 42  197 127
net defined benefit liability at end of the year 2215 1094 3309 6051
 
pension 
benefits
other  
benefits 
2013
total 
usm
restated 
2012
total 
usm
change in present value of obligation  
present value of obligation at start of the year 19472 1250 20722 19024
current employer service cost 267 17 284 270
past service cost 1  –  1 4
curtailments 27 17  44 59 
settlements 131  –  131 6 
interest on obligations 728 48 776 827
contributions by plan participants  37 4 41 44
benefits paid 1015 71  1086 1085 
experience gain 54 36  90 91 
changes in financial assumptions gainloss 892 73  965 1233
changes in demographic assumptions gainloss 50 13 37 93
arrangements divested 95 1 94 70 
inclusion of arrangements  –  –   – 16
currency exchange rate gainloss 541 42  583 522
present value of obligation at end of the year 17698 1094 18792 20722
 
pension 
benefits
other  
benefits 
2013
total 
usm
restated 
2012
total 
usm
change in plan assets  
fair value of plan assets at the start of the year 14671  –  14671 13134 
settlements 129 –  129 6
interest on assets 567  –  567 587 
contributions by plan participants  37 4  41 44 
contributions by employer 667 67  734 732 
benefits paid 1015 71 1086 1085
noninvestment expenses 22 –  22 20
return on plan assets net of interest on assets 1212  –  1212 903 
arrangements divested 75 –  75 13
currency exchange rate lossgain 386 –  386 395 
fair value of plan assets at the end of the year 15527  –  15527 14671 
 
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strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
188 
riotintocomreportingcentre2013 
45  post retirement benefits continued 
movements in the net defined benefit liability 
a summary of the movement in the net defined benefit liability is shown in the first table below the subsequent tables provide a more detailed analysis of the 
movements in the present value of the obligations the fair value of assets and the effect of the asset ceiling 
the amounts shown below include where appropriate 100 per cent of the costs contributions gains and losses in respect of employees who participate in the plans 
and who are employed in associates and joint arrangements consequently the costs contributions gains and losses may not correspond directly to the amounts 
disclosed above in respect of the group defined contribution plans and industrywide plans are excluded from the movements below 
pension 
benefits
other  
benefits 
2013
total 
usm
restated 
2012
total 
usm
change in the net defined benefit liability  
net defined benefit liability at start of the year 4801 1250 6051 5890
amounts recognised in income 420 48 468 475
amounts recognised in other comprehensive income 2164 96  2260 332
employer contributions 667 67  734 732 
divestmentsnewly included arrangements 20 1 19 41 
currency exchange rate movements 155 42  197 127
net defined benefit liability at end of the year 2215 1094 3309 6051
 
pension 
benefits
other  
benefits 
2013
total 
usm
restated 
2012
total 
usm
change in present value of obligation  
present value of obligation at start of the year 19472 1250 20722 19024
current employer service cost 267 17 284 270
past service cost 1  –  1 4
curtailments 27 17  44 59 
settlements 131  –  131 6 
interest on obligations 728 48 776 827
contributions by plan participants  37 4 41 44
benefits paid 1015 71  1086 1085 
experience gain 54 36  90 91 
changes in financial assumptions gainloss 892 73  965 1233
changes in demographic assumptions gainloss 50 13 37 93
arrangements divested 95 1 94 70 
inclusion of arrangements  –  –   – 16
currency exchange rate gainloss 541 42  583 522
present value of obligation at end of the year 17698 1094 18792 20722
 
pension 
benefits
other  
benefits 
2013
total 
usm
restated 
2012
total 
usm
change in plan assets  
fair value of plan assets at the start of the year 14671  –  14671 13134 
settlements 129 –  129 6
interest on assets 567  –  567 587 
contributions by plan participants  37 4  41 44 
contributions by employer 667 67  734 732 
benefits paid 1015 71 1086 1085
noninvestment expenses 22 –  22 20
return on plan assets net of interest on assets 1212  –  1212 903 
arrangements divested 75 –  75 13
currency exchange rate lossgain 386 –  386 395 
fair value of plan assets at the end of the year 15527  –  15527 14671 
 
  
 
189 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
pension 
benefits
other  
benefits 
2013
total
 usm
restated 
2012
total 
usm
change in the effect of the asset ceiling  
effect of the asset ceiling at the start of the year  –  –   –  – 
movement in the effect of the asset ceiling 44 –  44 – 
effect of the asset ceiling at the end of the year 44 –  44 – 
in determining the extent to which the asset ceiling has an effect the group considers the funding legislation in each country and the rules specific to each pension 
plan where the plan rules and legislation both permit the employer to take a refund of surplus the asset ceiling may have no effect although it may be the case  
that a refund will only be available many years in the future in situations where no refund would be available the effect of the asset ceiling is calculated taking into 
account the availability of a reduction in the employer’s future contributions 
main assumptions rates per annum 
the main assumptions for the valuations of the plans under ias 19 are set out below  
 canada uk us switzerland eurozone australia
a
other
mainly
africa
b
at 31 december 2013  
rate of increase in salaries 33 50 38 23 26 44 90 
rate of increase in pensions 08 30 – 02 15 27 70 
discount rate  46 44 46 22 34 41 91 
inflation 
c
 20 34 23 13 19 27 70 
    
at 31 december 2012    
rate of increase in salaries 33 45 39 23 27 39 87 
rate of increase in pensions 08 24 –  – 15 22 67 
discount rate 39 43 40 17 31 29 83 
inflation 
c
 20 29 24 13 21 22 67 
a the discount rate shown for australia is before tax for 2013 and after tax for 2012 
b the assumptions vary by location for the ‘other’ plans assumptions shown are for southern africa 
c the inflation assumption shown for the uk is for the retail price index the assumption for the consumer price index at 31 december 2013 was 24 per cent 2012 22 per cent 
the main financial assumptions used for the healthcare plans which are predominantly in the us and canada were discount rate 46 per cent 2012 40 per cent 
medical trend rate 68 per cent reducing to 51 per cent by the year 2022 broadly on a straight line basis 2012 67 per cent reducing to 51 per cent by the year 
2018 claims costs based on individual company experience  
for both the pension and healthcare arrangements the post retirement mortality assumptions allow for future improvements in longevity the mortality tables used 
imply that a man aged 60 at the statement of financial position date has a weighted average expected future lifetime of 25 years 2012 25 years and that a man 
aged 60 in 2033 would have a weighted average expected future lifetime of 27 years 2012 27 years  
   riotintocomreportingcentre2013
190
notes to the 2013 financial statements continued 
190 
riotintocomreportingcentre2013 
45  post retirement benefits continued 
s e n s i t i v i t y  
the values reported for the defined benefit obligations are sensitive to the actuarial assumptions used for projecting future benefit payments and discounting those 
payments in order to estimate the sensitivity of the obligations to changes in assumptions we calculate what the obligations would be if we were to make small 
changes to each of the key assumptions in isolation the difference between this figure and the figure calculated using our stated assumptions is an indication of  
the sensitivity to changes in each assumption the results of this sensitivity analysis are summarised in the table below note that this approach is valid for small 
changes in the assumptions but will be less accurate for larger changes in the assumptions 
 2013 2012 restated 
 
approximate increase 
decrease in obligations 
approximate increase 
decrease in obligations 
assumption  change in assumption  
pensions 
usm
other  
usm 
pensions 
usm
other 
usm
discount rate increase of 05 percentage points 1095 62  1283 79 
 decrease of 05 percentage points 1169 66 1375 85
   
inflation increase of 05 percentage points 626 32 683 38
 decrease of 05 percentage points 594 29  652 35 
   
salary increases increase of 05 percentage points 100 3 140 4
 decrease of 05 percentage points 97 2  136 4 
   
demographic – allowance for future 
improvements in longevity 
participants assumed to have the mortality rates of 
individuals who are one year older 437 16  506 25 
 
participants assumed to have the mortality rates of 
individuals who are one year younger 437 16 506 25
   
medical cost trend rates increase of 10 percentage points – 59 – 74
 decrease of 10 percentage points – 54  – 67 
information on the sensitivity of the group’s earnings to the main assumptions is set out in the sensitivity section on page 131  
   riotintocomreportingcentre2013
191
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
190 
riotintocomreportingcentre2013 
45  post retirement benefits continued 
s e n s i t i v i t y  
the values reported for the defined benefit obligations are sensitive to the actuarial assumptions used for projecting future benefit payments and discounting those 
payments in order to estimate the sensitivity of the obligations to changes in assumptions we calculate what the obligations would be if we were to make small 
changes to each of the key assumptions in isolation the difference between this figure and the figure calculated using our stated assumptions is an indication of  
the sensitivity to changes in each assumption the results of this sensitivity analysis are summarised in the table below note that this approach is valid for small 
changes in the assumptions but will be less accurate for larger changes in the assumptions 
 2013 2012 restated 
 
approximate increase 
decrease in obligations 
approximate increase 
decrease in obligations 
assumption  change in assumption  
pensions 
usm
other  
usm 
pensions 
usm
other 
usm
discount rate increase of 05 percentage points 1095 62  1283 79 
 decrease of 05 percentage points 1169 66 1375 85
   
inflation increase of 05 percentage points 626 32 683 38
 decrease of 05 percentage points 594 29  652 35 
   
salary increases increase of 05 percentage points 100 3 140 4
 decrease of 05 percentage points 97 2  136 4 
   
demographic – allowance for future 
improvements in longevity 
participants assumed to have the mortality rates of 
individuals who are one year older 437 16  506 25 
 
participants assumed to have the mortality rates of 
individuals who are one year younger 437 16 506 25
   
medical cost trend rates increase of 10 percentage points – 59 – 74
 decrease of 10 percentage points – 54  – 67 
information on the sensitivity of the group’s earnings to the main assumptions is set out in the sensitivity section on page 131  
  
 
191 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
46 impact of new accounting standards 
as explained in note 1 principal accounting policies on pages 118 to 119 there have been a number of significant changes to accounting requirements for 2013  
the impact of these changes in accounting requirements on the group’s statement of financial position as at 1 january 2012 together with the impact on the  
group’s income statement for the years ended 31 december 2011 and 31 december 2012 are set out below 
group statement of financial position 
as reported at 
1 january 2012
usm
ifric 20 
restatement 
usm
ifrs 11 
restatement 
usm 
ias 19r 
restatement 
usm
as restated at 
1 january 2012
usm
noncurrent assets  
goodwill 8187 – 1371  – 9558 
intangible assets 7955 – 87  – 8042 
property plant and equipment 64967 224 1638  – 66381 
investments in equity accounted units 9833 176 2109 – 7548 
inventories 381 – – – 381 
deferred tax assets 1875 60 74 3 1864 
trade and other receivables 2365 – 323 – 2042 
other financial assets including tax recoverable and loans  
to equity accounted units 1996 – 16  – 2012 
 97559 340 606  3 97828 
current assets  
inventories 5307 2 233  – 5538 
trade and other receivables 6058 – 2  – 6060 
other financial assets including tax recoverable and loans  
to equity accounted units 863 – 13  – 876 
cash and cash equivalents 9670 – 92  – 9762 
 21898 2 340  – 22236 
assets of disposal groups held for sale 88 – – – 88 
total assets 119545 342 946  3 120152 
  
current liabilities  
borrowings and other financial liabilities 1447 – 32  – 1415
trade and other payables 9381 – 201 – 9582
tax payable 2651 – 11 – 2662
provisions including post retirement benefits 1487 – 10 6 1503
 14966 – 190 6 15162
  
noncurrent liabilities  
borrowings and other financial liabilities 20357 – 172 – 20529
trade and other payables 719 – 11  – 708
tax payable 382 – 22 – 404
deferred tax liabilities 6210 33 123 – 6300
provisions including post retirement benefits 17670  450 12 18132
 45338 33 756 12 46073
liabilities of disposal groups held for sale 33 – – – 33
total liabilities 60337 33 946 18 61268
net assets 59208 309 –  15 58884 
capital and reserves  
share capital  
– rio tinto plc 234 – – – 234 
– rio tinto limited  5582 – – – 5582 
share premium account 4208 – – – 4208 
other reserves 14731 – – 14 14745 
retained earnings 27784 325 – 29 27430 
equity attributable to owners of rio tinto 52539 325 – 15 52199 
attributable to noncontrolling interests 6669 16 – – 6685 
total equity 59208 309 –  15 58884 
 
   riotintocomreportingcentre2013
192
notes to the 2013 financial statements continued 
192 
riotintocomreportingcentre2013 
46 impact of new accounting standards continued 
group income statement – restatement of full year 2012 and 2011 
as reported 
year ended 
31 december 
2012
usm
ifric 20
a
restatement
usm
ifrs 11 
restatement 
usm 
ias 19r
b
restatement
usm
as restated 
year ended 
31 december 
2012
usm
lossprofit before taxation 2568 33 176 72 2431
taxation 429 6 179 25 589
lossprofit from continuing operations 2997 27 3 47 3020
loss after tax from discontinued operations 7 – – – 7
lossprofit for the year 3004 27 3 47 3027
– attributable to noncontrolling interests 14 16 – 1 1 
– attributable to owners of rio tinto net earningslosses 2990 11 3 46 3028
 
as reported 
year ended 
31 december 
2011
usm
ifric 20
a
restatement
usm
ifrs 11 
restatement 
usm 
ias 19r
b
restatement
 usm
as restated 
year ended 
31 december 
2011
usm
profitloss before taxation 13214 187 15 144 13272 
taxation 6439 63 15 45 6472
profitloss from continuing operations 6775 124 – 99 6800 
loss after tax from discontinued operations 10 – – – 10
profitloss for the year 6765 124 – 99 6790 
– attributable to noncontrolling interests 939 17 – 1 955 
– attributable to owners of rio tinto net earnings 5826 107 – 98 5835 
a the ifric 20 restatement impact to net earnings reflects additional capitalisation partly offset by additional depreciation 
b there was a post tax credit within other comprehensive income of us61 million in the year ended 31 december 2012 31 december 2011 us77 million for actuarial gains and losses 
offsetting the reduced return on assets the net impact to rio tinto equity of us15 million in the year ended 31 december 2012 31 december 2011 us21 million loss  
relates to changes in timing of recognition of past service cost under ias 19r 
interim information 
in the interim financial statements for the six months ended 30 june 2013 a balance of us1080 million was included in trade and other receivables which should 
have been offset against an amount of us1080 million included in trade and other payables to comply with the group’s accounting policies comparative figures 
for the six months ended 30 june 2014 will be revised accordingly 
   riotintocomreportingcentre2013
193
strategic report financial statements directors’ report production reserves and operations additional information
notes to the 2013 financial statements continued 
192 
riotintocomreportingcentre2013 
46 impact of new accounting standards continued 
group income statement – restatement of full year 2012 and 2011 
as reported 
year ended 
31 december 
2012
usm
ifric 20
a
restatement
usm
ifrs 11 
restatement 
usm 
ias 19r
b
restatement
usm
as restated 
year ended 
31 december 
2012
usm
lossprofit before taxation 2568 33 176 72 2431
taxation 429 6 179 25 589
lossprofit from continuing operations 2997 27 3 47 3020
loss after tax from discontinued operations 7 – – – 7
lossprofit for the year 3004 27 3 47 3027
– attributable to noncontrolling interests 14 16 – 1 1 
– attributable to owners of rio tinto net earningslosses 2990 11 3 46 3028
 
as reported 
year ended 
31 december 
2011
usm
ifric 20
a
restatement
usm
ifrs 11 
restatement 
usm 
ias 19r
b
restatement
 usm
as restated 
year ended 
31 december 
2011
usm
profitloss before taxation 13214 187 15 144 13272 
taxation 6439 63 15 45 6472
profitloss from continuing operations 6775 124 – 99 6800 
loss after tax from discontinued operations 10 – – – 10
profitloss for the year 6765 124 – 99 6790 
– attributable to noncontrolling interests 939 17 – 1 955 
– attributable to owners of rio tinto net earnings 5826 107 – 98 5835 
a the ifric 20 restatement impact to net earnings reflects additional capitalisation partly offset by additional depreciation 
b there was a post tax credit within other comprehensive income of us61 million in the year ended 31 december 2012 31 december 2011 us77 million for actuarial gains and losses 
offsetting the reduced return on assets the net impact to rio tinto equity of us15 million in the year ended 31 december 2012 31 december 2011 us21 million loss  
relates to changes in timing of recognition of past service cost under ias 19r 
interim information 
in the interim financial statements for the six months ended 30 june 2013 a balance of us1080 million was included in trade and other receivables which should 
have been offset against an amount of us1080 million included in trade and other payables to comply with the group’s accounting policies comparative figures 
for the six months ended 30 june 2014 will be revised accordingly 
  
 
193 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
47 rio tinto limited parent company disclosures 
as at 31 december 
2013 
am
2012 
am
assets 
current assets 1490 4710 
noncurrent assets 11480 11297 
total assets 12970 16007 
 
liabilities 
current liabilities 1336 1116
noncurrent liabilities 329 100
total liabilities 1665 1216
 
net assets 11305 14791 
 
shareholders’ equity 
share capital 4113 4113 
availableforsale investment revaluation reserve 1 – 
share based payments reserves 265 222
capital reserves 536 536 
retained earnings 6920 10364 
total equity 11305 14791 
 
profit of the parent company 4861 8215 
 
total comprehensive income of the parent company 4861 8215 
 
contingent liabilities 
bank and other performance guarantees 
b
 34910 27307 
a prepared under australian accounting standards aas in relation to rio tinto limited there are no significant measurement differences between aas and eu ifrs 
b bank and other performance guarantees relate principally to the obligations of subsidiary companies  
pursuant to the dlc merger both rio tinto plc and rio tinto limited issued deed poll guarantees by which each company guaranteed contractual obligations incurred by the other  
or guaranteed by the other these guarantees are excluded from the figures above 
  
  riotintocomreportingcentre2013
194
rio tinto plc  
 
194 
riotintocomreportingcentre2013 
company balance sheet 
at 31 december 
note 
2013
usm
2012
usm
fixed assets  
investments b 36107 36111 
  36107 36111 
current assets  
amounts owed by subsidiaries  119 184 
cash at bank and in hand  3 3 
  122  187 
  
creditors – amounts falling due within one year  
amounts owed to subsidiaries c 13082 12536
dividends payable  9 9
  13091 12545
net current liabilities  12969 12358
total assets less current liabilities  23138 23753 
creditors – amounts falling due after more than one year  58 38
net assets  23080 23715 
  
  
capital and reserves  
called up share capital d 230 230 
share premium account e 4269 4244 
other reserves e 11982 11982 
profit and loss account e 6599 7259 
equity shareholders’ funds   23080 23715 
a the rio tinto plc company balance sheet has been prepared in accordance with uk generally accepted accounting practice uk gaap note a explains the principal  
accounting policies 
b profit after tax for the year amounted to us1805 million 2012 us23 million profit as permitted by section 408 of the united kingdom companies act 2006 no profit and loss 
account for the rio tinto plc parent company is shown the company is not required to prepare a cash flow statement under the terms of frs 1 revised 1996 the company is also  
not required under the terms of frs 8 to disclose related party transactions with wholly owned subsidiaries  
the rio tinto plc company balance sheet profit and loss account and the related notes were approved by the directors on 5 march 2014 and the balance sheet  
is signed on their behalf by 
 
 
 
jan du plessis chairman  sam walsh ao chief executive  chris lynch chief financial officer 
 
rio tinto plc 
registered number 719885 
   riotintocomreportingcentre2013
195
strategic report financial statements directors’ report production reserves and operations additional information
rio tinto plc  
 
194 
riotintocomreportingcentre2013 
company balance sheet 
at 31 december 
note 
2013
usm
2012
usm
fixed assets  
investments b 36107 36111 
  36107 36111 
current assets  
amounts owed by subsidiaries  119 184 
cash at bank and in hand  3 3 
  122  187 
  
creditors – amounts falling due within one year  
amounts owed to subsidiaries c 13082 12536
dividends payable  9 9
  13091 12545
net current liabilities  12969 12358
total assets less current liabilities  23138 23753 
creditors – amounts falling due after more than one year  58 38
net assets  23080 23715 
  
  
capital and reserves  
called up share capital d 230 230 
share premium account e 4269 4244 
other reserves e 11982 11982 
profit and loss account e 6599 7259 
equity shareholders’ funds   23080 23715 
a the rio tinto plc company balance sheet has been prepared in accordance with uk generally accepted accounting practice uk gaap note a explains the principal  
accounting policies 
b profit after tax for the year amounted to us1805 million 2012 us23 million profit as permitted by section 408 of the united kingdom companies act 2006 no profit and loss 
account for the rio tinto plc parent company is shown the company is not required to prepare a cash flow statement under the terms of frs 1 revised 1996 the company is also  
not required under the terms of frs 8 to disclose related party transactions with wholly owned subsidiaries  
the rio tinto plc company balance sheet profit and loss account and the related notes were approved by the directors on 5 march 2014 and the balance sheet  
is signed on their behalf by 
 
 
 
jan du plessis chairman  sam walsh ao chief executive  chris lynch chief financial officer 
 
rio tinto plc 
registered number 719885 
  
 
 
195 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
a principal accounting policies under uk gaap 
a basis of accounting 
the rio tinto plc entity financial statements have been prepared under uk gaap using the historical cost convention except for financial guarantees which have 
been measured at fair value as set out in note e below and in accordance with applicable uk accounting standards and the companies act 2006 the directors 
have reviewed the company’s existing accounting policies and consider that they are consistent with the requirements of financial reporting standard frs  
18 ‘accounting policies’ and with last year the financial statements have been prepared on a going concern basis 
the principal accounting policies have been applied consistently throughout the year and are set out below  
b deferred tax 
full provision is made for deferred taxation on all timing differences that have arisen but not reversed at the balance sheet date except that deferred tax assets are 
only recognised to the extent that it is more likely than not that they will be recovered deferred tax is measured at the average tax rates that are expected to apply  
in the periods in which the timing differences are expected to reverse based on tax rates and laws that have been enacted or substantively enacted by the balance 
sheet date deferred tax is measured on an undiscounted basis there are no unprovided amounts relating to deferred tax 
c currency translation 
the company’s local or ‘functional’ currency is the us dollar transactions denominated in other currencies including the issue of shares are translated at the rate 
of exchange ruling on the date of the transaction monetary assets and liabilities denominated in other currencies are translated at the rate of exchange ruling at the 
end of the financial year exchange rates used are consistent with the rates used by the group as disclosed in the consolidated financial statements see note 41 
exchange differences are charged or credited to the profit and loss account in the year in which they arise 
d investments 
fixed asset investments are valued at cost less impairment provisions investments are reviewed for impairment if events or changes in circumstances indicate that 
the carrying amount may not be recoverable when a review for impairment is conducted the recoverable amount is assessed by reference to the net present value 
of expected future cash flows of the relevant income generating unit or disposal value if higher the discount rate applied is based upon the company’s weighted 
average cost of capital with appropriate adjustment for the risks associated with the relevant unit  
e financial guarantees 
obligations for financial guarantees issued by the company to other group companies are reflected as liabilities at fair value in accordance with frs 26 ‘financial 
instruments – measurement’ such obligations result in corresponding increases in the carrying value of amounts owed by subsidiaries payments received are set  
off against the asset recognised which is initially recorded at fair value  
f share based payments 
the fair value of the grant is recognised as an addition to the cost of the investment in the subsidiary in which the relevant employees work the fair value is 
recognised over the relevant vesting period with a corresponding adjustment to the profit and loss account reserve payments received from the company’s 
subsidiaries in respect of these share based payments result in a credit to reduce the cost of the investment the fair value of the share plans is determined at the 
date of grant taking into account any market based vesting conditions attached to the award eg total shareholder return when market prices are not available 
the company uses fair values provided by independent actuaries using a lattice based option valuation model 
non market vesting conditions eg earnings per share targets are taken into account in estimating the number of awards likely to vest the estimate of the number 
of awards likely to vest is reviewed at each balance sheet date up to the vesting date at which point the estimate is adjusted to reflect the actual awards issued  
no adjustment is made after the vesting date even if the awards are forfeited or not exercised  
g revenue recognition 
interest is accounted for on the accruals basis dividend income is recognised when the right to receive payment is established 
h dividends 
dividends payable are recognised when they meet the criteria for a present obligation ie when they have been approved  
i treasury shares 
the consideration paid for shares repurchased by the company and held as treasury shares is recognised as a reduction in shareholders’ funds through the profit 
and loss account reserve 
j related party disclosures 
the company is exempt under the terms of frs 8 ‘related party disclosures’ from presenting relatedparty transactions that are part of the rio tinto group or 
investees of the rio tinto plc group 
   riotintocomreportingcentre2013
196
rio tinto plc continued  
 
196 
riotintocomreportingcentre2013 
b rio tinto plc fixed assets 
 
2013
usm
2012
usm
fixed asset investments 
shares in group companies 
at 1 january 36111 36026 
additions 69 85 
other adjustments 73 – 
at 31 december 36107 36111 
the directors believe that the carrying value of the investments is supported by their underlying net assets 
c amounts owed to subsidiaries 
amounts owed to subsidiaries are subject to interest rates based on libor and are unsecured and repayable on demand 
d rio tinto plc called up share capital 
 
2013
usm
2012
usm
allotted and fully paid up share capital 
a
 
at 1 january 230 234 
ordinary shares purchased and cancelled 
b
 – 4
at 31 december 230 230 
a 951 new shares were issued during the year 2012 no new shares and 1436542 shares 2012 939423 shares were reissued from treasury pursuant to share plans  
b during the year no shares were purchased from rio tinto limited 2012 26223910 bought back and immediately cancelled 
e rio tinto plc share premium and reserves  
at 31 december 2013 
share  
premium 
account  
usm 
other
reserves
a
usm
profit 
and loss 
account
 usm
at 1 january  4244  11982 7259 
adjustment for share based payments and other items 25  – 49 
profit for the financial year –  – 1805 
dividends paid –  – 2514
at 31 december  4269  11982 6599 
at 31 december 2012 
share  
premium 
account  
usm 
other
a
reserves
usm
profit 
and loss 
account 
usm
at 1 january   4208   11977  9507 
cancellation of treasury shares  –   5  – 
adjustment for share based payments and other items   36   –  88 
profit for the financial year  –   –  23 
dividends paid  –   –  2359
at 31 december   4244   11982  7259 
a other reserves include us11936 million which represents the difference between the nominal value and issue price of the shares issued arising from rio tinto plc’s rights issue 
completed in july 2009 
f rio tinto plc contingent liabilities 
 
2013
usm
2012
usm
bank and other performance guarantees in respect of subsidiaries 
a
 23793 21354
a the amount guaranteed by the company includes us205 billion 2012 us181 billion rio tinto finance usa limited and rio tinto finance usa plc bonds with maturity dates 
ranging from 2014 to 2042 us157 million 2012 usnil guarantee of rt america inc commercial paper and us445 million 2012 us490 million letters of credit guaranteed  
on behalf of rio tinto group entities and a us25 billion guarantee on the european debt issuance programme 
b rio tinto plc has provided a number of guarantees on various pension funds this includes the rio tinto pension fund international pension fund the rio tinto 2009 pension fund 
qtitrtit amcor packaging german pension trust and iwcsss cre sub fund rio tinto plc will pay any contributions due from group companies participating in these funds in the 
event that the companies fail to meet their contribution requirements pursuant to the dlc merger both rio tinto plc and rio tinto limited issued deed poll guarantees by which each 
company guaranteed contractual obligations incurred by the other or guaranteed by the other riotintocomreportingcentre2013
197
strategic report financial statements directors’ report production reserves and operations additional information
rio tinto plc continued  
 
196 
riotintocomreportingcentre2013 
b rio tinto plc fixed assets 
 
2013
usm
2012
usm
fixed asset investments 
shares in group companies 
at 1 january 36111 36026 
additions 69 85 
other adjustments 73 – 
at 31 december 36107 36111 
the directors believe that the carrying value of the investments is supported by their underlying net assets 
c amounts owed to subsidiaries 
amounts owed to subsidiaries are subject to interest rates based on libor and are unsecured and repayable on demand 
d rio tinto plc called up share capital 
 
2013
usm
2012
usm
allotted and fully paid up share capital 
a
 
at 1 january 230 234 
ordinary shares purchased and cancelled 
b
 – 4
at 31 december 230 230 
a 951 new shares were issued during the year 2012 no new shares and 1436542 shares 2012 939423 shares were reissued from treasury pursuant to share plans  
b during the year no shares were purchased from rio tinto limited 2012 26223910 bought back and immediately cancelled 
e rio tinto plc share premium and reserves  
at 31 december 2013 
share  
premium 
account  
usm 
other
reserves
a
usm
profit 
and loss 
account
 usm
at 1 january  4244  11982 7259 
adjustment for share based payments and other items 25  – 49 
profit for the financial year –  – 1805 
dividends paid –  – 2514
at 31 december  4269  11982 6599 
at 31 december 2012 
share  
premium 
account  
usm 
other
a
reserves
usm
profit 
and loss 
account 
usm
at 1 january   4208   11977  9507 
cancellation of treasury shares  –   5  – 
adjustment for share based payments and other items   36   –  88 
profit for the financial year  –   –  23 
dividends paid  –   –  2359
at 31 december   4244   11982  7259 
a other reserves include us11936 million which represents the difference between the nominal value and issue price of the shares issued arising from rio tinto plc’s rights issue 
completed in july 2009 
f rio tinto plc contingent liabilities 
 
2013
usm
2012
usm
bank and other performance guarantees in respect of subsidiaries 
a
 23793 21354
a the amount guaranteed by the company includes us205 billion 2012 us181 billion rio tinto finance usa limited and rio tinto finance usa plc bonds with maturity dates 
ranging from 2014 to 2042 us157 million 2012 usnil guarantee of rt america inc commercial paper and us445 million 2012 us490 million letters of credit guaranteed  
on behalf of rio tinto group entities and a us25 billion guarantee on the european debt issuance programme 
b rio tinto plc has provided a number of guarantees on various pension funds this includes the rio tinto pension fund international pension fund the rio tinto 2009 pension fund 
qtitrtit amcor packaging german pension trust and iwcsss cre sub fund rio tinto plc will pay any contributions due from group companies participating in these funds in the 
event that the companies fail to meet their contribution requirements pursuant to the dlc merger both rio tinto plc and rio tinto limited issued deed poll guarantees by which each 
company guaranteed contractual obligations incurred by the other or guaranteed by the other
rio tinto financial information by business unit 
 
197 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
  gross revenue
a
 ebitda
b
 net earnings
c
  
  for the year ended 31 december for the year ended 31 december for the year ended 31 december 
 
rio tinto 
interest  
 
2013 
usm 
 restated
q
2012
usm
  restated
q
2011
usm
2013
usm
  restated
q
2012
usm
  restated
q
 
2011 
usm 
2013 
usm 
  restated
q
2012
usm
restated
q
2011
usm
iron ore           
hamersley 1000 19142  17832 21626 13131 11993 15942  7968  7593 10622 
robe river 
d
 530 4491  4353 5229 3380 3150 4084  1600  1549 2172 
iron ore company of canada 587 2258  1972 2471 927 665 1329  305  230 491 
product group operations  25891  24157 29326 17438 15808 21355  9873  9372 13285 
evaluation projectsother  103  122 149 4 129 22 15 125 17
  25994  24279 29475 17442 15679 21333  9858  9247 13268 
aluminium  e         
bauxite  alumina  3363  3297 3072 448 361 548  41  57 107 
primary metal – north america  3921  3665 4701 788 593 1096  161  43 415 
primary metal – emea  1667  1787 2081 162 210 269  62  53 52 
primary metal – pacific  2348  2447 2903 252 66 328  126  92 41 
other integrated operations  869  878 841 54 38 92 5  40 122
intersegment  2773 2713 3256 20 12 28 13 9 20
integrated operations  9395  9361 10342 1684 1180 2121  382  102 473 
other product group items  2866  2650 3923 123 124 127  99  92 95 
product group operations  12261  12011 14265 1807 1304 2248  481  10 568 
evaluation projectsother  202  159 157 87 66 39  76  64 42 
  12463  12170 14422 1894 1370 2287  557  54 610 
copper           
kennecott utah copper 1000 2194  2412 3470 840 977 2026  428  511 1266 
escondida 300 2566  2566 2167 1453 1597 1287  777  835 698 
grasberg joint venture f 39  17 406 2 2 262  21 17 129 
oyu tolgoi g 55   –  – 225 –  –  90  –  – 
palabora h 526  1072 1110 105 64 346  42  3 100 
northparkes h 351  453 402 227 247 212  141  144 127 
product group operations  5731  6520 7555 2402 2887 4133  1277  1476 2320 
evaluation projectsother  185  141 79 652 1040 573 456 417 307
  5916  6661 7634 1750 1847 3560  821  1059 2013 
energy           
rio tinto coal australia i 4413  4998 5872 1041 1030 2318  367  402 1240 
rio tinto coal mozambique j 88  10  – 114 64 8 142 92 7
rössing 686 309  352 450 44 3 7  4  21 8
energy resources of australia 684 339  416 675 67 65 77  95 131 53
product group operations  5149  5776 6997 1038 1034 2394  134  158 1172 
evaluation projectsother  305  286 48 132 218 72 101 151 58
  5454  6062 7045 906 1252 2322  33  309 1114 
diamonds  minerals          
diamonds  k 852  741 727 257 106 180  53  25 13 
rtit  l 2251  2232 1580 728 793 345  264  409 151 
rio tinto minerals   657  656 901 205 215 239  131  140 144 
dampier salt 684 404  416 434 43 23 23  7  4 1
product group operations  4164  4045 3642 1233 1137 787  455  520 307 
simandou iron ore project   –   –  – 71 328 426 43 262 413
evaluation projectsother  29  11 12 77 129 61 62 109 53
  4193  4056 3654 1085 680 300  350  149 159
refer to notes a to q on page 200 
   riotintocomreportingcentre2013
198
rio tinto financial information by business unit continued  
 
198 
riotintocomreportingcentre2013 
  gross revenue
a
 ebitda
b
 net earnings
c
  
  for the year ended 31 december for the year ended 31 december for the year ended 31 december 
 
rio tinto 
interest  
 
2013 
usm 
 restated
q
2012
usm
  restated
q
2011
usm
2013
usm
  restated
q
2012
usm
  restated
q
 
2011 
usm 
2013 
usm 
  restated
q
2012
usm
restated
q
2011
usm
other operations m 1761  3898 5149 401 527 113 281 582 288
intersegment transactions  1182 1560 2025 4 10 58  4 8 40 
product group total  54599  55566 65354 22672 20291 29747  11334  10228 16598 
other items     995 928 980 730 750 684
exploration and evaluation     168 118 127 145 97 102
net interest       242 112 240
underlying earnings     21509 19245 28640  10217  9269 15572 
items excluded from 
underlying earnings  24 31 56 556 350 285  6552 12297 9737
ebitdanet earnings     20953 19595 28925  3665  3028 5835 
       
share of equity accounted unit 
sales and intrasubsidiary 
equity accounted units sales  3404 4655 4769  
depreciation  amortisation  
in subsidiaries excluding 
capitalised depreciation     4470 4563 3972  
impairment charges     7545 16918 10115  
depreciation  amortisation 
 in equity accounted units     401 460 403  
taxation and finance items  
in equity accounted units     625 49 294  
consolidated sales 
revenueprofitloss on 
ordinary activities before 
finance items and tax  51171  50942 60529 7912 2395 14141   
refer to notes a to q on page 200 
 
   riotintocomreportingcentre2013
199
strategic report financial statements directors’ report production reserves and operations additional information
rio tinto financial information by business unit continued  
 
198 
riotintocomreportingcentre2013 
  gross revenue
a
 ebitda
b
 net earnings
c
  
  for the year ended 31 december for the year ended 31 december for the year ended 31 december 
 
rio tinto 
interest  
 
2013 
usm 
 restated
q
2012
usm
  restated
q
2011
usm
2013
usm
  restated
q
2012
usm
  restated
q
 
2011 
usm 
2013 
usm 
  restated
q
2012
usm
restated
q
2011
usm
other operations m 1761  3898 5149 401 527 113 281 582 288
intersegment transactions  1182 1560 2025 4 10 58  4 8 40 
product group total  54599  55566 65354 22672 20291 29747  11334  10228 16598 
other items     995 928 980 730 750 684
exploration and evaluation     168 118 127 145 97 102
net interest       242 112 240
underlying earnings     21509 19245 28640  10217  9269 15572 
items excluded from 
underlying earnings  24 31 56 556 350 285  6552 12297 9737
ebitdanet earnings     20953 19595 28925  3665  3028 5835 
       
share of equity accounted unit 
sales and intrasubsidiary 
equity accounted units sales  3404 4655 4769  
depreciation  amortisation  
in subsidiaries excluding 
capitalised depreciation     4470 4563 3972  
impairment charges     7545 16918 10115  
depreciation  amortisation 
 in equity accounted units     401 460 403  
taxation and finance items  
in equity accounted units     625 49 294  
consolidated sales 
revenueprofitloss on 
ordinary activities before 
finance items and tax  51171  50942 60529 7912 2395 14141   
refer to notes a to q on page 200 
 
  
 
 
199 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
  capital expenditure
n
 depreciation  amortisation operating assets
o
 employees 
  for the year to 31 december  for the year to 31 december  as at 31 december as at 31 december 
 
rio tinto 
interest  
 
2013 
usm 
restated
q 
2012 
usm 
restated
q
2011
usm
2013
usm
restated
q
2012
usm
restated
q
2011
usm
2013
usm
restated
q
 
2012 
usm 
restated
q
 
2011 
usm 
2013
number
restated
q
2012
number
restated
q
2011
number
iron ore            
hamersley 1000 4296  4831  2328 1097 1048 809 14256 14636  8408  10221 9129 8010 
robe river 
d
 530 2184  1579  1023 364 308 249 5242 4731  2935  1922 1784 1557 
iron ore company of canada 587 334  742  653 166 129 110 1553 1674  1177  2620 2591 2361 
other   –   –    –   –  –   –  11 16  3 18 18 19 
  6814  7152  4004 1627 1485 1168 21062 21057  12517  14781 13522 11947 
aluminium  e           
bauxite  alumina  310  559  670 362 367 357 5063 5975  9720  4688 4691 4779 
primary metal – north america 1565  1706  837 539 517 506 10084 10524  13015  6179 6197 6728 
primary metal – emea  163  304  310 68 140 165 1818 1644  2119  2174 2345 2343 
primary metal – pacific  134  196  330 109 183 284 405 690  1761  2377 2444 2613 
other integrated operations  54  10 145 73 80 76 1444 1628  1526  2379 2937 3132 
integrated operations  2226  2755  2292 1151 1287 1388 18814 20461  28141  17797 18614 19595 
copper            
kennecott utah copper 1000 783  896  618 296 300 241 2634 2490  1894  2093 2438 2291 
escondida 300 947  765  565 216 249 156 2524 1913  1412  1248 1151 1077 
grasberg joint venture  f 176  136  161 38 31 37 761 618  535  2441 2463 2312 
oyu tolgoi g 749  2271  2225 272 67 3 8387 8025  5049  2831 2431 1131 
palabora h 18  45  64  – 71 86  –  –   3  1145 2290 2292 
northparkes h 18  61  56 25 44 32  – 405  406  269 373 257 
other  122  281  236 115 32 18 2236 1130 2467  1146 1230 852 
  2813  4455  3925 962 794 573 12070 12321  11766  11173 12376 10212 
energy            
rio tinto coal australia i 547  1527  1016 486 432 349 3945 5628  3941  3826 3954 3874 
rio tinto coal mozambique j 32  109  172 28 29  – 119 556  3363  263 312 137 
rössing 686 47  75  127 23 30 28 99 141  186  1141 1528 1637 
energy resources of australia 684 106  166  100 229 279 143 120 129  137  513 624 547 
other   –   –    –   –  –   –  589 715  537  27 19 14 
  732  1877  1415 766 770 520 4872 7169  8164  5770 6437 6209 
diamonds  minerals           
diamonds  k 319  680  445 168 144 142 1279 1307  1153  1255 1622 1218 
rtit l 274  274  144 264 205 155 4859 5300  2930  4955 4426 3804 
rio tinto minerals   115  97  50 36 31 36 669 593  465  1110 1246 1796 
dampier salt 684 28  46  53 29 30 25 228 291  249  512 497 510 
simandou iron ore project  273  717  700 14 10 9 808 567  588  1011 977 1172 
other   –   –    –  2 1  – 57 3  5  92 88 73 
  1009  1814  1392 513 421 367 7900 8061  5390  8935 8856 8573 
other operations m 278  432  394 67 214 245 544 979  1926  3891 7359 7210 
product group total  13872  18485  13422 5086 4971 4261 65262 70048  67904  62347 67164 63746 
intersegment transactions       276 213  79     
net assets of disposal groups 
held for sale p  –   –    –   –  –   –  771 351  55   –  –   –  
other items  145  161  260 106 113 114 2352 4836 4515 3984 4055 4184 
less equity accounted units  1073 1071 1146 401 460 403    
total  12944  17575  12536 4791 4624 3972 63957 65776  63523  66331 71219 67930 
add back proceeds from sale 
of fixed assets  57  40  37     
total capital expenditure 
excluding proceeds  13001  17615  12573   
less net debt    1805519192 8342 
less eau funded balances 
excluded from net debt    16 31 2982 
equity attributable to 
owners of rio tinto     45886 46553  52199  
refer to notes a to q on page 200  riotintocomreportingcentre2013
200
rio tinto financial information by business unit continued  
 
200 
riotintocomreportingcentre2013 
business units have been classified according to the group’s management structure  
a includes 100 per cent of subsidiaries’ sales revenue and the group’s share of the sales revenue of equity accounted units after adjusting for sales to subsidiaries  
b ebitda of subsidiaries and the group’s share of ebitda relating to equity accounted units represents profit before tax net finance items depreciation and amortisation charged  
to the income statement in the year underlying ebitda excludes the same items that are excluded from underlying earnings  
c represents profit after tax attributable to the owners of rio tinto business unit earnings are stated before finance items but after the amortisation of discount related to provisions 
earnings attributed to business units do not include amounts that are excluded in arriving at underlying earnings   
d the group holds 65 per cent of robe river iron associates of which 30 per cent is held through a 60 per cent owned subsidiary the group’s net beneficial interest is therefore  
53 per cent  
e reflects the results of the integrated production of aluminium splitting activities between bauxite and alumina primary metal by region and other integrated operations following 
reintegration into rio tinto alcan in 2013 the four aluminium smelters and the gove bauxite mine previously grouped within pacific aluminium in other operations are now included 
within the aluminium product group the gove alumina refinery continues to be reported within other operations other integrated operations relate to internal sales of technology 
smelter equipment and engineering services as well as sales of carbon products other product group items relate to alumina and aluminium trading in excess of production and 
external sales of technology smelter equipment and engineering services  
f under the terms of a joint venture agreement rio tinto is entitled to 40 per cent of additional material mined as a consequence of expansions and developments of the grasberg 
facilities since 1998  
g rio tinto’s interest in oyu tolgoi llc is held indirectly through its 508 per cent investment in turquoise hill resources ltd which in turn owns 66 per cent of oyu tolgoi  
h rio tinto completed the divestments of its 577 per cent interest in palabora on 31 july 2013 and of its 80 per cent interest in northparkes on 1 december 2013  
i includes rio tinto’s 80 per cent interest in coal  allied through which rio tinto holds its beneficial interests in bengalla mount thorley and warkworth of 32 per cent 64 per cent  
and 445 per cent respectively  
j principal interests are the benga mine a 6535 joint venture with tata steel limited which is equity accounted and the wholly owned zambeze coal project  
k includes rio tinto’s interests in argyle 100 per cent diavik 60 per cent and murowa 778 per cent  
l includes rio tinto’s interests in rio tinto fer et titane rtft 100 per cent qmm 80 per cent and richards bay minerals rbm attributable interest of 74 per cent  
m other operations include rio tinto’s 100 per cent interest in the gove alumina refinery refer to note e and rio tinto marine during 2013 rio tinto completed the sale of its interests 
in constellium and the sebree aluminium smelter  
n comprises the net cash outflow on purchases less disposals of property plant and equipment capitalised evaluation costs and purchases less disposals of other intangible assets 
includes 100 per cent of subsidiaries’ capital expenditure and rio tinto’s share of the capital expenditure of equity accounted units  
o comprises net assets excluding post retirement assets and liabilities net of tax before deducting net debt operating assets are stated after deduction of noncontrolling interests 
which are calculated by reference to the net assets of the relevant companies ie inclusive of such companies’ debt and amounts due to or from rio tinto group companies  
p comprising rio tinto’s interests in the clermont and blair athol thermal coal mines and the zululand anthracite colliery zac net assets held for sale at 31 december 2012  
comprised palabora and zac amounts are presented after deducting noncontrolling interests including the noncontrolling interests’ share of third party net debt and balances  
owed with rio tinto group subsidiaries  
q comparative information for the years ended 31 december 2012 and 2011 has been restated to reflect a number of new accounting policies please see note 46 on page 191  riotintocomreportingcentre2013
201
strategic report financial statements directors’ report production reserves and operations additional information
rio tinto financial information by business unit continued  
 
200 
riotintocomreportingcentre2013 
business units have been classified according to the group’s management structure  
a includes 100 per cent of subsidiaries’ sales revenue and the group’s share of the sales revenue of equity accounted units after adjusting for sales to subsidiaries  
b ebitda of subsidiaries and the group’s share of ebitda relating to equity accounted units represents profit before tax net finance items depreciation and amortisation charged  
to the income statement in the year underlying ebitda excludes the same items that are excluded from underlying earnings  
c represents profit after tax attributable to the owners of rio tinto business unit earnings are stated before finance items but after the amortisation of discount related to provisions 
earnings attributed to business units do not include amounts that are excluded in arriving at underlying earnings   
d the group holds 65 per cent of robe river iron associates of which 30 per cent is held through a 60 per cent owned subsidiary the group’s net beneficial interest is therefore  
53 per cent  
e reflects the results of the integrated production of aluminium splitting activities between bauxite and alumina primary metal by region and other integrated operations following 
reintegration into rio tinto alcan in 2013 the four aluminium smelters and the gove bauxite mine previously grouped within pacific aluminium in other operations are now included 
within the aluminium product group the gove alumina refinery continues to be reported within other operations other integrated operations relate to internal sales of technology 
smelter equipment and engineering services as well as sales of carbon products other product group items relate to alumina and aluminium trading in excess of production and 
external sales of technology smelter equipment and engineering services  
f under the terms of a joint venture agreement rio tinto is entitled to 40 per cent of additional material mined as a consequence of expansions and developments of the grasberg 
facilities since 1998  
g rio tinto’s interest in oyu tolgoi llc is held indirectly through its 508 per cent investment in turquoise hill resources ltd which in turn owns 66 per cent of oyu tolgoi  
h rio tinto completed the divestments of its 577 per cent interest in palabora on 31 july 2013 and of its 80 per cent interest in northparkes on 1 december 2013  
i includes rio tinto’s 80 per cent interest in coal  allied through which rio tinto holds its beneficial interests in bengalla mount thorley and warkworth of 32 per cent 64 per cent  
and 445 per cent respectively  
j principal interests are the benga mine a 6535 joint venture with tata steel limited which is equity accounted and the wholly owned zambeze coal project  
k includes rio tinto’s interests in argyle 100 per cent diavik 60 per cent and murowa 778 per cent  
l includes rio tinto’s interests in rio tinto fer et titane rtft 100 per cent qmm 80 per cent and richards bay minerals rbm attributable interest of 74 per cent  
m other operations include rio tinto’s 100 per cent interest in the gove alumina refinery refer to note e and rio tinto marine during 2013 rio tinto completed the sale of its interests 
in constellium and the sebree aluminium smelter  
n comprises the net cash outflow on purchases less disposals of property plant and equipment capitalised evaluation costs and purchases less disposals of other intangible assets 
includes 100 per cent of subsidiaries’ capital expenditure and rio tinto’s share of the capital expenditure of equity accounted units  
o comprises net assets excluding post retirement assets and liabilities net of tax before deducting net debt operating assets are stated after deduction of noncontrolling interests 
which are calculated by reference to the net assets of the relevant companies ie inclusive of such companies’ debt and amounts due to or from rio tinto group companies  
p comprising rio tinto’s interests in the clermont and blair athol thermal coal mines and the zululand anthracite colliery zac net assets held for sale at 31 december 2012  
comprised palabora and zac amounts are presented after deducting noncontrolling interests including the noncontrolling interests’ share of third party net debt and balances  
owed with rio tinto group subsidiaries  
q comparative information for the years ended 31 december 2012 and 2011 has been restated to reflect a number of new accounting policies please see note 46 on page 191 
australian corporations act – summary of asic relief 
201 
riotintocomreportingcentre2013 
pursuant to section 340 of the corporations act 2001 corporations act the australian securities and investments commission issued an order dated  
22 december 2010 as amended on 17 february 2012 that granted relief to rio tinto limited from certain requirements of the corporations act in relation to the 
company’s financial statements and associated reports the order essentially continues the relief that has applied to rio tinto limited since the formation of the 
group’s dual listed companies dlc structure in 1995 the order applies to rio tinto limited’s financial reporting obligations for financial years and halfyears 
ending between 31 december 2010 and 30 june 2014 inclusive 
in essence instead of being required under the corporations act to prepare consolidated financial statements covering only itself and its controlled entities the  
order allows rio tinto limited to prepare consolidated financial statements in which it rio tinto plc and their respective controlled entities are treated as a single 
economic entity in addition those consolidated financial statements are to be prepared 
in accordance with the principles and requirements of international financial reporting standards as adopted by the european union eu ifrs rather than  
the australian accounting standards aas except for one limited instance in the case of any concise report and in accordance with united kingdom financial 
reporting obligations generally 
on the basis that the transitional provisions of international financial reporting standard 1 firsttime adoption of international financial reporting standards 
should be applied using the combined financial statements previously prepared for rio tinto limited rio tinto plc and their respective controlled entities under 
generally accepted accounting principles in the united kingdom under which the dlc merger between rio tinto limited and rio tinto plc was accounted for 
using ‘merger’ rather than ‘acquisition’ accounting reflecting that neither rio tinto limited nor rio tinto plc was acquired by or is controlled by the other and 
meaning that the existing carrying amounts rather than fair values of assets and liabilities at the time of the dlc merger were used to measure those assets and 
liabilities at formation  
on the basis that rio tinto limited and rio tinto plc are a single company with their respective shareholders being the shareholders in that single company and 
with a reconciliation from eu ifrs to aas of the following amounts consolidated profit for the financial year total consolidated income for the financial year and 
total consolidated equity at the end of the financial year see page 117 
those consolidated financial statements must also be audited in accordance with relevant australian and united kingdom requirements rio tinto limited must  
also prepare a directors’ report which satisfies the content requirements of the corporations act applied on the basis that for these purposes the consolidated entity 
is the group and the consolidated financial statements cover the group this includes a remuneration report see pages 68 to 108 prepared in accordance with 
requirements of the corporations act 
rio tinto limited is also required to comply generally with the lodgement and distribution requirements of the corporations act including timing requirements  
in relation to those consolidated financial statements including any concise financial statements the auditor’s report and the directors’ report the corporations 
act also requires that a nonbinding resolution to adopt the remuneration report be voted on by shareholders at the company’s annual general meeting 
rio tinto limited is not required to prepare separate consolidated financial statements solely for it and its controlled entities rio tinto limited is also not required  
to prepare and lodge parent entity financial statements for itself in respect of each relevant financial year  
however rio tinto limited must in accordance with the corporations act include in the consolidated financial statements for the group as a note various parent 
entity information regarding rio tinto limited including in relation to assets liabilities shareholders’ equity profit and loss income guarantees contingent 
liabilities and contractual commitments prepared in accordance with aas see page 193  riotintocomreportingcentre2013
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directors’ declaration 
directors’ statement of responsibilities in relation to the group financial statements rio tinto plc financial statements and  
rio tinto limited financial statements 
the directors are responsible for preparing the annual report the remuneration report and the financial statements in accordance with applicable law  
and regulations 
uk and australian company law requires the directors to prepare financial statements for each financial year under uk law the directors have elected to prepare  
the group financial statements in accordance with international financial reporting standards ifrss as adopted by the european union and the rio tinto plc 
financial statements in accordance with united kingdom generally accepted accounting practice united kingdom accounting standards and applicable law  
under australian law the directors are required to prepare certain rio tinto limited parent company financial statements in accordance with australian accounting 
standards aas in preparing the group financial statements the directors have also elected to comply with ifrss issued by the international accounting standards 
board iasb 
under uk and australian company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the  
state of affairs of the group and the companies as at the end of the financial year and of the profit or loss of the companies and group for the year as applicable 
in preparing these financial statements the directors are required to 
– select suitable accounting policies and then apply them consistently 
– make judgements and estimates that are reasonable and prudent 
– state whether ifrss as adopted by the european union applicable uk accounting standards and aas have been followed subject to any material departures 
disclosed and explained in the group and parent company financial statements respectively 
– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the companies will continue in business 
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the transactions of the companies and the group  
and disclose with reasonable accuracy at any time the financial position of the companies and the group and enable them to ensure that 
– the group financial statements comply with the uk companies act 2006 the australian corporations act 2001 as amended by the australian securities and 
investments commission order dated 22 december 2010 as amended on 17 february 2012 and article 4 of the ias regulation  
– the rio tinto plc financial statements comply with the companies act 2006  
– the rio tinto limited parent company disclosures comply with the corporations act as amended by the australian securities and investments commission  
order dated 22 december 2010 as amended on 17 february 2012 and  
– the remuneration report complies with the companies act 2006 and the corporations act 2001 as amended by the australian securities and investments 
commission order dated 22 december 2010 as amended on 17 february 2012 
they are also responsible for safeguarding the assets of the companies and the group and hence for taking reasonable steps for the prevention and detection  
of fraud and other irregularities 
the directors are responsible for the maintenance and integrity of the group’s website legislation governing the preparation and dissemination of financial 
statements may differ between jurisdictions in which the group reports  
each of the current directors whose names and function are listed on pages 53 to 54 in the governance section confirm that to the best of their knowledge 
– the rio tinto group financial statements and notes which have been prepared in accordance with ifrs as adopted by the eu the corporations act 2001  
as amended by the australian securities and investments commission order dated 22 december 2010 as amended on 17 february 2012 the companies  
act 2006 and article 4 of the ias regulation give a true and fair view of the assets liabilities financial position and loss of the group 
– the rio tinto plc financial statements and notes which have been prepared in accordance with united kingdom generally accepted accounting practice  
give a true and fair view of the assets liabilities financial position and profit of the company  
– the rio tinto limited parent company disclosures which have been prepared in accordance with australian accounting standards aas and corporations  
act 2001 as amended by the australian securities and investments commission order dated 22 december 2010 as amended on 17 february 2012 give a  
true and fair view of the assets liabilities financial position and profit of the company  
– the overview and performance sections of the annual report include a fair review of the development and performance of the business and the position  
of the group together with a description of the principal risks and uncertainties that it faces and 
– there are reasonable grounds to believe that each of the rio tinto group rio tinto plc and rio tinto limited will be able to pay its debts as and when they  
become due and payable 
the directors have been given the declarations by the chief executive officer and chief financial officer required by section 295a of the corporations act 2001  
as amended by the australian securities and investments commission order dated 22 december 2010 as amended on 17 february 2012 
   riotintocomreportingcentre2013
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strategic report financial statements directors’ report production reserves and operations additional information
directors’ declaration 
directors’ statement of responsibilities in relation to the group financial statements rio tinto plc financial statements and  
rio tinto limited financial statements 
the directors are responsible for preparing the annual report the remuneration report and the financial statements in accordance with applicable law  
and regulations 
uk and australian company law requires the directors to prepare financial statements for each financial year under uk law the directors have elected to prepare  
the group financial statements in accordance with international financial reporting standards ifrss as adopted by the european union and the rio tinto plc 
financial statements in accordance with united kingdom generally accepted accounting practice united kingdom accounting standards and applicable law  
under australian law the directors are required to prepare certain rio tinto limited parent company financial statements in accordance with australian accounting 
standards aas in preparing the group financial statements the directors have also elected to comply with ifrss issued by the international accounting standards 
board iasb 
under uk and australian company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the  
state of affairs of the group and the companies as at the end of the financial year and of the profit or loss of the companies and group for the year as applicable 
in preparing these financial statements the directors are required to 
– select suitable accounting policies and then apply them consistently 
– make judgements and estimates that are reasonable and prudent 
– state whether ifrss as adopted by the european union applicable uk accounting standards and aas have been followed subject to any material departures 
disclosed and explained in the group and parent company financial statements respectively 
– prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and the companies will continue in business 
the directors are responsible for keeping adequate accounting records that are sufficient to show and explain the transactions of the companies and the group  
and disclose with reasonable accuracy at any time the financial position of the companies and the group and enable them to ensure that 
– the group financial statements comply with the uk companies act 2006 the australian corporations act 2001 as amended by the australian securities and 
investments commission order dated 22 december 2010 as amended on 17 february 2012 and article 4 of the ias regulation  
– the rio tinto plc financial statements comply with the companies act 2006  
– the rio tinto limited parent company disclosures comply with the corporations act as amended by the australian securities and investments commission  
order dated 22 december 2010 as amended on 17 february 2012 and  
– the remuneration report complies with the companies act 2006 and the corporations act 2001 as amended by the australian securities and investments 
commission order dated 22 december 2010 as amended on 17 february 2012 
they are also responsible for safeguarding the assets of the companies and the group and hence for taking reasonable steps for the prevention and detection  
of fraud and other irregularities 
the directors are responsible for the maintenance and integrity of the group’s website legislation governing the preparation and dissemination of financial 
statements may differ between jurisdictions in which the group reports  
each of the current directors whose names and function are listed on pages 53 to 54 in the governance section confirm that to the best of their knowledge 
– the rio tinto group financial statements and notes which have been prepared in accordance with ifrs as adopted by the eu the corporations act 2001  
as amended by the australian securities and investments commission order dated 22 december 2010 as amended on 17 february 2012 the companies  
act 2006 and article 4 of the ias regulation give a true and fair view of the assets liabilities financial position and loss of the group 
– the rio tinto plc financial statements and notes which have been prepared in accordance with united kingdom generally accepted accounting practice  
give a true and fair view of the assets liabilities financial position and profit of the company  
– the rio tinto limited parent company disclosures which have been prepared in accordance with australian accounting standards aas and corporations  
act 2001 as amended by the australian securities and investments commission order dated 22 december 2010 as amended on 17 february 2012 give a  
true and fair view of the assets liabilities financial position and profit of the company  
– the overview and performance sections of the annual report include a fair review of the development and performance of the business and the position  
of the group together with a description of the principal risks and uncertainties that it faces and 
– there are reasonable grounds to believe that each of the rio tinto group rio tinto plc and rio tinto limited will be able to pay its debts as and when they  
become due and payable 
the directors have been given the declarations by the chief executive officer and chief financial officer required by section 295a of the corporations act 2001  
as amended by the australian securities and investments commission order dated 22 december 2010 as amended on 17 february 2012 
  
 
 
203 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
disclosure of information to auditors 
the directors in office at the date of this report have each confirmed that 
so far as he or she is aware there is no relevant audit information of which the group’s auditors are unaware and  
he or she has taken all the steps that he or she ought to have taken as a director to make himself or herself aware of any relevant audit information and  
to establish that the group’s auditors are aware of that information 
this declaration is made in accordance with a resolution of the board  
 
 
 
jan du plessis chairman 
5 march 2014 
 
sam walsh ao chief executive 
5 march 2014 
 
chris lynch chief financial officer 
5 march 2014 
 
 
auditor’s independence declaration  
as lead auditor for the audit of rio tinto limited for the year ended 31 december 2013 i declare that to the best of my knowledge and belief there have been 
a no contraventions of the auditor independence requirements of the corporations act 2001 in relation to the audit and 
b no contraventions of any applicable code of professional conduct in relation to the audit 
this declaration is in respect of rio tinto limited and the entities it controlled during the period 
 
paul bendall  
partner 
 
pricewaterhousecoopers  
melbourne 
5 march 2014 
 
liability limited by a scheme approved under professional standards legislation 
  riotintocomreportingcentre2013
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independent auditors’ report of pricewaterhousecoopers llp  
to the members of rio tinto plc and pricewaterhousecoopers  
to the members of rio tinto limited 
204 
riotintocomreportingcentre2013 
for the purpose of this report the terms “we” and “our” denote 
pricewaterhousecoopers llp in relation to uk legal professional and regulatory 
responsibilities and reporting obligations to the members of rio tinto plc  
and pricewaterhousecoopers in relation to australian legal professional  
and regulatory responsibilities and reporting obligations to the members  
of rio tinto limited 
the relevant legislation governing the companies is the united kingdom 
companies act 2006 for rio tinto plc and the corporations act 2001 as 
amended by the asic order dated 22 december 2010 as amended on  
17 february 2012 the “asic order” for rio tinto limited  
report on the financial statements 
opinion of pricewaterhousecoopers llp on the financial statements to 
the members of rio tinto plc  
in our opinion 
the financial statements defined below give a true and fair view of the  
state of the group’s and of rio tinto plc’s affairs as at 31 december 2013  
and of the group’s profit and cash flows for the year then ended  
the group financial statements have been properly prepared in accordance 
with ifrss as adopted by the european union  
the rio tinto plc company financial statements have been properly  
prepared in accordance with united kingdom generally accepted accounting 
practice and 
the financial statements have been prepared in accordance with the 
requirements of the companies act 2006 and as regards the group  
financial statements article 4 of the las regulation 
this opinion is to be read in the context of what we say in the remainder  
of this report  
separate opinion of pricewaterhousecoopers llp in relation  
to ifrss as issued by the iasb   
as explained in note 1 to the financial statements the group in addition  
to applying ifrss as adopted by the european union has also applied ifrss  
as issued by the international accounting standards board iasb  
in our opinion the group financial statements comply with ifrss as issued  
by the iasb 
opinion of pricewaterhousecoopers on the financial report  
to the members of rio tinto limited  
in our opinion 
the financial report of rio tinto limited is in accordance with the 
corporations act 2001 as amended by the asic order including 
i giving a true and fair view of the group’s financial position as at  
31 december 2013 and of its performance for the year ended on that date 
ii complying with the australian accounting standards including the 
australian accounting interpretations and the corporations regulations 
2001 and 
the group’s financial report also complies with ifrss as disclosed in note 1 
what we have audited 
the group financial statements the “financial statements” which are 
prepared by rio tinto group comprise 
the group statement of financial position as at 31 december 2013 
the group income statement and statement of comprehensive income  
for the year then ended 
the group statement of cash flows for the year then ended  
the group statement of changes in equity for the year then ended  
notes 1 – 47 to the financial statements which include a summary  
of significant accounting policies and other explanatory information  
the outline of dual listed companies structure and basis of financial 
statements and 
the rio tinto financial information by business unit  
pricewaterhousecoopers llp has audited the rio tinto plc company financial 
statements for the year ended 31 december 2013 which comprise the rio tinto 
plc company balance sheet and the related notes pricewaterhousecoopers  
has audited the reconciliation with australian accounting standards and the 
rio tinto limited financial report which comprises the financial statements  
and the directors’ declaration on page 202 
the financial reporting framework that has been applied in the preparation  
of the group financial statements is applicable law in the united kingdom  
and applicable law in australia as amended by the australian securities and 
investments commission order dated 22 december 2010 as amended on  
17 february 2012 the “asic order” described in the australian corporations 
act – summary of asic relief international financial reporting standards 
ifrss  
the financial reporting framework that has been applied in the preparation  
of the rio tinto plc company financial statements is applicable law and  
united kingdom accounting standards united kingdom generally accepted 
accounting practice 
what an audit of financial statements involves  
we conducted our audit in accordance with international standards on auditing 
uk and ireland isas uk  ireland and australian auditing standards  
an audit involves obtaining evidence about the amounts and disclosures in the 
financial statements sufficient to give reasonable assurance that the financial 
statements are free from material misstatement whether caused by fraud or 
error this includes an assessment of 
whether the accounting policies are appropriate to the group’s and  
parent companies’ circumstances and have been consistently applied  
and adequately disclosed 
the reasonableness of significant accounting estimates made by the 
directors and  
the overall presentation of the financial statements  
the procedures selected depend on the auditors judgement including the 
assessment of the risks of material misstatement of the financial statements 
whether due to fraud or error in making those risk assessments the auditor 
considers internal control relevant to the entity’s preparation and fair 
presentation of the financial statements in order to design audit procedures 
that are appropriate in the circumstances but not for the purpose of expressing 
an opinion on the effectiveness of the entity’s internal control  
we believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our audit opinion 
   riotintocomreportingcentre2013
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strategic report financial statements directors’ report production reserves and operations additional information
independent auditors’ report of pricewaterhousecoopers llp  
to the members of rio tinto plc and pricewaterhousecoopers  
to the members of rio tinto limited 
204 
riotintocomreportingcentre2013 
for the purpose of this report the terms “we” and “our” denote 
pricewaterhousecoopers llp in relation to uk legal professional and regulatory 
responsibilities and reporting obligations to the members of rio tinto plc  
and pricewaterhousecoopers in relation to australian legal professional  
and regulatory responsibilities and reporting obligations to the members  
of rio tinto limited 
the relevant legislation governing the companies is the united kingdom 
companies act 2006 for rio tinto plc and the corporations act 2001 as 
amended by the asic order dated 22 december 2010 as amended on  
17 february 2012 the “asic order” for rio tinto limited  
report on the financial statements 
opinion of pricewaterhousecoopers llp on the financial statements to 
the members of rio tinto plc  
in our opinion 
the financial statements defined below give a true and fair view of the  
state of the group’s and of rio tinto plc’s affairs as at 31 december 2013  
and of the group’s profit and cash flows for the year then ended  
the group financial statements have been properly prepared in accordance 
with ifrss as adopted by the european union  
the rio tinto plc company financial statements have been properly  
prepared in accordance with united kingdom generally accepted accounting 
practice and 
the financial statements have been prepared in accordance with the 
requirements of the companies act 2006 and as regards the group  
financial statements article 4 of the las regulation 
this opinion is to be read in the context of what we say in the remainder  
of this report  
separate opinion of pricewaterhousecoopers llp in relation  
to ifrss as issued by the iasb   
as explained in note 1 to the financial statements the group in addition  
to applying ifrss as adopted by the european union has also applied ifrss  
as issued by the international accounting standards board iasb  
in our opinion the group financial statements comply with ifrss as issued  
by the iasb 
opinion of pricewaterhousecoopers on the financial report  
to the members of rio tinto limited  
in our opinion 
the financial report of rio tinto limited is in accordance with the 
corporations act 2001 as amended by the asic order including 
i giving a true and fair view of the group’s financial position as at  
31 december 2013 and of its performance for the year ended on that date 
ii complying with the australian accounting standards including the 
australian accounting interpretations and the corporations regulations 
2001 and 
the group’s financial report also complies with ifrss as disclosed in note 1 
what we have audited 
the group financial statements the “financial statements” which are 
prepared by rio tinto group comprise 
the group statement of financial position as at 31 december 2013 
the group income statement and statement of comprehensive income  
for the year then ended 
the group statement of cash flows for the year then ended  
the group statement of changes in equity for the year then ended  
notes 1 – 47 to the financial statements which include a summary  
of significant accounting policies and other explanatory information  
the outline of dual listed companies structure and basis of financial 
statements and 
the rio tinto financial information by business unit  
pricewaterhousecoopers llp has audited the rio tinto plc company financial 
statements for the year ended 31 december 2013 which comprise the rio tinto 
plc company balance sheet and the related notes pricewaterhousecoopers  
has audited the reconciliation with australian accounting standards and the 
rio tinto limited financial report which comprises the financial statements  
and the directors’ declaration on page 202 
the financial reporting framework that has been applied in the preparation  
of the group financial statements is applicable law in the united kingdom  
and applicable law in australia as amended by the australian securities and 
investments commission order dated 22 december 2010 as amended on  
17 february 2012 the “asic order” described in the australian corporations 
act – summary of asic relief international financial reporting standards 
ifrss  
the financial reporting framework that has been applied in the preparation  
of the rio tinto plc company financial statements is applicable law and  
united kingdom accounting standards united kingdom generally accepted 
accounting practice 
what an audit of financial statements involves  
we conducted our audit in accordance with international standards on auditing 
uk and ireland isas uk  ireland and australian auditing standards  
an audit involves obtaining evidence about the amounts and disclosures in the 
financial statements sufficient to give reasonable assurance that the financial 
statements are free from material misstatement whether caused by fraud or 
error this includes an assessment of 
whether the accounting policies are appropriate to the group’s and  
parent companies’ circumstances and have been consistently applied  
and adequately disclosed 
the reasonableness of significant accounting estimates made by the 
directors and  
the overall presentation of the financial statements  
the procedures selected depend on the auditors judgement including the 
assessment of the risks of material misstatement of the financial statements 
whether due to fraud or error in making those risk assessments the auditor 
considers internal control relevant to the entity’s preparation and fair 
presentation of the financial statements in order to design audit procedures 
that are appropriate in the circumstances but not for the purpose of expressing 
an opinion on the effectiveness of the entity’s internal control  
we believe that the audit evidence we have obtained is sufficient and 
appropriate to provide a basis for our audit opinion 
  
 
 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
in addition we read all the financial and nonfinancial information in the annual 
report to identify material inconsistencies with the audited financial statements 
and to identify any information that is apparently materially incorrect based on 
or materially inconsistent with the knowledge acquired by us in the course of 
performing the audit if we become aware of any apparent material 
misstatements or inconsistencies we consider the implications for our report 
overview of our audit approach 
materiality 
we set certain thresholds for materiality these helped us to determine the 
nature timing and extent of our audit procedures and to evaluate the effect  
of misstatements both individually and on the financial statements as a whole  
based on our professional judgement we determined materiality for the  
group financial statements as a whole to be 600 million in arriving at this 
judgement we have had regard to profit before tax adjusted for items excluded 
from underlying earnings as defined in note 2 to the financial statements  
we consider an adjusted measure reflects what is typically used by members  
of the companies to assess financial performance  
overview of the scope of our audit 
the group is organised into five product groups being aluminium copper 
diamonds  minerals energy and iron ore which are all supported by 
centralised functions each product group is made up of a number of operating 
businesses which represent separate business units the group financial 
statements are a consolidation of business units comprising the group’s 
operating businesses and centralised functions  
in establishing the overall approach to the group audit we determined the  
type of work that needed to be performed at reporting units by us as the  
group engagement team or component auditors from other pwc network firms 
operating under our instruction where the work was performed by component 
auditors we determined the level of involvement we needed to have in the 
audit work at those business units to be able to conclude whether sufficient 
appropriate audit evidence had been obtained as a basis for our opinion on  
the group financial statements as a whole  
we identified 3 business units which in our view required an audit of  
their complete financial information either due to their size or their risk 
characteristics those business units are hamersley iron pty ltd robe river 
mining co and minera escondida limitada specific audit procedures on  
certain balances and transactions were performed at a further 19 business 
units this together with additional procedures performed at the group level 
gave us the evidence we needed for our opinion on the group financial 
statements as a whole 
areas of particular audit focus 
in preparing the financial statements the directors made a number of 
subjective judgements for example in respect of significant accounting 
estimates that involved making assumptions and considering future events  
that are inherently uncertain we primarily focused our work in these areas by 
assessing the directors’ judgements against available evidence forming our 
own judgements and evaluating the disclosures in the financial statements 
in our audit we tested and examined information using sampling and other 
auditing techniques to the extent we considered necessary to provide a 
reasonable basis for us to draw conclusions we obtained audit evidence 
through testing the effectiveness of controls substantive procedures or a 
combination of both  
we considered the following areas to be those that required particular  
focus in the current year this is not a complete list of all risks or areas of  
focus identified by our audit we discussed these areas of focus with the  
audit committee their report on those matters that they considered to be  
significant issues in relation to the financial statements is set out on page 61 
 
areas of focus  how the scope of our audit addressed the area of focus 
impairment assessment   
we focused on the directors’ assessment of the carrying  
value and annual impairment reviews of goodwill  
oyu tolgoi long lived intangible assets rio tinto alcan 
and property plant  equipment both rio tinto alcan 
and oyu tolgoi because they involve complex and 
subjective judgements by the directors about the future 
performance of the business refer to note 6 to the 
financial statements 
 
we evaluated the group’s future cash flow forecasts including comparing them to the latest  
board approved budgets and considering the historical accuracy of forecasts we challenged the key 
assumptions for discount rates long term growth rates and prices by performing independent market 
analysis of these assumptions  
we also performed sensitivity analysis around the key drivers of the cash flow forecasts which included 
price assumptions and discount rates having ascertained the extent of change in those assumptions 
that either individually or collectively would be required for the asset to be impaired we considered the 
likelihood of such movements in those key assumptions arising 
impact of cost savings initiatives on the overall control environment 
we focused on the potential impact on the overall control 
environment of reductions in headcount as part of the 
cost savings initiatives at some reporting units 
 
we considered through enquiry with management and other operating personnel the potential areas of 
impact and directed our audit work particularly in relation to our testing of control design and operating 
effectiveness to those areas of greatest risk we evaluated the impact of our findings on our fraud risk 
assessment and overall audit approach 
provisions for uncertain tax positions   
we focused on the extent and quantum of provisions 
made for uncertain tax positions as they involve complex 
and subjective judgements by the directors about 
potential exposure  
we obtained an understanding of the status of the group’s tax compliance in significant countries  
and business units including the status of discussions with tax authorities and tax investigations  
we assessed the adequacy and appropriateness of the tax provisions recognised for uncertain  
tax positions and related disclosures utilising our experience of similar challenges elsewhere 
revenue recognition    
auditing standards presume there is a risk of fraud in 
revenue recognition we focused on checking that 
revenue has been recognised and appropriately recorded 
in the relevant period  
 
we assessed the design of the group’s key controls over revenue recognition and tested the operating 
effectiveness of these controls at relevant reporting units we tested the timing of revenue recognition 
taking into account contractual obligations and in particular considered whether the group appropriately 
recorded revenue based on the terms of those contracts  
we also performed testing on revenue journal entries 
risk of management override of internal controls    
auditing standards require that we consider this  
 
we assessed the overall control environment of the group including the ‘tone at the top’ arrangements 
for staff to “whistleblow” inappropriate actions and interviewed senior management and the group’s 
internal audit function we examined the significant accounting estimates and judgements relevant to 
the financial statements for evidence of bias by management or the directors that may represent a risk 
of material misstatement due to fraud  
we also tested key reconciliations and manual journal entries including checking whether journals were 
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independent auditors’ report of pricewaterhousecoopers llp to the members of rio tinto plc  
and pricewaterhousecoopers to the members of rio tinto limited continued 
206 
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going concern 
under the listing rules we are required to review the directors’ statement  
set out on page 109 in relation to go ing concern we have nothing to report 
having performed our review 
as noted in the directors’ statement the directors have concluded that it  
is appropriate to prepare the group’s and parent companies’ in respect of  
both rio tinto plc and rio tinto limited financial statements using the going 
concern basis of accounting the going concern basis presumes that the  
group and parent companies have adequate resources to remain in operation 
and that the directors intend them to do so for at least one year from the date 
the financial statements were signed as part of our audit we have concluded 
that the directors’ use of the going concern basis is appropriate 
however because not all future events or conditions can be predicted these 
statements are not a guarantee as to the group’s and parent companies’  
ability to continue as a going concern 
pricewaterhousecoopers llp’s opinions on matters prescribed 
by the companies act 2006 
in our opinion 
the information given in the strategic report and the directors’ report  
for the financial year for which the fi nancial statements are prepared is 
consistent with the financial statements 
the part of the directors’ remuneration report to be audited has been 
properly prepared in accordance with the companies act 2006 and 
the information given in the corpor ate governance statement set out on 
pages 57 to 67 in the annual report with respect to internal control and risk 
management systems and about share capital structures is consistent with 
the financial statements 
pricewaterhousecoopers llp’s report on other matters on 
which we are required to report by exception 
adequacy of accounting records and information and explanations 
received 
under the companies act 2006 we are requ ired to report to you if in our 
opinion 
we have not received all the information and explanations we require  
for our audit or 
adequate accounting records have not b een kept by rio tinto plc or returns 
adequate for our audit have not been received from branches not visited  
by us or 
the rio tinto plc financial statements and the part of the directors’ 
remuneration report to be audited are not in agreement with the 
accounting records and returns 
we have no exceptions to report arising from this responsibility 
directors’ remuneration 
under the companies act 2006 we are requ ired to report to you if in our 
opinion certain disclosures of directors’ remuneration specified by law have  
not been made and under the listing ru les we are required to review certain 
elements of the report to shareholders by the board on directors’ remuneration 
we have no exceptions to report arising from these responsibilities 
corporate governance statement 
under the companies act 2006 we are required to report to you if in  
our opinion a corporate governance statement has not been prepared by  
rio tinto plc we have no exceptions to report arising from this responsibility 
under the listing rules we are required to review the part of the corporate 
governance statement relating to rio tinto plc’s compliance with nine 
provisions of the uk corporate govern ance code ‘the code’ we have  
nothing to report having performed our review 
on page 67 of the annual report as re quired by code provision c11 the 
directors state that they consider the an nual report taken as a whole to be  
fair balanced and understandable and provides the information necessary for 
members to assess the group’s performance business model and strategy  
on page 61 as required by c38 of the code the audit committee has set out 
the significant issues that it considered in relation to the financial statements 
and how they were addressed under isas uk  ireland we are required to 
report to you if in our opinion 
the statement given by the directors is materially inconsistent with our 
knowledge of the group acquired in th e course of performing our audit or 
the section of the annual report desc ribing the work of the audit committee 
does not appropriately address matters communicated by us to the  
audit committee 
we have no exceptions to report arising from this responsibility 
other information in the annual report 
under isas uk  ireland we are required to report to you if in our opinion 
information in the annual report is 
materially inconsistent with the information in the audited financial 
statements or 
apparently materially incorrect based on or materially inconsistent with  
our knowledge of the group and rio ti nto plc acquired in the course of 
performing our audit or 
is otherwise misleading 
we have no exceptions to report arising from this responsibility 
pricewaterhousecoopers’ report on other matters prescribed 
by the corporations act 2001 
independence 
in conducting our audit we have complied with the independence  
requirements of the corporations act 2001 
report on the remuneration report 
under the corporations act 2001 in re spect of rio tinto limited we are 
required to express an opinion on the di rector’s remuneration report based  
on our audit conducted in accordance wi th australian auditing standards  
the directors of rio tinto limited ar e responsible for the preparation and 
presentation of the remuneration report in accordance with section 300a  
of the corporations act 2001 as amended by the asic order  
in our opinion 
the remuneration report included in the accompanying annual report 
complies with the requirements of section 300a of the corporations  
act 2001 as amended by the asic order and 
the information given in the directors’ report for the financial year for  
which the financial statements are prepared is consistent with the  
financial statements  
   riotintocomreportingcentre2013
207
strategic report financial statements directors’ report production reserves and operations additional information
independent auditors’ report of pricewaterhousecoopers llp to the members of rio tinto plc  
and pricewaterhousecoopers to the members of rio tinto limited continued 
206 
riotintocomreportingcentre2013 
going concern 
under the listing rules we are required to review the directors’ statement  
set out on page 109 in relation to go ing concern we have nothing to report 
having performed our review 
as noted in the directors’ statement the directors have concluded that it  
is appropriate to prepare the group’s and parent companies’ in respect of  
both rio tinto plc and rio tinto limited financial statements using the going 
concern basis of accounting the going concern basis presumes that the  
group and parent companies have adequate resources to remain in operation 
and that the directors intend them to do so for at least one year from the date 
the financial statements were signed as part of our audit we have concluded 
that the directors’ use of the going concern basis is appropriate 
however because not all future events or conditions can be predicted these 
statements are not a guarantee as to the group’s and parent companies’  
ability to continue as a going concern 
pricewaterhousecoopers llp’s opinions on matters prescribed 
by the companies act 2006 
in our opinion 
the information given in the strategic report and the directors’ report  
for the financial year for which the fi nancial statements are prepared is 
consistent with the financial statements 
the part of the directors’ remuneration report to be audited has been 
properly prepared in accordance with the companies act 2006 and 
the information given in the corpor ate governance statement set out on 
pages 57 to 67 in the annual report with respect to internal control and risk 
management systems and about share capital structures is consistent with 
the financial statements 
pricewaterhousecoopers llp’s report on other matters on 
which we are required to report by exception 
adequacy of accounting records and information and explanations 
received 
under the companies act 2006 we are requ ired to report to you if in our 
opinion 
we have not received all the information and explanations we require  
for our audit or 
adequate accounting records have not b een kept by rio tinto plc or returns 
adequate for our audit have not been received from branches not visited  
by us or 
the rio tinto plc financial statements and the part of the directors’ 
remuneration report to be audited are not in agreement with the 
accounting records and returns 
we have no exceptions to report arising from this responsibility 
directors’ remuneration 
under the companies act 2006 we are requ ired to report to you if in our 
opinion certain disclosures of directors’ remuneration specified by law have  
not been made and under the listing ru les we are required to review certain 
elements of the report to shareholders by the board on directors’ remuneration 
we have no exceptions to report arising from these responsibilities 
corporate governance statement 
under the companies act 2006 we are required to report to you if in  
our opinion a corporate governance statement has not been prepared by  
rio tinto plc we have no exceptions to report arising from this responsibility 
under the listing rules we are required to review the part of the corporate 
governance statement relating to rio tinto plc’s compliance with nine 
provisions of the uk corporate govern ance code ‘the code’ we have  
nothing to report having performed our review 
on page 67 of the annual report as re quired by code provision c11 the 
directors state that they consider the an nual report taken as a whole to be  
fair balanced and understandable and provides the information necessary for 
members to assess the group’s performance business model and strategy  
on page 61 as required by c38 of the code the audit committee has set out 
the significant issues that it considered in relation to the financial statements 
and how they were addressed under isas uk  ireland we are required to 
report to you if in our opinion 
the statement given by the directors is materially inconsistent with our 
knowledge of the group acquired in th e course of performing our audit or 
the section of the annual report desc ribing the work of the audit committee 
does not appropriately address matters communicated by us to the  
audit committee 
we have no exceptions to report arising from this responsibility 
other information in the annual report 
under isas uk  ireland we are required to report to you if in our opinion 
information in the annual report is 
materially inconsistent with the information in the audited financial 
statements or 
apparently materially incorrect based on or materially inconsistent with  
our knowledge of the group and rio ti nto plc acquired in the course of 
performing our audit or 
is otherwise misleading 
we have no exceptions to report arising from this responsibility 
pricewaterhousecoopers’ report on other matters prescribed 
by the corporations act 2001 
independence 
in conducting our audit we have complied with the independence  
requirements of the corporations act 2001 
report on the remuneration report 
under the corporations act 2001 in re spect of rio tinto limited we are 
required to express an opinion on the di rector’s remuneration report based  
on our audit conducted in accordance wi th australian auditing standards  
the directors of rio tinto limited ar e responsible for the preparation and 
presentation of the remuneration report in accordance with section 300a  
of the corporations act 2001 as amended by the asic order  
in our opinion 
the remuneration report included in the accompanying annual report 
complies with the requirements of section 300a of the corporations  
act 2001 as amended by the asic order and 
the information given in the directors’ report for the financial year for  
which the financial statements are prepared is consistent with the  
financial statements  
  
 
 
207 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
responsibilities for the financial statements and the audit 
our responsibilities and those of the directors  
as explained more fully in the directors’ responsibilities statement set out  
on page 202 the directors are responsible for 
the preparation of the group and parent companies’ in respect of both  
rio tinto plc and rio tinto limited financial statements and for being 
satisfied that they give a true and fair view and 
such internal control as the directors determine is necessary to enable the 
preparation of the financial report that is free from material misstatement 
whether due to fraud or error 
our responsibility is to audit and express an opinion on the financial statements 
in accordance with applicable law and international standards on auditing  
uk and ireland and australian auditing standards those standards require  
us to comply with the auditing practices board’s ethical standards for auditors 
and relevant ethical requirements relating to audit engagements in australia 
this report including the opinions has been prepared for and only for the 
members of rio tinto plc and rio tinto limited as a body in accordance with 
chapter 3 of part 16 of the companies act 2006 in respect of rio tinto plc  
and the corporations act 2001 as amended by the asic order in respect of  
rio tinto limited and for no other purpose we do not in giving these opinions 
accept or assume responsibility for any other purpose or to any other person  
to whom this report is shown or into whose hands it may come save where 
expressly agreed by our prior consent in writing 
 
 
 
richard hughes senior statutory auditor 
for and on behalf of pricewaterhousecoopers llp 
chartered accountants and statutory auditors 
london 
5 march 2014 
 
 
 
 
paul bendall 
partner 
pricewaterhousecoopers 
melbourne 
5 march 2014 
liability limited by a scheme approved under professional standards legislation  riotintocomreportingcentre2013
208
financial summary 20042013 
208 
riotintocomreportingcentre2013 
usm 2004 2005 2006 2007 2008 2009 2010 
restated
a
2011
restated
a
2012 2013
gross sales revenue 
c
 14530  20742 25440 33518 56905 42734 59008  65298  55597 54575 
share of equity accounted units’ sales revenue and 
items excluded from underlying earnings  1576 1709 2975 3818 4044 2472 3837 4769 4655 3404
consolidated sales revenue 12954  19033 22465 29700 52861 40262 55171  60529  50942 51171 
underlying profit before interest and tax pbit 
d
 3224  7301 9912 10517 17683 9843 21128  23662  13467 16039 
finance costs 
e
 207 207 193 570 1706 1058 909 759 616 794
exchange differences and derivatives 
f
 224  191 83 253 322 528 529  2  695 3362
other exclusions from underlying earnings 622  409 438 364 6477 1453 257 9633 15977 8378
profitloss before tax pbt 3863  7312 10240 9836 9178 7860 20491  13272  2431 3505 
tax on exclusions  57  33 357 60 988 91 42  135  2896 2642 
tax on underlying pbt 676 1847 2016 2150 4730 1985 5338 6607 3485 5068
loss after tax from discontinued operations  –   –  –  – 827 449 97 10 7 – 
attributable to noncontrolling interests 53  283 429 434 933 463 860 955 1 2586 
net earningsloss 3297  5215 7438 7312 3676 4872 14238  5835  3028 3665 
underlying earnings 
d
 2272  4955 7338 7443 10303 6298 13987  15572  9269 10217 
earningsloss per share basic – continuing 
operations 
p
 1954c 3126c 4562c 4649c 2868c 3017c 7310c 3039c 1634c 1984c
underlying earnings per share basic – 
continuing operations 
p
 1346c 2970c 4501c 4732c 6562c 3571c 7133c 8097c 5013c 5531c
dividends per share declared for year 
g
     
rio tinto shareholders us cents 6295c 6546c 8507c 11123c 11122c 4500c 10800c 14500c 16700c 19200c
rio tinto plc pence  3391p 3691p 4422p 5620p 6749p 2884p 6735p 9047p 10677p 12010p
rio tinto limited aus cents 8488c 8626c 11069c 12572c 14622c 5156c 11121c 13401c 16018c 21314c
net assets     
fixed assets 
h
 20131  20848 25803 75888 67651 72706 83895  91529  90580 81554 
other assets less liabilities 2356  2587 3026 11609 8469 10078 4394  1632  8478 8224 
provisions including deferred tax 6087 6383 7007 16013 14987 17998 19706 25935 22126 18221
net debt 3809 1313 2437 45191 38672 18861 4071 8342 19192 18055
noncontrolling interests 714 791 1153 1521 1823 2094 6265 6685 11187 7616
equity attributable to owners of rio tinto 11877  14948 18232 24772 20638 43831 58247  52199 46553 45886 
     
capital expenditure 
i
 2218 2554 3988 4968 8488 5356 4553 12536 17575 12944
acquisitions 3 2 303 37539 9 396 907 4156 1335 4 
disposals 1510  323 24 13 2572 2424 3800  386  251 1896 
cash flows from operations 
j
 4265  8031 10923 12569 20668 13834 23530  27609  16521 20131 
cash flows before financing activities 
k
 2799  4460 3714 34251 8702 5855 16566  3245  8813 4132 
ratios     
operating margin 
l
 24 37 42 34 32 24 37 37 25 30
net debt to total capital 
m
 23 8 11 63 63 29 6 12 25 25
underlying earnings owners’ equity 
n
 22 37 44 35 45 20 27 28 19 22
interest cover 
o
 20  59 89 20 10 9 27  27  13 13 
 
   riotintocomreportingcentre2013
209
strategic report financial statements directors’ report production reserves and operations additional information
financial summary 20042013 
208 
riotintocomreportingcentre2013 
usm 2004 2005 2006 2007 2008 2009 2010 
restated
a
2011
restated
a
2012 2013
gross sales revenue 
c
 14530  20742 25440 33518 56905 42734 59008  65298  55597 54575 
share of equity accounted units’ sales revenue and 
items excluded from underlying earnings  1576 1709 2975 3818 4044 2472 3837 4769 4655 3404
consolidated sales revenue 12954  19033 22465 29700 52861 40262 55171  60529  50942 51171 
underlying profit before interest and tax pbit 
d
 3224  7301 9912 10517 17683 9843 21128  23662  13467 16039 
finance costs 
e
 207 207 193 570 1706 1058 909 759 616 794
exchange differences and derivatives 
f
 224  191 83 253 322 528 529  2  695 3362
other exclusions from underlying earnings 622  409 438 364 6477 1453 257 9633 15977 8378
profitloss before tax pbt 3863  7312 10240 9836 9178 7860 20491  13272  2431 3505 
tax on exclusions  57  33 357 60 988 91 42  135  2896 2642 
tax on underlying pbt 676 1847 2016 2150 4730 1985 5338 6607 3485 5068
loss after tax from discontinued operations  –   –  –  – 827 449 97 10 7 – 
attributable to noncontrolling interests 53  283 429 434 933 463 860 955 1 2586 
net earningsloss 3297  5215 7438 7312 3676 4872 14238  5835  3028 3665 
underlying earnings 
d
 2272  4955 7338 7443 10303 6298 13987  15572  9269 10217 
earningsloss per share basic – continuing 
operations 
p
 1954c 3126c 4562c 4649c 2868c 3017c 7310c 3039c 1634c 1984c
underlying earnings per share basic – 
continuing operations 
p
 1346c 2970c 4501c 4732c 6562c 3571c 7133c 8097c 5013c 5531c
dividends per share declared for year 
g
     
rio tinto shareholders us cents 6295c 6546c 8507c 11123c 11122c 4500c 10800c 14500c 16700c 19200c
rio tinto plc pence  3391p 3691p 4422p 5620p 6749p 2884p 6735p 9047p 10677p 12010p
rio tinto limited aus cents 8488c 8626c 11069c 12572c 14622c 5156c 11121c 13401c 16018c 21314c
net assets     
fixed assets 
h
 20131  20848 25803 75888 67651 72706 83895  91529  90580 81554 
other assets less liabilities 2356  2587 3026 11609 8469 10078 4394  1632  8478 8224 
provisions including deferred tax 6087 6383 7007 16013 14987 17998 19706 25935 22126 18221
net debt 3809 1313 2437 45191 38672 18861 4071 8342 19192 18055
noncontrolling interests 714 791 1153 1521 1823 2094 6265 6685 11187 7616
equity attributable to owners of rio tinto 11877  14948 18232 24772 20638 43831 58247  52199 46553 45886 
     
capital expenditure 
i
 2218 2554 3988 4968 8488 5356 4553 12536 17575 12944
acquisitions 3 2 303 37539 9 396 907 4156 1335 4 
disposals 1510  323 24 13 2572 2424 3800  386  251 1896 
cash flows from operations 
j
 4265  8031 10923 12569 20668 13834 23530  27609  16521 20131 
cash flows before financing activities 
k
 2799  4460 3714 34251 8702 5855 16566  3245  8813 4132 
ratios     
operating margin 
l
 24 37 42 34 32 24 37 37 25 30
net debt to total capital 
m
 23 8 11 63 63 29 6 12 25 25
underlying earnings owners’ equity 
n
 22 37 44 35 45 20 27 28 19 22
interest cover 
o
 20  59 89 20 10 9 27  27  13 13 
 
  
 
 
209 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
a comparative information has been restated to reflect a number of new accounting standards see note 46 on page 191 
b information for the years 2004 to 2013 is stated under eu ifrs the group implemented ias 39 on 1 january 2005 without restatement of comparatives 
c gross sales revenue includes 100 per cent of subsidiaries’ sales revenue and the group’s share of the sales revenue of equity accounts units after adjusting for sales to subsidiaries 
d underlying earnings is an additional measure of earnings which is reported by rio tinto with its eu ifrs results to provide greater understanding of the underlying business 
performance of its operations it is defined in note 2 to the financial statements underlying profit before interest and tax pbit is similar to underlying earnings except that it is stated 
before tax and interest 
e finance costs include net interest and amortisation of discount 
f under eu ifrs certain gains and losses on exchange and on revaluation of derivatives are included in the group’s net earnings these items are excluded from underlying earnings 
g dividends per share are the amounts declared in respect of each financial year these usually include an interim dividend paid in the year and a final dividend paid after the end  
of the year the special dividend of 90 us cents per share paid in 2006 is not included in the table 2004 to 2008 ordinary dividends per share have been restated using a number  
of shares which reflects the discounted price of the july 2009 rights issues the bonus factor   
h fixed assets include property plant and equipment intangible assets goodwill and investments in and long term loans to equity accounted units 
i capital expenditure comprises purchases less disposals of property plant and equipment capitalised evaluation costs and purchases less disposals of other intangible assets plus  
direct funding provided to equity accounted units for rio tinto’s share of their capital expenditure the figures include 100 per cent of subsidiaries’ capital expenditure but exclude  
that of equity accounted units except where directly funded by rio tinto 
j total cash flow from operations comprises cash flow from consolidated operations together with dividends from equity accounted units exploration and evaluation costs charged 
against income were previously included in cash used in investing activities but are now included within cash flow from operating activities as a result exploration and evaluation  
costs expensed have been reclassified in the comparative periods within the statement of cash flows  
k cash flow before financing activities is stated before deducting dividends payable to owners of rio tinto 
l operating margin is the percentage of underlying pbit after excluding tax on equity accounted units to gross sales revenue 
m total capital comprises equity attributable to owners of rio tinto plus net debt and noncontrolling interests 
n underlying earnings owners’ equity represents underlying earnings expressed as a percentage of the mean of opening and closing equity attributable to owners of rio tinto 
o interest cover represents the number of times interest payable less receivable excluding the amortisation of discount but including capitalised interest is covered by underlying 
operating profit less amortisation of discount plus dividends from equity accounted units underlying operating profit is similar to underlying earnings but is stated before tax  
interest and share of profit after tax of equity accounted units 
p 2009 earnings per share from continuing operations and underlying earnings per share have been calculated using a number of shares which reflects the discounted price of the  
july rights issues the bonus factor 2004 to 2008 comparatives have been restated accordingly  riotintocomreportingcentre2013
210
summary financial data in australian dollars sterling  
and us dollars 
210 
riotintocomreportingcentre2013 
2013 
am 
restated 
 2012 
am 
2013 
£m 
restated  
2012 
£m  
2013
usm
restated 
2012
usm
56353  53683  34882  35082   gross sales revenue  54575 55597 
52838  49189  32706  32145   consolidated sales revenue 51171 50942 
3619  2347 2240  1534 profitloss before tax from continuing operations 3505 2431
1114  2916 690  1906 profitloss for the year from continuing operations 1079 3020
– 7 – 4 loss for the year from discontinued operations – 7
3784  2924 2342  1911 net earningsloss attributable to owners of rio tinto 3665 3028
10550  8950  6530  5849   underlying earnings 
a
 10217 9269 
2049c 1578c 1268p 1031p  
basic earningsloss per ordinary share from continuing 
operations 
b
 1984c 1634c
5711c 4840c 3535p 3163p  basic underlying earnings per ordinary share 
ab
 5531c 5013c
     dividends per share to owners of rio tinto  
18467c 15271c 11462p 10376p  – paid  1780c 1635c
12014c 9167c 6582p 6034p  – proposed final dividend 1085c 945c
4267  8510 2641  5561 cash flow before financing activities 4132 8813
20240 18499 10929 11868 net debt  18055 19192
51438  44872  27775  28788   equity attributable to owners of rio tinto  45886 46553 
a underlying earnings exclude impairment charges and other net charges of us6552 million 2012 charges of us12297 million which are analysed on page 135  
b basic earnings per ordinary share and basic underlying earnings per ordinary share do not recognise the dilution resulting from share options in issue 
c the financial data above has been extracted from the financial information set out on pages 110 to 193 the australian dollar and sterling amounts are based on the us dollar amounts 
retranslated at average or closing rates as appropriate except for the dividends which are the actual amounts payable  strategic report financial statements directors’ report production reserves and operations additional information
metals and minerals production 
 
211 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
2013 production 2012 production 2011 production
rio tinto
 share
a
total
rio tinto
share total
rio tinto  
share total
rio tinto 
share
alumina ‘000 tonnes   
rio tinto alcan   
jonquière vaudreuil canada b 1000 1439 1439 1397 1397 1363 1363
queensland alumina australia 800 3384 2707 3693 2954 3360 2688
são luis alumar brazil 100 3425 343 3409 341 3385 339
yarwun australia 1000 2446 2446 2175 2175 1349 1349
jonquière vaudreuil specialty plant canada 1000 103 103 101 101 108 108
   7037  6968  5846
other aluminium   
gove refinery australia c 1000 2270 2270 2742 2742 2549 2549
specialty plants francegermany d  – – 331 331 552 552
   2270  3073  3101
rio tinto total   9307  10041  8947
aluminium ‘000 tonnes   
rio tinto alcan   
alma canada 1000 440 440 208 208 434 434
alouette septîles canada 400 582 233 593 237 582 233
alucam edéa cameroon 467 75 35 52 24 69 32
arvida canada 1000 175 175 177 177 176 176
arvida ap60 canada e 1000 9 9 
bécancour canada 251 435 109 429 107 414 104
bell bay australia f 1000 187 187 185 185 181 181
boyne island australia f 594 561 333 569 338 558 331
dunkerque france 1000 258 258 256 256 235 235
grandebaie canada 1000 224 224 223 223 223 223
isal reykjavik iceland 1000 197 197 190 190 185 185
kitimat canada 1000 172 172 182 182 168 168
laterrière canada 1000 239 239 233 233 234 234
lochaber uk 1000 44 44 45 45 45 45
saintjeandemaurienne france g  85 85 93 93 99 99
shawinigan canada h 1000 74 74 81 81 97 97
sohar oman 200 354 71 360 72 373 75
søral husnes norway 500 89 45 92 46 89 45
tiwai point new zealand f 794 324 257 325 258 357 283
tomago australia f 516 545 281 546 281 539 278
   3468  3236  3459
other aluminium   
lynemouth uk i 1000 – – 15 15 168 168
sebree us j  87 87 205 205 197 197
   87  220  365
rio tinto total   3555  3456  3824
see notes on page 214           
riotintocomreportingcentre2013
211 metals and minerals production continued 
212 
riotintocomreportingcentre2013 
2013 production 2012 production 2011 production
rio tinto 
 share
a
total
rio tinto 
share total
rio tinto  
share total
rio tinto
share
bauxite ‘000 tonnes   
rio tinto alcan   
gove australia f 1000 8029 8029 7944 7944 7246 7246
porto trombetas mrn brazil 120 15729 1887 15512 1861 15224 1827
sangaredi guinea k 15437 6947 14001 6301 12517 5633
weipa australia 1000 26341 26341 23257 23257 20732 20732
rio tinto total   43204  39363  35437
borates ‘000 tonnes l   
rio tinto minerals – boron us 1000 495 495 453 453 486 486
rio tinto minerals – tincalayu argentina m  – – 9 9 18 18
rio tinto total   495  463  504
coal hard coking ‘000 tonnes   
rio tinto coal australia   
hail creek coal australia 820 6839 5608 7174 5882 7291 5979
kestrel coal australia 800 2553 2043 2468 1974 3545 2836
total australian hard coking coal   7651  7857  8815
rio tinto coal mozambique       
benga n 650 867 564 289 188 
rio tinto total hard coking coal   8214  8044  8815
coal semisoft coking ‘000 tonnes   
rio tinto coal australia   
hunter valley australia o 800 2634 2107 2119 1695 1906 1450
mount thorley australia o 640 1846 1182 1584 1014 1922 1159
warkworth australia o 445 1281 569 1296 576 594 250
rio tinto total semisoft coking coal   3859  3286  2859
coal thermal ‘000 tonnes   
rio tinto coal australia   
bengalla australia o 320 8232 2634 7026 2248 5368 1629
blair athol australia p 712 – – 2587 1843 2885 2055
clermont australia q 501 11782 5903 8189 4103 5790 2901
hail creek coal australia r 820 191 157 
hunter valley australia o 800 11002 8802 9836 7869 10332 7839
kestrel coal australia 800 463 371 350 280 326 261
mount thorley australia o 640 2357 1508 2497 1598 1319 801
warkworth australia o 445 6995 3110 5477 2435 5454 2304
total australian thermal coal   22485  20376  17791
rio tinto coal mozambique       
benga n 650 754 490 419 272 
us coal         
colowyo us s  – – 1939 1939
rio tinto total thermal coal   22975  20648  19729
see notes on page 214         
 
 
  
riotintocomreportingcentre2013
212 strategic report financial statements directors’ report production reserves and operations additional information
metals and minerals production continued 
212 
riotintocomreportingcentre2013 
2013 production 2012 production 2011 production
rio tinto 
 share
a
total
rio tinto 
share total
rio tinto  
share total
rio tinto
share
bauxite ‘000 tonnes   
rio tinto alcan   
gove australia f 1000 8029 8029 7944 7944 7246 7246
porto trombetas mrn brazil 120 15729 1887 15512 1861 15224 1827
sangaredi guinea k 15437 6947 14001 6301 12517 5633
weipa australia 1000 26341 26341 23257 23257 20732 20732
rio tinto total   43204  39363  35437
borates ‘000 tonnes l   
rio tinto minerals – boron us 1000 495 495 453 453 486 486
rio tinto minerals – tincalayu argentina m  – – 9 9 18 18
rio tinto total   495  463  504
coal hard coking ‘000 tonnes   
rio tinto coal australia   
hail creek coal australia 820 6839 5608 7174 5882 7291 5979
kestrel coal australia 800 2553 2043 2468 1974 3545 2836
total australian hard coking coal   7651  7857  8815
rio tinto coal mozambique       
benga n 650 867 564 289 188 
rio tinto total hard coking coal   8214  8044  8815
coal semisoft coking ‘000 tonnes   
rio tinto coal australia   
hunter valley australia o 800 2634 2107 2119 1695 1906 1450
mount thorley australia o 640 1846 1182 1584 1014 1922 1159
warkworth australia o 445 1281 569 1296 576 594 250
rio tinto total semisoft coking coal   3859  3286  2859
coal thermal ‘000 tonnes   
rio tinto coal australia   
bengalla australia o 320 8232 2634 7026 2248 5368 1629
blair athol australia p 712 – – 2587 1843 2885 2055
clermont australia q 501 11782 5903 8189 4103 5790 2901
hail creek coal australia r 820 191 157 
hunter valley australia o 800 11002 8802 9836 7869 10332 7839
kestrel coal australia 800 463 371 350 280 326 261
mount thorley australia o 640 2357 1508 2497 1598 1319 801
warkworth australia o 445 6995 3110 5477 2435 5454 2304
total australian thermal coal   22485  20376  17791
rio tinto coal mozambique       
benga n 650 754 490 419 272 
us coal         
colowyo us s  – – 1939 1939
rio tinto total thermal coal   22975  20648  19729
see notes on page 214         
 
 
  
 
213 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
2013 production 2012 production 2011 production
rio tinto 
 share
a
total
rio tinto
share total
rio tinto  
share total
rio tinto 
share
copper mined ‘000 tonnes   
bingham canyon us 1000 2110 2110 1632 1632 1950 1950
escondida chile 300 11215 3365 10474 3142 7591 2277
grasberg – joint venture indonesia 400 157 63 00 00 421 169
northparkes australia u – 506 404 538 431 504 403
oyu tolgoi mongolia v 335 767 257 – – – –
palabora south africa w – 222 116 491 283 691 399
rio tinto total   6315  5488  5197
copper refined ‘000 tonnes   
escondida chile 300 3053 916 3103 931 2835 850
kennecott utah copper us 1000 1936 1936 1627 1627 2153 2153
palabora south africa w – 258 149 409 236 590 340
rio tinto total   3001  2794  3344
diamonds ‘000 carats   
argyle australia 1000 11359 11359 8471 8471 7441 7441
diavik canada 600 7243 4346 7230 4338 6677 4006
murowa zimbabwe 778 414 322 403 313 367 285
rio tinto total   16027  13122  11733
gold mined ‘000 ounces   
barneys canyon us 1000 0 0 1 1 2 2
bingham canyon us 1000 207 207 200 200 384 384
escondida chile 300 94 28 98 29 122 37
grasberg – joint venture indonesia t 400 0 0 0 0 444 178
northparkes australia u – 62 49 72 58 76 61
oyu tolgoi mongolia v 335 157 53 – – – –
palabora south africa w – 5 3 11 6 13 8
rio tinto total   340  294  669
gold refined ‘000 ounces   
kennecott utah copper us 1000 192 192 279 279 379 379
iron ore ‘000 tonnes   
hamersley iron – six wholly owned mines australia 1000 133295 133295 126630 126630 121525 121525
hamersley – channar australia 600 11047 6628 10947 6568 11015 6609
hamersley – eastern range australia  x 10052 10052 9303 9303 9385 9385
hope downs australia 500 33788 16894 30793 15396 31740 15870
iron ore company of canada canada 587 15368 9024 14079 8267 13457 7902
robe river australia 530 62401 33073 61707 32705 57502 30476
rio tinto total   208966  198869  191767
molybdenum ‘000 tonnes   
bingham canyon us 1000 57 57 94 94 136 136
salt ‘000 tonnes   
dampier salt australia 684 9841 6728 9996 6833 9666 6608
silver mined ‘000 ounces   
bingham canyon us 1000 2876 2876 2086 2086 2976 2976
escondida chile 300 4032 1210 3501 1050 4327 1298
grasberg – joint venture indonesia t 400 0 0 0 0 208 83
oyu tolgoi mongolia v 335 489 164 – – – –
others – 687 515 685 521 766 566
rio tinto total   4765  3657  4924
see notes on page 214 
  
riotintocomreportingcentre2013
213 metals and minerals production continued 
214 
riotintocomreportingcentre2013 
2013 production 2012 production 2011 production
rio tinto 
 share
a
total
rio tinto 
share total
rio tinto 
share total
rio tinto 
share
silver refined ‘000 ounces   
kennecott utah copper us 1000 2158 2158 2451 2451 3189 3189
talc ‘000 tonnes         
rio tinto minerals         
– talc australiaeuropenorth america y – – – – – 592 592
titanium dioxide feedstock ‘000 tonnes   
rio tinto iron  titanium   
canadasouth africa z aa 1000 1622 1622 1594 1594 1443 1443
uranium ‘000 lbs u
3
o
8
   
energy resources of australia australia 684 6361 4351 8304 5679 5571 3810
rössing namibia 686 5312 3643 5950 4081 4736 3248
rio tinto total   7993  9760  7058
production data notes        
mine production figures for metals refer to the total quantity of metal produced in concentrates leach liquor or doré bullion irrespective of whether these products are then refined onsite 
except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets  
a rio tinto percentage share shown above is as at the end of 2013 the footnotes below include all ownership changes over the three years the rio tinto share varies at individual  
mines and refineries in the “others” category and thus no value is shown 
b jonquière’s vaudreuil’s production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina  
c on 29 november 2013 rio tinto announced plans to suspend production at the gove refinery in 2014 the gove refinery has been transferred from “pacific aluminium”  
to “other aluminium”  
d rio tinto sold its interest in these specialty alumina assets with an effective date of 1 august 2012 production is shown up to that date  
e rio tinto started production at the arvida ap60 technology centre in the fourth quarter of 2013 
f on 8 august 2013 rio tinto announced that pacific aluminium including the gove mine bell bay boyne island tomago and tiwai point smelters would be reintegrated in  
rio tinto alcan 
g rio tinto sold its 100 per cent interest in the saintjeandemaurienne smelter with an effective date of 16 december 2013 production is shown up to that date 
hthe shawinigan smelter ceased production on 29 november 2013         
irio tinto closed the lynemouth aluminium smelter on 29 march 2012        
j rio tinto sold its 100 per cent interest in the sebree aluminium smelter with an effective date of 1 june 2013 production is shown up to that date 
k rio tinto has a 2295 per cent shareholding in the sangaredi mine but benefits from 450 per cent of production 
l borate quantities are expressed as b
2
o
3
        
m rio tinto sold its interest in borax argentina with an effective date of 21 aug 2012 production is included up to that date  
n benga moved to commercial production during the third quarter of 2012        
o rio tinto’s interest in these mines is held through coal  allied industries ltd rio tinto increased its interest in coal  allied from 757 per cent to 800 per cent with effect  
from 16 december 2011 production data reflect the increased shareholding from that date        
p blair athol closed in the last quarter of 2012 rio tinto agreed to sell its 712 per cent interest in blair athol in october 2013 
q in october 2013 rio tinto reached a binding agreement for the sale of its 501 per cent interest in the clermont joint venture 
r hail creek started a trial of thermal coal production reprocessed from coking coal reject in the third quarter of 2013 
s rio tinto sold its 100 per cent interest in colowyo with an effective date of 1 december 2011 production data are shown up to that date 
t through a joint venture agreement with freeportmcmoran copper  gold fcx rio tinto is entitled to 40 per cent of additional material mined as a consequence of expansions and 
developments of the grasberg facilities since 1998 total production reflects the quantities attributable to the joint venture the 2013 gold and silver production from grasberg did not 
exceed the metal attributable to pt freeport indonesia per the joint venture agreement for the year accordingly rio tinto’s share of joint venture gold and silver production was zero  
for the year 2013        
u rio tinto sold its 80 per cent interest in northparkes with an effective date of 1 december 2013 production is shown up to that date  
v rio tinto owns a 3352 per cent indirect interest in oyu tolgoi through its 5079 per cent interest in turquoise hill resources ltd production included in the table is from 1 may 2013 
w the sale of rio tinto’s 577 per cent interest in palabora mining company was completed on 31 july 2013 production data have been reported up to 30 june 2013 
x rio tinto’s share of production includes 100 per cent of the production from the eastern range mine under the terms of the joint venture agreement rio tinto 54 per cent interest  
hamersley iron manages the operation and is obliged to purchase all mine production from the joint venture 
y rio tinto sold its 100 per cent interest in the talc business with an effective date of 1 august 2011 production data are shown up to that date 
z on 7 september 2012 rio tinto increased its stake in richards bay minerals rbm from 37 per cent to 74 per cent through the acquisition of bhp billiton’s interest in rbm 
aa quantities comprise 100 per cent of rio tinto fer et titane and rio tinto’s share of richards bay minerals’ production ilmenite mined in madagascar is being processed in canada  
production figures are sometimes more precise than the rounded numbers shown hence an apparent small difference may result where the rio tinto share is totalled  
                
riotintocomreportingcentre2013
214 strategic report financial statements directors’ report production reserves and operations additional information
metals and minerals production continued 
214 
riotintocomreportingcentre2013 
2013 production 2012 production 2011 production
rio tinto 
 share
a
total
rio tinto 
share total
rio tinto 
share total
rio tinto 
share
silver refined ‘000 ounces   
kennecott utah copper us 1000 2158 2158 2451 2451 3189 3189
talc ‘000 tonnes         
rio tinto minerals         
– talc australiaeuropenorth america y – – – – – 592 592
titanium dioxide feedstock ‘000 tonnes   
rio tinto iron  titanium   
canadasouth africa z aa 1000 1622 1622 1594 1594 1443 1443
uranium ‘000 lbs u
3
o
8
   
energy resources of australia australia 684 6361 4351 8304 5679 5571 3810
rössing namibia 686 5312 3643 5950 4081 4736 3248
rio tinto total   7993  9760  7058
production data notes        
mine production figures for metals refer to the total quantity of metal produced in concentrates leach liquor or doré bullion irrespective of whether these products are then refined onsite 
except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets  
a rio tinto percentage share shown above is as at the end of 2013 the footnotes below include all ownership changes over the three years the rio tinto share varies at individual  
mines and refineries in the “others” category and thus no value is shown 
b jonquière’s vaudreuil’s production shows smelter grade alumina only and excludes hydrate produced and used for specialty alumina  
c on 29 november 2013 rio tinto announced plans to suspend production at the gove refinery in 2014 the gove refinery has been transferred from “pacific aluminium”  
to “other aluminium”  
d rio tinto sold its interest in these specialty alumina assets with an effective date of 1 august 2012 production is shown up to that date  
e rio tinto started production at the arvida ap60 technology centre in the fourth quarter of 2013 
f on 8 august 2013 rio tinto announced that pacific aluminium including the gove mine bell bay boyne island tomago and tiwai point smelters would be reintegrated in  
rio tinto alcan 
g rio tinto sold its 100 per cent interest in the saintjeandemaurienne smelter with an effective date of 16 december 2013 production is shown up to that date 
hthe shawinigan smelter ceased production on 29 november 2013         
irio tinto closed the lynemouth aluminium smelter on 29 march 2012        
j rio tinto sold its 100 per cent interest in the sebree aluminium smelter with an effective date of 1 june 2013 production is shown up to that date 
k rio tinto has a 2295 per cent shareholding in the sangaredi mine but benefits from 450 per cent of production 
l borate quantities are expressed as b
2
o
3
        
m rio tinto sold its interest in borax argentina with an effective date of 21 aug 2012 production is included up to that date  
n benga moved to commercial production during the third quarter of 2012        
o rio tinto’s interest in these mines is held through coal  allied industries ltd rio tinto increased its interest in coal  allied from 757 per cent to 800 per cent with effect  
from 16 december 2011 production data reflect the increased shareholding from that date        
p blair athol closed in the last quarter of 2012 rio tinto agreed to sell its 712 per cent interest in blair athol in october 2013 
q in october 2013 rio tinto reached a binding agreement for the sale of its 501 per cent interest in the clermont joint venture 
r hail creek started a trial of thermal coal production reprocessed from coking coal reject in the third quarter of 2013 
s rio tinto sold its 100 per cent interest in colowyo with an effective date of 1 december 2011 production data are shown up to that date 
t through a joint venture agreement with freeportmcmoran copper  gold fcx rio tinto is entitled to 40 per cent of additional material mined as a consequence of expansions and 
developments of the grasberg facilities since 1998 total production reflects the quantities attributable to the joint venture the 2013 gold and silver production from grasberg did not 
exceed the metal attributable to pt freeport indonesia per the joint venture agreement for the year accordingly rio tinto’s share of joint venture gold and silver production was zero  
for the year 2013        
u rio tinto sold its 80 per cent interest in northparkes with an effective date of 1 december 2013 production is shown up to that date  
v rio tinto owns a 3352 per cent indirect interest in oyu tolgoi through its 5079 per cent interest in turquoise hill resources ltd production included in the table is from 1 may 2013 
w the sale of rio tinto’s 577 per cent interest in palabora mining company was completed on 31 july 2013 production data have been reported up to 30 june 2013 
x rio tinto’s share of production includes 100 per cent of the production from the eastern range mine under the terms of the joint venture agreement rio tinto 54 per cent interest  
hamersley iron manages the operation and is obliged to purchase all mine production from the joint venture 
y rio tinto sold its 100 per cent interest in the talc business with an effective date of 1 august 2011 production data are shown up to that date 
z on 7 september 2012 rio tinto increased its stake in richards bay minerals rbm from 37 per cent to 74 per cent through the acquisition of bhp billiton’s interest in rbm 
aa quantities comprise 100 per cent of rio tinto fer et titane and rio tinto’s share of richards bay minerals’ production ilmenite mined in madagascar is being processed in canada  
production figures are sometimes more precise than the rounded numbers shown hence an apparent small difference may result where the rio tinto share is totalled  
                
ore reserves 
 
215 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
ore reserves and mineral resources for rio tinto managed operations are reported in accordance with the australasian code for reporting of exploration results 
mineral resources and ore reserves december 2012 the jorc code as required by the australian securities exchange asx codes or guidelines similar to jorc 
with only minor regional variations have been adopted in south africa canada the us chile peru the philippines the uk ireland and europe together these codes 
represent current best practice for reporting ore reserves and mineral resources 
the jorc code envisages the use of reasonable investment assumptions including the use of projected longterm commodity prices in calculating reserve 
estimates however for us reporting the us securities and exchange commission requires historical price data to be used for this reason some reserves reported 
to the sec in the form 20f may differ from those reported below 
ore reserve and mineral resource information in the tables below is based on information compiled by competent persons as defined by jorc most of whom  
are full time employees of rio tinto or related companies each has had a minimum of five years’ relevant estimation experience and is a member of a recognised 
professional body whose members are bound by a professional code of ethics each competent person consents to the inclusion in this report of information they 
have provided in the form and context in which it appears competent persons responsible for the estimates are listed on pages 224 and 225 by operation along  
with their professional affiliation employer and accountability for ore reserves andor mineral resources where operations are not managed by rio tinto the  
ore reserves are published as received from the managing company the ore reserve figures in the following tables are as of 31 december 2013 summary data  
for year end 2012 are shown for comparison metric units are used throughout the figures used to calculate rio tinto’s share of ore reserves are often more precise 
than the rounded numbers shown in the tables hence small differences might result if the calculations are repeated using the tabulated figures   
 
  
type 
of mine 
a 
  
proved ore reserves 
at end 2013
probable ore reserves 
at end 2013
total ore reserves 2013  
compared with 2012    rio tinto share 
  tonnage grade tonnage grade tonnage grade  
interest

recoverable
mineral
          2013 2012 2013 2012    
bauxite b     
millions  
of tonnes  al
2
o
3
millions 
of tonnes  al
2
o
3
millions 
of tonnes
millions 
of tonnes  al
2
o
3
 al
2
o
3
   
millions 
of tonnes
reserves at operating mines                  
rio tinto alcan                  
gove australia c op   141 493 87 490 150 155 493 495  1000 150
porto trombetas mrn  
brazil d op   85 494 19 499 104 63 495 509  120 12
sangaredi guinea op   99 498 204 495 303 320 496 496  230 70
weipa australia op   521 521 989 527 1511 1533 525 528  1000 1511
total                 1743
                 
marketable 
product
borates e     
millions  
of tonnes  
millions 
of tonnes 
millions 
of tonnes
millions 
of tonnes   
millions 
of tonnes
reserves at operating mine                  
rio tinto minerals  boron us op   12  11 23 25    1000 23
      
     reserves marketable reserves marketable reserves
marketable  
coal quality 
average  
yield
 to give 
marketable 
reserves
rio tinto 
share
  
coal type 
f proved  
probable 
at end 
2013 proved 
probable 
at end 
2013
total 
2013
total 
2012 g g 
marketable 
reserves
coal h     
millions  
of tonnes 
millions 
of tonnes
millions 
of tonnes
millions 
of tonnes
millions 
of tonnes
millions 
of tonnes
calorific 
value 
mjkg
sulphur 
content 
   
millions
of tonnes
reserves at operating mines                  
rio tinto coal australia                  
bengalla oc sc 151 10 113 71 120 128 2786 048 74 320 38
clermont oc sc 156 46 149 42 153 165 2790 033 96 501 77
hail creek oc mc 74 44 38 23 60 66 3220 035 51 820 49
hunter valley operations i j oc sc  mc 332 49 242 35 277 217 2912 059 73 800 221
kestrel coal ug mc 40 95 34 79 112 116 3160 059 83 800 90
mount thorley operations k oc sc  mc 24 73 17 47 21 25 2980 045 67 640 14
warkworth l oc sc  mc 204 155 132 101 233 242 2980 045 65 445 104
subtotal                 593
rio tinto coal mozambique                  
benga oc sc  mc 133 103 67 45 112 119 2640 089 47 650 73
total reserves at operating mines                665
other undeveloped reserves m                 
rio tinto coal australia                  
mount pleasant oc sc   399 326 326 326 2692 048 82 800 261
see notes on page 218 
 
riotintocomreportingcentre2013
215 ore reserves continued 
216 
riotintocomreportingcentre2013 
   
proved ore reserves 
at end 2013
probable ore reserves 
at end 2013
total ore reserves 2013  
compared with 2012  
average 
mill 
recovery 
 
rio tinto share 
  tonnage grade tonnage grade tonnage grade 
interest

recoverable
metal
        2013 2012 20132012   
copper   
millions  
of tonnes  cu
millions 
of tonnes  cu
millions 
of tonnes
millions 
of tonnes  cu  cu   
millions 
of tonnes
reserves at operating mines                 
bingham canyon us                 
 open pit and stockpiles n op 289 043 459 049 748 784 047 047 861000 3035
escondida chile                 
 sulphide op 3722 076 1341 060 5063 4884 071 070 85 300 9242
 sulphide leach op 1461 045 543 042 2004 1926 044 047 36 300 0955
 oxide o op 92 084 60 071 152 91 079 092 67 300 0241
grasberg indonesia op  ug 770 116 1588 093 2358 2424 101 100 88 p 6877
northparkes australia q                 
 open pit and stockpiles        – 82 – 040 –
 underground ug      – 66 – 080 –
oyu tolgoi mongolia                 
 south oyu open pit op 410 054 604 041 1014 1040 046 046 82 335 1276
 south oyu stockpiles r   18 037  18 90 037 044 83 335 0019
palabora south africa s ug      – 35 – 054 –
total                21644
reserves at development projects                 
eagle us t ug      – 52 – 249 –
oyu tolgoi mongolia                 
 hugo dummett north ug    460 180 460 460 180 180 92 335 2549
 hugo dummett north extension ug    31 173 31 31 173 173 92 300 0149
total                2697
                
recoverable 
diamonds
diamonds b   
millions  
of tonnes 
carats 
per tonne
millions 
of tonnes
carats 
per tonne
millions 
of tonnes
millions 
of tonnes
carats  
per tonne
carats  
per tonne   
millions 
of carats
reserves at operating mines                 
argyle australia u j ug    49 24 49 67 24 21  1000 1179
diavik canada v ug 11 29 53 28 16 18 29 29  600 281
murowa zimbabwe w op    44 09 44 54 09 09  778 35
total                1491
                
recoverable 
metal
gold   
millions  
of tonnes 
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions 
of tonnes
millions 
of tonnes
grammes 
per tonne
grammes 
per tonne   
millions 
of ounces
reserves at operating mines                 
bingham canyon us                 
 open pit and stockpiles n op 289 017 459 020 748 784 019 019 671000 3042
grasberg indonesia op  ug 770 102 1588 075 2358 2424 084 083 68 p 12220
northparkes australia q                 
 open pit and stockpiles        – 82 – 024 –
 underground ug      – 66 – 028 –
oyu tolgoi mongolia                 
 south oyu open pit op 410 042 604 024 1014 1040 031 031 74 335 2520
 south oyu stockpiles r   18 021  18 90 021 033 76 335 0032
total                17814
reserves at development projects                 
eagle us t ug      – 52 – 025 –
oyu tolgoi mongolia                 
 hugo dummett north ug    460 037 460 460 037 037 83 335 1543
 hugo dummett north extension ug    31 062 31 31 062 062 83 300 0156
total                1700
see notes on page 218             
  
riotintocomreportingcentre2013
216 strategic report financial statements directors’ report production reserves and operations additional information
ore reserves continued 
216 
riotintocomreportingcentre2013 
   
proved ore reserves 
at end 2013
probable ore reserves 
at end 2013
total ore reserves 2013  
compared with 2012  
average 
mill 
recovery 
 
rio tinto share 
  tonnage grade tonnage grade tonnage grade 
interest

recoverable
metal
        2013 2012 20132012   
copper   
millions  
of tonnes  cu
millions 
of tonnes  cu
millions 
of tonnes
millions 
of tonnes  cu  cu   
millions 
of tonnes
reserves at operating mines                 
bingham canyon us                 
 open pit and stockpiles n op 289 043 459 049 748 784 047 047 861000 3035
escondida chile                 
 sulphide op 3722 076 1341 060 5063 4884 071 070 85 300 9242
 sulphide leach op 1461 045 543 042 2004 1926 044 047 36 300 0955
 oxide o op 92 084 60 071 152 91 079 092 67 300 0241
grasberg indonesia op  ug 770 116 1588 093 2358 2424 101 100 88 p 6877
northparkes australia q                 
 open pit and stockpiles        – 82 – 040 –
 underground ug      – 66 – 080 –
oyu tolgoi mongolia                 
 south oyu open pit op 410 054 604 041 1014 1040 046 046 82 335 1276
 south oyu stockpiles r   18 037  18 90 037 044 83 335 0019
palabora south africa s ug      – 35 – 054 –
total                21644
reserves at development projects                 
eagle us t ug      – 52 – 249 –
oyu tolgoi mongolia                 
 hugo dummett north ug    460 180 460 460 180 180 92 335 2549
 hugo dummett north extension ug    31 173 31 31 173 173 92 300 0149
total                2697
                
recoverable 
diamonds
diamonds b   
millions  
of tonnes 
carats 
per tonne
millions 
of tonnes
carats 
per tonne
millions 
of tonnes
millions 
of tonnes
carats  
per tonne
carats  
per tonne   
millions 
of carats
reserves at operating mines                 
argyle australia u j ug    49 24 49 67 24 21  1000 1179
diavik canada v ug 11 29 53 28 16 18 29 29  600 281
murowa zimbabwe w op    44 09 44 54 09 09  778 35
total                1491
                
recoverable 
metal
gold   
millions  
of tonnes 
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions 
of tonnes
millions 
of tonnes
grammes 
per tonne
grammes 
per tonne   
millions 
of ounces
reserves at operating mines                 
bingham canyon us                 
 open pit and stockpiles n op 289 017 459 020 748 784 019 019 671000 3042
grasberg indonesia op  ug 770 102 1588 075 2358 2424 084 083 68 p 12220
northparkes australia q                 
 open pit and stockpiles        – 82 – 024 –
 underground ug      – 66 – 028 –
oyu tolgoi mongolia                 
 south oyu open pit op 410 042 604 024 1014 1040 031 031 74 335 2520
 south oyu stockpiles r   18 021  18 90 021 033 76 335 0032
total                17814
reserves at development projects                 
eagle us t ug      – 52 – 025 –
oyu tolgoi mongolia                 
 hugo dummett north ug    460 037 460 460 037 037 83 335 1543
 hugo dummett north extension ug    31 062 31 31 062 062 83 300 0156
total                1700
see notes on page 218             
  
 
217 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
 
type of 
mine  
a  
proved ore reserves 
at end 2013
probable ore reserves 
at end 2013
total ore reserves 2013  
compared with 2012  
average 
mill 
recovery 
 
rio tinto share
 tonnage grade tonnage grade tonnage grade 
interest

marketable 
product
        2013 2012 2013 2012   
iron ore x b   
millions  
of tonnes  fe
millions 
of tonnes  fe
millions 
of tonnes
millions 
of tonnes  fe  fe    
millions 
of tonnes
reserves at operating mines                 
hamersley iron australia                 
 brockman 2 brockman ore op 15 629 26 613 41 44 619 620   1000 41
 brockman 4 brockman ore op 381 623 136 613 516 561 620 620   1000 516
 marandoo marra mamba ore op 181 635 24 613 205 211 632 632   1000 205
 mt tom price brockman ore y op 15 636 37 636 53 60 636 636   1000 53
 mt tom price marra mamba ore z op 8 610 1 588 9 11 608 609   1000 9
 nammuldi marra mamba ore op 73 629 92 624 165 166 626 626   1000 165
 paraburdoo brockman ore op 6 629 8 639 14 13 635 634   1000 14
 western turner syncline  
brockman ore op 257 623 73 610 331 336 620 620   1000 331
 yandicoogina pisolite ore hg op 297 587 1 586 298 324 587 586   1000 298
channar jv australia                 
 brockman ore op 24 631 16 627 40 42 629 629   600 24
eastern range jv australia                 
 brockman ore op 40 627 7 624 47 49 627 627   540 26
hope downs jv australia                 
 hope downs 1 marra mamba ore aa op 6 614 219 616 225 250 616 616   500 112
 hope downs 4 brockman ore op 71 629 67 632 138 130 631 631   500 69
robe river jv australia                 
 pannawonica pisolite ore op 155 572 105 564 260 274 569 572   530 138
 west angelas marra mamba ore bb op 150 619 46 601 196 228 615 618   530 104
iron ore company of canada  
canada cc op 358 650 234 650 592 555 650 650   587 348
palabora south africa s ug      – 74 – 551   –
total                 2452 
reserves at development projects                 
hamersley iron australia                 
 koodaideri brockman ore dd  op 167 621 251 617 418 618 –   1000 418
 silvergrass east  
marra mamba ore ee j op 112 627 33 605 144 99 622 621   1000 144
 turee central brockman ore op 72 620 6 614 78 78 619 619   1000 78
simandou guinea op    1844 655 1844 1844 655 655   504 928
total                 1569 
                
recoverable 
metal
molybdenum   
millions  
of tonnes  mo
millions 
of tonnes  mo
millions 
of tonnes
millions 
of tonnes  mo  mo    
millions 
of tonnes
reserves at operating mines                 
bingham canyon us     
 open pit and stockpiles n ff op 289 0045 459 0042 748 784 0043 0044 70 1000 0225
total                 0225 
nickel   
millions  
of tonnes  ni
millions 
of tonnes  ni
millions 
of tonnes
millions 
of tonnes  ni  ni     
reserves at development project                 
eagle us t ug      – 52 – 293  –
silver   
millions  
of tonnes 
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions 
of tonnes
millions 
of tonnes
grammes 
per tonne
grammes 
per tonne    
millions 
of ounces
reserves at operating mines                 
bingham canyon us     
 open pit and stockpiles n op 289 195 459 216 748 784 208 211 67 1000 33426
grasberg indonesia op  ug 770 467 1588 407 2358 2424 426 424 70  p 78552
total     111978
see notes on page 218 
  
riotintocomreportingcentre2013
217 ore reserves continued 
218 
riotintocomreportingcentre2013 
 
type  
of mine  
a  
proved ore reserves 
at end 2013
probable ore reserves 
at end 2013
total ore reserves 2013  
compared with 2012  
average 
mill 
recovery 
 
rio tinto share 
 tonnage grade tonnage grade tonnage grade 
interest

marketable 
product
        2013 2012 2013 2012   
titanium dioxide 
feedstock gg   
millions  
of tonnes  
millions 
of tonnes 
millions 
of tonnes
millions 
of tonnes    
millions 
of tonnes
reserves at operating mines                 
qmm madagascar hh do 73  14 86 93     800 69
rbm south africa ii do 80  12 19 21     740 144
rtft canada jj op    53 53 48     1000 526
total                 739 
                
recoverable 
metal
uranium   
millions  
of tonnes  u
3
0
8
millions 
of tonnes  u
3
0
8
millions 
of tonnes
millions 
of tonnes  u
3
0
8
 u
3
0
8
    
millions 
of tonnes
reserves at operating mines                 
energy resources of australia australia     
 ranger 3 stockpiles kk      55 0123 55 73 0123 0132 84 684 0004
rössing sj namibia ll op 18 0031 130 0032 148 131 0032 0034 85 686 0028
total                 0032 
notes              
a type of mine op  open pit oc  open cut ug  underground do  dredging 
operation  
b reserves of iron ore bauxite and diamonds are shown as recoverable reserves  
of marketable product after accounting for all mining and processing losses  
mill recoveries are therefore not shown  
c on 8 august 2013 rio tinto announced that pacific aluminium including the  
gove mine bell bay boyne island tomago and tiwai point smelters would be  
reintegrated into rio tinto alcan gove reserves are not dependent on continued 
refinery operations  
d reserves at porto trombetas mrn increased after conversion of resources  
to reserves  
e reserves of borates are expressed in terms of marketable product b
2
o
3
 after  
all mining and processing losses  
f coal type sc steamthermal coal mc metallurgicalcoking coal  
g coals have been analysed on an “air dried” moisture basis in accordance with 
australian standards and gross calorific value and sulphur content are reported here 
on that basis marketable reserve tonnages are reported on a product moisture basis  
h for coal the yield factors shown reflect the impact of further processing where 
necessary to provide marketable coal  
i reserves at hunter valley operations increased following technical and  
economic studies  
j hunter valley operations argyle and silvergrass have had material reserve  
changes since previous publication a jorc table 1 in support of these changes  
can be found at wwwriotintocomjorc  
k mount thorley operations reserves decreased as a result of production  
l an appeal of the project approval for reserves west of wallaby scrub road was  
upheld disapproved by the nsw land and environment court in april 2013  
rtca management are working through a process that should result in further 
approval in 2014 should this not occur a reduction in reserves of approximately  
126 million tonnes run of mine rom consisting of 41 million tonnes rom proved 
and 85 million tonnes rom probable could occur  
m the term “other undeveloped reserves” is used here to describe material that is 
economically viable on the basis of technical and economic studies but for which 
mining and processing permits may have yet to be requested or obtained there is a 
reasonable but not absolute certainty that the necessary permits will be issued and 
that mining can proceed when required  
n bingham canyon open pit reserves decreased after production current stockpiles are 
17 million tonnes or 22 per cent of the listed reserve pending further geotechnical 
review some 2012 proved material has been reclassified as probable  
o the escondida oxide mine reserves tonnes increased and grade decreased following  
a mine design update incorporating a new geological model based on additional 
drilling data  
p under the terms of a joint venture agreement between rio tinto and fcx rio tinto  
is entitled to a direct 40 per cent share in reserves discovered after 31 december  
1994 and it is this entitlement that is shown  
q rio tinto sold its 80 per cent interest in northparkes with an effective date  
of 1 december 2013  
r the south oyu stockpile reserve tonnes increase and grade decrease is a result  
of economic reevaluation  
s the sale of rio tinto’s 577 per cent interest in palabora mining company was 
completed on 31 july 2013 
t rio tinto sold its 100 per cent interest in the eagle project with an effective date  
of 17 july 2013  
u reserve tonnes decreased and grade increased at argyle as a result of an economic 
reassessment  
v diavik reserves decreased consistent with production  
w murowa reserves declined with production and an updated mine plan  
x australian and guinean iron ore reserve tonnes are reported on a dry weight basis  
y changes in mt tom price brockman ore reserve tonnage are due to production  
and updated technical and economic studies  
z changes in mt tom price marra mamba ore reserve tonnage are due to production 
and updated technical and economic studies  
aa hope downs 1 marra mamba ore reserve depletions are consistent with production  
bb the decrease in west angelas marra mamba ore reserve tonnage is due to 
production and updated technical and economic studies  
cc reserves at iron ore company of canada are reported as marketable product  
43 per cent pellets and 57 per cent concentrate for sale at a natural moisture 
content of three per cent using process upgrade factors derived from current ioc 
concentrating and pellet operations the marketable product is obtained from mined 
material comprising 851 million dry tonnes at 381 per cent iron proved and 560 
million dry tonnes at 376 per cent iron probable  
dd koodaideri brockman ore is being reported for the first time in the rio tinto annual 
report following completion of a prefeasibility study a jorc table 1 in support of this 
initial release can be found at wwwriotintocomjorc  
ee reserve additions at silvergrass east marra mamba ore are due to changes in pit 
designs following technical and economic studies  
ff molybdenum grades interpolated from exploration drilling assays have been factored 
based on a long reconciliation history to blast hole and mill samples  
gg reserves of titanium dioxide products are expressed in terms of marketable product 
tio
2
 slag after all mining and processing losses  
hh qmm reserves are derived from 519 million tonnes of ore at an ilmenite grade of  
37 per cent and coproduct grade of 02 per cent zircon  
ii rbm reserves are derived from 1854 million tonnes of material at a grade of 23  
per cent ilmenite and coproduct grades of 02 per cent rutile and 03 per cent zircon  
jj rtft reserves are derived from 143 million tonnes of ore at an ilmenite grade of  
831 per cent  
kk ranger 3 stockpile reserves were depleted concurrent with production  
ll reserve additions at rössing are due to an updated pit design and economic  
reevaluation 
             
riotintocomreportingcentre2013
218 strategic report financial statements directors’ report production reserves and operations additional information
ore reserves continued 
218 
riotintocomreportingcentre2013 
 
type  
of mine  
a  
proved ore reserves 
at end 2013
probable ore reserves 
at end 2013
total ore reserves 2013  
compared with 2012  
average 
mill 
recovery 
 
rio tinto share 
 tonnage grade tonnage grade tonnage grade 
interest

marketable 
product
        2013 2012 2013 2012   
titanium dioxide 
feedstock gg   
millions  
of tonnes  
millions 
of tonnes 
millions 
of tonnes
millions 
of tonnes    
millions 
of tonnes
reserves at operating mines                 
qmm madagascar hh do 73  14 86 93     800 69
rbm south africa ii do 80  12 19 21     740 144
rtft canada jj op    53 53 48     1000 526
total                 739 
                
recoverable 
metal
uranium   
millions  
of tonnes  u
3
0
8
millions 
of tonnes  u
3
0
8
millions 
of tonnes
millions 
of tonnes  u
3
0
8
 u
3
0
8
    
millions 
of tonnes
reserves at operating mines                 
energy resources of australia australia     
 ranger 3 stockpiles kk      55 0123 55 73 0123 0132 84 684 0004
rössing sj namibia ll op 18 0031 130 0032 148 131 0032 0034 85 686 0028
total                 0032 
notes              
a type of mine op  open pit oc  open cut ug  underground do  dredging 
operation  
b reserves of iron ore bauxite and diamonds are shown as recoverable reserves  
of marketable product after accounting for all mining and processing losses  
mill recoveries are therefore not shown  
c on 8 august 2013 rio tinto announced that pacific aluminium including the  
gove mine bell bay boyne island tomago and tiwai point smelters would be  
reintegrated into rio tinto alcan gove reserves are not dependent on continued 
refinery operations  
d reserves at porto trombetas mrn increased after conversion of resources  
to reserves  
e reserves of borates are expressed in terms of marketable product b
2
o
3
 after  
all mining and processing losses  
f coal type sc steamthermal coal mc metallurgicalcoking coal  
g coals have been analysed on an “air dried” moisture basis in accordance with 
australian standards and gross calorific value and sulphur content are reported here 
on that basis marketable reserve tonnages are reported on a product moisture basis  
h for coal the yield factors shown reflect the impact of further processing where 
necessary to provide marketable coal  
i reserves at hunter valley operations increased following technical and  
economic studies  
j hunter valley operations argyle and silvergrass have had material reserve  
changes since previous publication a jorc table 1 in support of these changes  
can be found at wwwriotintocomjorc  
k mount thorley operations reserves decreased as a result of production  
l an appeal of the project approval for reserves west of wallaby scrub road was  
upheld disapproved by the nsw land and environment court in april 2013  
rtca management are working through a process that should result in further 
approval in 2014 should this not occur a reduction in reserves of approximately  
126 million tonnes run of mine rom consisting of 41 million tonnes rom proved 
and 85 million tonnes rom probable could occur  
m the term “other undeveloped reserves” is used here to describe material that is 
economically viable on the basis of technical and economic studies but for which 
mining and processing permits may have yet to be requested or obtained there is a 
reasonable but not absolute certainty that the necessary permits will be issued and 
that mining can proceed when required  
n bingham canyon open pit reserves decreased after production current stockpiles are 
17 million tonnes or 22 per cent of the listed reserve pending further geotechnical 
review some 2012 proved material has been reclassified as probable  
o the escondida oxide mine reserves tonnes increased and grade decreased following  
a mine design update incorporating a new geological model based on additional 
drilling data  
p under the terms of a joint venture agreement between rio tinto and fcx rio tinto  
is entitled to a direct 40 per cent share in reserves discovered after 31 december  
1994 and it is this entitlement that is shown  
q rio tinto sold its 80 per cent interest in northparkes with an effective date  
of 1 december 2013  
r the south oyu stockpile reserve tonnes increase and grade decrease is a result  
of economic reevaluation  
s the sale of rio tinto’s 577 per cent interest in palabora mining company was 
completed on 31 july 2013 
t rio tinto sold its 100 per cent interest in the eagle project with an effective date  
of 17 july 2013  
u reserve tonnes decreased and grade increased at argyle as a result of an economic 
reassessment  
v diavik reserves decreased consistent with production  
w murowa reserves declined with production and an updated mine plan  
x australian and guinean iron ore reserve tonnes are reported on a dry weight basis  
y changes in mt tom price brockman ore reserve tonnage are due to production  
and updated technical and economic studies  
z changes in mt tom price marra mamba ore reserve tonnage are due to production 
and updated technical and economic studies  
aa hope downs 1 marra mamba ore reserve depletions are consistent with production  
bb the decrease in west angelas marra mamba ore reserve tonnage is due to 
production and updated technical and economic studies  
cc reserves at iron ore company of canada are reported as marketable product  
43 per cent pellets and 57 per cent concentrate for sale at a natural moisture 
content of three per cent using process upgrade factors derived from current ioc 
concentrating and pellet operations the marketable product is obtained from mined 
material comprising 851 million dry tonnes at 381 per cent iron proved and 560 
million dry tonnes at 376 per cent iron probable  
dd koodaideri brockman ore is being reported for the first time in the rio tinto annual 
report following completion of a prefeasibility study a jorc table 1 in support of this 
initial release can be found at wwwriotintocomjorc  
ee reserve additions at silvergrass east marra mamba ore are due to changes in pit 
designs following technical and economic studies  
ff molybdenum grades interpolated from exploration drilling assays have been factored 
based on a long reconciliation history to blast hole and mill samples  
gg reserves of titanium dioxide products are expressed in terms of marketable product 
tio
2
 slag after all mining and processing losses  
hh qmm reserves are derived from 519 million tonnes of ore at an ilmenite grade of  
37 per cent and coproduct grade of 02 per cent zircon  
ii rbm reserves are derived from 1854 million tonnes of material at a grade of 23  
per cent ilmenite and coproduct grades of 02 per cent rutile and 03 per cent zircon  
jj rtft reserves are derived from 143 million tonnes of ore at an ilmenite grade of  
831 per cent  
kk ranger 3 stockpile reserves were depleted concurrent with production  
ll reserve additions at rössing are due to an updated pit design and economic  
reevaluation 
             
mineral resources 
 
219 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
as required by the australian securities exchange the following tables contain details of other mineralisation that has a reasonable prospect of being economically 
extracted in the future but which is not yet classified as proved or probable ore reserves this material is defined as mineral resources under the jorc code 
estimates of such material are based largely on geological information with only preliminary consideration of mining economic and other factors while in the 
judgment of the competent person there are realistic expectations that all or part of the mineral resources will eventually become proved or probable reserves 
there is no guarantee that this will occur as the result depends on further technical and economic studies and prevailing economic conditions in the future  
as in the case of ore reserves managed operations’ estimates are completed using or testing against rio tinto longterm pricing and market forecastsscenarios 
mineral resources are stated as additional to the ore reserves reported earlier where operations are not managed by rio tinto the mineral resources are published 
as received from the managing company where new project mineral resources or ore reserves are footnoted as being reported for the first time additional 
information about them can be viewed on the rio tinto website 
 
likely 
mining 
method 
a 
measured resources 
at end 2013 
indicated resources 
at end 2013 
inferred resources 
at end 2013 
total resources 2013 
compared with 2012
rio tinto 
interest 
 tonnage grade tonnage grade tonnage grade tonnage grade
  2013 2012 2013 2012
bauxite   
millions 
of tonnes  al
2
o
3
millions 
of tonnes  al
2
o
3
millions 
of tonnes  al
2
o
3
millions  
of tonnes
millions 
of tonnes  al
2
o
3
 al
2
o
3
 
rio tinto alcan                 
gove australia b op 14 495 31 497 29 503 48 47 496 497 1000
porto trombetas mrn brazil c op 57 492 16 492 367 502 440 536 500 489 120
sangaredi guinea d op 58 455 893 450 4820 467 5771 2953 465 464 230
weipa australia op 109 496 1401 513 455 519 1965 1921 513 513 1000
borates e   
millions  
of tonnes  
millions 
of tonnes 
millions 
of tonnes 
millions  
of tonnes
millions  
of tonnes  
rio tinto minerals  boron us op      01 01 01   1000
jadar serbia ug      18 18 19   1000
  
coal type  
f 
coal resources at end 2013 total resources 2013 compared with 2012
    measured indicated inferred 2013 2012  
coal g      
millions 
of tonnes
millions 
of tonnes
millions 
of tonnes 
millions  
of tonnes
millions 
of tonnes 
rio tinto coal australia                 
bengalla oc  ug sc  mc  68 112 66 246 246   320
blair athol h oc sc  10 02  10 10   712
clermont oc sc  11 37 15 15   501
hail creek oc mc  60 79 33 172 175   820
hunter valley operations oc  ug sc  mc  112 424 368 904 997   800
kestrel coal ug mc    30 30 30   800
kestrel west ug sc   106 33 139 139   800
lake elphinstone i oc sc  mc   120 42 162 162   820
mount pleasant oc  ug sc  mc  162 245 205 612 612   800
mount thorley operations oc  ug sc  mc   19 94 113 113   640
oaklands oc sc  596 584 90 1270 1270   800
valeria oc sc   698 64 762 762   712
warkworth oc  ug sc  mc  62 125 343 475 475   445
winchester south oc mc   17 175 192 192   750
rio tinto coal mozambique                 
benga j oc sc  mc  220 131 94 360 323   650
zambeze oc sc  mc  833 928 227 1988 1984   1000
see notes on page 223 
 
  
riotintocomreportingcentre2013
219 mineral resources continued 
220 
riotintocomreportingcentre2013 
 
likely 
mining 
method 
a 
measured resources 
at end 2013 
indicated resources 
at end 2013 
inferred resources 
at end 2013 
total resources 2013 
compared with 2012
rio tinto 
interest 
 tonnage grade tonnage grade tonnage grade tonnage grade
  2013 2012 2013 2012
copper   
millions 
of tonnes  cu
millions 
of tonnes  cu
millions 
of tonnes  cu
millions of 
tonnes
millions 
of tonnes  cu  cu 
bingham canyon us                 
 open pit k op      17 027 17 27 027 026 1000
 north rim skarn ug 10 350 90 360 10 370 20 20 365 365 1000
eagle us l ug          05   169  
escondida chile                 
 chimborazo  sulphide op    139 050 84 060 223 223 054 054 300
 escondida  sulphide m op 37 048 202 048 6670 051 6909 6741 051 049 300
 escondida  mixed m op 23 046 13 043 85 045 89 65 045 049 300
 escondida  oxide m op 11 047 08 057 39 054 41 24 054 061 300
 pampa escondida  sulphide op 294 053 1150 055 6000 043 7444 7378 045 047 300
 pinta verde  sulphide m op    23 050 37 045 60 72 047 046 300
 pinta verde  oxide m op 109 060 64 053 15 054 188 103 057 063 300
grasberg indonesia n op  ug 492 073 2173 058 83 040 2749 2435 060 062 o
la granja peru p q op    100 089 4290 051 4390 3600 052 051 1000
northparkes australia r ug          288   057  
oyu tolgoi mongolia                 
 heruga etg ug      910 048 910 910 048 048 300
 heruga ivn ug      60 048 60 60 048 048 335
 hugo dummett north s ug    299 131 707 097 1006 866 107 116 335
 hugo dummett north extension ug    87 173 93 115 180 190 143 149 300
 hugo dummett south ug      490 105 490 490 105 105 335
 south oyu op 22 041 150 036 452 033 624 624 034 034 335
palabora south africa t ug          136   065  
resolution us ug      1737 152 1737 1737 152 152 550
diamonds   
millions  
of tonnes 
carats 
per tonne
millions 
of tonnes
carats 
per tonne
millions 
of tonnes
carats 
per tonne
millions  
of tonnes
millions  
of tonnes 
carats 
per tonne
carats 
per tonne 
argyle australia                 
 ak1 pipe ug 13 34 23 37 61 36 42 41 36 36 1000
bunder india op      42 07 42 42 07 07 1000
diavik canada op  ug 36 28 04 26 33 27 73 73 27 27 600
murowa zimbabwe u op    03 06 40 02 43 38 03 03 778
gold   
millions  
of tonnes 
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions  
of tonnes
millions  
of tonnes 
grammes 
per tonne
grammes 
per tonne 
bingham canyon us                 
 open pit k op      17 013 17 27 013 013 1000
 north rim skarn ug 10 210 90 170 10 150 20 20 162 162 1000
eagle us l ug          05   017  
grasberg indonesia n op  ug 492 065 2173 052 83 037 2749 2435 054 055 o
northparkes australia r ug          288   026  
oyu tolgoi mongolia                 
 heruga etg ug      910 049 910 910 049 049 300
 heruga ivn ug      60 037 60 60 037 037 335
 hugo dummett north s ug    299 032 707 031 1006 866 031 031 335
 hugo dummett north extension ug    87 057 93 030 180 190 043 043 300
 hugo dummett south ug      490 009 490 490 009 009 335
 south oyu op 22 065 150 050 452 023 624 624 031 031 335
wabu indonesia op      44 247 44 44 247 247 o
see notes on page 223 
  
riotintocomreportingcentre2013
220 strategic report financial statements directors’ report production reserves and operations additional information
mineral resources continued 
220 
riotintocomreportingcentre2013 
 
likely 
mining 
method 
a 
measured resources 
at end 2013 
indicated resources 
at end 2013 
inferred resources 
at end 2013 
total resources 2013 
compared with 2012
rio tinto 
interest 
 tonnage grade tonnage grade tonnage grade tonnage grade
  2013 2012 2013 2012
copper   
millions 
of tonnes  cu
millions 
of tonnes  cu
millions 
of tonnes  cu
millions of 
tonnes
millions 
of tonnes  cu  cu 
bingham canyon us                 
 open pit k op      17 027 17 27 027 026 1000
 north rim skarn ug 10 350 90 360 10 370 20 20 365 365 1000
eagle us l ug          05   169  
escondida chile                 
 chimborazo  sulphide op    139 050 84 060 223 223 054 054 300
 escondida  sulphide m op 37 048 202 048 6670 051 6909 6741 051 049 300
 escondida  mixed m op 23 046 13 043 85 045 89 65 045 049 300
 escondida  oxide m op 11 047 08 057 39 054 41 24 054 061 300
 pampa escondida  sulphide op 294 053 1150 055 6000 043 7444 7378 045 047 300
 pinta verde  sulphide m op    23 050 37 045 60 72 047 046 300
 pinta verde  oxide m op 109 060 64 053 15 054 188 103 057 063 300
grasberg indonesia n op  ug 492 073 2173 058 83 040 2749 2435 060 062 o
la granja peru p q op    100 089 4290 051 4390 3600 052 051 1000
northparkes australia r ug          288   057  
oyu tolgoi mongolia                 
 heruga etg ug      910 048 910 910 048 048 300
 heruga ivn ug      60 048 60 60 048 048 335
 hugo dummett north s ug    299 131 707 097 1006 866 107 116 335
 hugo dummett north extension ug    87 173 93 115 180 190 143 149 300
 hugo dummett south ug      490 105 490 490 105 105 335
 south oyu op 22 041 150 036 452 033 624 624 034 034 335
palabora south africa t ug          136   065  
resolution us ug      1737 152 1737 1737 152 152 550
diamonds   
millions  
of tonnes 
carats 
per tonne
millions 
of tonnes
carats 
per tonne
millions 
of tonnes
carats 
per tonne
millions  
of tonnes
millions  
of tonnes 
carats 
per tonne
carats 
per tonne 
argyle australia                 
 ak1 pipe ug 13 34 23 37 61 36 42 41 36 36 1000
bunder india op      42 07 42 42 07 07 1000
diavik canada op  ug 36 28 04 26 33 27 73 73 27 27 600
murowa zimbabwe u op    03 06 40 02 43 38 03 03 778
gold   
millions  
of tonnes 
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions  
of tonnes
millions  
of tonnes 
grammes 
per tonne
grammes 
per tonne 
bingham canyon us                 
 open pit k op      17 013 17 27 013 013 1000
 north rim skarn ug 10 210 90 170 10 150 20 20 162 162 1000
eagle us l ug          05   017  
grasberg indonesia n op  ug 492 065 2173 052 83 037 2749 2435 054 055 o
northparkes australia r ug          288   026  
oyu tolgoi mongolia                 
 heruga etg ug      910 049 910 910 049 049 300
 heruga ivn ug      60 037 60 60 037 037 335
 hugo dummett north s ug    299 032 707 031 1006 866 031 031 335
 hugo dummett north extension ug    87 057 93 030 180 190 043 043 300
 hugo dummett south ug      490 009 490 490 009 009 335
 south oyu op 22 065 150 050 452 023 624 624 031 031 335
wabu indonesia op      44 247 44 44 247 247 o
see notes on page 223 
  
 
221 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
 
likely 
mining 
method 
a  
measured resources 
at end 2013 
indicated resources 
at end 2013 
inferred resources 
at end 2013 
total resources 2013 
compared with 2012
rio tinto 
interest 
 tonnage grade tonnage grade tonnage grade tonnage grade
  2013 2012 2013 2012
iron ore v   
millions 
of tonnes  fe
millions 
of tonnes  fe
millions 
of tonnes  fe
millions  
of tonnes
millions 
of tonnes  fe  fe 
hamersley iron australia                 
 brockman op 235 625 688 626 1394 617 2317 2496 620 620 1000
 brockman process ore op 270 576 229 575 314 572 813 799 574 574 1000
 marra mamba op 103 619 508 620 790 615 1401 1353 617 618 1000
 detrital op 3 634 115 616 442 611 560 585 612 612 1000
 channel iron deposit op 780 575 210 577 2344 570 3334 3375 572 571 1000
channar jv australia                 
 brockman w op 24 617 8 618 2 617 34 41 617 618 600
 brockman process ore op 20 579 8 580 1 571 29 31 579 579 600
eastern range jv australia                 
 brockman x op 14 618 6 615 8 618 28 22 617 620 540
 brockman process ore op 32 572 6 574 3 572 41 38 572 573 540
hope downs jv australia                 
 brockman y op 17 617 101 621 404 622 522 410 622 621 500
 brockman process ore op 64 568 72 566 183 567 319 294 567 566 500
 marra mamba z op 5 611 69 616 340 618 414 376 618 618 500
 detrital aa op    2 593 45 591 47 40 591 588 500
rhodes ridge jv australia                 
 brockman op    565 639 1478 625 2043 1984 629 629 500
 brockman process ore bb op    176 576 460 565 636 473 568 566 500
 marra mamba op    404 624 1935 620 2339 2340 621 621 500
 detrital op    65 605 227 601 292 300 602 602 500
robe jv australia                 
 brockman op      15 613 15 15 613 613 530
 brockman process ore op      15 571 15 15 571 571 530
 marra mamba op 84 622 202 616 295 614 581 607 616 614 530
 detrital op    1 594 67 608 68 62 608 609 530
 channel iron deposit cc q op 160 571 1848 581 1749 566 3757 2785 574 571 530
iron ore company of canada  
canada dd op 761 381 1727 378 705 367 3193 3088 376 381 587
palabora south africa t                 
 mine ug          21   551  
 stockpiles            214   553  
simandou guinea op 4 672 80 647 712 651 796 796 651 651 504
lithium   
millions  
of tonnes  li
2
o
millions 
of tonnes  li
2
o
millions 
of tonnes  li
2
o
millions  
of tonnes
millions  
of tonnes  li
2
o  li
2
o 
jadar serbia ee ug      118 18 118 118 18 16 1000
see notes on page 223 
  
riotintocomreportingcentre2013
221 mineral resources continued 
222 
riotintocomreportingcentre2013 
 
 likely 
mining 
method 
a 
measured resources 
at end 2013 
indicated resources 
at end 2013 
inferred resources 
at end 2013 
total resources 2013 
compared with 2012 rio tinto 
interest 
 tonnage grade tonnage grade tonnage grade tonnage grade
   2013 2012 2013 2012
molybdenum   
millions  
of tonnes  mo
millions 
of tonnes  mo
millions 
of tonnes  mo
millions  
of tonnes
millions  
of tonnes  mo  mo 
bingham canyon us                 
 open pit k ff op      17 0028 17 27 0028 0024 1000
oyu tolgoi mongolia                 
 heruga etg ug      910 0014 910 910 0014 0014 300
 heruga ivn ug      60 0013 60 60 0013 0013 335
resolution us ug      1737 0035 1737 1737 0035 0035 550
nickel   
millions  
of tonnes  ni
millions 
of tonnes  ni
millions 
of tonnes  ni
millions  
of tonnes
millions  
of tonnes  ni  ni 
eagle us l ug          05   244  
sulawesi indonesia gg op      162 162 162 162 162 162 380
silver   
millions  
of tonnes 
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions  
of tonnes
millions  
of tonnes 
grammes 
per tonne
grammes 
per tonne 
bingham canyon us                 
 open pit k op      17 153 17 27 153 166 1000
 north rim skarn ug 10 2000 90 2100 10 2100 20 20 2095 2095 1000
grasberg indonesia n op  ug 492 365 2173 338 83 188 2749 2435 339 337 o
wabu indonesia op      44 233 44 44 233 233 o
titanium dioxide feedstock   
millions  
of tonnes  
millions 
of tonnes 
millions 
of tonnes 
millions  
of tonnes
millions  
of tonnes  
qmm madagascar hh do 05  29 38 33 33   800
rbm south africa ii do    11 11 22 23   740
rtft canada jj op 41      41 41   1000
uranium   
millions  
of tonnes  u
3
o
8
millions 
of tonnes  u
3
o
8
millions 
of tonnes  u
3
o
8
millions  
of tonnes
millions  
of tonnes  u
3
o
8
 u
3
o
8
 
energy resources of australia australia                 
 jabiluka ug 12 0887 14 0520 10 0545 25 25 0547 0547 684
 ranger 3 mine ug    95 0325 06 0383 10 10 0328 0328 684
 ranger 3 stockpiles kk      50 0046  50 69 0046 0043 684
rössing namibia ll                 
 rössing sj mm op 94 0026 122 0023 12 0020 144 175 0023 0023 686
 rössing z20 nn q op    87 0028 115 0026 202 161 0027 0027 686
 
  
riotintocomreportingcentre2013
222 strategic report financial statements directors’ report production reserves and operations additional information
mineral resources continued 
222 
riotintocomreportingcentre2013 
 
 likely 
mining 
method 
a 
measured resources 
at end 2013 
indicated resources 
at end 2013 
inferred resources 
at end 2013 
total resources 2013 
compared with 2012 rio tinto 
interest 
 tonnage grade tonnage grade tonnage grade tonnage grade
   2013 2012 2013 2012
molybdenum   
millions  
of tonnes  mo
millions 
of tonnes  mo
millions 
of tonnes  mo
millions  
of tonnes
millions  
of tonnes  mo  mo 
bingham canyon us                 
 open pit k ff op      17 0028 17 27 0028 0024 1000
oyu tolgoi mongolia                 
 heruga etg ug      910 0014 910 910 0014 0014 300
 heruga ivn ug      60 0013 60 60 0013 0013 335
resolution us ug      1737 0035 1737 1737 0035 0035 550
nickel   
millions  
of tonnes  ni
millions 
of tonnes  ni
millions 
of tonnes  ni
millions  
of tonnes
millions  
of tonnes  ni  ni 
eagle us l ug          05   244  
sulawesi indonesia gg op      162 162 162 162 162 162 380
silver   
millions  
of tonnes 
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions 
of tonnes
grammes 
per tonne
millions  
of tonnes
millions  
of tonnes 
grammes 
per tonne
grammes 
per tonne 
bingham canyon us                 
 open pit k op      17 153 17 27 153 166 1000
 north rim skarn ug 10 2000 90 2100 10 2100 20 20 2095 2095 1000
grasberg indonesia n op  ug 492 365 2173 338 83 188 2749 2435 339 337 o
wabu indonesia op      44 233 44 44 233 233 o
titanium dioxide feedstock   
millions  
of tonnes  
millions 
of tonnes 
millions 
of tonnes 
millions  
of tonnes
millions  
of tonnes  
qmm madagascar hh do 05  29 38 33 33   800
rbm south africa ii do    11 11 22 23   740
rtft canada jj op 41      41 41   1000
uranium   
millions  
of tonnes  u
3
o
8
millions 
of tonnes  u
3
o
8
millions 
of tonnes  u
3
o
8
millions  
of tonnes
millions  
of tonnes  u
3
o
8
 u
3
o
8
 
energy resources of australia australia                 
 jabiluka ug 12 0887 14 0520 10 0545 25 25 0547 0547 684
 ranger 3 mine ug    95 0325 06 0383 10 10 0328 0328 684
 ranger 3 stockpiles kk      50 0046  50 69 0046 0043 684
rössing namibia ll                 
 rössing sj mm op 94 0026 122 0023 12 0020 144 175 0023 0023 686
 rössing z20 nn q op    87 0028 115 0026 202 161 0027 0027 686
 
  
 
223 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
notes 
a likely mining method op  open pit oc  open cut ug  underground  
do  dredging operation  
b on 8 august 2013 rio tinto announced that pacific aluminium including the  
gove mine bell bay boyne island tomago and tiwai point smelters  
would be reintegrated into rio tinto alcan  
c resources at porto trombetas mrn reduced after conversion of resources  
to reserves  
d resource additions at sangaredi are a result of an updated orebody model 
incorporating extensive additional drilling  
e borates resources are reported as in situ b
2
o
3
 rather than marketable product  
as in reserves  
f coal type scsteamthermal coal mcmetallurgicalcoking coal  
g rio tinto reports coal resources on an in situ moisture basis  
h blair athol closed in the last quarter of 2012 rio tinto agreed the sale of its  
712 per cent interest in blair athol in october 2013  
i steam coal is included in the lake elphinstone resource following updated  
technical studies  
j benga resources have increased following reclassification of material as part  
of a geological model and mine design update 
k the reduction in bingham canyon open pit resources is due to production  
and economic studies  
l rio tinto sold its 100 per cent interest in the eagle project with an effective date  
of 17 july 2013  
m the changes in escondida resources result from geological model updates including 
additional drilling data and in some cases updated economic assessments  
n resource additions at grasberg result from new drilling data leading to updated 
geological models with concurrent economic assessments  
o under the terms of a joint venture agreement between rio tinto and fcx rio tinto is 
entitled to a direct 40 per cent share in resources discovered after 31 december 1994  
p resource additions at la granja are a consequence of additional drilling plus updated 
technical and economic studies  
q la granja robe jv  channel iron deposit and rössing z20 have had material  
mineral resource changes since previous publication a jorc table 1 in support  
of these changes can be found at wwwriotintocomjorc  
r rio tinto sold its 80 per cent interest in northparkes with an effective date  
of 1 december 2013  
s the changes in the hugo dummett north resource figures result from updated 
technical and economic studies  
t the sale of rio tinto’s 577 per cent interest in palabora mining company  
was completed on 31 july 2013  
u murowa resources increased after an economic review 
v australian and guinean iron ore resource tonnes are reported on a dry weight basis  
w channar brockman resources have decreased due to updated technical studies  
x eastern range brockman resources have increased as a result of drilling modelling 
and pit design changes  
y hope downs brockman resources have increased as a result of drilling and modelling 
at hope downs 4 
z hope downs marra mamba resources have increased as a result of drilling and 
modelling at hope downs 1  
aa hope downs detrital resources have increased as a result of drilling and modelling  
at hope downs 1  
bb rhodes ridge brockman process ore resources have increased as a result of  
drilling and modelling  
cc robe channel iron deposit resources have increased as a result of drilling  
and modelling  
dd iron ore company of canada resources are quoted on an in situ dry tonnes and 
grades basis this resource would produce marketable product 43 per cent pellets 
and 57 per cent concentrate for sale at three per cent moisture content of  
316 million tonnes at 65 per cent iron measured 724 million tonnes at 65 per cent 
iron indicated and 290 million tonnes at 65 per cent iron inferred  
ee the jadar resources lithium grade has increased as an outcome of updated  
technical studies  
ff molybdenum grades interpolated from exploration drilling assays have been factored 
based on a long reconciliation history to blast hole and mill samples 
gg under an earnin agreement with a third party rio tinto’s effective interest in sulawesi 
reduced from 80 per cent to 38 per cent in november 2013 since then the third party 
has exercised its right to withdraw from the project returning rio tinto’s interest to  
80 per cent effective february 2014 
hh qmm resources are derived from 1323 million tonnes of material at an ilmenite  
grade of 40 per cent and coproduct grade of 03 per cent zircon 
ii rbm resources are based on 36mt of material at a 193 per cent ilmenite grade  
and coproduct grades of 113 per cent zircon and 71 per cent rutile 
jj rtft resources are derived from 111 million tonnes of material at an ilmenite  
grade of 849 per cent 
kk ranger 3 stockpiles resources decreased following an economic reassessment 
ll while the total resource tonnage change is modest the reporting structure for 
rössing has been updated to reflect the potential for future production at two sites 
mm resource reductions at rössing sj are due to an updated pit design and economic 
reevaluation 
nn the rössing z20 resource increase results from a modified mine design incorporating 
a new geological model based on additional drilling data  
mineral resources and ore reserves corporate governance 
rio tinto has an established governance process supporting the generation  
and publication of mineral resources and ore reserves which includes a series 
of structures and processes independent of the operational reporting through 
business units and product groups 
the audit committee has in its remit the governance of resources and reserves 
this includes an annual review of mineral resources and ore reserves at a 
group level as well as review of findings and progress from the group resources 
and reserves internal audit programme within the regular meeting schedule 
rio tinto also has an ore reserve steering committee orsc which meets at 
least quarterly chaired by the group executive technology  innovation and 
comprises senior representatives from technical financial and business groups 
within the company the orsc role includes oversight of the appointment of 
competent persons nominated by the business units review of exploration 
results mineral resources or ore reserve data prior to public reporting and 
development of group resources and reserves standards and guidance 
the resources and reserves internal audit programme is conducted by 
independent external consulting personnel in a programme managed by  
group audit  assurance with the assistance of the orsc in 2013 seven 
internal audits were completed material findings are reported outside of the 
product group reporting line to the audit committee and all reports and  
action plans are reviewed by the orsc for alignment to internal and external 
reporting standards 
mineral resources and ore reserves from externally managed operations where 
rio tinto holds a minority share are reported as received from the managing 
entity figures from rio tinto managed operations are the responsibility of the 
managing directors of the business units and estimates are carried out by 
competent persons as defined by jorc 
rio tinto has continued the development of internal systems and controls  
in order to meet jorc 2012 compliance in all external reporting including  
the preparation of all reported data by competent persons as members of  
the australasian institute of mining and metallurgy the ausimm australian 
institute of geoscientists aig or recognised professional organisations rpos 
as well as the establishment of an enhanced governance process there have 
been a number of process improvements and training initiatives introduced by 
the orsc over recent years including a webbased group reporting and signoff 
database annual internal competent person reports and competent person 
development and training
 
riotintocomreportingcentre2013
223 competent persons 
224 
riotintocomreportingcentre2013 
primary commodity name association
a
 employer accountability deposits 
bauxite f blanchfield ausimm 
snowden mining 
consultants 
reserves 
rio tinto alcan    gove 
t parker ausimm resources 
jpc de melo franco ausimm 
mineração rio do norte 
reserves 
rio tinto alcan    trombetas 
rs aglinskas ausimm resources 
d butty eurogeol aluminpro associate resources reserves rio tinto alcan    sangaredi 
l mcandrew ausimm 
rio tinto 
reserves 
rio tinto alcan    weipa 
j bower ausimm resources 
borates r torres ausimm 
rio tinto 
resources 
rio tinto minerals    boron 
s miller sme reserves 
coal j buddee ausimm 
rio tinto 
reserves rio tinto coal australia    clermont 
g doyle ausimm 
reserves 
rio tinto coal australia    hunter valley operations 
mount thorley operations warkworth 
a prentice ausimm reserves rio tinto coal australia    bengalla mount pleasant  
a waltho ausimm 
resources 
rio tinto coal australia    lake elphinstone  
oaklands valeria 
r ruddock ausimm 
resources 
rio tinto coal australia    bengalla blair athol 
clermont hunter valley operations kestrel kestrel 
west mount pleasant mount thorley operations 
warkworth hail creek winchester south 
m hillard ausimm reserves rio tinto coal australia    hail creek 
a swiericzuk ausimm reserves rio tinto coal australia    kestrel 
d west ausimm 
rio tinto 
reserves rio tinto coal mozambique    benga 
i luxton ausimm resources rio tinto coal mozambique    benga zambeze 
copper j vickery ausimm 
rio tinto 
resources reserves 
kennecott utah copper
b c d
 
g austin ausimm resources 
m howson immm mineral resources 
professional limited 
resources 
la granja 
p salazar ausimm rio tinto resources 
a zuzunaga ausimm 
minera escondida ltda 
reserves escondida  
l soto ausimm resources 
escondida pampa escondida pinta verde  
m cortes ausimm resources  
r turner ausimm golder associates resources chimborazo 
g crook ausimm 
rio tinto 
resources 
oyu tolgoi
b c
 
j dudley ausimm reserves 
d bernabeespinoza ausimm reserves 
o togtokhbayar ausimm resources 
a issel apgo 
pt freeport 
resources reserves 
pt freeport    grasberg
b d
 wabu
b
 
g macdonald sme resources reserves 
k moss ausimm resources pt freeport    grasberg
b d
 
c hehnke ausimm rio tinto resources resolution
c
 
  
riotintocomreportingcentre2013
224 strategic report financial statements directors’ report production reserves and operations additional information
competent persons 
224 
riotintocomreportingcentre2013 
primary commodity name association
a
 employer accountability deposits 
bauxite f blanchfield ausimm 
snowden mining 
consultants 
reserves 
rio tinto alcan    gove 
t parker ausimm resources 
jpc de melo franco ausimm 
mineração rio do norte 
reserves 
rio tinto alcan    trombetas 
rs aglinskas ausimm resources 
d butty eurogeol aluminpro associate resources reserves rio tinto alcan    sangaredi 
l mcandrew ausimm 
rio tinto 
reserves 
rio tinto alcan    weipa 
j bower ausimm resources 
borates r torres ausimm 
rio tinto 
resources 
rio tinto minerals    boron 
s miller sme reserves 
coal j buddee ausimm 
rio tinto 
reserves rio tinto coal australia    clermont 
g doyle ausimm 
reserves 
rio tinto coal australia    hunter valley operations 
mount thorley operations warkworth 
a prentice ausimm reserves rio tinto coal australia    bengalla mount pleasant  
a waltho ausimm 
resources 
rio tinto coal australia    lake elphinstone  
oaklands valeria 
r ruddock ausimm 
resources 
rio tinto coal australia    bengalla blair athol 
clermont hunter valley operations kestrel kestrel 
west mount pleasant mount thorley operations 
warkworth hail creek winchester south 
m hillard ausimm reserves rio tinto coal australia    hail creek 
a swiericzuk ausimm reserves rio tinto coal australia    kestrel 
d west ausimm 
rio tinto 
reserves rio tinto coal mozambique    benga 
i luxton ausimm resources rio tinto coal mozambique    benga zambeze 
copper j vickery ausimm 
rio tinto 
resources reserves 
kennecott utah copper
b c d
 
g austin ausimm resources 
m howson immm mineral resources 
professional limited 
resources 
la granja 
p salazar ausimm rio tinto resources 
a zuzunaga ausimm 
minera escondida ltda 
reserves escondida  
l soto ausimm resources 
escondida pampa escondida pinta verde  
m cortes ausimm resources  
r turner ausimm golder associates resources chimborazo 
g crook ausimm 
rio tinto 
resources 
oyu tolgoi
b c
 
j dudley ausimm reserves 
d bernabeespinoza ausimm reserves 
o togtokhbayar ausimm resources 
a issel apgo 
pt freeport 
resources reserves 
pt freeport    grasberg
b d
 wabu
b
 
g macdonald sme resources reserves 
k moss ausimm resources pt freeport    grasberg
b d
 
c hehnke ausimm rio tinto resources resolution
c
 
  
 
225 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
primary commodity name association
a
 employer accountability deposits 
diamonds s brennan ausimm 
rio tinto 
resources reserves 
argyle  d ford aig resources reserves 
m rayner ausimm resources reserves 
m rayner ausimm rio tinto resources bunder 
c yip ausimm 
rio tinto 
resources reserves 
diavik  
k thompson napegg resources reserves 
m rayner ausimm rio tinto resources reserves 
murowa  
e harvey saimm euan harvey consulting reserves 
iron ore m blake pegnl 
rio tinto 
resources 
iron ore company of canada    carol r williams pegnl reserves 
t leriche pegnl resources reserves 
b sommerville ausimm 
rio tinto 
resources 
rio tinto iron ore    robe hamersley rhodes ridge 
channar eastern range hope downs 
p savory ausimm resources 
l fouché ausimm reserves 
rio tinto iron ore    hamersley channar eastern 
range hope downs robe 
c tabb ausimm reserves 
r taylor ausimm rio tinto resources reserves 
simandou    oueleba pic de fon 
m franks ausimm amec resources 
lithium m howson immm mineral resources 
professional limited 
resources rio tinto minerals    jadar
f
 
nickel d guibal ausimm srk consulting resources la sampala 
titanium dioxide 
feedstock 
c ware sacnasp 
rio tinto 
reserves 
richards bay minerals  
j nel sacnasp resources 
j dumouchel apegga 
rio tinto resources reserves 
qmm madagascar minerals rio tinto fer et  
titane    havresaintpierre 
y bourque oiq rio tinto resources reserves rio tinto fer et titane    havresaintpierre 
uranium g rogers ausimm 
rio tinto 
resources energy resources of australia    jabiluka 
s pevely ausimm resources energy resources of australia    ranger 3 jabiluka 
j murphy ausimm reserves energy resources of australia    ranger 3 
tg murasiki saimm 
rio tinto 
resources rössing    sj z20  
wd wieland saimm reserves rössing    sj 
a ausimm australasian institute of mining and metallurgy aig australasian institute of geoscientists eurogeol european geologist member of the european federation of geologists 
immm institute of materials minerals and mining saimm south african institute of mining and metallurgy sme society of mining metallurgy and exploration napeg association  
of professional engineers geologists and geophysicists of the northwest territories pegnl professional engineers and geoscientists newfoundland and labrador cimm canadian 
institute of mining and metallurgy apegga association of professional engineers geologists and geophysicists of alberta oiq ordre des ingénieurs du québec sacnasp south 
african council for natural scientific professions  
b includes gold 
c includes molybdenum 
d includes silver 
e includes iron ore 
f includes borates 
gincludes copper      
riotintocomreportingcentre2013
225 mines and production facilities 
226 
riotintocomreportingcentre2013 
group mines as at 31 december 2013  
rio tinto’s interest 100 per cent unless otherwise shown 
mine location access titlelease   
bauxite 
    
cbg sangaredi 2295 sangaredi guinea road air and port mining concession expires in 2040 
 
  
gove 
 
gove northern  
territory australia  
road air and port all leases were renewed in 2011 for a further period of 42 years the residue disposal area is leased from  
the arnhem land aboriginal land trust the northern territory government is the lessor of the balance of 
the leases however on expiry of the 42year renewed term the land subject of the balances of the leases 
will all vest to the arnhem land aboriginal land trust 
  
mrn porto trombetas  
12 
porto trombetas  
para brazil 
air or port mining concession granted under the brazilian mining code with no expiration date 
 
 
 
weipaely weipa queensland  
australia 
road air and port the queensland government comalco ml7024 lease expires in 2041 with an option of a 21year 
extension then two years’ notice of termination the ely alcan queensland pty limited agreement  
act 1965 ml7031 expires in 2048 with a 21year right of renewal with a twoyear notice period  
 
 
 
 
  
copper 
     
escondida 30 atacama desert chile pipeline and road  
to deep sea port at 
coloso road and rail
 
rights conferred by government under chilean mining code   
grasberg joint venture  
40 of production 
papua indonesia pipeline road 
and port 
indonesian government contracts of work expire in 2021 with option of two tenyear extensions 
 
 
 
  
kennecott utah copper  
bingham canyon 
near salt lake city  
utah us 
 
pipeline road  
and rail 
owned 
 
 
 
  
oyu tolgoi 51 of turquoise  
hill resources ltd which owns  
66 of oyu tolgoi llc 
gobi desert mongolia air and road three mining licences are held by oyu tolgoi llc and two further licences are held in joint venture 
with entrée gold llc the licence term under the minerals law of mongolia is 30 years with two  
20year extensions first renewals are due in 2033 and 2039 for the oyu tolgoi and entrée gold 
licences respectively 
  
diamonds  minerals 
    
diamonds     
argyle diamonds kimberley ranges  
western australia 
road and air mining tenement held under diamond argyle diamond mines joint venture agreement act  
1981 lease extended for 21 years from 2004 with option to renew 
 
  
diavik 60 northwest territories  
canada 
air ice road in winter mining leases from canadian federal government expiring in 2017 and 2018 with options to renew 
 
 
  
murowa 778 zvishavane zimbabwe road and air mining leases under zimbabwe mines and minerals act issued in 2001 and valid for 25 years 
 
  
industrial minerals     
dampier salt 684 dampier lake macleod  
and port hedland  
western australia 
 
 
road and port state agreements mining leases expiring in 2034 at dampier 2018 at port hedland and 2021  
at lake macleod with options to renew at the latter two sites 
 
 
 
 
 
  
rio tinto minerals    boron 
 
california us road and rail  owned   
rio tinto fer et titane  
lac tio 
havresaintpierre  
quebec canada 
rail and port  
st lawrence river 
mining covered by two concessions granted by state in 1949 and 1951 which subject to certain  
mining act restrictions confer rights and obligations of an owner 
  
  
riotintocomreportingcentre2013
226 strategic report financial statements directors’ report production reserves and operations additional information
mines and production facilities 
226 
riotintocomreportingcentre2013 
group mines as at 31 december 2013  
rio tinto’s interest 100 per cent unless otherwise shown 
mine location access titlelease   
bauxite 
    
cbg sangaredi 2295 sangaredi guinea road air and port mining concession expires in 2040 
 
  
gove 
 
gove northern  
territory australia  
road air and port all leases were renewed in 2011 for a further period of 42 years the residue disposal area is leased from  
the arnhem land aboriginal land trust the northern territory government is the lessor of the balance of 
the leases however on expiry of the 42year renewed term the land subject of the balances of the leases 
will all vest to the arnhem land aboriginal land trust 
  
mrn porto trombetas  
12 
porto trombetas  
para brazil 
air or port mining concession granted under the brazilian mining code with no expiration date 
 
 
 
weipaely weipa queensland  
australia 
road air and port the queensland government comalco ml7024 lease expires in 2041 with an option of a 21year 
extension then two years’ notice of termination the ely alcan queensland pty limited agreement  
act 1965 ml7031 expires in 2048 with a 21year right of renewal with a twoyear notice period  
 
 
 
 
  
copper 
     
escondida 30 atacama desert chile pipeline and road  
to deep sea port at 
coloso road and rail
 
rights conferred by government under chilean mining code   
grasberg joint venture  
40 of production 
papua indonesia pipeline road 
and port 
indonesian government contracts of work expire in 2021 with option of two tenyear extensions 
 
 
 
  
kennecott utah copper  
bingham canyon 
near salt lake city  
utah us 
 
pipeline road  
and rail 
owned 
 
 
 
  
oyu tolgoi 51 of turquoise  
hill resources ltd which owns  
66 of oyu tolgoi llc 
gobi desert mongolia air and road three mining licences are held by oyu tolgoi llc and two further licences are held in joint venture 
with entrée gold llc the licence term under the minerals law of mongolia is 30 years with two  
20year extensions first renewals are due in 2033 and 2039 for the oyu tolgoi and entrée gold 
licences respectively 
  
diamonds  minerals 
    
diamonds     
argyle diamonds kimberley ranges  
western australia 
road and air mining tenement held under diamond argyle diamond mines joint venture agreement act  
1981 lease extended for 21 years from 2004 with option to renew 
 
  
diavik 60 northwest territories  
canada 
air ice road in winter mining leases from canadian federal government expiring in 2017 and 2018 with options to renew 
 
 
  
murowa 778 zvishavane zimbabwe road and air mining leases under zimbabwe mines and minerals act issued in 2001 and valid for 25 years 
 
  
industrial minerals     
dampier salt 684 dampier lake macleod  
and port hedland  
western australia 
 
 
road and port state agreements mining leases expiring in 2034 at dampier 2018 at port hedland and 2021  
at lake macleod with options to renew at the latter two sites 
 
 
 
 
 
  
rio tinto minerals    boron 
 
california us road and rail  owned   
rio tinto fer et titane  
lac tio 
havresaintpierre  
quebec canada 
rail and port  
st lawrence river 
mining covered by two concessions granted by state in 1949 and 1951 which subject to certain  
mining act restrictions confer rights and obligations of an owner 
  
  
 
227 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
 
 
  history type of mine power source 
  
  
  
  bauxite mining commenced in 1973 shareholders are 51 halco and 49 government of guinea rio tinto alcan has held 45  
of halco since 2004 current annual capacity is 14 million tonnes rio tinto alcan has a 45 per cent interest in the mine’s production 
open cut 
 
onsite generation fuel oil
  bauxite mining commenced in 1970 feeding both the gove refinery and export market capped at two million tonnes per annum  
bauxite export ceased in 2006 with feed intended for the expanded gove refinery bauxite exports recommenced in 2008 and will 
continue in the coming years as the refinery production is suspended in 2014 
 
open cut central power station 
located at the gove refinery
  mineral extraction commenced in april 1979 initial production capacity 34 million tonnes annually from october 2003 production  
capacity up to 163 million tonnes per year on a day basis capital structure currently vale 40 bhp billiton 148 rio tinto alcan 
12 cba 10 alcoaabalco 182 and norsk hydro 5 
open cut onsite generation 
heavy oil diesel 
  bauxite mining commenced in 1961 at weipa major upgrade completed at weipa in 1998 rio tinto interest increased from  
724 to 100 in 2000 in 1997 ely bauxite mining project agreement signed with local aboriginal land owners bauxite mining and  
exchange agreement signed in 1998 with comalco to allow for extraction of ore at ely the western cape communities coexistence 
agreement an indigenous land use agreement was signed in 2001 in 2004 a mine expansion was completed at weipa that lifted 
annual capacity to 215 million tonnes mining commenced on the adjacent ely mining lease in 2006 in accordance with the 1998 
agreement with alcan first ore extracted at ely in 2007 a second shiploader that increases the shipping capability was commissioned 
in 2006 at weipa annual production capacity has now reached 26 million tonnes 
open cut onsite generation new 
power station commissioned 
in 2006 
 
  
  
  production started in 1990 and expanded in phases to 2002 when the new concentrator was completed production from  
norte started in 2005 and the sulphide leach produced the first cathode during 2006 
 
 
open pit supplied from sing grid 
under various contracts with 
local generating companies
  joint venture interest acquired 1995 capacity expanded to over 200000 tonnes of ore per day in 1998  
addition of underground production of more than 35000 tonnes per day in 2003 expansion to 50000 tonnes  
per day in mid2007 and to 80000 tonnes in 2010 
open pit and 
underground 
longterm contract with  
usindonesian consortium 
operated purposebuilt coal
fired generating station 
  interest acquired in 1989 in 2012 the pushback of the south wall commenced extending the mine life from 2018 to 2030 open pit onsite generation 
supplemented by longterm 
contracts with rocky 
mountain power 
  oyu tolgoi was first discovered in 1996 construction began in late 2009 after signing of an investment agreement with the 
government of mongolia and first concentrate was produced in december 2012 first sales of concentrate were made to chinese 
customers on 9 july 2013 
 
open pit and 
underground 
grid power from china and 
supplementary diesel power 
generation site 
  
 
  
     
  interest increased from 597 following purchase of ashton mining in 2000 underground mine project  
approved in 2005 to extend mine life to 2020 
underground  
previously open pit 
longterm contract with  
ord hydro consortium  
and onsite generation 
  deposits discovered 19941995 construction approved 2000 diamond production started 2003 second dike closed off in  
2005 for mining of additional orebody the underground mine started production in 2010 ramping up to full production in 2013 
underground  
previously open pit 
onsite diesel generators 
installed capacity 44mw  
and 92mw of wind capacity
  discovered in 1997 smallscale production started in 2004 open pit supplied by zesa with 
diesel generator backup 
     
  construction of the dampier field started in 1969 first shipment in 1972 lake macleod was acquired in 1978  
as an operating field port hedland was acquired in 2001 as an operating field 
solar evaporation  
of seawater dampier  
and port hedland and 
underground brine  
lake macleod dredging 
of gypsum from surface  
of lake macleod 
dampier supply from 
hamersley iron pty ltd 
lake macleod from 
western power and  
onsite generation units 
port hedland from 
western power 
  deposit discovered in 1925 and acquired by rio tinto in 1967 open pit onsite cogeneration units 
and local power grid 
  production started 1950 interest acquired in 1989 open pit longterm contract with  
hydroquébec 
  
riotintocomreportingcentre2013
227 mines and production facilities continued 
228 
riotintocomreportingcentre2013 
group mines as at 31 december 2013 continued  
rio tinto’s interest 100 per cent unless otherwise shown 
mine location access titlelease   
industrial minerals continued      
qit madagascar minerals 80 fortdauphin madagascar road and port mining lease granted by central government 
 
 
  
richards bay minerals 74 richards bay kwazulunatal 
south africa 
rail road and port mineral rights for reserve 4 and reserve 10 issued by state and converted  
to new order mining rights from 9 may 2012 mining rights run until 8 may 2041 
for both lease areas 
  
energy 
   
  
energy resources of australia  
684  
ranger 
northern territory australia road mining tenure granted by federal government   
rio tinto coal australia  
bengalla 32 
clermont mine 501 
hail creek 82 
hunter valley operations 80 
kestrel 80 
mount thorley operations 64 
warkworth 4446 
new south wales and 
queensland australia 
road rail conveyor and port leases granted by state   
rio tinto coal mozambique 
benga 65 
tete mozambique  road and rail mining concession granted by state    
rössing uranium 686 namib desert  
namibia 
rail road and port national government grant   
iron ore    
  
hamersley iron 
brockman 2 
brockman 4 
marandoo 
mount tom price 
nammuldi 
paraburdoo 
western turner syncline 
yandicoogina  
channar 60  
eastern range 54 
hamersley ranges 
western australia 
railway and port  
owned by hamersley iron and 
operated by pilbara iron 
agreements for life of mine with government of western australia   
hope downs 1  
50 mine 100 infrastructure 
pilbara region  
western australia 
railway owned and operated  
by rio tinto 
 
agreements for life of mine with government of western australia 
 
  
hope downs 4  
50 mine 100 infrastructure 
pilbara region  
western australia 
railway owned and operated  
by rio tinto 
 
agreements for life of mine with government of western australia  
iron ore company of canada ioc 
587 
labrador city province of 
labrador and newfoundland 
railway and port facilities  
in septîles quebec  
owned and operated by ioc 
sublease with the labrador iron ore royalty corporation which has lease  
agreements with the government of newfoundland and labrador that are  
due to be renewed in 2020 and 2022 
  
robe river iron associates  
53  
mesa j  
mesa a  
west angelas 
pilbara region  
western australia 
railway and port  
owned by robe river and  
operated by pilbara iron 
agreements for life of mine with government of western australia   
 
  
riotintocomreportingcentre2013
228 strategic report financial statements directors’ report production reserves and operations additional information
mines and production facilities continued 
228 
riotintocomreportingcentre2013 
group mines as at 31 december 2013 continued  
rio tinto’s interest 100 per cent unless otherwise shown 
mine location access titlelease   
industrial minerals continued      
qit madagascar minerals 80 fortdauphin madagascar road and port mining lease granted by central government 
 
 
  
richards bay minerals 74 richards bay kwazulunatal 
south africa 
rail road and port mineral rights for reserve 4 and reserve 10 issued by state and converted  
to new order mining rights from 9 may 2012 mining rights run until 8 may 2041 
for both lease areas 
  
energy 
   
  
energy resources of australia  
684  
ranger 
northern territory australia road mining tenure granted by federal government   
rio tinto coal australia  
bengalla 32 
clermont mine 501 
hail creek 82 
hunter valley operations 80 
kestrel 80 
mount thorley operations 64 
warkworth 4446 
new south wales and 
queensland australia 
road rail conveyor and port leases granted by state   
rio tinto coal mozambique 
benga 65 
tete mozambique  road and rail mining concession granted by state    
rössing uranium 686 namib desert  
namibia 
rail road and port national government grant   
iron ore    
  
hamersley iron 
brockman 2 
brockman 4 
marandoo 
mount tom price 
nammuldi 
paraburdoo 
western turner syncline 
yandicoogina  
channar 60  
eastern range 54 
hamersley ranges 
western australia 
railway and port  
owned by hamersley iron and 
operated by pilbara iron 
agreements for life of mine with government of western australia   
hope downs 1  
50 mine 100 infrastructure 
pilbara region  
western australia 
railway owned and operated  
by rio tinto 
 
agreements for life of mine with government of western australia 
 
  
hope downs 4  
50 mine 100 infrastructure 
pilbara region  
western australia 
railway owned and operated  
by rio tinto 
 
agreements for life of mine with government of western australia  
iron ore company of canada ioc 
587 
labrador city province of 
labrador and newfoundland 
railway and port facilities  
in septîles quebec  
owned and operated by ioc 
sublease with the labrador iron ore royalty corporation which has lease  
agreements with the government of newfoundland and labrador that are  
due to be renewed in 2020 and 2022 
  
robe river iron associates  
53  
mesa j  
mesa a  
west angelas 
pilbara region  
western australia 
railway and port  
owned by robe river and  
operated by pilbara iron 
agreements for life of mine with government of western australia   
 
  
 
229 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
 
 
  history type of mine power source 
     
  exploration project started in 1986 construction approved 2005 ilmenite and zirsil production started at the  
end of 2008 qmm intends to extract ilmenite and zirsil from heavy mineral sands over an area of about  
6000 hectares along the coast over the next 40 years 
mineral sand dredging onsite diesel generators 
  production started 1977 initial interest acquired 1989 fifth mining plant commissioned in 2000  
one mining plant decommissioned in 2008 in september 2012 rio tinto doubled its holding in richards  
bay minerals to 74 per cent following the acquisition of bhp billiton’s entire interests 
dune sand dredging contract with eskom 
 
  
  
  mining commenced 1981 interest acquired through acquisition of north 2000 
open pit mining ended december 2012 
 
stockpile onsite dieselsteam 
power generation 
  kestrel was acquired and recommissioned in 1999 hail creek started in 2003 clermont mine commenced  
production in 2010 and a binding sale agreement was signed in respect of this mine in october 2013  
rio tinto completed the privatisation of coal  allied during 2011 which is now owned 8020 with mitsubishi 
development and which rio tinto continues to manage successive acquisitions of surrounding assets results in  
the current portfolio blair athol mine ceased operations in 2012 and a conditional sale and purchase agreement  
for the mine was signed in october 2013 
 
 
open cut and underground 
kestrel 
stateowned grid 
  
 
interest acquired in 2011 production began in 2012 open pit mozambican national grid and 
diesel generators 
  production began in 1976 
 
open pit supplied by nampower via  
grid network 
 
  
  
  annual capacity increased to 68 million tonnes during 1990s yandicoogina first ore shipped in 1999 and port  
capacity increased eastern range started 2004 
 
 
 
 
 
 
 
 
 
open pit supplied through the integrated 
hamersley and robe power  
network operated by pilbara iron 
  joint venture between rio tinto and hancock prospecting construction of stage 1 to 22 million tonnes  
per annum commenced april 2006 and first production occurred november 2007 stage 2 to  
30 million tonnes per annum completed 2009 
open pit 
 
supplied through the integrated 
hamersley and robe power network 
operated by pilbara iron 
 joint venture between rio tinto and hancock prospecting construction of wet plant processing to  
15 million tonnes per annum commenced april 2011 and first production occurred april 2013 
open pit supplied through the integrated 
hamersley and robe power network 
operated by pilbara iron 
  interest acquired in 2000 through north current operation began in 1962 and has processed over  
one billion tonnes of crude ore since annual capacity 227 million tonnes of concentrate of which  
125 million tonnes can be pelletised 
open pit supplied by newfoundland hydro 
  first shipment in 1972 annual sales reached 30 million tonnes in late 1990s interest acquired in 2000 through  
north west angelas first ore shipped in 2002 and mine expanded in 2005 current capacity approximately  
50 million tonnes per year 
 
 
open pit supplied through the integrated 
hamersley and robe power network 
operated by pilbara iron 
 
  
riotintocomreportingcentre2013
229 mines and production facilities continued 
230 
riotintocomreportingcentre2013 
group smelters and refineries 
rio tinto’s interest 100 per cent unless otherwise shown 
smelterrefinery location titlelease plant typeproduct 
capacity as of  
31 december 2013 
based on 100 
ownership 
aluminium 
    
alma alma quebec canada 100 freehold aluminium smelter producing aluminium rod  
tfoundry molten metal high purity remelt 
448000 tonnes  
per year aluminium 
alouette 40 septîles quebec canada 100 freehold aluminium smelter producing aluminium  
high purity remelt 
597000 tonnes  
per year aluminium 
alucam 467 edéa cameroon 100 freehold aluminium smelter producing aluminium 
slab remelt 
100000 tonnes  
per year aluminium 
arvida saguenay quebec canada 100 freehold 
 
aluminium smelter producing aluminium billet  
molten metal remelt 
176000 tonnes  
per year aluminium 
arvida ap60 saguenay quebec canada 100 freehold 
 
aluminium smelter producing aluminium  
high purity remelt 
60000 tonnes  
per year aluminium 
bécancour 251 bécancour quebec canada 100 freehold aluminium smelter producing aluminium slab  
billet tfoundry remelt molten metal 
439000 tonnes  
per year aluminium 
bell bay bell bay northern  
tasmania australia 
100 freehold aluminium smelter producing aluminium slab  
molten metal small form and tfoundry remelt 
187000 tonnes  
per year aluminium 
boyne smelters 594 boyne island queensland 
australia 
100 freehold aluminium smelter producing aluminium billet  
ec grade small form and tfoundry remelt 
563000 tonnes  
per year aluminium 
dunkerque dunkerque france 100 freehold aluminium smelter producing aluminium slab  
small form foundry remelt 
264000 tonnes  
per year aluminium 
grandebaie saguenay quebec canada 100 freehold aluminium smelter producing aluminium slab  
molten metal high purity remelt 
225000 tonnes  
per year aluminium 
isal reykjavik iceland 100 freehold aluminium smelter producing aluminium slab 
remelt billet 
200000 tonnes  
per year aluminium 
jonquière vaudreuil jonquière quebec canada 100 freehold refinery producing specialty aluminas and smelter 
grade aluminas 
1555000 tonnes  
per year alumina 
kitimat a kitimat british columbia 
canada 
100 freehold aluminium smelter producing aluminium 
slab remelt 
187000 tonnes  
per year aluminium 
laterrière saguenay quebec canada 100 freehold aluminium smelter producing aluminium slab  
remelt molten metal 
245000 tonnes  
per year aluminium 
lochaber fort william scotland uk 100 freehold aluminium smelter producing aluminium 
slab remelt 
47000 tonnes  
per year aluminium 
queensland alumina  
80 
gladstone queensland 
australia 
733 freehold 267 leasehold of which  
more than 80 expires in 2026 and after 
refinery producing alumina 3950000 tonnes  
per year alumina 
são luis alumar 10 são luis maranhão brazil 100 freehold refinery producing alumina 3500000 tonnes  
per year alumina 
sohar 20 sohar oman 100 leasehold expiring 2039 aluminium smelter producing aluminium  
high purity remelt 
372000 tonnes  
per year aluminium 
søral 50 husnes norway 100 freehold aluminium smelter producing aluminium 
billet remelt 
186000 tonnes  
per year aluminium 
tiwai point new zealand 
aluminium smelters 
794 
invercargill southland  
new zealand 
196 freehold 804 leasehold expiring  
in 2029 and use of certain crown land 
aluminium smelter producing aluminium billet  
slab small form foundry high purity remelt 
350000 tonnes  
per year aluminium 
tomago 516 tomago new south wales 
australia 
100 freehold aluminium smelter producing aluminium billet  
slab remelt 
546000 tonnes  
per year aluminium 
yarwun gladstone queensland 
australia 
97 freehold 3 leasehold  
expiring 2101 and after 
refinery producing alumina 3400000 tonnes  
per year alumina 
 
  
riotintocomreportingcentre2013
230 strategic report financial statements directors’ report production reserves and operations additional information
mines and production facilities continued 
230 
riotintocomreportingcentre2013 
group smelters and refineries 
rio tinto’s interest 100 per cent unless otherwise shown 
smelterrefinery location titlelease plant typeproduct 
capacity as of  
31 december 2013 
based on 100 
ownership 
aluminium 
    
alma alma quebec canada 100 freehold aluminium smelter producing aluminium rod  
tfoundry molten metal high purity remelt 
448000 tonnes  
per year aluminium 
alouette 40 septîles quebec canada 100 freehold aluminium smelter producing aluminium  
high purity remelt 
597000 tonnes  
per year aluminium 
alucam 467 edéa cameroon 100 freehold aluminium smelter producing aluminium 
slab remelt 
100000 tonnes  
per year aluminium 
arvida saguenay quebec canada 100 freehold 
 
aluminium smelter producing aluminium billet  
molten metal remelt 
176000 tonnes  
per year aluminium 
arvida ap60 saguenay quebec canada 100 freehold 
 
aluminium smelter producing aluminium  
high purity remelt 
60000 tonnes  
per year aluminium 
bécancour 251 bécancour quebec canada 100 freehold aluminium smelter producing aluminium slab  
billet tfoundry remelt molten metal 
439000 tonnes  
per year aluminium 
bell bay bell bay northern  
tasmania australia 
100 freehold aluminium smelter producing aluminium slab  
molten metal small form and tfoundry remelt 
187000 tonnes  
per year aluminium 
boyne smelters 594 boyne island queensland 
australia 
100 freehold aluminium smelter producing aluminium billet  
ec grade small form and tfoundry remelt 
563000 tonnes  
per year aluminium 
dunkerque dunkerque france 100 freehold aluminium smelter producing aluminium slab  
small form foundry remelt 
264000 tonnes  
per year aluminium 
grandebaie saguenay quebec canada 100 freehold aluminium smelter producing aluminium slab  
molten metal high purity remelt 
225000 tonnes  
per year aluminium 
isal reykjavik iceland 100 freehold aluminium smelter producing aluminium slab 
remelt billet 
200000 tonnes  
per year aluminium 
jonquière vaudreuil jonquière quebec canada 100 freehold refinery producing specialty aluminas and smelter 
grade aluminas 
1555000 tonnes  
per year alumina 
kitimat a kitimat british columbia 
canada 
100 freehold aluminium smelter producing aluminium 
slab remelt 
187000 tonnes  
per year aluminium 
laterrière saguenay quebec canada 100 freehold aluminium smelter producing aluminium slab  
remelt molten metal 
245000 tonnes  
per year aluminium 
lochaber fort william scotland uk 100 freehold aluminium smelter producing aluminium 
slab remelt 
47000 tonnes  
per year aluminium 
queensland alumina  
80 
gladstone queensland 
australia 
733 freehold 267 leasehold of which  
more than 80 expires in 2026 and after 
refinery producing alumina 3950000 tonnes  
per year alumina 
são luis alumar 10 são luis maranhão brazil 100 freehold refinery producing alumina 3500000 tonnes  
per year alumina 
sohar 20 sohar oman 100 leasehold expiring 2039 aluminium smelter producing aluminium  
high purity remelt 
372000 tonnes  
per year aluminium 
søral 50 husnes norway 100 freehold aluminium smelter producing aluminium 
billet remelt 
186000 tonnes  
per year aluminium 
tiwai point new zealand 
aluminium smelters 
794 
invercargill southland  
new zealand 
196 freehold 804 leasehold expiring  
in 2029 and use of certain crown land 
aluminium smelter producing aluminium billet  
slab small form foundry high purity remelt 
350000 tonnes  
per year aluminium 
tomago 516 tomago new south wales 
australia 
100 freehold aluminium smelter producing aluminium billet  
slab remelt 
546000 tonnes  
per year aluminium 
yarwun gladstone queensland 
australia 
97 freehold 3 leasehold  
expiring 2101 and after 
refinery producing alumina 3400000 tonnes  
per year alumina 
 
  
 
231 
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strategic report directors’ report financial statements production reserves and operations additional information 
 
smelterrefinery location titlelease plant typeproduct 
capacity as of  
31 december 2013 
based on 100 
ownership 
other aluminium         
gove gove northern territory 
australia 
100 leasehold all leases were renewed in  
2011 for a further period of 42 years the residue 
disposal area is leased from the arnhem land 
aboriginal land trust the northern territory 
government is the lessor of the balance of the 
leases however on expiry of the 42year renewed 
term the land subject of the balances of the  
leases will all vest to the arnhem land aboriginal 
land trust 
refinery producing alumina 2650000 tonnes  
per year alumina 
 
the group is curtailing 
production at gove 
during the first half  
of 2014 
copper 
    
kennecott utah copper magna salt lake city  
utah us 
100 freehold flash smelting furnaceflash  
convertor furnace copper refinery 
335000 tonnes  
per year refined copper
diamonds  minerals 
boron california us 100 freehold borates refinery 576000 tonnes  
per year boric oxide 
rio tinto fer et titane  
sorel plant 
soreltracy quebec  
canada 
100 freehold ilmenite smelter 1300000 tonnes per 
year titanium dioxide 
slag 1000000 tonnes 
per year iron 
richards bay minerals  
74 
richards bay  
south africa 
100 freehold ilmenite smelter 1050000 tonnes per 
year titanium dioxide 
slag 565000 tonnes 
per year iron 
iron ore 
    
ioc pellet plant  
587 
labrador city  
newfoundland and  
labrador canada 
100 leaseholds expiring in 2020 2022  
and 2025 with rights of renewal for further  
terms of 30 years 
pellet induration furnaces producing multiple  
iron ore pellet types 
125 million tonnes  
per year pellet 
notes 
a capacity as at 31 december 2013 reflects the closures of two potlines in preparation for the kitimat modernisation project the nameplate capacity of the kitimat smelter remains at 
282000 tonnes per year 
  
riotintocomreportingcentre2013
231 mines and production facilities continued 
232 
riotintocomreportingcentre2013 
information on group power plants  
rio tinto’s interest 100 per cent unless otherwise shown 
power plant location titlelease plant typeproduct 
capacity as of  
31 december 2013 
based on 100 
ownership 
aluminium     
gladstone power station 
42 
gladstone queensland 
australia 
100 freehold thermal power station 1680mw 
gove power station nhulunbuy northern  
territory australia 
100 leasehold  heavy oil fired thermal power station 180mw 
highlands power stations lochaber kinlochleven uk 100 freehold hydroelectric power 109mw 
kemano power station kemano british columbia 
canada 
100 freehold hydroelectric power 896mw 
quebec power stations saguenay quebec  
canada chuteàcaron 
chuteàlasavane chute
despasses chutedudiable 
islemaligne shipshaw 
100 freehold  
except péribonka lease to 2058 
hydroelectric power 3147mw 
yarwun alumina refinery  
cogeneration plant 
gladstone queensland 
australia 
100 freehold gas turbine and heat recovery steam generator 160mw 
weipa power stations lorim point andoom 
queensland australia 
100 leasehold onsite generation diesel 36mw 
copper     
puncakjaya power  
2212 
grasberg papua indonesia lease diesel power plant  
thermal power plant 
193mw 
kennecott utah copper  
power stations 
salt lake city utah us 100 freehold thermal power station  
steam turbine running off waste heat boilers  
at the copper smelter 
combined heat and power plant supplying  
steam to the copper refinery 
175mw 
318mw 
 
62mw 
 
  
riotintocomreportingcentre2013
232 strategic report financial statements directors’ report production reserves and operations additional information
mines and production facilities continued 
232 
riotintocomreportingcentre2013 
information on group power plants  
rio tinto’s interest 100 per cent unless otherwise shown 
power plant location titlelease plant typeproduct 
capacity as of  
31 december 2013 
based on 100 
ownership 
aluminium     
gladstone power station 
42 
gladstone queensland 
australia 
100 freehold thermal power station 1680mw 
gove power station nhulunbuy northern  
territory australia 
100 leasehold  heavy oil fired thermal power station 180mw 
highlands power stations lochaber kinlochleven uk 100 freehold hydroelectric power 109mw 
kemano power station kemano british columbia 
canada 
100 freehold hydroelectric power 896mw 
quebec power stations saguenay quebec  
canada chuteàcaron 
chuteàlasavane chute
despasses chutedudiable 
islemaligne shipshaw 
100 freehold  
except péribonka lease to 2058 
hydroelectric power 3147mw 
yarwun alumina refinery  
cogeneration plant 
gladstone queensland 
australia 
100 freehold gas turbine and heat recovery steam generator 160mw 
weipa power stations lorim point andoom 
queensland australia 
100 leasehold onsite generation diesel 36mw 
copper     
puncakjaya power  
2212 
grasberg papua indonesia lease diesel power plant  
thermal power plant 
193mw 
kennecott utah copper  
power stations 
salt lake city utah us 100 freehold thermal power station  
steam turbine running off waste heat boilers  
at the copper smelter 
combined heat and power plant supplying  
steam to the copper refinery 
175mw 
318mw 
 
62mw 
 
  
 
233 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
power plant location titlelease plant typeproduct 
capacity as of  
31 december 2013 
based on 100 
ownership 
diamonds  minerals    
boron cogeneration plant boron california us 100 freehold  
 
cogeneration uses natural gas to generate  
steam and electricity used to run boron’s  
refining operations 
48mw  
energy     
energy resources of 
australia  
rio tinto 684 
ranger mine jabiru  
northern territory australia 
lease five diesel generator sets rated at 51mw  
1 diesel generator rated at 19mw 
274mw 
iron ore     
ioc power station sept îles quebec canada statutory grant hydroelectric power 22mw 
paraburdoo power  
station 
paraburdoo western 
australia australia 
lease lm6000 pc gas fired turbines 153mw 
yurralyi maya power  
station 
rio tinto 58 
dampier western australia 
australia 
miscellaneous licence lm6000 pd gas fired turbines 220mw 
 rio tinto has a 100 share in the additional purchase of a 40mw open cycle gas turbine 
 
riotintocomreportingcentre2013
233 shareholder information 
234 
riotintocomreportingcentre2013 
organisational structure 
the rio tinto group consists of rio tinto plc which is registered in england  
and wales under company number 719885 and is listed on the london stock 
exchange and rio tinto limited which is registered in australia under abn 96 
004 458 404 and is listed on the australian securities exchange rio tinto is 
headquartered in london and has executive offices in melbourne 
rio tinto plc has a sponsored adr facility and the underlying shares are 
registered with the us securities and exchange commission and are listed  
on the new york stock exchange 
nomenclature and financial data 
rio tinto plc and rio tinto limited operate together and are referred to in  
this report as rio tinto the rio tinto group or more simply the group these 
collective expressions are used for convenience only since both companies 
and the individual companies in which they directly or indirectly own 
investments are separate and distinct legal entities  
“limited” “plc” “pty” “inc” “limitada” “llc” “as” or “sa” have generally 
been omitted from group company names except to distinguish between 
rio tinto plc and rio tinto limited financial data in us dollars us is derived 
from and should be read in conjunction with the 2013 financial statements  
in general financial data in pounds sterling £ and australian dollars a  
have been translated from the consolidated financial statements and have  
been provided solely for convenience exceptions arise where data can be 
extracted directly from source records certain key information has been 
provided in all three currencies in the 2013 financial statements 
history 
rio tinto plc was incorporated on 30 march 1962 then called the rio tinto
zinc corporation limited rtz and was formed by the merger of the rio tinto 
company and the consolidated zinc corporation the rio tinto company  
was incorporated in 1873 to reopen ancient copper workings in spain 
the consolidated zinc corporation’s origins trace back to the australian  
mining industry in the early twentieth century operating out of broken hill  
in new south wales it came to prominence with the mining of silver lead  
and zinc deposits and later expanded into lead and zinc smelting  
rio tinto limited was incorporated on 17 december 1959 then called  
the rio tinto mining company of australia limited and in 1962 the australian 
interests of consolidated zinc corporation and the rio tinto company limited 
of the united kingdom were merged to form conzinc riotinto of australia 
limited as a limited liability company under the laws of the state of victoria 
australia in 1980 conzinc riotinto of australia limited changed its name to 
cra limited 
between 1962 and 1995 both rtz and cra discovered important mineral 
deposits developed major mining projects and also grew through acquisition  
rtz and cra began operating in 1995 through a dual listed companies 
structure in 1997 the rtz corporation became rio tinto plc and cra limited 
became rio tinto limited together known as the rio tinto group  
in 2007 rio tinto completed an agreed takeover of the canadian aluminium 
producer alcan inc 
dual listed companies structure 
in 1995 rio tinto shareholders approved the terms of the dual listed 
companies merger the dlc structure which was designed to place the 
shareholders of both companies in substantially the same position as if they 
held shares in a single entity owning all of the assets of both companies 
following the approval of the dlc structure both companies entered into a 
dlc merger sharing agreement the sharing agreement through which each 
company agreed to ensure that the businesses of rio tinto plc and rio tinto 
limited are managed together to ensure that the boards of directors of each 
company are the same and to give effect to certain arrangements designed  
to provide shareholders of each company with a common economic interest  
in the dlc structure 
in order to achieve this third objective the sharing agreement provided  
for the ratio of dividend voting and capital distribution rights attached to  
each rio tinto plc share and to each rio tinto limited share to be fixed in  
an equalisation ratio which has remained unchanged at 11 the sharing 
agreement has provided for this ratio to be revised in special circumstances 
where for example certain modifications are made to the share capital of  
one company such as rights issues bonus issues share splits and share 
consolidations but not to the share capital of the other outside these specified 
circumstances the equalisation ratio can only be altered with the approval  
of shareholders under the class rights action approval procedure described 
under voting rights in addition any adjustments are required to be confirmed 
by the group’s external auditors 
consistent with the creation of the dlc structure directors of each company 
seek to act in the best interests of rio tinto as a whole the class rights  
action approval procedure is intended to deal with instances where there  
may be a conflict of interest between the shareholders of each company 
to ensure that the boards of both companies are identical resolutions to 
appoint or remove directors must be put to shareholders of both companies  
as a joint electorate as joint decisions as described under voting rights  
it is a requirement that a person can only be a director of one company if that 
person is also a director of the other company so for example if a person  
was removed as a director of rio tinto plc he or she would also cease to be  
a director of rio tinto limited 
one consequence of the dlc merger is that rio tinto is subject to a wide  
range of laws rules and regulatory review across multiple jurisdictions  
where these rules differ rio tinto as a group aims to comply with the  
strictest applicable level 
dividend rights 
the sharing agreement provides for dividends paid on rio tinto plc and 
rio tinto limited shares to be equalised on a net cash basis that is without 
taking into account any associated tax credits dividends are determined in us 
dollars and are then except for adr holders translated and paid in sterling and 
australian dollars the companies are also required to announce and pay their 
dividends and other distributions as close in time to each other as possible 
in the unlikely event that one company did not have sufficient distributable 
reserves to pay the equalised dividend or the equalised capital distribution  
it would be entitled to receive a topup payment from the other company  
the topup payment could be made as a dividend on the dlc dividend share 
or by way of a contractual payment 
if the payment of an equalised dividend would contravene the law applicable  
to one of the companies then they may depart from the equalisation ratio 
however should such a departure occur then the relevant company will put 
aside reserves to be held for payment on the relevant shares at a later date 
rio tinto shareholders have no direct rights to enforce the dividend equalisation 
provisions of the sharing agreement 
the dlc dividend shares can also be utilised to provide the group with 
flexibility for internal funds management by allowing dividends to be paid 
between the two parts of the group such dividend payments are of no 
economic significance to the shareholders of either company as they will  
have no effect on the group’s overall resources 
voting rights 
in principle the sharing agreement provides for the shareholders of rio tinto 
plc and rio tinto limited to vote as a joint electorate on all matters which affect 
shareholders of both companies in similar ways these are referred to as joint 
decisions such joint decisions include the creation of new classes of share 
capital the appointment or removal of directors and auditors and the receiving 
of the annual financial statements all shareholder resolutions including joint 
decisions are voted on a poll 
riotintocomreportingcentre2013
234 strategic report financial statements directors’ report production reserves and operations additional information
shareholder information 
234 
riotintocomreportingcentre2013 
organisational structure 
the rio tinto group consists of rio tinto plc which is registered in england  
and wales under company number 719885 and is listed on the london stock 
exchange and rio tinto limited which is registered in australia under abn 96 
004 458 404 and is listed on the australian securities exchange rio tinto is 
headquartered in london and has executive offices in melbourne 
rio tinto plc has a sponsored adr facility and the underlying shares are 
registered with the us securities and exchange commission and are listed  
on the new york stock exchange 
nomenclature and financial data 
rio tinto plc and rio tinto limited operate together and are referred to in  
this report as rio tinto the rio tinto group or more simply the group these 
collective expressions are used for convenience only since both companies 
and the individual companies in which they directly or indirectly own 
investments are separate and distinct legal entities  
“limited” “plc” “pty” “inc” “limitada” “llc” “as” or “sa” have generally 
been omitted from group company names except to distinguish between 
rio tinto plc and rio tinto limited financial data in us dollars us is derived 
from and should be read in conjunction with the 2013 financial statements  
in general financial data in pounds sterling £ and australian dollars a  
have been translated from the consolidated financial statements and have  
been provided solely for convenience exceptions arise where data can be 
extracted directly from source records certain key information has been 
provided in all three currencies in the 2013 financial statements 
history 
rio tinto plc was incorporated on 30 march 1962 then called the rio tinto
zinc corporation limited rtz and was formed by the merger of the rio tinto 
company and the consolidated zinc corporation the rio tinto company  
was incorporated in 1873 to reopen ancient copper workings in spain 
the consolidated zinc corporation’s origins trace back to the australian  
mining industry in the early twentieth century operating out of broken hill  
in new south wales it came to prominence with the mining of silver lead  
and zinc deposits and later expanded into lead and zinc smelting  
rio tinto limited was incorporated on 17 december 1959 then called  
the rio tinto mining company of australia limited and in 1962 the australian 
interests of consolidated zinc corporation and the rio tinto company limited 
of the united kingdom were merged to form conzinc riotinto of australia 
limited as a limited liability company under the laws of the state of victoria 
australia in 1980 conzinc riotinto of australia limited changed its name to 
cra limited 
between 1962 and 1995 both rtz and cra discovered important mineral 
deposits developed major mining projects and also grew through acquisition  
rtz and cra began operating in 1995 through a dual listed companies 
structure in 1997 the rtz corporation became rio tinto plc and cra limited 
became rio tinto limited together known as the rio tinto group  
in 2007 rio tinto completed an agreed takeover of the canadian aluminium 
producer alcan inc 
dual listed companies structure 
in 1995 rio tinto shareholders approved the terms of the dual listed 
companies merger the dlc structure which was designed to place the 
shareholders of both companies in substantially the same position as if they 
held shares in a single entity owning all of the assets of both companies 
following the approval of the dlc structure both companies entered into a 
dlc merger sharing agreement the sharing agreement through which each 
company agreed to ensure that the businesses of rio tinto plc and rio tinto 
limited are managed together to ensure that the boards of directors of each 
company are the same and to give effect to certain arrangements designed  
to provide shareholders of each company with a common economic interest  
in the dlc structure 
in order to achieve this third objective the sharing agreement provided  
for the ratio of dividend voting and capital distribution rights attached to  
each rio tinto plc share and to each rio tinto limited share to be fixed in  
an equalisation ratio which has remained unchanged at 11 the sharing 
agreement has provided for this ratio to be revised in special circumstances 
where for example certain modifications are made to the share capital of  
one company such as rights issues bonus issues share splits and share 
consolidations but not to the share capital of the other outside these specified 
circumstances the equalisation ratio can only be altered with the approval  
of shareholders under the class rights action approval procedure described 
under voting rights in addition any adjustments are required to be confirmed 
by the group’s external auditors 
consistent with the creation of the dlc structure directors of each company 
seek to act in the best interests of rio tinto as a whole the class rights  
action approval procedure is intended to deal with instances where there  
may be a conflict of interest between the shareholders of each company 
to ensure that the boards of both companies are identical resolutions to 
appoint or remove directors must be put to shareholders of both companies  
as a joint electorate as joint decisions as described under voting rights  
it is a requirement that a person can only be a director of one company if that 
person is also a director of the other company so for example if a person  
was removed as a director of rio tinto plc he or she would also cease to be  
a director of rio tinto limited 
one consequence of the dlc merger is that rio tinto is subject to a wide  
range of laws rules and regulatory review across multiple jurisdictions  
where these rules differ rio tinto as a group aims to comply with the  
strictest applicable level 
dividend rights 
the sharing agreement provides for dividends paid on rio tinto plc and 
rio tinto limited shares to be equalised on a net cash basis that is without 
taking into account any associated tax credits dividends are determined in us 
dollars and are then except for adr holders translated and paid in sterling and 
australian dollars the companies are also required to announce and pay their 
dividends and other distributions as close in time to each other as possible 
in the unlikely event that one company did not have sufficient distributable 
reserves to pay the equalised dividend or the equalised capital distribution  
it would be entitled to receive a topup payment from the other company  
the topup payment could be made as a dividend on the dlc dividend share 
or by way of a contractual payment 
if the payment of an equalised dividend would contravene the law applicable  
to one of the companies then they may depart from the equalisation ratio 
however should such a departure occur then the relevant company will put 
aside reserves to be held for payment on the relevant shares at a later date 
rio tinto shareholders have no direct rights to enforce the dividend equalisation 
provisions of the sharing agreement 
the dlc dividend shares can also be utilised to provide the group with 
flexibility for internal funds management by allowing dividends to be paid 
between the two parts of the group such dividend payments are of no 
economic significance to the shareholders of either company as they will  
have no effect on the group’s overall resources 
voting rights 
in principle the sharing agreement provides for the shareholders of rio tinto 
plc and rio tinto limited to vote as a joint electorate on all matters which affect 
shareholders of both companies in similar ways these are referred to as joint 
decisions such joint decisions include the creation of new classes of share 
capital the appointment or removal of directors and auditors and the receiving 
of the annual financial statements all shareholder resolutions including joint 
decisions are voted on a poll 
 
235 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
the sharing agreement also provides for the protection of shareholders of each 
company by requiring their separate approval for decisions that do not affect 
the shareholders of both companies equally matters requiring this approval 
procedure are referred to as class rights actions and are voted on a poll  
for example fundamental elements of the dlc merger cannot be changed 
unless approved separately by shareholders of both companies under the  
class rights action approval procedure  
exceptions to these principles can arise in situations such as where legislation 
requires the separate approval of a decision by the appropriate majority of 
shareholders in one company and approval of the matter by shareholders  
of the other company is not required 
where a matter has been expressly categorised as either a joint decision  
or a class rights action the directors do not have the power to change that 
categorisation if a matter falls within both categories it is treated as a class 
rights action in addition the directors can determine that matters not 
expressly listed in either category should be put to shareholders for their 
approval under either procedure 
to facilitate the joint voting arrangements each company has entered into 
shareholder voting agreements each company has issued a special voting 
share to a special purpose company held in trust by a common trustee 
rio tinto plc has issued its special voting share rtp special voting share  
to rtl shareholder svc and rio tinto limited has issued its special voting 
share rtl special voting share to rtp shareholder svc the total number  
of votes cast on joint decisions by the shareholders of one company are voted 
at the parallel meeting of the other company the role of these special purpose 
companies in achieving this is described below 
in exceptional circumstances certain shareholders of the companies can be 
excluded from voting at the respective company’s general meetings because 
they have acquired shares in one company in excess of a given threshold 
without making an offer for all the shares in the other company if this should 
occur the votes cast by these excluded shareholders will be disregarded 
following the companies’ general meetings the overall results of the voting  
are announced to the stock exchanges to the media in the uk and australia 
and published on the rio tinto website 
at a rio tinto plc shareholders’ meeting at which a joint decision is considered 
each rio tinto plc share carries one vote and the holder of its special voting 
share has one vote for each vote cast by the public shareholders of rio tinto 
limited the holder of the special voting share is required to vote strictly  
and only in accordance with the votes cast by public shareholders for  
and against the equivalent resolution at the parallel rio tinto limited 
shareholders’ meeting 
the holders of rio tinto limited ordinary shares do not actually hold any  
voting shares in rio tinto plc by virtue of their holding in rio tinto limited and 
cannot enforce the voting arrangements relating to the special voting share 
at a rio tinto limited shareholders’ meeting at which a joint decision is 
considered each rio tinto limited share carries one vote and the holder  
of its special voting share will have one vote for each vote cast by the public 
shareholders of rio tinto plc in their parallel meeting the holder of the special 
voting share is required to vote strictly and only in accordance with the votes 
cast for and against the equivalent resolution at the parallel rio tinto plc 
shareholders’ meeting 
the holders of rio tinto plc ordinary shares do not actually hold any voting 
shares in rio tinto limited by virtue of their holding in rio tinto plc and  
cannot enforce the voting arrangements relating to the special voting share 
capital distribution rights 
if either of the companies goes into liquidation the sharing agreement 
provides for a valuation to be made of the surplus assets of both companies  
if the surplus assets available for distribution by one company on each of  
the shares held by its shareholders exceed the surplus assets available for 
distribution by the other company on each of the shares held by its 
shareholders then an equalising payment between the two companies shall  
be made to the extent permitted by applicable law such that the amount 
available for distribution on each share held by shareholders of each company 
conforms to the equalisation ratio the objective is to ensure that the 
shareholders of both companies have equivalent rights to the assets of the 
combined group on a per share basis taking account of the equalisation ratio 
the sharing agreement does not grant any enforceable rights to the 
shareholders of either company upon liquidation of a company 
limitations on ownership of shares and merger obligations 
the laws and regulations of the uk and australia impose restrictions and 
obligations on persons who control interests in publicly listed companies  
in excess of defined thresholds that under certain circumstances include 
obligations to make a public offer for all of the outstanding issued shares  
of the relevant company the threshold applicable to rio tinto plc under  
uk law and regulations is 30 per cent and to rio tinto limited under australian 
law and regulations is 20 per cent on a standalone basis or taking into account 
only rio tinto plc interests on a joint decision basis 
as part of the dlc merger the articles of association of rio tinto plc and the 
constitution of rio tinto limited were amended with the intention of extending 
these laws and regulations to the combined enterprise and in particular to 
ensure that a person cannot exercise control over one company without having 
made offers to the public shareholders of both companies it is consistent with 
the creation of the single economic enterprise and the equal treatment of the 
two sets of shareholders that these laws and regulations should operate in  
this way the articles of association of rio tinto plc and the constitution of 
rio tinto limited impose restrictions on any person who controls directly or 
indirectly 20 per cent or more of the votes on a joint decision if however such 
a person only has an interest in either rio tinto limited or rio tinto plc then 
the restrictions will only apply if they control directly or indirectly 30 per cent 
or more of the votes at that company’s general meetings 
if one of the thresholds specified above is breached then subject to certain 
limited exceptions and notification by the relevant company such persons  
may not attend or vote at general meetings of the relevant company may not 
receive dividends or other distributions from the relevant company and may  
be divested of their interest by the directors of the relevant company these 
restrictions continue to apply until such persons have either made a public  
offer for all of the publicly held shares of the other company or have reduced 
their controlling interest below the thresholds specified or have acquired 
through a permitted means at least 50 per cent of the publicly held shares  
of each company 
these provisions are designed to ensure that offers for the publicly held shares 
of both companies would be required to avoid the restrictions set out above 
even if the interests which breach the thresholds are only held in one of the 
companies the directors do not have the discretion to exempt a person from 
the operation of these rules 
under the sharing agreement the companies agree to cooperate to enforce 
the restrictions contained in their articles of association and constitution 
guarantees 
in 1995 each company entered into a deed poll guarantee in favour of 
creditors of the other company pursuant to the deed poll guarantees each 
company guaranteed the contractual obligations of the other company and 
the obligations of other persons which are guaranteed by the other company 
subject to certain limited exceptions beneficiaries under the deed poll 
guarantees may make demands upon the guarantor thereunder without first 
having recourse to the company or persons whose obligations are being 
guaranteed the obligations of the guarantor under each deed poll guarantee 
expire upon termination of the sharing agreement and under other limited 
circumstances but only in respect of obligations arising after such termination 
and in the case of other limited circumstances the publication and expiry of 
riotintocomreportingcentre2013
235 shareholder information continued 
236 
riotintocomreportingcentre2013 
due notice the shareholders of the companies cannot enforce the provisions  
of the deed poll guarantees 
markets 
rio tinto plc 
the principal market for rio tinto plc shares is the london stock exchange  
with the shares trading through the stock exchange electronic trading service 
sets system 
rio tinto plc shares are also listed on nyse euronext brussels and its american 
depositary receipts are listed on the new york stock exchange as at 17 
february 2014 there were 45231 holders of record of rio tinto plc’s shares  
of these holders 396 had registered addresses in the us and held a total of 
479526 rio tinto plc shares representing 003 per cent of the total number  
of rio tinto plc shares issued and outstanding as at such date in addition 
106501038 rio tinto plc shares were registered in the name of a custodian 
account in london which represented 747 per cent of rio tinto plc shares 
issued and outstanding these shares were represented by 106501038  
rio tinto plc adrs held of record by 400 adr holders in addition certain 
accounts of record with registered addresses other than in the us hold shares 
in whole or in part beneficially for us persons 
rio tinto limited 
rio tinto limited shares are listed on the australian securities exchange  
asx the asx is the principal trading market for rio tinto limited shares  
the asx is a national stock exchange with an automated trading system 
as at 17 february 2014 there were 206768 holders of record of rio tinto 
limited shares of these holders 314 had registered addresses in the us 
representing approximately 0043 per cent of the total number of rio tinto 
limited shares issued and outstanding as of such date in addition nominee 
accounts of record with registered addresses other than in the us may hold 
rio tinto limited shares in whole or in part beneficially for us persons 
 
fees and charges payable by a holder of american depositary shares adss 
category depositary actions associated fee 
depositing or substituting 
the underlying shares 
issuance of adss against the deposit of shares including deposits  
and issuance in respect of 
share distributions stock split rights merger 
exchange of securities or other transactions 
other events or distributions affecting the adss or the deposited 
securities 
us500 per 100 adss or portion thereof 
evidenced by the new adss delivered 
selling or exercising rights distribution or sale of securities the fee being in an amount equal 
to the fee for the execution and delivery of adss which would have  
been charged as a result of the deposit of such securities 
us500 for each 100 adss or portion thereof 
withdrawing an underlying share acceptance of adss surrendered for withdrawal of deposited securities us500 for each 100 adss or portion thereof 
evidenced by the adss surrendered 
transferring splitting or grouping 
receipts 
transfers combining or grouping of depositary receipts us250 per ads 
general depositary services 
particularly those charged 
on an annual basis 
other services performed by the depositary in administering the 
adrs 
provide information about the depositary’s right if any to collect  
fees and charges by offsetting them against dividends received and 
deposited securities 
us002 per ads or portion thereof not more 
than once each calendar year and payable at the 
sole discretion of the depositary by billing holders 
or deducting such charge from one or more cash 
dividends or other cash distributions 
expenses of the depositary expenses incurred on behalf of holders in connection with 
compliance with foreign exchange control regulations or any law  
or regulation relating to foreign investment 
the depositary’s or its custodian’s compliance with applicable law 
rule or regulation 
stock transfer or other taxes and other governmental charges 
cable telex facsimile and electronic transmissiondelivery 
expenses of the depositary in connection with the conversion  
of foreign currency into us dollars which are paid out of such  
foreign currency 
any other charge payable by the depositary or its agents 
expenses payable at the sole discretion of the 
depositary by billing holders or by deducting 
charges from one or more cash dividends or  
other cash distributions 
  
riotintocomreportingcentre2013
236 strategic report financial statements directors’ report production reserves and operations additional information
shareholder information continued 
236 
riotintocomreportingcentre2013 
due notice the shareholders of the companies cannot enforce the provisions  
of the deed poll guarantees 
markets 
rio tinto plc 
the principal market for rio tinto plc shares is the london stock exchange  
with the shares trading through the stock exchange electronic trading service 
sets system 
rio tinto plc shares are also listed on nyse euronext brussels and its american 
depositary receipts are listed on the new york stock exchange as at 17 
february 2014 there were 45231 holders of record of rio tinto plc’s shares  
of these holders 396 had registered addresses in the us and held a total of 
479526 rio tinto plc shares representing 003 per cent of the total number  
of rio tinto plc shares issued and outstanding as at such date in addition 
106501038 rio tinto plc shares were registered in the name of a custodian 
account in london which represented 747 per cent of rio tinto plc shares 
issued and outstanding these shares were represented by 106501038  
rio tinto plc adrs held of record by 400 adr holders in addition certain 
accounts of record with registered addresses other than in the us hold shares 
in whole or in part beneficially for us persons 
rio tinto limited 
rio tinto limited shares are listed on the australian securities exchange  
asx the asx is the principal trading market for rio tinto limited shares  
the asx is a national stock exchange with an automated trading system 
as at 17 february 2014 there were 206768 holders of record of rio tinto 
limited shares of these holders 314 had registered addresses in the us 
representing approximately 0043 per cent of the total number of rio tinto 
limited shares issued and outstanding as of such date in addition nominee 
accounts of record with registered addresses other than in the us may hold 
rio tinto limited shares in whole or in part beneficially for us persons 
 
fees and charges payable by a holder of american depositary shares adss 
category depositary actions associated fee 
depositing or substituting 
the underlying shares 
issuance of adss against the deposit of shares including deposits  
and issuance in respect of 
share distributions stock split rights merger 
exchange of securities or other transactions 
other events or distributions affecting the adss or the deposited 
securities 
us500 per 100 adss or portion thereof 
evidenced by the new adss delivered 
selling or exercising rights distribution or sale of securities the fee being in an amount equal 
to the fee for the execution and delivery of adss which would have  
been charged as a result of the deposit of such securities 
us500 for each 100 adss or portion thereof 
withdrawing an underlying share acceptance of adss surrendered for withdrawal of deposited securities us500 for each 100 adss or portion thereof 
evidenced by the adss surrendered 
transferring splitting or grouping 
receipts 
transfers combining or grouping of depositary receipts us250 per ads 
general depositary services 
particularly those charged 
on an annual basis 
other services performed by the depositary in administering the 
adrs 
provide information about the depositary’s right if any to collect  
fees and charges by offsetting them against dividends received and 
deposited securities 
us002 per ads or portion thereof not more 
than once each calendar year and payable at the 
sole discretion of the depositary by billing holders 
or deducting such charge from one or more cash 
dividends or other cash distributions 
expenses of the depositary expenses incurred on behalf of holders in connection with 
compliance with foreign exchange control regulations or any law  
or regulation relating to foreign investment 
the depositary’s or its custodian’s compliance with applicable law 
rule or regulation 
stock transfer or other taxes and other governmental charges 
cable telex facsimile and electronic transmissiondelivery 
expenses of the depositary in connection with the conversion  
of foreign currency into us dollars which are paid out of such  
foreign currency 
any other charge payable by the depositary or its agents 
expenses payable at the sole discretion of the 
depositary by billing holders or by deducting 
charges from one or more cash dividends or  
other cash distributions 
  
 
237 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
american depositary receipts adrs 
rio tinto plc has a sponsored adr facility with jpmorgan chase bank na 
jpmorgan under a deposit agreement dated 13 july 1988 as amended  
on 11 june 1990 as further amended and restated on 15 february 1999  
18 february 2005 when jpmorgan became rio tinto plc’s depositary and on 
29 april 2010 the adrs evidence rio tinto plc american depositary shares 
adss each representing one ordinary share the shares are registered with 
the us securities and exchange commission sec are listed on the nyse  
and are traded under the symbol rio 
fees and charges payable by a holder of adss 
in accordance with the terms of the deposit agreement jpmorgan may  
charge holders of rio tinto adss either directly or indirectly fees or charges  
up to the amounts described in the table on the previous page  
fees and payments made by the depositary to the issuer 
jpmorgan has agreed to reimburse certain company expenses related to the 
rio tinto plc adr programme and incurred by the group in connection with  
the programme the group received us105 million in respect of expenses 
incurred by the group in connection with the adr programme for the year 
ended 31 december 2013 jpmorgan did not pay any amount on the group’s 
behalf to third parties jpmorgan also waived certain of its standard fees and 
expenses associated with the administration of the programme relating to 
routine programme maintenance reporting distribution of cash dividends 
annual meeting services and report mailing services 
under certain circumstances including removal of jpmorgan as depositary or 
termination of the adr programme by the company the company is required 
to repay jpmorgan any amounts of administrative fees and expenses waived 
during the 12month period prior to notice of removal or termination 
share ownership 
substantial shareholders 
under the uk disclosure and transparency rules and the australian 
corporations act any shareholder of rio tinto plc with voting rights of three 
per cent or more or any person with voting power of five per cent or more in 
rio tinto limited is required to provide the companies with notice  
the shareholders who have provided such or an equivalent notice are 
rio tinto plc date of notice number of shares
percentage of 
issued share 
capital
axa sa  29 jan 2008  48493873 486
blackrock inc  4 dec 2009 127744871 838
shining prospect pte ltd 13 mar 2012 182550329 127
the capital group  
companies inc 
21 jan 2014 57950440 410
 
rio tinto limited     
shining prospect pte ltd 
a
 4 feb 2008 ––
a shining prospect pte ltd a singaporebased entity owned by chinalco aluminium 
corporation of china holds 182550329 rio tinto plc shares through the operation  
of the australian corporations act as modified this interest gives these entities and 
their associates voting power of 98 per cent in the rio tinto group on a joint decision 
matter making them substantial shareholders of rio tinto limited as well as of 
rio tinto plc  
as far as is known rio tinto plc and rio tinto limited are not directly or 
indirectly owned or controlled by another corporation or by any government or 
natural person rio tinto is not aware of any arrangement which may result in a 
change in control no shareholder possesses voting rights that differ from those 
attaching to rio tinto plc’s and rio tinto limited’s securities 
as of 17 february 2014 the total amount of the group’s voting securities owned 
by the directors in rio tinto plc was 94081 ordinary shares of 10p each or adrs 
and in rio tinto limited was 107586 ordinary shares in aggregate representing 
less than one per cent of the group’s total number of shares in issue 
analysis of ordinary shareholders 
 rio tinto plc rio tinto limited
as at 17 february 2014 
no of 
accounts   shares   
no of 
accounts  shares 
1 to 1000 shares 34307 7585 11121342 079 173818 8406 51625736 1185
1001 to 5000 shares 8515 1883 16893956 12 0 29538 1429 58484856 1342
5001 to 10000 shares 790 175 5473944 039 2288 111 15844505 364
10001 to 25000 shares 450 099 6988461 049 851 041 12414627 285
25001 to 125000 shares 563 124 33848104 239 216 010 9951677 228
125001 to 250000 shares 195 043 35398021 250 15 001 2639435 061
250001 to 1250000 shares 279 062 160443609 1135 29 001 13659893 313
1250001 to 2500000 shares 54 012 94126086 667 1 000 1661239 038
2500001 shares and over 
a
 77 0171048572919
b
7422 12 001 269476752 6184
   1425376675
c
10000  435758720
d
10000
             
number of holdings less than marketable 
parcel of a500 
  3716 
a excludes shares held in treasury 
b this includes 106501038 shares held in the name of a nominee on the share register the shares are listed on the nyse in the form of american depositary receipts adrs 
c the total issued share capital is made up of 1412866442 publicly held shares 12510233 shares held in treasury 
d publicly held shares in rio tinto limited 
riotintocomreportingcentre2013
237 shareholder information continued 
238 
riotintocomreportingcentre2013 
twenty largest registered shareholders 
in accordance with the asx listing rules below are the names of the 20 largest registered holders of rio tinto limited shares and the number of shares and the 
percentage of issued capital each holds as at 17 february 2014 
rio tinto limited 
number 
of shares
percentage of 
issued share capital
hsbc custody nominees australia limited 90282676  2072 
j p morgan nominees australia limited 61272310 1406
national nominees limited 51486464 1182
citicorp nominees pty limited 22456989 515
bnp paribas noms pty ltd drp 11589957 266
jp morgan nominees australia limited cash income ac 10701504 246
citicorp nominees pty limited colonial first state inv ac 6462290 148
australian foundation investment company limited 3651753 084
amp life limited 3238223 074
hsbc custody nominees australia limited ntcomnwlth super corp ac 2955099 068
ubs wealth management australia nominees pty ltd 2868748 066
argo investments limited 2510739 058
bnp paribas nominees pty ltd agency lending drp ac 1661239 038
rbc investor services australia nominees pty limited pi pooled ac 1115949 026
navigator australia ltd mlc investment sett ac 932896 021
australian united investment company limited 849918 020
rbc investor services australia nominees pty limited mba ac 629439 014
ubs nominees pty ltd 617500 014
custodial services limited beneficiaries holding ac 609094 014
nulis nominees australia limited navigator mast plan sett ac 570333 013
 276463120 6344
large registered shareholders are nominees who hold securities on behalf of beneficial shareholders 
share price information 
the following table shows share prices for the period indicated the reported high and low middle market quotations which represent an average of bid and asked 
prices for rio tinto plc’s shares on the london stock exchange based on the daily official list the highest and lowest sale prices of the rio tinto plc adrs as 
reported on the nyse composite tape and the high and low closing sale prices of rio tinto limited shares based upon information provided by the asx there is  
no established trading market in the us for rio tinto limited’s shares 
pence per rio tinto plc share us per rio tinto plc ads
a
  a per rio tinto limited share
 high low high low    high low
2009 
b
 34201140 5593 1963  7489 2938
2010 45842812 7265 3930  8794 6170
2011 47122713 7667 4050  8868 5900
2012 39882716 6270 4232  7230 4863
2013 37572583 5992 3990  7207 5024
aug 2013 3263 2913 5014 4511  6262 5794
sep 2013 3218 3023 5189 4511  642 5922
oct 2013 3262 2958 5287 4749  6438 6000
nov 2013 3331 3110 5352 5018  6606 6354
dec 2013 3410 3180 5643 5178  6818 6491
jan 2014 3410 3115 5643 5118  6871 6335
2012 
– first quarter 
3988 3331 6270 5124  7230 6140
 – second quarter 3556 2772 5725 4232  6679 5290
 – third quarter 3282 2716 5318 4300  5897 4863
 – fourth quarter 3568 2915 5822 4681   6653 5336
2013 – first quarter 3757 3070 5992 4668  7207 4668
 – second quarter 3140 2582 4860 4034  5890 5024
 – third quarter 3263 2636 5189 3990  6420 5150
 – fourth quarter 3410 2958 5643 4749  6818 6000
a on 12 april 2010 rio tinto announced a ratio change for the rio tinto plc adr programme with effect from 30 april 2010 one adr represents one ordinary share of 10p in rio tinto 
plc prior to this date one adr represented four ordinary shares of 10p to effect this change adr holders received three additional adrs for every one adr held as of 22 april 2010  
the adr record date  
b none of these prices have been restated to take account of the rights issues undertaken in 2009 
riotintocomreportingcentre2013
238 strategic report financial statements directors’ report production reserves and operations additional information
shareholder information continued 
238 
riotintocomreportingcentre2013 
twenty largest registered shareholders 
in accordance with the asx listing rules below are the names of the 20 largest registered holders of rio tinto limited shares and the number of shares and the 
percentage of issued capital each holds as at 17 february 2014 
rio tinto limited 
number 
of shares
percentage of 
issued share capital
hsbc custody nominees australia limited 90282676  2072 
j p morgan nominees australia limited 61272310 1406
national nominees limited 51486464 1182
citicorp nominees pty limited 22456989 515
bnp paribas noms pty ltd drp 11589957 266
jp morgan nominees australia limited cash income ac 10701504 246
citicorp nominees pty limited colonial first state inv ac 6462290 148
australian foundation investment company limited 3651753 084
amp life limited 3238223 074
hsbc custody nominees australia limited ntcomnwlth super corp ac 2955099 068
ubs wealth management australia nominees pty ltd 2868748 066
argo investments limited 2510739 058
bnp paribas nominees pty ltd agency lending drp ac 1661239 038
rbc investor services australia nominees pty limited pi pooled ac 1115949 026
navigator australia ltd mlc investment sett ac 932896 021
australian united investment company limited 849918 020
rbc investor services australia nominees pty limited mba ac 629439 014
ubs nominees pty ltd 617500 014
custodial services limited beneficiaries holding ac 609094 014
nulis nominees australia limited navigator mast plan sett ac 570333 013
 276463120 6344
large registered shareholders are nominees who hold securities on behalf of beneficial shareholders 
share price information 
the following table shows share prices for the period indicated the reported high and low middle market quotations which represent an average of bid and asked 
prices for rio tinto plc’s shares on the london stock exchange based on the daily official list the highest and lowest sale prices of the rio tinto plc adrs as 
reported on the nyse composite tape and the high and low closing sale prices of rio tinto limited shares based upon information provided by the asx there is  
no established trading market in the us for rio tinto limited’s shares 
pence per rio tinto plc share us per rio tinto plc ads
a
  a per rio tinto limited share
 high low high low    high low
2009 
b
 34201140 5593 1963  7489 2938
2010 45842812 7265 3930  8794 6170
2011 47122713 7667 4050  8868 5900
2012 39882716 6270 4232  7230 4863
2013 37572583 5992 3990  7207 5024
aug 2013 3263 2913 5014 4511  6262 5794
sep 2013 3218 3023 5189 4511  642 5922
oct 2013 3262 2958 5287 4749  6438 6000
nov 2013 3331 3110 5352 5018  6606 6354
dec 2013 3410 3180 5643 5178  6818 6491
jan 2014 3410 3115 5643 5118  6871 6335
2012 
– first quarter 
3988 3331 6270 5124  7230 6140
 – second quarter 3556 2772 5725 4232  6679 5290
 – third quarter 3282 2716 5318 4300  5897 4863
 – fourth quarter 3568 2915 5822 4681   6653 5336
2013 – first quarter 3757 3070 5992 4668  7207 4668
 – second quarter 3140 2582 4860 4034  5890 5024
 – third quarter 3263 2636 5189 3990  6420 5150
 – fourth quarter 3410 2958 5643 4749  6818 6000
a on 12 april 2010 rio tinto announced a ratio change for the rio tinto plc adr programme with effect from 30 april 2010 one adr represents one ordinary share of 10p in rio tinto 
plc prior to this date one adr represented four ordinary shares of 10p to effect this change adr holders received three additional adrs for every one adr held as of 22 april 2010  
the adr record date  
b none of these prices have been restated to take account of the rights issues undertaken in 2009 
 
dividends 
both companies have paid dividends on their ordinary shares every year since 
incorporation in 1962 the rights of rio tinto shareholders to receive dividends 
are explained under the description of the dual listed companies structure on 
page 234 
dividend policy 
the aim of rio tinto’s progressive dividend policy is to increase the us dollar 
value of ordinary dividends over time the rate of the total annual dividend in 
us dollars is determined taking into account the results for the past year and 
the outlook under rio tinto’s dividend policy the interim dividend is set at one 
half of the total ordinary dividend for the previous year and the final ordinary 
dividend is expected to be at least equal to the previous interim dividend  
dividend determination 
the majority of the group’s sales are transacted in us dollars making this  
the most reliable measure of the group’s global business performance it is 
rio tinto’s main reporting currency and consequently the natural currency  
for dividend determination dividends determined in us dollars are translated  
at exchange rates prevailing two days prior to the announcement and are  
then declared payable in sterling by rio tinto plc and in australian dollars  
by rio tinto limited on request shareholders of rio tinto plc can elect to 
receive dividends in australian dollars and shareholders of rio tinto limited  
can elect to receive dividends in sterling these dividend amounts are 
calculated by converting the declared dividend using currency exchange  
rates applicable five business days prior to the dividend payment date  
shareholders who wish to receive their dividends in any other currencies  
should contact the companies’ share registrars who also offer payment 
services in other currencies subject to a fee  
2013 dividends 
the 2013 interim and final dividends were determined at 8350 us cents and  
at 10850 us cents per share respectively and the applicable conversion rates 
for the interim and final dividend were us15384 and us16484 to the pound 
sterling and us089785 and us090315 to the australian dollar respectively 
for those rio tinto plc shareholders who elected to receive their interim 
dividend in australian dollars the applicable conversion rate was a170816  
and for rio tinto limited shareholders who elected to receive their dividend  
in sterling the applicable conversion rate was £058543  
final dividends of 6582 pence or 12014 australian cents per share will be  
paid on 10 april 2014 for those rio tinto plc shareholders requesting the  
2013 final dividend be paid in australian dollars those holders of rio tinto plc 
adrs each representing one share and those rio tinto limited shareholders 
requesting the 2013 final dividend be paid in pounds sterling the applicable 
conversion rates will be announced on 3 april 2014 
the following chart sets out the amounts of interim and final dividends paid  
or payable on each share or adr in respect of each financial year but before 
deduction of any withholding tax 
these have been restated for the impact of the 2009 rights issues and the  
adr ratio change 
 
 
 
 
2013 2012 2011 2010 2009
rio tinto group – us cents per share 
interim 8350 7250 5400 4500 –
final 10850 9450 9100 6300 4500
total 19200 16700 14500 10800 4500
rio tinto plc – uk pence per share
interim 5428 4643 3314 2821 –
final 6582 6034 5733 3914 2884
total 12010 10677 9047 6735 2884
rio tinto limited – australian cents per share 
interim 9300 6851 4981 4927 –
final 12014 9167 8420 6194 5156
total 21314 16018 13401 11121 5156
rio tinto plc – us cents per adr
interim 8462 7399 5355 4345 –
final 
a
 – 9160 9156 6325 4500
total 
a
 – 16559 14511 10670 4500
a the final dividend payable to holders of adrs for the 2013 financial year will  
be announced on 3 april 2014 when the gbpusd currency conversion rate is 
determined the adr dividend for 2010 is restated from the 2010 annual report  
and reflects the dividend after currency conversion 
dividend reinvestment plan drp 
rio tinto offers a drp to registered shareholders which provides the 
opportunity to use cash dividends to purchase rio tinto shares in the market 
due to local legislation the drp cannot be extended to shareholders in the us 
canada and certain other countries 
exchange rates 
the following tables below and on page 240 show for the periods and dates 
indicated certain information regarding the exchange rates for the pound 
sterling and australian dollar based on the noon buying rates for pounds 
sterling and australian dollars expressed in us dollars per £100 and per 
a100 
pounds sterling 
year ended 31 december
a
 period end 
average 
rate high low
jan 2014 165 164 165 164
dec 2013 163 162 163 161
nov 2013 161 161 161 161
oct 2013 161 160 161 158
sep 2013 158 156 158 155
aug 2013 155 153 155 152
2013 163 156 163 151
2012 163 159 163 153
2011 155 160 167 167
2010 156 155 164 143
2009 162 157 170 135
a the noon buying rate on such dates differed slightly from the rates used in the 
preparation of rio tinto’s financial statements as of such date no representation  
is made that pound sterling and australian dollar amounts have been could have  
been or could be converted into dollars at the noon buying rate on such dates or  
at any other dates  
 
  
riotintocomreportingcentre2013
239 shareholder information continued 
australian dollars 
year ended 31 december
a
 period end 
average 
rate high low
jan 2014 089 089 090 089
dec 2013 090 092 094 090
nov 2013 094 095 095 094
oct 2013 095 094 095 092
sep 2013 092 091 092 091
aug 2013 091 091 092 091
2013 090 098 105 090
2012 104 104 108 097
2011 102 103 110 094
2010 102 092 102 081
2009 089 079 094 062
a the noon buying rate on such dates differed slightly from the rates used in the 
preparation of rio tinto’s financial statements as of such date no representation is 
made that pound sterling and australian dollar amounts have been could have been 
or could be converted into dollars at the noon buying rate on such dates or at any 
other dates  
material contracts  
articles of association and constitution and dlc merger sharing 
agreement 
as explained on pages 234 to 235 under the terms of the dlc structure the 
shareholders of rio tinto plc and of rio tinto limited entered into certain 
contractual arrangements which are designed to place the shareholders of both 
companies in substantially the same position as if they held shares in a single 
entity which owned all of the assets of both companies please refer to the 
section on guarantees on page 235 for further information generally and as far 
as is permitted by the uk companies act and the australian corporations act 
and asx listing rules this principle is reflected in the articles of association of 
rio tinto plc and in the constitution of rio tinto limited the summaries below 
include descriptions of material rights of the shareholders of both rio tinto plc 
and rio tinto limited  
objects 
at the 2009 annual general meetings shareholders of rio tinto plc and 
rio tinto limited approved amendments to the constitutional documents 
whereby the object clauses were removed to allow the companies to have  
the widest possible scope of activities  
directors 
under rio tinto plc’s articles of association a director may not vote in respect 
of any proposal in which he or any other person connected with him has  
any material interest other than by virtue of his interests in shares or 
debentures or other securities of or otherwise in or through the company 
except where resolutions 
– indemnify him or a third party in respect of obligations incurred by the 
director on behalf of or for the benefit of the company or in respect  
of obligations of the company for which the director has assumed 
responsibility under an indemnity security or guarantee 
– relate to an offer of securities in which he may be interested as a holder  
of securities or as an underwriter 
– concern another body corporate in which the director is beneficially 
interested in less than one per cent of the issued shares of any class of 
shares of such a body corporate 
– relate to an employee benefit in which the director will share equally with 
other employees and 
– relate to liability insurance that the company is empowered to purchase for 
the benefit of directors of the company in respect of actions undertaken as 
directors or officers of the company 
under rio tinto limited’s constitution except where a director is constrained 
by australian law a director may be present at a meeting of the board while a 
matter in which the director has a material personal interest is being considered 
and may vote in respect of that matter 
the directors are empowered to exercise all the powers of the companies to 
borrow money to charge any property or business of the companies or all or 
any of their uncalled capital and to issue debentures or give any other security 
for a debt liability or obligation of the companies or of any other person the 
directors shall restrict the borrowings of rio tinto plc to the limitation that the 
aggregate amount of all moneys borrowed by the company and its subsidiaries 
shall not exceed an amount equal to one and one half times the company’s 
share capital plus aggregate reserves unless sanctioned by an ordinary 
resolution of the company 
directors are not required to hold any shares of either company by way of 
qualification the remuneration report on pages 80 and 89 provides 
information on shareholding policies relating to executive and nonexecutive 
directors please refer to the corporate governance section page 58 for 
information on appointment of directors  
rights attaching to shares 
under english law dividends on shares may only be paid out of profits  
available for distribution as determined in accordance with generally accepted 
accounting principles and by the relevant law shareholders are entitled to 
receive such dividends as may be declared by the directors the directors may 
also pay shareholders such interim dividends as appear to them to be justified 
by the financial position of the group  
any rio tinto plc dividend unclaimed after 12 years from the date the dividend 
was declared or became due for payment will be forfeited and returned to the 
company any rio tinto limited dividend unclaimed may be invested or 
otherwise used by the board for the benefit of the company until claimed or 
otherwise disposed of according to australian law 
voting rights 
voting at any general meeting of shareholders on a resolution on which the 
holder of the special voting share is entitled to vote shall be decided by a poll 
and any other resolution shall be decided by a show of hands unless a poll has 
been duly demanded on a show of hands every shareholder who is present  
in person or by proxy or other duly authorised representative and is entitled to 
vote has one vote regardless of the number of shares held the holder of the 
special voting share is not entitled to vote on a show of hands on a poll every 
shareholder who is present in person or by proxy or other duly authorised 
representative and is entitled to vote has one vote for every ordinary share for 
which he or she is the holder and in the case of joint decisions the holder of 
the special voting share has one vote for each vote cast by the shareholders  
at the parallel meeting of the other company’s shareholders  
a poll may be demanded by any of the following 
– the chairman of the meeting 
– at least five shareholders entitled to vote on the resolution 
– any shareholder or shareholders representing in the aggregate not less than 
one tenth rio tinto plc or one 20th rio tinto limited of the total voting 
rights of all shareholders entitled to vote on the resolution  
– any shareholder or shareholders holding shares conferring a right to vote  
at the meeting on which there have been paidup sums in the aggregate 
equal to not less than one tenth of the total sum paid up on all the shares 
conferring that right rio tinto plc or 
– the holder of the special voting share 
a proxy form will be treated as giving the proxy the authority to demand a poll 
or to join others in demanding one 
the necessary quorum for a rio tinto plc general meeting is three members 
present in person or by proxy or other duly authorised representative and 
entitled to vote and for a rio tinto limited general meeting is two members 
present in person or by proxy or other duly authorised representative 
riotintocomreportingcentre2013
240 strategic report financial statements directors’ report production reserves and operations additional information
shareholder information continued 
australian dollars 
year ended 31 december
a
 period end 
average 
rate high low
jan 2014 089 089 090 089
dec 2013 090 092 094 090
nov 2013 094 095 095 094
oct 2013 095 094 095 092
sep 2013 092 091 092 091
aug 2013 091 091 092 091
2013 090 098 105 090
2012 104 104 108 097
2011 102 103 110 094
2010 102 092 102 081
2009 089 079 094 062
a the noon buying rate on such dates differed slightly from the rates used in the 
preparation of rio tinto’s financial statements as of such date no representation is 
made that pound sterling and australian dollar amounts have been could have been 
or could be converted into dollars at the noon buying rate on such dates or at any 
other dates  
material contracts  
articles of association and constitution and dlc merger sharing 
agreement 
as explained on pages 234 to 235 under the terms of the dlc structure the 
shareholders of rio tinto plc and of rio tinto limited entered into certain 
contractual arrangements which are designed to place the shareholders of both 
companies in substantially the same position as if they held shares in a single 
entity which owned all of the assets of both companies please refer to the 
section on guarantees on page 235 for further information generally and as far 
as is permitted by the uk companies act and the australian corporations act 
and asx listing rules this principle is reflected in the articles of association of 
rio tinto plc and in the constitution of rio tinto limited the summaries below 
include descriptions of material rights of the shareholders of both rio tinto plc 
and rio tinto limited  
objects 
at the 2009 annual general meetings shareholders of rio tinto plc and 
rio tinto limited approved amendments to the constitutional documents 
whereby the object clauses were removed to allow the companies to have  
the widest possible scope of activities  
directors 
under rio tinto plc’s articles of association a director may not vote in respect 
of any proposal in which he or any other person connected with him has  
any material interest other than by virtue of his interests in shares or 
debentures or other securities of or otherwise in or through the company 
except where resolutions 
– indemnify him or a third party in respect of obligations incurred by the 
director on behalf of or for the benefit of the company or in respect  
of obligations of the company for which the director has assumed 
responsibility under an indemnity security or guarantee 
– relate to an offer of securities in which he may be interested as a holder  
of securities or as an underwriter 
– concern another body corporate in which the director is beneficially 
interested in less than one per cent of the issued shares of any class of 
shares of such a body corporate 
– relate to an employee benefit in which the director will share equally with 
other employees and 
– relate to liability insurance that the company is empowered to purchase for 
the benefit of directors of the company in respect of actions undertaken as 
directors or officers of the company 
under rio tinto limited’s constitution except where a director is constrained 
by australian law a director may be present at a meeting of the board while a 
matter in which the director has a material personal interest is being considered 
and may vote in respect of that matter 
the directors are empowered to exercise all the powers of the companies to 
borrow money to charge any property or business of the companies or all or 
any of their uncalled capital and to issue debentures or give any other security 
for a debt liability or obligation of the companies or of any other person the 
directors shall restrict the borrowings of rio tinto plc to the limitation that the 
aggregate amount of all moneys borrowed by the company and its subsidiaries 
shall not exceed an amount equal to one and one half times the company’s 
share capital plus aggregate reserves unless sanctioned by an ordinary 
resolution of the company 
directors are not required to hold any shares of either company by way of 
qualification the remuneration report on pages 80 and 89 provides 
information on shareholding policies relating to executive and nonexecutive 
directors please refer to the corporate governance section page 58 for 
information on appointment of directors  
rights attaching to shares 
under english law dividends on shares may only be paid out of profits  
available for distribution as determined in accordance with generally accepted 
accounting principles and by the relevant law shareholders are entitled to 
receive such dividends as may be declared by the directors the directors may 
also pay shareholders such interim dividends as appear to them to be justified 
by the financial position of the group  
any rio tinto plc dividend unclaimed after 12 years from the date the dividend 
was declared or became due for payment will be forfeited and returned to the 
company any rio tinto limited dividend unclaimed may be invested or 
otherwise used by the board for the benefit of the company until claimed or 
otherwise disposed of according to australian law 
voting rights 
voting at any general meeting of shareholders on a resolution on which the 
holder of the special voting share is entitled to vote shall be decided by a poll 
and any other resolution shall be decided by a show of hands unless a poll has 
been duly demanded on a show of hands every shareholder who is present  
in person or by proxy or other duly authorised representative and is entitled to 
vote has one vote regardless of the number of shares held the holder of the 
special voting share is not entitled to vote on a show of hands on a poll every 
shareholder who is present in person or by proxy or other duly authorised 
representative and is entitled to vote has one vote for every ordinary share for 
which he or she is the holder and in the case of joint decisions the holder of 
the special voting share has one vote for each vote cast by the shareholders  
at the parallel meeting of the other company’s shareholders  
a poll may be demanded by any of the following 
– the chairman of the meeting 
– at least five shareholders entitled to vote on the resolution 
– any shareholder or shareholders representing in the aggregate not less than 
one tenth rio tinto plc or one 20th rio tinto limited of the total voting 
rights of all shareholders entitled to vote on the resolution  
– any shareholder or shareholders holding shares conferring a right to vote  
at the meeting on which there have been paidup sums in the aggregate 
equal to not less than one tenth of the total sum paid up on all the shares 
conferring that right rio tinto plc or 
– the holder of the special voting share 
a proxy form will be treated as giving the proxy the authority to demand a poll 
or to join others in demanding one 
the necessary quorum for a rio tinto plc general meeting is three members 
present in person or by proxy or other duly authorised representative and 
entitled to vote and for a rio tinto limited general meeting is two members 
present in person or by proxy or other duly authorised representative 
 
241 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
matters are transacted at general meetings by the proposing and passing  
of resolutions 
ordinary resolutions which require the affirmative vote of a majority of  
the votes of those persons voting at a meeting at which there is a quorum 
for example the election of directors and  
special resolutions which require the affirmative vote of not less than  
threefourths of the persons voting at a meeting at which there is a quorum 
for example amending the articles of association of rio tinto plc or the 
constitution of rio tinto limited 
the dlc merger sharing agreement further classifies resolutions as  
“joint decisions” and “class rights actions” as explained under voting rights  
on pages 234 and 235 
annual general meetings must be convened with 21 days’ written notice  
for rio tinto plc and with 28 days’ notice for rio tinto limited other meetings 
of rio tinto plc must be convened with 21 days’ written notice for the passing  
of a special resolution and with 14 days’ notice for any other resolution 
depending on the nature of the business to be transacted all meetings of  
rio tinto limited require 28 days’ notice in calculating the period of notice  
the days of delivery or receipt of the notice and the date of the meeting are  
not included among other things the notice must specify the nature of the 
business to be transacted  
variation of rights 
if at any time the share capital is divided into different classes of shares the 
rights attached to any class may be varied subject to the provisions of the 
relevant legislation with the consent in writing of holders of threefourths in 
value of the shares of that class or upon the adoption of an extraordinary 
resolution passed at a separate meeting of the holders of the shares of that 
class at every such separate meeting all of the provisions of the articles of 
association and constitution relating to proceedings at a general meeting 
apply except that the quorum for rio tinto plc should be two or more persons 
who hold or represent by proxy not less than onethird in nominal value of  
the issued shares of the class 
rights in a windingup 
except as the shareholders have agreed or may otherwise agree upon  
a windingup the balance of assets available for distribution 
after the payment of all creditors including certain preferential creditors 
whether statutorily preferred creditors or normal creditors and 
subject to any special rights attaching to any class of shares 
is to be distributed among the holders of ordinary shares according to the 
amounts paidup on the shares held by them this distribution is generally  
to be made in cash a liquidator may however upon the adoption of a special 
resolution of the shareholders divide among the shareholders the whole or  
any part of the assets in kind  
the dlc merger sharing agreement further sets out the rights of ordinary 
shareholders in a liquidation as explained on page 235 
facility agreement 
details of the group’s us75 billion multicurrency committed revolving  
credit facilities are set out in note 30 to the 2013 financial statements 
exchange controls and foreign investment 
rio tinto plc 
there are no uk foreign exchange controls or other uk restrictions on the 
import or export of capital or on the payment of dividends to nonresident 
holders of rio tinto plc shares or that materially affect the conduct of rio tinto 
plc’s operations it should be noted however that various sanctions laws 
regulations or conventions may restrict the import or export of capital by or the 
payment of dividends to nonresident holders of rio tinto plc shares there are 
no restrictions under rio tinto plc’s articles of association or under uk law that 
limit the right of nonresident owners to hold or vote rio tinto plc shares 
rio tinto limited 
under current australian legislation no permission is required for the 
movement of funds into or out of australia except that there is a prohibition  
on or in some cases the specific prior approval of the department of foreign 
affairs and trade or minister for foreign affairs must be obtained for certain 
payments or other dealings connected with parties identified with terrorism  
or to whom united nations or autonomous australian sanctions apply  
rio tinto limited may be required to deduct withholding tax from foreign 
remittances of dividends to the extent that they are unfranked and from 
payments of interest  
acquisitions of interests in shares voting power or certain other equity 
instruments in australian companies by foreign interests are subject to  
review and approval by the treasurer of the commonwealth of australia  
under the foreign acquisitions and takeovers act 1975 the takeovers act 
the takeovers act applies to acquisitions of 15 per cent or more by several 
foreign persons and any associates of 40 per cent or more of the actual or 
potential shares of or voting power in an australian company and to other 
transaction that results in such persons controlling such interests the 
takeovers act also applies to direct investments by foreign government 
investors including acquisition of interests of ten per cent or more persons 
who are proposing such acquisitions or transactions are required to notify  
the treasurer of their intention the treasurer has the power to order 
divestment in cases where such acquisitions or transactions have already 
occurred the takeovers act does not affect the rights of owners whose 
interests are held in compliance with the legislation 
limitations on voting and shareholding 
except for the provisions of the takeovers act 1975 there are no limitations 
imposed by law rio tinto plc’s articles of association or rio tinto limited’s 
constitution on the rights of nonresidents or foreign persons to hold or  
vote the group’s ordinary shares or adss that would not apply generally  
to all shareholders 
taxation 
the following information is provided to meet the reporting obligations of the 
annual report on form 20f this is not tax advice and you should not rely on  
it as such rio tinto accepts no liability for any such reliance 
uk resident individuals’ shareholdings in rio tinto plc 
taxation of dividends 
dividends carry a tax credit equal to oneninth of the dividend individuals  
who are liable to income tax at the basic rate will have no further tax to pay 
higher rate tax payers are liable to tax on uk dividends at 325 per cent  
which after taking account of the tax credit produces an effective tax liability  
of 25 per cent of the dividend received additional rate tax payers are liable  
to tax on uk dividends at 425 per cent until 5 april 2013 and 375 per cent 
thereafter which after taking account of the tax credit produces an effective  
tax liability of 361 per cent of any dividend received up to 5 april 2013 and  
305 per cent thereafter 
dividend reinvestment plan drp 
the taxation effect of participation in the drp will depend on individual 
circumstances shareholders will generally be liable to tax on dividends 
reinvested in the drp on the same basis as if they had received the cash  
and arranged the investment the dividend should therefore be included  
in the annual tax return 
the shares acquired should be added to shareholdings at the date and at the 
net cost shown on the share purchase advice the actual cost of the shares for 
rio tinto plc shareholders including the stamp dutystamp duty reserve tax 
and broker’s commission will form the base cost for capital gains tax purposes 
capital gains tax 
shareholders who have any queries on capital gains tax issues are advised  
to consult their financial adviser 
riotintocomreportingcentre2013
241 shareholder information continued 
242 
riotintocomreportingcentre2013 
details of relevant events since 31 march 1982 and adjusted values for  
rio tinto plc securities as at that date are available on the group’s website 
australian resident individuals’ shareholdings in rio tinto limited 
taxation of dividends 
the basis of the australian dividend imputation system is that when australian 
resident shareholders receive dividends from rio tinto limited they may be 
entitled to a credit for the australian tax paid by the group in respect of that 
income depending on the tax status of the shareholder  
the application of the system results in the australian tax paid by the group 
being allocated to shareholders by way of franking credits attaching to the 
dividends they receive such dividends are known as franked dividends  
a dividend may be partly or fully franked the current rio tinto limited 
dividend is fully franked and the franking credits attached to the dividend  
are shown in the distribution statement provided to shareholders 
the extent to which a company can frank a dividend depends on the credit 
balance in its franking account credits to this account can arise in a number  
of ways including when a company pays company tax or receives a franked 
dividend from another company the dividend is required to be included in a 
resident individual shareholder’s assessable income in addition an amount 
equal to the franking credit attached to the franked dividend is also included  
in the assessable income of the resident individual who may then be entitled  
to a rebate of tax equal to the franking credit amount included in their income 
should the franking credits exceed the tax due the excess is refunded to the 
resident individual 
the effect of the dividend imputation system on nonresident shareholders  
is that to the extent that the dividend is franked no australian tax will be 
payable and there is an exemption from dividend withholding tax  
a withholding tax is normally levied at the rate of 15 per cent when unfranked 
dividends are paid to nonresident shareholders residing in a country with 
which australia has a taxation treaty most western countries have a taxation 
treaty with australia a rate of 30 per cent applies to countries where there  
is no taxation treaty 
since 1988 all dividends paid by rio tinto limited have been fully franked  
it is the group’s policy to pay fully franked dividends whenever possible  
the boards expect rio tinto limited to be able to pay fully franked dividends  
for the foreseeable future 
dividend reinvestment plan 
shareholders will generally be liable for tax on dividends reinvested in the  
drp on the same basis as if they had received the cash and arranged the 
investment the dividend should therefore be included in the annual tax return 
as assessable income 
the shares acquired should be added to the shareholding at the date of 
acquisition at the actual cost of the shares which is the amount of the  
dividend applied by the shareholder to acquire shares and any incidental  
costs associated with the acquisition will form part of the cost base or  
reduced cost base of the shares for capital gains tax purposes 
capital gains tax 
the australian capital gains tax legislation is complex if shareholders have 
acquired shares after 19 september 1985 they may be subject to capital gains 
tax on the disposal of those shares 
generally disposal of shares held on capital account would give rise to a capital 
gain or loss a capital gain arises when the proceeds on disposal are greater 
than the cost base of shares a capital loss arises when the proceeds on sale 
are less than the cost base or reduced cost base where a capital gain arises  
on shares held for at least 12 months individual trust and superannuation  
fund shareholders may be eligible for a capital gains tax discount  
shareholders are advised to seek the advice of an independent taxation 
consultant on any possible capital gains tax exposure 
us residents 
the following is a summary of the principal uk tax australian tax and  
us federal income tax consequences of the ownership of rio tinto plc  
adss rio tinto plc shares and rio tinto limited shares “the group’s adss  
and shares” by a us holder as defined below it is not intended to be a 
comprehensive description of all the tax considerations that are relevant  
to all classes of taxpayer future changes in legislation may affect the tax 
consequences of the ownership of the group’s adss and shares  
it is based in part on representations by the group’s depositary bank as 
depositary for the adrs evidencing the adss and assumes that each obligation 
in the deposit agreements will be performed in accordance with its terms 
you are a us holder if you are a beneficial owner of the group’s adss and 
shares and you are a citizen or resident of the us a domestic corporation  
an estate whose income is subject to us federal income tax regardless of its 
source or a trust if a us court can exercise primary supervision over the trust’s 
administration and one or more us persons are authorised to control all 
substantial decisions of the trust 
this section applies to us holders only if shares or adss are held as capital 
assets for tax purposes this section does not apply to shareholders who are 
members of a special class of holders subject to special rules including a 
dealer in securities a trader in securities who elects to use a marktomarket 
method of accounting for securities holdings a tax exempt organisation  
a life insurance company a person liable for alternative minimum tax a person 
that actually or constructively owns ten per cent or more of rio tinto’s voting 
stock a person that holds shares or adss as part of a straddle or a hedging  
or conversion transaction or a person whose functional currency is not the  
us dollar 
this section is based on the us internal revenue code of 1986 as amended 
the code its legislative history existing and proposed regulations published 
rulings and court decisions and on the convention between the us and uk  
and the convention between the us and australia which may affect the tax 
consequences of the ownership of the group’s adss and shares these laws 
and conventions are subject to change possibly on a retroactive basis 
for the purposes of the conventions and of the code us holders of adss  
are treated as the owners of the underlying shares 
the summary describes the treatment applicable under the conventions in 
force at the date of this report 
uk taxation of shareholdings in rio tinto plc 
taxation of dividends 
us holders are not liable to uk withholding tax on dividends paid by rio tinto 
plc dividends carry a tax credit equal to oneninth of the net dividend or ten 
per cent of the net dividend plus the tax credit the tax credit is not repayable  
to us holders 
capital gains 
a us holder will not normally be liable to uk tax on capital gains realised on  
the disposition of rio tinto plc adss or shares unless the holder carries on a 
trade profession or vocation in the uk through a permanent establishment in 
the uk and the adss or shares have been used for the purposes of the trade 
profession or vocation or are acquired held or used for the purposes of such  
a permanent establishment 
inheritance tax 
under the ukus estate tax treaty a us holder who is domiciled in the us  
and is not a national of the uk will not be subject to uk inheritance tax upon 
the holder’s death or on a transfer during the holder’s lifetime unless the adss 
and shares form part of the business property of a permanent establishment in 
the uk or pertain to a fixed base situated in the uk used in the performance of 
independent personal services in the exceptional case where adss or shares 
are subject both to uk inheritance tax and to us federal gift or estate tax the 
uk estate tax treaty generally provides for tax payments to be relieved in 
accordance with the priority rules set out in the treaty 
riotintocomreportingcentre2013
242 strategic report financial statements directors’ report production reserves and operations additional information
shareholder information continued 
242 
riotintocomreportingcentre2013 
details of relevant events since 31 march 1982 and adjusted values for  
rio tinto plc securities as at that date are available on the group’s website 
australian resident individuals’ shareholdings in rio tinto limited 
taxation of dividends 
the basis of the australian dividend imputation system is that when australian 
resident shareholders receive dividends from rio tinto limited they may be 
entitled to a credit for the australian tax paid by the group in respect of that 
income depending on the tax status of the shareholder  
the application of the system results in the australian tax paid by the group 
being allocated to shareholders by way of franking credits attaching to the 
dividends they receive such dividends are known as franked dividends  
a dividend may be partly or fully franked the current rio tinto limited 
dividend is fully franked and the franking credits attached to the dividend  
are shown in the distribution statement provided to shareholders 
the extent to which a company can frank a dividend depends on the credit 
balance in its franking account credits to this account can arise in a number  
of ways including when a company pays company tax or receives a franked 
dividend from another company the dividend is required to be included in a 
resident individual shareholder’s assessable income in addition an amount 
equal to the franking credit attached to the franked dividend is also included  
in the assessable income of the resident individual who may then be entitled  
to a rebate of tax equal to the franking credit amount included in their income 
should the franking credits exceed the tax due the excess is refunded to the 
resident individual 
the effect of the dividend imputation system on nonresident shareholders  
is that to the extent that the dividend is franked no australian tax will be 
payable and there is an exemption from dividend withholding tax  
a withholding tax is normally levied at the rate of 15 per cent when unfranked 
dividends are paid to nonresident shareholders residing in a country with 
which australia has a taxation treaty most western countries have a taxation 
treaty with australia a rate of 30 per cent applies to countries where there  
is no taxation treaty 
since 1988 all dividends paid by rio tinto limited have been fully franked  
it is the group’s policy to pay fully franked dividends whenever possible  
the boards expect rio tinto limited to be able to pay fully franked dividends  
for the foreseeable future 
dividend reinvestment plan 
shareholders will generally be liable for tax on dividends reinvested in the  
drp on the same basis as if they had received the cash and arranged the 
investment the dividend should therefore be included in the annual tax return 
as assessable income 
the shares acquired should be added to the shareholding at the date of 
acquisition at the actual cost of the shares which is the amount of the  
dividend applied by the shareholder to acquire shares and any incidental  
costs associated with the acquisition will form part of the cost base or  
reduced cost base of the shares for capital gains tax purposes 
capital gains tax 
the australian capital gains tax legislation is complex if shareholders have 
acquired shares after 19 september 1985 they may be subject to capital gains 
tax on the disposal of those shares 
generally disposal of shares held on capital account would give rise to a capital 
gain or loss a capital gain arises when the proceeds on disposal are greater 
than the cost base of shares a capital loss arises when the proceeds on sale 
are less than the cost base or reduced cost base where a capital gain arises  
on shares held for at least 12 months individual trust and superannuation  
fund shareholders may be eligible for a capital gains tax discount  
shareholders are advised to seek the advice of an independent taxation 
consultant on any possible capital gains tax exposure 
us residents 
the following is a summary of the principal uk tax australian tax and  
us federal income tax consequences of the ownership of rio tinto plc  
adss rio tinto plc shares and rio tinto limited shares “the group’s adss  
and shares” by a us holder as defined below it is not intended to be a 
comprehensive description of all the tax considerations that are relevant  
to all classes of taxpayer future changes in legislation may affect the tax 
consequences of the ownership of the group’s adss and shares  
it is based in part on representations by the group’s depositary bank as 
depositary for the adrs evidencing the adss and assumes that each obligation 
in the deposit agreements will be performed in accordance with its terms 
you are a us holder if you are a beneficial owner of the group’s adss and 
shares and you are a citizen or resident of the us a domestic corporation  
an estate whose income is subject to us federal income tax regardless of its 
source or a trust if a us court can exercise primary supervision over the trust’s 
administration and one or more us persons are authorised to control all 
substantial decisions of the trust 
this section applies to us holders only if shares or adss are held as capital 
assets for tax purposes this section does not apply to shareholders who are 
members of a special class of holders subject to special rules including a 
dealer in securities a trader in securities who elects to use a marktomarket 
method of accounting for securities holdings a tax exempt organisation  
a life insurance company a person liable for alternative minimum tax a person 
that actually or constructively owns ten per cent or more of rio tinto’s voting 
stock a person that holds shares or adss as part of a straddle or a hedging  
or conversion transaction or a person whose functional currency is not the  
us dollar 
this section is based on the us internal revenue code of 1986 as amended 
the code its legislative history existing and proposed regulations published 
rulings and court decisions and on the convention between the us and uk  
and the convention between the us and australia which may affect the tax 
consequences of the ownership of the group’s adss and shares these laws 
and conventions are subject to change possibly on a retroactive basis 
for the purposes of the conventions and of the code us holders of adss  
are treated as the owners of the underlying shares 
the summary describes the treatment applicable under the conventions in 
force at the date of this report 
uk taxation of shareholdings in rio tinto plc 
taxation of dividends 
us holders are not liable to uk withholding tax on dividends paid by rio tinto 
plc dividends carry a tax credit equal to oneninth of the net dividend or ten 
per cent of the net dividend plus the tax credit the tax credit is not repayable  
to us holders 
capital gains 
a us holder will not normally be liable to uk tax on capital gains realised on  
the disposition of rio tinto plc adss or shares unless the holder carries on a 
trade profession or vocation in the uk through a permanent establishment in 
the uk and the adss or shares have been used for the purposes of the trade 
profession or vocation or are acquired held or used for the purposes of such  
a permanent establishment 
inheritance tax 
under the ukus estate tax treaty a us holder who is domiciled in the us  
and is not a national of the uk will not be subject to uk inheritance tax upon 
the holder’s death or on a transfer during the holder’s lifetime unless the adss 
and shares form part of the business property of a permanent establishment in 
the uk or pertain to a fixed base situated in the uk used in the performance of 
independent personal services in the exceptional case where adss or shares 
are subject both to uk inheritance tax and to us federal gift or estate tax the 
uk estate tax treaty generally provides for tax payments to be relieved in 
accordance with the priority rules set out in the treaty 
 
243 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
stamp duty and stamp duty reserve tax 
transfers of rio tinto plc adss will not be subject to uk stamp duty provided 
that the transfer instrument is not executed in and at all times remains outside 
the uk electronic “paperless” purchases of rio tinto plc shares are subject to 
stamp duty reserve tax sdrt at a rate of 05 per cent rounded to the nearest 
penny purchases of rio tinto plc shares using a stock transfer form are 
subject to stamp duty at a rate of 05 per cent on transactions over £1000 
rounded up to the nearest £5 conversions of rio tinto plc shares into 
rio tinto plc adss will be subject to additional stamp duty or sdrt at a rate  
of 15 per cent rounded to the nearest penny on all transfers to the depositary 
or its nominee 
australian taxation of shareholdings in rio tinto limited 
taxation of dividends 
us holders are not normally liable to australian withholding tax on dividends 
paid by rio tinto limited because such dividends are normally fully franked 
under the australian dividend imputation system meaning that they are paid 
out of income that has borne australian income tax any unfranked dividends 
would suffer australian withholding tax which under the australian income  
tax convention is limited to 15 per cent of the gross dividend 
capital gains 
us holders are not normally subject to any australian tax on the disposal of 
rio tinto limited adss or shares unless they have been used in carrying on  
a trade or business wholly or partly through a permanent establishment in 
australia or the gain is in the nature of income sourced in australia 
gift estate and inheritance tax 
australia does not impose any gift estate or inheritance taxes in relation  
to gifts of shares or upon the death of a shareholder 
stamp duty 
an issue or transfer of rio tinto limited shares does not require the payment  
of australian stamp duty 
us federal income tax 
in general taking into account the earlier assumptions that each obligation of 
the deposit agreement and any related agreement will be performed according 
to its terms for us federal income tax purposes if you hold adrs evidencing 
adss you will be treated as the owner of the shares represented by those 
adrs exchanges of shares for adrs and adrs for shares generally will not be 
subject to us federal income tax 
taxation of dividends 
under the us federal income tax laws and subject to the passive foreign 
investment company pfic rules discussed below if you are a us holder the 
gross amount of any dividend the group pays out of its current or accumulated 
earnings and profits as determined for us federal income tax purposes is 
subject to us federal income taxation  
if you are a noncorporate us holder dividends paid to you in taxable years 
beginning after 31 december 2012 will be taxed at ordinary income rates on 
dividends  
you must include any australian tax withheld from the dividend payment in  
this gross amount even though you do not in fact receive it the dividend is 
taxable to you when you in the case of shares or the depositary in the case  
of adss receive the dividend actually or constructively the dividend will  
not be eligible for the dividendsreceived deduction generally allowed to us 
corporations in respect of dividends received from other us corporations  
the amount of the dividend distribution that you must include in your income 
as a us holder will be the us dollar value of the nonus dollar payments made 
determined at the spot uk poundus dollar rate in the case of rio tinto plc  
or the spot australian dollarus dollar rate in the case of rio tinto limited  
on the date the dividend distribution is includible in your income regardless of 
whether the payment is in fact converted into us dollars generally any gain or 
loss resulting from currency exchange fluctuations during the period from the 
date you include the dividend payment in income to the date you convert the 
payment into us dollars will be treated as ordinary income or loss and will not 
be eligible for the special tax rate applicable to qualified dividend income  
the gain or loss generally will be income or loss from sources within the us  
for foreign tax credit limitation purposes distributions in excess of current and 
accumulated earnings and profits as determined for us federal income tax 
purposes will be treated as a nontaxable return of capital to the extent of  
your basis in the shares or adss and thereafter as capital gain  
subject to certain limitations any australian tax withheld in accordance  
with the australiaunited states tax treaty and paid over to australia will be 
creditable or deductible against your us federal income tax liability special 
rules apply in determining the foreign tax credit limitation with respect to 
dividends that are subject to the maximum 20 per cent tax rate beginning  
after 31 december 2012 
for foreign tax credit purposes dividends will generally be income from sources 
outside the us and will depending on your circumstances generally be either 
“passive” or “general” income which in either case is treated separately from 
other types of income for purposes of computing the foreign tax credit 
allowable to you 
taxation of capital gains 
subject to the pfic rules discussed below if you are a us holder and you  
sell or otherwise dispose of the group’s adss or shares you will recognise 
capital gain or loss for us federal income tax purposes equal to the difference 
between the us dollar value of the amount that you realise and your tax basis 
determined in us dollars in your shares or adss capital gain of a non
corporate us holder is generally taxed at preferential rates where the holder  
has a holding period greater than one year the gain or loss will generally  
be income or loss from sources within the us for foreign tax credit  
limitation purposes 
passive foreign investment company rules  
we believe that the group’s shares or adss should not be treated as stock  
of pfic for us federal income tax purposes but this conclusion is a factual 
determination that is made annually and thus may be subject to change  
if we were to be treated as a pfic unless the shares or adss are “marketable 
stock” and a us holder elects to be taxed annually on a marktomarket basis 
with respect to the shares or adss gain realised on the sale or other disposition 
of the shares or adss would in general not be treated as capital gain instead  
if you are a us holder you would be treated as if you had realised such gain  
and certain “excess distributions” rateably over your holding period for the 
shares or adss and would be taxed at the highest tax rate in effect for each 
such year to which the gain was allocated together with an interest charge  
in respect of the tax attributable to each such year in addition dividends that 
you receive from us will not be eligible for the special tax rates applicable to 
qualified dividend income if we are a pfic either in the taxable year of the 
distribution or the preceding taxable year but instead will be taxable at rates 
applicable to ordinary income 
documents on display 
rio tinto is subject to the securities and exchange commission reporting 
requirements for foreign companies a form 20f which corresponds with the 
form 10k for us public companies was filed with the sec on 14 march 2014 
rio tinto’s form 20f and other filings can be viewed on the rio tinto website 
as well as the sec website at wwwsecgov adr holders may also read without 
charge and copy at prescribed rates any document filed at the public reference 
facilities of the sec’s principal office at 100 f street ne washington dc 20549 
us please call the sec at 1800sec0330 for further information on the 
operation of the public reference facilities 
riotintocomreportingcentre2013
243 financial calendar 
244 
riotintocomreportingcentre2013 
2014 
16 january fourth quarter 2013 operations review 
13 february announcement of results for 2013 
5 march rio tinto plc and rio tinto limited shares and rio tinto plc adrs quoted “exdividend” for 2013 final dividend 
7 march record date for 2013 final dividend for rio tinto plc shares and adrs 
12 march record date for 2013 final dividend for rio tinto limited shares 
14 march publication of 2013 annual report 20f and notices of annual general meetings 
20 march plan notice date for election under the dividend reinvestment plan and date for electing dividends paid in alternate currency for the  
2013 final dividend 
3 april dividend currency conversion date rio tinto plc holders electing to receive australian dollars and rio tinto limited holders electing  
to receive pounds sterling 
10 april payment date for 2013 final dividend to holders of ordinary shares and adrs 
15 april first quarter 2014 operations review 
15 april annual general meeting for rio tinto plc london 
8 may annual general meeting for rio tinto limited melbourne 
16 july second quarter 2014 operations review 
7 august announcement of half year results for 2014 
13 august rio tinto plc and rio tinto limited shares and rio tinto plc adrs quoted “exdividend” for 2014 interim dividend 
15 august record date for 2014 interim dividend for rio tinto plc and rio tinto limited shares and rio tinto plc adrs 
20 august plan notice date for election under the dividend reinvestment plan and date for electing dividends paid in alternate currency for the 2014 
interim dividend for rio tinto plc 
21 august plan notice date for election under the dividend reinvestment plan and date for electing dividends paid in alternate currency for the 2014 
interim dividend for rio tinto limited 
4 september dividend currency conversion date rio tinto plc holders electing to receive australian dollars and rio tinto limited holders electing to 
receive pounds sterling 
11 september payment date for 2014 interim dividend to holders of ordinary shares and adrs 
15 october third quarter 2014 operations review 
2015 
january fourth quarter 2014 operations review 
february announcement of results for 2014 
april annual general meeting for rio tinto plc london 
april  first quarter 2015 operations review 
may annual general meeting for rio tinto limited perth  
july second quarter 2015 operations review 
august announcement of half year results for 2015 
october third quarter 2015 operations review 
riotintocomreportingcentre2013
244 contact details 
245 
riotintocomreportingcentre2013 
registered offices 
rio tinto plc 
2 eastbourne terrace  
london  
w2 6lg 
registered in england no 719885 
telephone 44 0 20 7781 2000 
fax 44 0 20 7781 1800 
website riotintocom 
rio tinto limited 
level 33 
120 collins street 
melbourne 
victoria 3000 
abn 96 004 458 404 
telephone 61 0 3 9283 3333 
fax 61 0 3 9283 3707 
website riotintocom 
rio tinto’s agent in the us  
is cheree finan who may be 
contacted at  
rio tinto services inc  
80 state street 
albany ny 122072543 
shareholders 
please refer to the investor centre of the  
respective registrar if you have any queries  
about your shareholding 
rio tinto plc 
computershare investor  
services plc 
the pavilions 
bridgwater road 
bristol  
bs99 6zy 
telephone 44 0 870 703 6364 
fax 44 0 870 703 6119 
uk residents only  
freephone 0800 435021 
website computersharecom 
holders of rio tinto american depositary 
receipts adrs 
please contact the adr administrator if you  
have any queries about your adrs 
adr administrator 
jpmorgan chase  co 
po box 64504 
st paul mn 551640504 
telephone 1 651 453 2128 
us residents only toll free general  
800 990 1135 
us residents only toll free global invest direct 
800 428 4237 
website adrcom 
email jpmorganadrwellsfargocom 
rio tinto limited 
computershare investor services  
pty limited 
gpo box 2975 
melbourne 
victoria 3001 
telephone 61 0 3 9415 4030 
fax 61 0 3 9473 2500 
australian residents only toll free  
1800 813 292 
new zealand residents only toll free  
0800 450 740 
website computersharecom 
former alcan inc shareholders 
computershare investor  
services inc 
9th floor 
100 university avenue 
toronto on m5j 2y1 
ontario 
telephone 1 416 263 9200 
north american residents only  
toll free 1 888 453 0330 
website computersharecom 
investor centre 
investor centre is computershare’s free secure 
self service website where shareholders can 
manage their holdings online the website enables 
shareholders to 
view share balances 
change address details 
view payment and tax information  
update payment instructions 
in addition shareholders who register their email 
address on investor centre can be notified 
electronically of events such as annual general 
meetings and can receive shareholder 
communications such as the annual report or 
notice of meeting electronically online 
rio tinto plc shareholders 
wwwinvestorcentrecoukriotinto 
rio tinto limited shareholders 
wwwinvestorcentrecomrio 
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get more information online
visit our reporting centre at riotintocomreportingcentre2013
• find out more about our business and performance
• view our full 2013 annual report
• view our full 2013 sustainable development report
2013 annual report riotintocomreportingcentre2013


Summary:
 chief executive’s statement 
5 
riotintocomreportingcentre2013 
strategic report directors’ report financial statements production reserves and operations additional information 
 
rio tinto’s turnaround on track 
rio tinto is a truly great business with renewed vigour and purpose  
focused on delivering greater shareholder value  
dear shareholders 
2013 was a challenging and very rewarding year for rio tinto i was proud  
to be appointed chief executive of your company a year ago at a time when 
shareholders had lost some confidence in the business change was needed 
trust and confidence in management had to be rebuilt while i was determined 
that rio tinto would not repeat the mistakes of the past i also recognised the 
solid foundations of an outstanding company with extremely good people  
and assets  
transforming our business to focus on greater value for shareholders 
so while rio tinto was in many ways an outstanding business we needed to 
refocus on meeting the expectations of the owners of our company i defined 
our 2013 goal as delivering greater value for our shareholders and during the 
year i personally met with and listened to hundreds of investors and analysts 
as well as our employees customers and suppliers across the world  
they all told me we want to see rio tinto return to a position of strength 
similarly i too want rio tinto to be a company admired and recognised not  
just for superior performance but for embodying our values in all that we do  
in february 2013 i set out my plan to improve and build upon the strong 
foundations of the company this included creating a tightlyrun and more 
disciplined and accountable business in 2013 we have done just this and 
forged ahead with a singleminded emphasis on delivering our priorities to 
improve performance strengthen the balance sheet and deliver results in  
every market in which we operate everywhere around the world 
our performance in 2013 reflects the efforts of all of our 66000 employees  
to turn this business around i am humbled by the enthusiasm passion and 
talent i have seen and the willingness of all our people to embrace the change 
required and improve performance against a backdrop of continuing market 
uncertainty we have improved earnings and cash flows we have reduced 
costs net debt and capital expenditure we have delivered greater value for 
you our shareholders which is reflected in the 15 per cent increase in our  
2013 full year dividend  
in short last year we did what we said we would do but we are restless to 
improve further our 2013 net earnings reflected impairments on some of  
our assets and we are absolutely focused on making sure we improve project 
execution and deliver further business improvements this together with 
improving our safety performance will be our continuing focus in 2014 
building a safer business 
while we can look back with pride at the many successes we delivered in 2013 
we failed to meet our critical goal of no fatalities in our business three of our 
colleagues died working at rio tinto managed operations last year thirty seven 
people died at nonmanaged operations including 33 at the grasberg mine in 
papua indonesia these are terrible tragedies with regard to grasberg we are 
continuing to work with our joint venture partner to share our safety capabilities 
and learnings so we can both improve our safety performance and this process 
is ongoing  
all of these deaths weigh heavily on me personally and i and my management 
team feel enormous sorrow for the families and friends of these colleagues i 
was also deeply saddened by a further fatality at grasberg and another at the 
gove refinery this year i am determined that we will turn our safety 
performance around we have made significant gains over the course of our 
safety journey but we have more to do strong safety leadership improved 
management of critical risks and learning from all significant incidents are of 
paramount importance  
delivering our strategy  
we are still operating in a volatile macroeconomic environment despite more 
optimistic signs coming through from oecd economies and growth remaining 
relatively strong in developing economies the underlying structural fragilities 
remain with volatility expected to continue over the short term we will stand 
by the priorities we set for ourselves a year ago to improve performance 
strengthen the balance sheet and deliver results these priorities have already 
proved effective in making us a more robust organisation and with continuing 
focus we will grow stronger still 
1 improving performance 
we exceeded our targets for reducing operating cash costs and exploration  
and evaluation expenditure in 2013 these results demonstrate the exceptional 
work being done across the business to address our cost base these efforts  
will continue in 2014 in order to reach a us3 billion improvement in operating 
cash costs versus 2012 our aim is to sustain exploration and evaluation spend 
at around 2013 levels in 2014 and beyond 
our 2013 performance was further bolstered by increased production  
we set new production records in bauxite thermal coal and iron ore and  
across the group our total production grew by nine per cent in 2013 on a 
copper equivalent basis our focus on productivity will persist in 2014 in 
tandem with our keen eye on costs our efforts to reduce costs and increase 
performance resulted in improved underlying earnings of us102 billion  
up ten per cent on 2012 
2 strengthening our balance sheet 
the excellent performance achieved in reducing costs together with volume 
growth is leading to stronger cash flows combined with cash inflows from 
divestments and lower capital expenditure we were more than able to reverse 
the increase in net debt we saw in the first half of the year 
in november we announced our breakthrough pathway for expanding our 
pilbara operations towards 360 million tonnes per annum at a us3 billion 
lower capital cost than previously planned this is a clear example of our 
disciplined approach to capital allocation i am confident we have stronger 
stricter processes in place for how we allocate capital as we move forward  
with reinforced systems embedded at the core of our investment approach  
you have my absolute commitment that each and every dollar we are investing 
on your behalf is being rigorously scrutinised 
our focus for the year ahead will be to continue to pay down debt and further 
strengthen the balance sheet our aim is to provide the board with options for 
how best to deliver value to you whether this is through valueaccretive growth 
or returning cash or a combination of both 
3 delivering results 
in keeping with our strategy 2013 saw the completion of five major capital 
projects that have already started delivering results the oyu tolgoi coppergold 
mine the first phase of our pilbara iron ore expansion the argyle underground 
diamond mine the kestrel coal mine extension and the ap60 aluminium 
smelter we expect to deliver strong returns from these key assets in our 
portfolio over the coming years 
ongoing commitment 
in 2013 we rose to the challenge and navigated difficult times to emerge as  
a leaner and much stronger company 2014 will be about locking in the gains 
achieved last year and continuing to strengthen the business 
i would like to close by paying tribute to all of our employees across the world 
without their efforts we would not have been able to turn around the performance 
of the business and i am energised by the effort enthusiasm and passion for 
improvement which i have seen firsthand in every part of our organisation over 
the next 12 months and beyond we will remain focused on safety and upholding 
our values wherever we operate in the world above all we will continue our 
singleminded focus on delivering greater value for you our shareholders 
 
 
 
sam walsh ao 
chief executive 
5 march 2014  
chairman’s letter continued 
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the board committees have always played an important oversight role freeing 
your board to focus on strategic matters the board committees under the 
effective leadership of their respective chairs carry out important and 
demanding roles on your board’s behalf and facilitate the embedding of 
effective governance across the organisation you can read more about the 
work that they do on pages 61 to 63 
the 2013 board and committee performance is described on page 58 i remain 
comfortable with the effectiveness of your board and the contribution each 
member of your board is making 
looking ahead 
i feel very privileged to be the chairman of this wonderful organisation  
rio tinto had to make some significant changes over the last year through our 
transformation we are a simpler and stronger company through our improved 
earnings and reduced costs we are financially stronger through our actions we 
are reducing risk and increasing discipline our strategy and priorities are clear  
i see great opportunities ahead as we build a longterm future for our business 
the work we do is important we provide the raw materials used in everyday life 
and as hundreds of millions of people move from rural to urban areas over the 
coming decades there will be increased demand for the metals and minerals 
we produce  
i look forward to reporting on the further progress of your company in  
a year’s time 
 
 
 
jan du plessis 
chairman 
5 march 2014 
 
 
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