For personal use only - ASX · Company Secretary . For personal use only : Investor Seminar: Sydney 28 November 2011: Simandou ... and unknown risks, uncertainties and other factors

120 Collins Street Melbourne 3000 Australia Postal Address: GPO Box 384D Melbourne 3001 Australia T +61 (0) 3 9283 3333 F +61 (0) 3 9283 3707

Registered in Australia Rio Tinto Limited 120 Collins Street Melbourne 3000 Australia ABN 96 004 458 404

Company Announcements Office Australian Securities Exchange SYDNEY NSW 2000

28 November 2011

Dear Sir, Attached is a presentation given by Tom Albanese, chief executive, Guy Elliott, chief financial officer, Sam Walsh, chief executive Iron Ore and Australia, and Jacynthe Côté, chief executive Rio Tinto Alcan to the Rio Tinto investor seminar held in Sydney today. Yours faithfully, Stephen Consedine Company Secretary

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Investor SeminarSydney 28 November 2011

Simandou, Guinea

Investor Seminar

Cautionary statement

This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (“Rio Tinto”) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions.

Forward-Looking StatementsThis presentation includes forward-looking statements. All statements other than statements of historical facts included in thispresentation, including, without limitation, those regarding Rio Tinto’s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto’s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

Such forward-looking statements are based on numerous assumptions regarding Rio Tinto’s present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto’s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's mostrecent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Except as required by applicable regulations or by law, Rio Tinto does not undertake any obligation to publiclyupdate or revise any forward-looking statements, whether as a result of new information or future events.

Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.

228 November 2011 © 2011, Rio Tinto, All Rights Reserved

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Tom AlbaneseChief executive

Bengalla, Australia

Investor Seminar

Agenda


Introduction, outlook and strategy Tom Albanese

Group investment plans Guy Elliott

Aluminium Jacynthe Côté

BREAK

Iron Ore Sam Walsh

Summary Tom Albanese

Q & A

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Continued improvement in safety


Injury frequency rates 2002 – Oct 2011Per 200,000 hours worked

0

0.5

1

1.5

2

2.5

’02 ’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 Oct-11

All injuryfrequency rate

Lost time injuryfrequency rate

Investor Seminar

Introduction

• Uncertain short term macro environment driving volatility

• Long term demand outlook is unchanged

• Increasing delays to industry supply response

• Exceptional operational and financial performance

• Balance sheet is strong

• High quality growth programme– Organic projects are progressing well– New options are being added including exploration initiatives

• Scaling up our investments in innovative technologies

• Continue to focus on identifying, developing and growing tier one assets to optimise shareholder value


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Volatile markets expected to persist


• Macroeconomic outlook subduedin the near term

– Contagion from ongoing Eurozone sovereign debt issues

– Outlook for Asian markets remains positive

– Inflationary pressures appear to be easing in China

• Physical demand remains resilientfor most products

– Signs of softness from some markets

• Short term constraints continueto disrupt supply

Source: Thomson Datastream

Commodity index vs mining equity index(Weekly price index (1 January 2010=100))

80

90

100

110

120

130

140

150

01/

10

03/

10

05/

10

07/

10

09/

10

11/

10

01/

11

03/

11

05/

11

07/

11

09/

11

11/

11

Commodity – Credit Suisse Industrial Metals Index

Equity – HSBC Global Mining Index

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Our strategy is consistent and unchanged

• Our core objective is to maximise total shareholder returnby sustainably finding, developing, mining and processingnatural resources

• Invest in and operate large, long term, cost competitive minesand assets

• Driven not by choice of commodity but by the quality of each opportunity

• Our expertise in sustainable development is an important partof our approach to creating value for shareholders


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Guy ElliottChief financial officer

Richards Bay Minerals rehabilitation, South Africa

Investor Seminar

Balance sheet remains strong


Net debt at end of period(US$bn)

Gross debt maturity profile(US$bn)

0%

10%

20%

30%

40%

50%

60%

70%

0

5

10

15

20

25

30

35

40

45

50

2007 2008 2009 2010 * Jun 11 * Oct 11 *

Net debt (lhs) Gearing (rhs) **

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

* 2010 and 2011 net debt numbers have been adjusted to eliminate the double counting associated with funding provided to Ivanhoe Mines Ltd by Rio Tinto and subsequently lent on to Oyu Tolgoi LLC. October 2011 numbers are estimated and unaudited. ** Gearing defined as ratio of estimated net debt to estimated net debt plus total equity.

Note: Gross debt balances as at 31 October 2011 excluding Oyu Tolgoi LLC debt.

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0 12 24 36 48

Argyle U/G

Kestrel

HVO & MTW

Bengalla

Benga

AP 60

Yarwun 2

ISAL

Eagle

Oyu Tolgoi Ph 1

MAP

Escondida EOA

Marandoo

Pilbara 53 (3)

Hope Downs 4

IOCC Ph 1 & 2

Dampier Ph 2

Dampier Ph 1

>$27 billion of major capital projects underway


Project timeline(1) % Complete $ Capex(2) Production

$91m +5mtpa

$284m +5mtpa

$763m +5.3mtpa

$2.1bn 15mtpa(4)

$7.8bn(3) +53mtpa

$1.1bn 15mtpa(4)

$166m(5) Access high grade ore

$340m(6) 30mlb Ph1, 60mlb Ph2 (capacity)

$6bn +100ktpd ore

$469m(6) +17kt Ni, 13kt Cu per annum

$487m +40ktpa

$2.3bn +2mtpa

$1.1bn +60ktpa

$516m +1.6mtpa coking, +0.8mtpa thermal

$184m +2.1mtpa

$260m +6mtpa

$2.0bn +1.3mtpa

$1.6bn(6) 20mcpa capacity

(1) Represents timing of project completion and initial production (2) 100% unless otherwise stated (3) Excludes Nammuldi(4) Sustaining production at Pilbara total capacity (5) RT share of capex (6) Budgets and schedule are under review

2011 2012 2013 2014

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0

5

10

15

20

2008 2009 2010 2011 2012 2013

Capital expenditure is ramping up

• Ramp up of major project capexexpected to continue

• Increase in capital intensity in 2011 partly due to A$ strength

• Projects already approved will lead to increased 2012 capex

• Major projects progressing well

• Phased approach to major projects enables agile response to market conditions


Capital expenditure(US$bn)

Sustaining Pilbara sustaining Approved growth

Other

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Volume growth will be across the portfolio

• Iron ore business set to grow substantially over the next 5 years

• Alumina expansion at Yarwun 2 will commence production in 2012

• Copper production increases from grade recoveries and Oyu Tolgoiramp up

• Increasing number of coking and thermal coal projects


Indexed production profile(Rio Tinto share)

80%

90%

100%

110%

120%

130%

140%

150%

160%

170%

2010 2011 2012 2013 2014 2015

Iron ore Alumina (excl Pacific Al)Mined copper* Coking coalThermal coal

9.8%

7.6%

6.5%

8.2%

7.1%

CAGR

* Mined copper forecast includes Palabora.

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1.6%

3.4%

4.5%

18%

0

1,000

2,000

3,000

4,000

2008 2015 2020

Biomass & Hydro NuclearGas & Oil CoalSeries5 Series6

Discovering future tier one assets

• Rio Tinto’s friendly offer to acquire Hathor– Uranium demand driven primarily by

China’s ongoing nuclear programme– Provides access to a significant high-

grade uranium deposit– Saskatchewan’s Athabasca Basin is

highly prospective: the source of approx. 20% of world uranium supply

• Other exploration deals in potash (Canada) and copper/gold/uranium (Australia)

• Evaluation costs have doubled in 2011 to ~$1 billion after tax– Simandou (50%), Resolution/La

Granja (35%), Riversdale (15%)


Source: International Energy Agency WEO 2010

Total primary energy fuel mix – ChinaMtoe (%)

Gas & OilCoalBiomass & HydroNuclear

2008-20 CAGR

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Pacific Aluminium will have a bright futureunder new ownership

• Vertically integrated, geographically focussed

• Long alumina and bauxite with future growth options at Gove

• Secure medium to long term power contracts underpin smelters

• Capital investment underway

• New management team focussed on operational and financial performance

• Simple structure; low overheads

• All divestment options under review


Pacific Aluminium share of productionmillion tonnes

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2007 2008 2009 2010 2011

Alumina Aluminium Bauxite (rhs)

Note: 2011 based on Sept YTD annualised rate

Investor Seminar

Increasing tax pressure could contributeto slower industry investment

• $7.4 billion of taxes paid in 2010

• Total charge of $9 billion, 38% of profit before tax

• Increasing focus on taxation of natural resources

• Debate must acknowledge the cyclical nature of the industry

• Fiscal stability critical to investment decisions

• Demonstrating leadership in transparent disclosure


Taxes paid by type and by country in 2010(%)

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Type of Tax Tax by Country

Corporate taxRoyaltiesPayroll taxOther

Australia & NZNorth AmericaRest of World

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Balancing growth with capital returns

• More than $27 billion of major capital projects underway

• A rich portfolio of unapproved project options

• Capital expenditure ramping up

• Regained single A credit rating

• Over $5 billion of buy-back completed so far this year

• Progressive dividend policy – final dividend to be closely reviewed in February


Prudentbalance

sheetmanagement

SingleA creditrating

Capital returns

> $5bn of $7bn share buyback

completed

Investmentin valueaddinggrowth

>$27 billionof value adding

projects underway

Cash from operations

Jacynthe CôtéCEO, Rio Tinto Alcan

Kitimat, British Columbia

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Strong demand growth from consumptionin OECD and emerging economies


Consumption of aluminium continues to rise afteran economy’s development phase

Source: Rio Tinto estimates for commodity expenditure profiles. Note: Expenditure profiles are based on Rio Tinto estimates of global income and consumption relationships and average real terms prices between 1990 – 2006. Iron ore and hard coking coal expenditure calculated based on crude steel demand projections, assuming all met by blast furnace production at historic average export prices.

0

5

10

15

20

25

30

35

40

45

50

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

GDP per capita (in 2011 US$)

Aluminium

Copper

Iron oreHard cokingcoal

2011 2025

World average income per capitaExpenditure per capitaUS$ (2011 terms)

Investor Seminar

Global supply expected to continuetracking demand


Sources: CRU & Rio Tinto Alcan Industry Analysis

Million tonnes of global aluminium supply

China Middle East India Rest of the world

33%

7%

10%

50%

Percentage of world supply

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Low-cost producers to benefit fromsteepening of the industry cost curve


2016 Business Operating Costs($/t)

Source: Rio Tinto Alcan analysis and CRU

Cumulative Production

1

2

3

1. Input costs 2. Energy 3. Appreciating RMB

Investor Seminar

$0

$100

$200

$300

$400

$500

$600

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11

LME Caustic Soda

$0

$100

$200

$300

$400

$500

$600

$700

$800

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500


LME Pitch

$0

$100

$200

$300

$400

$500

$600

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500


LME Calcined Coke

Facing short-term macroeconomic challengessuch as key raw material prices


Calcined petroleum coke vs. LME Cash Price

Pitch vs. LME Cash Price Caustic Soda vs. LME Cash Price

• Higher raw material costs are being felt in H2

• Six month lag between falling LME and raw material price changes

• H2 underlying earnings expected to be breakeven

CPC LME

PitchLME Caustic SodaLME

Source: Jacobs US Gulf Coast – Low

Source: : Jacobs N.A. (Imports) – Low Source: ACP settlement FOB NE Asia

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Historical margins of 30-40% for Q1/Q2 assets, plus benefits to integrated producers


Source CRU 1 Margins = Price less Business Operating Costs for aluminum and Site Operating Cost for alumina divided by Price2 Alumina price based on historical average delivered price of 14% LME

Alumina(1)(2)

Historical margins for Q1 and Q2 assets Aluminium(1)

Historical margins for Q1 and Q2 assets

0%

10%

20%

30%

40%

50%

60%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 20110%

10%

20%

30%

40%

50%

60%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

25th percentile margin 50th percentile margin 25th percentile margin 50th percentile margin

Global financial crisis

Global financial crisis

Investor Seminar

• 13 assets identified for divestment or closure (Lynemouth)• Continued portfolio discipline

• Over $1 billion EBITDA improvement via cost and production efficiencies, capacity creep, optimisationof product mix

• Focused capital investment on high-return brownfield projects and modernisation

• $1.1 billion of synergies achieved into 2009

• Sold Ningxia, Brockville, Ghana Bauxite Company• Closed Beauharnois and Anglesey

Significant achievements since 2007with a clear pathway forward


Integration and synergies

Strategic decisions during global financial crisis

Portfolio Management

Business Improvement

Investment

Ph

ase

1P

has

e 2

40%

EB

ITD

A m

arg

in

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Portfolio management

Second wave of transformation to drivemost assets into first and second quartile


Rio Tinto Alcan

2010

Rio Tinto Alcan

2015

40%

21%

Business improvement for

over $1 billion EDITDA

Modernisation and growth

Investor Seminar

Business improvement: over $1 billion EBITDA sourced throughout our operations

Leveraging Business Improvement tools and a range of methodologies

Individual project outcomes have been embedded in our operational and financial plans

Examples throughout the business:

• Bauxite export volumes

• Procurement efficiencies

• Capacity creep at aluminium smelters, including Laterrière and Alma in Quebec, Canada


26%

11%

23%

14%

26%

Bauxite export

Energy price

Creep

Value-added products

Costs

0

400

800

1200

2011 2012 2013 2014 2015

EB

ITD

A (

US

$m)

Cost Reduction Revenue Increase

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Focused investment in Tier 1 projects

Approved Current status $ Capex Production

Under

construction$487m 40+ ktpa

Under

construction$1.1bn 60 ktpa

Feasibility

study nearing completion

$3.3bnIncrease from

282 ktpa to 420+ ktpa

Over

90 per centcompleted

$2.3bn 2 mtpa

Feasibility

study<$2bn 22.5 mtpa


1 Represents timing of project completion and initial production

Project timeline(1)

0 12 24 36 48 60

South of Embley

Yarwun 2

Kitimat

AP 60 Phase 1

ISAL

2011 2012 2013 2014 2015

Investor Seminar

Outstanding bauxite resources and high quality mining operations

• Path to become largest bauxite producer in the industry with growth projects in various stages of development– Weipa expected to reach

36 million tonnes annually through South of Embley

– Other projects in Guinea, Brazil

• We have interests in three of the four largest bauxite mines in the world

• Positioned to benefit from strong Chinese market and demand growth


Rio Tinto Alcan, excluding Pacific Aluminium, specialty alumina, Sebree, and Lynemouth

Bauxite production million tonnes (Rio Tinto share)

0

5

10

15

20

25

30

35

40

45

2010 2011 2012 2013 2014 2015

Refinery consumption External sales

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Long in alumina production and improvingoverall refinery cost position

• Expected to benefit as pricing mechanisms evolve

• Ability to supply our own growth and capitalise on Asian markets

• Driving towards Q1 position in alumina refining– Yarwun II– QAL improvement– Improved bauxite quality from

South of Embley (Weipa)


Rio Tinto Alcan, excluding Pacific Aluminium, specialty alumina, Sebree, and Lynemouth

Alumina productionmillion tonnes (Rio Tinto share)

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2010 2011 2012 2013 2014 2015

Smelter consumption External sales

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63%

30%

7%

Self-generated Long-term contracts Short-term contracts

Unrivalled low-cost energy position


Positioned for almost 85% clean hydropower, lowest cost quartile power for smelting

Enhanced cost position with almost 65% self-generated power versus 34% industry average

Current power sources

64%

26%

8%

2%

84%

13%

3%

Hydro Coal Nuclear Gas

Post-divestmentsand closures

Current power sources

Post-divestmentsand closures

51%46%

3%

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Technology provides first user advantages and places RTA as the partner of choice

• The AP Technology™ edge AP-Xe suite designed to retrofit previous AP series

• AP60 plant Phase One under construction (expandable)

• Lower full economic cost of production

• 40% higher output per pot

• 15% higher labour productivity

Lowest carbon footprint in the industryand best in class technology


Positioned for higher margins as carbon pricing becomes more widely deployed

0

2

4

6

8

10

12

14

16

Rio

Tin

to A

lcan

aft

er

div

est

men

ts

com

petit

or

com

petit

or

com

petit

or

com

petit

or

com

petit

or

com

petit

or

com

petit

or

com

petit

or

Intensity Average

Aluminium emissions intensity of majoraluminium producerst CO2-e/ t production (Scope 1 and 2)

Rio TintoAlcanafter

divestments

Competitors

Investor Seminar

Robust pipeline with high-quality options


MalaysiaMalaysia

Sohar II, OmanSohar II, Oman

AP60 Phase 2Alma II

AP60 Phase 2Alma II

QAL Co-genQAL Co-gen

Guinea refineryCBG Bauxite

mine expansion

Guinea refineryCBG Bauxite

mine expansion

Cameroon brownfield/greenfieldHydropower projects

Cameroon brownfield/greenfieldHydropower projects

KemanoKemano

Kitimatmodernisation

Kitimatmodernisation

AP60 Phase 1AP60 Phase 1

WeipaSouth of Embley

WeipaSouth of Embley

Yarwun IIYarwun II

Shipshawpower station

Shipshawpower station

ParaguayParaguayAlumina greenfield

Aluminium greenfieldAluminium brownfield

OptionsOptions

Bauxite greenfieldBauxite brownfield

Electricity projects

In execution

Alumina brownfield

ISAL modernisation

ISAL modernisation

AmargosaAmargosa

Alouette IIIAlouette III

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Transformation of Rio Tinto Alcan continues

• Solid fundamentals but volatility in aluminium prices for the near-term

• Focused on delivering on financial targets leveraging key competitive advantages– Best bauxite and energy positions

in the aluminium industry– Lowest carbon footprint of the

industry– Modern, large-scale, long-life

assets– Clear path to Q1/Q2 cost positions– Leading technology position

• Best growth pipeline of the industry, capital efficient with low operating expenditure and low carbon footprint


Sam WalshCEO, Iron Ore

Cape Lambert port, Western Australia

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0

200

400

600

800

1,000

1,200

1,400

0 10,000 20,000 30,000 40,000

The China steel story has a long way left to run, with India and others to follow

3528 November 2011

Steel intensity and GDP 1900 – 2010*(Kg/capita crude steel production)

Number of years of steel production above 500 kg/capita

Note: Stylistic representationSource: Correlates of War, Maddison, Global Insight, Rio Tinto

China on track to exceed 500 kg/capita level of crude steel productionfor first timein 2011

Korea

China(actual)1950–2010

USA

China (forecast) 2011–2040

India

GDP per capita (PPP basis, $2005)

Germany

Japan

1940 1960 1980 2000 2010

US – 30 years

Japan – 44 years (continuing)

Germany – 45 years (continuing)

Korea – 27 years (continuing)

China –0 years

© 2011, Rio Tinto, All Rights Reserved

Investor Seminar

0

50

100

150

200

250

Steel intensity (low-end) Steel intensity (high-end)

< 8 F< 12 F< 18 F< 32 F

< 50 F

< 100 FFloors

Population growth and urbanisation to drive steel demand for coming decades

3628 November 2011

World urban population growth(Billion people)

Building height categories(Steel intensity, floors kg/m2)

Source: UN, McKinsey, Rio Tinto

0.4

0.5

0.5

0.8

0.5

3.0

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

2010UrbanPop.

China India OtherAsia

Africa RoW 2050UrbanPop.

The world is set to urbanise close to another 3 billion people by the middleof the century

Steel intensity of different power technologies(tonnes of steel/MW)

0

100

200

300

400

Hydro

Coal-fired

Wind

Solar

NuclearGas-fired


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Chinese domestic iron ore has increased market share in recent times due to seaborne delays

• Seaborne supply is expected to increase gradually over time

• Over the next 8 years, global supply additions need to be at the rate of at least 100 Mt each year:– 600 Mt to satisfy expected

demand growth – 200 Mt to replace expected high

cost supply exits

• With our proven project delivery model, we expect to add about 25% of required supply

• We will maintain a very strong and advantageous first quartile cost position and product portfolio

3728 November 2011

*Import equivalent and derived from total iron ore required for pig iron production, less imported iron ore, adjusted for stockpile movements

Chinese iron ore requirements(Million tonnes, per cent)

0%

10%

20%

30%

40%

50%

60%

70%

0

200

400

600

800

1,000

1,200

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

E

ImportsDomestic ore*Domestic market share (RHS)

Source: NBS, Rio Tinto


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Continuing to ship at full capacity despiterecent iron ore price volatility

• Iron ore prices remain high by historical standards

• Prices impacted by: – Chinese credit tightening, stock

draw downs and pressure of steel mill margins

– A weaker outlook for the US and Eurozone affecting market sentiment

• Demand is picking up but short term volatility remains

• Emphasis on our volume business as we continue to ship at full capacity

3828 November 2011

Source: Platts, Clarksons, RTIO analysis

Platts IODEX(62% Fe, $/dmt, CFR North China)

60

80

100

120

140

160

180

200

Nov

-09

Jan-

10

Mar

-10

May

-10

Jul-1

0

Sep

-10

Nov

-10

Jan-

11

Mar

-11

May

-11

Jul-1

1

Sep

-11

Nov

-11


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Spot

Quarter Lag

Continued evolution of our sales contract portfolio

• About 60% of global products to China and about 35% to Japan, Korea and Taiwan

• Our contract portfolio focuses on:– Diversification of markets and

customer segments– Matching products to segments

that value them the most– Ensuring full offtake

• Recent market conditions have accelerated diversification of our contract portfolio

• Close management of our credit exposures

3928 November 2011

* Includes HI, HD, RR + IOC contract tonnes

Rio Tinto sales contract portfolio(Proportion of pricing mechanisms)

FY 2010

Current

Spot

Quarter Lag

Quarter Actual

Monthly


Investor Seminar

Focused cost management is a key factorto strong financial performance

• We continue to maintain control of AUD cash operating unit costs

• H1 2011 unit costs were elevated due to weather impacts

• H2 2011 unit costs are expected to be consistent with H1 2011 levels

• Increased operational readiness costs, particularly manning, in preparation of 283/333 expansion

• Range of key cost mitigation initiatives implemented

4028 November 2011

*Includes all operating costs, excluding royalties or freight costs; adjusted for impacts of Australian CPI but includes “Pilbara inflation”

0

20

40

60

80

100

120

140

160

180

200

FY2006

1H2007

2H2007

1H2008

2H2008

1H2009

2H2009

1H2010

2H2010

1H2011

AUD cost USD cost

Pilbara cash operating unit cost*(2006 = 100)


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Global iron ore production approaching450 Mt/a in the next 5 years

• Production to become more geographically diversified

• Additional Pilbara production step change to 353 Mt/a

• IOC to be maintained as a premium supplier, with concentrate capacity ramping up to 26 Mt/a

• Simandou production– Small volume trucking by 2013– Full integrated system delivered

by 2015– Progressive ramp up to 95 Mt/a

4128 November 2011

*Current Rio Tinto estimates, subject to approval

Global iron ore production (100% )*(Million tonnes)

0

50

100

150

200

250

300

350

400

450

2010 2011F 2012F 2013F 2014F 2015F 2016F

Pilbara IOC Simandou


Investor Seminar

Step change to Pilbara 353 Mt/a, with capital expenditure spending accelerating from 2012

• 333 Mt/a expansion in scope, on budget and on schedule

• Option for an incremental 20 Mt/a to 353 Mt/a

• Capital intensity from 220 Mt/a to 353 Mt/a expected around mid US$150/t on a 100% basis, with our share of capital intensity expected around mid US$130/t

• Optionality embedded in capital projects

4228 November 2011

Growth capital by year – % approved(A$ million, 100% basis)

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

2011 2012 2013 2014 2015 2016

AUD Non AUD

100%

73%

36%

26%

0%

0%


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Cape Lambert: the best Pilbara port expansion, with options beyond 203Mt/a

4328 November 2011

• Jetty abutment complete• Dredging 90% complete• 25% of 290 piles installed

10 months

1.8 km

Each berth 400 m

1.8 km

Car dumpers (x2)

Tug harbour

2.5 km Existing Cape Lambert Port

2nd 50 Mt/a

1st 53 Mt/a

CD1 car dumperreplacement (20 Mt/a)

• Second 50 Mt/a expansion will require lesscapital than first 53 Mt/a– 400m wharf extension– 60% less dredging– Stockyard replication

• CD1 car dumper replacement a third expansionof 20 Mt/a


Investor Seminar

Making expansions easier by standardisation and replication of designs and ‘locking in’ contractors

4428 November 2011

Standardising the processing plant Securing contractor resources

Hope Downs 4 Marandoo

Belt re-oriented to suit topography

Standard design

RTIOEP – Owners Team

EPCM

B

1 2 3 4

C D E F GA

RTIOEP – Owners Team

EPCM

B

1 2 3 4

C D E F GA

Coastal West East Other


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010,00020,00030,00040,00050,000

2007 2008 2009 2010

Exploration targets (+/- 50%)

0

25

50

75

100

125

150

175

200

225

250

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 20100

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Pilbara resource and reserves growth and drilling effort staying ahead of production growth

4528 November 2011

1 Resource and Reserves in dry tonnes, reported on a 100% basis and Resources exclusive of Reserves. Details of the Mineral Resources Resource and Ore Reserves from 2001 to 2010 are found in the Rio Tinto Annual Reports

Resource, reserves and production1

(Million tonnes)Exploration targets2

(Million tonnes)

Planned resource development drilling(metres)

0

200,000

400,000

600,000

800,000

2011 2012 2013 2014 2015 2016

Studies / Plan MLE Tenements Geotech Hydro

2 Note: The range of Exploration targets are based on some drill-holes, surface mapping and geophysical surveys. It is displayed as a range as the potential quantity is conceptual in nature as there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the generation of a Mineral Resource.3 Mine Lease Evaluation

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Resource:InferredIndicatedMeasured

Reserves:ProbableProven

Production3

Investor Seminar

IOC has a strong pipeline of high grade growth options to meet market demand

• CEP phase 1 to 22 Mt/a on track for delivery in Q1 2012 and phase 2 to 23.3 Mt/a in 2013

• CEP phase 3 will take concentrate production to 26 Mt/a

• Consistently high quality products with the lowest phosphorus in the industry

• High grade resource base in excess of 2 billion tonnes1, with an extensive 2012 drill programme

• Options for expansion to 50 Mt/a through sequential mine developments under study

4628 November 2011

High grade concentrate stockpiles Sept Iles, Quebec

IOC concentrate capacity (Mt/a)

Current Concentrateexpansion

project (CEP)

New minestudies

Further options

1Note: Meas = 202Mt @ 39.3 %Fe, Ind = 754Mt @ 38.2 %Fe, Inf = 1,417Mt @ 37.8 %FeSource: Rio Tinto Annual Report 2010


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Strong co-operation with our partners is enabling solid progress to be made at Simandou

• Largest integrated mining projectin Africa, supported by in-country management team

• Secured tenure and full support of Government of Guinea and Chalco

• Committed US$3 billion1 to date, with over US$2 billion allocated to mine-related expenditure

• Stage gate process for approvals and development

• Geotechnical drilling at the port is underway

• Early works contracts being issued and significant rail work tenders released

4728 November 2011

1 Includes US$700 million settlement payment


Investor Seminar

Simandou projectexecution


New airstrips

Pre-stripping (Oueleba main)

Camps & logistic centresInfrastructure corridor

Marine Offload Facility

Stockyard earthworksPhased ore delivery via truckProposed rail line

West rail (multiple fronts)East rail (multiple fronts)

Access Road and Causeway

Sierra Leone

Liberia

Beyla

Mamou

Conakry

Forécariah

Ile Coastal Plain Mamou Range Eastern Plateau Region MineKabak

GuineaSierra Leone

Liberia

Faranah

Beyla

Mamou

Conakry

Forécariah


GuineaSierra Leone

Liberia

Faranah

Beyla

Mamou

Conakry

Forécariah


Guinea

Dredging

Sierra Leone

Liberia

Faranah

Beyla

Mamou

Conakry

Forécariah


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Faranah

Mamou

Conakry

Forécariah

Beyla

Footprint at delivery ofintegrated project– Q2 2015



GuineaSierra Leone

Infrastructure corridor

Marine Offload Facility

Stockyard earthworksCamps & logistic centres

New airstrips

Proposed rail line

Liberia

Investor Seminar

Mine of the FutureTM – advanced leadership in next generation technologies for mining operations

5028 November 2011

Autonomous Haulage Autonomous Trains

Autonomous Drilling“Smart” Explosives Truck

• Automation provides greater efficiency, lower production costs and improved health and safety eg. drill and blast

• 150 autonomous trucks in the Pilbara by 2015• Recommencing autonomous train trials in 2012

• Operations Centre provide real time, co-ordinated decision-making

• Conformance to plan improved markedly since implementation– 50% improvement in schedule

reliability– 30% productivity improvement at

the car dumper


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A global iron ore business without equal

• Strong production platform, diversified sales and marketing strategy and continuing to ship all we produce

• Managing Pilbara costs very well, despite competitive Western Australian environment and 353 Mt/a operational readiness

• Pilbara 333 Mt/a expansions remain in scope, on budget and on time, with a low cost replacement option to 353 Mt/a and further optionality to 453 Mt/a

• Industry-leading advantages in port options; mineral platform and location; applications that standardise and replicate; and innovation and technology

• Strong global suite of operations and projects, offering locational and product advantages


Tom AlbaneseChief executive

Oyu Tolgoi construction site, Mongolia

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Our belief in the long term demandstory is unchanged


Consumption of metals increasesin line with increasing income

Source: Global Insight for population distribution; Rio Tinto estimates for commodity expenditure profiles. Note: Expenditure profiles are based on Rio Tinto estimates of global income and consumption relationships and average real terms prices between 1990 – 2006. Iron ore and hard coking coal expenditure calculated based on crude steel demand projections, assuming all met by blast furnace production at historic average export prices.

GDP per capita (in 2011 US$)

Aluminium

Copper

Iron oreHard cokingcoal

2011 2025

ChinaIndia

2011 population distribution

World average income per capita Expenditure per capita US$ (2011 terms)

Investor Seminar

Our strategic focus will allow us to addressthe key challenges facing the mining sector

• Commodity supply growth is increasingly dependent on:– Resource nationalism– Competition for skilled labour– New geographies– More challenging ore bodies– Managing greater stakeholder concerns– Access to finance

• Our strategic focus to address these challenges:– Invest in and operate tier one assets– Expertise in sustainable development– Leadership in innovative technologies


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Executing our strategy

• Delivering exceptional performance from existing assets

• Growing established operations

• Identifying, acquiring and developing the next generation of tier one orebodies

• Leadership in sustainable development

• At the forefront of exploration, innovation and technology

• Advantageously positioned over the longer term


Appendices

Benga, Mozambique

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High quality tier one projects in advanced study


(1) 100% basis unless otherwise stated(2) Oyu Tolgoi capex is funded by Ivanhoe Mines. Rio Tinto has a variety of funding arrangements with Ivanhoe Mines.

Project Product

Total indicative capex(1)

Rio Tinto funding of indicative capex

Indicative first production

Indicativeproduction(1)

Nammuldi (Pilbara 283) Iron ore $$ $$ 2013 NA

Pilbara 353 Iron ore $$$$ $$$ 2015 +70mtpa

IOCC Phase 3 Iron ore $ $ 2013 +2.7mtpa

Simandou Iron ore $$$$ $$ 2015 +95mtpa

Oyu Tolgoi Phase 2 Copper, Gold $$$ note (2) 2015 +60ktpd ore

KUC extension Copper, gold, moly $$ $$ 2015 Extend LOM to 2028

Kitimat Aluminium $$ $$ 2014 420ktpa capacity

Weipa South of Embley Bauxite $ $ 2015 +22.5mtpa

Mt. Pleasant Thermal Coal $ $ 2014 +8.5mtpa

$ <$2 billion $$ $2–$5 billion $$$ $5–$10 billion $$$$ >$10 billion

Investor Seminar

A rich portfolio of strong earlier stage projects provide options for further quality growth


• Pilbara 453mtpa

• Resolution• La Granja• Escondida options

Copper

• AP60 Phase 2• Sarawak• Cameroon brownfield and greenfield

Aluminium

• Benga phase 2 and Zambeze• Hail Creek expansion• Hunter Valley options• Valeria

Energy

• Bunder (diamonds)• Diavik A21 (diamonds)• Jadar (borates, lithium)

Diamonds & Minerals

Iron Ore

• KUC North Rim Skarn• Northparkes expansion

• Amargosa (bauxite)• Paraguay smelter• Guinea refinery

• Winchester South• Rössing heap leach• ERA Ranger 3 Deeps

• Ilmenite mine expansions• TiO2 smelter expansions

• IOCC expansions• Orissa

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A diversified portfolio is anoutcome of our strategy


Rio Tinto EBITDA by product Percentage of EBITDA

Rio Tinto geographic splitPercentage of Gross Assets,Gross Sales and Capital expenditure

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Gross Assets1H'11

Gross Sales1H'11

Capex Fcst '11

Australia/New Zealand ChinaUSA/Canada Other AsiaRest of World

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 1H'11

Energy Copper Iron ore Diamonds & Minerals Aluminium

Investor Seminar

AP60 aluminium smelter

• Replacing existing Arvida smelter

• 60ktpa Phase One

• Two additional phases to 450ktpa

• Approved capital cost of US$1.1 billion for phase 1

• First metal expected in 2013

• Will act as R&D platform for AP Technology™ commercialisation– Lower full economic cost of

production– 40% higher metal output per pot– 15% higher labour productivity


Location Saguenay, Quebec, Canada

Rio Tinto Alcan ownership

100%

Power source hydro

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ISAL expansion and modernisation

• US$487 million modernisation

• 20% capacity expansion of over 40ktpa

• Moving further down the cost curve

• New cast house for value-added billet as part of consolidation of VAP for the European market

• Commence increase in production in Q4 2012

• Reach full capacity in Q4 2014


Location Reykjavik, Iceland


100%

2010 production 190,000 tonnes

Power source hydro

Investor Seminar

Kitimat modernisation project

• Increase annual production to approximately 420+ ktpy

• Initial production in 2014

• Fully leverage world-class Kemanohydropower resource

• Over 50% reduction in smelter emissions intensity

• Capital cost estimate: $3.3 billion

• US$640 million approved to date

• Full project approval expected before the end of 2011

• Will move production to first quartile of cost curve


Location British Columbia, Canada


100%

2010 production 184,000 tonnes

Power source hydro

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Yarwun alumina refinery expansion

• More than double alumina production to 3.4 million tonnes per year

• Capital cost of $2.4 billion, project is approximately 92% complete

• Co-generation plant completed in 2010 and already selling excess power to the grid

• Accelerated completion scheduled for August 2012

• Will move group’s alumina production to second quartile of cost curve

• Options remain to expand further


Location Gladstone, Queensland, Australia


100%

2010 production 1,377,000 tonnes

Investor Seminar

South of Embley bauxite project

• Would extend Weipa mine life by about 40 years depending on production rates

• Completing Feasibility Study and Environmental Impact Study

• Staged increase in production up to 36 million dry product tonnes yearly

• Includes new mining areas, beneficiation plants, power station, ship loading facilities, access road

• Construction for infrastructure could start in 2012, depending on regulatory and internal approvals


Location Weipa


100%

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Iron Ore appendix I: our pricing mechanisms

6528 November 2011

Q-Lag

• Prices determined based on the average index data for the previous quarter with a 1-month lag.

Q-Actual

• Prices determined based on the average actual index data for the quarter in which shipments occur.

M-Prior

• Prices determined based on the average actual index data for the period from x date of 2 months prior to x-1 date of the month prior to shipping.

M-Actual

• Prices determined based on the average actual index data for the month in which shipments occur.

Spot

• Email tender with spot shipment awarded to customer with highest bid; or

• One-on-one price negotiation with customer.


Investor Seminar

Approved % Complete / Current statusUS$ Capex

(100% basis)

$91m

$284m

$$$

$5.1bn

$833m

$1.4bn

$501m

Feasibility study nearing completion $$$

– $$$

Integrated into 283 Port and Rail $676m

Feasibility study nearing completion $$$

Feasibility study nearing completion $$

Pre Feasibility underway $$

Pre Feasibility underway $$

Order of Magnitude nearing completion $$$

Option assessment underway $$

Early Studies underway $$$

Iron Ore appendix II: program to 353 Mt/a and further options to 453 Mt/a

*Brockman 4 phase II and Western Turner Syncline

6628 November 2011

2011 2012 2012 2013 2014 2015

Options to 453 Mt/a

Options for 353 Mt/a

Koodaideri mine

Silvergrass mine

Brockman 4 mine phase III

Rail

Cape Lambert expansion

Port and rail acceleration

Cape Lambert II (333 Mt/a)

Nammuldi mine

Pilbara towns - Wickham

B4 ph II & WTS*

Power and fuel

Port and rail

Cape Lambert I (283 Mt/a)

Dampier phase II (230 Mt/a)

Dampier phase I (225 Mt/a)

2011 2012 2013 2014 2015 2016 $ <$1 billion $$ $1-2 billion $$$ >$2 billion

Dampier phase I (225 Mt/a)

Dampier phase II (230 Mt/a)

Cape Lambert II (333 Mt/a)

Options for 353 Mt/a

Options to 453 Mt/a


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Iron Ore appendix III: Simandou ownership structure

• Senior in-country management structure in place

• Establishing a robust infrastructure investment framework with Government of Guinea

• Finalising Conditions Precedent with Chalco

• Finalisation of regulatory consents expected Q1 2012, triggering the earn-in payment of US$1.35 billion

• Project financing provides additional opportunities for risk management and governance

• Strong commitment by IFC for participation

6728 November 2011

Indicative ownership shares as of December 2031. Assumes the Government of Guinea exercise their 10% at cost option and 10% option at market value.

Govt. Guinea

IFCRio Tinto/

Chalco

Simfer SA

Rail and Port Services

Agreement

35% 3.25% 61.75%

51% 2.5% 46.5%

Mine

Infrastructure

Govt. Guinea

IFCRio Tinto/

Chalco

Infrastructure SPV

Tariff


Investor Seminar

CP Consent Statements

The information in this report that relates to the Pilbara Mineral Resources and Exploration Targets is based on information compiled by John Phillips who is

a member of the Australian Institute of Mining and Metallurgy. John Phillips is a full-time employee of Rio Tinto Iron Ore and has experience which is relevant

to the style of mineralisation and type of deposits under consideration and to the activity which they have undertaken to qualify as a Competent Person as

defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. John Phillips consents to

the inclusion in the report of the matters based on their information in the form and context in which it appears.

The information in this report that relates to IOC Mineral Resources is based on information compiled by Tim Leriche who is a member of Member,

Canadian Institute of Mining and Metallurgy (CIMM). Tim Leriche is a full-time employee of IOC and has experience which is relevant to the style of

mineralisation and type of deposits under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the

2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves’. Tim Leriche consents to the inclusion in

the report of the matters based on their information in the form and context in which it appears.

The information presented here contains details of a range of Exploration Targets that are based on some drill-holes, surface mapping and geophysical

surveys. It is displayed as a range as the potential quantity is conceptual in nature as there has been insufficient exploration to define a Mineral Resource

and it is uncertain if further exploration will result in the generation of a Mineral Resource.

The information in this report that relates to Pilbara Ore Reserves is based on information compiled by Leon Fouche who is a member of the Australian

Institute of Mining and Metallurgy. Leon Fouche is a full-time employee of Rio Tinto Iron Ore and has experience which is relevant to the style of

mineralisation and type of deposits under consideration and to the activity which they have undertaken to qualify as a Competent Person as defined in the

2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves. Leon Fouche consents to the inclusion

in the report of the matters based on their information in the form and context in which it appears.

28 November 2011 68© 2011, Rio Tinto, All Rights Reserved

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For personal use only - ASX · Company Secretary . For personal use only : Investor Seminar: Sydney 28 November 2011: Simandou ... and unknown risks, uncertainties and other factors