Rio Tinto Chartbook 2012

Chartbook a b o

Contact details

Investor Relations, London

Mark Shannon Office: +44 (0) 20 7781 1178 Mobile: +44 (0) 7917 576597 David Ovington Office: +44 (0) 20 7781 2051 Mobile: +44 (0) 7920 010 978Investor Relations, Australia

Dave Skinner Office: +61 (0) 3 9283 3628 Mobile: +61 (0) 408 335 309 Christopher Maitland Office: +61 (0) 3 9283 3063 Mobile: +61 (0) 459 800 131Investor Relations, North America

Jason Combes Office: +1 (0) 801 204 2919 Mobile: +1 (0) 801 558 2645

Financial calendar 201217 April 19 April 10 May 17 July 8 August 16 October 1Q12 Operations Review Rio Tinto plc AGM London Rio Tinto Ltd AGM - Australia 2Q12 Operations Review Interim results 3Q12 Operations Review

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20

Rio Tinto overview Cautionary statement Safety performance Rio Tintos strategy Where we operate >85% of assets in OECD A world leader in mining Strength in diversity - Revenue by destination and by commodity Portfolio balance over longer term Exploration and technology 2011 highlights Record underlying earnings Net earnings reduced by impairment Cash cost performance Record cash flow generation Capex focused on the highest quality options Approved capital expenditure Challenges of bringing on new supply Balancing growth with returns to shareholders >$34 billion of major capital projects underway High quality tier one projects in advanced study Long term demand and prices A rich portfolio of strong earlier stage projects provide options for further quality growth Aluminium stocks and prices Copper stocks and prices Iron ore price (Australia to Asia) Asia Pacific thermal coal prices Asia Pacific coking coal prices Natural hedge between prices and exchange rates Demand related including China Crude steel production China is the largest consumer Chinas share of market demand Chinese steel production and iron ore imports Chinese aluminium production and bauxite & alumina imports Chinas coal production and net exports Thermal coal exports China steel story has a long way left to run, with India and others to follow

37 38 39 40 41

Chinese provinces are just beginning to climb the steel intensity curve Chinas power will continue to be predominantly generated by coal Indias thermal coal imports will likely double over the next 5 years Our long term view of demand Rio Tinto continues to benefit from Chinas rapid growth rates Iron ore Highlights Global iron ore growth options without equal Continued evolution of our sales contract portfolio Step change to Pilbara 353 Mt/a Cape Lambert Options to supply additional tonnes are increasingly challenging Integrated system development to support 353 Mt/a and beyond Simandou largest integrated mining project in Africa Aluminium Highlights RTA strategic focus on transforming the aluminium business Significant achievements since 2007 Unrivalled low-cost energy position Low cost producers to benefit from steepening of the industry cost curve Focused investment in Tier 1 projects Copper Highlights Copper supply will continue to be constrained Our continued focus on production at low cost Kennecott: Bingham Canyon Grasberg and Escondida Developing Oyu Tolgoi to deliver long term value Attractive longer term growth profile Entitled to 40% of Grasberg production from 2021

42 43 44 45 46 47 48 49

50 51 52 53 54 55

21

22 23 24 25 26 27

56 57 58 59 60 61 62 63

28 29 30 31 33 34 35 36

March 2012

64 65 66 67 68 69 70

Energy Highlights Significant growth options across the Energy group Rio Tinto Coal Mozambique Benga: first production in H1 2012 Mozambique coal chain capacity growth path Australian coal growth options Australian infrastructure Diamonds & Minerals Highlights Businesses occupy strong positions in their markets Argyle diamond underground project Other D&M projects deliver further opportunities

75 76 77 78 79 80 81 82 83 84 85 86 87 88

71 72 73 74

Corporate and growth projects Earnings sensitivities Principal corporate activity 2005-09 Principal corporate activity 2010-12 Major capital projects (1) Major capital projects (2) Major capital projects (3) Major capital projects (4) Major capital projects (5) Major capital projects (6) Market capitalisation of major listed mining companies Geographical analysis of Rio Tinto shareholders Rio Tinto executives Rio Tinto Board Rio Tinto Board (contd.)

March 2012

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Cautionary statementThis 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 statements This presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Rio Tintos financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tintos 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 forwardlooking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tintos 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 Tintos 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 most recent 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. 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.

2012, Rio Tinto, All rights reserved

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Continued improvements in safetyInjury frequency rates 2002 2011Per 200,000 hours worked2.5 Lost time injury frequency rate All injury frequency rate

2

1.5

1

0.5

0 02 03 04 05 06 07 08 09 10 11


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Our strategy is consistent and unchanged To maximise total shareholder return by sustainably finding, developing, mining and processing natural resources Invest in and operate large, long term, cost competitive mines and assets Driven by the quality of each opportunity Our expertise in sustainable development is an important part of our approach to creating value for shareholders

Change picture


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Where we operate

North America

Europe Asia Africa

KeyMines and mining projects Smelters, refineries, power facilities and processing plants remote from mine

Aluminium Copper Diamonds Energy Iron ore Minerals

South America Australasia


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>85% of assets in OECD2011 total assets (excluding non-controlling interests) by region

Canada 25% Europe 5% US 7%

Mongolia Other Asia1 2% Africa

5%

Other Asia mainly relates to assets in India and Oman. Total assets are calculated from information extracted from the consolidation schedules of the Company for the year ended 31 December 2011, with adjustments for non-controlling interests, cash, current and deferred tax receivables and derivatives.

1

1% Indonesia

3%

South America

6%

Australia/NZ 46%

2011 total assets = $95 billion


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Rio Tinto a world leader in miningAluminium#1 in bauxite #2 in aluminium #3 in alumina

Copper#5 in copper #7 in molybdenum

Diamonds & Minerals#1 in titanium dioxide and seaborne salt #2 in borates #5 in diamonds

Energy#4 in uranium #6 in export coking coal #9 in export thermal coal

Iron Ore#2 in seaborne iron ore

2010 data


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Strength in diversityRevenue by destination(%)

Revenue by commodity(%)

1 6 13 31 10 5 2

1 8 1

26 17

17 16

46

Copper China North America Japan Europe Other Asia Other Iron ore Diamonds

Gold Coal Uranium

Aluminium Minerals Other

Gross sales revenue in 2011 = $66 billion*Other commodities mainly relate to Cable division of engineered products, molybdenum and silver2012, Rio Tinto, All rights reserved

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Our portfolio has a long history of diversified returnsRio Tinto EBITDA by productPercentage of EBITDA100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2001

2002

2003

2004

2005

2006

2007 Iron ore Copper

2008 Energy

2009

2010

2011

Aluminium

Diamonds & Minerals


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Embedding industry leadership in exploration, technology and innovation Planned expansion of driverless truck fleet from 10 to 150 trucks $518m investment in automated trains Continued development of innovative recovery technologies Tunnel boring system to be prototyped at Northparkes in 2012 Operations Centre continues to deliver improvements Exploration to find the next generation of tier one ore bodies


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2011 highlights Record underlying earnings, EBITDA and cash flows from operations Higher prices, stronger currencies and input cost pressures Record iron ore volumes; grade and weather challenges elsewhere Net earnings reduced by aluminium impairments Organic growth programme continues to ramp up Acquisitions completed creating further growth options Progressive dividend increased by 34%; $7 billion share buy-back almost complete$ billions Underlying EBITDA Underlying earnings Net earnings Cash flows from operations Capital expenditure Dividend per share 2010 26.0 14.0 14.2 23.5 4.6 108 cents 2011 28.5 15.5 5.8 27.4 12.3 145 cents Movement +10% +11% -59% +16% +169% +34%


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Record underlying earningsUnderlying earnings 2010 vs 2011$ millions25,000

20,000

15,000

10,000

5,000

0 13,987 2010 underlying earnings 6,675 Price (998) Exchange Rates (502) Volume (376) Inflation (249) Energy (2,096) Cash costs (796) (96) 15,549 Explor'n & Interest, Tax 2011 Eval'n & Other underlying earnings

Note: Exploration and evaluation variance includes $229 million decrease due to gain on undeveloped property sales realised in 2010


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Net earnings reduced by impairmentReconciliation of underlying to net earnings$ millions18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 15,549 Underlying earnings (9,290) Impairment charges 167 (57) (342) Profits on disposal Net exchange & Deferred tax asset of businesses derivatives loss write off (201) Other 5,826 Net earnings


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Cash cost performance was driven by rising input prices, lower grades and weather eventsBreakdown of cash cost variance$ millionsOther production and oneoffs $330 M Input prices and other inflation $514 M

Cost efficiency adversely impacted by lower grades in copper and diamonds Input price pressure, notably in aluminium Maintenance costs and volumes affected by weather in the first half

Site transition and readiness $546 M

Increasing labour costsWeather related volume $261 M

Investments in operational readiness and ramp up of production at new operations Ongoing focus on productivity improvement

Grade related volume $445 M


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Record cash flow generation2011 Cash flowsUS$ billions40 35 30 25 20 15 10 Capex: ($12.3bn) 5 0 0 Inflow Outflow 02 03 04 05 06 07 08 09 10 11 Cash flow from operations: $27.4bn Acquisitions: ($6.1bn) 10 25 Increase in net debt and other inflows: $7.1bn Other: ($1.6bn) Net interest ($0.6bn) Tax: ($6.2bn) Dividends: ($2.2bn) Buy-back: ($5.5bn) 15 20 Dividends from EAUs Cash flows from consolidated operations

Cash flows from operationsUS$ billions

5


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Capital expenditure focused on the highest quality optionsCapital expenditureUS$ billions18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 0.0 2008 2009 2010 2011 2012 Other

$16 billion capital expenditure approved for 2012 Further project approvals, mainly in the Pilbara, are likely to increase 2012 spend Disciplined capital approval process Major projects progressing well Allocating cash for investment through cycle Phased approach to major capital projects

Pilbara sustaining

Approved growth


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Approved capital expenditure diversified across geographies and products2012 Capital expenditure by country$ billions$0.4 bn $1.9 bn $1.0 bn

2012 Capital expenditure by product$ billions

$0.7 bn

$0.9 bn

$1.9 bn $7.0 bn

$2.9 bn $9.9 bn $2.6 bn

Australia United States Other Excludes equity accounted units

Canada Mongolia

$2.8 bn Iron ore Aluminium Diamonds & Minerals Excludes equity accounted unit

Copper Energy Other


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Challenges of bringing on new supplyAnnounced and completed iron ore production capacity (global)(million tonnes) 1000 800 600 400 200 0 Announced for 2008-10 Certain 1000 800 600 400 200 0 Announced for 2011-13 Completed by Q4 2011 Probable Completed by Q4 2010 Rio Tinto Other

Shortage of specialist mining skills New tier one ore bodies are in remote locations Technical challenges increasing Rising resource nationalism Reduced availability of project finance A risk to new supply of all commodities

Possible

Source: UNCTAD, Rio Tinto analysis


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Balancing growth with returns to shareholders Strong balance sheet and regained single A credit ratingCash from operations

More than $34 billion of major capital projects underway A rich portfolio of unapproved project options

Investment in value adding growth

Prudent balance sheet management

Capital returns

$7 billion share buy-back almost complete Progressive dividend provides sustainable long term returns to shareholders

>$16 billion of value adding investments in 2012

Single A credit rating

Progressive dividend increased by 34%

34% dividend increase reflecting confidence in long term prospects


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>$34 billion of major capital projects underwayProject timeline(1)Dampier Ph 2 IOCC Ph 1 & 2 Hope Downs 4 Pilbara 283 Marandoo MAP Oyu Tolgoi Ph 1 Eagle Escondida OGP1 ISAL Yarwun 2 AP 60 Kitimat Benga Bengalla HVO & MTW Kestrel Argyle U/G

% Complete(2)

$ Capex(3)$284m $763m $2.1bn $9.7bn $1.1bn $340m(6) $6.2bn $469m(6) $1.2bn(5) $487m $2.3bn $1.1bn $3.3bn $516m $184m $260m $2.0bn $2.1bn

Production+5mtpa +5.3mtpa 15mtpa(4) +53mtpa 15mtpa(4) 30mlb Ph1, 60mlb Ph2 (capacity) +100ktpd ore +17kt Ni, 13kt Cu per annum 152ktpd mill, access to higher grade ore +40ktpa +2mtpa alumina +60ktpa 420ktpa +1.6mtpa coking, +0.8mtpa thermal +2.1mtpa +6mtpa +1.3mtpa 20mcpa capacity

2012

2013

2014

2015

(1) Represents timing of project completion and initial production (2) As of 31 December 2011 (3) 100% unless otherwise stated (4) Sustaining production at Pilbara total capacity (5) RT share of capex (6) Budgets and schedule are under review2012, Rio Tinto, All rights reserved

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High quality tier one projects in advanced studyTotal indicative capex(1) $$$ $ $$$$ $$$ $$ $ $ Rio Tinto funding of indicative capex $$$ $ $$ note (2) $$ $ $

Project Pilbara 353 IOCC Phase 3 Simandou Oyu Tolgoi Phase 2 KUC extension Weipa South of Embley Mt. Pleasant $ $10 billion(1) 100% (2) Oyu

Product Iron ore Iron ore Iron ore Copper, Gold Copper, gold, moly Bauxite Thermal Coal

Indicative first production 2015 2013 2015 2015 2015 2015 2014

Indicative production(1) +70mtpa +2.7mtpa +95mtpa +60ktpd ore Extend LOM to 2028 +22.5mtpa +8.5mtpa

basis unless otherwise stated Tolgoi capex is funded by Ivanhoe Mines. Rio Tinto has a variety of funding arrangements with Ivanhoe Mines


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A rich portfolio of strong earlier stage projects provide options for further quality growthIron Ore Pilbara 453mtpa IOCC expansions Resolution La Granja Escondida options AP60 Phase 2 Sarawak Cameroon brownfield and greenfield Benga phase 2 and Zambeze Hail Creek expansion Hunter Valley options Valeria Winchester South Rssing heap leach ERA Ranger 3 Deeps Ilmenite mine expansions TiO2 smelter expansions Orissa

Copper

KUC North Rim Skarn Northparkes expansion

Aluminium

Energy

Diamonds & Minerals

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


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Aluminium stocks and pricesAluminium(million tonnes) ($/tonne)3500 6 3000 5 2500 4 2000 3 2 1 0 2000 1500 1000 500 0 2012

2001

2002

2003

2004

2005

2006

2007

2008

2009 Prices

2010

2011

Exchange stocks Source: LME, IAI, Comex

Producer stocks


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Copper stocks and pricesCopper(million tonnes)1800 1600 1400 1200 1000 250 800 200 600 400 200 0 2000 150 100 50 0 2001 2002 2003 2004 Other Stocks Source: LME / WBMS 2005 2006 2007 2008 2009 2010 2011 2012

(cents/lb)500 450 400 350 300

Exchange Stocks

LME spot, c/lb


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Iron ore price (Australia to Asia)*Iron Ore(US cents per DMT unit of Fe (FOB))350 300 250 200 150 100 50 0 00 01 02 03 04 Fines *Negotiated FOB settlement price for iron ore 05 Lump 06 07 08 09 10 11 12

Platts 62% China Spot


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Asia Pacific thermal coal prices

(US$/tonne)200 180 160 140 120 100 80 60 40 20 0 00 01 02 03 04 05 06 07 08 09 10 11

Barlow Jonker index

Japanese reference price

globalCOAL NEWC index

Source: AME, CRU, Barlow Jonker, globalCOAL, Macquarie


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Asia Pacific coking coal prices

(US$/tonne)450 400 350 300 250 200 150 100 50 0 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12

HCC contract Source: AME, CRU, Energy Publishing, globalCOAL, Macquarie, Platts

HCC Spot


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Natural hedge between prices and exchange rates(US$ TWI Index 2000=100 (inverse scale))50 60 70 80 90 100 110 120 1990

(The Economist NFM index 2000=100)350 300 250 200 150 100 50 0 2012

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

US $ Trade Weighted Index

Non-ferrous Metals Index


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Crude steel production

(thousand metric tonnes)

100,000

80,000

60,000

40,000

20,000

0 Jan-00

Jan-01

Jan-02

Jan-03

Jan-04 China

Jan-05 EU 27

Jan-06 JKT

Jan-07

Jan-08

Jan-09

Jan-10

Jan-11

Jan-12

North America

Source: World Steel Association


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China is the largest consumer of a number of commoditiesChinese demand as a share of global consumption(%)70 1st 60 50 1st 40 30 20 2nd 10 0 Oil Cu 2008 Sources: WBMS, BP, WSA, CRU, IEA. Macquarie, IHS CERA Al 2009 2010 Coal 2011 Steel Iron ore (traded) 1st 1st 1st


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Chinas share of market demand

(% of total world demand)61 60 50 43 40 30 20 12 10 0 1990 Copper Source: CRU, Brook Hunt, WBMS, Rio Tinto 2000 Aluminium Traded iron ore 2011 6 5 4 13 39

14


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Compound annual demand growth rate (2000-11)(%)

22

17

12

7

2

-3 Aluminium China Source: WBMS, AME, WSA, Brook Hunt, CRU Copper RoW World Traded iron ore


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Chinese steel production and iron ore importsCrude steel production/iron ore imports/ domestic iron ore production(million tonnes) 800 700 600 500 400 300 200 100 0 95 97 99 01 03 05 07 09 11 Steel production Implied domestic iron ore production (import equivalent) Iron ore imports Domestic iron ore % market share 80% 70% 60% 50% 40% 30% 20% 10% 0%

Domestic iron ore market share

Source: World Steel Association /GTIS/RTIO Analysis *H1 annualised Implied Domestic Iron Ore Production (import equivalent): Pig Iron Consumption implied Fe unit demand less imports, plus stock changes and transformed to equivalised to imported ore characteristics (moisture and Fe content).


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Chinese aluminium production and bauxite & alumina imports(million tonnes)20 18 16 14 12 10 8 6 4 2 0 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11

Alumina imports Source: CRU, GTA Bauxite imports expressed in terms of alumina content

Bauxite imports

Aluminium production


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Chinas coal production and net exports/importsChinese coal production and net exports/imports(million tonnes)Production (line) 100 Exports left axis 4000 3500 3000 0 2500 2000 1500 1000 500 0 2002 2003 2004 2005 2006 2007 Coking coal 2008 2009 2010 2011

50

-50

-100 Imports left axis

-150

-200

Thermal coal Source: SX Coal, McCloskey

Production


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Thermal coal exports

(million tonnes)350 300 250 200 150 100 50 0 1992 2000 Indonesia Source: GTIS, McCloskey 2007 Australia 2008 South Africa 2009 China 2010 2011 United States


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The China steel story has a long way left to run, with India and others to followSteel intensity and GDP 1900 2010*(Kg/capita crude steel production)1,400 1,200 1,000 800 600 400 USA 200 India 0 0 China 0 years China (actual) 19502010 China on track to exceed 500 kg/capita level of crude steel production for first time in 2011

Number of years of steel production above 500 kg/capita

Korea US 30 years

Japan

Japan 44 years (continuing)

China (forecast) 20112040 Germany

Germany 45 years (continuing) Korea 27 years (continuing)

10,000

20,000

30,000

40,000

1940

1960

1980

2000

2010

GDP per capita (PPP basis, $2005) Note: Stylistic representation Source: Correlates of War, Maddison, Global Insight, Rio Tinto


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Many large Chinese provinces are just beginning to climb the steel intensity curveChinese regional steel intensitySteel use per capita 2009 (kg)1400 1200 1000 800 Henan 100m 600 400 200 0 Guizhou 1,000 41m 2,000 Sichuan 89m 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 Guangdong 96m Shandong 95m Beijing 18m

Shanghai 19m

GDP per capita 2008 (US$) Bubble size reflects population of each of the 31 Chinese provinces Source: Global Insight China Regional Service


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Despite the emergence of substitutes, Chinas power will continue to be predominantly generated by coalChinas forecast power generation mix(TWh)8,847

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2007Coal percentage of power generation mix

2007-2030 CAGROther alternatives 7.7% Wind 15.0% Gas 8.2% Nuclear 9.4% Hydro 3.4% Coal 4.0%

6,692

3,318

2020 76%

2030 75%

81%

Source: World Energy Outlook 2009


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Indias thermal coal imports will likely more than double over the next 5 years to meet power demandIndia coal-fired electricity generation capacity and thermal coal importsIndia coal-fired electricity capacity(gigawatts) 250 200 150 100 50 2010 2017 100 61 50 34 26 49 88 96 150 111 144 95 200 161 195

India thermal coal imports(Mt) 300

Forecast246

2x

193 250

Indian Government plans to double coal-fired electricity generation capacity by 2017 Nine ultra mega power stations with a capacity of 4000 megawatts each are planned for construction Smaller coal-fired power stations will be commissioned in the lead up to 2012 to support robust economic growthSource: Wood Mackenzie, Dec 2011

0 2007 2009 2011 2013 2015 2017


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Our belief in the long term demand story is unchangedConsumption of metals increases in line with increasing income2011 population distribution World average income per capita 30% India 2011 2025 China 25% 20% 15% 10% 5% 0% Expenditure per capita US$ (2011 terms) 50 45 40 35 30 25 20 15 10 50 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

Global supply vs. demand outlook1(Mine output, kt Cu)30000 25000 20000 15000 10000 5000 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

0

GDP per capita (in 2011 US$) Copper Iron ore Aluminium Hard coking coal

Probable - Greenfield Highly Probable Demand1. Brook Hunt A Wood Mackenzie Company. Assume 100% Base Case and Highly Probable, 70% Probable Brownfield and 50% Probable Greenfield production

Probable - Brownfield Base Case

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.


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Rio Tinto continues to benefit from Chinas rapid growth ratesRio Tinto sales to China($bn)25 28% 20 19% $20.1bn 24% $16.6bn 15 15% 10 8% 5 6% $ 3.1bn $ 0.6bn 0 02 03 04 Iron ore 05 Copper 06 Aluminium 07 Other 08 09 10 11 $ 0.9bn $ 1.5bn 0% $ 4.1bn 5% 10% $6.0bn 10% 16% $ 10.8bn $ 10.7bn 15% 18% 20% 25% 31% 30%

% of total global sales


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Iron ore: record production, shipments and earningsIron ore underlying resultsUS$ billions25

Record prices during the year, with all product sold Production and shipment records achieved in the Pilbara, despite severe weather in Q1 2011 Continued evolution of sales contract portfolio Incremental debottlenecking achieved on time and budget Maximised concentrate production at IOC in late 2011 in response to market demand

20

15

10

5

0 2007 2008 2009 2010 2011

Underlying EBITDA

Underlying earnings


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Global iron ore growth options without equal Capital expenditure on time and on local currency budget Next 5mt at end of Q1 2012: increases Pilbara capacity to 230Mt/a 283Mt/a expansion fully approved: online by end of 2013 353Mt/a accelerated to first half 2015 Pilbara mineralisation to last over 50 years even on elevated production volumes IOC concentrate expansion currently being commissioned Solid progress at SimandouCape Lambert construction, Australia


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Continued evolution of our sales contract portfolioRio Tinto iron ore sales contract portfolio(Proportion of pricing mechanisms)FY 2010 Spot

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

Quarter Lag

Current

Spot Monthly

Quarter Actual

Quarter Lag

Recent market conditions have accelerated diversification of our contract portfolio Close management of our credit exposures

*Includes HI, HD, RR + IOC contract tonnes


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Step change to Pilbara 353 Mt/a, with capital expenditure spending accelerating from 2012Growth capital by year % approved(A$ million, 100% basis)7,000 6,000 5,000 73% 4,000 3,000 2,000 1,000 0 2011 2012 2013 AUD 2014 2015 2016 0% 36% 26%

230 Mt/a end of Q1 2012 283 Mt/a by end of 2013 on track 353 Mt/a expansion in scope, on budget and on schedule for end of H1 2015 (subject to final approval) 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

100% 0%

Non AUD


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Cape Lambert: the best Pilbara port expansion, with options beyond 203Mt/aCD1 car dumper replacement (20 Mt/a) Existing Cape Lambert Port Car dumpers (x2)

1.8 km 2.5 km

10 months Jetty abutment complete Dredging 90% complete 25% of 290 piles installed2nd 1st 53 Mt/a 50 Mt/a 1.8 km

Tug harbour

Each berth 400 m

Second 50 Mt/a expansion will require less capital than first 53 Mt/a 400m wharf extension 60% less dredging Stockyard replication CD1 car dumper replacement a third expansion of 20 Mt/a


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Options to supply additional tonnes are increasingly challengingGlobal iron ore supply/export additions per year(Mt/a)120 Required to satisfy demand growth 100 80 60 40 20 0 2003-06 2007-10 2011-2018F

An average of 85 Mt of global supply were added each year between 2007 and 2010, down from about 100 Mt each year over the previous 4 years 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

Rio Tinto global

Rio Tinto Pilbara Brazil South Africa Other seaborne/high cost Note: Rio Tinto on a 100% basis Source: Clarksons, Rio Tinto analysis

Australia India Chinese domestic


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Integrated system development to support 353 Mt/a and beyond


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Strong co-operation with our partners is enabling solid progress to be made at SimandouMineGovt. Guinea 35% IFC 3.25% Rio Tinto/ Chalco 61.75%

Largest integrated mining project in Africa 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 Establishing a robust infrastructure investment framework with Government of Guinea46.5% Rio Tinto/ Chalco

Simfer SA

Rail and Port Services Agreement

Tariff

Infrastructure SPV

51% Govt. Guinea

2.5% IFC

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

InfrastructureIndicative ownership shares as of December 2031. Assumes the Government of Guinea exercise their 10% at cost option and 10% option at market value.2012, Rio Tinto, All rights reserved

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Rio Tinto Alcan: second half margin squeezeRio Tinto Alcan underlying resultsUS$ billions42009 Onwards Excludes Pacific Aluminium, Lynemouth, Sebree, Gardanne refinery, and European specialty alumina

Estimated 2.5mt of production exChina is loss making at current prices Chinese capacity growth in the west Industry margins impacted by lower prices and higher input costs for raw materials EBITDA margin of 20% in 2011

3

2

1

0

-1 2007 2008 2009 2010 2011

Underlying EBITDA

Underlying earnings


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Rio Tinto Alcan: strategic focus on transforming the aluminium business Disciplined portfolio management Deliver cost and productivity improvements Focus on high return production creep and modernisation projects Focused strategy will reshape the aluminium business Best bauxite and energy positions in the aluminium industry Lowest carbon footprint Modern, large-scale, long-life assets First and second quartile positions on the industry cost curve Leading AP Technology position

Yarwun refinery, Australia

Kitimat smelter, Canada


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Significant achievements since 2007 with a clear pathway forwardPortfolio management 13 assets identified for divestment or closure (Lynemouth) Continued portfolio discipline

Phase 2

Business improvement

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

40% EBITDA margin

Investment

Focused capital investment on high-return brownfield projects and modernisation

Phase 1

Integration and synergies

$1.1 billion of synergies achieved into 2009

Strategic decisions during global financial crisis

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


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53

Unrivalled low-cost energy positionPositioned for almost 85% clean hydropower, lowest cost quartile power for smeltingCurrent power sources 2% 8%

Enhanced cost position with almost 65% selfgenerated power versus 34% industry averageCurrent power sources 3%

26% 64%

46%

51%

3% Post-divestments and closures 13% Post-divestments and closures 30%

7%

63% 84%

Hydro

Coal

Nuclear

Gas

Self-generated

Long-term contracts

Short-term contracts


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54

Low-cost producers to benefit from steepening of the industry cost curve2016 business operating costs($/t)

3 2 1

1. Input costs 2. Energy 3. Appreciating RMB

Cumulative Production Source: Rio Tinto Alcan analysis and CRU


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55

Focused investment in Tier 1 projectsProject timeline(1)Approved Current status Under construction $ Capex $487m Production 40+ ktpa

ISAL

0 2011 12 2012 24 2013 36 2014 48 2015 60

AP 60 Phase 1

Under construction Feasibility study nearing completion Over 90 per cent completed Feasibility study

$1.1bn

60 ktpa

$3.3bn

Kitimat

Increase from 282 ktpa to 420+ ktpa 2 mtpa

$2.3bn

Yarwun 2

Documents

Rio Tinto Chartbook 2012