Riot Into 20121009

7/31/2019 Riot Into 20121009

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Oyu Tolgoi, Mongolia

Investor seminar London / New York

9 October 2012

7/31/2019 Riot Into 20121009


7/31/2019 Riot Into 20121009


Tom Albanese

3

Chief executive

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©2012, Rio Tinto, All Rights Reserved

Agenda4

Introduction, outlook and strategy Tom Albanese

Capital allocation and performance Guy Elliott

Technology & Innovation Preston Chiaro

Break

Copper Andrew Harding

Summary Tom Albanese

Q & A

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’03 ’04 ’05 ’06 ’07 ’08 ’09 ’10 ’11 Aug-12

All injuryfrequency rate

Lost time injuryfrequency rate

Injury frequency rates 2003 – Aug 2012Per 200,000 hours worked

5

Safety remains our core value

Testing safety equipment

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Overview

• Short term outlook is uncertain and volatile

• Focus on balance sheet discipline and single A credit rating

• Strong operational performance under tough conditions

• Significant reductions in operating and evaluation costs and sustaining capex

• Long term industry fundamentals remain attractive

• Rio Tinto is well positioned

• Strategy is unchanged – large, long life, cost competitive assets

• Disciplined and rigorous capital allocation and prioritisation• Allocating capital to projects with highest returns in the most attractive sectors

6

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• Continued deleveraging and

austerity in OECD

• Rate of growth in our markets in

China is robust but is decelerating

• Expect a sequential pick-up in Q4

with signs of improvement in

property market

• Impacts of stimulus extended out vs

previous estimates: to be felt after Party Congress

• Market to remain volatile

Short term market uncertainty andvolatility continue

7

Synchronised slowdown underwayPurchasing Managers Index – Manufacturing

25

30

35

40

45

50

55

60

65

Jan 08 Jan 09 Jan 10 Jan 11 Jan 12

US Eurozone

China Japan

Above 50 = Expansion

Below 50 = Contraction

Monthly new home sales growth in China% change year on year

-40%

-20%

0%

20%

40%

60%

80%

100%

Jan-08 Jan-09 Jan-10 Jan-11 Jan-12

Source: CEIC / NBS

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• ~2 billion additional people tourbanise by 2030

• Global steel consumption expectedto grow by 2 per cent per annum

• China to remain key driver until mid-2020s

• China GDP per capita currently19% of USA levels

• India and South East Asianeconomies more than offset flat and

then falling consumption in China• Consumption-led growth will benefit

TiO2 and Aluminium

Global commodity demand trajectoriesIndex (2012 = 100)

8

The long term demand outlookremains attractive

Source: Rio Tinto analysis

100

120

140

160

180

200

2012 2015 2018 2021 2024 2027 2030

Aluminium - Primary Copper - Primary

Hard coking coal Iron ore

Thermal coal TiO2

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• Significant urbanisation to continue

• China’s cumulative steel

consumption per capita remains wellbehind developed world

• This is despite substantial growthover the last decade

• We estimate four per cent growth insteel demand this decade – but off ahuge base

• Crude steel production in China

expected to peak towards 2030

Continued urbanisation will drive Chinese steeldemand growth

9

Source: Rio Tinto analysisNote: Steel stock refers to the level of cumulative steel consumedwithin an economy over a 20-year period

Total steel demand over respective 20-year period(tonnes per capita)

0 5 10 15 20

China 2010-30

China 1990-2010

South Korea 1990-2010

Japan 1980-2000

Germany 1970-90

US 1960-80

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• ~100 million tonnes of mostlyChinese iron ore production is

unprofitable today• Evidence that a large proportion of

this already curtailed

• Cost escalation and rising capital

intensity will increase pressure onmarginal project returns

• Scarcity of highly skilled labour,access to financing

• Rising threat of resource nationalism• Recent high profile project deferrals

The industry supply responseis increasingly challenged

10

Local Chinese iron ore supply is working harder

Global iron ore fines cost curve 2012 (CIF China)

Source: Macquarie

0%

20%

40%

60%

80%

02 04 06 08 10

Implied Domestic Fe % Domestic iron ore % market share

Source: World Steel Association /GTIS/Rio Tinto analysis

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Within this context, our fundamentalstrategy 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 minesand assets

• Maintain a strong balance sheet and single A credit rating

• Allocate capital to the highest return opportunities

• Investments driven by the attractiveness of commodity sectors,and the quality of each opportunity

11

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Our strategy is focussed on finding,developing and operating tier one assets

12

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Tier 1

Lower costHigher cost

Higherexpandability

Lowerexpandability

Grow and protectFocus of new investment

Improve,divest

or close

Identifyexpansion

options

Implement operatingenhancements

Optionality/

expandability/life extension

Total cost position• Operating costs and sustaining capital

• Capital intensity of growth

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We are taking constant steps to improve thequality of the portfolio

13

Iron ore

Diamonds & Minerals

Copper

AluminiumBubble size represents medium,high and very high value (RioTinto share)

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Tier 1

Cashcows

Cost position

Leveragedplays

Lower costHigher cost

Higherexpandability

Lowerexpandability

Optionality

Marginalassets

Energy

Under review / recent divestment

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A clear and consistent strategy

• The long term demand outlook remains attractive

• Post GFC effects continue to drive short term market uncertainty and volatility

• Increasingly delayed industry supply side response

• Rio Tinto’s fundamental strategy remains unchanged

• Allocating capital to those projects offering the highest returns

• Targeting investment in the most attractive sectors

• Constantly improving the portfolio in line with our strategy

14

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Guy Elliott

15

Chief financial officer

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• Prudent balance sheet and single Acredit rating in a volatile environment

• Progressive dividend providessustainable long term returns toshareholders

• Disciplined and rigorous approach to

capital allocation• Investment programme focused on

highest quality opportunities

• Return surplus cash to shareholders

Balancing value adding investment with returnsto shareholders and a prudent balance sheet

16

Cash returns to

shareholders

Progressivedividend

increased

by 34% at FY2011

$7 billionbuy-backcompleted

Prudentbalance

sheetmanagement

Single A credit

rating

Averageborrowingmaturity

of 9 years

Disciplinedinvestment

in highest valueopportunities

$10 billion of

non-sustaininginvestments

in 2012

Cash from operations

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©2012, Rio Tinto, All Rights Reserved 17

Integrated strategy and planning process setsthe key elements of our capital framework

Single Acredit rating

Progressivedividend

Existing capitalcommitments, planned

divestments

Single Acredit rating

Progressive dividendsand other cash returns

Prioritisedcapital budget

Capital

boundaries

Integratedstrategyandplanningprocess

Capitalplan

• Set strategic framework• Assess performance metrics• Identify operating improvements

• Develop investment opportunities• Growth• Cash returns to shareholders

• Assess and prioritise opportunities

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Risk Management Committee; Board

Macro-economic

18

Distinctive strategic investment themes and standard

evaluation criteria drive our investment approach

NPVValue enhancement

Price assumptions

Asset• Large, long life, low cost• Export markets

Board / Exco

Set evaluation criteria

Economics and Business Evaluation teams

Set ranking criteria

Board / Exco

Jurisdiction

Discount rate assumptions

Project evaluation guidelines

IRR/ROI, EBITDA marginWhere are the highest returns?

Level of payback in first five yearsWhen do we realise the return?

What risks are involved?

• Competitive advantage• Market structure

Sector “sieves”• Market size, demand• Performance

Developinvestment

themes

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Our capital allocation process ensures we aremaking good decisions

Developinvestmentthemes

Setevaluationcriteria

Set rankingcriteria

Opportunitydevelopment

Project

reviewandranking

Investment Committee

BoardFinal decision

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• Capex programme managed withinlimits of target single A credit rating

• Rio Tinto’s proportionate share of 2012 capex is $13.7 billion

• Three significant projects in threecommodities to come on line within

the next 18 months− Yarwun 2 currently ramping up− Oyu Tolgoi phase 1− Pilbara 283 expansion

• Level of sustaining capex under

review with material reductions likely

• Flexibility around further major project approvals

Approved1 capital expenditureUS$ billions

20

Capital expenditure is being prioritisedon the highest quality projects

1 Approved capital expenditure includes probable capital likely to beapproved for Pilbara sustaining mines, Pilbara 283 and Pilbara 353

expansion

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2008 2009 2010 2011 2012F 2013F 2014F

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Shaping the portfolio in line with our strategy

• Capturing value from assets that no longer fit our strategy− >20 divestments worth a total of $12bn completed since 2008− Various strategic review and divestment processes underway

21

Significant acquisitions and divestments since 2011

Acquisitions

Control of Turquoise Hill Resources Oyu Tolgoi: tier one copper resource with average production of 425ktpa copper and460kozpa gold

Doubling stake inRichards Bay Minerals

High quality, low cost resource with production capacity of c. 1Mtpa TiO2

feedstock and>20 year mine life

Acquisition of Riversdale Highly prospective, tier one coking coal resource with first production mid-2012 andobjective of 25Mtpa high quality coking coal by 2020

Acquisition of Hathor Exploration Proven high grade uranium deposit in highly prospective, low risk geography

Divestments in 2012 and assets announced as under review

Alcan Cable, Specialty Aluminas, ZAC Non-core aluminium and coal assets; not “large” or “long life”

Diamonds business Insufficient market size in context of broader Rio Tinto portfolio

Pacific Aluminium Non core

Palabora Mining Non core

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• Aim to maintain a single A creditrating

• Long term and smooth debt maturityprofile

• Weighted average maturity of over nine years

• $5.5 billion of bonds issued in2012 with a weighted averagematurity of around 12 years andcoupon of 3.6%

• $1.7 billion of bonds falling dueover next 18 months

• Approximately two thirds of grossdebt at fixed interest rates

Proforma gross debt maturity profile at 30 June20121

(US$bn)

22

Prudent balance sheet management

1 30 June 2012 maturity profile adjusted for $3 billion bond issue August 2012 and $0.5 billion bond maturity September 2012

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Strong operational performance;further significant cost reductions planned

23

Rio Tinto

Peer grouprange

Source: IPA

90

100

110

120

130

140

150

160

170

180

190

Australian CPI

Typical Mine + MineralProcessing Facility -

Australia (IPA)

Australian capital cost inflation(2000 = 100)

EBITDA margin by product2012 first six calendar months

-10%

0%

10%

20%

30%

40%

50%

60%

70%

80%

Copper Aluminium Iron Ore Coal

Aluminium based on Rio Tinto Alcan operations only, including tradingactivities. Peer group comprises BHP Billiton, Vale, Anglo American, Xstrata,Freeport, Alcoa

7/31/2019 Riot Into 20121009



A disciplined approach to capital allocation

• Prudent balance sheet and single A credit rating in a volatile environment

• Clearly defined approach to capital allocation

• Investment programme focused on the highest quality opportunities

• Progressive dividend provides sustainable long term returns toshareholders

• Return surplus cash to shareholders

• Shaping the portfolio in line with our strategy

• Strong operational performance with further significant cost reductionsplanned

24

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Preston Chiaro

25

Group Executive, Technology and Innovation

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Technology and Innovation makes

Rio Tinto operations best in sector

Major capital

project delivery Helping to deliver on time and on budget projects

InnovationDelivering value through the design andimplementation of step change innovations

OperationalImprovement

Optimising our operating assets

TechnicalAssurance

Understanding and managing technicalrisk in major capital allocation decisions

T&I partners with, supports, and challenges Rio Tinto Product Groups and functionsto deliver industry leading performance in strategically critical areas, including:

7/31/2019 Riot Into 20121009



Optimising our operating assets to achieve

industry leading performance

• World leading centralised model of technical expertise

• Distinctive capabilities and unique processes in critical disciplines

• Strategic Production Planning group identifies optimal resource development

• Identify and implement productivity improvements

• Sharing leading practice in operational performance• Developing capabilities in core technical skills

27

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0

200

400

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800

1000

1200

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1600

2008 2009 2010 2011 YTD 2012

• Improve the performance of physicalassets

• Global metrics for standardisedreporting and performance revealsbest practice

• Centralised model efficiently sharesleading practice

• Training programmes to buildcapability

• Development and ownership of

standard technical systems: mobileasset health, reliability improvementtools

Pre-tax cash flow savings from better AssetManagement (US$m)

28

Standardised global asset management

processes drive down costs

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• Increased haul truck availability hasresulted in 18 trucks not beingrequired

• T&I has supported improvementthrough standardised metrics

• Advanced modelling identifiesbenefits for critical assets

• Consistent methodology appliedacross the group

Haul truck availability(%)

29

Unique processes and systems deliver value

550

600

650

700

750

800

850

900

950

1000

82%

83%

84%

85%

86%

87%

88%

2006 2007 2008 2009 2010 2011 2012

HTA (LHS) No. Trucks (RHS)

Decline in number of trucks in 2010 dueto sale of Rio Tinto Energy America assets

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• Mean Time Between Failures (MTBF)is an indicator of reliability...how oftendoes an asset breakdown

• Across the group Mean Time BetweenFailures has increased by 50%

• Rio Tinto average payload as apercentage of maximum payload

increased from 99.3% in 2008 to 100%in 2011, from levels below 97% prior toimplementing global measurement

• Increased payload has resulted in atleast 6 trucks not being required

Improved performance of critical

assets reduces operating costs

30

Mean time between failuresHaul Truck MTBF (Utilised Hours)

Average Payload Average Payload (% of Target)

35

40

45

50

55

6065

70

2006 2007 2008 2009 2010 2011 2012

97%

98%

99%

100%

101%

2008 2009 2010 2011 2012

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Centralised major projects capabilities

shares best practice

Achieve repeatable success on major projects:

Central capability supports Product Groups• Consistent methodologies lowers project costs

• Regional and commodity based delivery hubs deliversexpertise where it is needed

• Talent pipeline centrally managed

Challenges

• Rising capital intensity across the globe

• Difficult to attract and retain skilled people

• Loss of experience when demobilising a group

• once a project finishes

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We drive step change innovation32

Our Mine of the Future™ is shaped by four significant value levers

Find Develop Mine Recover

• Find future tier oneore bodies

• VK1 in initial flight trials• Complex testing

programme under way

• Develop future blockcave mines safer,faster, better

• Tunnel boring systemtrials to commence atNorthparkes duringH2 2012

• Optimise resourceproductivity

• Expansion of driverlesstruck fleet to 150

• Operations Centre• Smart drilling and

blasting

• Autonomous trains(AutoHaul™)

• Recover more frommineral deposits

• NuWave™ copper sorting pilot plant beingcommissioned at KUC

Innovation networks created through long term strategic alliancesProtection of Intellectual Property is key to sustaining competitive advantage

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• Structured control and governance

• Data management and security

• Rigorous investment proposals

• Freedom-to-operate

• Patent families and walls

• Trade secrets, copyright andtrademarks, individual contracts

Systematic approach to innovation34

Innovation without intellectual propertyprotection is philanthropy

IdeaProof ofConcept

Pilot Demo Deploy Support

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An integral part of our riskmanagement and capital allocation

Activities and groups involved include:

• Technical guidance and duediligence of investment opportunities

• Support of resource and reserve

governance

• Governance and oversight on areasof strategic risk

• Global leaders on energy and water

management issues

T&I is central to managing technical risk35

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Summary

Major capital

project deliveryHelping to deliver on time and on budget projects

InnovationDelivering value through the design andimplementation of step change innovations

OperationalImprovement

Optimising our operating assets

TechnicalAssurance

Understanding and managing technicalrisk in major capital allocation decisions

T&I partners with, supports, and challenges Rio Tinto Product Groups and functionsto deliver industry leading performance in strategically critical areas, including:

7/31/2019 Riot Into 20121009



Investor seminar London / New York

9 October 2012

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Andrew HardingChief executive, Copper

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Electrification of large emerging marketswill support demandPer capita electricity consumption (GWh/capita) 1970-2010

39

Long-term demand drivers remain positive

While sectors such as automotive have significantgrowth potentialPassenger vehicle ownership/1000 people*

*2009 except China which is 2011

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

18.000

0 10.000 20.000 30.000 40.000 50.000

USA China Japan South Korea Germany India

0

100

200

300

400

500

600

0 10.000 20.000 30.000 40.000 50.000

GDP/Capita 2005 US$GDP/Capita 2005 US$

China

USA

Germany

High income

mature markets

Emergingmarkets

Middle-incomeindustrialising

High incomedensely

populated

Mexico

Hong Kong

India

©2012 Ri Ti t All Ri ht R d

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Declining grades and mine closures

impact supply

40

1.8Mt production loss between 2012-2016due to closures

The industry requires 1.6Mt Cu as a result of gradedeclines from 2012-2016

Continued project development is necessary to meetmedium term demandCopper mine supply-demand outlook (Mt)

0

5

10

15

20

25

30

35

40

2008 2013 2018 2023

Base production Highly probable projectsProbable projects Possible projectsPrimary demand

Source: Wood Mackenzie Q3 2012

-1.6 Mt

-0.05%

-2.7 Mt

-0.11%

-1.5 Mt

-0.09%-0.5 Mt

-0.01%

1997-2001 2002-2006 2007-2011 2012-2016

506

473

319

144

3222012

2013

2014

2015

2016

Production loss due to closures kt Cu

©2012 Rio Tinto All Rights Reserved 41

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• Over 13% CAGR in copper to 2015

• Production impacted byunfavourable grades and smelter shutdown in 2012

• Production volume and gradeimprovement in 2013

• Investment focused on key assets

and retaining developmentoptionality on high quality assets

• Focus on business improvement todrive productivity and unit costperformance

−Delivery of 15% reduction inoverhead costs

− EBITDA margins remain strong

Production profile – Rio Tinto share2012–2015 production forecast

41

Higher grades improve unit cost and business

performance compared to 2012

0

100

200

300

400

500

600

700

800

20152014201320122011

GoldCopper

Kt Cu/ Koz Au

+13%CAGR

Production data excludes Palabora

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©2012 Rio Tinto All Rights Reserved 43

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• Project over 97% complete

• Sales contracts for 75% of concentratein place

• Physical construction of all power transmission infrastructure complete

− Commercial negotiations continue

• Transitioning to 90% Mongolian

operations workforce

Countdown to first production at Oyu Tolgoi43

EventTimelinefrom Power

First ore through SAG mill 6 weeks

First concentrate production 3 months

Commercial production(30 days at 70%)

6-8 months


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, , g

• DIDOP feasibility study H1 2013

• Optimising production schedulethrough use of Strategic ProductionPlanning

• First production planned for 2016and completed by 2018

• Operating rates up to 85,000t/pd

• Underground ore grade to increaseby 4x compared with open pit

The next phase will take Oyu Tolgoi

underground


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• Unit costs reduced by gold, silver andmolybdenum by-products

• US$660m approved for additional HME and

facilities to extend mine life to 2029− 515mt of ore at 0.79% CuEq

− Unit cost per tonne of material moved inline with 2011

− Production 180kt of copper, 185koz of

gold and 13.8kt molybdenum from 2019

• Moly Autoclave commissioning H1 2013

• Kennecott operations consistently a leadingindustry benchmark

• Well positioned to test new technologiesand innovations – TBS trial and Copper NuWaveTM ore sorting technology

Kennecott 100% owned, large,

long life, low cost


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Conceptual underground sequencing

Deep Moly1Highland BoySouth West Caves

East Cave Fortuna SkarnNorth RimSkarn

Alternatives for Kennecott underground

development are being considered

Cornerstone

North Rim Skarn

Block caves and other pushbacksSouth pushback – extend mine life

Underground skills and experiencePlatform for further development

Extend life of operationsSafely access higher grade deposits

Strategicenabler

Kennecott resourcedevelopment

• US$165m approved for North Rim Skarn pre-feasibility studies to 2014• Continued focus on evaluating underground options

LOM 2018 2029 2050+

1) Source: Rio Tinto Moly Exploration Target Fact Sheet


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• +40 year mine life with phased approachto development

• Starter mine in pre-feasibility with first

production in 2017− Significant capital investment delayed

until after first production− Application of leaching technology to

maximise recovery

−Open pit with low technical risk

− 80kt heap leach trial underway atKennecott

− Social project commenced

• Orebody knowledge continuing to

positively evolve− Part of broader porphyry district− Significant upside potential

Unlocking value through phased

development at La Granja


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• Drilling continues to confirm a worldclass orebody

− 1.47% copper with significantmolybdenum

• Land exchange bill approvedin US House of Representatives

• Progressed shaft 9 and 10development and ongoing of resource and geotechnicalconditions

• Pre-feasibility studies being

extended to allow a completeanalysis of mining andprocessing options

Resolution a major future

underground operation


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Investment for organic growth in our operations

Escondida Grasberg

• Improved recovery through advancingleaching technology, productivityimprovements and debottlenecking

− Organic Growth 1 Project

− Oxide Leach Area Project

− Escondida Ore access

• Investment in the transition to a major underground operation with plannedtonnage at 240ktpd mill throughput

− Grasberg Block Cave

− Deep Mill Level Zone (DMLZ)

• 40% of production in 2022


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Technology and capability key to delivering

our strategyCopper NuWave™ (ore sorting technology)

Rio Tinto Block Cave Knowledge Centre Automated Underground loaders

Tunnel Boring Machine

• Plant constructed andpilot underway

• Increased concentrator throughput

• Ability to recover copper from wastestreams

• Commissioning at NPM• Potential to reduce

Undergroundconstruction by ~40%

• 50% more effective thandrill and blast methods

• NPM centre opened August 2012

• Partnership withUniversity of NSW

• State of the artlearning technology

• Leading edgetechnology deployed atNorthparkes

• 40% of extraction level

currently automated• Productivityimprovements andsignificant safetybenefits

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52

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Tom AlbaneseChief executive


O f d t l t t i i t t d

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53

Our fundamental 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

• Maintain a strong balance sheet and single A credit rating

• Investments driven by the attractiveness of commodity sectors, and thequality of each opportunity

©2012, Rio Tinto, All rights reserved


E ti t t54

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Executing our strategy

• Long term industry fundamentals remain attractive

• Rio Tinto’s strategy remains unchanged – large, long life, low cost assets

• Disciplined and rigorous capital allocation and prioritisation

• Strong operational performance with further significant cost reductions planned

• Technology and innovation delivers substantial value

• Focused on maximising total shareholder return

7/31/2019 Riot Into 20121009


Documents

Riot Into 20121009