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
428 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
528 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
628 November 2011 © 2011, Rio Tinto, All Rights Reserved
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Volatile markets expected to persist
728 November 2011 © 2011, Rio Tinto, All Rights Reserved
• 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
Investor Seminar
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
828 November 2011 © 2011, Rio Tinto, All Rights Reserved
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Guy ElliottChief financial officer
Richards Bay Minerals rehabilitation, South Africa
Investor Seminar
Balance sheet remains strong
1028 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
1128 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
$1.6bn(6) 20mcpa capacity
(1) Represents timing of project completion and initial production (2) 100% unless otherwise stated (3) Excludes Nammuldi(4) Sustaining production at Pilbara total capacity (5) RT share of capex (6) Budgets and schedule are under review
2011 2012 2013 2014
Investor Seminar
0
5
10
15
20
2008 2009 2010 2011 2012 2013
Capital expenditure is ramping up
• Ramp up of major project capexexpected to continue
• Increase in capital intensity in 2011 partly due to A$ 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
1228 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
1328 November 2011 © 2011, Rio Tinto, All Rights Reserved
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.
Investor Seminar
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%)
1428 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
1528 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
1628 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
1728 November 2011 © 2011, Rio Tinto, All Rights Reserved
Prudentbalance
sheetmanagement
SingleA creditrating
Capital returns
> $5bn of $7bn share buyback
completed
Investmentin valueaddinggrowth
>$27 billionof value adding
projects underway
Cash from operations
Jacynthe CôtéCEO, Rio Tinto Alcan
Kitimat, British Columbia
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Strong demand growth from consumptionin OECD and emerging economies
1928 November 2011 © 2011, Rio Tinto, All Rights Reserved
Consumption of aluminium continues to rise afteran economy’s development phase
Source: Rio Tinto estimates for commodity expenditure profiles. Note: Expenditure profiles are based on Rio Tinto estimates of global income and consumption relationships and average real terms prices between 1990 – 2006. Iron ore and hard coking coal expenditure calculated based on crude steel demand projections, assuming all met by blast furnace production at historic average export prices.
0
5
10
15
20
25
30
35
40
45
50
0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
GDP per capita (in 2011 US$)
Aluminium
Copper
Iron oreHard cokingcoal
2011 2025
World average income per capitaExpenditure per capitaUS$ (2011 terms)
Investor Seminar
Global supply expected to continuetracking demand
2028 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
2128 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
Jan-08 Jul-08 Jan-09 Jul-09 Jan-10 Jul-10 Jan-11 Jul-11
LME Pitch
$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 Calcined Coke
Facing short-term macroeconomic challengessuch as key raw material prices
2228 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
2328 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
2428 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
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Portfolio management
Second wave of transformation to drivemost assets into first and second quartile
2528 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
2628 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
2728 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
2828 November 2011 © 2011, Rio Tinto, All Rights Reserved
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)
2928 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
Investor Seminar
63%
30%
7%
Self-generated Long-term contracts Short-term contracts
Unrivalled low-cost energy position
3028 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
3128 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
3228 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
3328 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
© 2011, Rio Tinto, All Rights Reserved
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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
© 2011, Rio Tinto, All Rights Reserved
Investor Seminar
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
© 2011, Rio Tinto, All Rights Reserved
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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
© 2011, Rio Tinto, All Rights Reserved
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)
© 2011, Rio Tinto, All Rights Reserved
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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
© 2011, Rio Tinto, All Rights Reserved
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%
© 2011, Rio Tinto, All Rights Reserved
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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
© 2011, Rio Tinto, All Rights Reserved
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
© 2011, Rio Tinto, All Rights Reserved
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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
© 2011, Rio Tinto, All Rights Reserved
18 26
50
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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
© 2011, Rio Tinto, All Rights Reserved
Investor Seminar
Simandou projectexecution
4828 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
Ile Coastal Plain Mamou Range Eastern Plateau Region MineKabak
GuineaSierra Leone
Liberia
Faranah
Beyla
Mamou
Conakry
Forécariah
Ile Coastal Plain Mamou Range Eastern Plateau Region MineKabak
Guinea
Dredging
Sierra Leone
Liberia
Faranah
Beyla
Mamou
Conakry
Forécariah
Ile Coastal Plain Mamou Range Eastern Plateau Region MineKabak
GuineaFor
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Faranah
Mamou
Conakry
Forécariah
Beyla
Footprint at delivery ofintegrated project– Q2 2015
4928 November 2011 © 2011, Rio Tinto, All Rights Reserved
Ile Coastal Plain Mamou Range Eastern Plateau Region MineKabak
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
© 2011, Rio Tinto, All Rights Reserved
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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
5128 November 2011 © 2011, Rio Tinto, All Rights Reserved
Tom AlbaneseChief executive
Oyu Tolgoi construction site, Mongolia
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Our belief in the long term demandstory is unchanged
5328 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
5428 November 2011 © 2011, Rio Tinto, All Rights Reserved
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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
5528 November 2011 © 2011, Rio Tinto, All Rights Reserved
Appendices
Benga, Mozambique
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High quality tier one projects in advanced study
5728 November 2011 © 2011, Rio Tinto, All Rights Reserved
(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
5828 November 2011 © 2011, Rio Tinto, All Rights Reserved
• 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
5928 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
6028 November 2011 © 2011, Rio Tinto, All Rights Reserved
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
6128 November 2011 © 2011, Rio Tinto, All Rights Reserved
Location Reykjavik, Iceland
Rio Tinto Alcan ownership
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
6228 November 2011 © 2011, Rio Tinto, All Rights Reserved
Location British Columbia, Canada
Rio Tinto Alcan ownership
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
6328 November 2011 © 2011, Rio Tinto, All Rights Reserved
Location Gladstone, Queensland, Australia
Rio Tinto Alcan ownership
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
6428 November 2011 © 2011, Rio Tinto, All Rights Reserved
Location Weipa
Rio Tinto Alcan ownership
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.
© 2011, Rio Tinto, All Rights Reserved
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
© 2011, Rio Tinto, All Rights Reserved
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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
© 2011, Rio Tinto, All Rights Reserved
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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