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“We have a clear pathway to building an even stronger Rio Tinto and continue to gain momentum in our strategy to set the business up for long-term success. We are making good progress on pursuing our four objectives as we build further momentum in our Pilbara iron ore business, mindful that we need to raise our game across many of our other operations.”
Jakob Stausholm
Chief Executive,
Rio Tinto
| Six months ended 30 June | 2023 | 2022 | Change |
| Net cash generated from operating activities (US$ millions) | 6,975 | 10,474 | -33% |
| Purchases of property, plant and equipment and intangible assets (US$ millions) | 3,001 | 3,146 | -5% |
| Free cash flow (US$ millions) | 3,769 | 7,146 | -47% |
| Consolidated sales revenue (US$ millions) | 26,667 | 29,775 | -10% |
| Underlying EBITDA1 (US$ millions) | 11,728 | 15,597 | -25% |
| Profit after tax attributable to owners of Rio Tinto (net earnings)2 (US$ millions) | 5,117 | 8,943 | -43% |
| Underlying earnings per share (EPS) (US cents) | 352.9 | 534.9 | -34% |
| Ordinary dividend per share (US cents) | 177 | 267 | -34% |
| Underlying return on capital employed (ROCE) | 20% | 34% | |
| At 30 June | At 31 Dec | ||
| 2023 | 2022 | ||
| Net debt (US$ millions) | 4,350 | 4,188 |
“Our disciplined investment in lifting the health of our assets and focus on culture, mindset and relationships is delivering results, with our Pilbara iron ore business consistently improving its performance with five consecutive quarters of year-on-year growth. We are taking real steps to shape our portfolio for the future, with first sustainable production from Oyu Tolgoi underground, just as we doubled our exposure through the acquisition of Turquoise Hill Resources. Last week we signed an agreement to form the Matalco aluminium joint venture to enter the exciting and fast-growing aluminum recycling industry in North America. And the Simandou iron ore project in Guinea is advancing at pace, with final approvals expected later this year.
“Our robust financials, despite softer market conditions, are driven by the quality of our assets and our great people, delivering underlying EBITDA of $11.7 billion, free cash flow of $3.8 billion and underlying earnings of $5.7 billion, after taxes and government royalties of $4.1 billion. Our balance sheet strength enables us to continue to invest with discipline while also paying an interim ordinary dividend of $2.9 billion, a 50% payout, in line with our practice.
“We will continue paying attractive dividends and investing in the long-term strength of our business as we sustain and grow our portfolio, while contributing to society’s drive to net zero”, he said.