RIO TINTO LTD

Rio Tinto is optimistic about the coming year. In 2024, we laid out the pathway to a decade of growth, gained clarity on the portfolio, and ensured we are in excellent financial health even as we execute more projects worldwide than ever before. Even with more global volatility, the underlying drivers of population growth, an expanding global middle class, the push for more localised manufacturing, artificial intelligence, and the energy transition continue to underpin demand for what we do.

The world needs the copper, aluminium, iron

ore, and minerals we provide; our business is

evolving in line with this demand, recently

with our lithium business and the proposed

acquisition of Arcadium. Our robust results

and capital discipline demonstrate our ability

to grow organically and inorganically, and to

diversify and decarbonise our business while

creating significant shareholder value. We

have a lot of momentum, and I am confident

we can deliver further value now and in the

long term by following our strategy and

continuing to focus on our 4 key objectives:

to become Best Operator, striving for

impeccable ESG credentials, to excel in

development and to deepen our

social licence.

That said, we are devastated that there were

5 fatalities in the year, a tragic reminder of

why a relentless focus on safety is so

important in our industry. We are committed

to learning from these fatalities to improve

our processes everywhere.

Our purpose in action

As a Board, we have spent a lot of time in

2024 focusing on Rio Tinto’s strategy to

ensure we have the right portfolio of

commodities, clear milestones for success,

and are building capacity to meet the

increasing demand. We have seen this in

action on many site visits. For example, in

March, Ben Wyatt, Dean Dalla Valle and I

visited the Simandou project in Guinea

and witnessed early construction of the 620-

kilometre railway. Less than a year on, we

have signed the co-development

agreements, crushed the first iron ore,

built a 275-metre-long bridge, inaugurated 7

new schools and with a workforce of

over 13,000 people, around 81% of whom

are Guinean.

As we build, we are working with

governments, communities and civil society

groups on biodiversity and socioeconomic

development. We are certainly not perfect,

but we are taking the necessary steps to

deepen our social licence. We cannot solve

our biggest challenges alone, and it is

important that our partnerships are mutually

beneficial for all our stakeholders. A positive

workplace culture is also key to operational

performance. So, while there is still a long

way to go, I am encouraged by the progress

we are making on our culture change

journey.

Well positioned in an uncertain

landscape

We are clearly in a time of significant

geopolitical volatility with conflict, trade

tensions and polarisation at domestic and

international levels. There will be further

volatility in 2025, but we are working on what

is within our control and Rio Tinto is well-

positioned to manage risk. I am confident we

have the right strategy to meet the many

opportunities and navigate the challenges.

Because, ultimately, what we do is

increasingly in demand and will remain so,

despite the hurdles we must deal with along

the way, such as slow permitting.

Decarbonisation is core to our strategy.

We have ambitious targets to reduce our

emissions by 50% by 2030 and reach net

zero by 2050, and getting there will be hard.

But we have developed a roadmap that

should enable us to achieve our targets while

reducing energy uncertaintyand improving

the underlying economics for our assets. Our

portfolio of decarbonisation initiatives is

focused on value, giving us confidence that

our investments here are not only better for

the environment, but better for our business

for the long term. Considering the complexity

of the challenges before us, innovation is

becoming an even more important part of our

approach across Rio. This is being driven by

our Chief Innovation Officer and our strong

research and development team, who are

testing future technologies and considering

how we can scale them competitively.

A team effort

In 2025, Rio Tinto will continue to focus on

building a culture where everyone feels safe,

respected and empowered, because that is

how an organisation delivers great

performance. We will also continue to forge

partnerships that enable us to grow and

deliver further attractive shareholder returns.

We cannot do this alone, and I want to thank

every one of our partners, customers,

suppliers, investors, governments,

communities and Indigenous Peoples who

supported us in 2024. Above all, I want to

thank our colleagues across the globe who

are helping us to find better ways to provide

the materials the world needs.

Chair

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