RIO TINTO LTD
For the period ended Dec 31, 2024. Filed Feb 20, 2025.
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The yearly report of a company based outside the US. It covers much of what a 10-K does, and may follow accounting rules other than US ones.
FY2024 · Filed Feb 20, 2025
Contents
Other notes
36 Other provisions
Other provisions are recognised when it is more likely than not that we will become obliged, legally or constructively, to future expenditure
because of a past event. The provision reflects the best estimate of the expenditure needed to settle the obligation which existed at the balance
sheet date. Where there is sufficient objective evidence of reasonably expected future events (such as changes in technology and new
legislation) we reflect this in the amounts recognised. Other provisions includes provision for legal claims, onerous contracts and claims for past
royalties. In the prior year, this also included the residual consideration payable to Turquoise Hill Resources Ltd shareholders that dissented to
the 2022 transaction, which has now been paid in 2024 (refer further detail below).
| 2024 US$m | 2023US$m | |
|---|---|---|
| Opening balance at 1 January | 1,371 | 1,298 |
| Adjustment on currency translation | (69) | 14 |
| Adjustments to mining properties/right-of-use assets: | ||
| – increases to existing and new provisions | 17 | – |
| – change in discount rate | (2) | – |
| Charged/(credited) to profit: | ||
| – increases to existing and new provisions | 184 | 214 |
| – change in discount rate | (7) | (18) |
| – unused amounts reversed | (104) | (31) |
| – exchange gain on provisions | – | (1) |
| – amortisation of discount | 14 | 22 |
| Utilised in year | (94) | (104) |
| Transfers and other movements(a) | (203) | (23) |
| Closing balance at 31 December | 1,107 | 1,371 |
| Balance sheet analysis: | ||
| Current | 792 | 637 |
| Non-current | 315 | 734 |
| Total | 1,107 | 1,371 |
(a)In 2024, transfers and other movements includes settlement of deferred consideration payable to Turquoise Hill Resources Ltd dissenting shareholders.
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