20-F 1 rio-20211231.htm 20-F rio-20211231
(a) Cash flows from consolidated operations
Profit after tax for the year22,575 10,400 6,972 
Adjustments for:
– Taxation8,258 4,991 4,147 
– Finance items26 1,751 648 
– Share of profit after tax of equity accounted units(1,042)(652)(301)
– Losses on disposal of interest in business36 — 291 
– Impairment charges of investments in equity accounted units after tax6 339 — 
– Impairment charges net of reversals6269 904 3,487 
– Depreciation and amortisation4,697 4,279 4,384 
– Provisions (including exchange differences on provisions)1,903 894 753 
– Pension settlement25(291)— — 
Utilisation of provisions(771)(582)(539)
Utilisation of provision for post-retirement benefits25(129)(192)(205)
Change in inventories(1,397)(281)28 
Change in receivables and other assets(g)
Change in trade and other payables685 558 (191)
Other items(h)
33,936 21,822 19,705 

(Mark One)
For the fiscal year ended: December 31, 2021
For the transition period from:                      to                      
Date of event requiring this shell company report                      
Commission file number: 001-10533
Commission file number: 001-34121
Rio Tinto plc
Rio Tinto Limited
ABN 96 004 458 404
(Exact Name of Registrant as Specified in Its Charter)(Exact Name of Registrant as Specified in Its Charter)
England and Wales
(Jurisdiction of Incorporation or Organization)
Victoria, Australia
(Jurisdiction of Incorporation or Organization)
6 St. James's Square
London, SW1Y 4AD, United Kingdom
(Address of Principal Executive Offices)
Level 7, 360 Collins Street
Melbourne, Victoria 3000, Australia
(Address of Principal Executive Offices)
Julie Parent, T: 514-848-8519, E: julie.parent@riotinto.com
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol
Name of Each Exchange
On Which Registered
Title of Each ClassTrading Symbol
Name of Each Exchange
On Which Registered
American Depositary Shares*
Ordinary Shares of 10p each**
7.125% Notes due 2028
5.200% Notes due 2040
4.750% Notes due 2042
4.125% Notes due 2042
2.750% Notes due 2051
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange

7.125% Notes due 2028
5.200% Notes due 2040
4.750% Notes due 2042
4.125% Notes due 2042
2.750% Notes due 2051

New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
New York Stock Exchange
*Evidenced by American Depositary Receipts. Each American Depositary Share Represents one Rio Tinto plc Ordinary Shares of 10p each.
**Not for trading, but only in connection with the listing of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission
Securities registered or to be registered pursuant to Section 12(g) of the Act:
Title of ClassTitle of Class Shares
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period
covered by the annual report:
Title of each classRio Tinto plc - NumberRio Tinto Limited - NumberTitle of each class
Ordinary Shares of 10p each1,255,794,877371,216,214Shares
DLC Dividend Share of 10p11DLC Dividend Share
Special Voting Share of 10p11Special Voting Share
Indicate by check mark if the registrants are well-known seasoned issuers, as defined in rule 405 of the Securities Act.
    Yes      No  ☐
If this report is an annual or transition report, indicate by check mark if the registrants are not required to file reports pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934.
    Yes      No  ☒
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrants: (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such
reports), and (2) have been subject to such filing requirements for the past 90 days:
    Yes      No  ☐
Indicate by check mark whether the registrants have submitted electronically every
Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during
the preceding 12 months (or for such shorter period that the registrants were required to submit and post such files).
    Yes      No  ☐
Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, or an emerging growth company. See definition
of “accelerated filer”, “large accelerated filer” and “emerging growth company” and in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer  ☒
Accelerated Filer  ☐Non-Accelerated Filer          ☐
Emerging growth company  
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark
if the registrants have elected not to use the extended transition period for complying with any new or revised
financial accounting standards* provided pursuant to Section 13(a) of the Exchange Act.
*The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrants have filed a report on and attestation to its management’s assessment of the
effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
Indicate by check mark which basis of accounting the registrants have used to prepare the financial statements included in this filing:
US GAAP            International Financial Reporting Standards as issued by the International Accounting Standards Board  
Other  ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the
registrants have elected to follow:
Item 17      Item 18  ☐
If this is an annual report, indicate by check mark whether the registrants are a shell company (as defined in Rule 12b-2 of the Exchange
    Yes      No  
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or
15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
Yes No
Auditor NameAuditor LocationAuditor Firm ID
KPMG LLPLondon, United Kingdom1118
KPMGPerth, Australia1020
PricewaterhouseCoopers LLP London, United Kingdom876
Brisbane, Australia

Annual Report on Form 20-F 2021

Item Form 20-F Caption Location in this document Page 1 Identity of directors, senior management and advisers Not applicable – 2 Offer statistics and expected timetable Not applicable – 3 Key information 3.B – Capitalisation and indebtedness Not applicable – 3.C – Reason for the offer and use of proceeds Not applicable – 3.D – Risk factors Risk factors 117-125 4 Information on the company 4.A – History and development of the company Contents 1 2021 at a glance 4-5 Chairman’s statements 6-8 Chief Executive’s statement 10-13 Strategic context 14 Our stakeholders 20-22 Key performance indicators 24-28 Chief Financial Officer’s statement 29-30 Financial Review 32-39 Portfolio Management 40-41 Business reviews – Iron ore – Aluminium – Copper – Minerals – Commercial – Innovation 42-46 48-52 54-59 60-64 66-68 70-71 Sustainability 72-111 Governance – Additional statutory disclosure – Operating and financial review 199-200 Financial statements – Note 2 – Operating segments – Note 36 – Purchases and sales of subsidiaries, joint ventures, associates and other interests in businesses 238-240 281 Rio Tinto financial information by business unit 318-320 Shareholder Information – Organisational structure – Nomenclature and financial data – History – Dual listed companies structure 410 410 410 410-412 Additional information – US disclosure – Document on display – Registered offices 421 431 Form 20-F cross-reference guide iAnnual Report on Form 20-F | riotinto.com

Item Form 20-F Caption Location in this document Page 4.B – Business overview 2021 highlights 3 2021 at a glance 4-5 Chairman's statement 6-8 Chief Executive's statement 10-13 Strategic context 14 Our strategy 15-17 Our stakeholders 20-22 Our business model 23 Key performance indicators 24-28 Chief Financial Officer’s statement 29-30 Financial review 32-39 Business reviews – Iron ore – Aluminium – Copper – Minerals – Innovation 42-46 48-52 54-59 60-64 70-71 Sustainability 72-111 Risk factors – 12. Breach of our policies, standards and procedures, obligations or regulations 123 Governance – Additional statutory disclosure – Government regulations – Environmental regulations 202 202 Financial statements Note 3 – Operating segments – additional information 241-242 Metals and minerals production 351-352 Mineral Resources and Mineral Reserves 353-377 Mines and production facilities 380-405 Additional information – US disclosure – Disclosure pursuant to Section 13(r) of the Securities Exchange Act of 1934 418 4.C Organisational structure Financial statements – Note 32 – Principal subsidiaries – Note 33 – Principal joint operations – Note 34 – Principal joint ventures – Note 35 – Principal associates 276-278 278 279 280-281 Shareholder Information – Organisational structure – Dual listed companies structure 410 410-412 ii Annual Report on Form 20-F | riotinto.com

Item Form 20-F Caption Location in this document Page 4.D – Property, plant and equipment Key performance indicators 24-28 Portfolio management 40-41 Business Reviews – Iron ore – Aluminium – Copper – Minerals 42-46 48-52 54-59 60-64 Sustainability 72-111 Governance – Additional statutory disclosure – Environmental regulations – Greenhouse gas emissions 202 203 Financial statements Note 14 – Property, plant and equipment 251-252 Metals and minerals production 351-352 Mineral Resources and Mineral Reserves 353-377 Competent persons 378-379 Mines and production Facilities 380-405 Additional information – US disclosure – Summary disclosure of operations pursuant to Item 1303 of Regulation S-K under Securities Act of 1933 422 Additional information – US disclosure – Internal controls disclosure pursuant to Item 1305 of Regulation S-K under Securities Act of 1933 422 Additional information – US disclosure – Individual property disclosure pursuant to Item 1304 of Regulation S-K under Securities Act of 1933 422-429 See Exhibit 96.1 Technical Report Summary Pilbara Operations – 4A Unresolved staff comments None – 5 Operating and financial review and prospects 5.A – Operating results 2021 highlights 3 Chairman’s statement 6-8 Financial review 32-39 Business reviews – Iron ore – Aluminium – Copper – Minerals 42-46 48-52 54-59 60-64 Sustainability 72-111 Governance – Additional statutory disclosure – Operating and financial review – Government regulations – Environmental regulations 199-200 202 202 Financial statements Note 29 – Financial instruments and risk management 262-272 Rio Tinto financial information by business unit 318-320 Alternative Performance Measures 343-347 iiiAnnual Report on Form 20-F | riotinto.com

Item Form 20-F Caption Location in this document Page 5.B – Liquidity and capital resources Portfolio management 40-41 Business reviews – Iron Ore – Our principal projects and growth options – Aluminium – Our principal projects and growth options – Copper – Our principal projects and growth options – Oyu Tolgoi underground project – Other principal projects and growth options – Minerals – Our principal projects and growth options 46 51-52 58 58-59 64 Financial statements – Note 1 – Principal accounting policies- Going concern – Note 20 – Cash and cash equivalents – Note 21 – Borrowings and other financial liabilities – Note 22 – Leases – Note 25 – Provisions (including post-retirement benefits) – Note 29 – Financial instruments and risk management – Note 30 – Contingencies and commitments – Note 42 – Post-retirement benefits 219 255 256 256-257 258-259 262-272 272-274 286-291 5.C – Research and development, patents and licenses, etc. Our strategy 15-17 Business reviews – Innovation 70-71 Governance – Additional statutory disclosure – Exploration, research and development 203 Financial statements Note 4 – Net operating costs (excluding items shown separately) 242 5.D – Trend information 2021 at a glance 4-5 Chairman’s statement 6-8 Chief Executive’s statements 10-13 Strategic context 14 Our strategy 15-17 Our values 18 Our culture 19 Our stakeholders 20-22 Our business model 23 Key performance indicators 24-28 Chief Financial Officer’s statement 29-30 Financial review 32-39 Business reviews – Iron ore – Aluminium – Copper – Minerals – Commercial – Innovation 42-46 48-52 54-59 60-64 66-68 70-71 5.E – Critical Accounting Estimates Not Applicable – iv Annual Report on Form 20-F | riotinto.com

Item Form 20-F Caption Location in this document Page 6 Directors, senior management and employees 6.A – Directors and senior management Governance – Board of directors – Executive committee 134-135 136-137 Additional statutory disclosure – Directors and executives 200 6.B – Compensation Governance – Remuneration at a glance – Implementation report – Implementation report tables 165-170 171-190 191-198 Financial statements – Note 25 – Provisions (including post-retirement benefits) – Note 42 – Post-retirement benefits 258-259 286-291 6.C – Board practices Governance 133-210 Governance – Board of Directors – Executive Committee – Audit Committee report – Remuneration at a glance – Termination policy – Compliance with governance codes and standards 134-135 136-137 151-155 166 205-210 Shareholder information – Directors – Appointment and removal of directors 417 6.D – Employees Our stakeholders – Workforce 20 Business reviews – Iron ore – Our people – Aluminium – Our people – Copper – Our people – Minerals – Our people 46 52 59 64 Sustainability – Safety and health performance 2017-2021 98 Financial statements – Note 5 – Employment costs – Note 31 – Average number of employees 243 275 Rio Tinto financial information by business unit 318-320 6.E – Share ownership Governance – Implementation report – Executive Directors’ shareholding – Non-Executive Directors’ share ownership – Other share plans – Tables 2, 3, 3a 183 189 190 194-198 Financial statements – Note 41 – Share-based payments 283-285 vAnnual Report on Form 20-F | riotinto.com

Item Form 20-F Caption Location in this document Page 7 Major shareholders and related party transactions 7.A – Major shareholders Shareholder information – Substantial shareholders in Rio Tinto plc – Substantial shareholders in Rio Tinto Limited – Analysis of ordinary shareholders – Twenty largest registered shareholders 413 413 414 414 7.B – Related party transactions Financial review 32-39 Financial statements Note 39 – Related-party transactions 282-283 See Item 7.A 7.C – Interests of experts and counsel Note applicable – 8 Financial Information 8.A – Consolidated statements and other financial information Financial review – Our shareholder returns policy 38 Financial statements Note 30 – Contingencies and commitments 272-274 See Item 18 8.B – Significant changes Financial statements Note 45 – Events after the balance sheet date 311 9 The offer and listings 9.A – Offer and listing details Additional statutory information disclosure – Operating and financial review 199-200 Shareholder information – Organisational structure – Markets 410 412 9.B – Plan of distribution Not applicable – 9.C – Markets Shareholder information – Markets 412 See Exhibit 2.1 9.D – Selling shareholders Not applicable – 9.E – Dilution Not applicable – 9.F – Expenses of the issue Not applicable – 10 Additional information 10.A – Share capital Not applicable – 10.B – Memorandum and articles of association Financial review – Our shareholder returns policy 38 Governance – Compliance with governance codes and standards 205-210 Shareholder information – Dual listed companies structures – Material Contracts – Exchange controls and foreign investment – Directors 410-412 415-416 416 417 See Exhibit 2.1 vi Annual Report on Form 20-F | riotinto.com

Item Form 20-F Caption Location in this document Page 10.C – Material contracts Financial statements Note 29 – Financial instruments and risk management 262-272 Shareholder information – Material contracts 415-416 10.D – Exchange controls Shareholder information – Exchange controls and foreign investment 416 10.E – Taxation Additional information – US disclosure – Taxation 418-420 10.F – Dividends and paying agents Not applicable – 10.G – Statement by experts Not applicable – 10.H – Documents on display Additional information – US disclosure – Document on display 421 10.I – Subsidiary information Not applicable – 11 Quantitative and qualitative disclosure about market risk Risk factors 117-125 Financial statements Note 29 – Financial instruments and risk management 262-272 Cautionary statement about forward-looking statements 432 12 Description of securities other than equity securities 12.A – Debt securities Not applicable – 12.B – Warrants and rights Not applicable – 12.C – Other securities Not applicable – 12.D – American depositary shares Additional information – US disclosure – American depositary receipts 420-421 13 Defaults, dividend arrearages and delinquencies Not applicable – 14 Material modifications to the rights of security holders and use of proceeds Not applicable – 15 Controls and Procedures Governance – Additional statutory disclosure – Financial reporting 203-204 See Item 18 for the Report of the Independent Registered Public Accounting Firm 16 16.A – Audit committee financial expert Governance – Audit committee report – US listing requirement – Compliance with governance codes and standards 151 205-210 16.B – Code of ethics Sustainability – Ethics and compliance 107-108 16.C – Principal accountant fees and services Governance – Audit committee report – Fees for audit and non-audit services – External auditors 154 153-155 Financial statements – Note 38 – Auditors’ remuneration 282 16.D – Exemptions from the listing standards for audit committees Not applicable – 16.E – Purchase of equity securities by the issuer and affiliated purchasers Governance – Additional statutory disclosure – Purchases 201-202 Financial statements – Note 26 – Share Capital – Rio Tinto plc – Note 27 – Share Capital – Rio Tinto Limited 260 260 viiAnnual Report on Form 20-F | riotinto.com

Item Form 20-F Caption Location in this document Page 16.F – Change in registrant’s certifying accountant Not applicable – 16.G – Corporate Governance Governance – Compliance with governance codes and standards 205-210 16.H – Mine safety disclosure See Exhibit 16.1 16.I – Disclosure regarding foreign jurisdictions that prevent inspections Not applicable – 17 Financial statements Not applicable – 18 Financial statements Group income statement 212 Group statement of comprehensive income 213 Group cash flow statement 214 Group balance sheet 215 Group statement of changes in equity 216 Outline of dual listed companies structure and basis of financial statements 217 Financial statements – Notes 1 to 42 – Note 45 218-291 311 Report of independent registered public accounting firms 312-315 19 Exhibits See Exhibit List at the end of this document Other information contained within Rio Tinto’s Annual Report on Form 20-F 2021 (Form 20-F) is not included in this Form 20-F unless specifically identified above and is furnished to the SEC for information only. viii Annual Report on Form 20-F | riotinto.com

Strategic report 2021 highlights 3 2021 at a glance 4 Chairman’s statement 6 Chief Executive’s statement 10 Strategic context 14 Our values 18 Our stakeholders – our section 172(1) statement 20 Our business model 23 Key performance indicators 24 Chief Financial Officer’s statement 29 Financial review 32 Portfolio management 40 Business reviews Iron Ore 42 Aluminium 48 Copper 54 Minerals 60 Commercial 66 Innovation 70 Sustainability 72 Risk report Risk management 112 Risk factors 117 Five-year review 131 Directors’ report Governance Chairman’s introduction 133 Board of Directors 134 Executive Committee 136 Board insights 138 Our stakeholders – our section 172(1) statement 140 Matters discussed in 2021 143 Governance framework 145 Evaluating our performance 146 Nominations Committee report 148 Audit Committee report 151 Sustainability Committee report 156 Remuneration report Annual statement by the Remuneration Committee Chair 160 Response to 2021 AGM voting outcomes 163 Remuneration at a glance 165 Implementation report 171 Additional statutory disclosure 199 Compliance with governance codes and standards 205 Contents Financial statements Group income statement 212 Group statement of comprehensive income 213 Group cash flow statement 214 Group balance sheet 215 Group statement of changes in equity 216 Outline of dual listed companies structure and basis of financial statements 217 Notes to the 2021 financial statements 218 Report of independent registered public accounting firms 312 Rio Tinto financial information by business unit 318 Alternative Performance Measures 343 Production, Mineral Reserves, Mineral Resources and Operations Metals and Minerals Production 351 Mineral Resources and Mineral Reserves 353 Competent Persons 378 Mines and production facilities 380 Additional information Independent limited assurance report 407 Shareholder information 410 US disclosure 419 Contact details 431 Cautionary statement about forward-looking statements 432 Visit riotinto.com to find out more For this Annual Report on Form 20-F 2021 (Form 20-F), certain pages have been omitted. References to information on websites in the Form 20-F are included as an aid to their location and such information is not incorporated in, and does not form part of, this Form 20-F. We have included any website as an inactive textual reference only. 1Annual Report on Form 20-F 2021 | riotinto.com

Amrun operations, Chith Export Facility. Weipa operations, Australia. Annual Report on Form 20-F 2021 | riotinto.com2

People who undertook cultural awareness training1 22,400 (2020 comparative dataset is not available due to programme changes) Fatalities Zero (2020: zero) Consolidated sales revenues $63.5bn (2020: $44.6bn) Net cash generated from operating activities $25.3bn (2020: $15.9bn) Profit after tax attributable to owners of Rio Tinto (net earnings) $21.1bn (2020: $9.8bn) All-injury frequency rate 0.40 (2020: 0.37) Scope 1 and 2 greenhouse gas emissions (equity Mt CO2e) 31.1Mt (2020: 31.5Mt) Women in our workforce 21.6% (2020: 20.1%) Total dividend per share 1,040 cents (2020: 557 cents) Underlying EBITDA2 $37.7bn (2020: $23.9bn) 1. People who undertook cultural awareness training included employees and contractors. Course content and length varied depending on cultural and operational context. 2. A reconciliation of underlying EBITDA to its closest IFRS measure is presented on page 343. 3Annual Report on Form 20-F 2021 | riotinto.com Strategic report

2021 at a glance Our business comprises a portfolio of world-class assets that help meet society’s current and future needs and generate strong cash flows through the cycle. Product groups Iron Ore Iron ore is the primary raw material used to make steel. Steel is strong, long-lasting and cost-efficient, making it perfect for everything from wind turbines to skyscrapers and ships. In the Pilbara region of Western Australia, we produce five iron ore products, including the Pilbara Blend™, the world’s most traded brand of iron ore. Our Dampier Salt operations in Western Australia are the world’s largest exporter of seaborne salt, produced from evaporating seawater. This quality product suite is well positioned to benefit from continued demand across China, Japan and other markets. Aluminium Aluminium is one of the world’s fastest-growing major metals. Lightweight and recyclable, it is found in everything from solar panels to electric vehicles and smartphones. Our vertically integrated aluminium portfolio spans high-quality bauxite mines, alumina refineries and smelters which, in Canada, are powered entirely by clean, renewable energy. Our unique assets allow us to provide responsible aluminium with a low-carbon footprint, traceable from mine to metal. Our low-cost, hydro-based aluminium smelters will continue to grow their distinct structural advantages as we move towards a net zero world. Gross product sales $39.6bn (2020: $27.5bn) Gross product sales $12.7bn (2020: $9.3bn) Production (our share) 54.3Mt bauxite (2020: 56.1Mt) 3,151kt aluminium (2020: 3,180kt) CO2e emissions (our share) 21.9Mt (2020: 21.8Mt) Underlying EBITDA $27.6bn (2020: $18.8bn) Underlying EBITDA $4.4bn (2020: $2.2bn) All-injury frequency rate 0.33 (2020: 0.34)1 CO2e emissions (our share) 3.0Mt (2020: 3.0Mt) All-injury frequency rate 0.67 (2020: 0.53) Production (100% basis) 319.7Mt iron ore (2020: 333.4Mt) 1. Our Gove operations' closure unit was transferred from Aluminium to Closure, causing change in historical AIFR, previously noted as 0.36 in our 2020 Annual Report. Annual Report on Form 20-F 2021 | riotinto.com4

Copper Copper is essential to the transition to a low-carbon future as it plays a key role in electrification and power generation, including in renewable energy and electric vehicles. Our operations span the globe, from Mongolia to Chile to the US, and occupy various stages of the mining lifecycle. With global decarbonisation goals set to drive growing demand for copper and other key commodities, our pipeline of growth projects strongly positions us as a partner in sustainable growth. In addition to copper, our product group also includes the Simandou iron ore project in Guinea, the largest known undeveloped high-grade iron ore deposit in the world2. Minerals Our Minerals product group provides materials essential to a wide variety of industries, ranging from agriculture to renewable energy and electric vehicles. We produce high-grade, low-impurity iron ore pellets and concentrate, titanium dioxide, diamonds and borates from our operations in Canada, Madagascar, South Africa and the US. We contribute to Rio Tinto’s sustainable growth by unlocking value from our high-grade orebodies and developing new materials. By reprocessing mining waste to extract valuable by-products, we are expanding our frontiers and meeting the increasing demand for critical minerals, such as lithium and scandium. Production (our share) 1,014kt titanium dioxide slag (2020: 1,120kt) 9.7Mt iron ore pellets and concentrates (2020: 10.4Mt) Gross product sales $7.8bn (2020: $5.0bn) Gross product sales $6.5bn (2020: $5.2bn) Underlying EBITDA $4.0bn (2020: $2.1bn) Underlying EBITDA $2.6bn (2020: $1.7bn) CO2e emissions (our share) 2.2Mt (2020: 2.6Mt) CO2e emissions (our share) 3.4Mt (2020: 3.6Mt) All-injury frequency rate 0.21 (2020: 0.25) All-injury frequency rate 0.38 (2020: 0.43) Production (our share) 494kt mined copper (2020: 528kt) Iron Ore Company of Canada (IOC), operations. 2. Simandou is an iron ore project but is reported under Copper due to the management structure. 5Annual Report on Form 20-F 2021 | riotinto.com

During the first half of 2021, the Board appointed Jakob Stausholm as Chief Executive and Peter Cunningham as Chief Financial Officer, and nine members of the Executive Committee also took up new roles. After this unprecedented period of management change, consolidation and planning for the future were the major focus during the remainder of the year. Following extensive engagement with management and the Board, the new team led by Jakob established four objectives – to become the best operator; achieve impeccable environmental, social and governance (ESG) credentials; excel in development; and secure a strong licence to operate. In addition, we introduced three new values – care, courage and curiosity – and a new strategy, including significantly more ambitious targets to address climate change. With the new leadership team and a clearly articulated strategy in place, in 2022 we will focus on delivering the strategy, in collaboration with our partners and other stakeholders. Safety and wellbeing Rio Tinto achieved zero fatalities for a third consecutive year in 2021. This reflects the hard work and dedication of our employees and contractors worldwide. Sadly, however, people are still getting injured at work, so we must remain vigilant and focused. While some countries are gradually adapting to life with COVID-19, the pandemic continues to exact a heavy toll, particularly in developing countries, including Mongolia, South Africa and India, and at our non-managed operations in South America. I am very proud of the care shown by our employees and contractors, for each other and for their local communities, by prioritising safety controls, supporting vaccination programmes and setting up vaccination clinics near many of our operations. Recognising that our responsibility for ensuring the wellbeing of our employees and contractors extends beyond the traditional areas of health and safety, Rio Tinto launched the Everyday Respect initiative in 2021. The objective is to create a safer, more respectful and inclusive environment by preventing, and improving how we respond to, unacceptable behaviour in the workplace. I am grateful to Elizabeth Broderick, formerly the Australian sex discrimination commissioner, for advising the Everyday Respect task force that we set up to drive this initiative, and to the more than 10,000 employees and contractors worldwide who participated in listening sessions and surveys as part of the discovery phase. The findings of the Everyday Respect task force were published in February 2022 and made confronting reading. Having established and acknowledged the extent of the problem, we are urgently implementing the recommendations set out in the report. Financial performance, economic contribution and dividend Our operating and project development performance in 2021 was adversely impacted by COVID-19-related travel restrictions and labour shortages, and the transition to improved communities and heritage management processes in the Pilbara and elsewhere. Nevertheless, the Group achieved record financial results, with underlying earnings of $21.4 billion (2020: $12.4 billion) and net cash generated from operating activities of $25.3 billion (2020: $15.9 billion). Profit after tax attributable to owners of Rio Tinto was $21.1 billion (2020: $9.8 billion) and our balance sheet remains exceptionally strong with net cash of $1.6 billion (2020: net debt of $0.7 billion). These results reflect the quality of Rio Tinto’s assets and strong commodity prices, particularly during the first half of 2021. The Group’s direct economic contribution to the countries where we operate, including payments to employees, suppliers, governments and shareholders, amounted to $66.6 billion (2020: $47 billion). Corporate tax paid in 2021 was $8.5 billion (2020: $5.3 billion), which when combined with royalties and other taxes, and with our share of taxes and royalties paid by equity accounted units, resulted in payments to governments of over $13 billion (2020: $8.4 billion), including over $11 billion (2020: $6.8 billion) paid in Australia. In recognition of this strong performance, the Board is recommending a final dividend of 417 US cents (2020: 309 US cents) and a special dividend of 62 US cents per share (2020: 93 US cents), taking total dividends declared to shareholders this year to a new record of $16.8 billion. Environmental, social and governance (ESG) credentials Climate change is the defining issue of our time. In October 2021, Jakob and I travelled to Glasgow for COP26, the UN Climate Change Conference, to meet governments, civil society organisations, financiers and business leaders seeking solutions to the common goal of tackling climate change. Chairman’s statement In 2021, Rio Tinto focused on rebuilding relationships and strengthening our social licence, while producing record financial results as the developed world and China recovered strongly from the economic dislocation caused by the COVID-19 pandemic. Annual Report on Form 20-F 2021 | riotinto.com6

While the UN conference achieved some important breakthroughs, it also underlined the urgent need for greater action if the world is to meet its commitments under the Paris Agreement and achieve a just transition to a low-carbon economy. Just two weeks before COP26, we announced our new strategy, setting out our plans for growth in materials, such as copper and lithium, that are essential for the energy transition, as well as significantly more ambitious carbon reduction targets in our operations. We have accelerated our target of a 15% reduction in absolute Scope 1 and 2 emissions from 2030 to 2025, and established a challenging new target to achieve a 50% reduction by 2030. To thrive in the long-term, we need to be part of net zero value chains, particularly for steel and aluminium production, so we also have ambitious plans to work in collaboration with our customers and suppliers to reduce our indirect Scope 3 emissions. In 2019, we established our flagship partnership with China Baowu and Tsinghua University, followed by our partnership with Nippon Steel Corporation in 2020. In 2021 we added two new steel decarbonisation partnerships with POSCO in South Korea and BlueScope in Australia. Our efforts to decarbonise aluminium smelting include scaling-up the breakthrough ELYSISTM technology, for commercialisation by 2024. We also have the ambition to reduce our shipping emissions intensity by 40% by 2025 and to reach net zero by 2050. One of the themes at COP26, and the earlier G7 meeting, was an increasing awareness that constraints in the supply of critical raw materials, such as copper, lithium and certain rare earth elements, potentially threaten to delay the transition to a low-carbon economy. We were disappointed to hear recent announcements by the Government of Serbia in relation to the Jadar lithium project. While the benefits of projects like Jadar are significant and global in enabling the energy transition, we acknowledge the concerns of the local community and have worked hard to mitigate local impacts while maximising the potential social and economic benefits to Serbia. Taken together with the responsible development of the Resolution Copper project in the US, our growing lithium portfolio has the potential to strengthen the resilience of supply chains serving the renewable energy sector and electric vehicle manufacturers. We are also evaluating the use of our landholdings to develop verifiable, nature-based carbon offsets for those parts of our business where abatement is technologically challenging or prohibitively expensive. These carbon offset projects also have the potential to deliver significant biodiversity, community and water management benefits. In addition, we are participating in two early-stage carbon mineralisation research projects, in Iceland and the US. In September 2021, we published an interim report on our communities and social performance commitments, as we continue to implement the recommendations arising from the Juukan Gorge tragedy. We have initiated numerous other workstreams to strengthen our relations and build mutually beneficial partnerships with Traditional Owners and other Indigenous peoples around the world. Further details are set out on pages 94-95 of this report. Leadership, culture and values Following his appointment as Chief Executive on 1 January 2021, Jakob moved rapidly to appoint his new leadership team and to roll out a new development programme for our top managers, designed to achieve a more collaborative, inclusive and effective senior leadership team. Over the coming months, over 400 General Managers will join a similar programme. Their leadership will be crucial as we seek to embed the desired values and behaviours. Stakeholder and workforce engagement Despite the travel restrictions imposed by the pandemic, Board members engaged extensively with stakeholders throughout the year, including having regular updates with shareholders, governments, local communities, and Traditional Owners, and hosting three civil society roundtables, in Australia, Europe and North America. The Board expanded its engagement with the workforce, through site visits, in-person and virtual town halls, podcasts, videos, and listening sessions. Feedback from these events suggests that our employees are generally optimistic about the future and the changes taking place across the Group. There is good support for the new leadership team, our new strategy and values, and the Everyday Respect initiative, coupled with a realistic acknowledgement that cultural change takes time and the leadership team will be judged by their actions, not their words. Sadly, we are seeing increasing staff turnover, and usage of our Employee Assistance Programme remains high, reflecting the pressures, both at home and at work, that many of our employees are experiencing, in part because of the pandemic. 7Annual Report on Form 20-F 2021 | riotinto.com

Chairman’s statement continued It is a great honour to succeed Simon Thompson as Chair of Rio Tinto, starting on 5 May 2022. I am delighted to be joining the Board of this great, long-standing company of almost 150 years. Rio Tinto truly is a global business, with a dedicated and talented workforce, world-class assets, safe and well-run operations, and a strong balance sheet. Importantly, Rio Tinto has the opportunity to make a significant contribution to society at a pivotal moment in history – by effectively facilitating the transition to a lower-carbon economy. Through our products, people, partnerships and technologies, we aim to help enable a decarbonising world, while maintaining our focus on capital discipline, pursuing growth, and delivering attractive returns to shareholders. Building even stronger relationships with our customers, partners and local communities will be an important part of this journey, and something that I am particularly passionate about. I am also keen to ensure that we create a safe, respectful and inclusive work environment. I welcome the proactive commissioning and subsequent publication of the recent review into workplace culture at Rio Tinto, and I fully support Jakob and the management team in implementing the recommendations. There is much work ahead as we navigate a shifting competitive landscape, grapple with the ongoing pandemic and other societal challenges, reset and strengthen relationships, progress our growth projects, and embed a change in mindset and behaviours throughout the organisation in line with Rio Tinto’s new values. I am encouraged by the company’s resolve as it seeks to realise these opportunities, and I look forward to working closely with Jakob Stausholm, Peter Cunningham and my Board colleagues as we implement our strategy. With the new strategic direction that we have set in 2021, I am really excited about the opportunities that lie ahead to deliver sustainable growth for Rio Tinto, our shareholders and our wider stakeholders. Dominic Barton Chair-designate 23 February 2022 Statement from Dominic Barton, Chair-designate Board and Executive Committee It is a testament to the strength of Rio Tinto’s talent pool and succession planning that all but two of the positions created by the significant management changes that were necessary at the start of 2021, were filled with internal candidates. The new team, under Jakob’s leadership, has worked tirelessly to ensure a smooth transition and to co-create our new strategy and values. I am very grateful to them and to all our employees and contractors for their hard work and commitment during another challenging, but successful, year. We were delighted to welcome Ben Wyatt to the Board in September. Ben’s knowledge of finance, public policy, trade and Indigenous affairs has already proved to be invaluable. As previously announced, I will step down as Chairman following the Australian annual general meeting in May 2022. I am delighted that the Board has announced the appointment of Dominic Barton as Chair-designate. Dominic has extensive business and international relations knowledge as well as deep understanding of the linkages between business, governments and society. I wish him every success. Reflections and outlook As I reach the end of my eight years on the Board, it has been a privilege to be part of the leadership team of this great company and I am proud of the direction that Rio Tinto is taking and of the talent, resilience and enthusiasm of our employees and contractors around the world. Our third successive fatality-free year underlines our commitment to safety and strengthens a mindset where zero fatalities has become the expectation, not the exception. The Group’s response to COVID-19 has also been exemplary. We have kept all our managed operations worldwide running safely and smoothly, protecting thousands of jobs at our suppliers and customers, while safeguarding our employees, contractors and local communities. In many ways, the pandemic brought out the best of Rio Tinto. It was inspiring to see how the organisation pulled together to support each other and their communities. We have emerged from the challenges of the last few years with a firm commitment to become a more inclusive, respectful and caring company that values genuine partnerships with all our stakeholders. Our purpose remains to produce minerals and metals essential to human progress, and we have set out a new strategy that seeks to re-establish Rio Tinto as a leader in an industry that has a uniquely important and challenging role to play in creating a sustainable and prosperous future for people and the planet. The strategy is designed to achieve a 50% reduction in our greenhouse gas emissions by 2030 and net zero by 2050, including breakthrough technology to decarbonise the production of aluminium, one of the most energy-intensive industrial processes in the world. We have also increased the diversity of our workforce, our management team and the Board, and have taken important steps to ensure that all our operations provide a safe, inclusive workspace, where everyone can achieve their full potential. And last, but not least, we have produced record financial results. Let me finish by thanking my colleagues on the Board, and especially Jakob, for their hard work, commitment and dedication to Rio Tinto over the past year and for their insights, advice and support during my time as Chairman. Simon Thompson Chairman 23 February 2022 Annual Report on Form 20-F 2021 | riotinto.com8

We have set out a new strategy that seeks to re-establish Rio Tinto as a leader in an industry that has a uniquely important and challenging role to play in creating a sustainable and prosperous future for people and the planet. Simon Thompson Chairman 9Annual Report on Form 20-F 2021 | riotinto.com

Chief Executive’s statement 2021 was a defining year as we set a new direction to take Rio Tinto forward. When I began leading this company as Chief Executive, it quickly became clear that we needed to reset the dial with a clearer sense of purpose – putting respect for people, communities and land at the heart of our contribution. Building on our strengths and learning from our past, we are determined to shift the way we see ourselves and the world and ensure that Rio Tinto thrives in the decades to come. Some of my first actions were to stabilise our company, start to rebuild damaged relationships, and set the overall direction to make Rio Tinto stronger. We implemented the biggest management change in our corporate history and rallied our efforts around four objectives: being the best operator, achieving impeccable environmental, social and governance (ESG) credentials, excelling in development, and strengthening our social licence. The four objectives are underpinned by the launch of our Rio Tinto Safe Production System (RTSPS), our new strategy, and a set of simple values that connect us all as human beings – care, courage and curiosity. I am proud of the depths of talent, energy and commitment in our organisation as well as the progress we made in 2021. I know there is still much to do, and we are all committed to making Rio Tinto an even better company. Safety above all Safety is at the core of how we operate each and every day. Nothing matters more than the safety and wellbeing of our employees and contractors, and I am pleased that we have experienced our third consecutive year with no fatalities at our managed operations. While this is good news, being able to go home to one’s family at the end of a shift should be a given, not an achievement. I was extremely saddened when a colleague from Richards Bay Minerals (RBM) was tragically killed this year in a violent incident off-site. To ensure the safety of our team in South Africa, we made the decision to curtail operations at the site for a number of months. Our all-injury frequency rate (AIFR) increased slightly in 2021, and we are still seeing situations where colleagues could have died, most often from falling objects or falling from heights. While we have made some safety improvements and are on the right path, every injury is one too many. We fundamentally believe that all incidents and injuries are preventable. The ongoing pandemic has touched all of us in some way, affecting both our physical and our mental wellbeing. Sadly, we have lost colleagues around the world to this virus. Many of us also lost family and friends, saw people close to us battling COVID-19, or experienced it ourselves. Our thoughts and condolences go out to the families, co-workers and friends of all those who left us in 2021. Over the last two years, we have continued to prioritise the safety, health and wellbeing of our people, their families and the communities where we operate. I am grateful for the incredible teamwork, resilience and care across Rio Tinto – prioritising controls, supporting government vaccination campaigns, setting up vaccination clinics near our operations, and working tirelessly to help our colleagues and communities with vital supplies and safety protection, such as in India and South Africa. I am also thankful for all those who sacrificed time away from family for extended periods as a result of COVID-19 restrictions, to help us keep the business running and deliver the products our customers need. Annual Report on Form 20-F 2021 | riotinto.com10

A strong financial performance Despite challenging operating conditions from prolonged COVID-19 disruptions, we achieved record financial results in 2021, with net cash generated from operating activities of $25.3 billion (2020: $15.9 billion), which flowed through to free cash flow of $17.7 billion (2020: $9.4 billion). Profit after tax attributable to owners of Rio Tinto was $21.1 billion (2020: $9.8 billion) and our balance sheet remains exceptionally strong with net cash of $1.6 billion (2020: net debt of $0.7 billion). As a result, the Board has recommended a final ordinary dividend of 417 US cents per share and a special dividend of 62 US cents per share, resulting in total shareholder returns declared this year of $16.8 billion. This is our highest total dividend ever. We recognise that these strong results were supported by the recovery of the global economy and driven by industrial production, which resulted in significant price strength for our major commodities. Best operator One of our key objectives is restoring Rio Tinto’s reputation as the best operator in the business. We are one of the safest mining companies to work for, with pockets of operational excellence across the business, but we know that we can do better. Through RTSPS, we want to further sharpen the consistency of our performance and unlock real and sustainable improvements at each of our assets. This is not a one-off improvement programme, but rather a journey. It is being led by our Chief Operating Officer, Arnaud Soirat, whose extensive experience is invaluable. We have begun developing and implementing RTSPS, which leverages all of our people, empowering them to develop and share sustainable, best practice solutions to define the way we work safely and optimally at Rio Tinto. In 2021, we launched RTSPS at five different sites – our copper concentrator at Kennecott; Yandicoogina Fixed Plant and drill and blast at West Angelas, both in the Pilbara; the casthouse system at Grande-Baie in the Saguenay; and the concentrator at Iron Ore Company of Canada (IOC). We supplemented these deployments with a series of rapid improvement projects targeting short-term bottlenecks. We are very excited about where RTSPS will take us, and we will be launching it at many more of our sites over the coming months. It has a long-term focus as we want to build momentum and ensure we facilitate deployment, maximise value and properly embed the gains for the future. 11Annual Report on Form 20-F 2021 | riotinto.com

Chief Executive’s statement continued Impeccable ESG credentials If anything became clear in the past year, it is that we must align our business priorities with society’s expectations and ensure all of our stakeholders benefit from our success. Society is demanding a greater commitment on climate change. I was fortunate to attend COP26, the UN Climate Change Conference, in Glasgow, where engaging conversations with civil society organisations, governments and other companies convinced me more than ever that Rio Tinto is an integral part of the solution. We produce materials that are necessary to the world today – and even more so for the transition to a lower-carbon planet. We recognise that we have a major carbon footprint, with significant Scope 1 and 2 emissions and very material indirect Scope 3 emissions. This is a major challenge but also a major opportunity to urgently decarbonise our business and be part of the solution the world is looking for. In 2021, we launched our new business strategy, with the low-carbon transition at its heart. This prioritises the opportunity for growth in the materials that will enable the energy transition and accelerates the decarbonisation of our assets. We brought forward our 15% reduction target for our own Scope 1 and 2 emissions from 2030 to 2025, and we more than tripled the target for 2030, seeking to reduce our carbon footprint by 50%. To achieve these targets, we will need to switch to renewable power, electrify processing and run electric mobile fleets, and we intend to invest about $7.5 billion in climate-related projects from now to 2030. These projects deliver a range of returns but overall are positive at a modest carbon price. Most importantly, they safeguard the integrity of our assets over the longer term and reduce the risk profile of our cash flows. Our long-term ambition remains to reach net zero by 2050. We recognise that processing our products also generates very material indirect Scope 3 emissions. Over 90% of these Scope 3 emissions are generated in countries that have carbon neutrality pledges and 28% of our iron ore sales are directly to steel producers who have set public targets for their Scope 1 and 2 (our Scope 3) emissions, and have ambitions to reach net zero by around mid-century. In 2022, we commit to engage with all our direct iron ore customers to share information on our respective climate change goals and roadmaps, and actively seek areas of mutual collaboration on pathways to net zero. Decarbonisation partnerships will be key – and we have seen some great examples in 2021, including with BlueScope and POSCO, to explore low-carbon steelmaking pathways. In addition, we have committed to increasing our research and development spend to speed up the development of technologies to enable our customers to decarbonise. Culture is key to delivering on our strategy. In 2020, reflecting on how we want to think and act, we began to evolve our culture, striving to become a more outward-looking, humble and humane company. In 2021, we launched new values that we can all stand by as individuals and as a company – showing care for people, communities and the planet, having the courage to stand up for what we believe in, and being curious and open to diverse ideas and learning continuously. As a company, we have made mistakes and are continuing to learn from these. We believe we can and will do better. That starts with making sure that everyone at Rio Tinto can count on a safe, respectful and inclusive workplace. In 2021, we asked experts Elizabeth Broderick & Co. to conduct an independent study to understand the experiences of our workforce and make recommendations on how we can prevent and respond to harmful behaviours such as bullying, sexual harassment, racism and other forms of discrimination in our business. At the beginning of 2022, we published the findings in a comprehensive report – these findings are deeply disturbing and I offer my heartfelt apology to every team member, past and present, who has suffered as a result of these behaviours. This is not the kind of company we want to be. The report also contained 26 detailed recommendations, all of which we will implement. I am determined that by implementing appropriate actions to address the recommendations, and with the management team’s commitment to a safe, respectful and inclusive Rio Tinto in all areas, we will make positive and lasting change and strengthen our workplace culture for the long term. We also launched an innovative, company-wide leadership programme focused on developing our most senior leaders to be the best versions of themselves. And in 2022, we have started to extend this programme to the next level of leaders throughout the company. Unlocking their full potential will help foster a high-achieving and caring culture and will be critical in achieving the business objectives and strategy we have set. Excel in development Our strategy also focuses on growing in materials required to support the energy transition, such as copper, lithium, aluminium and high-quality iron ore. This will ensure our portfolio remains relevant and is well-placed to meet the commodity needs of future generations. Our ambition is to increase our investment in growth capital expenditure to up to $3 billion annually by 2023 to 2024, and to prioritise our investments in commodities that are essential for the drive to net zero. We will look for new options and innovative ways of bringing projects on stream faster, but we will only do this in line with our ESG standards and while maintaining our absolute commitment to capital discipline. Included in the growth capital expenditure is the $2.4 billion committed to funding the Jadar lithium-borates project in Serbia. This project remains subject to receiving all relevant approvals, permits and licences. In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar Project and required all related permits to be revoked. We acknowledge concerns from the local communities and are committed to exploring all options. We are reviewing the legal basis of the decision and the implications for our activities and people in Serbia. “Our society and our company are both at a pivotal moment in history, with challenges and lots of hard work still ahead. But we are excited about the future.” Annual Report on Form 20-F 2021 | riotinto.com12

In support of our commitment to the battery materials sector, in December 2021, we entered into a binding agreement to acquire the Rincon lithium project in Argentina from Rincon Mining, for $825 million. This acquisition is strongly aligned with our strategy to prioritise growth capital in commodities that support decarbonisation and to continue to deliver attractive returns to shareholders. This project holds the potential to deliver a significant new supply of battery-grade lithium carbonate, to capture the opportunity offered by the rising demand driven by the global energy transition. We also began to broaden our approach to developing our pipeline of growth options, organic and inorganic. To support our focus on excelling in development, we will further strengthen the capabilities in project development, evaluation and execution required to create the portfolio for the next decade and beyond. Social licence None of our other objectives described above would be possible without trust, meaningful relationships and mutually beneficial partnerships. This is our social licence to operate. It is judged by others and is essential for our long-term future. The 24th of May 2021 marked one year since the destruction of the rock shelters at Juukan Gorge in Western Australia. Earlier in the year, I was very grateful to meet with the Puutu Kunti Kurrama and Pinikura (PKKP) people on their land and personally express my sincere regret for the damage. Being there with them had a profound impact on me. At the end of 2021, the relationship between the PKKP leadership and Rio Tinto Iron Ore is constructive and considered. Together, we are charting new territory. This takes time, but we are moving forward on a model which is respectful and looks to provide certainty of protection for cultural heritage and mining. Throughout the year, my colleagues and I reflected on how we interact with others, and we invested significant time and effort in resetting relationships and developing stronger connections. In my first year as Chief Executive, despite COVID-19 restrictions, I met many external stakeholders, including in Australia, Canada, the US, Serbia, Mongolia, New Zealand and Guinea – I have a deep appreciation for the importance of relationships and genuinely finding out what is on the minds of various stakeholders. We continued to work hard to elevate our approach to social performance to the same level as we do with health, safety and environment. And we remained focused on shaping a shared future and ensuring that Indigenous communities and cultural heritage sites, wherever we operate, are treated with the care they deserve. These efforts include growing Indigenous leadership, building cultural awareness capability and competency across the Group as well as a number of other actions to strengthen our cultural heritage approach, processes and performance more broadly and increase transparency. In 2021, we released our Communities and Social Performance Commitments Disclosure Interim Report, Rio Tinto’s first report dedicated to sharing the progress on these actions. We appreciate there is still more work to do. We know this is a long journey, and we are dedicated to working with and earning the trust of our hosts in every region where we operate worldwide. Looking ahead It has been an intense and extraordinary time on many levels. Our society and our company are both at a pivotal moment in history, with challenges and lots of hard work still ahead. But we are excited about the future. We have a clear direction and strategy centred on the transition to a low-carbon economy. We are rebuilding relationships and evolving our culture, supported by simple, human values. We have world-class assets, high-quality products and a strong balance sheet. And in my travels in 2021 to our operations such as in Australia, the US and Canada, I was tremendously impressed by our talented and dedicated people, all of whom want to make a difference. As we look ahead to our 150th anniversary in 2023, I want to thank our thousands of employees and contractors as well as host governments and communities, our customers, our shareholders and our partners. You make our success possible, and we are determined to do the right things to succeed together well into the next 150 years. Jakob Stausholm Chief Executive 23 February 2022 13Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Strategic context Geopolitical tensions Economic responses to COVID-19 have differed widely and the past year has been marked by supply chain disruptions as returning demand in some jurisdictions occurred concurrently with pandemic-related production losses and logistical issues. This has resulted in uncertainty in the supply of goods and services and considerable price inflation and volatility. In recent years, we have witnessed an evolution in the global geopolitical context, marked by an erosion of global trust in elites and institutions and a backlash in some quarters against globalisation. Despite this, we saw some renewed momentum on global collaboration to tackle climate change around the UN Climate Change Conference (COP26) in 2021. Tensions between the US and China continue to evolve, but their economies remain closely intertwined, resulting in a mix of competition and cooperation dependent on the issues at hand, from technology leadership to climate change. Balancing our relationships with our host country governments and other stakeholders, alongside those with China as a key customer, partner and shareholder, is a strategic priority. Climate action Many countries and companies have announced long-term pledges to achieve net zero emissions. However, these commitments fall short of what is required to limit the global temperature rise to 1.5°C above pre-industrial levels. In recognition of this, and faced with increasing societal demands, governments are setting more ambitious targets and creating policies to support the development of low-carbon economies. Efforts to contain a global temperature rise will create challenges and opportunities for the mining sector, and companies will need to set aside capital to tackle their carbon footprints. This is also important for our customers attempting to reduce their carbon emissions. Failure to achieve targets on time and within budget, coupled with increasing carbon prices and environmental regulations, could result in an erosion of profit, licence to operate and investor confidence. Increasing electrification and the construction of renewable energy infrastructure will drive demand for several commodities critical for the energy transition, including lithium, copper, aluminium, green steel and related high-grade iron ore. Meanwhile, demand for fossil fuels is expected to decline as governments and companies strive to meet their carbon emissions reduction targets. Our strategy is informed by a deep analysis and understanding of global megatrends across key dimensions related to geopolitics, society and technology. These trends set the context for our industry and influence commodity choices for the future of our business as well as expectations about how we produce them. Sustainable value chains While a lot of focus has been on reducing carbon emissions, there has been a more holistic shift towards increasingly transparent, sustainable and circular value chains. This is encouraging companies to improve their performance across a broad range of sustainability metrics and map their contributions towards the UN Sustainable Development Goals (UN SDGs). An emerging theme in the development of more sustainable value chains is the circular economy, which is built around the principles of designing out waste and pollution, keeping products and materials in use, and regenerating natural systems. The concept offers a transition away from linear “take-make-use-dispose” value chains to building more sustainable and resilient supply ecosystems. The circular economy presents a risk to primary metal demand growth in some markets, but it also offers unique growth opportunities, from scrap recycling to the monetisation of waste streams. It could also provide a pathway to greatly reduce the environmental and social impacts of metal value chains, while increasing supply security for customers. An increasing number of downstream participants are actively participating in responsible sourcing initiatives (such as the Aluminium Stewardship Initiative and the European Battery Alliance) to help create more ethical and sustainable metal supply chains. Convergence of technologies The continued development and cost reduction of low-carbon technologies is an ongoing trend that is accelerating many global movements, including the global energy transition and potentially future climate outcomes. 2021 saw unprecedented investment in emerging technologies that could significantly improve the sustainability of the mining sector. These include innovative carbon capture technologies, novel metal-extraction processes (for full-value mining and tailings reuse), innovative electrolyser technologies (for green hydrogen production), biofuels and environmental monitoring solutions. The pandemic has also accelerated the use of digital solutions, such as offering customers the opportunity to buy products and conduct end-to-end digital transactions using blockchain technology. This is continuing to improve the efficiency and transparency of global value chains. In the mining sector, technology is playing an important role in addressing productivity, growth and sustainability challenges. To find solutions, companies will increase investment in research and development in partnerships with suppliers, technology providers, start ups and other stakeholders across the value chain and other sectors. Annual Report on Form 20-F 2021 | riotinto.com14

Our strategy In 2021, we announced a new integrated strategy bringing together a set of new commitments across three pillars of activity with four objectives guiding how we seek to improve our business. We have positioned climate change and the low-carbon transition at the heart of our strategy to strengthen our resilience and pursue new growth opportunities and partnerships. Our culture, underpinned by our new values of care, courage and curiosity, will be a key enabler in the successful execution of our new strategy and the delivery of superior returns to our shareholders and contributions to society. Accelerate the decarbonisation of our assets To strengthen our alignment with the Paris Agreement and our long-term ambition of achieving net zero emissions by 2050: – We are bringing forward to 2025 our previous 2030 target of a 15% reduction in Scope 1 and 2 carbon emissions. – We are more than tripling our previous 2030 target from a 15% reduction to a 50% reduction in our Scope 1 and 2 emissions against our 2018 equity baseline. To achieve our raised decarbonisation ambition and targets, we will switch to renewables at scale, with a priority focus in the Pilbara. We will accelerate the electrification of our mobile equipment and processes, and empower our people to think differently about energy solutions. We expect to invest an estimated $7.5 billion in decarbonisation projects this decade, including around $500 million in each of the next three years. In parallel, we will continue to review and enhance the resilience of our assets to physical climate risk. Develop products and technologies that help our customers decarbonise Our products are essential today as enablers of the energy transition and in a net zero world, but we recognise that the processing of our products is resulting in very material indirect Scope 3 emissions. We have a role to play in the decarbonisation of the supply chains we are part of, particularly the steel value chain. We will step up our customer engagements to help them meet their Scope 1 and 2 emissions goals and will continue to work towards our 2050 ambition of net zero emissions from the shipping of our products. We will increase our investment in research and development to speed up the development of products and technologies that will enable our customers to decarbonise. This includes the continued development of ELYSISTM for aluminium, finding future pathways for Pilbara ores as the industry transitions to green steel, and studying a hydrogen- based hot briquetted iron (HBI) plant in Canada. Our effort will require deep collaboration across our industry and beyond, including partnerships with customers, technology providers, research institutes, governments and other stakeholders. Grow in materials enabling the energy transition The pursuit of the Paris Agreement goals will create additional demand for materials such as copper, lithium, aluminium and high-quality iron ore. These are essential enablers of the energy transition and the development of infrastructure for a low-carbon world. Our ambition is to increase our growth capital to $3.0 billion annually in 2023 to 2024, depending on opportunities, while continuing to provide attractive returns to our shareholders. We will seek to grow further in copper and battery materials, and to bring additional tonnes of high-grade iron ore to market from the Iron Ore Company of Canada (IOC) and the Simandou project in Guinea. We will continue to align our exploration spend to supplement our existing growth pipeline. C om m itm en ts A ct io ns The energy transition will create additional demand for our commodities – such as copper, lithium and aluminium. Iron ore will also continue to be an essential raw material for the production of steel, not only for ongoing urbanisation, but also in the development of the infrastructure needed for the low-carbon transition. We expect steel, particularly green steel, to have a bright future as the steel industry decarbonises, supporting stronger demand for high-quality iron ore. Crucially, there are often no alternatives to the commodities we produce. At the same time, we are also part of the climate challenge. We have a major carbon footprint with significant Scope 1 and 2 emissions and very material indirect Scope 3 emissions. This needs to change and we are addressing this with urgency, deploying large-scale renewable energy and working in partnerships to develop new low-carbon technologies for both our operations and those of our customers, across our value chains. Our new strategy has three key elements: 15Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Our strategy continued Our four objectives We recognise that our success is based on our ability to build and strengthen our resilience and form partnerships that enable us to adapt rapidly to future realities and opportunities. Delivering on our strategy depends on four objectives set out at the start of 2021: to be the best operator, to achieve impeccable environmental, social and governance (ESG) credentials, to excel in development, and to protect our social licence. These essential components will help improve productivity and reduce capital intensity, and assist us in becoming a partner of choice globally. Best operator Improving the consistency of the safety and operational performance across our assets is the foundation of our business. We will become the best operator by replicating capabilities from existing pockets of excellence and empowering our people. Impeccable ESG credentials We must ensure all our stakeholders benefit from the success of Rio Tinto. We will achieve impeccable ESG performance by aligning our business priorities with society’s expectations. This is essential to the future of our business. Excel in development Our portfolio is well-placed to meet the commodity needs of future generations, but we also need to build a pipeline of organic and inorganic growth opportunities and establish a strong track record of capital-efficient delivery. Social licence Our social licence to operate is essential and will be judged by all our stakeholders. We know we need to be more responsive and humble, building meaningful relationships with our stakeholders by listening, learning and respecting diverse perspectives. Best operator Expand capability and leadership Social licence Earn trust by building meaningful relationships and partnerships Impeccable ESG credentials Strengthen track record and transparency Excel in development Deliver organic and inorganic growth, on time, on budget Annual Report on Form 20-F 2021 | riotinto.com16

O bj ec tiv e 20 21 H ig hl ig ht s Best operator Impeccable ESG credentials Excel in development Social licence Strong safety performance remains our first priority – we will never be complacent. We are developing and implementing the Rio Tinto Safe Production System (RTSPS) as a new, people- centric approach to engage our workforce to develop and share best practice solutions across our assets in a sustainable way. We are integrating sustainability at the core of our business strategy, from our community work to addressing climate change. We are striving to be a responsible and trusted steward of resources and are committed to making meaningful contributions towards addressing some of the world’s most urgent challenges, as captured in the United Nations Sustainable Development Goals (UN SDGs). We are broadening our approach to developing our pipeline of growth options and are testing innovative ways of bringing projects online faster. Through it all, we will maintain our absolute commitment to capital discipline and only pursue opportunities that create value. We are also focused on further building our capabilities in business development and project execution. We are stepping up our external engagements to develop deeper connections with all stakeholders and build mutually beneficial partnerships. We are building cultural capability and competency across the Group to ensure that we fully understand, value and partner with our host communities. We created a new Chief Operating Officer role. We completed extensive performance benchmarking of our assets. We deployed RTSPS at five sites, supplemented by a series of rapid improvement projects (kaizens) targeting short-term bottlenecks. We launched new Scope 1 and 2 carbon reduction targets for 2025 and 2030. We established a Communities and Social Performance (CSP) Area of Expertise and created an end-to-end CSP leadership team from all parts of our business to drive best practice, standards and assurance. We set a new standard in transparency and traceability for the aluminium industry with the launch of STARTTM, a “nutrition label” for responsible aluminium. We announced the aim to increase our growth capital, while maintaining our well-established capital allocation policy and discipline. We entered into a binding agreement to acquire the Rincon lithium brine project in Argentina. We announced an investment to increase low-carbon aluminium production with 16 new smelting pots at our AP60 smelter in Quebec, Canada. We continued on our journey to improve our engagement with Traditional Owners to better understand their priorities and concerns, minimise our impacts, and responsibly manage Indigenous cultural heritage within our operations – moving to a co-management of Country model. We continued to deliver a dedicated programme to increase Indigenous leadership and employment in our business. Building on the learnings from the Australian programmes, we established a steering group in North America to develop a plan to lead, coordinate and boost Indigenous recruitment, inclusion and retention. 17Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Our values Reflecting on the past, how we want to evolve and how we want to think and act, we introduced a new set of values expressed in three simple words: care, courage, curiosity. Our values connect us as human beings and guide how we work and treat each other. They are essential to build meaningful relationships and deliver on our purpose and strategy. Care We act with care by prioritising the physical and emotional safety and wellbeing of those around us. We respect others, build trusting relationships and consider the impact of our actions. We look for ways to contribute to a better future for our people, communities and the planet. Courage We act with courage by showing integrity, speaking up when something is not right and taking decisive action when needed. We are not afraid to try new things. We respond positively in difficult situations and demonstrate commitment to achieving shared goals. Curiosity We act with curiosity by inviting diverse ideas and collaborating to achieve more together than can be done alone. We are continuously learning and developing ourselves, and looking for better and safer ways of doing things. We draw inspiration from others and the world around us. As a company, we know we may not always get it right, but we are committed to learning and improving. And through it all, safety – the essence of caring – remains our number one priority. Annual Report on Form 20-F 2021 | riotinto.com18

Our culture Our culture is a product of Rio Tinto people’s collective mindsets and beliefs, and the processes and decision- making architecture that sit across all levels of the organisation. This culture helped us achieve zero fatalities for the third year in a row. It also underpins the resilience, commitment and teamwork of our people during the global pandemic, in supporting colleagues and host communities while delivering high-quality products to our customers. At the same time, we know that we did not always meet expectations and aspects of our culture do not fully reflect who we aspire to be. We need to continuously evolve our culture, guided by our new values and strategy. In particular, everyone deserves to be in a workplace free of bullying, sexual harassment, racism and other forms of discrimination – without exception. In 2021, we initiated a comprehensive, independent review of our workplace culture to better understand, prevent and respond to harmful behaviours in the workplace. The Board and Executive Committee fully endorse the recommendations set out in the report and we are grateful to everyone who came forward to share their experiences to help inform this work. A change in mindset and behaviours is being embedded throughout the organisation. We are changing the way that we lead by investing in developing our senior leaders to be their best. Similarly, through the Rio Tinto Safe Production System (RTSPS), we are empowering and upskilling our frontline people to be more effective leaders, bringing out the best in their teams to become the safest and best operator in the industry. We also continue to elevate our approach to social performance, including respect for cultural heritage, to the same level as we do with health, safety and environment. And we remain committed to engaging respectfully and meaningfully with Indigenous communities in every region where we operate worldwide. A cultural shift takes time. Together, we will ensure that our values of care, courage and curiosity are reflected in all that we do – so that we can become the company we want to be and contribute to a better future for society. Karratha Rail, the Pilbara. Western Australia. 19Annual Report on Form 20-F 2021 | riotinto.com

Our business touches the lives of many people around the world. Partnerships and collaboration are essential to the long-term success of our business; they give us a competitive edge and allow us to work more thoughtfully and responsibly. We work with technology experts, universities, suppliers, governments, community groups, industry leaders and civil society organisations at all stages of the mining lifecycle, from exploration to rehabilitation and closure. By continuously engaging with our stakeholders and listening to their views, we can make a more meaningful contribution to society while becoming a more valuable company for our shareholders. Workforce In 2021, we focused on providing support and care to our people as we continued to face challenges and fatigue due to the ongoing COVID-19 pandemic and associated disruptions. We also made progress in our efforts to create a more respectful workplace by changing the way we engage, interact and operate. Our people are driving the operational and cultural change that we need to become the best operator. In 2021, we launched our new values and strategy, with our people at the centre. We believe that our values of care, courage and curiosity will drive superior performance by enabling our people and guiding our decisions and behaviours. We recognise that embedding our values will not happen overnight, and that it is part of a cultural shift that will take time. This will be a main focus for 2022. Empowered and engaged people are key to our success. In 2021, we spent a lot of time listening and reflecting on how we can do better. To understand people’s experiences of sexual harassment, bullying and racism in the workplace, we launched the Everyday Respect task force and initiated a comprehensive, independent review of our workplace culture. Following the feedback from more than 10,000 of our people, we have set out an action plan to address these issues. This will, over time, contribute to a safer, more respectful and inclusive work environment. In our most recent employee survey, conducted in October and November, we saw that many employees like our new strategy. Our new values of care, courage and curiosity also resonated for many, who felt they have more human connection and show the type of company we want to be. However, our employee satisfaction (eSAT) score has gone down from 73 to 71. This is the first decline since 2017, and it happened across most levels, geographies and parts of the business. This is consistent with what Glint, our survey provider and expert in engagement, is seeing across organisations. After a broad increase in eSAT during the first year of the pandemic, there is a general decline across many organisations as fatigue and workload have increased. We are using these insights to guide our actions to support our colleagues and restore employee satisfaction. Our priorities for our people focus on improving overall safety performance and health; transforming our culture to make it more inclusive and welcoming; finding ways to simplify work and make it more efficient; developing our leaders; offering competitive pay and benefits; and ensuring work-life balance, including a focus on strengthening mental health. Communities Communities are the places where we operate, live, work and call home – from the Pilbara, Western Australia, to KwaZulu-Natal, South Africa, to Saguenay–Lac-Saint-Jean, Quebec, Canada. Our communities are made up of people – employees, Indigenous peoples, suppliers and neighbours – with whom we strive to build long-term, positive partnerships. Our strength is built upon their strength and we want everyone to have a stake in our success. We recognise that, in parts of our business, we have work to do to meet our own standards on open, transparent engagement. We continue to strive to engage consistently and honestly with communities on issues such as jobs and local procurement as well as the impact of our operations on the local environment. Our Communities and Social Performance (CSP) Area of Expertise has been set up and follows the same model as our well-established Health, Safety, Environment and Security (HSES) function. The CSP Area of Expertise supports and complements our asset-based teams by monitoring external societal trends, developing standards, systems and risk and assurance processes, building capability, and providing strategic and technical subject matter advice. Operational leaders within the product groups now have direct responsibility for building and maintaining relationships with their host communities, including Indigenous peoples, ensuring that they have a voice in our mine planning and decision making. In 2021, we continued our work to rebuild trust and strengthen the relationships that were damaged by the destruction of the rock shelters at Juukan Gorge in May 2020. We are engaging with Traditional Owners in the Pilbara to modernise and improve agreements. We are also moving to an informed, consultative approach to mine development, together with a broader partnership which will enhance the protection of heritage and provide better outcomes for both Indigenous peoples and our business. More information can be found on pages 94-95. Our stakeholders Annual Report on Form 20-F 2021 | riotinto.com20

Civil society organisations Civil society organisations play an important role in society. They raise awareness of key issues, advocate for social change, provide input to policy development, and help to hold businesses and governments accountable for their actions. We believe that preventing and addressing the world’s many complex and multifaceted environmental, social and governance challenges, such as climate change, human rights violations and bribery and corruption, can only be achieved through genuine dialogue with civil society organisations and other stakeholders. As a result, we regularly engage with civil society organisations and, although our opinions may differ from time to time, we respect their views and value the challenges they set for us to be better across different areas of our business. Since 2018, we have held annual roundtables with civil society organisations to listen, learn and understand how we can improve. The roundtables provide an opportunity for us to explore and discuss key social, environmental and economic issues facing society and our business. They also provide an important touch point to sense check the issues that matter most to society and help us to better understand evolving expectations. The roundtables are attended by senior Rio Tinto leadership, including members of the Board and Executive Committee. In late 2021, we held three roundtables across Australia, Europe and the UK, and North America. A wide range of topics was discussed, including climate change, biodiversity and water management, human rights, Indigenous engagement and cultural heritage and transparency. A number of agreements were made regarding information-sharing and follow-up meetings, including smaller sessions where more issue and thematic focused dialogues could take place to advance progress on specific shared challenges. More information can be found on page 141. Governments Governments – federal, state and provincial, and local – are important stakeholders for our business. We regularly engage with officials at all levels on matters including how we explore, mine and process ore; conditions of land tenure; health, safety and environmental issues, including climate change; securities; taxation; intellectual property; competition and foreign investment; data privacy, conditions of trade and export; and infrastructure access. We are proud of the economic contribution our business makes to governments around the world. We were the first company in our industry to disclose our payments to governments in detail, and we have been reporting on our taxes and royalties paid, and our economic contribution, in increasing detail, for more than a decade. Over the past ten years, we have paid $74 billion in taxes and royalties globally, of which 78%, or $58 billion, was paid in Australia. Corporate tax paid in 2021 was $8.5 billion (2020: $5.3 billion), which when combined with royalties and other taxes, and with our share of taxes and royalties paid by equity accounted units, resulted in payments to governments of over $13 billion (2020: $8.4 billion), including over $11 billion (2020: $6.8 billion) paid in Australia. This is important because our businesses’ economic contribution to governments and communities supports the basic infrastructure of society – bridges and roads, schools and hospitals – as well as other local development priorities, like job creation and skills training. At the global level, we engage with multilateral organisations such as the World Bank, the International Finance Corporation, the United Nations, and the Organisation for Economic Co-operation and Development (OECD). We also engage with multi-stakeholder initiatives in which governments participate, such as the Extractive Industries Transparency Initiative (EITI) and the Voluntary Principles on Security and Human Rights. These bodies help to define the industry’s operating environment and contribute to joint problem solving. Investors Our investors include pension funds, global fund managers, bondholders, and tens of thousands of individuals around the world, including approximately 25,000 Rio Tinto employees who own shares in the company primarily through myShare, our global employee share plan. They have trusted us with their investment, and in return, they expect their investment to grow. They are also increasingly focused on how that return is made, with a shift toward supporting companies that consider long-term sustainability as part of their operations, and behave responsibly across environmental, social and governance (ESG) measures. We engaged with current and potential investors through virtual forums for the majority of 2021, providing an opportunity for meetings with our Executive Committee, the Chairman and Non-Executive Directors. Additionally, our two annual general meetings (AGMs) in the UK and Australia provided an opportunity for all investors to question and engage with the Board. Given the growing importance of issues such as climate change, governance, social performance and environment, we present and engage regularly on these topics. In March, we held an investor sustainability seminar focused on our approach to cultural heritage. The Chair of the Sustainability Committee, members of the Executive Committee and subject matter experts provided an update on the actions we are taking to improve the Traditional Owner partnerships and cultural heritage aspects of our business, including in the Northern Territory, Western Australia and Canada. In October, we hosted our Capital Markets Day, with the Executive Committee setting out our long-term vision, including how we will deliver value-adding growth, accelerate the decarbonisation of our portfolio, and continue to pay attractive dividends to our shareholders. In 2022, we will hold further environmental, social and governance forums in response to growing investor interest in the company’s progress in a number of areas, including climate change, heritage and communities, closure and environment. This stakeholder section, together with our stakeholder pages in the governance section, explains how the Board takes account of stakeholder interests, our ”section 172(1) Statement”. 21Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Our stakeholders continued *Oyu Tolgoi’s (OT) national procurement figure represents spend with suppliers registered in Mongolia and more than 50% owned by Mongolian citizens. It relates to the OT operations only, and does not include the underground project. Customers The world’s journey towards achieving the goals of the Paris Agreement will require nothing less than a green-energy revolution. The minerals and metals we produce and sell to our customers are vital ingredients in meeting this challenge. The needs of our customers are central to our operational decision making. Using the insights generated from everything we buy, sell and move around the world, our Commercial team works closely with customers to ensure that we deliver industry-leading products that meet their specific requirements. Our new offering, START Responsible Aluminium, which is the first sustainability label for aluminium using blockchain technology, is just one example of our responsiveness to customer requirements. Building trust with our customers is critical, and it requires us to deliver on our promises consistently, and to act with care, courage and curiosity. For the third year, we asked our customers for their feedback via a survey. The insights from this survey are helping us deliver new and better products and initiatives. Suppliers Engaging with suppliers is an important way in which we can have a positive impact on communities. In the areas where we operate, we work hard to partner with and develop local businesses so they can share in our success. In 2021, we spent $19.4 billion with suppliers globally, including almost A$8 billion in Western Australia. We increased our spend with Indigenous suppliers in Australia by 40% from 2020 to 2021 to A$400 million. In Mongolia, between 2010 and the end of 2021, Oyu Tolgoi spent $4.1 billion on national procurement*. Quality relationships with our suppliers are vital to ensure that we remain at the forefront of technological and market developments, and we continually strive to improve our supplier experiences. As with our customers, we ask our suppliers to participate in a yearly survey to ensure we capture their feedback for improvement. To further support our suppliers, in 2021, we introduced new faster payment terms in Australia to ensure Indigenous, small and regional suppliers are paid more quickly. We also continue to engage with both customers and suppliers on innovative climate change partnerships, including with BlueScope in Australia, China Baowu in China, Nippon Steel Corporation in Japan and POSCO in South Korea, to tackle emissions across the steel value chain. On the supplier side we are partnering with Komatsu and Caterpillar on zero-emissions haul trucks. More information on some of these partnerships can be found in the Innovation pages 70-71. Time off in Broome. Fly-in, fly-out (FIFO) programme. Western Australia. Annual Report on Form 20-F 2021 | riotinto.com22

Our ability to create value is underpinned by the quality of our assets, the capabilities of our people, our operational and sustainability performance, innovative partnerships, and disciplined capital allocation. We use some of the most advanced exploration technologies in the world to find potential sources of minerals and metals. We consider new commodities and products with an understanding of customers’ and communities’ needs. We are also mindful of our potential future social and environmental impact as well as the diversity and balance of our portfolio. With the low-carbon transition at the heart of our business, we will continue to focus our exploration efforts on commodities essential for the energy transition. We are also evaluating emerging opportunities in the circular economy and green energy production. We assess each potential opportunity with a focus on risk, potential returns, and long-term value and sustainability. Once we have approved an investment, we design and build each operation, informed by input from our partners and those stakeholders most affected. We aim to develop every potential site with safety as our first priority and to achieve optimal, long-term productivity while minimising risks and our environmental footprint. We also consider closure from the start, in the way we design, build and run every site. We work in partnership with a growing network of stakeholders – governments, communities, customers and suppliers – who help expand our understanding, capabilities and, ultimately, our ability to be the best operator and a responsible steward of resources. We share best practices across our assets to support safe, productive and environmentally responsible operational performances. Our operations benefit local economies by contributing training and skills development, jobs, taxes and royalties, contracts with local businesses, and social and community investment. We also support the economic diversification of regions where we are based, in alignment with national and regional development plans, ensuring host communities can thrive long after our operations close. Our ambition is for our operations to reach net zero carbon emissions by 2050. By understanding and respecting our business partners, employees, communities and the environment, we can create sustainable value for all our stakeholders. We align our products with market and customer needs. Our minerals and metals are essential as enablers of the energy transition and are used in a vast array of everyday products – from electric vehicles to smartphones to skyscrapers. The transition to net zero will create additional demand for materials such as copper, lithium, aluminium and high-quality iron ore. We will support growth in these commodities while developing new technologies and products that help our customers decarbonise. Our network of rail, ports and ships enables us to control end-to-end logistics to deliver our products safely, efficiently and reliably. We aim to design and run our assets to create a positive legacy once our mining or processing activity concludes. We engage stakeholders of our sites nearing closure – including Indigenous peoples, government, employees and host communities – and actively involve them in the planning. Each of our sites has rehabilitation plans that we review every year. Planning and operating with the future in mind is integral to running a safe, responsible and profitable business. Our business model Underpinned by disciplined capital allocation Our business is underpinned by a disciplined approach to capital allocation; we strive to use every dollar prudently. Today, our balance sheet is a key strength, providing a resilient platform for strong and consistent shareholder returns, as well as enabling us to invest throughout the commodity cycle. 1. Explore and evaluate 2. Develop and innovate 3. Mine and process 4. Market and deliver 5. Repurpose and renew 23Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Key performance indicators All-injury frequency rate (AIFR) per 200,000 hours worked We use a range of financial and non-financial metrics to measure Group performance against our four objectives: best operator, impeccable environmental, social and governance (ESG) credentials, excel in development, and social licence. Alignment to our four objectives 2017 2018 2019 2020 2021 0.42 0.44 0.42 0.37 0.40 Definition The number of injuries per 200,000 hours worked by employees and contractors at the operations that we manage. AIFR includes: medical treatment cases, restricted workday and lost-day injuries. Relevance to strategy and executive remuneration Our global workforce is the foundation of our business. Supporting our people and their safety is our number one priority; and essential to everything we do. We are committed to having a safe work environment for all our people. We focus on maintaining zero fatalities, preventing catastrophic events and reducing safety risk everywhere we work. We are a learning organisation enabling a safe, responsible and productive business that protects and cares for people. We continue to implement our safety maturity model which brings together the key elements to building a strong safety culture and leadership maturity. Our facilities developed improvement plans and continued to enhance their safety maturity throughout the pandemic-related challenges faced during 2021. We are focused and committed to strengthening our partnerships with industry and associated committees (eg ICMM), contracting partners and local communities with the priority of learning and sharing to protect everyone’s health, safety and wellbeing. Alignment to our four objectives – Best operator – Impeccable ESG credentials Associated risks – Operational – ESG (see page 117) Link to executive remuneration Included as a performance metric in the safety component of the short-term incentive plan (see pages 175-176). Our performance in 2021 We achieved a third year in a row of zero fatalities and we had zero permanent damage injuries. Our all-injury frequency rate (AIFR) slightly increased to 0.40 from 0.37 in 2020. Fatigue, labour shortages and other pressures from COVID-19 have presented new challenges in our day-to-day operations and remind us that there is no room for complacency. Forward plan – Continue our critical risk management programme – Implement enhancements to the safety maturity model programme – Continue to implement our major hazard standards, including process safety, underground safety and tailings, and apply strong assurance processes – Innovate to reduce exposure to safety and health risks Best operator Expand capability and leadership Social licence Earn trust by building meaningful relationships and partnerships Impeccable ESG credentials Strengthen track record and transparency Excel in development Deliver organic and inorganic growth, on time, on budget Annual Report on Form 20-F 2021 | riotinto.com24

Total shareholder return (TSR)1 measured over the preceding five years (using annual average share price) Underlying earnings and underlying EBITDA $ millions 1. The TSR calculation for each period is based on the change in the calendar-year average share prices for Rio Tinto plc and Rio Tinto Limited over the preceding five years. This is consistent with the methodology used for calculating the vesting outcomes for Performance Share Awards (PSA). The data presented in this chart accounts for the dual corporate structure of Rio Tinto. Alignment to our four objectives – Best operator – Impeccable ESG credentials – Excel in development – Social licence 2017 2018 2019 2020 2021 5.8% 33.4% 49.6% 110.1% 263.3% Relevance to strategy and executive remuneration Our strategy aims to maximise shareholder returns through the commodity cycle, and TSR is a direct measure of that. Link to executive remuneration Reflected in the long-term incentive plan, measured equally against the EMIX Global Mining Index and the MSCI World Index (see pages 181-182). Our performance in 2021 TSR performance over the five-year period was driven principally by movements in commodity prices and changes in the global macro environment. Rio Tinto significantly outperformed both the EMIX Global Mining Index and the MSCI World Index over the five-year period. Forward plan We will continue to focus on generating the free cash flow from our operations. This allows us to return cash to shareholders (short-term returns) while investing in the business (long-term returns). Definition Combination of share price appreciation (using annual average share price) and dividends paid and reinvested to show the total return to the shareholder over the preceding five years. Associated risks – Strategic – Economic – ESG (see page 117) Underlying earnings Underlying EBITDA 8,627 18,580 2017 8,808 18,136 Underlying earnings Underlying EBITDA 2018 21,380 37,720 Underlying earnings Underlying EBITDA 2021 12,448 23,902 Underlying earnings Underlying EBITDA 2020 10,373 21,197 Underlying earnings Underlying EBITDA 2019 Definition Underlying earnings represent net earnings attributable to the owners of Rio Tinto, adjusted to exclude items which do not reflect the underlying performance of the Group’s operations. These items are explained in note 2 of the financial statements. Underlying EBITDA represents profit before tax, net finance items, depreciation and amortisation. It excludes the EBITDA impact of the items mentioned above. For more information please refer to Alternative Performance Measures on pages 343-347. Alignment to our four objectives – Best operator Relevance to strategy and executive remuneration These financial KPIs measure how well we are managing costs, increasing productivity and generating the most revenue from each of our assets. Link to executive remuneration Underlying earnings are reflected in the short-term incentive plan; in the longer term, both measures influence TSR, which is the primary measure for the long-term incentive plan (see pages 180-182). Our performance in 2021 Underlying earnings of $21.4 billion were $8.9 billion higher than in 2020. Underlying EBITDA of $37.7 billion was $13.8 billion higher than in 2020. The 58% increase in underlying EBITDA resulted from higher iron ore, aluminium and copper prices, partly offset by lower sales volumes and higher energy costs. Forward plan We will continue to drive superior margins and returns through our focus on becoming the best operator and unlocking full potential across our value chains. Associated risks – Economic – Operational – ESG (see page 117) 25Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Underlying return on capital employed (ROCE) % Net cash generated from operating activities $ millions Relevance to strategy and executive remuneration This KPI measures our ability to convert underlying earnings into cash. Link to executive remuneration Included in the short-term incentive plan; in the longer term, the measure influences TSR, which is included in the long-term incentive plan (see pages 180-182). Our performance in 2021 Net cash generated from operating activities of $25.3 billion was 60% higher than 2020. This was primarily due to higher commodity prices, partially offset by higher taxes paid, higher dividends paid and an increase in working capital. Forward plan We will focus on effectively converting earnings into cash, underpinned by operational and commercial excellence, including our careful management of working capital. 2017 2018 2019 2020 2021 18% 19% 24% 27% 44% 2017 2018 2019 2020 2021 13,884 11,821 14,912 15,875 25,345 Definition Cash generated by our operations after tax and interest, including dividends received from equity accounted units and dividends paid to non-controlling interests in subsidiaries. Definition Underlying return on capital employed (“ROCE”) is defined as underlying earnings excluding net interest divided by average capital employed (operating assets). For more information please refer to Alternative Performance Measures on pages 343-347. Relevance to strategy and executive remuneration Our portfolio of low-cost, long-life assets delivers attractive returns throughout the cycle and has been reshaped significantly in recent years. Underlying ROCE measures how efficiently we generate profits from investment in our portfolio of assets. Link to executive remuneration Underlying earnings, as a component of underlying ROCE, is included in the short-term incentive plan. In the longer term, underlying ROCE also influences TSR, which is included in the long-term incentive plan (see pages 180-182). Our performance in 2021 Underlying ROCE increased 17 percentage points to 44% in 2021, reflecting the increase in underlying earnings driven by higher commodity prices, partially offset by an increase in capital employed due to capital expenditure. Forward plan We will continue to focus on maximising returns from our assets over the short, medium and long-term. We will also maintain our disciplined and rigorous approach and invest capital only in projects that we believe will deliver returns that are well above our cost of capital. Associated risks – Economic – Operational – ESG (see page 117) Associated risks – Strategic – Economic – Operational – ESG (see page 117) Key performance indicators continued Alignment to our four objectives – Best operator Alignment to our four objectives – Best operator – Excel in development Annual Report on Form 20-F 2021 | riotinto.com26

Free cash flow $ millions 2017 2018 2019 2020 2021 9,540 6,977 9,158 9,407 17,664 Net cash/(debt) $ millions Relevance to strategy and executive remuneration This measures how we are managing our balance sheet and capital structure. A strong balance sheet is essential for giving us flexibility to take advantage of opportunities as they arise, and for returning cash to shareholders. Link to executive remuneration Net cash/(debt) is, in part, an outcome of free cash flow, which itself is reflected in the short-term incentive plan. In the longer term, net cash/ (debt) influences TSR, which is reflected in the long-term incentive plan (see pages 180-182). Our performance in 2021 Net debt decreased by $2.2 billion to a net cash position of $1.6 billion. This reflects $17.7 billion of free cash flow in 2021, partially offset by $15.4 billion of cash returns to shareholders through dividends. Forward plan We will focus on effectively converting earnings into cash, underpinned by operational and commercial excellence, including our careful management of working capital. 2017 2018 2019 2020 2021 (3,845) 255 (3,651) (664) 1,576 Definition Total borrowings plus lease liabilities less cash and cash equivalents and other liquid investments, adjusted for derivatives related to net cash/(debt) (see note 23 of the financial statements). For more information please refer to Alternative Performance Measures on pages 343-347. Definition Free cash flow is defined as net cash generated from operating activities minus purchases of property, plant and equipment and intangibles and payments of lease principal, plus proceeds from the sale of property, plant and equipment and intangible assets. For more information please refer to Alternative Performance Measures on pages 343-347. Associated risks – Strategic – Economic – Operational – ESG (see page 117) Relevance to strategy and executive remuneration This KPI measures the net cash returned by the business after the expenditure of sustaining and growth capital. This cash can be used for shareholder returns, reducing debt and other investment. Link to executive remuneration Included in the short-term incentive plan; in the longer term, the measure influences TSR, which is included in the long-term incentive plan (see pages 180-182). Our performance in 2021 Free cash flow increased by $8.3 billion to $17.7 billion in 2021, primarily due to the increase in net cash generated from operating activities. This was partially offset by an increase in replacement and development capital expenditure as we ramp up our projects. Forward plan We will focus on effectively converting earnings into cash, underpinned by operational and commercial excellence, including our careful management of working capital. Associated risks – Strategic – Economic – Operational – ESG (see page 117) Alignment to our four objectives – Best operator – Excel in development Alignment to our four objectives – Best operator – Excel in development 27Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Scope 1 and 2 greenhouse gas emissions (equity Mt CO2e) Gender diversity Representation of women within our workforce Relevance to strategy and executive remuneration Climate risks and opportunities have formed part of our strategic thinking and investment decisions for over two decades. We have put the net zero transition at the heart of our business strategy; combining actions to reduce greenhouse gas emissions from our assets with investments in commodities that enable the energy transition, so that we can provide products that will help our customers to decarbonise. Link to executive remuneration Climate change is included in our ESG metrics for executive remuneration with a weighting of 5% of the short-term incentive plan. In 2021, the business achieved the approval of 0.26Mt CO2e of abatement projects and exceeded the total 0.5Mt CO2e targeted for 2020 and 2021. For more information, see page 177. Our performance in 2021 Our absolute emissions in 2021 were 31.1Mt CO2e, 4% below our 2018 equity emissions baseline. The reductions achieved since 2018 are primarily the result of switching to renewable electricity contracts at Kennecott in the US and the Escondida mine in Chile (managed by BHP; Rio Tinto owns 30%), and also relate to unplanned operational disruptions in 2021 at Richards Bay Minerals in South Africa and the Kitimat aluminium smelter in Canada. Forward plan As part of our new Group strategy, we announced new targets in 2021 and aim to reduce absolute emissions by 15% by 2025 and by 50% by 2030. We are committed to reaching net zero emissions by 2050. Our decarbonisation roadmap to meet these targets is detailed in the Climate Action Plan section of our 2021 Climate Change Report, which can be found at riotinto.com/climatereport. Relevance to strategy and executive remuneration Inclusion and diversity are imperative for the sustainable success of the business. Our sustained performance and growth rely on having workforce diversity that is representative of the communities in which we operate and having a workplace where people are valued for who they are and encouraged to contribute to their full potential. Link to executive remuneration In 2021, our target was to increase the proportion of women in our workforce by 2%. This target is included in our ESG metrics for executive remuneration, with a weighting of 5% of the short-term incentive plan. For more information, please see page 177. Our performance in 2021 In 2021, we increased our representation of women by 1.5%, from 20.1% to 21.6%. This falls short of our 2% target. However, it is the largest increase in gender diversity in the past five years. The increases were distributed across all levels of the organisation, with senior leaders increasing from 26.1% to 27.4% and managers increasing by 1.7% to 31.9%. Forward plan Our target to increase the proportion of women in our workforce by 2% year on year will continue in 2022. We will keep promoting initiatives to support this target, including the Everyday Respect task force recommendations. For more information, please see page 101. 20181 2019 2020 2021 32.5 31.5 31.5 31.1 2018 2019 20202 20202 2021 17.7% 18.4% 2017 18.0% 19.0% 20.1% 21.6% Prior to 2018 we reported our greenhouse gas emissions on a 100% managed basis. 1. The 2018 figure is the baseline for our 2025 and 2030 emissions targets and has been adjusted for acquisitions and divestments. Definition Includes our total workforce based on managed operations (excludes the Group's share of non-managed operations and joint ventures)3. Associated risks – Strategic – ESG (see page 117) Definition Equity greenhouse gas emissions: equity share of Scope 1 and 2 emissions from managed and non-managed operations expressed in million metric tonnes of carbon dioxide equivalent. Associated risks – Strategic – ESG (see page 117) Key performance indicators continued Alignment to our four objectives – Best operator – Impeccable ESG credentials – Excel in development – Social licence Alignment to our four objectives – Best operator – Impeccable ESG credentials – Social licence 3. In 2020, we updated our definition of our total workforce to include those employees who were unavailable for work (eg on parental leave) and temporary contractors. Note: less than 1% of the workforce gender is undeclared. 2. Baseline reset with definition for 2020 to 2021 gender diversity. Annual Report on Form 20-F 2021 | riotinto.com28

Chief Financial Officer’s statement We have an outstanding foundation of long-life assets, producing vital commodities for a decarbonising world. Net cash generated from operating activities $25.3bn (2020: $15.9bn) Underlying earnings $21.4bn (2020: $12.4bn) Profit after tax attributable to owners of Rio Tinto (net earnings) $21.1bn (2020: $9.8bn) Robust financial results The recovery of the global economy resulted in significant price strength for our major commodities. We maintained our financial discipline throughout 2021 and were able to capture around 80% of the price uplift, achieving record financial results, with net cash generated from operating activities of $25.3 billion, underlying earnings of $21.4 billion and net earnings of $21.1 billion. Our financial position is strong and stable and we ended the year with a net cash position of $1.6 billion. However, we are not satisfied with our operating performance and progress on our capital projects has been challenging. Our teams continue to adapt to difficult conditions with COVID-19 still prevalent, creating significant restrictions on the availability of labour and supply chains. The Rio Tinto Safe Production System has a long-term focus to ensure we properly embed any gains for the future, including enhancing operating and leadership capabilities. However, we are not ignoring the near term and are already rolling out this significant improvement programme. Disciplined allocation of capital remains at our core There is one thing that will not change at Rio Tinto, and that is our approach to capital discipline. Our aim is to invest consistently through the cycle, balancing near-term returns to shareholders with reinvestment and de-risking future cash flows. It involves carefully testing all opportunities and taking controlled risks. 29Annual Report on Form 20-F 2021 | riotinto.com

We are focusing on the highest risk areas and ensuring that all capital is deployed with discipline. Essential capital expenditure to maintain future cash flows remains our priority for capital allocation. It includes sustaining capital to ensure the integrity of our assets, high-returning replacement projects and investment to increase and accelerate decarbonisation. This latter investment is set to rise in line with our strategic priorities, with our focus over the next three years on repowering the Pilbara with renewables. Our next priority is the ordinary dividend within our well-established returns policy. We then test investment in compelling growth against debt management and additional cash returns to shareholders. In 2021, we increased our capital expenditure overall by 19% to $7.4 billion, targeting disciplined investment in key projects and commodities. This was comprised of $0.6 billion of growth capital, $3.3 billion of replacement and $3.5 billion of sustaining capital. Our most significant growth project remains the Oyu Tolgoi copper/gold underground mine in Mongolia where we invested around $0.6 billion, on a 100% basis as we fully consolidate Oyu Tolgoi. Much of the 2021 increase in capital relates to our Pilbara replacement iron ore mines as we ramped up the pace of construction. Attractive dividends remain paramount Our shareholder returns policy dates back to 2016. We have committed to returning 40 to 60% of underlying earnings on average through the cycle, with additional returns in periods of strong earnings and cash generation. It is tried and tested and has resulted in record returns. It is a variable policy, in terms of the absolute number, with the denominator moving up and down, mostly in line with commodity prices. We have paid out at the top end of the range for the ordinary dividend at 60% of underlying earnings. Overall, due to our strong cash flows, we have consistently exceeded the policy, with a total payout ratio averaging 74% over the last six years, when you include special dividends and share buy-backs and exclude divestment proceeds. For 2021, we are returning 79% of underlying earnings to shareholders. This is comprised of the full year ordinary dividend of 793 US cents per share and special dividend of 247 US cents per share, bringing the total dividend to 1,040 US cents, or $16.8 billion. While encouraged by growth prospects in the coming year, we remain vigilant in relation to potential disruption from new COVID-19 variants and geopolitical tensions. We see the dividend as paramount for maintaining discipline. Our financial strength means that we can reinvest for growth, accelerate our decarbonisation and continue to pay attractive dividends through the cycle. Strong foundation for growth, decarbonisation and shareholder returns We have an outstanding foundation of long-life assets, producing vital commodities for a decarbonising world. Our balance sheet is stronger than ever and we have a world-class pipeline of projects. This means that we have the financial capacity for our ambition to double investment in value-adding growth and accelerate the decarbonisation of our portfolio, while continuing to pay attractive dividends in line with our policy. By accelerating our own decarbonisation transition, we will de-risk the company, generate growth, maintain our financial discipline and enhance our competitive advantage. Peter Cunningham Chief Financial Officer 23 February 2022 Chief Financial Officer’s statement continued “Over the last six years, we have paid out at the top end of the range for the ordinary dividend at 60% of underlying earnings.” Annual Report on Form 20-F 2021 | riotinto.com30

“We have the financial capacity for our ambition to double investment in value-adding growth and accelerate the decarbonisation of our portfolio, while continuing to pay attractive dividends in line with our policy.” 31Annual Report on Form 20-F 2021 | riotinto.com

Financial review Non-GAAP measures In addition to IFRS measures, management uses non-GAAP measures internally to assess performance. Full reconciliations are provided on pages 343-347. These measures are highlighted with the symbol: • The financial review for the year ended 31 December 2019 can be found on pages 17 to 20 of our Annual Report on Form 20-F 2019 filed with the United States Securities and Exchange Commission on 28 February 2020. At year end 2021 2020 Change Net cash generated from operating activities (US$ millions) 25,345 15,875 60% Purchases of property, plant and equipment and intangible assets (US$ millions) 7,384 6,189 19% Free cash flow1 (US$ millions) • 17,664 9,407 88% Consolidated sales revenue (US$ millions) 63,495 44,611 42% Underlying EBITDA1 (US$ millions) • 37,720 23,902 58% Profit after tax attributable to owners of Rio Tinto (net earnings) (US$ millions) 21,094 9,769 116% Underlying earnings per share1 (EPS) (US cents) • 1,321 770 72% Ordinary dividend per share (US cents) 793.0 464.0 71% Special dividend per share (US cents) 247.0 93.0 166% Total dividend per share (US cents) 1,040.0 557.0 87% Net cash / (debt)1 (US$ millions) • 1,576 (664) Underlying return on capital employed (ROCE)1 • 44% 27% Key financial highlights – $25.3 billion net cash generated from operating activities was 60% higher than 2020 driven by higher prices. This flowed through to 88% higher free cash flow1 of $17.7 billion, which included a 19% rise in capital expenditure to $7.4 billion. – $21.1 billion of net earnings, 116% higher than 2020, reflected the higher prices, the impact of closure provision increases at Energy Resources of Australia (ERA) and other non-operating sites, $0.5 billion of exchange and derivative gains and $0.2 billion of impairments2. Effective tax rate on net earnings of 27.7% compared with 33.1% in 2020. – $37.7 billion underlying EBITDA1 was 58% above 2020, with an underlying EBITDA margin1 of 57%. – $21.4 billion underlying earnings1 (underlying EPS1 of 1,321.1 US cents) were 72% above 2020 with a 28.0% effective tax rate on underlying earnings1, compared with 29.5% in 2020. – $1.6 billion of net cash1 at year end, compared with net debt1 of $0.7 billion at the start of the year, reflected the free cash flow1 of $17.7 billion, partly offset by $15.4 billion of cash returns to shareholders. – $16.8 billion full-year dividend, equivalent to 1,040 US cents per share and 79% of underlying earnings, includes $6.7 billion record final ordinary dividend (417 US cents per share) and $1.0 billion final special dividend (62 US cents per share) declared today. $16.8 billion* of dividends declared for 2021: payout ratio averages 74% over past six years Ordinary dividend US$ billion US cents per share Interim ordinary dividend paid in September 2021 6.1 376 Final ordinary dividend to be paid in April 2022 6.7 417 Full-year ordinary dividend represents 60% payout 12.8 793 Additional returns Special dividend paid in September 2021 3.0 185 Special dividend to be paid in April 2022 1.0 62 Combined total is 79% of 2021 underlying earnings 16.8 1,040 * Based on weighted average number of shares and declared dividends per share for the respective periods excluding foreign exchange impacts on payment. Our financial results are prepared in accordance with International Financial Reporting Standards (IFRS). Footnotes are set out on page 35. Annual Report on Form 20-F 2021 | riotinto.com32

Net debt turned into net cash at 2021 year-end ($ billion) -0.7 +25.3 -7.4 -15.4 -0.2 +1.6 Net debt as at 31 December 2020 Net cash generated from operating activities Purchases of property, plant and equipment and intangible assets Dividends Other Net cash as at 31 December 2021 -5 0 5 10 15 20 25 Strong cash flow from operations 2021 2020 US$m US$m Net cash generated from operating activities 25,345 15,875 Purchases of property, plant and equipment and intangible assets (7,384) (6,189) Sales of property, plant and equipment 61 45 Lease principal payments (358) (324) Free cash flow1 17,664 9,407 Disposals 4 10 Dividends paid to equity shareholders (15,357) (6,132) Share buy-backs — (208) Other (71) (90) Decrease in net debt1 2,240 2,987 Footnotes are set out on page 35. – $25.3 billion in net cash generated from operating activities, 60% higher than 2020, primarily driven by higher prices for our major commodities, which also led to an increase in dividends received from equity accounted units and paid to joint venture partners. It is net of an increase in taxes and royalties paid in line with higher profits and a rise in working capital, primarily due to higher iron ore portside inventories following higher volumes of SP10 and constrained availability of high-grade blending stocks in the fourth quarter. – $7.4 billion capital expenditure was comprised of $0.6 billion of growth capital, $3.3 billion of replacement capital and $3.5 billion of sustaining capital. In 2021, we funded our capital expenditure from operating activities and expect to continue funding our capital programme from internal sources, except for the Oyu Tolgoi underground development, which is currently project-financed. – $15.4 billion of dividends paid in 2021 was comprised of the 2020 final paid in April 2021 ($6.4 billion) and the 2021 interim paid in September ($9.0 billion, including foreign exchange impacts). – As a result of the above, net debt1 improved by $2.2 billion in 2021, ending the year with net cash1 of $1.6 billion. 33Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Financial review continued Our projects and development options – We increased our exploration and evaluation spend by 16% to $726 million in 2021, as we advanced our evaluation projects, progressed our greenfield exploration programmes and unlocked new opportunities. – Commissioning and ramp-up of Pilbara growth and brownfield mine replacement projects has been impacted by ongoing COVID-19 restrictions, including labour access and supply chain quality issues. The latter have been exacerbated by an inability to conduct pre-delivery quality assurance and control at international steel and equipment manufacturers due to limitations on travel. – The $2.6 billion3 Gudai-Darri greenfield iron ore mine in Western Australia is advancing. The first train was loaded from the mobile crushing and screening facilities in December and first production from the main plant is expected in the second quarter of 2022, subject to the continuing impacts of COVID-19. This first phase of Gudai-Darri, with a 43 million tonne annual capacity, will replace depleting orebodies and provide some incremental capacity. – The $0.9 billion3 (Rio Tinto share) investment in the Robe River Joint Venture replacement iron ore mines is progressing. First ore at West Angelas (C and D deposits) was achieved in June and are now fully commissioned. First ore at Robe Valley (Mesa B, C, H) was achieved in August. Ongoing Mesa A wet plant construction and commissioning challenges have impacted production ramp-up. New wet plant components are on order and production will operate at a reduced capacity until repairs are completed. – The $0.8 billion3 Western Turner Syncline phase 2 mine, which will also replace existing iron ore production, achieved first ore in October, following commissioning of the autonomous mining truck fleet. Some residual brownfield plant works are due to be complete during mid-year shutdowns. – Underground operations are now under way at the Oyu Tolgoi underground copper/gold project in Mongolia, following the comprehensive agreement reached with our partners on 25 January 2022. Sustainable production is expected in the first half of 2023, with the capital forecast at $6.925 billion, including $175 million of estimated COVID-19 impacts to the end of 20214. – The $0.9 billion first phase of the south wall pushback at Kennecott in the US, extending mine life to 2026, is now complete and we are gradually accessing higher copper grades. Stripping for the $1.5 billion second phase, extending operations to 2032, remains on track. In July, we announced a $108 million investment for underground characterisation studies: potential underground mining would occur concurrently with open pit operations and result in increased output. – At the Jadar lithium-borates project, we committed $2.4 billion of funding in July, subject to receiving all relevant approvals, permits and licences. In January 2022, the Government of Serbia cancelled the Spatial Plan for the Jadar project and required all related permits to be revoked. We are disappointed by this announcement and are committed to exploring all options and are reviewing the legal basis of the decision and the implications for our activities and people in Serbia. – The Zulti South project at Richards Bay Minerals (RBM) in South Africa remains on full suspension. – At the Winu copper-gold project in Western Australia, there has been progress towards securing consent from the Traditional Owners to the Project Agreement in advance of submitting the necessary environmental and regulatory approvals. Drilling, fieldwork and study activities continue to progress to schedule. – At the Resolution Copper project in Arizona, we continue to work with the US Forest Service to secure approval of the Final Environmental Impact Statement. In parallel, mine studies and engagement with the Native American tribes and local communities continue to progress. – At the Simandou iron ore project in Guinea, we continue to engage with key stakeholders in-country including the Government of Guinea. We remain committed to an inclusive partnership, seeking mutual and sustainable benefits by developing our project in line with international social and environmental standards. A new drilling programme has commenced, and expressions of interest are being sourced for construction and early development works expected to be carried out in 2022. Underlying EBITDA and underlying earnings by product group Underlying EBITDA Underlying earnings 2021 2020 Adjusted Change 2021 2020 Adjusted Change Year ended 31 December US$m US$m % US$m US$m % Iron Ore 27,592 18,837 46% 17,323 11,398 52% Aluminium 4,382 2,152 104% 2,468 471 424% Copper 3,969 2,084 90% 1,579 754 109% Minerals 2,603 1,710 52% 888 580 53% Reportable segment total 38,546 24,783 56% 22,258 13,203 69% Other operations (28) 24 (217)% (84) (48) 75% Inter-segment transactions 42 (94) (145)% 19 (32) (159)% Product group total 38,560 24,713 56% 22,193 13,123 69% Central pension costs, share-based payments, insurance and derivatives 110 117 (6)% 133 118 13% Restructuring, project and one-off costs (80) (133) (40)% (51) (108) (53)% Other central costs (613) (545) 12% (585) (455) 29% Central exploration and evaluation (257) (250) 3% (215) (216) —% Net interest (95) (14) 579% Total 37,720 23,902 58% 21,380 12,448 72% The financial information by Product group has been recast in accordance with the organisational restructure announced on 28 January 2021. See page 320 for further information. Underlying EBITDA and underlying earnings are non-GAAP alternative performance measures ("APMs") used by management to assess the performance of the business, and provide additional information which investors may find useful. APMs are reconciled to directly comparable IFRS financial measures on pages 343 to 347. Annual Report on Form 20-F 2021 | riotinto.com34

1. This financial performance indicator is a non-GAAP Alternative Performance Measure (APM). It is used internally by management to assess the performance of the business and is therefore considered relevant to readers of this document. It is presented here to give more clarity around the underlying business performance of the Group’s operations. APMs are reconciled to directly comparable IFRS financial measures on pages 343 to 347. 2. Refer to page 243 for pre-tax analysis of impairment charge. 3. Potential for capital cost to rise by around 15% due to ongoing COVID-19 restrictions on commissioning and ramp-up of Pilbara growth and brownfield mine replacement projects, including labour access and supply chain quality issues. The latter has been exacerbated by an inability to conduct pre-delivery quality assurance and control at international steel and equipment manufacturers due to limitations on travel. 4. These estimates exclude any impacts of delays to work schedules caused by restricted approved budgets since the start of 2021. This, together with any ongoing COVID-19 impacts, will be assessed following the commencement of underground operations with further updates provided to the market in due course. Panels 1 and 2 studies will be ongoing throughout 2022. Further study work is also under way to assess the extraction methodology and ultimate recovery of the Panel 0 recoverable pillars. Continuing to prioritise our central exploration programmes We have a strong portfolio of exploration projects with activity in 18 countries across seven commodities in early exploration and studies stages, reflected in our pre-tax central spend of $257 million. All projects have followed government COVID-19 requirements, while focusing on protecting the wellbeing and health of local communities. In 2021, we continued to prioritise our exploration portfolio, with a particular focus on copper projects in Australia, Canada, United States, Kazakhstan and Zambia and increased activity on greenfield nickel projects in Canada and Finland. We continue to partner with other companies in all regions where we explore: examples are our agreement with KoBold Metals for copper and nickel exploration and our agreement with Western Copper and Gold Corporation, where we made a strategic investment to advance exploration on the Casino copper-gold project located in Yukon, Canada. We also signed a mineral investment contract with the Republic of Angola and Endiama to explore for diamonds, and continued mine-lease exploration at our managed businesses including Pilbara Iron in Australia and Diavik in Canada. We renewed our exploration technology strategy and further invested in technology to support our exploration teams on the ground. Commentary on financial results To provide additional insight into the performance of our business, we report underlying EBITDA and underlying earnings. The principal factors explaining the movements in underlying EBITDA are set out in this table. US$m 2020 underlying EBITDA 23,902 Prices 17,464 Exchange rates (606) Volumes and mix (583) General inflation (690) Energy (398) Operating cash unit costs (1,051) Higher exploration and evaluation spend (101) Non-cash costs/other (217) 2021 underlying EBITDA 37,720 Strong financial results driven by significant momentum from higher prices We have continued to safely run our world-class assets and are working hard to improve our operational performance, despite challenging operating conditions from prolonged COVID-19 disruptions. The recovery of the global economy resulted in significant price strength for our major commodities: we maintained our financial discipline in 2021 and were able to retain around 80% of the benefit from higher prices, achieving record financial results. The strong commodity prices drove a $17,464 million uplift in underlying EBITDA compared with 2020. This was primarily from the strength in the Platts index for 62% iron fines, partially offset by a higher proportion of lower quality products (+$11,589 million). Higher London Metal Exchange (LME) prices were the main driver for a significant price uplift for copper (+$1,896 million) and for our Aluminium business (+$3,027 million). We have included a table of prices and exchange rates on page 430. The 2021 monthly average Platts index for 62% iron fines converted to an FOB basis was 45% higher on average compared with 2020. There was a strong resurgence in demand for iron ore, with global crude steel production estimated to have grown by 6%. Chinese demand strength was most apparent in the first half of 2021 while the recovery in demand for steel and iron ore in developed and other emerging economies maintained its momentum. At the same time, seaborne iron ore supply recovered, albeit at a slower than anticipated rate. The average LME price for copper was 50% higher, while the LME aluminium price was 46% higher, compared with 2020. The gold price rose 2%.  The mid-west premium duty paid for aluminium in the US averaged $584 per tonne, 119% higher than in 2020. Australian and Canadian dollars strengthened during 2021 Compared with 2020, on average, the US dollar weakened by 9% against the Australian dollar, by 7% against the Canadian dollar and by 11% against the South African rand. Currency movements lowered underlying EBITDA by $606 million relative to 2020.  Lower iron ore sales volumes impact underlying EBITDA Lower sales volumes and changes in product mix across the portfolio reduced underlying EBITDA by $583 million compared to 2020. This was mostly attributable to a 3% decline in iron ore shipments from the Pilbara, as a result of above average rainfall in the first half of the year, our focus on cultural heritage management and delays in growth and brownfield mine replacement tie-in projects. Other key variances included lower volumes at Iron Ore Company of Canada (labour and equipment availability challenges) and reduced copper sales volumes at Escondida (prolonged COVID-19 impact leading to lower recoveries and throughput). These were partly offset by higher product premiums in our Aluminium business, increased gold sales from Oyu Tolgoi (the significant improvement in grades is expected to reverse in 2022) and higher refined copper sales at Kennecott despite a furnace failure in September 2021 (2020 was significantly impacted by an earthquake and a major smelter maintenance shutdown).  35Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Net earnings $21.1bn 116% increase Financial review continued Impact of rising inflation and rebound in energy prices Average movements in energy prices compared with 2020 reduced underlying EBITDA by $398 million, mainly due to higher diesel prices for our trucks, trains and ships and an increase in power costs at Kennecott. Rising general price inflation across our global operations resulted in a $690 million reduction in underlying EBITDA. Focus on cost control We remained focused on cost control throughout the year, in particular maintaining discipline on our long-run fixed costs: however, a rise in our operating cash unit costs reduced underlying EBITDA by $1,051 million (on a unit cost basis) compared with 2020. This reflects fixed cost inefficiencies from the reduction in volumes, along with temporary cost pressures over and above general inflation, reflecting higher market-linked prices for raw materials and the constraints that COVID-19 has placed on resourcing and supply chains. We also made targeted investments in our ESG and CSP teams in 2021, in order to advance our social licence priorities. Unit costs at our Pilbara iron ore operations rose to $18.6 per tonne ($19.1 per tonne including COVID-19 costs) contributing to the variance, reflecting: higher input prices, including labour and explosives, an increase in the mine work index, operational readiness costs for our growth and brownfield mine replacement tie-in projects and fixed cost inefficiencies from lower volumes. At our Aluminium business, we incurred cyclical cost increases for coke, pitch and alloys, while our Bauxite business in Queensland experienced higher maintenance costs following overruns on planned shutdowns. These cost pressures were partly offset by fixed cost efficiencies at Oyu Tolgoi in line with higher copper and gold production. Increasing our global exploration and evaluation activity We increased our exploration and evaluation spend by $101 million, or 16%, to $726 million. This was focused on our greenfield programmes across 18 countries and our highest value evaluation projects, particularly the Winu copper-gold project in Western Australia, Resolution Copper in Arizona, Simandou iron ore in Guinea and Jadar lithium-borates in Serbia. Non-cash costs/other Movements in non-cash costs, one-off and other items lowered underlying EBITDA by $217 million compared with 2020. This mainly reflected the impact of community disruption at RBM in 2021 (-$162 million); reduced capacity at the Kitimat aluminium smelter (-$280 million) following the strike which commenced in July, with agreement reached in October; and additional provisions (-$218 million), mainly environmental, for our legacy operations and Pacific Aluminium smelters. This was partly offset by the non-recurrence of the pot failures at Kitimat in 2020 ($206 million) and the impact of community disruption at RBM in 2020 ($91 million). COVID-19 costs across the Group were $39 million lower than in 2020. Net earnings The principal factors explaining the movements in underlying earnings and net earnings are set out here. US$m 2020 net earnings 9,769 Total changes in underlying EBITDA 13,818 Increase in depreciation and amortisation (pre-tax) in underlying earnings (372) Decrease in interest and finance items (pre-tax) in underlying earnings (100) Increase in tax on underlying earnings (3,574) Increase in underlying earnings attributable to outside interests (840) Total changes in underlying earnings 8,932 Changes in exclusions from underlying earnings: Movement in net impairment charges 918 Gain on recognition of a new wharf at Kitimat, Canada 336 Movement in exchange differences and gains/losses on debt 1,810 Movement in closure estimates (non-operating and fully impaired sites) (671) 2021 net earnings 21,094 Depreciation and amortisation, net interest, tax and non-controlling interests The depreciation and amortisation charge was $372 million higher than 2020, mainly due to the impact of the stronger Australian and Canadian dollars against the US dollar.  Lower interest and finance items (pre-tax) were reflective of a lower level of net debt on average during the year, in part due to repayment of $526 million of Euro Bonds, which matured in May 2020. It also reflected more of our debt being at floating interest rates and lower LIBOR rates. The 2021 effective corporate income tax rate on underlying earnings, excluding equity accounted units, was 28.0%, compared with 29.5% in 2020, mainly due to the re-recognition of deferred tax assets in Australia. The effective tax rate on underlying earnings in Australia was 30% in 2021 compared with 32% in 2020. We anticipate an effective tax rate on underlying earnings of approximately 30% in 2022. Items excluded from underlying earnings Net impairment charges decreased by $918 million compared with 2020. In 2021, we impaired the value of the Kitimat aluminium smelter by $197 million: as a result of a workforce strike in mid-2021, output was reduced to 25% and ramp-up to full capacity will extend through 2022, giving rise to an impairment test. In 2020, we recognised $1,115 million of impairment charges, consisting of $472 million related to three of our Pacific Aluminium smelters (NZAS, Bell Bay and Boyne), $131 million related to the ISAL smelter in Iceland, $220 million for the Sohar smelter in Oman and $292 million related to our interest in the Diavik Diamond Mine. There is a detailed explanation of the impairment process on pages 243 to 245. On 3 December, we gained control over a new wharf at Kitimat, Canada that was built and paid for by LNG Canada. The $336 million gain on recognition has been excluded from underlying earnings on the grounds of materiality and linkage to the impairment. Annual Report on Form 20-F 2021 | riotinto.com36

In 2021, we recognised non-cash exchange and derivative gains of $546 million. This was mainly on US dollar debt in non-US dollar functional currency Group companies, intragroup balances, and the revaluation of certain derivatives which do not qualify for hedge accounting. These gains compared with a 2020 loss of $1,264 million, giving rise to a positive year-on-year movement of $1,810 million. The exchange gains are largely offset by currency translation losses recognised in equity. The quantum of US dollar debt is largely unaffected and we will repay it from US dollar sales receipts. In 2021, we recognised a $671 million increase in closure costs relating to the Diavik Diamond Mine, Gove refinery, ERA and some of our legacy sites, where the environmental impact preceded our ownership. The adjustments at ERA and the Gove refinery have been recognised in the income statement as these are non-operating sites, and excluded from underlying earnings due to the magnitude of the individual updates and materiality when aggregated. In 2020, we initially recognised an increase in the Diavik closure provision based on our preliminary findings from the pre-feasibility study. On completion of the study in 2021 a true-up was recorded and has been excluded, in line with the treatment of the initial increase in 2020, which was excluded from underlying earnings as Diavik was fully impaired during the year. Other closure costs excluded in 2020 were the increase in the Gove refinery provision offset by a decrease in the Argyle mine provision on completion of pre-feasibility studies at each site. These are included in Movement in closure estimates. Further analysis can be found on page 240. Profit Net earnings and underlying earnings refer to amounts attributable to the owners of Rio Tinto. The net profit attributable to the owners of Rio Tinto in 2021 was $21.1 billion (2020: $9.8 billion). We recorded a profit after tax in 2021 of $22.6 billion (2020: $10.4 billion) of which a profit of $1.5 billion (2020: $0.6 billion) was attributable to non- controlling interests. Net earnings and underlying earnings The differences between underlying earnings and net earnings are set out in this table (all numbers are after tax and exclude non-controlling interests). 2021 2020 US$m US$m Underlying earnings 21,380 12,448 Items excluded from underlying earnings Impairment charges net of reversals (197) (1,115) Gain on recognition of a new wharf at Kitimat, Canada 336 — Foreign exchange and derivative gains/(losses) on net debt and intragroup balances and derivatives not qualifying for hedge accounting 546 (1,264) Net losses from movements to closure estimates (non-operating and fully impaired sites) (971) (300) Net earnings 21,094 9,769 On page 240 there is a detailed reconciliation from underlying earnings to net earnings, including pre-tax amounts and additional explanatory notes. The differences between Profit after tax and underlying EBITDA are set out in the table on page 343. Balance sheet Net debt reduced by $2.2 billion in 2021, resulting in a net cash position of $1.6 billion at 31 December 2021. This reflected our strong free cash flow, partly offset by dividend payments of $15.4 billion. Our net gearing ratio (net (cash) / debt to total capital) improved to -3% at 31 December 2021 (31 December 2020: 1%). Our total financing liabilities excluding net debt derivatives at 31 December 2021 (see page 256) were US$13.5 billion (31 December 2020: $13.8 billion) and the weighted average maturity was around 11 years. At 31 December 2021, approximately 85% of these liabilities were at floating interest rates (94% excluding leases). On 28 October, we issued $1.25 billion 30-year fixed rate SEC- registered bonds with a coupon of 2.75%. The proceeds of the new issuance were used to fund the early redemption and extinguishment of the company’s $1.20 billion 3.75% bonds due to mature in June 2025. The maximum amount within non-current borrowings maturing in any one calendar year is $1.4 billion, which matures in 2024.  We had $15.2 billion in cash and cash equivalents plus other short-term cash investments at 31 December 2021 (31 December 2020: $12.9 billion). In November, we took advantage of strong market conditions and completed the renewal of our $7.5 billion of fully committed Revolving Credit Facilities with 26 participating banks. The Facilities remained undrawn throughout the period, mature in November 2026 (previously November 2023) and include two consecutive one-year extension options. Provision for closure costs At 31 December 2021, provisions for close-down and restoration costs and environmental clean-up obligations were $14.5 billion (31 December 2020: $13.3 billion). The principal movements during the year were weaker Australian and Canadian currencies (-$0.5 billion), increases in existing and new provisions adjusted to mining properties ($0.5 billion) and charged to profit ($1.5 billion), partly offset by utilisations of the provision through spend (-$0.5 billion). Of the $14.5 billion in provisions, $10.7 billion relates to operating sites and $3.8 billion is for legacy sites. Remaining lives of operations and infrastructure range from one to over 50 years with an average for all sites, weighted by present closure obligation, of around 16 years (2020: 17 years). The provisions are based on risk-adjusted cash flows using a real-rate discount rate of 1.5% to reflect the obligations at present value. In 2022, we expect to utilise around $0.7 billion of the provisions as we advance our closure activities at Argyle, ERA, Gove alumina refinery and legacy sites. We have disclosed further information, including the composition of the provision by cost category and by geography, on pages 258 to 259. 37Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Our payout ratio has averaged 74% over the past six years 2017 2018 2019 2020 2021 60% 60% 60% 60% 83% 60% 71% 70% 72% 79% Ordinary dividend Additional return 2016 60% 70% Financial review continued Our shareholder returns policy The Board is committed to maintaining an appropriate balance between cash returns to shareholders and investment in the business, with the intention of maximising long-term shareholder value. At the end of each financial period, the Board determines an appropriate total level of ordinary dividend per share. This takes into account the results for the financial year, the outlook for our major commodities, the Board’s view of the long-term growth prospects of the business and the company’s objective of maintaining a strong balance sheet. The intention is that the balance between the interim and final dividend be weighted to the final dividend. The Board expects total cash returns to shareholders over the longer term to be in a range of 40 to 60% of underlying earnings in aggregate through the cycle. Acknowledging the cyclical nature of the industry, it is the Board’s intention to supplement the ordinary dividend with additional returns to shareholders in periods of strong earnings and cash generation. Record cash returns* declared: 74% average payout over past six years 2021 US$ billion 2020 US$ billion Ordinary dividend Interim 6.1 2.5 Final 6.7 5.0 Full-year ordinary dividend 12.8 7.5 Additional returns Special dividend announced in July 2021, paid in September 2021 3.0 n/a Special dividend announced in February, paid in April of the following year 1.0 1.5 Total cash returns to shareholders declared for each year 16.8 9.0 Combined total as % of underlying earnings 79% 72% *Based on weighted average number of shares and declared dividends per share for the respective periods and excluding foreign exchange impacts on payment. We determine dividends in US dollars. We declare and pay Rio Tinto plc dividends in pounds sterling and Rio Tinto Limited dividends in Australian dollars. The 2021 final dividend has been converted at exchange rates applicable on 22 February 2022 (the latest practicable date before the dividend was declared). American Depositary Receipt (ADR) holders receive dividends at the declared rate in US dollars. Ordinary dividend per share declared 2021 dividends 2020 dividends Rio Tinto Group Interim (US cents) 376.00 155.00 Final (US cents) 417.00 309.00 Full-year (US cents) 793.00 464.00 Rio Tinto plc Interim (UK pence) 270.84 119.74 Final (UK pence) 306.72 221.86 Full-year (UK pence) 577.56 341.60 Rio Tinto Limited Interim (Australian cents) 509.42 216.47 Final (Australian cents) 577.04 397.48 Full-year (Australian cents) 1,086.46 613.95 Annual Report on Form 20-F 2021 | riotinto.com38

Special dividend per share declared 2021 dividends 2020 dividends Rio Tinto Group Interim (US cents) 185.00 — Final (US cents) 62.00 93.00 Rio Tinto plc Interim (UK pence) 133.26 — Final (UK pence) 45.60 66.77 Rio Tinto Limited Interim (Australian cents) 250.64 — Final (Australian cents) 85.80 119.63 The 2021 final ordinary dividend and the special dividend to be paid to our Rio Tinto Limited shareholders will be fully franked. The Board expects Rio Tinto Limited to be in a position to pay fully franked dividends for the foreseeable future. On 21 April 2022, we will pay the 2021 final ordinary dividend and the special dividend to holders of ordinary shares and holders of ADRs on the register at the close of business on 11 March 2022 (record date). The ex-dividend date is 10 March 2022. Rio Tinto plc shareholders may choose to receive their dividend in Australian dollars, and Rio Tinto Limited shareholders may choose to receive theirs in pounds sterling. Currency conversions will be based on the pound sterling and Australian dollar exchange rates five business days before the dividend payment date. Rio Tinto plc and Rio Tinto Limited shareholders must register their currency elections by 29 March 2022. We will operate our Dividend Reinvestment Plans for the 2021 final dividend – see our website riotinto.com for details. Rio Tinto plc and Rio Tinto Limited shareholders’ election notice for the Dividend Reinvestment Plans must be received by 29 March 2022. Purchases under the Dividend Reinvestment Plan are made on or as soon as practicable after the dividend payment date and at prevailing market prices. There is no discount available. 39Annual Report on Form 20-F 2021 | riotinto.com Strategic report

Portfolio management Capital projects Projects (Rio Tinto 100% owned unless otherwise stated) Total approved capital cost  (100% unless otherwise stated) Status/Milestones Completed in 2021 Investment in the Greater Tom Price operations (Western Turner Syncline phase 2) to sustain iron ore production capacity in the Pilbara region of Western Australia. The investment includes construction of a new crusher and a 13-kilometre conveyor. $0.8bn Approved in November 2019, the investment will enable us to sustain production of our Pilbara Blend™ and facilitate mining of existing and new deposits around Tom Price. The project achieved first ore in October, in line with previous guidance. Investment in the south wall pushback, to extend mine life at Kennecott, Utah, US, from 2019 to 2026. $0.9bn Funding for the continuation of open pit mining via the push back of the south wall: the transition to the south wall is complete, with copper head grade exceeding 0.5% in the second half of 2021. Ongoing and approved Iron Ore Investment in the Robe River Joint Venture (West Angelas C and D and Mesa B, C and H at Robe Valley) in the Pilbara to sustain production capacity. $0.9bn (Rio Tinto share) Approved in October 2018, the investments will enable us to sustain production of our Pilbara Blend™ and Robe Valley products. First ore at West Angelas (C and D) was achieved in June 2021. At Robe Valley, the autonomous mining truck fleet has been commissioned: since achieving first ore in August, ongoing wet plant construction and commissioning challenges have impacted production ramp-up1. Investment in Gudai-Darri, a new production hub in the Pilbara region of Western Australia. The investment incorporates a processing plant and infrastructure including a 166-kilometre rail line connecting the mine to our existing network. Once complete, the mine will have an initial annual capacity of 43 million tonnes. $2.6bn Approved in November 2018. Labour shortages have impacted both steel fabrication and site construction activities in 2021. The railway is operational with the first train loaded from the mobile crushing and screening facilities in December. First production from the main plant is now expected in the second quarter of 2022, subject to the continuing impacts of COVID-191. Aluminium Investment in a second tunnel at the 1000MW Kemano hydropower facility at Kitimat, British Columbia, Canada, which will ensure the long-term reliability of the power supply to the Kitimat smelter. $0.8bn The project was first approved in 2017, with $155 million of additional capital approved in 2020 and a further $132 million approved in July 2021. Works resumed at full capacity in 2021 first half and tunnel boring excavation is now complete. The project is scheduled to complete in the second half of 2022, subject to there being no further COVID-19 delays. Ongoing and approved Copper Phase two of the south wall pushback to extend mine life at Kennecott by a further six years. $1.5bn Approved in December 2019, the investment will further extend strip waste rock mining and support additional infrastructure development. This will allow mining to continue into a new area of the orebody between 202