Delivering Long-Term Shareholder Value
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1 Delivering Long-Term Shareholder Value 9 October 214, Perth Cautionary statement 2 This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited ( Rio Tinto ) and consisting of the slides for a presentation concerning Rio Tinto. By reviewing/attending this presentation you agree to be bound by the following conditions. Forward-looking statements This document contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Rio Tinto Group. These statements are forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, and Section 21E of the US Securities Exchange Act of The words intend, aim, project, anticipate, estimate, plan, believes, expects, may, should, will, target, set to or similar expressions, commonly identify such forward-looking statements. Examples of forward-looking statements include those regarding estimated ore reserves, anticipated production or construction dates, costs, outputs and productive lives of assets or similar factors. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors set forth in this presentation that are beyond the Rio Tinto Group s control. For example, future ore reserves will be based in part on market prices that may vary significantly from current levels. These may materially affect the timing and feasibility of particular developments. Other factors include the ability to produce and transport products profitably, demand for our products, changes to the assumptions regarding the recoverable value of our tangible and intangible assets, the effect of foreign currency exchange rates on market prices and operating costs, and activities by governmental authorities, such as changes in taxation or regulation, and political uncertainty. In light of these risks, uncertainties and assumptions, actual results could be materially different from projected future results expressed or implied by these forward-looking statements which speak only as to the date of this presentation. Except as required by applicable regulations or by law, the Rio Tinto Group does not undertake any obligation to publicly update or revise any forwardlooking statements, whether as a result of new information or future events. The Group cannot guarantee that its forward-looking statements will not differ materially from actual results.
2 Extending our competitive advantage 3 World-class assets, seamless supply chain, unencumbered optionality Product blend & specialist marketing capture full value Driving industry-leading margins supported by automation, innovation and technology Continued proven delivery of world-class projects Rio Tinto is maximising sustainable shareholder value Brownfields mine development one of many examples of value maximisation 4 Maximising value is part of our DNA The 36Mt/a expansion is not tonnage but value-driven West Angelas Stacker 3 Chase outcomes that offer greatest value, for example preservation of premium Pilbara Blend products ~4Mt/a of brownfield mine projects approved and in implementation Average mine production capital intensity less than $15/t Yandicoogina overland conveyor
3 Long-term iron ore fundamentals remain robust 5 China s crude steel production forecast (Mt/a) 1,2 1, Total iron ore demand projections (Mt/a) 3,5 3, 2,5 2, 1,5 1, China JKT EU27 India ASEAN Middle East Other Source: Rio Tinto China is forecast to reach ~1Bt of crude steel production by around 23 Driven by exports of manufactured goods and replacement demand Iron ore demand growth will be driven by emerging economies which have more than 8% of the world s population Other contestable iron ore markets likely to develop over the coming decades include India, the Middle East and the ASEAN countries Uniquely positioned to capture value enhancing growth 6 Industry supply response to date commensurate with attractive fundamentals Fourth quartile tonnes are now being displaced Rio Tinto s resource, cost and market position drive sustainable long-term value from production growth Pilbara expansion delivers compelling incremental and absolute value 21 Industry cost curve 22 Industry cost curve 2 $/wmt CFR RTIO Pilbara 2 $/wmt CFR RTIO Pilbara Mt/a Source: Rio Tinto, Wood Mackenzie Note: Includes shipping and sustaining capital expenditure and is adjusted for inflation and FX. 22 cost curve based on 214 real data Mtpa Mt/a Cumula
4 Industry-leading cash costs and margins 7 RTIO- Pilbara cash unit cost / EBITDA margin (US$ per tonne) Our low cost advantage has been sustained over many years H1 214 cash unit cost of US$2.4/t (11% lower than H1 213) Maintain consistent and attractive margins (66% in H1 214) An embedded culture of cost discipline A cash generation office, active since 28, drives cost and productivity focus Over 2 individually tracked cost reduction and productivity improvement projects Sustainable position as the most profitable producer in the Pilbara Rio Tinto owns Pilbara s leading resources and reserves 8 Pilbara resources, reserves and production 1 (Mt) A multi-generational resource with 45Bt of mineral inventory Replacing resources and reserves ahead of production Ore body knowledge is key to successful delivery of mine plans Quality of resources and reserves underpins longevity of Pilbara Blend products Proven Probable Measured Indicated Inferred Production 1 Mineral Resource and Ore Reserves are reported in dry metric tonnes, and are reported on a 1% basis, Mineral Resources are reported exclusive of Ore Reserves. Details of the Mineral Resources and Ore Reserves from 21 to 213 are found in the Rio Tinto Annual Reports
5 36Mt/a infrastructure on time and budget 9 75% complete All 36Mt/a marine and wharf works complete Port B shiploader, stacker and reclaimer commissioned early Cape Lambert car dumpers 5, 6 & 7 First ore through car dumper 7 ahead of schedule All rail works complete, including AutoHaul wayside works First autonomous AutoHaul journey complete Cape Lambert 36Mt/a shiploader first ore Operations Centre integral to capturing innovation benefits 1 Control room, Operations Centre Automation and autonomy Mine of the Future Smart people, smart operations Big data and analysis Value derived from real-time optimisation of production, maintenance and logistics: Revised car dumper timing and additional consist provide extra ~4Mt over 214 and 215 OC optimises the system to ensure no lost tonnes from major conveyor belt rip Change in mindset and culture to ensure continued innovation Rio Tinto continues leading-edge advantage with key partners
6 Iron ore supply and pricing 11 Iron ore prices have declined throughout 214 due to increased supply Market mechanisms are playing out with ~ 125Mt of high cost global iron ore supply likely to exit the market in 214 Crude steel production continues to run at healthy levels We continue to witness consistently high demand for Rio Tinto iron ore products across varied market conditions Iron ore spot and forward prices ($/dmt, CFR China) Annualised global crude steel production (Mt) Spot Historical Forward (SGX) 1, 8 6 China Japan+Korea+Taiwan N.America Rest of World EU EU (15) Oct-1 Jun-11 Feb-12 Oct-12 Jun-13 Feb-14 Oct-14 Jun-15 Source: Platts, SGX Source: WSA, RTIO Analysis, Mysteel Long-term fundamentals for Chinese iron ore demand remain strong 12 China s crude steel production forecasts (Mt/a) 1,2 1, Source: Rio Tinto For exported goods Replacement domestic demand Iron ore demand growth is inextricably linked to the development pathway of emerging economies where more than 8% of the world s population resides China s growth story is set to continue albeit at more modest rates than witnessed over the past decade As China continues to develop, less steel will be required for domestic stock accumulation - particularly in buildings and infrastructure - with more steel required for stock upgrading and exports of manufactured goods China is forecast to reach ~1Bt of crude steel production by around 23
7 Pilbara Blend products are the basis of our expansions 13 Product Strengths H1 214 % Pilbara Blend Fines (61.5% Fe, 8.5% H 2 O) Consistent quality The most marketed iron ore product globally Base load sinter blend in Asian markets ~45% Pilbara Blend Lump (62.5% Fe, 4% H 2 O) HIY Fines (58.5% Fe, 9% H 2 O) Avoids the costs of sintering which will increase with increasing emissions legislation Ideal chemical composition for the Asian sinter blends, with low alumina and phosphorus Coarse sizing aids sinter granulation ~25% ~2% The integration of marketing and operations maximises portfolio value 14 1% 9% H1 214 products by market % Product offering and customer segmentation drives our mine development and production planning 8% 7% 6% 5% 4% 3% 2% 1% % China Japan Korea, Taiwan Atlantic Other PBF PBL RRF RRL HIY Conc. Pellets RTIO Technical Marketing works with customers, researchers and universities to maximise the value-inuse of our products Pilbara Blends are the most marketed and commercially liquid ores in the market Reported spot transactions highlight that Pilbara Blend Fines consistently achieve a premium over the Platts 62% Fe index
8 Marketing strategies which maximise value Pilbara offtake agreements by pricing mechanisms Q Actual 5% Q Lagged 25% Spot 15% Monthly 55% Rio Tinto has built a reputation for consistent quality and supply which supports our marketing strategy Rio Tinto s customer portfolio is focused on long term contracts with large mills that have substantial offtake capability Of our 214 volume: ~85% will be sold under term contracts ~15% uncontracted for sale into the spot market, in support of liquid and transparent indices 2 Strong relationships enable supply chain optimisation Pilbara shipments to Japan and China (Mt) 1 billionth tonne shipped to China Since 1966 Rio Tinto has shipped over 3Bt to Japan and China Continuing partnerships with Japan, including the Robe River joint venture, remain central to our business billionth tonne shipped to Japan The Channar Joint Venture was established in 1987 and has delivered over 2Mt to China The Bao-HI Joint Venture was established in 22 and has delivered over 13Mt to China Shipments on a 1% basis and includes all Pilbara operations controlled by Rio Tinto. Partnerships allow Rio Tinto to improve sales processes and lower transaction and administration costs
9 Take-aways 17 Iron ore market fundamentals remain robust Rio Tinto s resource, integrated logistics and marketing drive sustainable long-term value Rio Tinto will protect margins by remaining the world s lowest cost major producer Commitment to technology and innovation is key to Rio Tinto s competitive edge Pilbara Blend delivers sustained premiums and creates additional value Pilbara 36Mt/a delivers compelling and resilient project economics Operations Centre Investor visit 9 October 214
10 A strategically important project 19 Concept originated through RTIO s Industry Leadership Programme. Business context: growth, volatility, complexity - needed a more responsive organisation. Decision made to establish an integrated planning function and an Operations Centre. OB1 OB2 Control Room Operations Centre Optimising System Plans and Performance 2 Mines Plants Rail Ports Utilities Centralised Control Room Whole of System Visibility Improved access to information OPERATIONS CENTRE BENEFITS Operational Excellence System Performance Collaboration Operations Support Better, smarter, faster decision making Rapid Replication Integrated Planning and Scheduling Mining Processing Quality Logistics Asset Mgt Whole of Business Planning
11 There are 4 key managerial functions, all with strong linkages to Site Operations 21 Dynamic Scheduling Controllers Production Systems Next Generation Better, smarter faster decisions Focus on tonnes and quality Optimising the whole value chain Local people leadership and training Driving controller improvement & standardisation Control Room team dynamic/culture Day to day systems support System improvement projects Capital program management Business process redesign Interface standardisation Delivery Plan coordination Business Improvement co-ordination Site Operations Continue to make operational decisions Retain accountability for health and safety Site knowledge and expertise Control Room layout 22 Rail Ports & Dynamic Scheduling Mining & Plants
12 Control, Monitor and Optimise (Pit to Port) 23 The Control team has three main functions to ensure safe tonnes are delivered to our customers on time, at the right cost Monitor production rates and control set points Minimise performance loss by active communication and coordination during system outages Collaborate across functions and sites to provide better, faster and smarter decisions to optimise system performance Control Monitor Optimise The Control Room has evolved over time 24 Control Room Stabilised Roles moved to Perth from the Pilbara Multi skill & optimise Dynamic Constraint Utilisation, Controller Role consolidation, Brockman 4 TLO, Asset Health, Rail Maintenance Alignment, Business Resilience, SCADA Standardisation New Technology Multi-skilling of Pit & Plant roles, Control System automation, Loco GPS, Electronic Train graphing, Advanced collaborative environments, Remote Assist (MATE), Wireless Mesh Automation Autonomous Drilling, Autonomous Trucks, Autonomous Trains Future Next Gen, Transformation of people and processes, Big Data, Automation
13 Operations Centre summary 25 The nerve centre of the Pilbara integrated network, seamlessly bringing it all together Full end to end visibility means the entire system is optimised Comprehensive insight into system bottlenecks, improvement efforts and reduction and avoidance of costs Enormous future potential This is just the beginning
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