Investing in long-term supply

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1 Investing in long-term supply 投资于长期供应 8 th Annual TZMI Congress, Shanghai, 10-14 November 2014 第八届 TZMI 年度会议,

1 1 Investing in long-term supply 投资于长期供应 8 th Annual TZMI Congress, Shanghai, November 2014 第八届 TZMI 年度会议, 上海,2014 年 11 月日 Mark Davies 马克. 戴维斯 Interim Chief Executive Officer, Rio Tinto Iron & Titanium 代理首席执行官, 力拓钛铁公司

2 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 presentation includes forward-looking statements. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding Rio Tinto s financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Rio Tinto s products, production forecasts and reserve and resource positions), are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Rio Tinto, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Rio Tinto s present and future business strategies and the environment in which Rio Tinto will operate in the future. Among the important factors that could cause Rio Tinto s actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, levels of actual production during any period, levels of demand and market prices, the ability to produce and transport products profitably, the impact of foreign currency exchange rates on market prices and operating costs, operational problems, political uncertainty and economic conditions in relevant areas of the world, the actions of competitors, activities by governmental authorities such as changes in taxation or regulation and such other risk factors identified in Rio Tinto's most recent Annual Report on Form 20-F filed with the United States Securities and Exchange Commission (the "SEC") or Form 6-Ks furnished to the SEC. Forward-looking statements should, therefore, be construed in light of such risk factors and undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this presentation. Nothing in this presentation should be interpreted to mean that future earnings per share of Rio Tinto plc or Rio Tinto Limited will necessarily match or exceed its historical published earnings per share.

A portfolio of industry leading assets 行业领先的资产组合 3 RTFT:

Centre 研发中心 Large, long-life, low-cost ore-bodies 规模庞大

development and customer support 自主知识产权的冶炼技术产品开发以及客户支持

sulphate pigment, and welding and sponge industries

co-product streams deliver maximum value from ore-bodies

high-margin markets 共生产品升级面向专业细分但是高额利润的市场 Titanium dioxide

3 A portfolio of industry leading assets 行业领先的资产组合 3 RTFT: 1950 魁北克钛铁 RBM: 1976 理查兹湾矿物 QMM: 2009 马达加斯加矿物 Technology Centre 研发中心 Large, long-life, low-cost ore-bodies 规模庞大可长期开采并且低成本的矿山资源 Proprietary smelting technology, product development and customer support 自主知识产权的冶炼技术产品开发以及客户支持 Reliable and flexible production base serving chloride and sulphate pigment, and welding and sponge industries 值得信赖并且灵活应对市场的生产基地, 为氯化法和硫化法的钛白粉焊接钛铁以及海绵钛等行业供应原料 Multiple co-product streams deliver maximum value from ore-bodies 多种共生产品的组合创造矿体的最大价值 Co-product upgrading to supply niche, high-margin markets 共生产品升级面向专业细分但是高额利润的市场 Titanium dioxide business well placed to supply consumption-driven demand growth 二氧化钛业务立足于供应由消费驱动的需求增长

4 Safety remains our core value 安全始终是我们的核心价值 4 All Injury and Lost Time Injury Frequency Rates 总工伤率和损时工伤率 Rio Tinto Iron & Titanium, Rio Tinto 力拓钛铁公司 4.00 Rio Tinto AIFR 力拓集团总工伤率 Jan 02 Jun 02 Nov 02 Apr 03 Sep 03 Feb 04 Jul 04 Dec 04 May 05 Oct 05 Mar 06 Aug 06 Jan 07 Jun 07 Nov 07 Apr 08 Sep 08 Feb 09 Jul 09 Dec 09 May 10 Oct 10 Mar 11 Aug 11 Jan 12 Jun 12 Nov 12 Apr 13 Sep 13 Feb 14 Jul 14 Source: Rio Tinto 力拓 Rio Tinto LTIFR 力拓集团损时工伤率 Rio Tinto Iron & Titanium AIFR 力拓钛铁总工伤率 Rio Tinto Iron & Titanium LTIFR 力拓钛铁损时工伤率 2013, Rio Tinto, All Rights Reserved

5 Our business has global scale and reach 全球规模和范围的业务 Rio Tinto Fer et Titane, Canada (100% Rio Tinto) 加拿大魁北克钛铁 ( 力拓 100% 股权 ) Hard rock ilmenite mining at Havre St Pierre 位于哈佛 - 圣皮埃尔的岩矿采矿 Refining & technology at Sorel Tracy 位于索瑞尔熔炼基地, 研发中心 Operations 经营 Exploration 勘探 Technology centre 研发中心 Sales & distribution offices 分销中心 Warehouse facilities 仓储设施 Primary products 主要产品 80% TiO 2 85% TiO 2 90% TiO 2 95% TiO 2 Sorelslag RBM chloride slag RTCS TM UGS Zircon, rutile, high purity iron, metal powders, steel 锆英砂, 金红石, 高纯铁, 金属粉末, 钢 QIT Madagascar Minerals,(80% Rio Tinto) 马达加斯加矿物 ( 力拓 80% 股权 ) Mineral sands mining 矿砂采矿 Richards Bay Minerals, South Africa (74% Rio Tinto) 南非理查兹湾矿物 ( 力拓 74% 股权 ) Mineral sands mining, refining & technology 矿砂采矿, 熔炼, 研发 Metal Powders, Suzhou (100% Rio Tinto) 魁北克金属粉末, 苏州 ( 力拓 100% 股权 )

6 Long-term demand fundamentals for TiO 2 are robust TiO 2 工业长期发展的根基仍然强健 TiO 2 pigment regional s-curves 钛白粉分区域消费量 S 曲线 kg of pigment, GDP per capita average ( ; kg/cap, $2005 PPP) 人均钛白粉消费量, 公斤 / 人 China 中国 South Korea 韩国 India 印度 0 10,000 20,000 30,000 40,000 50,000 Source: Rio Tinto Analysis 力拓 USA Western Europe 西欧 Japan 日本 Indicative S-Curve 标示性 S 曲线 Strong medium term fundamentals underpinned by pigment demand in emerging economies 新兴经济体对颜料的需求将支撑中长期的强劲发展 Pigment intensity levels in emerging markets remain well below developed market saturation levels 新兴经济体的人均颜料消费量仍然显著低于发达经济体的成熟水平 We expect Chinese consumption per capita to reach approximately 2kg/capita by 2025, resulting in an additional ~1.3m TiO 2 units in feedstock demand vs. current levels 我们预计, 到 2025 年中国的人均消费量将大约达到 2 公斤, 和当前水平相比, 这将带来 130 万吨 TiO 2 单位的增量 Final intensity level reached will depend on local infrastructure and consumer preferences 最终能达到的人均颜料消费量将取决于当地的基础设施和消费者喜好 Demand growth to 2030 estimated to be equivalent to approximately 6 RBM-scaled operations 到 2030 年的需求增长预计大致相当于力拓理查兹湾矿物公司经营规模的 6 倍 Demand recovery in developed markets is expected to contribute in the short-term 发达经济体的需求复苏预计在短期内会对市场的回暖作出贡献

7 Strengthening our industry position through customer relationships and market insight 通过客户关系和市场洞察力来加强我们的行业地位 TiO 2 contract volumes TiO 2 合同量 Percentage 百分比 100% 75% 50% 25% 0% Legacy contracts 旧版合同 New contracts 新版合同 TiO 2 portfolio flexibility TiO 2 组合弹性 Percentage of total product tonnes (capacity) 产品总量百分比 ( 产能 ) 55% 25% 20% 0% 20% 40% 60% 80% 100% Chloride Sulphate Either 氯化渣酸溶渣两者皆可 Align capacity utilisation to market demand 根据市场需求来确定产能利用 Continue to replace fixed price multi-year TiO 2 contracts 继续更换掉那些固定价格多年限的 TiO 2 旧版合同 No legacy contracts remaining beyond 年之后不再有旧版合同 Diverse and flexible asset and product portfolio give variable exposure to chloride and sulphate feedstock demand 以多样化灵活多变的资产和产品组合, 来更好的应对氯化渣和酸溶渣的需求 World class technology and technical capability with continuous product development 以世界顶级的工业技术和工艺能力, 来保证持续的产品开发 Customer focused commercial strategy with emphasis on reliability and quality 以客户为核心的商业战略, 来重点强调商业信誉和产品质量 Flexible product mix to meet customers specifications 以灵活可调的产品组合, 来满足客户的具体需求 Expanding commercial, technical and operational presence in China 扩大我们在中国的商务技术和运营等市场行为 Pro-active collaboration across the value chain to decrease environmental impact 积极介入与整个价值链的合作, 来降低对环境的影响 7

Generating options to participate in market demand growth 寻求多种方案响应市场需求增长 Havre-Saint-Pierre, Canada 加拿大 Developing options to develop smelter feed capacity when appropriate 开发各种可行的方案,

8 Generating options to participate in market demand growth 寻求多种方案响应市场需求增长 Havre-Saint-Pierre, Canada 加拿大 Developing options to develop smelter feed capacity when appropriate 开发各种可行的方案, 在适当的时候来发展冶炼炉原料的产能 Targeting projects with flexibility to supply into sulphate and chloride markets; with coproduct optionality 重点关注那些具有弹性的项目, 其目的是在考虑共生产品的机遇的同时, 可灵活地供应酸溶渣和氯化渣市场 A number of early stage programmes underway 一系列初级阶段的项目正在进行中 Studies to extend the mine life of Havre- St-Pierre 延长哈佛 - 圣皮埃尔地区矿山的寿命 Development options for St Luce and Petriky at QMM being considered 评估马达加斯加矿物 St Luce 以及 Petriky 地区的发展方案 Evaluation studies in Mozambique 莫桑比克的评估研究 Initiation of exploration in Gabon and review of opportunities in Tanzania 开始在加蓬的探矿, 评估在坦桑尼亚的机会 8

9 Feasibility study underway at Zulti South to maintain Richards Bay Minerals capacity 为了维持理查兹湾的产能, 对 Zulti South 的可行性研究正在进行中 RBM indicative ilmenite production capacity with Zulti South, 理查兹湾的钛精矿产能预测 ( 包含 Zulti South ) Kt 千吨 Tailings Treatment Plant Ilmenite Zulti South Ilmenite Zulti North Ilmenite Zulti South extends the life of RBM deploying known technologies Zulti South 采用已有的技术延长理查兹湾的开采寿命 An industry leading TiO 2 resource with valuable co-products of zircon and rutile 行业领先的二氧化钛资源, 并伴生极具价值的共生产品锆英砂和金红石 Established product suite 完备的产品套系 Maximises the use of installed smelting capacity 最大化的利用现有的钛渣熔炼产能 Enables RBM to sustain current production rates for the next two decades 确保理查兹湾矿物在未来的二十年内能够维持当前的产量 Total capital expenditure approximately $400 million 总投资约为 4 亿美元 Payback period of 2 years 偿还期为 2 年 9

If approved, Zulti South commissioning is scheduled for 2017 如果获得批准,Zulti South 预定于 2017 年开始试运转 Feasibility study on track for a 2014 completion 可行性研究进展顺利, 拟 2014 年完成 Request for execution funding

10 If approved, Zulti South commissioning is scheduled for 2017 如果获得批准,Zulti South 预定于 2017 年开始试运转 Feasibility study on track for a 2014 completion 可行性研究进展顺利, 拟 2014 年完成 Request for execution funding approval H 年上半年, 申请执行资金拨款的审批 If approved, site preparations and production ramp-up from 2017 如果获得批准,Zulti South 矿山项目将于 2015 年至 2017 年实施,2017 年将有产量陆续投放市场 Planned to be a dry mining operation 计划进行干法开采 Heavy mineral concentrate will be pumped to the existing mineral separation plant and smelter site 重矿将会被泵送至现有的选矿厂和钛渣熔炼厂 10

A portfolio of industry leading assets 行业领先的资产组合 11 Consumption-driven demand growth in the medium term is driven by strong macroeconomic fundamentals 中期消费驱动的需求增长, 由强劲的宏观经济主导 Portfolio of strong

11 A portfolio of industry leading assets 行业领先的资产组合 11 Consumption-driven demand growth in the medium term is driven by strong macroeconomic fundamentals 中期消费驱动的需求增长, 由强劲的宏观经济主导 Portfolio of strong assets positioned to supply into this demand growth 强健的资产组合立足于供应该需求增长 Proprietary smelting technology and market insight provides a competitive advantage 自主知识产权的冶炼技术和市场洞察力提供了竞争优势 Maximising the value of our assets through coproduct streams 通过共生产品组合来实现资产价值最大化 Driving operating discipline to reduce costs and increase productivity 通过全方位的经营管理来降低成本并提高生产力 Richards Bay Minerals, South Africa 理查兹湾矿物, 南非 Generating options to participate in market growth when appropriate 在适当的时候寻求多种方案响应市场需求

PowerPoint Presentation

PowerPoint Presentation Long-term Industry Commitment 对行业的长期承诺 9 th Annual TZMI Congress, Shanghai, 18 November 2015 第九届 TZMI 年度会议, 上海,2015 年 11 月 18 日 Mark Davies 马克. 戴维斯 Chief Commercial Officer, Rio Tinto Iron & Titanium 首席商务官,