Rio Tinto Investor Presentation June 2018

Notice to ASX

Rio Tinto Iron Ore Investor Site Visit

18 June 2018

Rio Tinto is hosting a site visit to its Pilbara iron ore operations from 18-21 June 2018.

The presentation slides are attached and will also be made available at www.riotinto.com/presentations.

The Day 1 presentations will be webcast live starting at 3.00 pm (AEST) and can be accessed at www.riotinto.com/webcast.

A replay of the webcast will be available on the Rio Tinto website following the event at www.riotinto.com/webcast.

Steve Allen Tim Paine Company Secretary Joint Company Secretary

Rio Tinto plc Rio Tinto Limited 6 St James’s Square Level 7, 360 Collins Street London SW1Y 4AD Melbourne 3000 United Kingdom Australia

T +44 20 7781 2000 T +61 3 9283 3333 Registered in England Registered in Australia No. 719885 ABN 96 004 458 404

Page 1 of 1 Iron Ore – Delivering value from flexibility and optionality

Chris Salisbury Iron Ore chief executive 2 Cautionary statements

This presentation has been prepared by Rio Tinto plc and Rio Tinto Limited (“Rio Tinto”). By accessing/attending this presentation you acknowledge that you have read and understood the following statement.

Forward-looking statements This document, including but not limited to all forward looking figures, 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 1934. 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. 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 forward-looking 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. In this presentation all figures are US dollars unless stated otherwise.

Disclaimer Neither this presentation, nor the question and answer session, nor any part thereof, may be recorded, transcribed, distributed, published or reproduced in any form, except as permitted by Rio Tinto. By accessing/ attending this presentation, you agree with the foregoing and, upon request, you will promptly return any records or transcripts at the presentation without retaining any copies. This presentation contains a number of non-IFRS financial measures. Rio Tinto management considers these to be key financial performance indicators of the business and they are defined and/or reconciled in Rio Tinto’s annual results press release and/or Annual report. Reference to consensus figures are not based on Rio Tinto’s own opinions, estimates or forecasts and are compiled and published without comment from, or endorsement or verification by, Rio Tinto. The consensus figures do not necessarily reflect guidance provided from time to time by Rio Tinto where given in relation to equivalent metrics, which to the extent available can be found on the Rio Tinto website. By referencing consensus figures, Rio Tinto does not imply that it endorses, confirms or expresses a view on the consensus figures. The consensus figures are provided for informational purposes only and are not intended to, nor do they, constitute investment advice or any solicitation to buy, hold or sell securities or other financial instruments. No warranty or representation, either express or implied, is made by Rio Tinto or its affiliates, or their respective directors, officers and employees, in relation to the accuracy, completeness or achievability of the consensus figures and, to the fullest extent permitted by law, no responsibility or liability is accepted by any of those persons in respect of those matters. Rio Tinto assumes no obligation to update, revise or supplement the consensus figures to reflect circumstances existing after the date hereof.

Mineral Resources and Ore Reserves

The Mineral Resource and Ore Reserve estimates which appear on slide 36 are reported on a 100% basis. Mineral Resources are reported as additional to Ore Reserves. These Mineral Resource and Ore Reserve estimates, together with the ownership percentages for each joint venture were set out in the Mineral Resource and Ore Reserve statements in the 2013 to 2017 Rio Tinto annual reports to shareholders released to the market on 14 March 2014, 6 March 2015, 3 March 2016, 2 March 2017 and 2 March 2018 respectively. The Competent Persons responsible for reporting of those Mineral Resources and Ore Reserves were B Sommerville (Resources 2013-2017), P Savory (Resources 2013 - 2017) and A Bertram (2017), L Fouche (Reserves 2013-2014), A Do (Reserves 2015), C Tabb (Reserve 2013 - 2017) and R Verma (Reserves 2017).

Rio Tinto is not aware of any new information or data that materially affects the above estimates for 2017 as reported in the 2017 Annual Report and confirms that all material assumptions and technical parameters underpinning these estimates continue to apply and have not materially changed. The form and context in which each Competent Person’s findings are presented have not been materially modified.

Foundations Value over Volume Strategy Revenue Exclusive fully Price impact of integrated system incremental tonnes Protecting quality Delivering right tonnes to customers who value them Highly valued product suite and significant resources Capex Operating cost

Sustaining Unit cost Replacement Productivity Quality people and Growth Innovation and Technology partners driving innovation Maximises free cash flow through the cycle

Strong safety performance Focusing on fatality elimination – 265,000 CRM

1.40 verifications completed in Iron Ore in 2017

1.20 Reducing injuries – targeted hazard elimination

1.00 200,000 hours 200,000 Catastrophic event prevention through control of per 0.80 major hazards

0.60 Mental health, well being and fatigue management 0.40

0.20 Underpinned by engagement, leadership and

All All injuryrate frequency productivity initiatives 0.00 2010 2011 2012 2013 2014 2015 2016 2017

ICMM Iron Ore

HAMERSLEY IRON (100%) 16 Mines CAPE LAMBERT A & B UNDEVELOPED PROJECT (100%) PARKER POINT Point Samson Dampier Wickham ROBE RIVER MINING JV (53%) 1,700 Rail (km) EAST INTERCOURSE ISLAND Karratha Roebourne HOPE DOWNS JV (50%) CHANNAR MINING JV (60%) 4 Port terminals BAO-HI RANGES JV (54%)

4 Power stations

Pannawonica MESA A >370 Haul trucks MESA J

95 Autonomous haul trucks SILVERGRASS

NAMMULDI

BROCKMAN 2 55 Production drills BROCKMAN 4 KOODAIDERI MARANDOO WESTERN TURNER SYNCLINE Tom Price 11 Autonomous drills TOM PRICE YANDICOOGINA

HOPE DOWNS 1 >200 Locomotives WEST ANGELAS PARABURDOO Paraburdoo HOPE DOWNS 4 EASTERN RANGE CHANNAR Newman > 100 Global customers

~360* ~360 ~330-340

Mt/a Mt/a Mt/a

Building rail capacity to provide Rail and mine capacity expected to match nameplate port dynamic flexibility capacity by the end of 2019

Mine capacity of ~360Mtpa, with Silvergrass fully ramped Market driven to meet customer demand up and productivity gains Optimise and test port capacity 2018 shipments guidance is in a range of 330 – 340Mt

Global PMIs have eased but remain in expansion Chinese growth slowing very gradually

65 10

60 8

55 Real 6 ytd

PMI PMI Index 50 4

45 YoY 2

40 0 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Apr-18 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18

US Eurozone China Japan GDP Manufacturing GDP Construction GDP Services GDP

Recovery in global demand positive for China’s exports Trade tensions unlikely to materially affect steel demand 60 Controlled deceleration in Chinese growth from high rates in 45 2017 30 % 15 Chinese environmental policies and productivity measures YoY supporting demand for higher grade iron ore 0 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 -15 Strong external demand for Chinese exports despite increase -30 in trade tensions Exports Imports

2018 seaborne supply additions offset by disruptions Rise in inventories driven by lower quality iron ore and exits 42 175 39*

150

125

100 tonnes tonnes

-17 75 Million -20 Million 50

2 0 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 2017 Major’s 2018 Major’s 2018 2018 Exits 2018 Net Lower quality Higher quality Supply growth Supply growth Disruptions Supply change

* Rio Tinto 2018 additions assumes midpoint of full year guidance at 335 Mt

Rio Tinto Minas Rio Atlas Vale Tonkolili BHP Cliffs IOC Roy Hill India

Most Chinese domestic capacity is geographically …Chinese domestic production has remained steady… removed from the steel mills… 500

400

300

Heilongjiang 200

100 Jiling Million tonnes 0 Xinjiang Liaoning 1 Hebei 2013 2014 2015 2016 2017 2018 YTD Inner Chinese Domestic Production (62% equivalent) Mongolia 1 Shanxi YTD annualised January – April 2018 Shandong …and its elasticity to price is reducing Regional Capacity Million Tonnes 100% 120 <5 Sichuan 110 90% 6-10 100

11-20 90 tonne per $ Price 80% 21-30 80 31-40 70% 70 41-50 60 60% 51-100 50 Capacity Capacity utilisation 101-150 40 50% 30 40% 20 Jan-14 Jul-14 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 ©2018, Rio Tinto, All Rights Reserved Domestic supply mine operating rate Price (RHS) Source: Mysteel, SMM, Rio Tinto, Platts Our Iron Ore business consistently generates superior 11 margins

Rio Tinto Iron Ore EBITDA performance EBITDA Margin v Peers 80% 80% 180 70% Price $ per per $ Price 1 60% 60% 120 50% margin 40% tonne 40% 60 20%

EBITDA 30% 2 20% 0% 0 2013 2014 2015 2016 2017 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 RTIO Peer 1 Peer 2 Peer 3

2018 Seaborne iron ore cash costs by operator CFR China, 62% Fe fines equivalent

150 125 100 75 Rio Tinto Pilbara 50 Operations 25 0

$ per tonne (VIU$ per adjusted) 0 250 500 750 1000 1250 1500 1750 Million tonnes Source: Wood Mackenzie 1 EBITDA defined as sales margin excluding freight revenues ©2018, Rio Tinto, All Rights Reserved 2 Nominal FOB WA iron ore price. 12 Multiple low cost, value accretive capital options

Pilbara development options $ per tonne installed capital intensity

120 Sustaining capex of ~$1 billion per year for the next Bubble size indicates capacity three years

90 Pilbara replacement mines capital 2018 – 2020 of ~$2.2 billion includes West Angelas, Robe Valley Koodaideri and Koodaideri development from 2019 60 Koodaideri underpins Pilbara Blend, low cost

30 operations and capacity optionality

Post-Koodaideri replacement options are expected - to be lower capital intensity and will leverage off 2017 existing infrastructure Approved replacement Unapproved replacement -30

Pilbara cash unit cost

21 19 20.2 19.5 Headwinds in 2018: 17 Cyclical maintenance 15 Haul distance 13 14.9 costs, partly offset by per tonne per 13.7 13.4 $ 11 Bulk materials new tactics 9 7 Labour costs 5 2013 2014 2015 2016 2017 Contractor costs >4,500 productivity Breakdown of 2017 Pilbara costs Cyclical maintenance costs improvement initiatives

9% 14% 35% Employee Costs Materials Contractors 21% Energy 21% Other

Partnering Best Practice Data & Technology Automation with Suppliers

Effective equipment Mine planning optimisation Payload optimisation utilisation and maintenance optimisation Explosives charging improvements

Autonomous trucks (including retro-fit) Autonomous drills Iron Ore to deliver Yard improvements Next generation train control and scheduling additional free Dumping improvements Track maintenance strategy cash flow of Track maintenance Brake car elimination ~$0.5 billion per Consist reliability AutoHaul® year from 2021 Roll by rail detection Operations Centre optimisation Inter-machine control loops Automated inspections Productivity monitoring apps Asset health monitoring Ore sensitive dumper settings Debottlenecking opportunities

Valued customer relationships 11,500 employees driving built on technical knowledge sustainable productivity and and product quality cost improvements

Local procurement Over 1,000 WA suppliers provided with business

RioRio Tinto Tinto paidpaid $1.3$3.8 billionbillion Strong community, of royalties in Western Australia in joint venture partners and of taxes paid2017 in Australia. technology partners

Clear strategy of value over volume - focused on Market led strategy delivering value for decades to come

Disciplined embedded process for delivery of Productivity and value focused improvement in volume and productivity

Attractive low capital intensity for sustaining mine Low capital developments developments

A world class asset base generating sector leading Sector leading returns returns

Simon Farry Vice President, Sales and Marketing 18 Controlled deceleration in Chinese growth Infrastructure investment slowing but remains robust Housing inventories are very low…

30 50

25 40 20 % 30

ytd 15 20

YoY 10 Months of Supply 5 10

0 0 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 Real Estate Investment Manufacturing Investment Infrastructure Investment Tier 1 Tier 2 Tier 3

…leading to strong growth in housing starts Heavy machinery sales remain strong 40 250

% 30 200 ytd 20 150

YoY 10 100

0 50

Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 YoY ytd % -10 0 Jan-15 Jul-15 Jan-16 Jul-16 Jan-17 Jul-17 Jan-18 -20 -50

-30 Floor Space Under Construction Floor Space Sold Floor Space Started -100 Excavators Buldozers Forklift Trucks

Supply-side reforms Environmental policy Higher steel capacity Policies focused on restoring industry Environmental restrictions are utilisation rates profitability and reducing debt the new normal

Steel capacity reduction on this Environmental protection Higher steel mill margins scale/timeframe unprecedented marked as a top three domestic in the international steel market policy priority

Policies limiting future growth in steel Additional ultra-low emissions Productivity focus and preference for higher capacity standards to apply to China’s steel grade iron ore industry by 2025

©2018, Rio Tinto, All Rights Reserved China’s supply-side reform and environmental policies 20 have created a more efficient industry… Steel mill rationalisation programme has removed …while steel production has remained robust... significant capacity... 2.1 1,300 1,250 65 2.0 1,200 55 1,150 1.9 1,100 140 1.8 1,050 1,270 1,000 30 1.7 950 900 1,010 980 Million pertonnes day 1.6 850

Steel Capacity Capacity Steel million tonnes 800 1.5 2015 2016 2017 IF capacity 2017 2018 2018 2015 2016 2017 2018 capacity reductions reductions capacity reductions capacity CISA member mill daily crude steel output ...driving record steel mill utilisation rates...... and higher steel prices

1,400 85% 800 Capacity Utilisation % Utilisation Capacity 1,200 80% 700

1,000 75% 600

800 70% 500

600 65% tonne er 400 400 60% $ p 300 200 55% Steel Capacity Capacity Steel million tonnes 200 0 50% 2015 2016 2017 2018 Rebar HRCHot rolled coil Source: China Metallurgical Industry Planning and Research Institute (MPI), OECD, WSA, Rio Tinto, Mysteel, CISA, China National Bureau of Statistics ©2018, Rio Tinto, All Rights Reserved 21 ...causing a structural shift towards productivity

Improvement in Chinese steel industry profitability...... and the focus on productivity has caused structural widening in iron ore premiums

% relativity to 62% index 250 100%

200 90%

150 80%

100 70%

50 60%

Mill Mill margintonne $ per 0 50%

-50 2015 2016 2017 2018 Platts 62% Metal Bulletin 58%

Typical North China Typical South China Northern Chinese mills are most sensitive to changes in Fe grade Blast furnace productivity increase for a 1% increase in iron burden 2.5%

2.0%

1.5% 9% 20%20% 1.0% Charge 25% Direct25% 15% Charge 30% Direct30% 8% 0.5% Productivity Productivity increase 8% 20 - 25 - 21% 30% 0.0% Europe EastEast Asia Asia / Northern China 11%12% 4% South China 11% 15% Blend Blend 80% Sinter 80% 75% Sinter 75% 75 - 70 - 25% 25% 31% ~2/3 of Chinese capacity is in the north and is key for price formation Access to higher quality domestic concentrates and pellets allows North China mills to consume more lower grade seaborne iron ore

Pellet 62% Fines 58% Fines Recent environmental restrictions have reduced North China sinter Lump Chinese concentrate Other Sinter capacity and enhanced the value of higher grade iron ore

Southern and Coastal regions destination for replacement ... and replacement capacity will be larger and steel capacity – well located for seaborne iron ore … cleaner blast furnaces

>3000m3 13% 19% 23% 2000-3000m3 16% 18% 22% 3 distribution 1200-2000m 21%

35% BF size

44% 3 400-1200m 50% 28% 11% 2017 2020E 2025E

Environmentally sensitive areas (ESA), Provincial BF capacity > 30Mt where steel capacity required to decline 15Mt < Provincial BF capacity < 30Mt Capacity new and replacement area Provincial BF capacity < 15Mt Share of small BF capacity (<1200M3) >50% Source: China Metallurgical Industry Planning and Research Institute ©2018, Rio Tinto, All Rights Reserved (MPI), Rio Tinto Scrap usage in China gradually increasing from a low 24 base, but will face headwinds

China’s scrap supply growing slowly from a Headwinds limiting scrap consumption: low base Scrap to iron ore price ratio has risen to historic highs Scrap quality is low Million Million tonnes 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Scrap handling and transport bottlenecks Pig Iron Production Obsolete Scrap Supply

Increased scrap usage in BOF has increased scrap to Higher electricity costs iron ore price ratio

4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x

Source: Rio Tinto, SMM, Platts Note: Obsolete scrap is post-consumer scrap collected on end of key life- ©2018, Rio Tinto, All Rights Reserved cycles of cars, buildings, white goods, etc. Rio Tinto Commercial bridges our customers and our 25 assets

Rio Tinto’s commercial hub now established in Singapore, combining sales and marketing, procurement, and marine and logistics

Iron Ore Sales & Marketing team strategically Europe located to provide deep customer and market insights: Seoul Tokyo Shanghai • Headquarters in Singapore

Singapore • Customer-facing teams in our regional offices in China, Japan, Korea and Europe

Perth • Technical marketing teams located close to our customers (regional offices) and close to our assets (Perth)

2017 shipments by country/region

76% 16% 4% 3%

China Japan Korea Taiwan South East Asia Europe

30 largest steel mills in Asia Well positioned to supply emerging iron ore demand in South East Asia Upcoming Blast Furnace capacity in ASEAN (Million tonnes) 13% 33.9

15.2

87%

16.4 2.3

Rio Tinto supplied Non-Rio Tinto supplied Existing Commissioned Commissioned Total production 2018-2020 beyond 2020

Technical Geographical Regulatory Strategic

Operations and Logistics and Environmental exposure Steel technical constraints and supply chain and restrictions market sector process efficiency Proximity to deep Energy caps Production Stockyard and water ports / limitations flexibility screening capacity Costs and quality By-products value, Commercial Sinter and of fluxes recycle or disposal costs approach pellet capacity Seasonal Supply Coke production factors integration and quality Pricing and PCI and contract periods operating practices

2017 sales by pricing type 2017 sales by contract type 2017 sales by delivery type

11% 7% 17% 16% 5% 33%

77% 67% 67%

Fixed price (spot) Long term contract Delivered Month actual Short term contract FOB Quarter lag Spot Quarter actual

Pilbara Pilbara Yandicoogina Robe Robe Blend Fines Blend Lump Fines Valley Fines Valley Lump

2017 shipments by product

47% 26% 17% 7% 3%

Pilbara Blend Fines Pilbara Blend Lump Yandicoogina Fines Robe Valley Fines Robe Valley Lump

We remove variability for Pilbara Blend Fines is main reference our customers through our product for the 62% indices blending process

Pilbara Blend Fines Pilbara Blend Lump Fe Alumina Pricing Pricing Reference product Aligned to 62% fines index for the 62% indices plus lump premium

Most traded physical Strengths iron ore product Avoids the costs of

sintering which will in reported62% Fe transactions increase with Strengths emissions legislation 81%

Silica Phosphorus volume 77% Valued for its 70% liquidity, reliability Market position Most widely available lump product Market position PBF Share of In demand across most 2015 2016 2017 Base load sinter markets and emerging blend in China South East Asia Ship Mine/Rail

Product quality variance from mean

Total tonnes of Yandicoogina Fines, Robe Valley Fines and Robe Valley lump 2%2% 39% Yandicoogina Fines Robe Valley Fines Robe Valley Lump Pricing Pricing Pricing Priced very closely Priced against 62% Priced against 62% 98% to the 62% index index based on index based on 41% negotiated relativities negotiated relativities

Strengths Strengths Strengths 58% Fe but calcines to Coarse sizing aids sinter Low phosphorus 20% high Fe Sinter granulation Low phosphorus Market Contract Low in phosphorus Market position Market position and alumina Coastal China mills and Producers of niche steel in China Spot producers of niche steel Japan and Coastal China Japan Market position in North China Long Term Contracts Suitable for steel mills Base load in blends Other markets whose BOF is the in East Asia and Suitable for steel mills bottleneck Southern China whose basic oxygen furnace (BOF) is the bottleneck

Future system capacity

Flexing Pilbara Blend Lump shipments in line with market demand and premium cycle

Aligning Yandicoogina fines shipments in line with customer demand

Flexing volume and product mix in line with seasonal demand

Live visual interface between Sales & Marketing in Singapore and the Operations Centre enabling a customer-led supply chain

Robotic technologies Artificial intelligence to eliminate manual tasks and predictive analytics to and enhance customer generate market insights and experience drive better decisions

Focused on growing value for all through deep Customer centric organisation understanding of our customers and the industry

Product portfolio A suite of highly valued, consistent products

Supply chain optimisation Right customer, right product, right time

Value over volume underpinned by strategic product Commercial acumen placement

Kellie Parker Managing Director, Planning, Integration and Assets Highly valued product suite, sustained by significant 36 resources

Pilbara resources, reserves1 and production

25,000 375

20,000 300 tonnes Million Large mineral resources support system

(dry) optionality 15,000 225

(wet) Ore reserves maintained in line with

Million Million tonnes 10,000 150 depletion

5,000 75 Maintaining evaluation drilling and resource development programmes 0 0 2013 2014 2015 2016 2017 Mineral resources (LHS) Ore Reserves (LHS), Production (RHS)

Measured Indicated Inferred Proved Probable Production

1 Refer to the statements supporting these resource and reserve ©2018, Rio Tinto, All Rights Reserved estimates set out on Slide 3 Continuing to grow the pipeline of future resources and 37 exploration options

2018 drilling plan by hub regions

800 Extensive existing resource base 700

600 Drilling focused on evaluating mineralised inventory or conversion to 500 resource 400 Kilometres 300 Extensive tenures beyond existing mines

200 Active exploration to provide future 100 optionality

0 Existing hub near mine New hub Exploration by Rio Tinto Total Iron Ore and Rio Tinto Exploration

Exploration & Concept & Order Evaluation of Magnitude Pre-feasibility & Feasibility Development / >700km of drilling across Ramp Up Pilbara projects planned in Western Turner Completed 2018 to support operations, Koodaideri stage 2 Syncline stage 2 studies and strategic Marandoo extension Western Range production planning (SPP) Silvergrass West Angelas F options. Yandicoogina extension Mesa B/C/H Hope Downs 1 sustaining Billiard South Yandicoogina Oxbow Additional study options Nammuldi extension West Angelas C&D Brockman South 4 Koodaideri stage 1 Extension

Strategic Production Planning underpins the pipeline:

Full resource optimisation Assess product strategy Inform study options Sequence optimisation

Mesa J Port Terminals Products Future system capacity Mesa A RVL RVF Yandicoogina Cape Lambert HIY Silvergrass A

West Angelas HIY Hope Downs 1 Cape PBL Lambert PBF Fe Alumina Nammuldi B

Marandoo

Brockman 4 PBL Parker PBF Mt Tom Price Point Silica Phosphorus

Paraburdoo

Hope Downs 4 PBL

Brockman 2 EII PBF

Pisolite Marra Mamba Brockman

The system optimises reserves and fixed Customers Planning mobile assets for right quality and value

Right quality, at the right time, delivered through system

Drill & blast Load & haul Pit / plant interface Plant operations Plant / rail interface Whole of system optimisation through integrated planning: . Short, medium and long term

Rail Rail & marine planning operations . Integrated rail and port schedule

Operating management Reliability of systems System optimisation Technology and automation system

People Process Technology

Connected teams Ore body to customer – Integrated automation an integrated decision system Skills requirement for job of the future Augmented asset health Big data infrastructure

Machine / Asset Automation Networked Customer to ore body machines knowledge

Improved safety and productivity Control systems connected at all interfaces End-to-end value optimisation Autonomous drills (ADS) Mine Automation System (MAS) Artificial Intelligence across the Explosives charging improvements entire system Visualisation tools (RTVIS™) Autonomous haulage system (AHS) Dynamic system optimisation Control Loops AutoHaul®

A fully automated system, mine to customer, integrated system delivering maximum value

Sustaining Pilbara Blend - 40Mtpa throughput coarse ore capacity plant

>170 kilometres of new AutoHaul® rail

World class project delivery - utilising data centric and advanced digital engineering to produce a digital twin of the asset

Over 100 innovation opportunities within the feasibility study

Enabling technologies - combining best practice technologies with new process and production loops

Highly valued product suite, significant resources, Resource optionality development optionality

Dynamic scheduling system putting customers at the Scheduling agility core

Increasing use of technology to drive value across the Automation system

Matthew Holcz Acting Managing Director, Pilbara Mines 46 World class assets, fully integrated and agile network

HAMERSLEY IRON (100%) 2014 Nammuldi BWT CAPE LAMBERT A & B 16 Mines UNDEVELOPED PROJECT (100%) PARKER POINT ROBE RIVER MINING JV (53%) EAST INTERCOURSE ISLAND 15 Train load outs HOPE DOWNS JV (50%) 2013 Hope Downs 4 CHANNAR MINING JV (60%) Plants (including ports 17 BAO-HI RANGES JV (54%) CLA, B and Dampier)

11 Dry processing plants 2010 Brockman 4 MESA A

MESA J 6 Wet processing plants

SILVERGRASS >370 Haul trucks NAMMULDI 1990 Channar

BROCKMAN 2 95 Autonomous haul trucks BROCKMAN 4 KOODAIDERI MARANDOO WESTERN TURNER SYNCLINE TOM PRICE YANDICOOGINA 55 Production drills 1966 Mt Tom Price HOPE DOWNS 1

11 Autonomous drills PARABURDOO WEST ANGELAS HOPE DOWNS 4 EASTERN RANGE CHANNAR

Mines Plant Train Load Out

Mine & Haul Process Stockpile & Load out

Equipment Reliability Asset Reliability Tonnes per car (Mean time between failure, availability) (Scheduled loss, unscheduled loss) (Dynamic tuning for mass and volume)

Train load time Equipment Productivity Asset Productivity (Reclaimer efficiency, stockpile management, (Effective utilisation, payload, truck speed) (Effective utilisation, rates, yield) control system improvements)

Technology and automation Technology and automation Technology and automation (AHS, ADS, MAS) (Process control loops) (Automated train loading, expert control systems)

Increasing gains in workforce productivity

SOP1 per employee2 (kt / person, Index: 2014 = 1.00)

37% Productivity improvements in fixed and mobile equipment

Mutually beneficial partnerships with key local suppliers 1.36 1.37 1.19 1.00 Sustained focus on continuous improvement

Continued deployment of autonomous technology

2014 2015 2016 2017

Productivity increases are supporting our volume growth . . . Haul truck effective utilisation Haul truck payload (%, Index: 2015 = 1.00) (kt, Index: 2015 = 1.00)

8% 1.08 8% 1.08

1.03 1.02 1.00 1.00

2015 2016 2017 2015 2016 2017 . . . while improving reliability will drive efficiency on maintenance costs

Haul truck mean time between failure 793F truck engine replacements (hrs, Index: 2015 = 1.00) ($ / truck, Index: 2015 = 1.00) 28% 31% 1.31 1.00

1.07 0.72 1.00

2015 2016 2017 Previous Strategy Updated Strategy

Haul truck automation is delivering clear benefits with further upside to be realised as the technology matures 2017 haul truck effective utilisation Yandicoogina AHS effective utilisation1 (%, Index: Manned = 1.00) (%, Index: 2016 = 1.00)

11% 1.11 1.14

1.05 1.00 1.00

Manned Autonomous 2016 2016(Year 1) 2017 2017(Year 2) 2018 YTD2018 YTD (Year 3) Our automated drills are running for longer and achieving more metres per hour 2017 drill fleet effective utilisation 2017 drill fleet penetration rate (%, Index: Manned = 1.00) (m / hr, Index: Manned = 1.00)

26% 1.26 13% 1.13

1.00 1.00

Manned Drills Automated Drills Manned Drills Automated Drills

Focus on maintenance efficiency and asset reliability is driving up availability Scheduled loss Unscheduled loss (%, Index: 2016 = 1.00) (%, Index: 2016 = 1.00) 8% 10% 1.00 1.00

0.92 0.90

2016 2017 2016 2017 Plant performance supporting growth at Greater Brockman: our largest operation 2017 Improvement in Asset Utilisation Ratio (%, Index YoY by plant) Targeting both operating time and rates 8% Improvements across all four plants 5% 5% Supported increased production from Greater Brockman of 5.1 million tonnes in 2% 2017 B2 B4 NAWT NBWT ©2018, Rio Tinto, All Rights Reserved 52 Creating a flexible value driven mine production system

Plant performance improvements at Yandicoogina 2 x dry processing routes 2 x wet processing routes

PRIMARY CRUSHER PC1 PC4 PC2 PC3

PROCESSING PLANT Plant 1 Plant 2 Plant 3 2017 Outcome Total production maintained at ~ 58 Mt STOCKYARD Stockyard 6% reduction in site unit costs 4 Mt additional flexible capacity created 2016 Production 5 Mt 24 Mt 10 Mt 19 Mt Indexed Unit Cost 1.00 0.76 1.00 0.71

2017 Strategy reduce maximise flex maximise Production 1 Mt 28 Mt 6 Mt 23 Mt

Improved baseload Leverage flexibility Productivity Reliability Rail capacity Market demand

Incremental improvements at significant scale can deliver substantial benefits Tonnes per car Train load time (kt, Index: 2016 = 1.00) (min, Index: 2016 = 1.00)

1% 2% 1.00 1.02 0.99 1.00

2016 2017 2016 2017 580 tonnes per train × 2 minutes load time = 6Mtpa rail capacity

The progressive rollout of automation in train loading delivers improvements in payload

Expert control systems enable dynamic tuning for mass or volume constrained sites

Improvements to rolling stock capacity at mines allow full system utilisation

Silvergrass ramp up commenced in Q2 2017

Silvergrass and Nammuldi incremental production tonnes (Annualised million tonnes)

15.3 Increased production capacity up to 21Mtpa

High grade Marra Mamba ore supporting 10.5 Pilbara Blend

All construction contracts awarded to Western Australian companies

3.5 2.1

2017 Q2 2017 Q3 2017 Q4 2018 Q1

Flexing the integrated system Agile network of mines gives superior product options

Project delivery and Demonstrated project delivery and commissioning commissioning capability providing growth and replacement tonnes

Productivity of the integrated Continuing to improve our assets with technology, system innovation and replication

Ivan Vella Managing Director Rail, Port & Core Services 57 World class assets, fully integrated and agile network

Legend Mesa J Port Terminals Products CAPE LAMBERT A & B Town Railway PARKER POINT Mesa A Railway Duplication RVL EAST INTERCOURSE ISLAND Robe Fleet Pooled Fleet Cape RVF Central Corridor Yandicoogina Lambert HIY Indicative rail network for Koodaideri Silvergrass A EMU JUNCTION West Angelas HIY Hope Downs 1 Cape PBL MESA A Lambert PBF MESA J Nammuldi B

Marandoo SILVERGRASS

NAMMULDI Brockman 4 PBL ROSELLA JUNCTION BROCKMAN 2 Parker PBF BROCKMAN 4 KOODAIDERI Mt Tom Price Point MARANDOO WESTERN TURNER SYNCLINE YANDICOOGINA TOM PRICE Paraburdoo

HOPE DOWNS 1 Hope Downs 4 PBL

WEST ANGELAS PARABURDOO HOPE DOWNS 4 Brockman 2 EII PBF EASTERN RANGE CHANNAR Pisolite Marra Mamba Brockman

1400 Increasing demand on formation and ballast Rio Tinto Iron Ore 1200

1000 BHP Powder River Basin**

800 Hunter Valley VALE Carajas

600 Aurizon Coal*** FMG

400

Number of loaded axles per hour* per axles loaded of Number CN/CP directional run zone

Sishen-Saldanha 200 Roy Hill LKAB

0 20 25 30 35 40 45

Source – Hatch Benchmarking – based on public data Axle load (*) Number of loaded axles refers to main spine of networks, excludes RTIO Robe River and BHP Goldsworthy (**) Powder River Basin factored from triple track to double track (***) Aurizon Goonyella tonnages are "below rail", including all operators ©2018, Rio Tinto, All Rights Reserved Increased flexibility in our supply chain creates 59 additional competitive advantage

Future system capacity Delivering rail capacity provides dynamic flexibility to respond to customer demands

System designed to ensure rail does not limit the full potential of the port and mine assets

Continue to optimise and challenge overall port capacity

Q4 2017 shipments of 90Mt and December shipping rates of ~390Mtpa shows port potential

Train Load Out Mainline Yard and Port (Dumper)

Stockpile & Rail Ore car- Load out dumping

Tonnes per car Mainline network operating strategy Yard operations (Network operation, common tactics, (Optimised scheduling, mobility solution, (Dynamic tuning for mass and volume) reduced delays and stoppages) RFID for rolling stock management)

Train load time Rail track maintenance Train maintenance (Reclaimer efficiency, stockpile management, (Optimum speed, productivity and reliability) (Automated condition monitoring, further control system improvements) automation in workshops)

® Autohaul Reduced dump cycle times Technology and automation (Optimised speed, advanced signalling, reducing (Automated train loading, expert control systems) (Control system machine learning and variability) analytics, interface management)

Range of investment options being studied (Eliminating brake cars, electronic braking to dumper,Investment closer train and spacing, enablingLTE /4G technology network – real options time monitoring – consists, and controllocomotives, across the closer network) train spacing, eliminating brake cars, long term evolution (LTE) network.

Improved productivity, efficiency and safety

Greater flexibility in scheduling

Removal of driver changeover times ~3x stoppages for each round trip

Improved cycle time performance

Removing the need to transport drivers 1.5 million kilometres each year to and from trains

World’s first fully autonomous heavy haul mainline run completed in September 2017

AutoHaul® usage continues to be expanded ~65% >1million ~6% Regulator approval received in May production kilometres kilometres Speed improvement currently completed in completed in autonomous in autonomous Full implementation of autonomous autonomous mode1 mode1 this year mode1 programme by end of 2018

Technology-enabled best practice tactics covering the yard interface, mainline and mine interface

Real time visibility and Analytics, decision support and optimisation of our network with automation tools for train predictive capabilities and control team scenario testing to illustrate implications of different tactics

Automated roll-by (ARB) RFID tracking of assets Yard optimisation engine

Dynamically optimised yard All locos and wagons tracked using movement plan Optical solution providing insight into RFID technology the health of our fleet Closed loop feedback to yard Improved paperless information on Location available to yard optimisation operators and drivers the wagon and its history engine and mobility solution Comprehensive mobility solution to Closing the feedback loop when faults support operations and maintenance Improved utilisation of assets are rectified teams

Maintenance strategy and RTIO cumulative tonnes railed productivity critical Million tonnes Rail capacity increase 6,000 3 Years to rail 1,000Mt 5,000

4,000 Rail Increased maintenance 3,000 25 Years to maintenance productivity rail 1,000Mt demand 2,000 can unlock

1,000 new potential Less track 0 time available More trains, 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 heavier trains, more often Increased wear and track impact, less time between trains

Number of trains

Payload per train

Network capacity (Mtpa) Yard improvement

Network operating Cycle time strategy

Rail maintenance productivity (network speed and reduced delays)

Chart size indicates relative capacity contribution

Yard and Dumping productivity benefits continue… Yard-in improvements Dumping – placing train improvements Minutes (%, Index: 2015 = 1.00) Minutes (%, Index: 2015 = 1.00) 17% 1.00 26% 1.00 0.90 0.91 0.83 0.74

2015 2016 2017 2015 2016 2017

…with demonstrated volume upside for cycle time and payload Yard-out improvements Payload – Tonnes per train Minutes (%, Index: 2015 = 1.00) kt / Train (%, Index: 2015 = 1.00)

12% 1.5% 1.00 1.015

0.92

0.88 1.00

0.993

2015 2016 2017 2015 2016 2017

Continued improvement in productivity and safety, with considerable potential for capacity uplift

Unparalleled flexibility for blending and customer centric operation

Four independent terminals that provide optionality and full utilisation of our ship loaders

Port reliability continues…. Unscheduled downtime hours per million tonnes Dumper capacity - time between queuing trains Pooled fleet dumping circuits (%, Index: 2015 = 1.00) Cape Lambert yard / dumper interface (%, Index: 2015 = 1.00)

1.00 54% 1.00 11% 0.98

0.56 0.46 0.89

2015 2016 2017 2015 2016 2017

With demonstrated volume improvements in loading capacity Time lost from shutdown over-runs Ship loading capacity Cape Lambert All ports circuits (%, Index: 2015 = 1.00) CLB performance (%, Index: 2015 = 1.00)

48% 8% 1.00 1.04 1.08 1.06

0.52

1.00

Leveraging the fully integrated and flexible system - Reshaping the supply chain extracting capacity to realise more value from market

AutoHaul® benefits flowing AutoHaul® platform enables additional productivity

Opportunities to leverage technology across the supply Future benefits from technology chain

Chris Salisbury Iron Ore chief executive 72 Iron Ore continues to deliver optimal value

Strong foundations Further opportunities for value creation Exclusive fully integrated system Value over volume strategy Maximising Highly valued product suite cash flow and significant resources through the Mine to market productivity improvements cycle Quality people and partners driving innovation

Step 1: Sinter and Coke Making Step 2 : Iron Making Step 3 : Steel Making, Refining and Casting

Ore Fines and Concentrate Coking Coal Coke, Sinter Alloys Pilbara Blend Fines Lump, Pellets Scrap metal Inputs Inputs Inputs Inputs Fluxes Robe Valley Fines Pilbara Blend Lump Robe Valley Lump Yandicoogina Fines Fluxes + Fine Coke Coal for injection Fluxes Recycled Slag/Dust/Scale

Sinter Plant Coke Plant Blast Furnace (BF) Blast Oxygen Steel refining and Furnace (BOF) Steel Casting Fine Coke Slag By Products Slag Outputs Outputs Outputs Fine Sinter Coke Oven Gas Outputs BF Gas Outputs BOF Gas Mill Scale

Scott Wilkinson; General Manager GBO General Manager Safety Share 2 Automation introduces additional safety controls

Autonomous haulage system (AHS) setup Benefits; GPS antenna Mode lights . Reduces number of people exposed to hazards . Reduces number of critical risk scenarios . Improves level of control effectiveness (engineering controls)

Communications and controllers Laser Radar

Greater Brockman Summary SILVERGRASS MINE PLANT . Traditional owners of the land are the Puutu Kunti Kurrama and Pinikura and the Eastern Guruma people. NAMMULDI MINE . Open Pit ore commencement; . Brockman 2/Nammuldi – 1992 BROCKMAN 2 MINE . Brockman 4 – 2010 PLANT . Silvergrass - 2017 ADMINISTRATION . Approximately 1400 employees. . FIFO workforce; regional WA and PLANT Perth.

. Marra Mamba and Brockman Ore ADMINISTRATION types. . 6 villages in operations. SCALE 0 2.5 7.5 10 BROCKMAN 4 MINE Kilometres

CAPE LAMBERT A & B Hamersley Iron (100%) PARKER POINT Undeveloped Project EAST INTERCOURSE ISLAND Robe River Mining JV (53%)

Hope Downs JV (50%)

Channar Mining JV (60%)

BAO-HI Ranges JV (54%)

MESA A

MESA J See next slide

SILVERGRASS

NAMMULDI

BROCKMAN 2

BROCKMAN 4 KOODAIDERI MARANDOO WESTERN TURNER SYNCLINE TOM PRICE YANDICOOGINA

HOPE DOWNS 1

PARABURDOO WEST ANGELAS HOPE DOWNS 4 EASTERN RANGE CHANNAR

6 x Atlas D65 contour rigs 4 x SKSS production rigs

80 37x 930E Autonomous Haul Trucks Shovel configuration: 3 x Hitachi EX8000, 1 x Hitachi EX5600, 3 x Hitachi EX5500. Backhoe configuration: 4 x Hitachi EX5600, 5 x Hitachi EX3600 and 2 x Hitachi EX2500.

Loaders - 2 x Letourneau L-2350, 2 x Letourneau L-1850, 2 x Komatsu WA1200 and 5 x CAT993.

Nammuldi Nammuldi Brockman 4 Silvergrass Brockman 2 Below Water Table Above Water Table

PRIMARY CRUSHER PC1 PC2 NBWT PC NSC1 & 2 SGE PC B2 PC CSI PC

PROCESSING PLANT Dry Plant (45mtpa) Wet Plant (46mtpa) Dry Plant Dry Plant 10mtpa 10mtpa TRAIN LOAD OUT TLO TLO TLO (FEL)

STOCKYARD Stockyard Stockyard Stockyard

RAIL OPERATIONS Loop Loop Loop (200km) Pilbara Blend (PB) Lump and Fines

Ore Types: Brockman Marra Mamba

Opening Ceremony . First low-phosphorus ore 5 Nov 2017.

. Primary crusher with 9km conveyor SILVERGRASS MINE connecting existing infrastructure at NBWT Plant. . Extension of Nammuldi workshop (4 bays, tyre change and storage facility and

SCALE light vehicle workshop, fuel facility and 0 1 2 3 4 5 Kilometres wash930E bay). Autonomous trucks in operation . Other infrastructure - office and crib facilities, emergency services.

. Upgrade of Jerriwah Village. NAMMULDI INFRASTRUCTURE

BROCKMAN 2 MINE NAMMULDI MINE

Brockman 2 Plant Operating Time Focused on; Indexed, Hrs 28% 1.28 . Delivering the tonnes and grade of ore to meet

system requirements. 1.09 . Increasing plant performance and asset reliability. 1.00 . Continuous improvement of manned and 2015 2016 2017 autonomous fleet optimisation.

. Retrofitting drills to support autonomous drill 2017 Improvement in Asset Utilisation Rate technology. (%, Index YoY by plant) 8% . Improving train loading times to support 5% debottlenecking rail. 5%

B2 B4 NAWT NBWT

AHS in operation - Silvergrass Production drill during ADS technology installation at NBWT MEM Workshop

Train Loadout Operations B4

©2018, Rio Tinto, All Rights Reserved The Operations Centre (OC) The nerve centre of the integrated network Kellie Parker Managing Director, Planning, Integration and Assets 3 Seamless integrated operations…..

Exploration Assessment Planning Drill & Blast Load & Haul Processing

Customers Shipping Stockpile Ore Car Rail Stockpile & Dumping Load out

Mine Process Stockpile & Rail Car- Stockpile Shipping Customers & Haul Load out dumping

Operations Centre

Whole of System Visibility System wide integrated planning and scheduling

Improved access to information Operational Excellence

Collaboration BENEFITS Better, smarter, faster decision making

Operations Support Rapid Replication

Operations Centre Control, Monitor and Optimise the integrated system

Mine Plant Rail Ports Asset health

16 Mines 10 sites with 12 Fixed Plants 1700 Km of rail network Operation 4 Ports: Real-time monitoring of (Wet & Dry) CLA, CLB, PPT, EII fixed and mobile assets >370 Trucks Manned & AHS >200 locomotives Remote TLO - B4, Dumping & Stacking / AutoHaul® Locomotive Autonomous Haulage wagons NBWT, Mesa A >12,000 Stockyard Management Monitoring & Signals 95 Trucks & Networks Reclaiming & Ship Loading 3 sites - HD4, NAM, YAN Condition Monitoring Autonomous Drills & Oil Analysis 11 drills currently WAN (7) & YAN (4)

Rail

Asset Health, Ports & Dynamic Scheduling

Mining & Plants

Increased AHS presence

Newest– Autonomous Drills

2007 2009/10 2010/11 2014 2016 2017/18 Operations Centre Automated trucks Autonomous Drilling Deployment of ADS Mobile-device First Autonomous and automated truck Pilbara ‘A Pit’ trial System (ADS) trial and RTVis™ production reporting Drill deployment / trials (AHS) retrofit commences

2008 2010 2012 2015 2017 2018 Automated Operations Centre Automated truck Transition automated First unmanned rail Regulator Approval train trial (manned) commissioned deployments truck control to the journey First AHS AutoHaul® Operations Centre retrofit ADS to OC VET Skills Launch

Autonomous haul trucks - AHS Autonomous drills - ADS AutoHaul® Improved safety, productivity & operating costs 11 autonomous drills across two sites – Full implementation – West Angelas & Yandicoogina end 2018, regulator approval completed 95 autonomous haul trucks 1,000 drill hours > conventional drills in 2017 6% speed improvement in autonomous mode Av. 1,000 more hours Being deployed at Silvergrass Step change in safety and productivity 15% lower load and haul cost in 2016 than conventional haul trucks

Pioneering technology Innovative projects Skills of the future

Advanced Decision Support AutoHaul® Connected Teams Integrated Automation Machine to machine control loops Skills for jobs of the future Big Data Infrastructure Productivity monitoring apps Enhanced Data Capability

Machine / Asset Networked Customer to ore Automation machines body knowledge

Improved safety and productivity Control systems connected End-to-end value optimisation at all interfaces Autonomous drills (ADS) Artificial Intelligence across Mine Automation System (MAS) the entire system Explosive charging improvements Visualisation tools (RTVIS™) Dynamic System Optimisation Autonomous haulage system (AHS) Control Loops AutoHaul®

A fully automated system, mine to customer, integrated system delivering maximum value.

Integrating and managing the fully integrated system.

Maximising value from our operations, with value underpinning decision making.

Right quality at the right time delivered through the dynamic system.

Leading in technology and automation.