RIO TINTO LIMITED — Interim / Quarterly Report 2016

Third quarter operations review

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Rio Tinto releases third quarter production results

20 October 2016

Rio Tinto chief executive J-S Jacques said “We have delivered strong quarterly production, underpinned by improving operational performance across our Tier 1 portfolio. Output from our iron ore and bauxite assets reflects the drive for productivity and operational excellence. With a continued focus on value, we will seek further productivity improvements across the business. Our rigorous attention to cash generation, coupled with a disciplined allocation of capital remains our key focus in delivering shareholder value.”

Highlights

• Pilbara iron ore production (100 per cent basis), saw a run-rate of 330 million tonnes a year. Shipments were reduced by port and rail maintenance during the quarter and annual shipment guidance is revised to between 325 and 330 million tonnes for 2016.

• Quarterly production records at both Weipa and Gove led to nine month bauxite production of 35.6 million tonnes, ten per cent higher than the same period in 2015.

• Kitimat delivered its second consecutive quarter at nameplate capacity, giving rise to an 11 per cent increase in year to date aluminium production.

• Mined copper production for the first nine months of 2016 was four per cent higher than the same period in 2015, despite 18 per cent lower copper production at Escondida, primarily due to lower grades. Rio Tinto Kennecott achieved increased production from mining an area of higher grades, whilst continuing its focus on de-weighting to access ore from the east wall of Bingham Canyon.

• On 5 August, the Group completed the sale of its Mount Pleasant thermal coal assets for $221 million plus royalties.*

All currency figures in this report are US dollars, and comments refer to Rio Tinto’s share of production, unless otherwise stated. To allow production numbers to be compared on a like-for-like basis, production from asset divestments completed in 2015 have been excluded from Rio Tinto share of production data but assets sold in 2016 remain in comparisons.

*Amount is before completion adjustments.

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IRON ORE

Rio Tinto share of production (million tonnes)

Pilbara operations

Pilbara operations produced 243.9 million tonnes (Rio Tinto share 199.8 million tonnes) in the first nine months of 2016, seven per cent higher than the same period of 2015. Third quarter production of 83.2 million tonnes (Rio Tinto share 68.5 million tonnes) was two per cent higher than the same quarter of 2015 and set a new quarterly production record. This strong result reflects productivity improvements and continued ramp-up of expanded mines across our Pilbara operations.

Pilbara sales

Sales of 239.9 million tonnes (Rio Tinto share 196.4 million tonnes) in the first nine months were three per cent higher than the same period of 2015, while third quarter sales of 80.9 million tonnes (Rio Tinto share 66.6 million tonnes) were five per cent lower than the same quarter of 2015 due primarily to maintenance at rail and the Cape Lambert ship loader.

Approximately 20 per cent of sales in the first nine months of 2016 were priced with reference to the prior quarter’s average index lagged by one month. The remainder was sold either on current quarter average, current month average or on the spot market.

Pilbara projects

Development of the Silvergrass mine was approved in August 2016 and will deliver an additional ten million tonnes a year of high grade, low phosphorus ore into the premium Pilbara Blend product by the fourth quarter of 2017. The second phase of the Nammuldi Incremental Tonnes (NIT) project is on schedule to deliver an additional five million tonnes a year from the fourth quarter of 2016.

2016 guidance

Rio Tinto’s expectations for Pilbara iron ore shipments in 2016 have been revised to between 325 and 330 million tonnes (100 per cent basis, previously around 330 million tonnes), subject to weather conditions. 2017 production guidance remains at between 330 and 340 million tonnes, subject to final productivity and capital expenditure plans.

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ALUMINIUM

Rio Tinto share of production (‘000 tonnes)

Bauxite

The strong performance in bauxite was sustained into the third quarter, with quarterly and nine month production records driven by both Weipa and Gove.

Year to date bauxite production was ten per cent higher than for the same period in 2015. Weipa (up five per cent) benefited from increased plant throughput, while Gove (up 25 per cent) continued to deliver system improvements resulting in a ten million tonne a year run-rate in the third quarter.

This production performance enabled the Group to ship 22 million tonnes to third parties in the first nine months of 2016, ten per cent above the same period of 2015.

Amrun

The Amrun Project is advancing to schedule in both engineering and construction. Site establishment is progressing to plan, with the construction accommodation village operational and the permanent village under construction. The main access road is on plan for completion in December 2016, and the river terminals are expected to be in operation by early 2017.

Alumina

Alumina production for the first nine months was up five per cent compared with the same period of 2015, primarily driven by ramp-up progress and operational improvements at the Yarwun refinery, which was up six per cent on the third quarter production of 2015.

Aluminium

Year to date aluminium production was 11 per cent higher than the same period of 2015 due to Kitimat, which delivered a new quarterly production record, with a run-rate at nameplate capacity for the second consecutive quarter.

2016 guidance

Rio Tinto’s expected share of production is increased to 47 million tonnes for bauxite (previously 45 million tonnes), and remains otherwise unchanged at 7.8 million tonnes of alumina and 3.6 million tonnes of aluminium.

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COPPER & DIAMONDS

Rio Tinto share of production

Rio Tinto Kennecott

Mined copper production for the first nine months was significantly higher than the same period of 2015 due to mining progressing through an area of higher grades. The focus continues on de-weighting to increase access to ore from the lower pit and east wall of Bingham Canyon.

Refined copper production in the first nine months of 2016 was three per cent lower than in the same period of 2015, which benefited from inventory drawdown. Third quarter production benefited from higher volumes and grades compared with the corresponding period of 2015.

To optimise smelter utilisation, Kennecott continues to toll and purchase third party concentrate, with 240 thousand tonnes received for processing in the first nine months of 2016. Tolled copper concentrate, which is smelted and returned to customers, is excluded from reported production figures.

Escondida

Mined copper production at Escondida for the first nine months of 2016 was 18 per cent lower than the same period in 2015, primarily due to lower grades.

Oyu Tolgoi

Year to date mined copper production was eight per cent higher than the same period of 2015, attributable to improved throughput. Copper production for the third quarter was lower than the prior quarter with lower throughput due to the ore type processed.

Mined gold production for the first nine months was 84 thousand ounces, as mining at one of the high gold grade areas of the pit nears completion.

Oyu Tolgoi Underground Project

Following approval of the underground development in May 2016, project activities have started with the engineering, procurement and construction management agreement awarded and mobilisation in progress. Further contracts for underground development, decline construction and shaft sinking have also been awarded.

Works on underground mine development, camp extension, box cut excavation, shaft sinking and critical facilities commenced during the quarter. The underground project assumes first drawbell production around 2020 and full production by 2027.

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Grasberg

Through a joint venture agreement with Freeport-McMoRan, Rio Tinto is entitled to 40 per cent of material mined above an agreed threshold, as a consequence of expansions and developments of the Grasberg facilities since 1998. Rio Tinto’s notional share of metal for the first nine months was 20 thousand tonnes of mined copper and 28 thousand ounces of mined gold based on estimated production volumes and grades. Labour issues and operational challenges experienced during the year may have a negative impact on Rio Tinto’s share in metal in 2016. The final determination of Rio Tinto’s share in copper and gold for 2016 will be undertaken at the end of the year, in line with the actual full year production of the operation.

Diamonds

Carats produced at Argyle were three per cent higher in the first nine months compared with the corresponding period in 2015 following continued ramp-up of the underground mine resulting in higher volumes processed, which was partially offset by lower grades.

At Diavik, carats recovered in the third quarter were slightly lower than the previous quarter, reflecting lower grades, offset by higher ore availability.

2016 guidance

Mined copper production guidance for 2016 is between 535 and 565 thousand tonnes (previously 545 to 595 thousand tonnes). Refined copper production guidance remains unchanged at 220 to 250 thousand tonnes.

Diamond production guidance for 2016 is 18 to 20 million carats (previously 18 to 21 million carats).

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ENERGY & MINERALS

Rio Tinto share of production

Coal

Hard coking coal production for the first nine months was in line with the same period last year, while third quarter volumes were 17 per cent higher than the same quarter of 2015 primarily due to longwall outperformance at Kestrel compared with 2015.

Semi-soft coking coal production for the first nine months was ten per cent higher than the same period last year and third quarter volumes were 15 per cent higher than the same quarter of 2015 due to mine production sequencing at Hunter Valley Operations and Mount Thorley Warkworth.

Thermal coal production during the first nine months was three per cent lower than the corresponding period in 2015. Increased Hail Creek and Kestrel production during the year largely offset the Group’s decreased share of production at Coal & Allied following the restructure of Coal & Allied and the divestment of Bengalla in early 2016.

Iron Ore Company of Canada (IOC)

IOC achieved record quarterly production for concentrates in the third quarter. Concentrates production increased by 17 per cent to 6.4 million tonnes (Rio Tinto share 3.8 million tonnes) in the first nine months primarily as a result of productivity improvements. Pellet production of 7.0 million tonnes (Rio Tinto share 4.1 million tonnes) was three per cent lower than the first nine months of 2015.

Total concentrates and pellet sales of 13.4 million tonnes (Rio Tinto share 7.8 million tonnes) in the first nine months of 2016 were marginally higher than the same period of 2015.

Borates

Borates production in the first nine months of 2016 was four per cent higher than in the same period of 2015 driven primarily by higher market demand.

Rio Tinto Iron and Titanium (RTIT)

Titanium dioxide slag production was 14 per cent lower in the first nine months of 2016, although volumes in the quarter were ten per cent higher than the third quarter of 2015. RTIT continues to optimise production in line with demand, with two of nine furnaces at Rio Tinto Fer et Titane and one of four furnaces at Richards Bay Minerals currently idled.

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Salt

Salt production in the first nine months of 2016 was three per cent lower than the same period of 2015 as a result of weaker demand.

Uranium

Energy Resources of Australia (ERA) continues to process existing stockpiles. Year to date production was 31 per cent higher than the same period of 2015, largely as a result of higher throughput and recoveries.

Production for the first nine months at Rössing was 69 per cent higher than the same period of 2015 due to higher throughput, grades and recoveries.

Zululand Anthracite Colliery (ZAC)

On 2 September 2016, Rio Tinto completed the sale of its 74 per cent interest in ZAC to Menar Holding, for an undisclosed sum.

2016 guidance

In 2016, Rio Tinto’s share of production is expected to be 17 to 18 million tonnes of thermal coal, 3.3 to 3.9 million tonnes of semi-soft coking coal, seven to eight million tonnes of hard coking coal, 12 million tonnes of iron ore pellets and concentrates (equivalent to 20 million tonnes on a 100 per cent basis), one million tonnes of titanium dioxide slag, 0.5 million tonnes of boric oxide equivalent and 5.5 to 6.0 million pounds of uranium (previously 5.0 to 6.0 million pounds).

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EXPLORATION AND EVALUATION

Pre-tax and pre-divestment expenditure on exploration and evaluation charged to the profit and loss account in the first nine months of 2016 was $379 million (of which $112 million was spent in the third quarter), compared with $392 million in the same period of 2015. Approximately 33 per cent of this expenditure was incurred by central exploration, 31 per cent by Energy & Minerals, 27 per cent by Copper & Diamonds and the balance on Aluminium and Iron Ore.

There were no significant divestments of central exploration properties in the quarter.

Exploration highlights

Rio Tinto has a strong portfolio of projects with activity in 17 countries across some eight commodities. The bulk of the exploration spend in this quarter was focused on copper targets in Australia, Botswana, Chile, Kazakhstan, Mexico, Namibia, Peru, Serbia, United States and Zambia. Mine-lease exploration continued at a number of Rio Tinto managed businesses including Pilbara Iron, Rio Tinto Coal Australia, Richards Bay Minerals, Oyu Tolgoi, Kennecott and Weipa.

A summary of activity for the period is as follows:

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Forward-looking statements

This announcement may include forward looking statements. Such forward looking statements involve known and unknown risk, uncertainties and other factors which may cause actual production, performance or results of Rio Tinto to be materially different from any future production, performance or results expressed or implied by such forward-looking statements.

Contacts

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www.riotinto.com

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Rio Tinto production summary

Rio Tinto share of production

Throughout this report, figures in italics indicate adjustments made since the figure was previously quoted on the equivalent page. Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result between the total of the quarter figures and the year to date figures.

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Rio Tinto share of production

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Rio Tinto share of production

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Rio Tinto share of production

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Rio Tinto share of production

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Rio Tinto share of production

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Production data notes:

Production figures are sometimes more precise than the rounded numbers shown, hence small differences may result between the total of the quarter figures and the year to date figures.

(a) Mine production figures for metals refer to the total quantity of metal produced in concentrates, leach liquor or doré bullion irrespective of whether these products are then refined onsite, except for the data for bauxite and iron ore which represent production of marketable quantities of ore plus concentrates and pellets.

(b) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production.

(c) As a result of a restructure of the Coal & Allied group, which completed on 3 February 2016, Rio Tinto obtained 100% ownership of Coal & Allied and Mitsubishi obtained a direct interest of 32.4% in the newly created Hunter Valley Operations joint venture, which owns the Hunter Valley Operations mine. Updated ownership reflects these changes. Historical production prior to the date of the restructure, reflects previous ownership in the Hunter Valley Operations, Mt Thorley and Warkworth mines of 80%, 64% and 44.46% respectively.

(d) Rio Tinto sold its interest in the Bengalla Joint Venture with an effective date of 1 March 2016.

(e) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998.

(f) Third-quarter 2016 adjustments to Grasberg forecasted full-year 2016 production resulted in adjustments to Rio Tinto's share of previously reported mine production in the first and second quarters of 2016.

(g) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources Ltd.

(h) Includes 100% of production from Paraburdoo, Mt Tom Price, Marandoo, Yandicoogina, Brockman, Nammuldi and the Eastern Range mines. Whilst Rio Tinto owns 54% of the Eastern Range mine, under the terms of the joint venture agreement, Hamersley Iron manages the operation and is obliged to purchase all mine production from the joint venture and therefore all of the production is included in Rio Tinto's share of production.

(i) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74% interest in Richards Bay Minerals (RBM).

(j) ERA and Rössing production reported are drummed U3O8.

The Rio Tinto percentage shown above is at 30 September 2016.

Rio Tinto's interest in the Murowa mine was sold in 2015. No data for this operation are included in the Share of Production table.

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Rio Tinto operational data

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) Rio Tinto has a 22.95% shareholding in the Sangaredi mine but benefits from 45.0% of production.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) Rio Tinto sold its interest in the Bengalla Joint Venture with an effective date of 1 March 2016.

(b) As a result of a restructure of the Coal & Allied group, which completed on 3 February 2016, Rio Tinto obtained 100% ownership of Coal & Allied and Mitsubishi obtained a direct interest of 32.4% in the newly created Hunter Valley Operations joint venture, which owns the Hunter Valley Operations mine. Updated ownership reflects these changes. Historical production prior to the date of the restructure, reflects previous ownership in the Hunter Valley Operations, Mt Thorley and Warkworth mines of 80%, 64% and 44.46% respectively.

(c) Kestrel and Hail Creek produce hard coking coal and thermal coal through their mining operations. Both mines may blend coal types at ports.

(d) Sales relate only to coal mined by the operations and exclude traded coal.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) Through a joint venture agreement with Freeport-McMoRan (FCX), Rio Tinto is entitled to 40% of additional material mined as a consequence of expansions and developments of the Grasberg facilities since 1998. The 3Q 2016 results show the forecast from FCX's most recent five-year plan, because FCX is not releasing its actual 100% operating data for 3Q 2016 until the release of its 2016 third-quarter results on 25 October 2016.

(b) Rio Tinto share of Grasberg production is 40% of the expansion.

(c) Net of smelter deductions.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) New metal excluding recycled material.

(b) Includes gold and silver in intermediate products.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) Rio Tinto owns a 33.52% indirect interest in Oyu Tolgoi through its 50.79% interest in Turquoise Hill Resources.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) Rio Tinto sold its 77.8% interest in Murowa Diamonds with an effective date of 17 June 2015. Production data are shown up to that date.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) Includes 100% of production from Paraburdoo, Mt Tom Price, Marandoo, Yandicoogina, Brockman, Nammuldi and the Eastern Range mines. Whilst Rio Tinto owns 54% of the Eastern Range mine, under the terms of the joint venture agreement, Hamersley Iron manages the operation and is obliged to purchase all mine production from the joint venture and therefore all of the production is included in Rio Tinto's share of production.

(b) Sales represent iron ore exported from Western Australian ports.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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Rio Tinto operational data

(a) Quantities comprise 100% of Rio Tinto Fer et Titane and Rio Tinto's 74% interest in Richards Bay Minerals' production. Ilmenite mined in Madagascar is being processed in Canada.

Rio Tinto percentage interest shown above is at 30 September 2016. The data represent full production and sales on a 100% basis unless otherwise stated.

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