Rio Tinto Copper Jean-Sebastien Jacques, CEO Copper Group. CESCO Conference, April 2013

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1 Rio Tinto Copper Jean-Sebastien Jacques, CEO Copper Group CESCO Conference, April 2013

2 2 Cautionary statement 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.

3 3 Contents Mega trends Copper industry Opportunities & Challenges Rio Tinto Copper strategic approach

4 4 Mega trends shaping the Copper industry Rise of China & emerging markets Environmental awareness & need for energy efficiency Social-political risks Structurally higher costs in a resource constrained world

5 Emerging market growth will create an additional 11Mtpa of demand by Copper semis demand (Mt) Drivers of growth Mature markets Other Emerging Markets China +44% (11Mt) 1 2 Continued rise of China Development of other large Emerging markets (India, SEA) +28% (6Mt) 3 Changing fuel mix towards nontraditional energy sources 35% of demand in Emerging Markets 77% of demand will be in Emerging Markets 4 5 Increased energy efficiency and safety requirements Substitution, mainly Aluminium (negative) Source: Wood Mackenzie

6 6 Meanwhile supply will become more challenging Riskier regions Location of copper supply Lower risk Medium risk Higher risk Greater depth Indicative depth of major discoveries Blind Covered Exposed High disruptions Annual disruption (% of planned production) 12% 8% 4% 0% Declining grades 1980s 1990s 2000s Head grade treated (% Cu) Forecast 1.4% 1.2% 1.0% -4% % Source: Wood Mackenzie, RT Copper analysis

7 Significant investment required and structurally higher costs 7 Forecast production of mines operating in 2012 excluding brownfield expansions (Mt) Forecast production at currently operating mines ~4Mt of new annual capacity is required to stand still Structural and input cost drivers 1 2 Declining ore grades Greater depth 12 3 Increasing ore hardness Rising labour cost 5 Increasing energy cost Source: Wood Mackenzie

8 8 Copper industry opportunities & challenges Safety risks, associated with increased depth Costs performance & project delivery Social-political risks, incl. licence to operate 4 Investment environment Opportunities Challenges (Short term) 5 Resources & talent development

9 1 Developing a world class safety culture

fatality prevention programs World class safety

elimination through safe design & strong risk

standards Block Caving Knowledge Centre Simulation

9 9 1 Developing a world class safety culture Critical control monitoring plans strong focus on fatality prevention programs World class safety culture Material process safety risks risk elimination through safe design & strong risk management framework World class underground safety standards Block Caving Knowledge Centre Simulation technology to develop stronger underground expertise in a risk free environment

2 2013, Rio Tinto, All Rights Reserved Technology & innovation drives productivity gains and reduces

Upgrade marginal ore and waste More efficiently uses concentrator capacity Tunnel Boring Machine

more effective than drill and blast methods Rio Tinto Block Cave Knowledge Centre Northparkes Mine centre

environment that reduce safety risks & improve productivity Heap Leaching technology Linking ore body

10 2 2013, Rio Tinto, All Rights Reserved Technology & innovation drives productivity gains and reduces capital requirements 10 Copper NuWave (ore sorting technology) Plant constructed and pilot underway Upgrade marginal ore and waste More efficiently uses concentrator capacity Tunnel Boring Machine Commissioning at Northparkes Mine Potential to reduce Underground construction times by ~40% due to being more effective than drill and blast methods Rio Tinto Block Cave Knowledge Centre Northparkes Mine centre opened August 2012 Partnership with University of NSW State of the art learning technology Safe learning environment that reduce safety risks & improve productivity Heap Leaching technology Linking ore body knowledge with selective leaching Maximise mineral recovery Technology being developed for La Granja project (test facility at KUC)

3 2013, Rio Tinto, All Rights Reserved Becoming a partner of choice to drive

prosperity Climate change and energy Land Biodiversity Water Safety Health Our

Product stewardship Non-managed operations and projects Strong governance

11 3 2013, Rio Tinto, All Rights Reserved Becoming a partner of choice to drive licence to operate 11 Environmental stewardship Social wellbeing Economic prosperity Climate change and energy Land Biodiversity Water Safety Health Our people Communities and regional development Financial performance Suppliers Product stewardship Non-managed operations and projects Strong governance Business integrity Human rights Business resilience & recovery Stakeholder engagement Closure and legacy

12 3 La Granja project example - Peru Employment & Economic Development Land Access Partnerships for

with 65 local suppliers Focus on "employability using broad-based skills training Dialogue process

equitable and built for successful livelihood transitions Collaborate with communities on issues of

12 12 3 La Granja project example - Peru Employment & Economic Development Land Access Partnerships for Regional Development 80% of the workforce in project field services is from local communities Working with 65 local suppliers Focus on "employability using broad-based skills training Dialogue process underway with communities to develop framework and criteria for permanent land access Transparent, equitable and built for successful livelihood transitions Collaborate with communities on issues of mutual interest: health, education, economic opportunities, security, water Leverage existing funding and services for local benefit

beyond 2050 (1st quartile) Oyu Tolgoi 425ktpa Cu; 460kozpa Au (1 st quartile) Grasberg Block cave & DMLZ (240ktpd of mill throughput) (1 st

13 4 2013, Rio Tinto, All Rights Reserved Long term investment strategy is focused on tier 1 assets large, long life, low cost assets 13 Resolution 600ktpa Cu (1 st quartile) La Granja 500ktpa Cu (2 nd quartile) Kennecott Utah Copper South wall pushback & underground options beyond 2050 (1st quartile) Oyu Tolgoi 425ktpa Cu; 460kozpa Au (1 st quartile) Grasberg Block cave & DMLZ (240ktpd of mill throughput) (1 st quartile) Brownfield Greenfield Escondida 1.3mtpa Cu (3 rd quartile) Source: Wood Mackenzie (2013 C1 cost curve position; projects average cost at full capacity)

4 2013, Rio Tinto, All Rights Reserved Example of the

15 15 Rio Tinto Copper Strategic Approach Safety World class safety standards & culture Technology drive Costs performance & project delivery Social-political risks Operational excellence Technology drive Be a Partner of Choice with local communities & Governments Investment environment Capital prioritisation Tier 1 assets Phased & structured developments Resourcing Global talent pool Investment in workforce of developing countries

16 THANK YOU 16

24 June Rio Tinto Copper

24 June Rio Tinto Copper 24 June 2014 Rio Tinto Copper 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