H1 2023 EBITDA Overview and Oyu Tolgoi Outlook
Oyu Tolgoi expected to yield significant free cash flow in
2nd half of decade
2030 Copper Equivalent Cost Curve¹
Copper equivalent unit cost including sustaining capex (c/lb)
600
500
400
300
200
100
Oyu
Tolgoi
2030
-100
0
10,000
20,000
Oyu
Tolgoi
20232
Oyu Tolgoi's operating assets of
$14.3 billion represented ~25% of the Group
total at 30 June 2023
Sustainable underground
production achieved in March 2023
More than 80% of growth
capital already spent
Expected to ramp up to 500kt
per annum average copper production
from 2028-363
Set to become the world's 4th largest
copper mine by 20304
30,000
40,000
Cumulative Production (Mlb Cu)
Rio Tinto
©2023, Rio Tinto, All Rights Reserved
1Source: Wood Mackenzie Ltd. Dataset 2023 Q1, Rio Tinto | 20yu Tolgoi cost quartile position on 2023 Copper Equivalent Cost Curve | ³See supporting references for the 500kpta
copper target on slide 2 | 4Source: Wood Mackenzie Ltd. Dataset Dec 2022, based on production from committed projects
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