Strong Foundation for Growth, Decarbonisation and Shareholder Returns
Disciplined reinvesting for growth and decarbonisation
Capital expenditure profile
$bn
~8.0
7.4
6.2
5.4
5.5
~9.0-10.0 ~9.0-10.0
2019A
2020A
2021A
2022F
2023F
2024F
■Decarbonise our assets
■Growth
■Pilbara replacement
Ambition
Depreciation
2018A
■Sustaining
Other replacement
*Estimated investment as of 31 Dec 2021. Marginal Abatement Cost Curves (MACC) and large decarbonisation projects will be updated regularly | **Subject to
potential increases of up to 15% for Pilbara replacement projects in 2022
Ambition to grow and decarbonise
reflected in 2023-24 capex of up to
-$9-10bn including up to $3bn in
growth investment, depending on
opportunities
Total decarbonisation investment
of ~$7.5bn* from 2022 to 2030,
predominantly in second half
of decade
~$0.5bn* per year to decarbonise
our assets from 2022 to 2024
Sustaining capital of $3.5bn per year
including Pilbara Iron Ore of -$1.5bn
Replacement spending unchanged
at $2-3bn per year**
M&A is in addition
Rio Tinto
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