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

2. ©2013, Rio Tinto, All Rights Reserved 2
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3. ©2013, Rio Tinto, All Rights Reserved 3
Contents
Mega trends
Copper industry – Opportunities & Challenges
Rio Tinto Copper strategic approach

4. ©2013, Rio Tinto, All Rights Reserved 4
Mega trends shaping the Copper industry
Environmental
Rise of China awareness &
& emerging need for
markets energy
efficiency
Structurally
higher costs
Social-political
in a resource
risks
constrained
world

5. ©2013, Rio Tinto, All Rights Reserved 5
Emerging market growth will create an
additional 11Mtpa of demand by 2024
Copper semis demand (Mt) Drivers of growth
Mature markets
Other Emerging Markets 1 Continued rise of China
+44%
China (11Mt)
Development of other large
2 Emerging markets (India, SEA)
+28%
(6Mt) Changing fuel mix towards non-
3
traditional energy sources
77% of
demand will 4 Increased energy efficiency and
be in safety requirements
Emerging
Markets
5 Substitution, mainly
35% of Aluminium (negative)
demand in
Emerging
Markets
2000 2012 2024
Source: Wood Mackenzie

6. ©2013, Rio Tinto, All Rights Reserved 6
Meanwhile supply will become more challenging
Riskier regions Greater depth
Location of copper supply Indicative depth of major discoveries
Lower risk Blind
Medium risk Covered
Higher risk Exposed
2000 2012 2024 1980s 1990s 2000s
High disruptions Declining grades
Annual disruption (% of planned production) Head grade treated (% Cu) Forecast
12% 1.4%
8%
1.2%
4%
1.0%
0%
-4% 0.8%
2000 2002 2004 2006 2008 2010 2012 2000 2012 2024
Source: Wood Mackenzie, RT Copper analysis

7. ©2013, Rio Tinto, All Rights Reserved 7
Significant investment required and structurally
higher costs
Forecast production of mines operating in Structural and input cost
2012 excluding brownfield expansions (Mt) drivers
Forecast production at
18 currently operating mines
1 Declining ore grades
16 ~4Mt of new annual
capacity is required
14 to stand still 2 Greater depth
12
3 Increasing ore hardness
10
4 Rising labour cost
8
6 5 Increasing energy cost
4
2
0
2000 2012 2024
Source: Wood Mackenzie

8. ©2013, Rio Tinto, All Rights Reserved 8
Copper industry opportunities & challenges
Opportunities Challenges
1
Safety risks, associated
with increased depth
2
Costs performance &
project delivery
3
Social-political risks,
incl. licence to operate
4
Investment environment (Short term)
5
Resources & talent
development

9. ©2013, Rio Tinto, All Rights Reserved 9
1 Developing a world class safety culture
Critical control monitoring
plans – strong focus on
fatality prevention programs
Material process safety
risks – risk elimination
through safe design &
strong risk management
World framework
class
safety
culture World class
underground
safety standards
Block Caving Knowledge Centre
– Simulation technology to develop
stronger underground expertise in a
risk free environment

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

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

12. ©2013, Rio Tinto, All Rights Reserved 12
3 La Granja project example - Peru
Employment & Economic Partnerships for Regional
Land Access
Development Development
• 80% of the workforce in • Collaborate with
• Dialogue process
project field services is communities on issues of
underway with
from local communities mutual interest: health,
communities to develop
education, economic
• Working with 65 local framework and criteria for
opportunities, security,
suppliers permanent land access
water
• Focus on "employability” • Transparent, equitable and
• Leverage existing funding
using broad-based skills built for successful
and services for local
training livelihood transitions
benefit

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

14. ©2013, Rio Tinto, All Rights Reserved 14
4 Example of the development strategy for a tier 1
asset – Oyu Tolgoi
2016

15. ©2013, Rio Tinto, All Rights Reserved 15
Rio Tinto Copper Strategic Approach
• World class safety standards & culture
Safety
• Technology drive
Costs
performance & • Operational excellence
project delivery • Technology drive
Social-political • Be a Partner of Choice with local
risks communities & Governments
Investment • Capital prioritisation – Tier 1 assets
environment • Phased & structured developments
• Global talent pool
Resourcing • Investment in workforce of developing
countries

16. 16
THANK YOU