Rio Tinto reports $8.4 billion in taxes and royalties for 2024

LONDON - Mining giant Rio Tinto (NYSE:RIO) PLC has disclosed its payments to governments totaling $8.4 billion in taxes and royalties for the fiscal year ended December 31, 2024. The company, which is listed on both the Australian Securities Exchange (ASX) and the London Stock Exchange (LON:LSEG) (LSE), made the announcement in compliance with the UK’s Report on Payments to Governments Regulations and the Financial Conduct Authority’s Disclosure and Transparency Rules.

In addition to the mandatory report filed at Companies House, Rio Tinto has voluntarily published a more detailed Taxes and Royalties Paid Report for 2024. This report encompasses a broader scope of payments made to governments in the main countries where Rio Tinto operates. The report also outlines the company’s tax strategy, policies, commitment to transparency, and approach to responsible tax principles.

The $8.4 billion in taxes and royalties are part of the company’s financial contributions to the governments of the countries where it has mining operations. The payments include $1.8 billion in taxes on behalf of its employees. The report provides a breakdown of payments by type, including taxes, royalties, fees, and bonuses, across various jurisdictions such as Argentina, Australia, Canada, Chile, Kazakhstan, Madagascar, Mongolia, Peru, the United States, and South Africa.

For instance, in Australia, Rio Tinto’s payments to the Australian Taxation Office amounted to approximately $3.65 billion. In Canada, the company paid around $92.9 million to the Canada Revenue Agency, while in the United States, there was a net refund from the Internal Revenue Service.

The report also includes project-specific payments, with the Pilbara project in Western Australia accounting for a significant portion of the total payments, reflecting the scale of Rio Tinto’s operations in the region.

Rio Tinto’s publication of these figures is part of its ongoing commitment to transparency in its financial dealings with governments. The full Taxes and Royalties Paid Report 2024 is available for download, providing stakeholders with comprehensive insights into the company’s financial contributions to the economies of its operating regions.

This disclosure aligns with the increasing demand for multinational corporations to be transparent about their tax affairs and the economic benefits they provide to their host countries. The information is based on a press release statement from Rio Tinto.

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