Rio taxes reach $10.8bn

3rd April 2023 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Diversified miner Rio Tinto on Monday revealed it had paid $10.8-billion in global royalties and taxes in 2022.

Taxes and royalties in 2022 were up from the $13.3-billion paid in 2021 and marked the third-highest annual global taxes and royalties paid by Rio since it published its first annual Taxes Paid report, for 2010.

In Australia, which is home to almost half of the company’s assets, $8.5-billion, or A$12.3-billion, was paid in taxes and royalties in 2022, down from $11.1-billion, or A$14.8-billion, in 2021. Rio also made significant tax and royalty payments in Canada, amounting to $718-million, Chile, which reached $678-million, Mongolia, which amounted to $294-million, and the US, which was reported at $135-million.

“At Rio Tinto, we are finding better ways to provide the materials the world needs, and it is important that we do this responsibly and transparently, while contributing to the host countries and communities where we live and work,” CFO Peter Cunningham said.

“Taxes and royalties play a critical role in the economic and social development of the regions and communities we operate in. As temporary custodians of the land where we operate, we have a responsibility to extract value from the minerals and materials we produce in the safest and most sustainable way. This includes providing economic opportunities; safeguarding and promoting health, wellbeing and human rights; combatting climate change; and being the best possible stewards of the natural resources entrusted to us.”

In the past 10 years, Rio Tinto has paid $74.9-billion in taxes and royalties globally, of which more than 78% was paid in Australia.