Rio Tinto reveals leaps in economic returns

Rio Tinto

Image: Rio Tinto

Rio Tinto contributed $14.8 billion in taxes and royalties to the Australian Government and communities where it operated during 2021, up 66 per cent on the previous year.

The major miner released its Taxes paid: Our economic contribution report to reveal a global economic contribution of $88.8 billion compared with $62.68 billion in 2020.

Rio Tinto chief financial officer Peter Cunningham said such a feat wasn’t possible without the communities to facilitate Rio’s growth.

“We acknowledge the support of our host governments and communities in helping us keep our sites operating at a time when many other industries were heavily constrained,” he said.

“This enabled us to protect jobs, support local businesses, and produce record financial results. It also resulted in us paying substantial taxes and royalties to the governments where we operate.”

The figures from 2021 take Rio Tinto’s direct global contribution to more than $330 billion since 2017, while taxes and royalties over the past 10 years total $98.6 billion.

Of these taxes and royalties, Australia has received the most (78 per cent) at $72.8 billion since 2011.

Cunningham discussed where Rio sees these funds going.

“Our economic contribution to governments and communities plays a critical role in the economic health and development of the regions where we operate,” he said.

“The funds governments and communities receive support the basic infrastructure of society – bridges and roads, schools and hospitals – as well as other local development priorities, including job creation and skills training.”

Rio Tinto now has more than 21,000 staff in Australia and spent almost $10 billion with more than 4000 local Australian businesses in 2021.

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