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11 Dividends

Rio Tinto plc previous year final dividend paid 1,642 1,533 1,311

Rio Tinto plc interim dividend paid 1,476 1,299 1,213

Rio Tinto Limited previous year final dividend paid 520 473 406

Rio Tinto Limited interim dividend paid 438 405 392

Dividends paid during the year 4,076 3,710 3,322

Dividends per share: paid during the year 226.5c 204.5c 178.0c

Dividends per share: proposed in the announcement of the results for the year 107.5c 119.0c 108.5c

Dividends per share 2015 Dividends per share 2014 Dividends per share 2013

Rio Tinto plc previous year final (pence) 77.98p 65.82p 60.34p

Rio Tinto plc interim (pence) 68.92p 56.90p 54.28p

Rio Tinto Limited previous year final – fully franked at 30% (Australian cents) 152.98c 120.14c 91.67c Rio Tinto Limited interim – fully franked at 30% (Australian cents) 144.91c 103.09c 93.00c

Number of shares 2015 (millions) Number of shares 2014 (millions) Number of shares 2013 (millions)

Rio Tinto plc previous year final 1,412.7 1,413.2 1,411.9

Rio Tinto plc interim 1,395.2 1,413.8 1,412.5

Rio Tinto Limited previous year final 435.0 435.6 435.8

Rio Tinto Limited interim 423.7 435.7 435.5

The dividends paid in 2015 are based on the following US cents per share amounts: 2014 final – 119.0 cents, 2015 interim – 107.5 cents

(2014 dividends paid: 2013 final – 108.5 cents, 2014 interim – 96.0 cents; 2013 dividends paid: 2012 final – 94.5 cents, 2013 interim – 83.5 cents). The number of shares on which Rio Tinto plc dividends are based excludes those held as treasury shares and those held by employee share trusts which waived the right to dividends. Employee share trusts waived dividends on 342,902 Rio Tinto plc ordinary shares and 24,582 ADRs for the 2014 final dividend and on 237,266 Rio Tinto plc ordinary shares and 27,050 ADRs for the 2015 interim dividend (2014: 207,766 Rio Tinto plc ordinary shares and 3,353 ADRs for the 2013 final dividend and on 90,304 Rio Tinto plc ordinary shares and 1,912 ADRs for the 2014 interim dividend; 2013: 150,361 Rio Tinto plc ordinary shares and nil ADRs for the 2012 final dividend and 124,636 Rio Tinto plc ordinary shares and 7,303 ADRs for the 2013 interim dividend). In 2015, 2014 and 2013, no Rio Tinto Limited shares were held by Rio Tinto plc.

The number of shares on which Rio Tinto Limited dividends are based excludes those held by shareholders who have waived the rights to dividends. Employee share trusts waived dividends on 727,676 Rio Tinto Limited shares for the 2014 final dividend and on 474,665 Rio Tinto Limited shares for the 2015 interim dividend (2014: Dividend waivers

applied to 183,981 Rio Tinto Limited shares for the 2013 final dividend and on 24,046 Rio Tinto Limited shares for the 2014 interim dividend; 2013: There were no applicable waivers in respect of Rio Tinto Limited shares for the 2012 final dividend. Dividend waivers applied to 222,439 Rio Tinto Limited shares for the 2013 interim dividend).

In addition, the directors of Rio Tinto announced a final dividend of 107.5 cents per share on 11 February 2016. This is expected to result in payments of US$1,931 million (Rio Tinto plc: US$1,475 million, Rio Tinto Limited US$456 million). The dividends will be paid on 7 April 2016 to Rio Tinto plc and Rio Tinto Limited shareholders on the register at the close of business on 26 February 2016.

The proposed Rio Tinto Limited dividends will be franked out of existing franking credits or out of franking credits arising from the payment of income tax during 2016.

The approximate amount of the Rio Tinto Limited consolidated tax group’s retained profits and reserves that could be distributed as dividends and franked out of available credits that arose from net payments of income tax in respect of periods up to 31 December 2015 (after deducting franking credits expected to be utilised on the 2015 final dividend declared), is US$10,899 million.

12 Goodwill

2015 US$m

2014 US$m

Net book value

At 1 January 1,228 1,349

Adjustment on currency translation (220) (121)

Impairment charges(a) _{(116) –}

At 31 December 892 1,228 – cost 17,120 20,122 – accumulated impairment (16,228) (18,894) At 1 January – cost 20,122 22,678 – accumulated impairment (18,894) (21,329)

At 31 December, goodwill has been allocated as follows:

2015 US$m

2014 US$m

Net book value

Richards Bay Minerals 439 591

Pilbara 363 409

Hathor(a) _{– 128}

Other 90 100

892 1,228

(a) The impairment charge of US$116 million represents the full impairment of goodwill arising from the Hathor Exploration Limited (Hathor) acquisition, which includes the Roughrider project. Refer to note 6 for further details.

Impairment tests for goodwill Richards Bay Minerals

The Group consolidated Richards Bay Minerals on 3 September 2012. Goodwill arose in accordance with the requirement in IFRS, as defined in note 1, to recognise a deferred tax asset or liability on the difference between the fair value of newly consolidated assets and liabilities and their tax base and is retranslated at each period end for changes in the South African rand. The recognition of Richards Bay Minerals’ identifiable assets and liabilities in the balance sheet was based on fair values at the acquisition date determined with the assistance of an independent third party valuer.

Richards Bay Minerals’ annual impairment review resulted in no impairment charge for 2015 (2014: no impairment charge). The recoverable amount has been assessed by reference to FVLCD, in line with the policy set out in note 1(i) and classified as level 3 under the fair value hierarchy. FVLCD was determined by estimating cash flows until the end of the life-of-mine plan including anticipated expansions. In arriving at FVLCD, a post-tax discount rate of 9.3 per cent (2014: 9.2 per cent) has been applied to the post-tax cash flows expressed in real terms.

The key assumptions to which the calculation of FVLCD for Richards Bay Minerals is most sensitive and the corresponding decrease in FVLCD are set out below:

US$ million

5% decrease in the titanium slag price 208 1% increase in the discount rate applied to post-tax cash flows 264 10% strengthening of the South African rand 670

Other assumptions include the long-term pig iron and zircon prices and operating costs. Future selling prices and operating costs have been estimated in line with the policy set out in note 1(i). The recoverable amount of the cash-generating unit exceeds the carrying value for each of these sensitivities applied in isolation.

Pilbara

The recoverability of goodwill arising from the acquisition of Robe River and monitored at the Pilbara cash-generating unit level has been assessed by reference to FVLCD using discounted cash flows, which is in line with the policy set out in note 1(i) and is classified as level 3 under the fair value hierarchy. In arriving at FVLCD, a post-tax discount rate of 7.3 per cent (2014: 7.2 per cent) has been applied to the post-tax cash flows expressed in real terms. The recoverable amounts were determined to be significantly in excess of carrying value, and there are no reasonably possible changes in key assumptions that would cause the remaining goodwill to be impaired.

STRATEGIC REPORT DIRECTORS’ REPORT FINANCIAL STATEMENTS PRODUCTION, RESERVES AND OPERATIONS ADDITIONAL INFORMATION

Notes to the 2015 financial statements

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