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Rio Tinto reports US$47B economic contribution

Rio Tinto has reported that it made a total direct economic contribution of US$47B in the countries and communities where it operates, including US$8.4B of taxes and royalties in 2020.

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Releasing its ‘2020 Taxes paid: Our economic contribution’ report, Rio Tinto said that, despite the widespread challenges of COVID-19, the contribution was up from the previous year, when Rio Tinto reported a total direct economic contribution of US$45.1B in the countries and communities where it operates, including US$7.6B of taxes and royalties.

 

Most of Rio Tinto’s taxes and royalties were paid in Australia – US$6.8B, or AU$9.8B, including US$4.6B of corporate tax – home to the largest part of the mining giant’s business.

 

The company also made significant payments in Canada (US$651M or C$872M), Mongolia (US$277M), Chile (US$246M), UK (US$132M), the US (US$111M), and South Africa (US$61M).

 

Rio Tinto said its US$47B direct economic contribution in 2020 took the company’s total direct economic contribution since 2016 to US$220B.

 

“As the COVID-19 virus threatened lives and livelihoods around the world, our entire company mobilised to safeguard our employees, contractors and local communities, and to keep our operations running safely and smoothly,” said Peter Cunningham, Rio Tinto interim chief financial officer.

 

“The strength and resilience of our business, along with the commitment and flexibility of our employees, customers, communities and host governments, enabled us to protect thousands of jobs across our supply chain and continue to pay taxes and royalties to governments when many other companies were forced to cut back.”

 

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