Tax and royalties paid by Rio Tinto in 2022 totalled $10.8 billion

The global mining and metal giant Rio Tinto has released its 2022 Taxes and Royalties Paid Report, showing that $10.8 billion was paid as taxes and royalties.

This is the third-highest annual global taxes and royalties paid by Rio Tinto since it published its first Annual Taxes Paid report for 2010. However, this compares to $13.3 billion in 2021, during a period of exceptionally high commodity prices.

About half of the company's assets are located in Australia, including bauxite mining, alumina refinery and aluminium smelting, where taxes and royalties totalled $8.5 billion (A$12.3 billion) in 2022, down from $11.1 billion (A$14.8 billion) in 2021.

In addition to Canada ($718 million), where also Rio Tinto has aluminium smelters,  Chile ($678 million), Mongolia ($294 million), and the United States ($135 million), Rio Tinto also paid large amounts in taxes and royalties in those countries.

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

“Taxes and royalties play a critical role in the economic and social development of our regions and communities. As temporary custodians of the land where we operate, we are responsible for extracting 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.”

During the past decade, Rio Tinto has paid $74.9 billion in taxes and royalties globally, 78 per cent of which were paid in Australia.