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Rio Tinto details $13.3 billion of taxes and royalties paid in 2021
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Rhea-AI Summary
Rio Tinto has published its 2021 economic contribution report, revealing a total direct economic input of $66.6 billion, up from $47 billion in 2020. The company's taxes and royalties paid globally amounted to $13.3 billion, an increase from $8.4 billion in the previous year. In Australia, Rio contributed $11.1 billion in taxes and royalties, reflecting growth driven by operational resilience amid COVID-19. Overall, since 2017, Rio's contributions exceed $251 billion, underscoring its role in supporting local economies.
Positive
Increased total direct economic contribution to $66.6 billion in 2021, up from $47 billion in 2020.
Global taxes and royalties paid increased to $13.3 billion in 2021 from $8.4 billion in 2020.
Significant contributions in Australia of $11.1 billion, compared to $6.8 billion the previous year.
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MELBOURNE, Australia--(BUSINESS WIRE)--
Rio Tinto has released its 2021 Taxes paid: Our economic contribution report, which details $13.3 billion of global taxes and royalties paid during the year, up from $8.4 billion in 2020.
Despite the ongoing challenges of COVID-19, Rio Tinto made a total direct economic contribution of $66.6 billion in the countries and communities where it operates in 2021, compared to $47 billion the previous year.
In Australia, which is home to around half of the company’s assets, Rio Tinto paid $11.1 billion (A$14.8 billion) in taxes and royalties, up from $6.8 billion (A$9.8 billion) the previous year. The company also made significant payments in Canada ($855 million), Mongolia ($544 million), Chile ($562 million) and the United States ($81 million).
Since 2017, Rio Tinto has made a direct economic contribution of more than $251 billion to the countries and communities where it operates.
Rio Tinto Chief Financial Officer Peter Cunningham said “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. 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.
“Our economic contribution to governments and communities plays a critical role in the economic health and development of the regions where we operate. 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.”
In the past 10 years, the company has paid $73.9 billion in taxes and royalties globally, of which over 78 per cent, or $58.0 billion (A$72.8 billion), was paid in Australia
