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  "documentTitle": "Rio Tinto (RIO)",
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  "presentationDate": "2024-12-01 00:00:00",
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  "notes": "The slide uses a series of stacked bar charts and pie charts to highlight the structural imbalance between Rio Tinto Plc and Ltd entities.",
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      "kind": "callout",
      "text": "Plc accounts for 77% of Rio's shareholder base but generates <20% of group EBITDA, meaning Ltd is required to support Plc by transferring cash and profit reserves to Plc to fund distributions to Plc shareholders",
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      "text": "Plc vs. Ltd: EBITDA Split",
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      "text": "Plc vs. Ltd: Unlevered Free Cash Flow Split",
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      "text": "Plc vs. Ltd: Ordinary Dividend Coverage / (Shortfall)",
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      "text": "Shares Outstanding",
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      "text": "Location of Employees",
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      "text": "Ordinary Dividend Coverage: 77%",
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      "kind": "source-note",
      "text": "Source: Company filings, Palliser analysis; Note: Pilbara, Pacific Aluminium, Gove bauxite mine and Dampier Salt cash flows and operating assets attributed to Ltd; Iron Ore Company of Canada (IOC), Simandou, Kennecott, Escondida, Oyu Tolgoi, remaining bauxite assets, Alcan alumina assets, Primary Metal, Diamonds, Rio Tinto Iron & Titanium, Borates and Lithium projects attributed to Plc; central costs allocated to Ltd and Plc based on share capital split; (1) Based on FY23 reported average number of employees across Rio Tinto subsidiaries and joint operations; (2) Dividend coverage / (shortfall) calculated as difference between underlying unlevered free cash flow of Ltd and Plc respectively and cumulative ordinary dividends paid out by each entity in given fiscal year",
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      "kind": "title",
      "text": "Plc Generates Insufficient Profits to Support its Own Dividends...",
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