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Financial performance by segment - Summary of performance of operating segments (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disclosure of operating segments [Line Items]      
Segmental revenue $ 57,638 $ 53,658 $ 54,041
Underlying EBITDA 25,363 23,314 23,892
Proceeds from disposal of property, plant and equipment 50 30 9
Purchases of property, plant and equipment and intangible assets [1] $ 12,335 9,621 7,086
Percentage of capital expenditure 100.00%    
Exploration and evaluation expenditures $ 795 935 1,384
Simandou iron ore project      
Disclosure of operating segments [Line Items]      
Segmental revenue 0 0 0
Underlying EBITDA (96) (22) (539)
Capital expenditure 2,219 1,832 266
Purchases of property, plant and equipment and intangible assets 2,219 1,832  
Audit of subsidiaries      
Disclosure of operating segments [Line Items]      
Share of sales revenue of equity accounted units $ 311 213 20
All Entities, Excluding Simandou      
Disclosure of operating segments [Line Items]      
Exploration and evaluation expenditures     855
Copper      
Disclosure of operating segments [Line Items]      
Exploration and evaluation charge, percent 40.00%    
Iron Ore      
Disclosure of operating segments [Line Items]      
Exploration and evaluation charge, percent 19.00%    
Other operations      
Disclosure of operating segments [Line Items]      
Segmental revenue $ 3,114 3,201 3,576
Underlying EBITDA 50 517 532
Capital expenditure $ 334 419 413
Exploration and evaluation charge, percent 8.00%    
Share of equity accounted units      
Disclosure of operating segments [Line Items]      
Shares of equity accounted units $ (5,237) (4,048) (3,016)
Central pension costs, share-based payments, insurance and derivatives      
Disclosure of operating segments [Line Items]      
Underlying EBITDA (74) 153 168
Restructuring, project and one-off costs      
Disclosure of operating segments [Line Items]      
Underlying EBITDA (606) (254) (190)
Central costs      
Disclosure of operating segments [Line Items]      
Underlying EBITDA (818) (816) (990)
Central exploration and evaluation expenditures      
Disclosure of operating segments [Line Items]      
Underlying EBITDA $ (230) (238) (100)
Exploration and evaluation charge, percent 32.00%    
Other items      
Disclosure of operating segments [Line Items]      
Capital expenditure $ 92 134 113
Gross product sales      
Disclosure of operating segments [Line Items]      
Share of sales revenue of equity accounted units $ 5,548 4,261 3,036
Aluminium      
Disclosure of operating segments [Line Items]      
Exploration and evaluation charge, percent 1.00%    
Operating segments | Reportable segments total      
Disclosure of operating segments [Line Items]      
Segmental revenue $ 59,774 54,526 53,502
Underlying EBITDA 27,137 23,974 25,011
Capital expenditure 9,640 7,206 6,285
Operating segments | Aluminium & Lithium      
Disclosure of operating segments [Line Items]      
Segmental revenue 17,056 13,650 12,285
Underlying EBITDA 4,574 3,552 2,136
Capital expenditure 3,346 1,848 1,357
Operating segments | Copper      
Disclosure of operating segments [Line Items]      
Segmental revenue 13,729 9,275 6,678
Underlying EBITDA 7,369 3,437 1,960
Capital expenditure 1,872 2,055 1,976
Operating segments | Iron Ore      
Disclosure of operating segments [Line Items]      
Segmental revenue 28,989 31,601 34,539
Underlying EBITDA 15,194 16,985 20,915
Capital expenditure 4,422 3,303 2,952
Inter-segment transactions      
Disclosure of operating segments [Line Items]      
Segmental revenue (13) (21) (21)
Underlying EBITDA $ 0 $ 0 $ 0
[1]
In 2025, our net cash outflow in relation to the Simandou iron ore project, excluding cash generated from operating activities, was US$1,455 million (2024: US$1,292 million). This
includes cash outflows of US$2,219 million (2024: US$1,832 million) for purchases of property, plant and equipment, and US$557 million as net funding of equity accounted units for
the funding of shared infrastructure in the WCS Rail and Port Holding Entities (2024: US$652 million, in addition to an initial US$313 million for the acquisition of the WCS Rail and
Port Holding Entities). We received related cash inflows of US$1,321 million from Chalco Iron Ore Holdings Ltd (CIOH) for cash calls by SimFer Jersey Limited (2024: US$1,505
million, of which US$411 million related to CIOH’s share of expenditure incurred up until the end of December 2023 to progress critical works).