Exhibit (c)(viii)

 

PROJECT ASTERIX Discussion Materials August 2022

Precedent Copper Transactions Includes Copper Transactions Greater than US$1.0 bn since 2010 RT Offer at C$40 Producer Transactions Developer Transactions Share Price Based on Model NAV (C Mitsubishi - 24.5% AA Sur (Anglo American) Jinchuan - Metorex Sumitomo - 13% Morenci (Freeport) Barrick Gold - Equinox Minerals Nova Resources - KAZ Minerals BHR Partners - 24% Tenke Fungurume (Lundin) China Moly - 56% Tenke Fungurume (Freeport) Lundin - 80% Candelaria (Freeport) Antofagasta - 50% Zaldivar (Barrick) Sandfire - MATSA (Mubadala & Trafigura) Equinox Minerals - Citadel South32 - Sierra Gorda (Sumitomo) BHP - OZ Minerals Metals Acquisition Corp - CSA Copper Mine (Glencore) MMG-led Consortium - Las Bambas (Glencore) Glencore - Mutanda Mining Minmetals Resources - Anvil Zijin Resources - Nevsun Resources First Quantum - Inmet Guangdong Rising - PanAust Rio Tinto - Turquoise Hill (Street) KGHM Polska - Quadra FNX Rio Tinto - Turquoise Hill (Model) Source: Company filings, FactSet, street research Note: Excludes merger of equals transactions. Note: Medians exclude Rio Tinto - Turquoise Hill and BHP - OZ Minerals.

VALUATION METHODOLOGIES Broker Valuation Methodology Discount Rate Broker Valuation Methodology Discount Rate (name) (name) (%) (%) (report date) (report date) BMO Citi 50% weighting on NPV 1.1x NPV 10.0% 7.3% (23-Aug-22) (27-Jul-22) 50% weighting on EV / ‘24E EBITDA Bank of America RBC 1.15x NPV 0.9x NPV n.a. n.a. (16-Aug-22) (27-Jul-22) 6.5x EV / EBITDA Morgan Stanley 50% weighting on 1.0x NPV JP Morgan 50% weighting on 1.0x NPV 8.9% 10.0% (15-Aug-22) 50% weighting on 6.5x EV / Avg. ‘22-24E EBITDA (27-Jul-22) 50% weighting on 5.5x EV / ‘24E EBITDA Macquarie 50% weighting on NPV 11.5%(1) Jefferies NPV n.a. (10-Aug-22) 50% weighting on 5.0x EV / EBITDA (27-Jul-22) Barclays UBS 50% weighting on 0.9x NPV 1.1x NPV 7.5% 10.0% (28-Jul-22) (27-Jul-22) 50% weighting on 5.5x EV / EBITDA Credit Suisse 50% weighting on 1.0x NPV Berenberg 1.0x NPV 9.0% n.a. (28-Jul-22) 50% weighting on 4.0x EV / ‘23E EBITDA (15-Jul-22) 5.2x EV / EBITDA RIO TINTO ABILITY TO PAY Low High NAV per Share (NAV Approach) 1.0x P / NAV Multiple | 7.5% - 10.0% Discount Rate (C$ / sh.) $59.91 $77.77 Implied Share Price (EBITDA Approach)(2,3) 2025E EBITDA Multiple: 5.0x - 6.5x (C$ / sh.) $35.93 $47.40 Average Implied TRQ Equity Value per Share (C$ / sh.) $47.92 $62.58 2 Source: Company filings, street research, Turquoise Hill Internal Model at street consensus pricing Note: Broker reports on Rio Tinto Plc. 1. Nominal discount rate.

Bid Continuum Offer Price (C$/sh) Transaction Metrics Turquoise Hill C$40.00 C$42.00 C$44.00 C$46.00 C$48.00 C$50.00 Benchmark Implied Offer Metrics Implied Premium / (Discount) - Spot (%) C$30.19 32.5% 39.1% 45.7% 52.4% 59.0% 65.6% - Unaffected Price (%) C$25.68 55.8% 63.6% 71.3% 79.1% 86.9% 94.7% - To HUSP (%) C$17.72 125.7% 137.0% 148.3% 159.6% 170.9% 182.2% Implied Bid Bump by Rio Tinto (%) C$34.00 17.6% 23.5% 29.4% 35.3% 41.2% 47.1% Implied Equity Value (49%) (US$ mm) $2,308 $3,058 $3,211 $3,363 $3,516 $3,669 $3,822 Implied Enterprise Value (49%) (US$ mm) $3,034 $4,170 $4,401 $4,633 $4,865 $5,096 $5,328 Implied Purchase Multiples P/NAV (Model) (ratio) 0.50x 0.67x 0.70x 0.73x 0.77x 0.80x 0.83x Rio Tinto Metrics Pro Forma Net Leverage (Net Debt/2022E EBITDA) (ratio) 0.19x 0.20x 0.20x 0.21x 0.21x 0.22x (1) NAVPS (Model) - Acc / (Dil) (%) $46.25 1.2% 1.1% 1.0% 0.9% 0.7% 0.6% (1,2) (%) 2025E CFPS (Model) - Acc / (Dil) $9.14 4.6% 4.6% 4.6% 4.6% 4.6% 4.6% (3) RT Broker Methodology - Premium Over Offer (%) C$55.25 38.1% 31.6% 25.6% 20.1% 15.1% 10.5% (1,4) Return on Investment (%) 14.6% 14.0% 13.4% 12.9% 12.4% 12.0% (1) Payback Years (years) 7.2 7.3 7.5 7.7 7.8 8.0 Implied IRR To Future Standalone Range - C$50.00 (%) C$50.00 9.3% 7.2% 5.2% 3.4% 1.6% -- - C$55.00 (%) C$55.00 13.5% 11.4% 9.3% 7.4% 5.6% 3.9% - C$60.00 (%) C$60.00 17.6% 15.3% 13.2% 11.2% 9.3% 7.5% - C$65.00 (%) C$65.00 21.4% 19.0% 16.8% 14.8% 12.9% 11.0% - C$70.00 (%) C$70.00 25.0% 22.6% 20.3% 18.2% 16.2% 14.4% (5) Implied LT Copper Price (8% Discount Rate) (US$/lb) $2.12 $2.20 $2.29 $2.38 $2.46 $2.53 3 Source: BMO Equity Research model, company filings, FactSet, Turquoise Hill Internal Model at 4. Rio Tinto has publicly stated a 15% IRR hurdle rate requirement. street consensus pricing, street research 5. Assumes P/NAV of 1.0x.

MI 61-101 Precedents with Offer Value Below Formal Valuation Range 4 Source: Company filings, FactSet, public disclosure, The Globe and Mail

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