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Investor Presentaiton

Guidance summary Earnings Capex¹ Volumes Unit costs 2022 depreciation 2022 effective tax rate See slide 38-39 See slide 40 $2.8-3.0bn (previously $3.0bn-3.2bn) 2022 Growth Includes Woodsmith Sustaining ⚫ Baseline • Lifex • Collahuasi desal4 33-35%2 2023 31-35%2 Growth Base dividend pay-out ratio 40% of underlying earnings LT effective tax rate Sustaining ⚫ Baseline ⚫ Lifex ⚫ Collahuasi desal4 2024 Growth Sustaining ⚫ Baseline ⚫ Lifex Collahuasi desal4 LT sustaining $6.1-6.6bn $1.6-2.1bn ~$0.6bn ~$4.5bn ~$3.4bn ~$0.7bn ~$0.4bn $6.0-6.5bn $1.2-1.7bn ~$4.8bn ~$3.5bn ~$0.8bn ~$0.5bn $5.6-6.1bn $1.5-2.0bn ~$4.1bn ~$3.3bn ~$0.6bn ~$0.2bn ~$3.0bn + lifex Other Quellaveco copper project • 2022 capex³: 100% $0.8-1.1bn; our share $0.5-0.7bn Our share of capex included in capex guidance¹ ⚫ Mitsubishi share of capex increase to net debt (slide 49) Net debt: EBITDA: <1.5x bottom of cycle 1. Cash expenditure on property, plant and equipment including related derivatives, net of proceeds from disposal of property, plant and equipment and includes direct funding for capital expenditure from non-controlling interests. Shown excluding capitalised operating cash flows. Consequently, for Quellaveco, reflects attributable share of capex, see slide 49. Guidance includes unapproved projects and is, therefore, subject to progress of growth project studies and Woodsmith is excluded after 2022. Long-term sustaining capex guidance is shown on a real basis. 2. ETR is highly dependent on a number of factors, including the mix of profits, and may vary from the guided ranges. 3. Excludes the coarse particle recovery capex approved in February 2021. 4. Attributable share of capex. Collahuasi desalination capex shown includes related infrastructure. Anglo American 37
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