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
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