Unlocking Value and Performance Outlook
Guidance summary
Earnings
(numbers in brackets are previous guidance)
Volumes
Unit costs
Capex¹
(numbers in brackets are previous guidance)
See slide 32-33
2023
See slide 34
Growth
Sustaining
Baseline
2023 depreciation
2024 depreciation
2023 underlying effective tax rate
•
~$2.8bn
($3.0-3.2bn)
• Lifex
• Collahuasi desalination³
~$3.0-3.2bn 2024
Growth
Sustaining
Baseline
⚫ Lifex
~39%2
(36-38%)
2024 underlying effective tax rate
~40-42%2
Collahuasi desalination³
2025
LT underlying effective tax rate
Dividend pay-out ratio
-35-39%2
(33-37%)
Growth
40% of underlying
Sustaining
Baseline
earnings
Lifex
Collahuasi desalination³
Anglo American
2026 (new)
Growth
Sustaining
⚫ Baseline
• Lifex
LT sustaining
Other
~$5.8bn (~$6.0bn)
Net debt: EBITDA: <1.5x bottom of cycle
~$1.4bn (~$1.5bn)
~$4.4bn (~$4.5bn)
-$3.4bn (~$3.5bn)
2023 net interest paid: ~$0.7bn
-$0.6bn
-$0.4bn
2023 working capital build: ~$1.5bn
~$5.7bn ($6.3-6.8bn incl. Woodsmith)
~$1.2bn (~$1.8bn incl. Woodsmith)
~$4.5bn ($4.5-5.0bn)
-$3.4bn ($3.5-4.0bn)
~$0.7bn
-$0.4bn (~$0.3bn)
~$5.7bn ($5.8-6.3bn incl. Woodsmith)
~$1.3bn (~$1.8bn incl. Woodsmith)
~$4.4bn ($4.0-4.5bn)
-$3.5bn ($3.2-3.7bn)
-$0.7bn (~$0.5bn)
-$0.2bn (~$0.3bn)
~$1.3bn
$5.3bn 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.
Guidance includes unapproved projects and is, therefore, subject to the
progress of project studies, and unapproved Woodsmith capex of -$1bn pa is
included after 2024. Long-term sustaining capex guidance is shown on a 2023
real basis.
-$0.5bn 2. Underlying ETR is highly dependent on a number of factors, including the mix of
profits and any corporate tax reforms impacting the countries where we
operate, and may vary from guidance.
~$4.0bn
-$3.5bn
$3.0-3.5bn + lifex
3. Attributable share of Collahuasi desalination capex at 44%.
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