Future-Enabling Growth Strategy Update
Guidance summary
Earnings
Capex¹
(numbers in brackets are previous guidance)
See slide 28-29
2021
See slide 30
Growth
(numbers in brackets are previous guidance)
Volumes
Unit costs
2021 depreciation
2022 depreciation
~$2.9bn
($3.0-3.2bn)
$3.0-3.2bn
• Includes Woodsmith
Sustaining
⚫ Baseline
⚫ Lifex
2022
Growth
Includes Woodsmith
Sustaining
2021 effective tax rate
31-33%2
(30-32%)
2022 effective tax rate
33-35%2
⚫ Baseline
LT effective tax rate
31-35%2
(30-33%)
⚫ Lifex
⚫. Collahuasi desal 5
Dividend pay-out ratio
40% of underlying
earnings
2023
~$5.2bn ($5.5-6.0bn)
$1.8bn ($1.9-2.4bn)
~$0.6bn ($0.5bn)
~$3.4bn (-$3.6bn)
~$2.9bn (-$3.0bn)
~$0.5bn (~$0.6bn)
$6.2-6.7bn ($5.7-6.2bn)
$1.7-2.2bn³ ($1.5-2.0bn)
~$0.7bn
~$4.5bn (-$4.2bn)
~$3.4bn (-$3.0bn)
Other
(numbers in brackets are previous guidance)
Quellaveco copper project
• 2021 capex4: 100% ~$1.25bn; our share
~$0.75bn (100% $1.3-1.6bn; our share $0.8-1.0bn)
2022 capex: 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 37)
Growth
Sustaining
Baseline
⚫ Lifex
• Collahuasi desal 5
2024
Growth
Sustaining
⚫ Baseline
⚫ Lifex
⚫ Collahuasi desal5
~$0.7bn (-$0.9bn)
~$0.4bn ($0.3bn)
$6.0-6.5bn ($5.6-6.1bn)
$1.2-1.7bn ($1.5-2.0bn)
~$4.8bn (-$4.1bn)
~$3.5bn (-$3.0bn)
~$0.8bn
~$0.5bn ($0.3bn)
$5.6-6.1bn
$1.5-2.0bn
~$4.1bn
~$3.3bn
~$0.6bn
~$0.2bn
~$3.0bn + lifex
Dividends paid to NCI in FY21:~$2.8bn
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 37. 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. Growth of $1.7bn-2.2bn includes the 2022 Woodsmith capex of $0.7bn,
previous growth capex guidance of $1.5-2.0bn excludes the $0.7bn of
Woodsmith capex.
4. Excludes the coarse particle recovery capex approved in February 2021.
5. Attributable share of capex. Collahuasi desalination capex shown includes
related infrastructure, which was excluded in previous presentations.
LT sustaining
Anglo American
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