Sustainable Focus and Growth Outlook
Guidance summary
Earnings
Capex¹
(numbers in brackets are previous guidance)
(numbers in brackets are previous guidance)
See slide 35-36 2022
Growth
See slide 37
•
Includes Woodsmith
Volumes
Unit costs
~$2.6bn
($2.8bn-3.0bn)
Sustaining
Baseline
Lifex
.
2022 depreciation
• Collahuasi desal
2023 depreciation (new)
$3.3-3.5bn
2022 effective tax rate
2023 effective tax rate (new)
LT effective tax rate
33-35%2
35-37%2
2023
•
Growth
Includes:
• Woodsmith
SA RREE5 & nuGenTM
Sustaining
33-37%2
(31-35%)
⚫ Baseline
•
Lifex
Base dividend pay-out ratio
40% of underlying
Collahuasi desal⭑
earnings 2024
Growth
Includes: SA RREE5 & nuGen™
Sustaining
⚫ Baseline
• Lifex
• Collahuasi desal4
2025 (new)
Growth
⚫ Includes: SA RREE5 & nuGen™
Sustaining
⚫ Baseline
• Lifex
• Collahuasi desal
LT sustaining (2022 real)
Other
(numbers in brackets are previous guidance)
~$5.7bn ($6.1-6.6bn) Quellaveco copper project
~$1.7bn ($1.6-2.1bn)
~$0.5bn ($0.6bn)
~$4.0bn ($4.5bn)
~$3.2bn ($3.4bn)
~$0.6bn ($0.7bn)
~$0.2bn ($0.4bn)
$6.0-6.5bn
~$1.8bn ($1.2-1.7bn)
~$0.8bn
• 2022 capex³: 100% ~$1.1bn ($0.8-1.1bn); our
share $0.7bn ($0.5-0.7bn)
⚫ 2023 capex³ (new): 100% <$0.2bn; our
share <$0.1bn
⚫ Our share of capex included in capex
guidance¹
~$0.3bn Working capital build: ~$2.0-2.5bn
$4.2-4.7bn (~$4.8bn)
$3.1-$3.6bn (~$3.5bn) Net debt: EBITDA: <1.5x bottom of cycle
~$0.7bn (~$0.8bn)
~$0.4bn (~$0.5bn)
$5.5-6.0bn ($5.6-6.1bn)
~$1.0bn ($1.5-2.0bn)
~$0.3bn
$4.5-5.0bn (-$4.1bn)
$3.5-$4.0bn (~$3.3bn)
~$0.7bn (~$0.6bn)
~$0.3bn (~$0.2bn)
$5.0-5.5bn
~$1.0bn
~$0.3bn
$4.0-4.5bn
$3.2-$3.7bn
~$0.5bn
~$0.3bn
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. Shown excluding capitalised operating cash flows.
Consequently, for Quellaveco, growth capex reflects our attributable
share. Guidance includes unapproved projects and is, therefore, subject
to progress of growth project studies and Woodsmith is excluded after
2023. Long-term sustaining capex guidance is shown on a 2022 real
basis.
2. 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 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.
$3.0-3.5bn + lifex 5. Southern Africa Regional Renewable Energy Ecosystem (SA RREE).
(-$3.0bn + lifex 2018 real)
Anglo American
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