Future-Enabling Growth Strategy Update
Quellaveco accounting - debt
After the initial $0.8bn equity injection by Mitsubishi, the project is now funded 60:40 through shareholder debt
Group net debt by the end of the project is expected to include ~$1.9bn debt from Mitsubishi (40% of shareholder debt); which is funded from their 40%
share of Quellaveco
Illustrative project spend post approval ($5.3-5.5bn project total capex range¹)
$bn
2018
2019
2020
2021F
2022F2
2023F2
Total
100% project capex
0.3
1.3
1.3
1.25
1.0
<0.3
5.5
Less: subscription
(0.3)
(0.5)
(0.8)
Consolidated net
Net capex
0.8
1.3
1.25
1.0
<0.3
4.7
debt
(cash funded by
Our 60% share
0.5
0.8
0.75
0.6
<0.2
2.8
Anglo and
reported within
growth capex)
Mitsubishi 40% share
0.3
0.5
0.5
0.4
<0.1
1.9
Recognised as
Interest on facility
Capitalisation of borrowing costs on shareholder facility
finance costs³
Reported in 'Other net debt movements' in 2018 - representing cash
received but not spent at 2018 year end
Reverses with $0.5bn outflow in 2019 'Other net debt movements'
representing pre-funded capex
1. Excludes the coarse particle recovery capex approved in February 2021.
2. Project spend extended into 2023 due to more than 6-month Covid-19 related delay.
3. Cessation of capitalisation of borrowing costs once commercial production begins, this is expected following a 12-month ramp up from commissioning.
Anglo American
Consolidated net debt
(cash funded by
Mitsubishi but reported
within our other net
debt movements)
37
52View entire presentation