AngloAmerican Investor Presentation Deck
Guidance summary
Earnings
(numbers in brackets are previous guidance)
Volumes
Unit costs
2023 depreciation
2024 depreciation
2023 underlying effective tax rate
2024 underlying effective tax rate
LT underlying effective tax rate
Dividend pay-out ratio
Anglo American
See slide 32-33 2023
See slide 34
~$2.8bn
($3.0-3.2bn)
-$3.0-3.2bn
-39%²
(36-38%)
~40-42%²
-35-39%²
(33-37%)
Capex¹
(numbers in brackets are previous guidance)
40% of underlying
earnings
Growth
Sustaining
Baseline
• Lifex
Collahuasi desalination³
2024
Growth
Sustaining
Baseline
• Lifex
Collahuasi desalination³
2025
Growth
Sustaining
Baseline
. Lifex
Collahuasi desalination³
2026 (new)
Growth
Sustaining
• Baseline
• Lifex
LT sustaining
-$5.8bn (~$6.0bn)
-$1.4bn (-$1.5bn)
-$4.4bn (-$4.5bn)
-$3.4bn (~$3.5bn)
~$0.6bn
-$0.4bn
~$5.7 bn ($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)
-$5.7 bn ($5.8-6.3bn incl. Woodsmith)
-$1.3bn (-$1.8bn incl. Woodsmith)
-$4.4bn ($4.0-4.5bn)
-$3.5bn ($3.2-3.7bn)
-$0.7 bn (~$0.5bn)
-~$0.2bn (~$0.3bn)
Other
Net debt: EBITDA: <1.5x bottom of cycle
2023 net interest paid:~$0.7bn
2023 working capital build:~$1.5bn
~$5.3bn 1. Cash expenditure on property, plant and equipment including related
~$1.3bn
~$4.0bn
-$3.5bn
-$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.
derivatives, net of proceeds from disposal of property, plant and equipment and
includes direct funding for capital expenditure from non- ntrolling interest
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.
$3.0-3.5bn + lifex 3. Attributable share of Collahuasi desalination capex at 44%.
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