AngloAmerican Investor Day Presentation Deck
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
100% project capex
Less: subscription
Net capex
Our 60% share
Mitsubishi 40% share
Interest on facility
2018
0.3
(0.3)
2019
1.3
(0.5)
0.8
0.5
0.3
2020
1.3
1.3
0.8
0.5
Reported in 'Other net debt movements' in 2018 - representing cash
received but not spent at 2018 year end
2021F
Reverses with $0.5bn outflow in 2019 'Other net debt movements'
representing pre-funded capex
1.25
1.25
0.75
Capitalisation of borrowing costs on shareholder facility
0.5
2022F²
1.0
1.0
0.6
0.4
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
2023F²
<0.3
<0.3
<0.2
<0.1
Recognised as
finance costs3
Total
5.5
(0.8)
4.7
2.8
1.9
Consolidated net debt
(cash funded by
Mitsubishi but reported
within our other net
debt movements)
Consolidated net
debt
(cash funded by
Anglo and
reported within
growth capex)
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