Mining Business Overview
QUELLAVECO ACCOUNTING
Anglo American consolidates 100% of Quellaveco's P&L and Balance Sheet.
Mitsubishi's 40% share is shown as a non-controlling interest.
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 ~$1.8bn debt from Mitsubishi (40% of shareholder debt); which is funded from their 40% of Quellaveco.
Illustrative project spend post approval (mid point of $5.3-5.5bn project total capex range)
$bn
2018
2019
2020
2021
2022
Total
100% project capex
0.3
1.3
1.3
1.5
1.0
5.4
Less: subscription
(0.3)
(0.5)
(0.8)
Net capex
0.8
1.3
1.5
15
1.0
100
4.6
Our 60% share
0.5
0.8
0.9
0.6
2.8
Mitsubishi 40%
0.3
0.5
0.6
0.4
1.8
share
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.
⑩AngloAmerican
Consolidated net debt
(cash funded by Anglo and
reported within growth capex).
Consolidated net debt
(cash funded by Mitsubishi but
reported within our other net
debt movements).
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