Investor Presentaiton
Guidance summary
Earnings
Volumes
Capex¹
Unit costs
2023 depreciation
2023 underlying effective tax rate
LT underlying effective tax rate
Base dividend pay-out ratio
See slide 37-38
See slide 39
$3.0-3.2bn
(prev. $3.3-3.5bn)
36-38%2
(prev. 35-37%)
2023
•
Growth
Includes:
•
Woodsmith
Sustaining
Baseline
Lifex
Collahuasi desalination4
33-37%2
2024
40% of underlying
earnings
Growth
Sustaining
Baseline
Lifex
Collahuasi desalination4
2025
Growth
Sustaining
Baseline
• Lifex
.
Collahuasi desalination4
~$6.0bn
(prev. $6.0-6.5bn)
~$1.5bn³ (prev. ~$1.8bn)
-$0.7bn (prev. ~$0.8bn)
~$4.5bn (prev. $4.2-4.7bn)
-$3.5bn (prev. $3.1-3.6bn)
-$0.6bn (prev. ~$0.7bn)
-$0.4bn
$5.3-5.8bn
(prev. $5.5-6.0bn)
~$0.8bn³ (prev. ~$1.0bn)
$4.5-5.0bn
$3.5-4.0bn
~$0.7bn
-$0.3bn
$4.8-5.3bn
(prev. $5.0-5.5bn)
~$0.8bn³ (prev. ~$1.0bn)
$4.0-4.5bn
$3.2-3.7bn
~$0.5bn
~$0.3bn
LT sustaining (2022 real)
$3.0-3.5bn + lifex
Other
Net debt: EBITDA: <1.5x bottom of cycle
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, remaining growth capex reflects attributable share. Guidance
includes unapproved projects and is, therefore, subject to the progress of
project studies, and unapproved Woodsmith capex of -$1bn pa is excluded
after 2023.
2.
Underlying ETR is highly dependent on a number of factors, including the mix of
and any corporate tax reforms impacting the countries where we
operate, and may vary from the guided ranges. The 1% increase in 2023
underlying effective tax rate guidance reflects the expected deferred tax
impact of the Chile mining royalty bill, which is expected to be substantively
enacted in H2 2023.
3. Lower growth guidance reflects equity accounting of the SA Regional
Renewable Energy Ecosystem joint venture, Envusa Energy.
4. Attributable share of capex. Collahuasi desalination capex shown includes
related infrastructure.
Anglo American
36View entire presentation