Modernising Agreements and Transition to Renewables
Reinvesting for growth and decarbonisation
Capital expenditure profile
$bn
~9.0-10.0
~9.0-10.0
~8.0
~7.5
6.2
5.4
5.5
Sustaining capital of $3.5bn per year
including Pilbara Iron Ore of ~$1.5bn
~$0.5bn per year to decarbonise our
assets from 2022 to 2024
Total decarbonisation investment
of $7.5bn* from 2022 to 2030,
predominantly in second half
of decade
Ambition to grow and decarbonise
reflected in 2023-24 capex of up to
~$9-10bn including up to $3bn in
growth spending, depending on
opportunities
Replacement spending
2018A
2019A
2020A
2021F
2022F
2023F
2024F
unchanged at $2-3bn per year
■ Depreciation
■Sustaining
■Decarbonise our assets
■Growth
■Pilbara replacement
Ambition
■Other replacement
*Conceptual view of capital requirements at October 2021. Marginal Abatement Cost Curves (MACC) will be updated on an annual basis
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