AngloAmerican Investor Update
Guidance summary
Earnings
(numbers in brackets are previous guidance)
Volumes
Unit costs
2022 depreciation
2023 depreciation (new)
2022 effective tax rate
2023 effective tax rate (new)
LT effective tax rate
Base dividend pay-out ratio
Anglo American
See slide 35-36 2022
See slide 37
~$2.6bn
($2.8bn-3.0bn)
$3.3-3.5bn
33-35%²
35-37%²
33-37%²
(31-35%)
Capex¹
(numbers in brackets are previous guidance)
40% of underlying
earnings
Growth
• Includes Woodsmith
Sustaining
Baseline
Lifex
. Collahuasi desal4
●
2023
Growth
Includes:
• Woodsmith
• SA RREE5 & nuGen™
Sustaining
Baseline
●
• Lifex
• Collahuasi desal4
2024
Growth
• Includes: SA RREE5 & nuGen™
Sustaining
• Baseline
• Lifex
. Collahuasi desal4
2025 (new)
Growth
• Includes: SA RREE5 & nuGen™
Sustaining
Baseline
.
• Lifex
• Collahuasi desal4
LT sustaining (2022 real)
~$5.7bn ($6.1-6.6bn)
~$1.7bn ($1.6-2.1bn)
~$0.5bn ($0.6bn)
~$4.0bn ($4.5bn)
-$3.2bn ($3.4bn)
~$0.6bn ($0.7bn)
~$0.2bn ($0.4bn)
$6.0-6.5bn
-$1.8bn ($1.2-1.7bn)
~$0.8bn
~$0.3bn
$4.2-4.7bn (-$4.8bn)
$3.1-$3.6bn (~$3.5bn)
~$0.7bn (~$0.8bn)
-$0.4bn (~$0.5bn)
$5.5-6.0bn ($5.6-6.1bn)
~$1.0bn ($1.5-2.0bn)
~$0.3bn
$4.5-5.0bn (~$4.1bn)
$3.5-$4.0bn (~$3.3bn)
-$0.7bn (~$0.6bn)
~$0.3bn (~$0.2bn)
$5.0-5.5bn
~$1.0bn
~$0.3bn
$4.0-4.5bn
$3.2-$3.7bn
Other
(numbers in brackets are previous guidance)
Quellaveco copper project
~$0.5bn
~$0.3bn
●
●
•
2022 capex³: 100% ~$1.1bn ($0.8-1.1bn); our
share $0.7bn ($0.5-0.7bn)
2023 capex³ (new): 100% <$0.2bn; our
share <$0.1bn
Our share of capex included in capex
guidance¹
Working capital build: ~$2.0-2.5bn
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, growth capex reflects our attributable
share. Guidance includes unapproved projects and is, therefore, subject
to progress of growth project studies and Woodsmith is excluded after
2023. Long-term sustaining capex guidance is shown on a 2022 real
basis.
2. 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 the guided ranges.
3. Excludes the coarse particle recovery capex approved in February 2021.
4. Attributable share of capex. Collahuasi desalination capex shown
includes related infrastructure.
$3.0-3.5bn + lifex 5. Southern Africa Regional Renewable Energy Ecosystem (SA RREE).
(~$3.0bn + lifex 2018 real)
34View entire presentation