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"dimensions": { "concept": "south32limited:CommonControlTransactionReserveIncludedWithinOtherReserves", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2025-07-01T00:00:00", "unit": "iso4217:USD" } }, "fact-502": { "value": "This section sets out the accounting policies that relate to the consolidated financial statements of South32 Limited (referred to as the Company) and its subsidiaries and joint arrangements (collectively, the Group) as a whole. Where an accounting policy, critical accounting estimate, assumption or judgement is specific to a note, these are described within the note to which they relate. These policies have been consistently applied to all periods presented, except as described in note 3 New standards and interpretations. The consolidated financial statements of the Group for the year ended 30 June 2025 were authorised for issue in accordance with a resolution of the Directors on 28 August 2025. 1. Reporting entity South32 Limited is a for-profit company limited by shares incorporated in Australia. South32 Limited has a primary listing on the Australian Securities Exchange (ASX), a secondary listing on the Johannesburg Stock Exchange (JSE), is admitted to listing in the equity shares (international commercial companies secondary listing) category of the Official List of the UK Financial Conduct Authority and its ordinary shares are traded on the London Stock Exchange (LSE). The nature of the operations and principal activities of the Group are described in note 4 Segment information. Are presented in US dollars, with all values rounded to the nearest million dollars (US$M or US$ million) unless otherwise stated, in accordance with ASIC Corporations Instrument 2016/191; ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-476": { "value": "
The consolidated financial statements of the Group for the year ended 30 June 2025 were authorised for issue in accordance with a
resolution of the Directors on 28 August 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-3": { "value": "South32 Limited", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-4": { "value": "for-profit company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-5": { "value": "Australia", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-477": { "value": "
2. Basis of preparation
The consolidated financial statements are general purpose financial statements which:
\u2013 Have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other
authoritative pronouncements of the Australian Accounting Standards Board (AASB), International Financial Reporting Standards (IFRS)
Accounting Standards and other authoritative pronouncements of the International Accounting Standards Board (IASB);
\u2013 Have been prepared on a historical cost basis, except for post-retirement assets and obligations, derivative financial instruments and
certain other financial assets and liabilities which are required to be measured at fair value;
\u2013 Are presented in US dollars, with all values rounded to the nearest million dollars (US$M or US$ million) unless otherwise stated, in
accordance with ASIC Corporations Instrument 2016/191;
\u2013 Adopt all new and amended accounting standards and interpretations issued by the AASB and IASB that are relevant to the operations
of the Group and effective for reporting periods beginning on or after 1 July 2024. Refer to note 3 New standards and interpretations for
further details; and
\u2013 Do not early adopt any accounting standards and interpretations that have been issued or amended but are not yet effective as
described in note 3 New standards and interpretations.
(a) Basis of consolidation
The consolidated financial statements comprise the financial statements of the Group. A list of material subsidiaries at year end is
contained in note 24 Subsidiaries.
The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting
policies.
(b) Foreign currency translation
The functional currency of the majority of the Group\u2019s operations is the US dollar, as this is assessed to be the principal currency of the
economic environments in which they operate.
Transactions denominated in foreign currencies are initially recorded in the functional currency using the exchange rate at the date of the
underlying transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange at year
end. Exchange gains or losses on translation are included in the Consolidated income statement, except for gains or losses on translation
of foreign-denominated closure and rehabilitation provisions for operating sites, which are capitalised in property, plant and equipment,
and gains or losses on translation of operations with non-USD functional currencies, which are recognised in other comprehensive income.
(c) Key estimates, assumptions and judgements
The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that
are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on
historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may
differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the
estimates are based.
Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as
follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following assumptions are considered pervasive to the financial statements as a whole: Impact of global trade policy developments The Group continues to monitor the global economic implications of various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these policies has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. Potential future trade restrictions or import duties could affect both product pricing and input costs. These factors represent a source of estimation uncertainty that may lead to material changes in the recoverable amount of assets in future periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate change-related risks and opportunities, and are consistent with the Group\u2019s reporting on climate- related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOP) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, with the exception of Hillside Aluminium and Mozal Aluminium, which would no longer be competitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by the mid-2030s. The current electricity supply agreements at Hillside Aluminium and Mozal Aluminium expire in 2031 and 2026 respectively. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGU) with the highest exposure to transition risks include Worsley Alumina, Hillside Aluminium and Mozal Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The near term focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. 1. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Group's Climate Change Action Plan 2025), which was refreshed in FY25 in partnership with external experts, is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. The Group is continuing to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply. Hillside Aluminium would be uncompetitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by mid-2030s. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Mozal Aluminium Electricity supplied to Mozal Aluminium is generated by Hidroel\u00e9ctrica de Cahora Bassa (HCB), a hydro-electric power generator. Eskom also provides back-up energy to Mozal Aluminium for periods when HCB is unable to meet Mozal Aluminium's electricity requirements. The Group continues to work with the Government of the Republic of Mozambique, HCB and Eskom to secure electricity supply to Mozal Aluminium beyond March 2026 when the current electricity supply agreement expires, which will further inform the emissions intensity of Mozal Aluminium. Refer to note 13 Impairment of non-financial assets, for additional details about the impairment recognised by the Group at 30 June 2025 relating to Mozal Aluminium. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 4 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 4 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity and carbon price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change (IPCC) 5 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs and/or increases to operating costs, as well as impacts on production schedules, are incorporated into the Group's forward-looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. 4. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 5. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis shows that a 1.5\u00b0C scenario, reflecting a rapid, globally coordinated decarbonising world, would have a significant effect on the recoverable amount of Hillside Aluminium. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$68 per tonne CO2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. Mineral Resources and Ore Reserves Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. Because the economic assumptions used to estimate the Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including exploration targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-475": { "value": "2. Basis of preparation The consolidated financial statements are general purpose financial statements which: \u2013 Have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), International Financial Reporting Standards (IFRS) Accounting Standards and other authoritative pronouncements of the International Accounting Standards Board (IASB); \u2013 Have been prepared on a historical cost basis, except for post-retirement assets and obligations, derivative financial instruments and certain other financial assets and liabilities which are required to be measured at fair value; \u2013 Are presented in US dollars, with all values rounded to the nearest million dollars (US$M or US$ million) unless otherwise stated, in accordance with ASIC Corporations Instrument 2016/191; \u2013 Adopt all new and amended accounting standards and interpretations issued by the AASB and IASB that are relevant to the operations of the Group and effective for reporting periods beginning on or after 1 July 2024. Refer to note 3 New standards and interpretations for further details; and \u2013 Do not early adopt any accounting standards and interpretations that have been issued or amended but are not yet effective as described in note 3 New standards and interpretations. (a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of material subsidiaries at year end is contained in note 24 Subsidiaries. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. (b) Foreign currency translation The functional currency of the majority of the Group\u2019s operations is the US dollar, as this is assessed to be the principal currency of the economic environments in which they operate. Transactions denominated in foreign currencies are initially recorded in the functional currency using the exchange rate at the date of the underlying transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange at year end. Exchange gains or losses on translation are included in the Consolidated income statement, except for gains or losses on translation of foreign-denominated closure and rehabilitation provisions for operating sites, which are capitalised in property, plant and equipment, and gains or losses on translation of operations with non-USD functional currencies, which are recognised in other comprehensive income. (c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following assumptions are considered pervasive to the financial statements as a whole: Impact of global trade policy developments The Group continues to monitor the global economic implications of various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these policies has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. Potential future trade restrictions or import duties could affect both product pricing and input costs. These factors represent a source of estimation uncertainty that may lead to material changes in the recoverable amount of assets in future periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate change-related risks and opportunities, and are consistent with the Group\u2019s reporting on climate- related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOP) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, with the exception of Hillside Aluminium and Mozal Aluminium, which would no longer be competitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by the mid-2030s. The current electricity supply agreements at Hillside Aluminium and Mozal Aluminium expire in 2031 and 2026 respectively. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGU) with the highest exposure to transition risks include Worsley Alumina, Hillside Aluminium and Mozal Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The near term focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. 1. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Group's Climate Change Action Plan 2025), which was refreshed in FY25 in partnership with external experts, is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. The Group is continuing to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply. Hillside Aluminium would be uncompetitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by mid-2030s. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Mozal Aluminium Electricity supplied to Mozal Aluminium is generated by Hidroel\u00e9ctrica de Cahora Bassa (HCB), a hydro-electric power generator. Eskom also provides back-up energy to Mozal Aluminium for periods when HCB is unable to meet Mozal Aluminium's electricity requirements. The Group continues to work with the Government of the Republic of Mozambique, HCB and Eskom to secure electricity supply to Mozal Aluminium beyond March 2026 when the current electricity supply agreement expires, which will further inform the emissions intensity of Mozal Aluminium. Refer to note 13 Impairment of non-financial assets, for additional details about the impairment recognised by the Group at 30 June 2025 relating to Mozal Aluminium. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 4 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 4 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity and carbon price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change (IPCC) 5 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs and/or increases to operating costs, as well as impacts on production schedules, are incorporated into the Group's forward-looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. 4. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 5. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100.
Sensitivity analysis
The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base
case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When
assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by
considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis shows that a 1.5\u00b0C
scenario, reflecting a rapid, globally coordinated decarbonising world, would have a significant effect on the recoverable amount of Hillside
Aluminium.
The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable
abatements, where applicable, and a long-term base case estimate of US$68 per tonne CO
2
-e (real) applied to all Scope 1 and 2 emissions
from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as
abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has
considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by
carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it
operates, in combination with the respective LoOPs.
Mineral Resources and Ore Reserves
Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological
characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to
satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex
geological assessments to interpret the data.
An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or
where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more
onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with
prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining,
processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore
Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be
reasonably justified, including a consideration of forecast sales prices.
The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results,
Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas
production and exploration activities.
Because the economic assumptions used to estimate the Ore Reserves change from period to period, and because additional geological
data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to
period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating
costs and the impact of potential extreme weather events on the expectation of economic extraction.
The Group may also include Exploration Targets in determining the recoverable amount of a CGU or an exploration area of interest.
Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including
exploration targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable
amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities,
and the recovery of any associated deferred tax assets.
(a) Description of segments
The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature
of products produced.
The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of
making decisions about resource allocation and assessing performance.
(b) Segment results The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities.
Revenue recognition
Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of
third parties. Revenue is not reduced for royalties and other taxes payable from Group production.
The following is a description of the principal activities from which the Group generates its revenue:
Revenue from the sale of commodities
The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese
ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to
transfer distinct goods to customers.
The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs
when control of the promised commodity is transferred to the customer.
For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable).
The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the
shipping agent) and is assessed to be the point of time in which control over the commodity passes to the customer. For these sales,
revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been
delivered to the customer.
For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price
subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between
provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair
value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements
has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated
continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is
estimated by reference to forward market prices.
Revenue from the provision of freight services
The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF
Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the
port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate
performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services
are provided. The Group also provides third party freight services which are recognised as the shipping service is provided.
The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand
the impact on the Group.
(ii) Significant items
Significant items are those items, not separately identified in note 4(b)(i) Underlying results reconciliation, whose nature and amount are
considered material to the Group\u2019s consolidated financial statements.
Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the
carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes.
To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is
determined as if such amounts are not deductible in determining future assessable income.
Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities.
Basic earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the
weighted average number of shares outstanding during the year.
Diluted earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the
weighted average number of shares outstanding after adjustment for the effects of all dilutive potential shares.
Inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average cost. For
processed inventories, cost is derived on an absorption costing basis. Cost comprises the cost of purchasing raw materials and the cost of
production, including attributable overheads.
(a) Property, plant and equipment
Property, plant and equipment is held at cost less accumulated depreciation and impairment charges.
(b) Assets under construction
All assets included in assets under construction are reclassified to other categories in property, plant and equipment when the asset is
available and ready for use in the location and condition necessary for it to be capable of operating in the manner intended.
When Ore Reserves are estimated and development of commercial production is approved, capitalised exploration and evaluation
expenditure is reclassified to assets under construction. All subsequent development expenditure is capitalised and classified as assets
under construction, provided commercial viability conditions continue to be satisfied.
(c) Exploration and evaluation expenditure
Exploration is defined as the search for potential mineralisation after the Group has obtained legal rights to explore in a specific area. This
includes topographical, geological, geochemical and geophysical studies and exploratory drilling, trenching and sampling.
Evaluation is defined as the determination of the technical feasibility and commercial viability of a particular prospect. Activities conducted
during the evaluation phase include the determination of the tonnage and grade and/or quality of the deposit, examination and testing of
extraction methods and metallurgical or treatment process, surveys of transportation and infrastructure requirements, and market and
finance studies.
Exploration and evaluation expenditure is charged to the Consolidated income statement as incurred except in the following
circumstances, in which case the expenditure may be capitalised:
\u2013 The exploration and evaluation activity is within an area of interest which was previously acquired as an asset acquisition or in a
business combination and was measured at fair value on acquisition;
\u2013 The right to tenure within the exploration area is current and ongoing; and
\u2013 The economics indicates a positive net present value and the region's fiscal terms are established and stable enough to sustain an
expectation that future development is unlikely to be compromised by such fiscal terms.
In addition, drilling costs incurred at a producing mine for the purpose of improving confidence of the existing resource may be capitalised
when the following criteria are satisfied:
\u2013 The drilling occurs within the existing physical boundaries of the area defined as the resource; and
\u2013 The drilling costs are incurred in resources which are economically recoverable.
Capitalised exploration and evaluation expenditure considered to be a tangible asset is recognised as a component of property, plant and
equipment at cost less impairment charges. Otherwise, it is recognised as an intangible asset (such as certain licence and lease
arrangements). Licences or leases purchased which allow exploration over an extended period of time meet the definition of an intangible
exploration lease asset where they cannot be reasonably associated with a known Mineral Resource.
(d) Other mineral assets
Other mineral assets comprise:
\u2013 Capitalised exploration and evaluation expenditure for areas now in production;
\u2013 Development expenditure for areas now in production; and
\u2013 Mineral rights acquired.
In underground mines, when production and development activity occur concurrently, development activity is separated from production
activity, and is capitalised as development expenditure in other mineral assets. Underground mine development activity includes the cost
associated with gaining access to an ore deposit which gives rise to a substantive change in the future productive capacity of the mine.
(e) Leases
At inception of a contract, the Group assesses whether the contract contains a lease.
The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured
at cost, which comprises the initial amount of the lease liability, plus any initial direct costs incurred and estimated future cost of closure or
rehabilitation, less any lease incentives received.
The corresponding lease liability is included within interest bearing liabilities. The lease liability is initially measured based on the value of
lease payments not yet paid at the commencement date, discounted to a present value using the interest rate implicit in the lease or, if
that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate.
The nature of the Group\u2019s leases predominantly relates to mining equipment and assets supporting the operations in line with the Group\u2019s
principal activities.
Leased assets are pledged as security for the related lease liabilities.
Short-term, low-value and variable leases
The Group has elected not to recognise ROU assets and lease liabilities for short-term and low-value leases. The Group recognises the
lease payments associated with short-term, low-value and variable leases within expenses excluding finance costs in the Consolidated
income statement on a straight-line basis over the lease term. If variable leases have a fixed component, this component is recognised as a
lease liability within interest bearing liabilities on the Consolidated balance sheet.
Total cash outflows for lease obligations consist of US$130 million (FY24: US$108 million) for lease liabilities recognised on the Consolidated
balance sheet and US$77 million (FY24: US$80 million) for short-term, low-value and variable leases recognised in the Consolidated income
statement.
(f) Depreciation and amortisation
The major categories of property, plant and equipment are depreciated on a units of production or straight-line basis using the estimated
lives indicated below. However, where assets are dedicated to an operation or lease and are not readily transferable, the below useful lives
are subject to the lesser of the asset category\u2019s useful life and the life of the operation or lease.
Category
Useful life
Buildings
25 to 40 years straight-line
Land
not depreciated, unless held for biodiversity offsets
Plant and equipment
3 to 30 years straight-line
ROU assets
based on the shorter of the useful life or the lease term (straight-line)
Mineral rights
based on Ore Reserves on a units of production basis
Capitalised exploration, evaluation and development expenditure
based on Ore Reserves on a units of production basis
Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are
capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges.
Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is
ready for use, except for intangible exploration assets, which are not amortised until the area is in production. The useful lives are as
follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite.
In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to
as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or
impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an
indicator of impairment or impairment reversal for its CGUs.
If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value
that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to
impairment reversal.
For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure,
are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical
feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of
interest are tested for impairment.
Trade and other payables generally represent liabilities for goods and services provided to the Group prior to the end of the year which
were unpaid at the end of the year. These amounts are unsecured.
Trade and other payables, other than financial liabilities held at FVTPL, are stated at their amortised cost and are non-interest bearing. The
carrying value of these trade and other payables is considered to approximate its fair value due to the short-term nature of the payables.
(a) Employee benefits
Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick
leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the
amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken.
The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in
the current provision for employee benefits and is measured in accordance with annual leave described above.
(b) Closure and rehabilitation
The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and
rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land
rehabilitation.
Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When
the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision
encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of
closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation
activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the
provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an
expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation.
The timing of the actual closure and rehabilitation expenditure is dependent upon a number of factors such as:
\u2013 The life and nature of the operation;
\u2013 The operating licence conditions; and
\u2013 The environment in which the operation operates.
Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation
requirements.
Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and
determined according to the probability of alternative estimates of cash flows occurring for each operation.
Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the
closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied.
The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates
capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites.
When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part
of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is
recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time
due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs.
Closure and rehabilitation provisions are also adjusted for changes in cost estimates. Those adjustments are accounted for as a change in
the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related
assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income
statement. In the case of closed sites, changes to cost estimates are recognised immediately in the Consolidated income statement.
Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future
closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved.
(c) Post-retirement employee benefits
This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other
post-retirement obligations.
Cash and cash equivalents include cash at bank and on hand as well as short-term deposits.
For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other
comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other
income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment.
Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset
or liabilities and the contractual terms of the cash flows.
(a) Fair value measurement
The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective
fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of
US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair
value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the
reporting date and are classified as Level 1 on the fair value hierarchy as shown below.
For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where
available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable
transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate
for liquidity, modelling, credit and other risks implicit in such estimates.
The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs
used:
Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities.
Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability,
either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices).
Level 3 Valuation includes inputs that are not based on observable market data.
Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified
approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general
approach and recognises impairments based on a 12-month expected credit loss.
Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where
applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security
option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any
evidence of default.
Shareholder loan receivable from Sierra Gorda
Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using
the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The
credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected
credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of
financials assets.
Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised as a deduction from equity.
(a) Employee Share Ownership Plan Trusts
The South32 Limited Employee Incentive Plan Trust (the Australian Trust) and the South32 South African AllShare Trust (the South African
Trust) are discretionary trusts for the benefit of employees of South32 Limited and its subsidiaries.
The trustee for the Australian Trust (CPU Share Plans Pty Ltd) is an independent company, resident in Australia. The trustees for the South
African Trust are made up of employer and employee representatives per the Broad-Based Black Economic Empowerment (B-BBEE)
requirements under South African law.
The Trusts use funds provided by South32 Limited and/or its subsidiaries to acquire shares to enable awards to be made or satisfied under
the Group employee share ownership plans. Shares may be acquired by purchase in the market or by subscription at not less than nominal
value.
(b) Measurement of fair values
The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for
which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the
employee share awards reserve.
Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is
proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and
the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to
settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are
settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense
recognised is charged directly to retained earnings, net of tax.
The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other
non-market-based performance rights is measured using a Black Scholes methodology. The models considers the following:
\u2013 Expected life of the award;
\u2013 Current market price of the underlying shares;
\u2013 Expected volatility (of the individual company and of each peer group);
\u2013 Expected dividends;
\u2013 Risk-free interest rate; and
\u2013 Market based performance hurdles (performance rights only).
The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly
or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such
amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the
joint operation.
The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not
by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to
joint operation partners over assets within the joint operation.
Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that
are no less favourable to the Group than those arranged with third parties.
Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their
carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale
in their present condition.
A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of
operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative
financial results are restated as if the operation had been discontinued from the start of the comparative year.
Cerro Matoso
In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX
Holding B.V. for a nominal upfront consideration and contingent consideration of up to US$100 million, subject to customary working
capital and net debt adjustments. The transaction is expected to complete in late H1 FY26, subject to the satisfaction or waiver of certain
conditions.
Cerro Matoso was reclassified as held for sale at 30 June 2025, and is presented separately on the Group's FY25 Consolidated balance
sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A.,
100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies.
As a result of the reclassification, the Group assessed the recoverable value of the Cerro Matoso disposal group and recognised a pre-tax
impairment of US$118 million, refer to note 13 Impairment of non-financial assets.
Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group,
Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-503": { "value": "Have been prepared in accordance with the requirements of the Corporations Act 2001, Australian Accounting Standards and other authoritative pronouncements of the Australian Accounting Standards Board (AASB), International Financial Reporting Standards (IFRS) Accounting Standards and other authoritative pronouncements of the International Accounting Standards Board (IASB); ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-504": { "value": "(a) Basis of consolidation The consolidated financial statements comprise the financial statements of the Group. A list of material subsidiaries at year end is contained in note 24 Subsidiaries. The financial statements of subsidiaries are prepared for the same reporting period as the parent entity, using consistent accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-505": { "value": "(b) Foreign currency translation The functional currency of the majority of the Group\u2019s operations is the US dollar, as this is assessed to be the principal currency of the economic environments in which they operate. Transactions denominated in foreign currencies are initially recorded in the functional currency using the exchange rate at the date of the underlying transaction. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange at year end. Exchange gains or losses on translation are included in the Consolidated income statement, except for gains or losses on translation of foreign-denominated closure and rehabilitation provisions for operating sites, which are capitalised in property, plant and equipment, and gains or losses on translation of operations with non-USD functional currencies, which are recognised in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-526": { "value": "The functional currency of the majority of the Group\u2019s operations is the US dollar, as this is assessed to be the principal currency of the economic environments in which they operate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-537": { "value": "(c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows: Key estimates, assumptions and judgements Recognition of deferred taxes note 6 Uncertain tax matters note 6 Useful economic lives of assets note 11 Impairment of non-financial assets note 13 Closure and rehabilitation provisions note 15 Expected credit loss on credit-impaired financial assets note 19 In addition to the specific sources of uncertainty noted, the following assumptions are considered pervasive to the financial statements as a whole: Impact of global trade policy developments The Group continues to monitor the global economic implications of various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these policies has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. Potential future trade restrictions or import duties could affect both product pricing and input costs. These factors represent a source of estimation uncertainty that may lead to material changes in the recoverable amount of assets in future periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate change-related risks and opportunities, and are consistent with the Group\u2019s reporting on climate- related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOP) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, with the exception of Hillside Aluminium and Mozal Aluminium, which would no longer be competitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by the mid-2030s. The current electricity supply agreements at Hillside Aluminium and Mozal Aluminium expire in 2031 and 2026 respectively. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGU) with the highest exposure to transition risks include Worsley Alumina, Hillside Aluminium and Mozal Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The near term focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. 1. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Group's Climate Change Action Plan 2025), which was refreshed in FY25 in partnership with external experts, is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. The Group is continuing to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply. Hillside Aluminium would be uncompetitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by mid-2030s. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Mozal Aluminium Electricity supplied to Mozal Aluminium is generated by Hidroel\u00e9ctrica de Cahora Bassa (HCB), a hydro-electric power generator. Eskom also provides back-up energy to Mozal Aluminium for periods when HCB is unable to meet Mozal Aluminium's electricity requirements. The Group continues to work with the Government of the Republic of Mozambique, HCB and Eskom to secure electricity supply to Mozal Aluminium beyond March 2026 when the current electricity supply agreement expires, which will further inform the emissions intensity of Mozal Aluminium. Refer to note 13 Impairment of non-financial assets, for additional details about the impairment recognised by the Group at 30 June 2025 relating to Mozal Aluminium. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 4 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 4 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity and carbon price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change (IPCC) 5 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs and/or increases to operating costs, as well as impacts on production schedules, are incorporated into the Group's forward-looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. 4. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 5. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis shows that a 1.5\u00b0C scenario, reflecting a rapid, globally coordinated decarbonising world, would have a significant effect on the recoverable amount of Hillside Aluminium. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$68 per tonne CO2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. Mineral Resources and Ore Reserves Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. Because the economic assumptions used to estimate the Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including exploration targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-547": { "value": "(c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following assumptions are considered pervasive to the financial statements as a whole: Impact of global trade policy developments The Group continues to monitor the global economic implications of various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these policies has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. Potential future trade restrictions or import duties could affect both product pricing and input costs. These factors represent a source of estimation uncertainty that may lead to material changes in the recoverable amount of assets in future periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate change-related risks and opportunities, and are consistent with the Group\u2019s reporting on climate- related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOP) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, with the exception of Hillside Aluminium and Mozal Aluminium, which would no longer be competitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by the mid-2030s. The current electricity supply agreements at Hillside Aluminium and Mozal Aluminium expire in 2031 and 2026 respectively. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGU) with the highest exposure to transition risks include Worsley Alumina, Hillside Aluminium and Mozal Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The near term focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. 1. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Group's Climate Change Action Plan 2025), which was refreshed in FY25 in partnership with external experts, is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. The Group is continuing to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply. Hillside Aluminium would be uncompetitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by mid-2030s. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Mozal Aluminium Electricity supplied to Mozal Aluminium is generated by Hidroel\u00e9ctrica de Cahora Bassa (HCB), a hydro-electric power generator. Eskom also provides back-up energy to Mozal Aluminium for periods when HCB is unable to meet Mozal Aluminium's electricity requirements. The Group continues to work with the Government of the Republic of Mozambique, HCB and Eskom to secure electricity supply to Mozal Aluminium beyond March 2026 when the current electricity supply agreement expires, which will further inform the emissions intensity of Mozal Aluminium. Refer to note 13 Impairment of non-financial assets, for additional details about the impairment recognised by the Group at 30 June 2025 relating to Mozal Aluminium. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 4 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 4 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity and carbon price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change (IPCC) 5 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs and/or increases to operating costs, as well as impacts on production schedules, are incorporated into the Group's forward-looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. 4. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 5. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis shows that a 1.5\u00b0C scenario, reflecting a rapid, globally coordinated decarbonising world, would have a significant effect on the recoverable amount of Hillside Aluminium. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$68 per tonne CO2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. Mineral Resources and Ore Reserves Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. Because the economic assumptions used to estimate the Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including exploration targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-603": { "value": "(c) Key estimates, assumptions and judgements The preparation of the consolidated financial statements has required management to apply accounting policies and methodologies that are based on complex and subjective estimates, assumptions and judgements. Management based its estimates and judgements on historical experience and assumptions it believes to be reasonable and realistic based on the current environment. Actual results may differ from those reported in these statements due to the uncertainties that characterise the assumptions and conditions on which the estimates are based. Specific sources of uncertainty identified by the Group are set out on the following pages and/or together with the applicable note, as follows:
Key estimates, assumptions and judgements
Recognition of deferred taxes
note 6
Uncertain tax matters
note 6
Useful economic lives of assets
note 11
Impairment of non-financial assets
note 13
Closure and rehabilitation provisions
note 15
Expected credit loss on credit-impaired financial assets
note 19
In addition to the specific sources of uncertainty noted, the following assumptions are considered pervasive to the financial statements as a whole: Impact of global trade policy developments The Group continues to monitor the global economic implications of various import tariff and trade restriction policies that have been implemented or proposed by governments globally. The potential impact of these policies has been considered in the Group\u2019s key estimates, assumptions, and judgements, particularly those relating to commodity prices, exchange rates, and costs of production, as outlined in note 13 Impairment of non-financial assets. Potential future trade restrictions or import duties could affect both product pricing and input costs. These factors represent a source of estimation uncertainty that may lead to material changes in the recoverable amount of assets in future periods. Climate-related risks and opportunities As a global mining and metals company, the Group has a crucial role in responding to climate change. The Group's response to climate change is set out in the Sustainability chapter of this Annual Report and the Group's Climate Change Action Plan 2025. The key estimates, assumptions and judgements made in the Group's consolidated financial statements take into account the Group\u2019s expectations of, and approach to, climate change-related risks and opportunities, and are consistent with the Group\u2019s reporting on climate- related matters. These expectations may affect the Group\u2019s financial results and financial position in a number of ways, including the following: \u2013 Asset recoverable amounts may be affected by changes in estimated future cash flows driven by, for example, changes in forecast commodity prices, costs of production, carbon prices, and the costs related to the physical impacts of climate change (refer to note 13 Impairment of non-financial assets and note 19(b)(iii) Credit risk: Shareholder loan receivable from Sierra Gorda); \u2013 The commercial viability of exploration areas of interest may impact the recoverability of exploration and evaluation assets (refer to note 13 Impairment of non-financial assets); \u2013 The useful lives of assets, and therefore the depreciation charged in the Consolidated income statement, may be impacted by changes in life of operation plans (LoOP) (refer to note 11 Property, plant and equipment); and \u2013 Timing and cost of closure and rehabilitation activities (refer to note 15 Provisions). The carrying amount of the associated deferred tax assets/liabilities may also change due to changes in estimates of the likely recovery of the related tax benefits. Transition risks and opportunities In assessing the impacts of climate-related transition risks and opportunities, the Group has assumed in its base case 1 a climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100, in line with current global signposts. The Group\u2019s key assumptions and estimates in relation to this reflect our expectations around the supply and demand of our commodities, regulatory changes, demographic changes and technological developments which informs the forecasts for commodity prices, carbon prices, costs of production and the Group\u2019s decarbonisation approach. Commodity price outlook The Group\u2019s commodity price outlook is developed on an annual basis through a bottom-up approach and is informed by prevailing market and policy signposts, study findings by established external organisations and internal research. Any change in the Group\u2019s commodity price outlook may in turn also impact the Group\u2019s Mineral Resources and Ore Reserves estimates, future costs, and LoOPs. Portfolio resilience The Group's transition-related climate scenario analysis, based on Accelerated Transition 2 and Fragmented Transition 3 scenarios, supports the identification and evaluation of potential risks and opportunities for our portfolio. Overall, the Group\u2019s portfolio is resilient under both scenarios, with the exception of Hillside Aluminium and Mozal Aluminium, which would no longer be competitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by the mid-2030s. The current electricity supply agreements at Hillside Aluminium and Mozal Aluminium expire in 2031 and 2026 respectively. Transition risks are most material for operations with high absolute emissions and/or emissions intensity, including exposure to potential changes in carbon pricing, regulatory policy and evolving market dynamics. The Group\u2019s cash generating units (CGU) with the highest exposure to transition risks include Worsley Alumina, Hillside Aluminium and Mozal Aluminium. Key considerations for each of these operations are as follows: Worsley Alumina Worsley Alumina's LoOP includes assumptions related to future decarbonisation of the alumina refinery. The near term focus on decarbonisation at Worsley Alumina is on fuel switching and energy efficiency initiatives, with the longer-term potential to progress towards full steam electrification. Some of these decarbonisation initiatives are based on emerging technologies that are still being developed. In FY24, two of the five boilers were converted to natural gas. Two of the remaining boilers which form part of the multi-fuel co- generation facility require further studies to progress with the conversion to natural gas. The cost assumptions to support this study and the conversion of the remaining three boilers have been incorporated into the Worsley Alumina LoOP. 1. By contrast, the Group\u2019s 1.5\u00b0C scenario (referred to as the Accelerated Transition scenario, see the Group's Climate Change Action Plan 2025), which was refreshed in FY25 in partnership with external experts, is utilised by the Group to assess the resilience of our portfolio under an accelerated global transition. In developing a sector-specific 1.5\u00b0C scenario, the Group incorporated revised commodity demand drivers and analysis of scrap availability, supply conditions and price impacts, alongside broader macroeconomic and policy trends relevant to our portfolio. In developing the scenario, we benchmarked our assumptions against publicly disclosed scenarios from other companies, third-party models and insights from leading industry experts. This confirmed that our assumptions fall within a credible range, reinforcing the consistency, robustness, and reliability of our approach. 2. The Group's Accelerated Transition scenario reflects a future where rapid deployment of clean energy technologies and infrastructure occurs alongside coordinated policy and regulatory shifts. Global CO 2 emissions fall below net zero by 2050. 3. The Group's Fragmented Transition scenario reflects a future characterised by delayed and uncoordinated efforts to reduce emissions. Energy efficiency gains are modest and low- carbon technology adoption is slower. Global CO 2 emissions decline over time but do not reach net zero by 2050. Hillside Aluminium Hillside Aluminium\u2019s electricity is supplied by Eskom under a contract expiring in 2031. The Group is continuing to work with Eskom and other stakeholders in the South African energy sector on pathways to secure a low-carbon electricity supply. Hillside Aluminium would be uncompetitive in the Accelerated Transition scenario without an affordable source of low-carbon energy by mid-2030s. The Hillside Aluminium LoOP is currently limited to 2031, in line with the expiry of the existing electricity supply agreement. Mozal Aluminium Electricity supplied to Mozal Aluminium is generated by Hidroel\u00e9ctrica de Cahora Bassa (HCB), a hydro-electric power generator. Eskom also provides back-up energy to Mozal Aluminium for periods when HCB is unable to meet Mozal Aluminium's electricity requirements. The Group continues to work with the Government of the Republic of Mozambique, HCB and Eskom to secure electricity supply to Mozal Aluminium beyond March 2026 when the current electricity supply agreement expires, which will further inform the emissions intensity of Mozal Aluminium. Refer to note 13 Impairment of non-financial assets, for additional details about the impairment recognised by the Group at 30 June 2025 relating to Mozal Aluminium. The Group invests capital expenditure in decarbonisation initiatives to improve energy efficiency and reduce emissions intensity at our operations. The full costs and benefits of decarbonisation projects are included in the Group\u2019s valuations when there is a high degree of confidence that the project will achieve an emissions reduction, which typically aligns with the related capital project being internally approved, or when it is critical for meeting regulatory licensing requirements. The Group\u2019s valuations include the cost and benefit of identified initiatives necessary to meet its target 4 to halve its net operational emissions by FY35 from FY21 levels. The decarbonisation pathway to meet the Group\u2019s long-term goal 4 of achieving net zero emissions across all scopes by 2050 is not yet fully defined and, as such, the cost and benefit of all associated initiatives are not included in the Group\u2019s valuations. The Group\u2019s key estimates, assumptions and judgements with respect to transition risks and opportunities are based on the Group\u2019s expectations and assessments at the date of this report, and actual results may differ. Government policies and market developments continue to drive uncertainty in commodity and carbon price outlooks, which may impact the Group\u2019s approach to climate change and assumptions and judgements, which may in turn result in material changes to financial results and the carrying values of assets and liabilities in future reporting periods. Physical impacts of climate change The Group\u2019s operations are located in regions that may experience climate-related extremes, including but not limited to, extreme temperatures, bushfires, tropical cyclones, flooding and/or droughts. The Group assessed the risks of the physical impacts of climate change on its operations, including completing a baseline risk assessment for our operated portfolio based on scenarios SSP2-4.5 and SSP5-8.5 as described by the Intergovernmental Panel on Climate Change (IPCC) 5 . Longer-term assets (including those that move into closure) are likely to face more significant challenges due to the expected severity of climate risks manifesting over longer timeframes. The longer life operations include Worsley Alumina, Brazil Aluminium, Brazil Alumina, Hermosa, South Africa Manganese and Sierra Gorda. The Group continues to progress studies on physical climate risks. The key risk themes associated with the physical impacts of climate change are contemplated during the development of the Group\u2019s LoOPs, valuation estimates and closure and rehabilitation provisions. Additional capital costs and/or increases to operating costs, as well as impacts on production schedules, are incorporated into the Group's forward-looking estimates when deemed appropriate. The Group\u2019s ongoing analysis of reasonable alternative assumptions with respect to future climate conditions has not identified any additional indicator that the carrying value of assets cannot be recovered or that useful lives of assets will be shortened. Furthermore, the key risk themes have been assessed and are not considered to have a material impact on the Group\u2019s consolidated financial statements. The Group\u2019s key estimates, assumptions and judgements with respect to the physical impacts of climate change are based on the Group\u2019s expectations and assessments as at the date of this report, and actual results may differ. The high degree of uncertainty around the nature, timing and magnitude of weather events and long-term changes in climate patterns may result in material changes to financial results and the carrying value of assets and liabilities in future reporting periods. 4. Intended outcome in relation to which we have identified one or more pathways for delivery of that outcome, subject to certain assumptions or conditions. 5. SSP2-4.5 reflects moderate climate action and development trends, resulting in approximately +2.7\u00b0C warming by 2100 and SSP5-8.5 reflects limited climate policy action and continued reliance on fossil fuels, leading to potential warming of up to +4.4\u00b0C by 2100. Sensitivity analysis The Group\u2019s forecast commodity prices and other key assumptions represent management\u2019s expectations on likely outcomes, with a base case estimation of climate-related warming trajectory of at least 2\u00b0C above pre-industrial levels, and up to around 2.8\u00b0C by 2100. When assessing whether there is any indication of impairment or impairment reversal, management performs a sensitivity analysis by considering a range of possible scenarios, with no one scenario being conclusive in isolation. The sensitivity analysis shows that a 1.5\u00b0C scenario, reflecting a rapid, globally coordinated decarbonising world, would have a significant effect on the recoverable amount of Hillside Aluminium. The Group utilises an internal price on carbon to inform decision-making and valuations, based on actual enacted schemes less allowable abatements, where applicable, and a long-term base case estimate of US$68 per tonne CO2 -e (real) applied to all Scope 1 and 2 emissions from FY40 onwards. In developing forecast global carbon prices, the Group considers policy and market-driven carbon prices as well as abatement costs, weighted across developed and developing countries. When assessing for impairment indicators, the Group has considered the sensitivity of operations to changes in carbon prices, noting that the Group\u2019s operations are not uniformly impacted by carbon prices. The impact is influenced by the amount of Scope 1 and 2 emissions the operation generates and the jurisdiction in which it operates, in combination with the respective LoOPs. Mineral Resources and Ore Reserves Estimating the quantity and/or grade of Mineral Resources requires the location, quantity, grade (or quality), continuity and other geological characteristics to be known, estimated or interpreted from specific geological evidence and knowledge, including sampling, in order to satisfy the requirement that there are reasonable prospects for eventual economic extraction. This process may require complex geological assessments to interpret the data. An Ore Reserve is the economically mineable part of the Measured and/or Indicated Mineral Resource that can be legally extracted, or where there is a reasonable expectation that approvals for extraction will be granted. Whilst future approval conditions may be more onerous than current operating conditions, any such conditions are expected to be reasonable, scientifically based and aligned with prevailing legislation. In order to estimate Ore Reserves, consideration is required for a range of modifying factors, including mining, processing, metallurgical, infrastructure, economic, marketing, legal, environmental, social and governmental. When reporting Ore Reserves, the relevant studies, to at least a pre-feasibility level, must demonstrate that, at the time of reporting, extraction could be reasonably justified, including a consideration of forecast sales prices. The Group reports Mineral Resources and Ore Reserves in accordance with the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code), and the ASX Listing Rules Chapter 5: Additional reporting on mining and oil and gas production and exploration activities. Because the economic assumptions used to estimate the Ore Reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of the Mineral Resources and Ore Reserves may change from period to period. The Group\u2019s planning processes consider the impacts of climate change on its Ore Reserves, including assessments of operating costs and the impact of potential extreme weather events on the expectation of economic extraction. The Group may also include Exploration Targets in determining the recoverable amount of a CGU or an exploration area of interest. Similar to climate-related risks and opportunities, changes in the Group\u2019s estimates of Mineral Resources and Ore Reserves, including exploration targets, may affect the Group\u2019s financial results and financial position in a number of ways, including asset recoverable amounts, useful lives of assets, commercial viability of exploration areas of interest, timing and cost of closure and rehabilitation activities, and the recovery of any associated deferred tax assets. Key estimates, assumptions and judgements Deferred tax Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised on the Consolidated balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be recovered, which is dependent on the generation of sufficient future taxable profits. Deferred tax liabilities arising from temporary differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless repatriation of retained earnings can be controlled and are not expected to occur in the foreseeable future. Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management\u2019s estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, climate- related impacts, Mineral Resources and Ore Reserves, operating costs, closure and rehabilitation costs, capital expenditure, dividends and other capital management transactions. Uncertain tax matters Judgements are required about the application of the inherently complex income tax legislation in jurisdictions where we operate. These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the Consolidated balance sheet and the amount of other tax losses and temporary differences not yet recognised. Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities.
Key estimates, assumptions and judgements
Useful economic lives of assets
The useful lives of our property, plant and equipment are often dependent, either directly or indirectly, on the reserve life of the
orebody to which they relate. Changes in economic assumptions used to estimate Ore Reserves and/or the timing of closure of
operations, including the Group\u2019s expectations with respect to climate-related risks and opportunities, may impact the estimated
useful lives of the specific assets concerned. Refer to note 2(c) Key estimates, assumptions and judgements for further details
regarding Mineral Resources and Ore Reserves, and climate-related risks and opportunities as sources of estimation uncertainty.
Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing
impairment indicators, which are also relevant to determining the useful economic lives of asset assumptions.
Key estimates, assumptions and judgements
An assessment as to whether there is any indication of impairment and the calculation of a CGU\u2019s recoverable amount requires
management to make estimates and assumptions about expected production and sales volumes, commodity prices, foreign
exchange rates, Mineral Resources and Ore Reserves, regulatory approvals, operating costs, closure and rehabilitation costs, capital
expenditure, allocation of corporate costs, jurisdiction-specific carbon prices and global carbon pricing. These estimates and
assumptions are subject to risk and uncertainty. There is a possibility that changes in circumstances will alter these projections,
which may impact the recoverable amount. In such circumstances, some or all of the carrying amount may be impaired or a
previously recognised impairment charge may be reversed with the impact recognised in the Consolidated income statement.
The key estimates and assumptions used in the assessment of impairment indicators are as follows:
Future production
LoOPs based on Mineral Resource and Ore Reserve estimates, economic life of smelters and refineries
and, in certain cases, Exploration Targets and expansion projects, including future cost of production.
Refer to note 2(c) Key estimates, assumptions and judgements for further details regarding Mineral
Resources and Ore Reserves as sources of estimation uncertainty.
Commodity prices and Short-term price assumptions are based on an assessment of market signposts including observed
market traded prices such as forwards, futures and reported transactions. Long-term price estimates are typically
consumables developed based on the demand and supply drivers of a commodity, refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding our base case commodity price outlook.
Exchange rates
Short-term exchange rate estimates are guided primarily by spot or forward exchange rates. Longer
term estimates are based on an assessment of available market data and economic indicators.
Discount rates
Risk-adjusted cost of capital appropriate to the operation.
Regulatory approvals
LoOPs include assumptions associated with the successful application, and timing thereof, of ongoing
and future regulatory approvals.
Carbon prices
Carbon price assumptions are based on actual enacted schemes less allowable abatements, where
applicable, and a long-term base case estimate of US$68 per tonne CO
2
-e (real) applied to all Scope 1
and 2 emissions from FY40 onwards.
Where impairment testing is undertaken, a range of external sources are considered as further input to the above assumptions.
Exploration and evaluation
For areas not yet in production, judgement is required to determine the likelihood of future economic benefits from future
development, and whether sufficient data exists to indicate that, although a development in the specific area is likely to proceed,
the carrying amount of the exploration and evaluation asset (including associated acquired mineral rights) is unlikely to be
recovered in full. At or before the final investment decision for a given area of interest, and once technical feasibility and commercial
viability has been demonstrated, the Group assesses the carrying value of that area of interest for impairment or, for an area of
interest previously impaired, impairment reversal.
Worsley Alumina
The LoOP for Worsley Alumina incorporates the assumption that the operation will secure all necessary future regulatory approvals
to continue activities beyond currently approved mining areas. The Group expects that approvals will be obtained within
appropriate timeframes to support the forecast production profile. Continuing operations beyond the currently approved mining
areas is expected to require significant capital investment and emissions reduction expenditure. Any material change to these
assumptions, whether in timing, regulatory conditions, or expenditure estimates, could impact the recoverable amount and
economic useful life of Worsley Alumina.
Hermosa - Taylor Deposit
In February 2024, the Directors approved a final investment decision to develop the Taylor Deposit when the project's technical
feasibility and commercial viability was demonstrated, and the project entered the development and construction phase. In addition
to the key estimates and assumptions pervasive across most of the Group's operations outlined above, the Taylor Deposit project
carries risk typically associated with greenfield projects in the construction phase, including delivery to project schedule and pre-
production capital expenditure escalation. Key capital costs, such as steel, cement and electrical components, are subject to
uncertainty, including the impact of industry-wide inflation. In addition, the cost and availability of these inputs may be further
affected by evolving U.S. trade policy and potential changes to tariffs on imported goods, which remain uncertain in the current
economic and political environment. Changes to these assumptions could impact the recoverable amount of the Taylor Deposit.
Key estimates, assumptions and judgements
The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions,
such as:
\u2013 The requirements and interpretations of the relevant local legal and regulatory framework;
\u2013 The magnitude of possible contamination;
\u2013 The timing, extent and cost of required closure and rehabilitation activity; and
\u2013 Potential changes in physical and climate conditions.
These uncertainties may result in future actual expenditure differing from the amounts currently provided.
The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different
jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying
judgement and leveraging industry experience. The Group has made assumptions made about certain assets, areas of disturbance
and key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s
life. Changes to these assumptions and judgements could have a material impact on the provision amounts recognised.
In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and
legal disputes. Depending on the resolution of these matters, the final liability may vary.
The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the
time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in
assessing impairment indicators, which are also relevant to determining the expected timing of closure activities.
The Group\u2019s expectations and approach in relation to climate change-related risks and opportunities are reflected in the estimates
and assumptions noted above. Refer to section 2(c) Key estimates, assumptions and judgements.
If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$212
million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-478": { "value": "
3. New standards and interpretations
(a) New accounting standards and interpretations effective from 1 July 2024
The following new accounting standards and interpretations have been published and are effective for the year ended 30 June 2025:
\u2013 Amendments to AASB 101 \u2013 Classification of Liabilities as Current or Non-current;
\u2013 Amendments to AASB 107 and AASB 7 \u2013 Supplier Finance Arrangements;
\u2013 Amendments to AASB 16 \u2013 Lease Liability in a Sale and Leaseback; and
\u2013 Amendments to AASB 121 \u2013 The Lack of Exchangeability.
The Group has reviewed these amendments and concluded that none have a material impact on the Group.
(b) New accounting standards and interpretations issued but not effective
The following new accounting standards and interpretations have been published but are not yet effective for the year ended 30 June
2025:
\u2013 Amendments to AASB 9 \u2013 Classification and Measurement of Financial Instruments;
\u2013 Amendments to AASB 1, AASB 7, AASB 9, AASB 10 and AASB 107 \u2013 Annual Improvements Volume 11;
\u2013 Amendments to AASB 10 and AASB 128 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture;
\u2013 Amendments to AASB 7 and AASB 9 \u2013 Contracts Referencing Nature dependent Electricity; and
\u2013 AASB 18 \u2013 Presentation and Disclosure in Financial Statements.
The Group has reviewed these amendments and improvements, and with the exception of the item listed below, does not expect them to
have a material impact on the Group.
AASB 18 - Presentation and Disclosure in Financial Statements
AASB 18 was issued in June 2024 and will replace AASB 101 Presentation of Financial Statements, effective for annual periods beginning
on/or after 1 January 2027. The new standard introduces new classification and presentation requirements, primarily impacting the
Consolidated income statement and related notes, as well as introducing additional disclosure requirements for management-defined
performance measures.
The Group is in the process of assessing the impact of the new standard, however it is not expected to have an impact on the recognition
and measurement of assets, liabilities, income and expenses, and is expected to only result in changes in the classification and
presentation of these in the financial statements, as well as some additional disclosures in the notes.
The Group does not intend to early adopt any of the new standards or interpretations. It is expected that where applicable, these
standards and interpretations will be adopted on each of the respective effective dates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-506": { "value": "(b) New accounting standards and interpretations issued but not effective The following new accounting standards and interpretations have been published but are not yet effective for the year ended 30 June 2025: \u2013 Amendments to AASB 9 \u2013 Classification and Measurement of Financial Instruments; \u2013 Amendments to AASB 1, AASB 7, AASB 9, AASB 10 and AASB 107 \u2013 Annual Improvements Volume 11; \u2013 Amendments to AASB 10 and AASB 128 \u2013 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture; \u2013 Amendments to AASB 7 and AASB 9 \u2013 Contracts Referencing Nature dependent Electricity; and \u2013 AASB 18 \u2013 Presentation and Disclosure in Financial Statements. The Group has reviewed these amendments and improvements, and with the exception of the item listed below, does not expect them to have a material impact on the Group. AASB 18 - Presentation and Disclosure in Financial Statements AASB 18 was issued in June 2024 and will replace AASB 101 Presentation of Financial Statements, effective for annual periods beginning on/or after 1 January 2027. The new standard introduces new classification and presentation requirements, primarily impacting the Consolidated income statement and related notes, as well as introducing additional disclosure requirements for management-defined performance measures. The Group is in the process of assessing the impact of the new standard, however it is not expected to have an impact on the recognition and measurement of assets, liabilities, income and expenses, and is expected to only result in changes in the classification and presentation of these in the financial statements, as well as some additional disclosures in the notes. The Group does not intend to early adopt any of the new standards or interpretations. It is expected that where applicable, these standards and interpretations will be adopted on each of the respective effective dates.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-548": { "value": "4. Segment information (a) Description of segments The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance. The principal activities of each operating segment are summarised as follows:
Operating segment
Principal activities
Worsley Alumina
Integrated bauxite mine and alumina refinery in Australia
Brazil Alumina
Integrated bauxite mine and alumina refinery in Brazil
Brazil Aluminium
Aluminium smelter in Brazil
Hillside Aluminium
Aluminium smelter in South Africa
Mozal Aluminium
Aluminium smelter in Mozambique
Sierra Gorda
Copper mine in Chile
Cannington
Silver, lead and zinc mine in Australia
Hermosa
Base metals exploration and development project in the United States
Australia Manganese
Manganese ore mine in Australia
South Africa Manganese
Manganese ore mines in South Africa
Cerro Matoso
1
Integrated laterite ferronickel mine and smelting complex in Colombia
Illawarra Metallurgical Coal
2
Metallurgical coal mines in Australia
1. In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso, which is expected to complete in FY26. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. On 29 August 2024, the Group completed the sale of Illawarra Metallurgical Coal. Refer to note 31 Disposal of subsidiaries and joint operations. All operations are operated by the Group except Brazil Alumina, Brazil Aluminium and Sierra Gorda. (b) Segment results The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities. Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point of time in which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group.
FY25 Worsley Brazil Hillside Mozal
US$M
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium
Revenue from customers
1,918
746
355
1,995
980
Other revenue
3
(1)
3
\u2013
(6)
(1)
Total underlying revenue
1,917
749
355
1,989
979
Comprising:
Group production
877
525
355
1,989
979
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
1,040
224
\u2013
\u2013
\u2013
Total underlying revenue
1,917
749
355
1,989
979
Underlying EBITDA
795
283
(92)
154
125
Underlying depreciation and amortisation
(176)
(57)
(5)
(69)
(70)
Underlying EBIT
619
226
(97)
85
55
Comprising:
Group production
621
233
(97)
85
55
Exploration expenditure expensed
(2)
\u2013
\u2013
\u2013
\u2013
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(7)
\u2013
\u2013
\u2013
Underlying EBIT
619
226
(97)
85
55
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
5
Profit/(loss) for the year
Underlying exploration expenditure
2
\u2013
\u2013
\u2013
\u2013
Underlying capital expenditure
6
106
41
9
67
21
Underlying equity accounted investments
\u2013
15
\u2013
\u2013
\u2013
Total underlying assets
7
2,767
842
130
1,157
353
Total underlying liabilities
7
1,060
204
59
369
201
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$61 million, and third party product revenue of US$35 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 2. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 3. Underlying other revenue relates to fair value movements on provisionally priced contracts. 4. Underlying revenue on third party products and services sold from continuing operations comprises US$142 million for aluminium, US$28 million for alumina, US$35 million for manganese, US$50 million for freight services and US$115 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$3 million for aluminium, US$16 million for alumina and US$(1) million for raw materials. 5. Represents the total of all adjustments made to profit/(loss) from operations, net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 6. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 7. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Australia South Africa items/ continuing Metallurgical underlying
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
eliminations
operations
1
Cerro Matoso
2
Coal
2
results
1
821
644
\u2013
46
366
(893)
6,978
484
145
7,607
11
15
\u2013
(4)
(13)
(1)
3
1
(1)
3
832
659
\u2013
42
353
(894)
6,981
485
144
7,610
832
659
\u2013
42
353
\u2013
6,611
485
116
7,212
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
\u2013
28
398
\u2013
\u2013
\u2013
\u2013
\u2013
(1,264)
\u2013
\u2013
\u2013
\u2013
832
659
\u2013
42
353
(894)
6,981
485
144
7,610
482
281
(41)
(105)
46
(134)
1,794
84
50
1,928
(164)
(77)
(4)
(20)
(22)
(27)
(691)
(26)
\u2013
(717)
318
204
(45)
(125)
24
(161)
1,103
58
50
1,211
318
206
(45)
(120)
24
(144)
1,136
59
50
1,245
\u2013
(2)
\u2013
(5)
\u2013
(35)
(44)
(1)
\u2013
(45)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
\u2013
\u2013
(7)
318
204
(45)
(125)
24
(161)
1,103
58
50
1,211
(173)
(13)
(2)
(188)
(315)
(17)
(14)
(346)
(14)
\u2013
\u2013
(14)
601
28
34
663
(286)
(119)
(48)
(453)
315
(91)
(14)
210
13
6
35
5
\u2013
35
96
1
1
98
216
49
517
115
44
20
1,205
30
57
1,292
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15
\u2013
\u2013
15
1,982
576
2,228
737
385
3,259
14,416
330
\u2013
14,746
213
445
196
497
133
2,246
5,623
266
\u2013
5,889
FY24 Restated
1
Worsley Brazil Hillside Mozal
US$M
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium
Revenue from customers
1,355
483
242
1,717
812
Other revenue
4
1
1
\u2013
3
\u2013
Total underlying revenue
1,356
484
242
1,720
812
Comprising:
Group production
717
343
242
1,720
812
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
639
141
\u2013
\u2013
\u2013
Total underlying revenue
1,356
484
242
1,720
812
Underlying EBITDA
324
40
(115)
197
39
Underlying depreciation and amortisation
(193)
(51)
(6)
(67)
(69)
Underlying EBIT
131
(11)
(121)
130
(30)
Comprising:
Group production
131
19
(121)
130
(30)
Exploration expenditure expensed
\u2013
\u2013
\u2013
\u2013
\u2013
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(30)
\u2013
\u2013
\u2013
Underlying EBIT
131
(11)
(121)
130
(30)
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
6
Profit/(loss) for the year
Underlying exploration expenditure
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying capital expenditure
7
106
80
8
40
23
Underlying equity accounted investments
\u2013
20
\u2013
\u2013
\u2013
Total underlying assets
8
3,009
898
119
1,100
663
Total underlying liabilities
8
1,196
162
51
295
165
1. The Cerro Matoso operating segment has been reclassified as a discontinued operation. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$104 million, and third party product revenue of US$34 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 3. The Illawarra Metallurgical Coal operating segment has been classified as a discontinued operation. Refer to note 31 Disposal of subsidiaries and joint operations. 4. Underlying other revenue relates to fair value movements on provisionally priced contracts. 5. Underlying revenue on third party products and services sold from continuing operations comprises US$170 million for aluminium, US$3 million for alumina, US$34 million for manganese, US$79 million for freight services and US$102 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$10 million for alumina, US$(2) million for freight services and US$(1) million for raw materials. 6. Represents the total of all adjustments made to profit/(loss) from operations, net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 7. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 8. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities.
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Australia South Africa items/ continuing Metallurgical underlying
Sierra Gorda
2
Cannington
Hermosa
Manganese
2
Manganese
2
eliminations
operations
2
Cerro Matoso
1
Coal
3
results
2
632
611
\u2013
447
337
(391)
6,245
562
1,469
8,276
15
20
\u2013
(11)
6
(1)
34
(6)
(8)
20
647
631
\u2013
436
343
(392)
6,279
556
1,461
8,296
647
631
\u2013
436
343
\u2013
5,891
556
1,224
7,671
\u2013
\u2013
\u2013
\u2013
\u2013
388
388
\u2013
237
625
\u2013
\u2013
\u2013
\u2013
\u2013
(780)
\u2013
\u2013
\u2013
\u2013
647
631
\u2013
436
343
(392)
6,279
556
1,461
8,296
275
289
(24)
182
65
(102)
1,170
110
522
1,802
(132)
(83)
(4)
(121)
(20)
(28)
(774)
(61)
(81)
(916)
143
206
(28)
61
45
(130)
396
49
441
886
143
212
(28)
61
45
(110)
452
52
419
923
\u2013
(6)
\u2013
\u2013
\u2013
(27)
(33)
(3)
(5)
(41)
\u2013
\u2013
\u2013
\u2013
\u2013
7
7
\u2013
28
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(30)
\u2013
(1)
(31)
143
206
(28)
61
45
(130)
396
49
441
886
(234)
(5)
(10)
(249)
(100)
8
(131)
(223)
(36)
\u2013
\u2013
(36)
26
52
300
378
(474)
(244)
135
(583)
(448)
(192)
435
(205)
13
9
24
1
\u2013
29
76
3
10
89
207
38
372
65
43
1
983
34
340
1,357
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
20
\u2013
6
26
1,878
569
1,571
596
390
2,153
12,946
506
1,794
15,246
214
419
136
430
190
2,212
5,470
247
558
6,275
(i) Underlying results reconciliation The following tables reconcile the underlying segment information to the statutory information included in the Group\u2019s consolidated financial statements:
FY25 Continuing Discontinued
US$M
Note
operations
operations
1
Total
Underlying EBIT
1,103
108
1,211
Significant items
4(b)(ii)
71
\u2013
71
Joint venture adjustments
2,3
(122)
\u2013
(122)
Exchange rate gains/(losses) on restatement of monetary items
4
(4)
(4)
(8)
Impairment (losses)/reversals of financial assets
4
19
(27)
\u2013
(27)
Impairment (losses)/reversals of non-financial assets
4
13
(346)
(118)
(464)
Loss on the disposal of subsidiaries and joint operations
31
\u2013
(47)
(47)
Gains/(losses) on non-trading derivative instruments, contingent consideration and other
investments measured at FVTPL
4
(121)
\u2013
(121)
Operating profit/(loss)
554
(61)
493
Underlying net finance cost
(173)
(15)
(188)
Joint venture adjustments
2,3
225
\u2013
225
Exchange rate variations on net cash/(debt)
13
(1)
12
Net finance income/(costs)
65
(16)
49
Underlying income tax expense
(315)
(31)
(346)
Underlying royalty related tax expense
(14)
\u2013
(14)
Tax effect of significant items
4(b)(ii)
1
\u2013
1
Joint venture adjustments relating to income tax expense
2,3
(3)
\u2013
(3)
Joint venture adjustments relating to royalty related tax expense
2,3
14
\u2013
14
Tax effect of other adjustments to derive Underlying EBIT
4
1
5
Tax effect of other adjustments to derive Underlying net finance costs
(3)
\u2013
(3)
Exchange rate variations on tax balances
12
2
14
Income tax (expense)/benefit
(304)
(28)
(332)
Underlying earnings
601
62
663
Total adjustments to profit/(loss)
(286)
(167)
(453)
Profit/(loss) for the year
315
(105)
210
Underlying earnings attributable to:
Equity holders of South32 Limited
604
62
666
Non-controlling interests
(3)
\u2013
(3)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$114 million of which US$18 million related to the Sierra Gorda segment, US$51 million related to the Australia Manganese segment and US$45 million related to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation gain of US$27 million (US$20 million post-tax) relating to the shareholder loan payable that was eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$77 million (US$56 million post-tax) as outlined in note 4(b)(ii) Significant items. The South Africa Manganese joint venture adjustments include a US$44 million (US$46 million post-tax) profit on disposal of the Metalloys manganese alloy smelter. 4. Recognised in expenses excluding finance costs in the Consolidated income statement.
FY24 Restated
1
Continuing Discontinued
US$M
Note
operations
operations
1,2
Total
Underlying EBIT
396
490
886
Significant items
4(b)(ii)
(50)
\u2013
(50)
Joint venture adjustments
3,4
(284)
\u2013
(284)
Exchange rate gains/(losses) on restatement of monetary items
5
(23)
(1)
(24)
Impairment (losses)/reversals of financial assets
5
 19
(29)
\u2013
(29)
Impairment (losses)/reversals of non-financial assets
5
 13
(537)
(67)
(604)
Gains/(losses) on non-trading derivative instruments, contingent consideration and other
investments measured at FVTPL
5
8
\u2013
8
Operating profit/(loss)
(519)
422
(97)
Underlying net finance cost
(234)
(15)
(249)
Joint venture adjustments
3,4
220
\u2013
220
Exchange rate variations on net cash/(debt)
6
2
8
Net finance income/(costs)
(8)
(13)
(21)
Underlying income tax expense
(100)
(123)
(223)
Underlying royalty related tax expense
(36)
\u2013
(36)
Tax effect of significant items
4(b)(ii)
15
\u2013
15
Joint venture adjustments relating to income tax expense
3,4
21
\u2013
21
Joint venture adjustments relating to royalty related tax expense
3,4
36
\u2013
36
Tax effect of other adjustments to derive Underlying EBIT
164
(42)
122
Tax effect of other adjustments to derive Underlying net finance costs
(1)
(1)
(2)
Exchange rate variations on tax balances
(20)
\u2013
(20)
Income tax (expense)/benefit
79
(166)
(87)
Underlying earnings
26
352
378
Total adjustments to profit/(loss)
(474)
(109)
(583)
Profit/(loss) for the year
(448)
243
(205)
Underlying earnings attributable to:
Equity holders of South32 Limited
28
352
380
Non-controlling interests
(2)
\u2013
(2)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations. 3. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 4. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$(7) million of which US$28 million related to the Sierra Gorda segment, US$(27) million related to the Australia Manganese segment and US$(8) million related to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation gain of US$29 million (US$22 million post-tax) relating to the shareholder loan payable that was eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$(63) million (US$(28) million post-tax) as outlined in note 4(b)(ii) Significant items. 5. Recognised in expenses excluding finance costs in the Consolidated income statement.
Group Discontinued
FY25 underlying Joint venture operations Group statutory
US$M results adjustments
adjustments
1
results
Total revenue
2
7,610
(1,201)
(629)
5,780
Depreciation and amortisation
717
(206)
(26)
485
Share of profit/(loss) of equity accounted investments
(7)
106
\u2013
99
Exploration expenditure
3
98
(18)
\u2013
80
Capital expenditure
3
1,292
(375)
\u2013
917
Equity accounted investments
15
575
\u2013
590
Total assets
14,746
(1,019)
\u2013
13,727
Total liabilities
5,889
(1,019)
\u2013
4,870
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$10 million. 3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
Group Discontinued
FY24 Restated
1
underlying Joint venture operations Group statutory
US$M results adjustments
adjustments
1,2
results
Total revenue
3
8,296
(1,356)
(2,017)
4,923
Depreciation and amortisation
916
(273)
(142)
501
Share of profit/(loss) of equity accounted investments
(31)
(29)
1
(59)
Exploration expenditure
4
89
(14)
\u2013
75
Capital expenditure
4
1,357
(315)
\u2013
1,042
Equity accounted investments
26
376
(6)
396
Total assets
15,246
(1,001)
\u2013
14,245
Total liabilities
6,275
(1,001)
\u2013
5,274
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations. 3. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$23 million. 4. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement. (c) Geographical information The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location. Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical location of the operations.
Revenue
1
Non-current assets
FY24
US$M FY25
Restated
2
FY25
FY24
Australia
279
359
3,352
3,350
Bahrain
346
198
\u2013
\u2013
Brazil
294
112
725
797
China
248
306
\u2013
\u2013
Italy
268
311
\u2013
\u2013
Japan
415
276
\u2013
\u2013
Mozambique
357
274
34
435
Netherlands
3
887
862
1,554
1,769
South Africa
422
392
959
868
South Korea
259
251
\u2013
\u2013
United States of America
530
382
2,299
1,661
Rest of Africa
\u2013
9
\u2013
\u2013
Rest of Asia
372
303
72
79
Rest of Europe
545
430
8
8
Rest of Middle East
144
121
\u2013
\u2013
Rest of North America
286
244
19
2
Rest of Oceania
128
93
\u2013
\u2013
Rest of South America
\u2013
\u2013
236
307
Unallocated assets
4
\u2013
\u2013
670
570
Total
5,780
4,923
9,928
9,846
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$10 million (FY24: US$23 million). 2. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 3. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda. 4. Comprises other financial assets and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-538": { "value": "4. Segment information (a) Description of segments The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance. The principal activities of each operating segment are summarised as follows:
Operating segment
Principal activities
Worsley Alumina
Integrated bauxite mine and alumina refinery in Australia
Brazil Alumina
Integrated bauxite mine and alumina refinery in Brazil
Brazil Aluminium
Aluminium smelter in Brazil
Hillside Aluminium
Aluminium smelter in South Africa
Mozal Aluminium
Aluminium smelter in Mozambique
Sierra Gorda
Copper mine in Chile
Cannington
Silver, lead and zinc mine in Australia
Hermosa
Base metals exploration and development project in the United States
Australia Manganese
Manganese ore mine in Australia
South Africa Manganese
Manganese ore mines in South Africa
Cerro Matoso
1
Integrated laterite ferronickel mine and smelting complex in Colombia
Illawarra Metallurgical Coal
2
Metallurgical coal mines in Australia
1. In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso, which is expected to complete in FY26. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. On 29 August 2024, the Group completed the sale of Illawarra Metallurgical Coal. Refer to note 31 Disposal of subsidiaries and joint operations. All operations are operated by the Group except Brazil Alumina, Brazil Aluminium and Sierra Gorda. (b) Segment results The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities. Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point of time in which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group.
FY25 Worsley Brazil Hillside Mozal
US$M
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium
Revenue from customers
1,918
746
355
1,995
980
Other revenue
3
(1)
3
\u2013
(6)
(1)
Total underlying revenue
1,917
749
355
1,989
979
Comprising:
Group production
877
525
355
1,989
979
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
1,040
224
\u2013
\u2013
\u2013
Total underlying revenue
1,917
749
355
1,989
979
Underlying EBITDA
795
283
(92)
154
125
Underlying depreciation and amortisation
(176)
(57)
(5)
(69)
(70)
Underlying EBIT
619
226
(97)
85
55
Comprising:
Group production
621
233
(97)
85
55
Exploration expenditure expensed
(2)
\u2013
\u2013
\u2013
\u2013
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(7)
\u2013
\u2013
\u2013
Underlying EBIT
619
226
(97)
85
55
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
5
Profit/(loss) for the year
Underlying exploration expenditure
2
\u2013
\u2013
\u2013
\u2013
Underlying capital expenditure
6
106
41
9
67
21
Underlying equity accounted investments
\u2013
15
\u2013
\u2013
\u2013
Total underlying assets
7
2,767
842
130
1,157
353
Total underlying liabilities
7
1,060
204
59
369
201
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$61 million, and third party product revenue of US$35 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 2. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 3. Underlying other revenue relates to fair value movements on provisionally priced contracts. 4. Underlying revenue on third party products and services sold from continuing operations comprises US$142 million for aluminium, US$28 million for alumina, US$35 million for manganese, US$50 million for freight services and US$115 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$3 million for aluminium, US$16 million for alumina and US$(1) million for raw materials. 5. Represents the total of all adjustments made to profit/(loss) from operations, net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 6. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 7. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities .
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Australia South Africa items/ continuing Metallurgical underlying
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
eliminations
operations
1
Cerro Matoso
2
Coal
2
results
1
821
644
\u2013
46
366
(893)
6,978
484
145
7,607
11
15
\u2013
(4)
(13)
(1)
3
1
(1)
3
832
659
\u2013
42
353
(894)
6,981
485
144
7,610
832
659
\u2013
42
353
\u2013
6,611
485
116
7,212
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
\u2013
28
398
\u2013
\u2013
\u2013
\u2013
\u2013
(1,264)
\u2013
\u2013
\u2013
\u2013
832
659
\u2013
42
353
(894)
6,981
485
144
7,610
482
281
(41)
(105)
46
(134)
1,794
84
50
1,928
(164)
(77)
(4)
(20)
(22)
(27)
(691)
(26)
\u2013
(717)
318
204
(45)
(125)
24
(161)
1,103
58
50
1,211
318
206
(45)
(120)
24
(144)
1,136
59
50
1,245
\u2013
(2)
\u2013
(5)
\u2013
(35)
(44)
(1)
\u2013
(45)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
\u2013
\u2013
(7)
318
204
(45)
(125)
24
(161)
1,103
58
50
1,211
(173)
(13)
(2)
(188)
(315)
(17)
(14)
(346)
(14)
\u2013
\u2013
(14)
601
28
34
663
(286)
(119)
(48)
(453)
315
(91)
(14)
210
13
6
35
5
\u2013
35
96
1
1
98
216
49
517
115
44
20
1,205
30
57
1,292
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15
\u2013
\u2013
15
1,982
576
2,228
737
385
3,259
14,416
330
\u2013
14,746
213
445
196
497
133
2,246
5,623
266
\u2013
5,889
FY24 Restated
1
Worsley Brazil Hillside Mozal
US$M
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium
Revenue from customers
1,355
483
242
1,717
812
Other revenue
4
1
1
\u2013
3
\u2013
Total underlying revenue
1,356
484
242
1,720
812
Comprising:
Group production
717
343
242
1,720
812
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
639
141
\u2013
\u2013
\u2013
Total underlying revenue
1,356
484
242
1,720
812
Underlying EBITDA
324
40
(115)
197
39
Underlying depreciation and amortisation
(193)
(51)
(6)
(67)
(69)
Underlying EBIT
131
(11)
(121)
130
(30)
Comprising:
Group production
131
19
(121)
130
(30)
Exploration expenditure expensed
\u2013
\u2013
\u2013
\u2013
\u2013
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(30)
\u2013
\u2013
\u2013
Underlying EBIT
131
(11)
(121)
130
(30)
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
6
Profit/(loss) for the year
Underlying exploration expenditure
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying capital expenditure
7
106
80
8
40
23
Underlying equity accounted investments
\u2013
20
\u2013
\u2013
\u2013
Total underlying assets
8
3,009
898
119
1,100
663
Total underlying liabilities
8
1,196
162
51
295
165
1. The Cerro Matoso operating segment has been reclassified as a discontinued operation. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to freight services provided by the Group to material joint ventures of US$104 million, and third party product revenue of US$34 million included in Group and unallocated items/ eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial information. 3. The Illawarra Metallurgical Coal operating segment has been classified as a discontinued operation. Refer to note 31 Disposal of subsidiaries and joint operations. 4. Underlying other revenue relates to fair value movements on provisionally priced contracts. 5. Underlying revenue on third party products and services sold from continuing operations comprises US$170 million for aluminium, US$3 million for alumina, US$34 million for manganese, US$79 million for freight services and US$102 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises US$10 million for alumina, US$(2) million for freight services and US$(1) million for raw materials. 6. Represents the total of all adjustments made to profit/(loss) from operations, net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results reconciliation for further details. 7. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure. 8. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non- material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities.
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Australia South Africa items/ continuing Metallurgical underlying
Sierra Gorda
2
Cannington
Hermosa
Manganese
2
Manganese
2
eliminations
operations
2
Cerro Matoso
1
Coal
3
results
2
632
611
\u2013
447
337
(391)
6,245
562
1,469
8,276
15
20
\u2013
(11)
6
(1)
34
(6)
(8)
20
647
631
\u2013
436
343
(392)
6,279
556
1,461
8,296
647
631
\u2013
436
343
\u2013
5,891
556
1,224
7,671
\u2013
\u2013
\u2013
\u2013
\u2013
388
388
\u2013
237
625
\u2013
\u2013
\u2013
\u2013
\u2013
(780)
\u2013
\u2013
\u2013
\u2013
647
631
\u2013
436
343
(392)
6,279
556
1,461
8,296
275
289
(24)
182
65
(102)
1,170
110
522
1,802
(132)
(83)
(4)
(121)
(20)
(28)
(774)
(61)
(81)
(916)
143
206
(28)
61
45
(130)
396
49
441
886
143
212
(28)
61
45
(110)
452
52
419
923
\u2013
(6)
\u2013
\u2013
\u2013
(27)
(33)
(3)
(5)
(41)
\u2013
\u2013
\u2013
\u2013
\u2013
7
7
\u2013
28
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(30)
\u2013
(1)
(31)
143
206
(28)
61
45
(130)
396
49
441
886
(234)
(5)
(10)
(249)
(100)
8
(131)
(223)
(36)
\u2013
\u2013
(36)
26
52
300
378
(474)
(244)
135
(583)
(448)
(192)
435
(205)
13
9
24
1
\u2013
29
76
3
10
89
207
38
372
65
43
1
983
34
340
1,357
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
20
\u2013
6
26
1,878
569
1,571
596
390
2,153
12,946
506
1,794
15,246
214
419
136
430
190
2,212
5,470
247
558
6,275
(i) Underlying results reconciliation The following tables reconcile the underlying segment information to the statutory information included in the Group\u2019s consolidated financial statements:
FY25 Continuing Discontinued
US$M
Note
operations
operations
1
Total
Underlying EBIT
1,103
108
1,211
Significant items
4(b)(ii)
71
\u2013
71
Joint venture adjustments
2,3
(122)
\u2013
(122)
Exchange rate gains/(losses) on restatement of monetary items
4
(4)
(4)
(8)
Impairment (losses)/reversals of financial assets
4
19
(27)
\u2013
(27)
Impairment (losses)/reversals of non-financial assets
4
13
(346)
(118)
(464)
Loss on the disposal of subsidiaries and joint operations
31
\u2013
(47)
(47)
Gains/(losses) on non-trading derivative instruments, contingent consideration and other
investments measured at FVTPL
4
(121)
\u2013
(121)
Operating profit/(loss)
554
(61)
493
Underlying net finance cost
(173)
(15)
(188)
Joint venture adjustments
2,3
225
\u2013
225
Exchange rate variations on net cash/(debt)
13
(1)
12
Net finance income/(costs)
65
(16)
49
Underlying income tax expense
(315)
(31)
(346)
Underlying royalty related tax expense
(14)
\u2013
(14)
Tax effect of significant items
4(b)(ii)
1
\u2013
1
Joint venture adjustments relating to income tax expense
2,3
(3)
\u2013
(3)
Joint venture adjustments relating to royalty related tax expense
2,3
14
\u2013
14
Tax effect of other adjustments to derive Underlying EBIT
4
1
5
Tax effect of other adjustments to derive Underlying net finance costs
(3)
\u2013
(3)
Exchange rate variations on tax balances
12
2
14
Income tax (expense)/benefit
(304)
(28)
(332)
Underlying earnings
601
62
663
Total adjustments to profit/(loss)
(286)
(167)
(453)
Profit/(loss) for the year
315
(105)
210
Underlying earnings attributable to:
Equity holders of South32 Limited
604
62
666
Non-controlling interests
(3)
\u2013
(3)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$114 million of which US$18 million related to the Sierra Gorda segment, US$51 million related to the Australia Manganese segment and US$45 million related to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation gain of US$27 million (US$20 million post-tax) relating to the shareholder loan payable that was eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$77 million (US$56 million post-tax) as outlined in note 4(b)(ii) Significant items. The South Africa Manganese joint venture adjustments include a US$44 million (US$46 million post-tax) profit on disposal of the Metalloys manganese alloy smelter. 4. Recognised in expenses excluding finance costs in the Consolidated income statement.
FY24 Restated
1
Continuing Discontinued
US$M
Note
operations
operations
1,2
Total
Underlying EBIT
396
490
886
Significant items
4(b)(ii)
(50)
\u2013
(50)
Joint venture adjustments
3,4
(284)
\u2013
(284)
Exchange rate gains/(losses) on restatement of monetary items
5
(23)
(1)
(24)
Impairment (losses)/reversals of financial assets
5
 19
(29)
\u2013
(29)
Impairment (losses)/reversals of non-financial assets
5
 13
(537)
(67)
(604)
Gains/(losses) on non-trading derivative instruments, contingent consideration and other
investments measured at FVTPL
5
8
\u2013
8
Operating profit/(loss)
(519)
422
(97)
Underlying net finance cost
(234)
(15)
(249)
Joint venture adjustments
3,4
220
\u2013
220
Exchange rate variations on net cash/(debt)
6
2
8
Net finance income/(costs)
(8)
(13)
(21)
Underlying income tax expense
(100)
(123)
(223)
Underlying royalty related tax expense
(36)
\u2013
(36)
Tax effect of significant items
4(b)(ii)
15
\u2013
15
Joint venture adjustments relating to income tax expense
3,4
21
\u2013
21
Joint venture adjustments relating to royalty related tax expense
3,4
36
\u2013
36
Tax effect of other adjustments to derive Underlying EBIT
164
(42)
122
Tax effect of other adjustments to derive Underlying net finance costs
(1)
(1)
(2)
Exchange rate variations on tax balances
(20)
\u2013
(20)
Income tax (expense)/benefit
79
(166)
(87)
Underlying earnings
26
352
378
Total adjustments to profit/(loss)
(474)
(109)
(583)
Profit/(loss) for the year
(448)
243
(205)
Underlying earnings attributable to:
Equity holders of South32 Limited
28
352
380
Non-controlling interests
(2)
\u2013
(2)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations. 3. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised in share of profit/(loss) of equity accounted investments in the Consolidated income statement. 4. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$(7) million of which US$28 million related to the Sierra Gorda segment, US$(27) million related to the Australia Manganese segment and US$(8) million related to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a revaluation gain of US$29 million (US$22 million post-tax) relating to the shareholder loan payable that was eliminated from the Group's Underlying earnings upon proportional consolidation. The Australia Manganese joint venture adjustments include significant items of US$(63) million (US$(28) million post-tax) as outlined in note 4(b)(ii) Significant items. 5. Recognised in expenses excluding finance costs in the Consolidated income statement.
Group Discontinued
FY25 underlying Joint venture operations Group statutory
US$M results adjustments
adjustments
1
results
Total revenue
2
7,610
(1,201)
(629)
5,780
Depreciation and amortisation
717
(206)
(26)
485
Share of profit/(loss) of equity accounted investments
(7)
106
\u2013
99
Exploration expenditure
3
98
(18)
\u2013
80
Capital expenditure
3
1,292
(375)
\u2013
917
Equity accounted investments
15
575
\u2013
590
Total assets
14,746
(1,019)
\u2013
13,727
Total liabilities
5,889
(1,019)
\u2013
4,870
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations.
2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$10 million.
3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
Group Discontinued
FY24 Restated
1
underlying Joint venture operations Group statutory
US$M results adjustments
adjustments
1,2
results
Total revenue
3
8,296
(1,356)
(2,017)
4,923
Depreciation and amortisation
916
(273)
(142)
501
Share of profit/(loss) of equity accounted investments
(31)
(29)
1
(59)
Exploration expenditure
4
89
(14)
\u2013
75
Capital expenditure
4
1,357
(315)
\u2013
1,042
Equity accounted investments
26
376
(6)
396
Total assets
15,246
(1,001)
\u2013
14,245
Total liabilities
6,275
(1,001)
\u2013
5,274
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
2. Refer to note 31 Disposal of subsidiaries and joint operations.
3. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$23 million.
4. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
(c) Geographical information The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location. Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical location of the operations.
Revenue
1
Non-current assets
FY24
US$M FY25
Restated
2
FY25
FY24
Australia
279
359
3,352
3,350
Bahrain
346
198
\u2013
\u2013
Brazil
294
112
725
797
China
248
306
\u2013
\u2013
Italy
268
311
\u2013
\u2013
Japan
415
276
\u2013
\u2013
Mozambique
357
274
34
435
Netherlands
3
887
862
1,554
1,769
South Africa
422
392
959
868
South Korea
259
251
\u2013
\u2013
United States of America
530
382
2,299
1,661
Rest of Africa
\u2013
9
\u2013
\u2013
Rest of Asia
372
303
72
79
Rest of Europe
545
430
8
8
Rest of Middle East
144
121
\u2013
\u2013
Rest of North America
286
244
19
2
Rest of Oceania
128
93
\u2013
\u2013
Rest of South America
\u2013
\u2013
236
307
Unallocated assets
4
\u2013
\u2013
670
570
Total
5,780
4,923
9,928
9,846
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$10 million (FY24: US$23 million). 2. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 3. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda. 4. Comprises other financial assets and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-479": { "value": "4. Segment information (a) Description of segments The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance. The principal activities of each operating segment are summarised as follows:
Operating segment
Principal activities
Worsley Alumina
Integrated bauxite mine and alumina refinery in Australia
Brazil Alumina
Integrated bauxite mine and alumina refinery in Brazil
Brazil Aluminium
Aluminium smelter in Brazil
Hillside Aluminium
Aluminium smelter in South Africa
Mozal Aluminium
Aluminium smelter in Mozambique
Sierra Gorda
Copper mine in Chile
Cannington
Silver, lead and zinc mine in Australia
Hermosa
Base metals exploration and development project in the United States
Australia Manganese
Manganese ore mine in Australia
South Africa Manganese
Manganese ore mines in South Africa
Cerro Matoso
1
Integrated laterite ferronickel mine and smelting complex in Colombia
Illawarra Metallurgical Coal
2
Metallurgical coal mines in Australia
1. In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso, which is expected to complete in FY26. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. On 29 August 2024, the Group completed the sale of Illawarra Metallurgical Coal. Refer to note 31 Disposal of subsidiaries and joint operations. All operations are operated by the Group except Brazil Alumina, Brazil Aluminium and Sierra Gorda. (b) Segment results The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis. The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments. Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation, adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the material equity accounted joint ventures back to their statutory equity accounting positions. The Group separately discloses sales of group production from sales of third party products and services because of the significant difference in profit margin earned on these sales. It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis. Group and unallocated items/eliminations represent group centre functions and consolidation adjustments. Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments. Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities. Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point of time in which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group.
FY25 Worsley Brazil Hillside Mozal
US$M
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium
Revenue from customers
1,918
746
355
1,995
980
Other revenue
3
(1)
3
\u2013
(6)
(1)
Total underlying revenue
1,917
749
355
1,989
979
Comprising:
Group production
877
525
355
1,989
979
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
1,040
224
\u2013
\u2013
\u2013
Total underlying revenue
1,917
749
355
1,989
979
Underlying EBITDA
795
283
(92)
154
125
Underlying depreciation and amortisation
(176)
(57)
(5)
(69)
(70)
Underlying EBIT
619
226
(97)
85
55
Comprising:
Group production
621
233
(97)
85
55
Exploration expenditure expensed
(2)
\u2013
\u2013
\u2013
\u2013
Third party products and services
4
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(7)
\u2013
\u2013
\u2013
Underlying EBIT
619
226
(97)
85
55
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
5
Profit/(loss) for the year
Underlying exploration expenditure
2
\u2013
\u2013
\u2013
\u2013
Underlying capital expenditure
6
106
41
9
67
21
Underlying equity accounted investments
\u2013
15
\u2013
\u2013
\u2013
Total underlying assets
7
2,767
842
130
1,157
353
Total underlying liabilities
7
1,060
204
59
369
201
1. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to
freight services provided by the Group to material joint ventures of US$61 million, and third party product revenue of US$35 million included in Group and unallocated items/
eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial
information.
2. The Cerro Matoso and Illawarra Metallurgical Coal operating segments have been classified as discontinued operations. Refer to note 30 Assets and liabilities held for sale and
discontinued operations and note 31 Disposal of subsidiaries and joint operations.
3. Underlying other revenue relates to fair value movements on provisionally priced contracts.
4. Underlying revenue on third party products and services sold from continuing operations comprises US$142 million for aluminium, US$28 million for alumina, US$35 million for
manganese, US$50 million for freight services and US$115 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises
US$3 million for aluminium, US$16 million for alumina and US$(1) million for raw materials.
5. Represents the total of all adjustments made to profit/(loss) from operations, net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results
reconciliation for further details.
6. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure.
7. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-
material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities .
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Australia South Africa items/ continuing Metallurgical underlying
Sierra Gorda
1
Cannington
Hermosa
Manganese
1
Manganese
1
eliminations
operations
1
Cerro Matoso
2
Coal
2
results
1
821
644
\u2013
46
366
(893)
6,978
484
145
7,607
11
15
\u2013
(4)
(13)
(1)
3
1
(1)
3
832
659
\u2013
42
353
(894)
6,981
485
144
7,610
832
659
\u2013
42
353
\u2013
6,611
485
116
7,212
\u2013
\u2013
\u2013
\u2013
\u2013
370
370
\u2013
28
398
\u2013
\u2013
\u2013
\u2013
\u2013
(1,264)
\u2013
\u2013
\u2013
\u2013
832
659
\u2013
42
353
(894)
6,981
485
144
7,610
482
281
(41)
(105)
46
(134)
1,794
84
50
1,928
(164)
(77)
(4)
(20)
(22)
(27)
(691)
(26)
\u2013
(717)
318
204
(45)
(125)
24
(161)
1,103
58
50
1,211
318
206
(45)
(120)
24
(144)
1,136
59
50
1,245
\u2013
(2)
\u2013
(5)
\u2013
(35)
(44)
(1)
\u2013
(45)
\u2013
\u2013
\u2013
\u2013
\u2013
18
18
\u2013
\u2013
18
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(7)
\u2013
\u2013
(7)
318
204
(45)
(125)
24
(161)
1,103
58
50
1,211
(173)
(13)
(2)
(188)
(315)
(17)
(14)
(346)
(14)
\u2013
\u2013
(14)
601
28
34
663
(286)
(119)
(48)
(453)
315
(91)
(14)
210
13
6
35
5
\u2013
35
96
1
1
98
216
49
517
115
44
20
1,205
30
57
1,292
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
15
\u2013
\u2013
15
1,982
576
2,228
737
385
3,259
14,416
330
\u2013
14,746
213
445
196
497
133
2,246
5,623
266
\u2013
5,889
FY24 Restated
1
Worsley Brazil Hillside Mozal
US$M
Alumina
Brazil Alumina
Aluminium Aluminium Aluminium
Revenue from customers
1,355
483
242
1,717
812
Other revenue
4
1
1
\u2013
3
\u2013
Total underlying revenue
1,356
484
242
1,720
812
Comprising:
Group production
717
343
242
1,720
812
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Inter-segment revenue
639
141
\u2013
\u2013
\u2013
Total underlying revenue
1,356
484
242
1,720
812
Underlying EBITDA
324
40
(115)
197
39
Underlying depreciation and amortisation
(193)
(51)
(6)
(67)
(69)
Underlying EBIT
131
(11)
(121)
130
(30)
Comprising:
Group production
131
19
(121)
130
(30)
Exploration expenditure expensed
\u2013
\u2013
\u2013
\u2013
\u2013
Third party products and services
5
\u2013
\u2013
\u2013
\u2013
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(30)
\u2013
\u2013
\u2013
Underlying EBIT
131
(11)
(121)
130
(30)
Underlying net finance costs
Underlying income tax expense
Underlying royalty related tax expense
Underlying earnings
Total adjustments to profit/(loss)
6
Profit/(loss) for the year
Underlying exploration expenditure
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying capital expenditure
7
106
80
8
40
23
Underlying equity accounted investments
\u2013
20
\u2013
\u2013
\u2013
Total underlying assets
8
3,009
898
119
1,100
663
Total underlying liabilities
8
1,196
162
51
295
165
1. The Cerro Matoso operating segment has been reclassified as a discontinued operation. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. The Group\u2019s underlying results includes the proportional elimination of revenue and corresponding expenses relating to
freight services provided by the Group to material joint ventures of US$104 million, and third party product revenue of US$34 million included in Group and unallocated items/
eliminations. Refer to note 4(b)(i) Underlying results reconciliation for the joint venture adjustments that reconcile the underlying proportional consolidation to the statutory financial
information.
3. The Illawarra Metallurgical Coal operating segment has been classified as a discontinued operation. Refer to note 31 Disposal of subsidiaries and joint operations.
4. Underlying other revenue relates to fair value movements on provisionally priced contracts.
5. Underlying revenue on third party products and services sold from continuing operations comprises US$170 million for aluminium, US$3 million for alumina, US$34 million for
manganese, US$79 million for freight services and US$102 million for raw materials. Underlying EBIT on third party products and services sold from continuing operations comprises
US$10 million for alumina, US$(2) million for freight services and US$(1) million for raw materials.
6. Represents the total of all adjustments made to profit/(loss) from operations, net finance income/(costs) and income tax (expense)/benefit. Refer to note 4(b)(i) Underlying results
reconciliation for further details.
7. Underlying capital expenditure excludes the purchase of intangibles and capitalised exploration expenditure.
8. Total underlying assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude the carrying amount of non-
material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other financial assets and liabilities.
Continuing operations
Discontinued operations
Group
Group and underlying
unallocated results from Illawarra Group
Australia South Africa items/ continuing Metallurgical underlying
Sierra Gorda
2
Cannington
Hermosa
Manganese
2
Manganese
2
eliminations
operations
2
Cerro Matoso
1
Coal
3
results
2
632
611
\u2013
447
337
(391)
6,245
562
1,469
8,276
15
20
\u2013
(11)
6
(1)
34
(6)
(8)
20
647
631
\u2013
436
343
(392)
6,279
556
1,461
8,296
647
631
\u2013
436
343
\u2013
5,891
556
1,224
7,671
\u2013
\u2013
\u2013
\u2013
\u2013
388
388
\u2013
237
625
\u2013
\u2013
\u2013
\u2013
\u2013
(780)
\u2013
\u2013
\u2013
\u2013
647
631
\u2013
436
343
(392)
6,279
556
1,461
8,296
275
289
(24)
182
65
(102)
1,170
110
522
1,802
(132)
(83)
(4)
(121)
(20)
(28)
(774)
(61)
(81)
(916)
143
206
(28)
61
45
(130)
396
49
441
886
143
212
(28)
61
45
(110)
452
52
419
923
\u2013
(6)
\u2013
\u2013
\u2013
(27)
(33)
(3)
(5)
(41)
\u2013
\u2013
\u2013
\u2013
\u2013
7
7
\u2013
28
35
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(30)
\u2013
(1)
(31)
143
206
(28)
61
45
(130)
396
49
441
886
(234)
(5)
(10)
(249)
(100)
8
(131)
(223)
(36)
\u2013
\u2013
(36)
26
52
300
378
(474)
(244)
135
(583)
(448)
(192)
435
(205)
13
9
24
1
\u2013
29
76
3
10
89
207
38
372
65
43
1
983
34
340
1,357
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
20
\u2013
6
26
1,878
569
1,571
596
390
2,153
12,946
506
1,794
15,246
214
419
136
430
190
2,212
5,470
247
558
6,275
(i) Underlying results reconciliation
The following tables reconcile the underlying segment information to the statutory information included in the Group\u2019s consolidated
financial statements:
FY25 Continuing Discontinued
US$M
Note
operations
operations
1
Total
Underlying EBIT
1,103
108
1,211
Significant items
4(b)(ii)
71
\u2013
71
Joint venture adjustments
2,3
(122)
\u2013
(122)
Exchange rate gains/(losses) on restatement of monetary items
4
(4)
(4)
(8)
Impairment (losses)/reversals of financial assets
4
19
(27)
\u2013
(27)
Impairment (losses)/reversals of non-financial assets
4
13
(346)
(118)
(464)
Loss on the disposal of subsidiaries and joint operations
31
\u2013
(47)
(47)
Gains/(losses) on non-trading derivative instruments, contingent consideration and other
investments measured at FVTPL
4
(121)
\u2013
(121)
Operating profit/(loss)
554
(61)
493
Underlying net finance cost
(173)
(15)
(188)
Joint venture adjustments
2,3
225
\u2013
225
Exchange rate variations on net cash/(debt)
13
(1)
12
Net finance income/(costs)
65
(16)
49
Underlying income tax expense
(315)
(31)
(346)
Underlying royalty related tax expense
(14)
\u2013
(14)
Tax effect of significant items
4(b)(ii)
1
\u2013
1
Joint venture adjustments relating to income tax expense
2,3
(3)
\u2013
(3)
Joint venture adjustments relating to royalty related tax expense
2,3
14
\u2013
14
Tax effect of other adjustments to derive Underlying EBIT
4
1
5
Tax effect of other adjustments to derive Underlying net finance costs
(3)
\u2013
(3)
Exchange rate variations on tax balances
12
2
14
Income tax (expense)/benefit
(304)
(28)
(332)
Underlying earnings
601
62
663
Total adjustments to profit/(loss)
(286)
(167)
(453)
Profit/(loss) for the year
315
(105)
210
Underlying earnings attributable to:
Equity holders of South32 Limited
604
62
666
Non-controlling interests
(3)
\u2013
(3)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations.
2. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised
in share of profit/(loss) of equity accounted investments in the Consolidated income statement.
3. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$114 million of which US$18 million related to the Sierra Gorda segment,
US$51 million related to the Australia Manganese segment and US$45 million related to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a
revaluation gain of US$27 million (US$20 million post-tax) relating to the shareholder loan payable that was eliminated from the Group's Underlying earnings upon proportional
consolidation. The Australia Manganese joint venture adjustments include significant items of US$77 million (US$56 million post-tax) as outlined in note 4(b)(ii) Significant items. The
South Africa Manganese joint venture adjustments include a US$44 million (US$46 million post-tax) profit on disposal of the Metalloys manganese alloy smelter.
4. Recognised in expenses excluding finance costs in the Consolidated income statement.
FY24 Restated
1
Continuing Discontinued
US$M
Note
operations
operations
1,2
Total
Underlying EBIT
396
490
886
Significant items
4(b)(ii)
(50)
\u2013
(50)
Joint venture adjustments
3,4
(284)
\u2013
(284)
Exchange rate gains/(losses) on restatement of monetary items
5
(23)
(1)
(24)
Impairment (losses)/reversals of financial assets
5
 19
(29)
\u2013
(29)
Impairment (losses)/reversals of non-financial assets
5
 13
(537)
(67)
(604)
Gains/(losses) on non-trading derivative instruments, contingent consideration and other
investments measured at FVTPL
5
8
\u2013
8
Operating profit/(loss)
(519)
422
(97)
Underlying net finance cost
(234)
(15)
(249)
Joint venture adjustments
3,4
220
\u2013
220
Exchange rate variations on net cash/(debt)
6
2
8
Net finance income/(costs)
(8)
(13)
(21)
Underlying income tax expense
(100)
(123)
(223)
Underlying royalty related tax expense
(36)
\u2013
(36)
Tax effect of significant items
4(b)(ii)
15
\u2013
15
Joint venture adjustments relating to income tax expense
3,4
21
\u2013
21
Joint venture adjustments relating to royalty related tax expense
3,4
36
\u2013
36
Tax effect of other adjustments to derive Underlying EBIT
164
(42)
122
Tax effect of other adjustments to derive Underlying net finance costs
(1)
(1)
(2)
Exchange rate variations on tax balances
(20)
\u2013
(20)
Income tax (expense)/benefit
79
(166)
(87)
Underlying earnings
26
352
378
Total adjustments to profit/(loss)
(474)
(109)
(583)
Profit/(loss) for the year
(448)
243
(205)
Underlying earnings attributable to:
Equity holders of South32 Limited
28
352
380
Non-controlling interests
(2)
\u2013
(2)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
2. Refer to note 31 Disposal of subsidiaries and joint operations.
3. The segment information reflects the Group\u2019s interest in material equity accounted joint ventures and is presented on a proportional consolidation basis, which is the measure used
by the Group\u2019s management to assess their performance. Joint venture adjustments reconcile the proportional consolidation to the statutory equity accounting positions, recognised
in share of profit/(loss) of equity accounted investments in the Consolidated income statement.
4. The net impact of all joint venture adjustments to the Group\u2019s profit/(loss) for the year amounted to US$(7) million of which US$28 million related to the Sierra Gorda segment,
US$(27) million related to the Australia Manganese segment and US$(8) million related to the South Africa Manganese segment. The Sierra Gorda joint venture adjustments include a
revaluation gain of US$29 million (US$22 million post-tax) relating to the shareholder loan payable that was eliminated from the Group's Underlying earnings upon proportional
consolidation. The Australia Manganese joint venture adjustments include significant items of US$(63) million (US$(28) million post-tax) as outlined in note 4(b)(ii) Significant items.
5. Recognised in expenses excluding finance costs in the Consolidated income statement.
Group Discontinued
FY25 underlying Joint venture operations Group statutory
US$M results adjustments
adjustments
1
results
Total revenue
2
7,610
(1,201)
(629)
5,780
Depreciation and amortisation
717
(206)
(26)
485
Share of profit/(loss) of equity accounted investments
(7)
106
\u2013
99
Exploration expenditure
3
98
(18)
\u2013
80
Capital expenditure
3
1,292
(375)
\u2013
917
Equity accounted investments
15
575
\u2013
590
Total assets
14,746
(1,019)
\u2013
13,727
Total liabilities
5,889
(1,019)
\u2013
4,870
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 2. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$10 million. 3. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement.
Group Discontinued
FY24 Restated
1
underlying Joint venture operations Group statutory
US$M results adjustments
adjustments
1,2
results
Total revenue
3
8,296
(1,356)
(2,017)
4,923
Depreciation and amortisation
916
(273)
(142)
501
Share of profit/(loss) of equity accounted investments
(31)
(29)
1
(59)
Exploration expenditure
4
89
(14)
\u2013
75
Capital expenditure
4
1,357
(315)
\u2013
1,042
Equity accounted investments
26
376
(6)
396
Total assets
15,246
(1,001)
\u2013
14,245
Total liabilities
6,275
(1,001)
\u2013
5,274
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations. 3. Group statutory total revenue includes other revenue related to fair value movements on provisionally priced contracts of US$23 million. 4. The Group statutory results include the cash flows from discontinued operations, consistent with the Consolidated cash flow statement. (ii) Significant items Significant items are those items, not separately identified in note 4(b)(i) Underlying results reconciliation, whose nature and amount are considered material to the Group\u2019s consolidated financial statements.
FY25
US$M
Gross
Tax
Net
Worsley access compensation agreement
97
1
98
Mozal Aluminium inventory write-down
1
(26)
\u2013
(26)
Total significant items
2
71
1
72
1. Relates to the impairment of Mozal Aluminium. Refer to note 13 Impairment of non-financial assets. 2. Excludes significant items relating to material equity accounted investments which are included in the joint venture adjustments in the Underlying results reconciliation.
FY24
US$M
Gross
Tax
Net
Tropical Cyclone Megan impacts
(50)
15
(35)
Total significant items
1
(50)
15
(35)
1. Excludes significant items relating to material equity accounted investments which are included in the joint venture adjustments in the Underlying results reconciliation. Worsley access compensation agreement (FY25) In March 2025, Worsley Alumina received US$100 million in relation to agreements with a subsidiary of Newmont Corporation (Newmont). The agreements enable Worsley Alumina and Newmont\u2019s Boddington gold mine to safely operate in close proximity, and compensate Worsley Alumina for impacts on its priority access to small areas containing bauxite Mineral Resource. The Group recorded a profit on disposal of other mineral assets of US$97 million (US$98 million post-tax), recognised as other income in the Consolidated income statement.
Tropical Cyclone Megan impacts (FY25 and FY24)
In March 2024, Tropical Cyclone Megan severely impacted operations at GEMCO. The weather system resulted in widespread flooding and
significant damage to infrastructure, including the wharf, port and a critical bridge, resulting in the temporary suspension of operations.
Amounts incurred directly or indirectly as a result of Tropical Cyclone Megan, including insurance income and expenses, do not reflect the
performance of the underlying operation and have been classified as significant items. GEMCO has since resumed operations, with export
shipments re-commencing from May 2025.
Australia Manganese incurred a net gain as a result of Tropical Cyclone Megan in FY25 of US$77 million (US$56 million post-tax) (FY24: net
loss of US$63 million (US$28 million post-tax)) which was recognised in share of profit/(loss) of equity accounted investments in the
Consolidated income statement. The net gain of US$56 million (FY24: loss of US$28 million) includes insurance income, partially offset by
expenses related to idle capacity charges, repairs and clean-up costs and was included in the joint venture adjustments in the Underlying
results reconciliation.
The Group operates a captive insurance program, in which a wholly owned subsidiary within the Group insures a number of our operations,
including GEMCO. As a result of Tropical Cyclone Megan, the Group recognised an insurance expense incurred by its captive insurer in
FY24 of US$50 million (US$35 million post-tax) in expenses excluding finance costs in the Consolidated income statement, and was
included within Group and unallocated items/eliminations.
The Group considers it probable to recover further amounts through insurance, which will also be classified as significant items. No
contingent asset has been disclosed for any further anticipated insurance recoveries as a reliable estimate cannot be made at present.
(c) Geographical information
The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location.
Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical
location of the operations.
Revenue
1
Non-current assets
FY24
US$M FY25
Restated
2
FY25
FY24
Australia
279
359
3,352
3,350
Bahrain
346
198
\u2013
\u2013
Brazil
294
112
725
797
China
248
306
\u2013
\u2013
Italy
268
311
\u2013
\u2013
Japan
415
276
\u2013
\u2013
Mozambique
357
274
34
435
Netherlands
3
887
862
1,554
1,769
South Africa
422
392
959
868
South Korea
259
251
\u2013
\u2013
United States of America
530
382
2,299
1,661
Rest of Africa
\u2013
9
\u2013
\u2013
Rest of Asia
372
303
72
79
Rest of Europe
545
430
8
8
Rest of Middle East
144
121
\u2013
\u2013
Rest of North America
286
244
19
2
Rest of Oceania
128
93
\u2013
\u2013
Rest of South America
\u2013
\u2013
236
307
Unallocated assets
4
\u2013
\u2013
670
570
Total
5,780
4,923
9,928
9,846
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$10 million (FY24: US$23 million).
2. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
3. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda.
4. Comprises other financial assets and deferred tax assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-567": { "value": "The operating segments (also referred to as operations) are organised and managed separately according to their location and the nature of products produced. The Lead Team (the chief operating decision makers) and the Board of Directors monitor the segment results regularly for the purpose of making decisions about resource allocation and assessing performance.
The underlying information presented in the Group's segment results include non-IFRS financial measures and differs from the statutory
financial information as it reflects the Group\u2019s interest in material equity accounted joint ventures on a proportional consolidation basis.
The Group\u2019s material equity accounted joint ventures are Australia Manganese and South Africa Manganese, inclusive of an allocation of
Manganese Marketing, and Sierra Gorda. Refer to note 25 Equity accounted investments.
Segment performance is measured by Underlying revenue, Underlying EBIT and Underlying EBITDA. Underlying revenue is revenue,
adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis. Underlying EBIT is profit/(loss) before net
finance income/(costs), income tax (expense)/benefit, and other earnings adjustment items, all adjusted to reflect material equity
accounted joint ventures on a proportional consolidation basis. Underlying EBITDA is Underlying EBIT before depreciation and amortisation,
adjusted to reflect material equity accounted joint ventures on a proportional consolidation basis.
Reconciliations of the underlying information to the statutory information included in the Group\u2019s consolidated financial statements are set
out in note 4(b)(i) Underlying results reconciliation, including joint venture adjustments which reconcile the proportional consolidation of the
material equity accounted joint ventures back to their statutory equity accounting positions.
The Group separately discloses sales of group production from sales of third party products and services because of the significant
difference in profit margin earned on these sales.
It is the Group\u2019s policy that inter-segment transactions are made on an arm\u2019s length basis.
Group and unallocated items/eliminations represent group centre functions and consolidation adjustments.
Group financing and income taxes are primarily managed on a Group basis and are not allocated to operating segments.
Total assets and liabilities for each continuing operating segment represent operating assets and liabilities which predominantly exclude
the carrying amount of non-material equity accounted investments, cash, interest bearing liabilities, tax balances and certain other
financial assets and liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-568": { "value": "Revenue recognition Revenue is measured based on the consideration specified in the contract with a customer and excludes amounts collected on behalf of third parties. Revenue is not reduced for royalties and other taxes payable from Group production. The following is a description of the principal activities from which the Group generates its revenue: Revenue from the sale of commodities The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore. The sales of these commodities are considered to be performance obligations as they are the contractual promises by the Group to transfer distinct goods to customers. The transaction price allocated to each performance obligation is recognised as the performance obligation is satisfied. Satisfaction occurs when control of the promised commodity is transferred to the customer. For the sale of commodities, revenue is therefore recognised at a point in time, net of treatment and refining charges (where applicable). The majority of the Group\u2019s sales agreements specify that title passes on the bill of lading date (the date the commodity is delivered to the shipping agent) and is assessed to be the point of time in which control over the commodity passes to the customer. For these sales, revenue is recognised on the bill of lading date. For certain sales, title passes and revenue is recognised when the goods have been delivered to the customer. For certain commodities, the sales price is determined on a provisional basis at the date of sale and adjustments to the sales price subsequently occur based on movements in quoted market or contractual prices up to the date of final pricing. The period between provisional invoicing and final pricing is up to 180 days. Revenue on provisionally priced sales is recognised based on the estimated fair value of the total consideration receivable. The revenue adjustment mechanism embedded within provisionally priced sales arrangements has the characteristics of a commodity derivative. Accordingly, the fair value of the final sales price adjustment is re-estimated continuously and changes in fair value are disclosed separately as \u2018other\u2019 revenue within the segment results. In all cases, fair value is estimated by reference to forward market prices. Revenue from the provision of freight services The Group sells most of its commodities on either Free On Board (FOB) or Cost, Insurance, and Freight (CIF) Incoterms. In the case of CIF Incoterms, the Group is responsible for shipping services after the date at which control of the commodities passes to the customer at the port of loading. The provision of shipping services in these types of arrangements are a distinct service (and therefore a separate performance obligation) to which a portion of the transaction price should be allocated and recognised over time as the shipping services are provided. The Group also provides third party freight services which are recognised as the shipping service is provided. The Group does not separately disclose sales revenue from freight services as it does not consider this necessary in order to understand the impact on the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-6": { "value": "The Group primarily sells the following commodities: alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal and manganese ore.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-566": { "value": "Significant items are those items, not separately identified in note 4(b)(i) Underlying results reconciliation, whose nature and amount are considered material to the Group\u2019s consolidated financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-507": { "value": "(c) Geographical information The geographical information below analyses statutory Group revenue from continuing operations and non-current assets by location. Revenue is primarily presented by the geographical destination of the product and non-current assets are presented by the geographical location of the operations.
Revenue
1
Non-current assets
FY24
US$M FY25
Restated
2
FY25
FY24
Australia
279
359
3,352
3,350
Bahrain
346
198
\u2013
\u2013
Brazil
294
112
725
797
China
248
306
\u2013
\u2013
Italy
268
311
\u2013
\u2013
Japan
415
276
\u2013
\u2013
Mozambique
357
274
34
435
Netherlands
3
887
862
1,554
1,769
South Africa
422
392
959
868
South Korea
259
251
\u2013
\u2013
United States of America
530
382
2,299
1,661
Rest of Africa
\u2013
9
\u2013
\u2013
Rest of Asia
372
303
72
79
Rest of Europe
545
430
8
8
Rest of Middle East
144
121
\u2013
\u2013
Rest of North America
286
244
19
2
Rest of Oceania
128
93
\u2013
\u2013
Rest of South America
\u2013
\u2013
236
307
Unallocated assets
4
\u2013
\u2013
670
570
Total
5,780
4,923
9,928
9,846
1. Includes other revenue related to fair value movements on provisionally priced contracts of US$10 million (FY24: US$23 million). 2. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 3. Non-current assets include the non-current portion of the shareholder loan receivable from Sierra Gorda. 4. Comprises other financial assets and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-480": { "value": "
5. Expenses excluding finance costs
FY24
US$M
Note
FY25
Restated
1
Changes in inventories of finished goods and work in progress
28
40
Raw materials and consumables used
2,316
2,229
Wages, salaries and redundancies
561
498
Pension and other post-retirement obligations
46
42
External services (including transportation)
944
839
Third party products and services
362
436
Depreciation and amortisation
485
501
Exchange rate (gains)/losses on restatement of monetary items
4
23
(Gains)/losses on derivative instruments, contingent consideration and other investments measured at FVTPL
111
(3)
Government and other royalties paid and payable
68
58
Exploration expenditure expensed
39
33
Impairment losses/(reversals) of financial assets
19
27
29
Impairment losses/(reversals) of non-financial assets
13
346
537
Short-term, low-value and variable lease rentals
58
43
All other operating expenses
132
175
Total
5,527
5,480
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
21. Auditor's remuneration
The auditor of the Group is KPMG.
US$'000
FY25
FY24
Fees payable to the Group's auditor for assurance services
Audit and review of financial statements
4,052
4,446
Other assurance services
1
767
823
Total auditor\u2019s remuneration
4,819
5,269
1. Primarily comprises assurance services in respect of the Group's sustainability and tax reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-560": { "value": "5. Expenses excluding finance costs
FY24
US$M
Note
FY25
Restated
1
Changes in inventories of finished goods and work in progress
28
40
Raw materials and consumables used
2,316
2,229
Wages, salaries and redundancies
561
498
Pension and other post-retirement obligations
46
42
External services (including transportation)
944
839
Third party products and services
362
436
Depreciation and amortisation
485
501
Exchange rate (gains)/losses on restatement of monetary items
4
23
(Gains)/losses on derivative instruments, contingent consideration and other investments measured at FVTPL
111
(3)
Government and other royalties paid and payable
68
58
Exploration expenditure expensed
39
33
Impairment losses/(reversals) of financial assets
19
27
29
Impairment losses/(reversals) of non-financial assets
13
346
537
Short-term, low-value and variable lease rentals
58
43
All other operating expenses
132
175
Total
5,527
5,480
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 18. Net finance income/(costs)
FY24
US$M
FY25
Restated
1
Finance income
Interest on loans to equity accounted investments
177
178
Other interest income
82
41
Total finance income
259
219
Finance costs
Interest on borrowings
(61)
(65)
Interest on lease liabilities
(52)
(52)
Discounting on provisions and other liabilities
(94)
(119)
Change in discount rate on closure and rehabilitation provisions
\u2013
3
Exchange rate variations on net cash/(debt)
13
6
Total finance costs
(194)
(227)
Net finance income/(costs)
65
(8)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-549": { "value": "5. Expenses excluding finance costs
FY24
US$M
Note
FY25
Restated
1
Changes in inventories of finished goods and work in progress
28
40
Raw materials and consumables used
2,316
2,229
Wages, salaries and redundancies
561
498
Pension and other post-retirement obligations
46
42
External services (including transportation)
944
839
Third party products and services
362
436
Depreciation and amortisation
485
501
Exchange rate (gains)/losses on restatement of monetary items
4
23
(Gains)/losses on derivative instruments, contingent consideration and other investments measured at FVTPL
111
(3)
Government and other royalties paid and payable
68
58
Exploration expenditure expensed
39
33
Impairment losses/(reversals) of financial assets
19
27
29
Impairment losses/(reversals) of non-financial assets
13
346
537
Short-term, low-value and variable lease rentals
58
43
All other operating expenses
132
175
Total
5,527
5,480
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-539": { "value": "5. Expenses excluding finance costs
FY24
US$M
Note
FY25
Restated
1
Changes in inventories of finished goods and work in progress
28
40
Raw materials and consumables used
2,316
2,229
Wages, salaries and redundancies
561
498
Pension and other post-retirement obligations
46
42
External services (including transportation)
944
839
Third party products and services
362
436
Depreciation and amortisation
485
501
Exchange rate (gains)/losses on restatement of monetary items
4
23
(Gains)/losses on derivative instruments, contingent consideration and other investments measured at FVTPL
111
(3)
Government and other royalties paid and payable
68
58
Exploration expenditure expensed
39
33
Impairment losses/(reversals) of financial assets
19
27
29
Impairment losses/(reversals) of non-financial assets
13
346
537
Short-term, low-value and variable lease rentals
58
43
All other operating expenses
132
175
Total
5,527
5,480
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-508": { "value": "5. Expenses excluding finance costs
FY24
US$M
Note
FY25
Restated
1
Changes in inventories of finished goods and work in progress
28
40
Raw materials and consumables used
2,316
2,229
Wages, salaries and redundancies
561
498
Pension and other post-retirement obligations
46
42
External services (including transportation)
944
839
Third party products and services
362
436
Depreciation and amortisation
485
501
Exchange rate (gains)/losses on restatement of monetary items
4
23
(Gains)/losses on derivative instruments, contingent consideration and other investments measured at FVTPL
111
(3)
Government and other royalties paid and payable
68
58
Exploration expenditure expensed
39
33
Impairment losses/(reversals) of financial assets
19
27
29
Impairment losses/(reversals) of non-financial assets
13
346
537
Short-term, low-value and variable lease rentals
58
43
All other operating expenses
132
175
Total
5,527
5,480
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-527": { "value": "5. Expenses excluding finance costs
FY24
US$M
Note
FY25
Restated
1
Changes in inventories of finished goods and work in progress
28
40
Raw materials and consumables used
2,316
2,229
Wages, salaries and redundancies
561
498
Pension and other post-retirement obligations
46
42
External services (including transportation)
944
839
Third party products and services
362
436
Depreciation and amortisation
485
501
Exchange rate (gains)/losses on restatement of monetary items
4
23
(Gains)/losses on derivative instruments, contingent consideration and other investments measured at FVTPL
111
(3)
Government and other royalties paid and payable
68
58
Exploration expenditure expensed
39
33
Impairment losses/(reversals) of financial assets
19
27
29
Impairment losses/(reversals) of non-financial assets
13
346
537
Short-term, low-value and variable lease rentals
58
43
All other operating expenses
132
175
Total
5,527
5,480
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-481": { "value": "
6. Tax
Income tax expense comprises current and deferred tax and is recognised in the Consolidated income statement except to the extent that
it relates to items recognised directly in the Consolidated statement of comprehensive income.
(a) Income tax expense
FY24
US$M
Note
FY25
Restated
1
Current income tax (expense)/benefit
(319)
(213)
Deferred income tax (expense)/benefit
(13)
126
Total income tax (expense)/benefit
(332)
(87)
Income tax (expense)/benefit attributable to:
Continuing operations
(304)
79
Discontinued operations
30, 31
(28)
(166)
Total income tax (expense)/benefit
(332)
(87)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
(b) Reconciliation of prima facie tax expense to income tax expense
FY24
US$M
Note
FY25
Restated
1
Profit/(loss) before tax from continuing operations
619
(527)
Profit/(loss) before tax from discontinued operations
30, 31
(77)
409
Deduct: Share of profit/(loss) of equity accounted investments included in continuing operations
99
(59)
Deduct: Share of profit/(loss) of equity accounted investments included in discontinued operations
30, 31
\u2013
(1)
Profit/(loss) subject to tax
443
(58)
Income tax on profit/(loss) calculated at 30 per cent
(133)
18
Tax rate differential on non-Australian income
(100)
4
Exchange variations and other translation adjustments
14
(20)
Derecognition of future tax benefits
2
(28)
(14)
Non-deductible impairment charges
2
(42)
(77)
Colombian royalty expense
\u2013
23
Prior year adjustments
7
(10)
Other
(50)
(11)
Total income tax (expense)/benefit
(332)
(87)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
2. FY25 primarily relates to the FY25 impairment of Cerro Matoso, which resulted in the Group incurring US$41 million of non-deductible expenses. FY24 primarily relates to the FY24
impairment of Cerro Matoso, which resulted in the Group derecognising US$38 million of deferred tax assets and incurring US$38 million of non-deductible expenses. Refer to note
13 Impairment of non-financial assets.
Profit/(loss) from equity accounted investments has been taxed in companies other than South32 Limited, being the companies whose
results are disclosed as equity accounted investments in the consolidated financial statements. Refer to note 25 Equity accounted
investments for further details of the Group\u2019s equity accounted investments.
(c) Movement in deferred tax balances The composition of the Group\u2019s net deferred tax assets and liabilities recognised on the Consolidated balance sheet, including amounts classified as held for sale, and the deferred tax expense (charged)/credited to the Consolidated income statement, including from discontinued operations, is as follows:
Deferred tax (charged)/credited
to the Consolidated income
Deferred tax assets
Deferred tax liabilities
statement
1
US$M
FY25
FY24
FY25
FY24
1
FY25
FY24
Type of temporary difference
Depreciation
84
96
98
103
(6)
1
Employee benefits
47
45
(5)
(21)
\u2013
5
Closure and rehabilitation
278
251
(7)
(56)
32
14
Other provisions
17
14
(3)
(3)
3
4
Deferred charges
\u2013
\u2013
\u2013
83
(4)
(31)
Non tax-depreciable fair value adjustments, revaluations
and mineral rights
(17)
(8)
5
2
(12)
96
Tax-effected losses
82
94
\u2013
\u2013
(12)
25
Brazil deferral incentive
2
\u2013
\u2013
88
61
(27)
9
Leases
19
20
(1)
(2)
(1)
22
Other
(24)
(31)
\u2013
9
14
(19)
Total
486
481
175
176
(13)
126
1. Deferred tax liabilities include US$11 million classified as held for sale on the Consolidated balance sheet in FY24. Deferred tax expense charged/(credited) to the Consolidated income statement includes US$10 million (FY24: US$103 million) from discontinued operations. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 2. Our Brazilian subsidiary has received a 75 per cent corporate income tax deferral due to the reinvestment of capital in the North East regions of Brazil. The tax is deferred until earnings are repatriated from Brazil. Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes. To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is determined as if such amounts are not deductible in determining future assessable income. (d) Unrecognised deferred tax assets and liabilities The composition of the Group\u2019s unrecognised deferred tax assets and liabilities is as follows:
US$M
FY25
FY24
Unrecognised deferred tax assets
Tax-effected losses
1
308
61
Mineral rights
587
617
Impairment of investments in subsidiaries
1,228
1,233
Closure and rehabilitation
64
99
Depreciable assets
30
70
Other temporary differences
3
6
Total unrecognised deferred tax assets
2,220
2,086
Unrecognised deferred tax liabilities
Taxable temporary differences associated with investments and undistributed earnings in subsidiaries
36
36
Total unrecognised deferred tax liabilities
36
36
1. Represents tax losses that have no expiry.
(e) Tax consolidation
South32 Limited and its 100 per cent owned Australian resident subsidiaries have formed a tax consolidated group with effect from 25 May
2015. South32 Limited is the head entity of the tax consolidated group. Members of the Group have entered into a tax sharing agreement
in order to allocate income tax expense to the wholly-owned subsidiaries on a stand-alone basis. The tax sharing arrangement provides for
the allocation of income tax liabilities between the entities should the head entity default on its tax payment obligations. The possibility of
such a default is considered remote at the date of this report.
Members of the tax consolidated group have also entered into a tax funding agreement. The Group has applied its allocation approach in
determining the appropriate amount of current taxes to allocate to members of the tax consolidated group. The tax funding agreement
provides for each member of the tax consolidated group to pay or receive a tax equivalent amount to or from the head entity in
accordance with their notional current tax liability or current tax asset. Such amounts are reflected in amounts receivable from, or payable
to, the head entity in their accounts and are settled as soon as practicable after lodgement of the consolidated return and payment of the
tax liability.
(f) Pillar Two tax
The Organisation for Economic Cooperation and Development Pillar Two rules have been enacted and are effective in Australia for the
financial year beginning 1 July 2024.
The Group has applied the mandatory exception to recognise and disclose information about deferred tax assets and liabilities related to
Pillar Two income taxes in accordance with AASB 112 Income Taxes. The impact on the Group\u2019s current tax expense is not material.
(g) Tax transparency report
More detail of the Group\u2019s tax outcomes, including country-by-country reporting, is included in the 2025 Tax Transparency and Payments
to Government Report.
Key estimates, assumptions and judgements
Deferred tax
Judgement is required in assessing whether deferred tax assets and certain deferred tax liabilities are recognised on the
Consolidated balance sheet. Deferred tax assets are recognised only where it is considered more likely than not that they will be
recovered, which is dependent on the generation of sufficient future taxable profits. Deferred tax liabilities arising from temporary
differences in investments, caused principally by retained earnings held in foreign tax jurisdictions, are recognised unless
repatriation of retained earnings can be controlled and are not expected to occur in the foreseeable future.
Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management\u2019s
estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, climate-
related impacts, Mineral Resources and Ore Reserves, operating costs, closure and rehabilitation costs, capital expenditure,
dividends and other capital management transactions.
Uncertain tax matters
Judgements are required about the application of the inherently complex income tax legislation in jurisdictions where we operate.
These judgements are subject to risk and uncertainty, hence there is a possibility that changes in circumstances will alter
expectations, which may impact the amount of deferred tax assets and deferred tax liabilities recognised on the Consolidated
balance sheet and the amount of other tax losses and temporary differences not yet recognised.
Where the final tax outcomes are different from the amounts that were initially recorded, these differences impact the current and
deferred tax provisions in the period in which the determination is made. Measurement of uncertain tax and royalty matters
considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view
that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as
contingent liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-569": { "value": "Income tax expense comprises current and deferred tax and is recognised in the Consolidated income statement except to the extent that it relates to items recognised directly in the Consolidated statement of comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-509": { "value": "(c) Movement in deferred tax balances The composition of the Group\u2019s net deferred tax assets and liabilities recognised on the Consolidated balance sheet, including amounts classified as held for sale, and the deferred tax expense (charged)/credited to the Consolidated income statement, including from discontinued operations, is as follows:
Deferred tax (charged)/credited
to the Consolidated income
Deferred tax assets
Deferred tax liabilities
statement
1
US$M
FY25
FY24
FY25
FY24
1
FY25
FY24
Type of temporary difference
Depreciation
84
96
98
103
(6)
1
Employee benefits
47
45
(5)
(21)
\u2013
5
Closure and rehabilitation
278
251
(7)
(56)
32
14
Other provisions
17
14
(3)
(3)
3
4
Deferred charges
\u2013
\u2013
\u2013
83
(4)
(31)
Non tax-depreciable fair value adjustments, revaluations
and mineral rights
(17)
(8)
5
2
(12)
96
Tax-effected losses
82
94
\u2013
\u2013
(12)
25
Brazil deferral incentive
2
\u2013
\u2013
88
61
(27)
9
Leases
19
20
(1)
(2)
(1)
22
Other
(24)
(31)
\u2013
9
14
(19)
Total
486
481
175
176
(13)
126
1. Deferred tax liabilities include US$11 million classified as held for sale on the Consolidated balance sheet in FY24. Deferred tax expense charged/(credited) to the Consolidated income statement includes US$10 million (FY24: US$103 million) from discontinued operations. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. 2. Our Brazilian subsidiary has received a 75 per cent corporate income tax deferral due to the reinvestment of capital in the North East regions of Brazil. The tax is deferred until earnings are repatriated from Brazil. Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes. To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is determined as if such amounts are not deductible in determining future assessable income. (d) Unrecognised deferred tax assets and liabilities The composition of the Group\u2019s unrecognised deferred tax assets and liabilities is as follows:
US$M
FY25
FY24
Unrecognised deferred tax assets
Tax-effected losses
1
308
61
Mineral rights
587
617
Impairment of investments in subsidiaries
1,228
1,233
Closure and rehabilitation
64
99
Depreciable assets
30
70
Other temporary differences
3
6
Total unrecognised deferred tax assets
2,220
2,086
Unrecognised deferred tax liabilities
Taxable temporary differences associated with investments and undistributed earnings in subsidiaries
36
36
Total unrecognised deferred tax liabilities
36
36
1. Represents tax losses that have no expiry. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-591": { "value": "Deferred tax is calculated using the balance sheet liability method, providing for the tax effect of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax assessment or deduction purposes. To the extent that an item\u2019s tax base is solely derived from the amount deductible under capital gains tax legislation, deferred tax is determined as if such amounts are not deductible in determining future assessable income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-510": { "value": "(f) Pillar Two tax The Organisation for Economic Cooperation and Development Pillar Two rules have been enacted and are effective in Australia for the financial year beginning 1 July 2024. The Group has applied the mandatory exception to recognise and disclose information about deferred tax assets and liabilities related to Pillar Two income taxes in accordance with AASB 112 Income Taxes. The impact on the Group\u2019s current tax expense is not material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfKnownOrReasonablyEstimableInformationAboutExposureToPillarTwoIncomeTaxesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-570": { "value": "Measurement of uncertain tax and royalty matters considers a range of possible outcomes, including assessments received from tax authorities. Where management is of the view that potential liabilities have a low probability of crystallising, or it is not possible to quantify them reliably, they are disclosed as contingent liabilities. The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or circumstances change. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-482": { "value": "
7. Dividends
US$M
FY25
FY24
Prior year final dividend
1
140
145
Interim dividend
2
154
18
Total dividends declared and paid during the year
294
163
1. On 29 August 2024, the Directors resolved to pay a fully franked final dividend of US 3.1 cents per share (US$140 million) in respect of the 2024 financial year. The dividend was paid
on 17 October 2024.
2. On 13 February 2025, the Directors resolved to pay a fully franked interim dividend of US 3. 4 cents per share (US$154 million) in respect of the 2025 financial half year. The dividend
was paid on 3 April 2025.
Franking account
US$M
FY25
FY24
Franking credits at the beginning of the financial year
635
538
Credits arising from tax paid/payable by South32 Limited
1
207
137
Credits arising from receipt of franked dividends
\u2013
32
Utilisation of credits arising from the payment of franked dividends
(127)
(72)
Exchange rate variations
(9)
\u2013
Total franking credits available at the end of the financial year
2
706
635
1. Includes the Australia FY25 income tax liability of US$22 million.
2. The payment of the final franked FY25 dividend declared after 30 June 2025 will decrease the franking account balance by US$50 million. Refer to note 32 Subsequent events.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-7": { "value": "0.031", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2023-07-01T00:00:00/2024-07-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-8": { "value": "0.034", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-483": { "value": "8. Earnings per share Basic earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding during the year. Diluted earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding after adjustment for the effects of all dilutive potential shares. The following reflects the profit or loss and share data used in the basic and diluted earnings/(loss) per share computations:
Profit/(loss) attributable to equity holders FY24
US$M
Note
FY25
Restated
1
Continuing operations
318
(446)
Discontinued operations
30, 31
(105)
243
Profit/(loss) attributable to equity holders of South32 Limited (basic)
213
(203)
Profit/(loss) attributable to equity holders of South32 Limited (diluted)
213
(203)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
Weighted average number of shares
Million
FY25
FY24
Basic earnings/(loss) per share denominator
1
4,510
4,519
Shares contingently issuable under ESOPs
14
\u2013
Diluted earnings/(loss) per share denominator
2
4,524
4,519
1. The basic earnings/(loss) per share denominator is the aggregate of the weighted average number of shares after deduction of the weighted average number of treasury shares outstanding and shares permanently cancelled through the on-market share buy-back program. 2. The FY24 diluted earnings/(loss) per share calculation excludes 17,831,040 shares contingently issuable under ESOPs, subject to service and performance conditions, which are considered anti-dilutive.
Earnings/(loss) per share FY24
US cents
FY25
Restated
1
Continuing operations
Basic earnings/(loss) per share
7.0
(9.9)
Diluted earnings/(loss) per share
7.0
(9.9)
Attributable to ordinary equity holders of South32 Limited
Basic earnings/(loss) per share
4.7
(4.5)
Diluted earnings/(loss) per share
4.7
(4.5)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-571": { "value": "Basic earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding during the year. Diluted earnings/(loss) per share amounts are calculated based on profit or loss attributable to equity holders of South32 Limited and the weighted average number of shares outstanding after adjustment for the effects of all dilutive potential shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-484": { "value": "
9. Trade and other receivables
US$M
Note
FY25
FY24
Current
Trade receivables
408
398
Loans to equity accounted investments
1
28
233
73
Other receivables
168
163
Total current trade and other receivables
2
809
634
Non-current
Loans to equity accounted investments
1
28
1,737
1,933
Other receivables
263
150
Total non-current trade and other receivables
2
2,000
2,083
1. Includes a purchased credit-impaired receivable which is classified as current of US$220 million and non-current of US$1,554 million (FY24: current of US$45 million and non-current
of US$1,769 million). Refer to note 19 Financial assets and financial liabilities.
2. Net of allowances for expected credit losses of US$1 million (FY24: US$2 million).
Trade receivables generally have terms of up to 30 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-511": { "value": "2. Net of allowances for expected credit losses of US$1 million (FY24: US$2 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-485": { "value": "10. Inventories
US$M
FY25
FY24
Current
Raw materials and consumables
474
484
Work in progress
296
299
Finished goods
165
202
Total current inventories
935
985
Non-current
Raw materials and consumables
36
41
Work in progress
\u2013
22
Total non-current inventories
36
63
The value of inventories carried at net realisable value as at 30 June 2025 was US$12 million (FY24: US$15 million). Inventory write-downs of US$32 million (FY24: US$3 million) were recognised in the year, including US$26 million related to the impairment of Mozal Aluminium, refer to note 13 Impairment of non-financial assets. Inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average cost. For processed inventories, cost is derived on an absorption costing basis. Cost comprises the cost of purchasing raw materials and the cost of production, including attributable overheads. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-572": { "value": "Inventories are valued at the lower of cost and net realisable value. Cost is determined primarily on the basis of average cost. For processed inventories, cost is derived on an absorption costing basis. Cost comprises the cost of purchasing raw materials and the cost of production, including attributable overheads. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-486": { "value": "
11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY25 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase.
2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
Land and buildings
Plant and equipment
Other Assets Exploration
FY24 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
43
2,413
1,051
13,408
4,470
1,235
245
22,865
Additions
2
\u2013
72
\u2013
\u2013
901
53
1,028
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
40
\u2013
\u2013
\u2013
40
Disposals
(2)
\u2013
\u2013
(50)
(54)
(21)
\u2013
(127)
Reclassified as held for sale
31
(6)
(125)
(29)
(2,093)
(1,187)
(477)
(38)
(3,955)
Transfers and other movements
\u2013
55
\u2013
337
102
(314)
(180)
\u2013
At the end of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Accumulated depreciation and
impairments
At the beginning of the year
18
1,516
380
9,533
3,053
170
145
14,815
Depreciation
2
7
77
67
417
69
\u2013
\u2013
637
Net impairments
13
\u2013
61
53
233
225
(4)
\u2013
568
Disposals
(2)
\u2013
\u2013
(48)
(54)
\u2013
\u2013
(104)
Reclassified as held for sale
31
(4)
(72)
(19)
(1,638)
(775)
(47)
(13)
(2,568)
Transfers and other movements
\u2013
\u2013
\u2013
\u2013
\u2013
132
(132)
\u2013
At the end of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Net book value at the end of the
year
18
761
613
3,145
813
1,073
80
6,503
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase.
2. Includes depreciation charges relating to discontinued operations of US$137 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31
Disposal of subsidiaries and joint operations.
Capital expenditure commitments as at 30 June 2025 were US$163 million (FY24: US$154 million).
(a) Property, plant and equipment Property, plant and equipment is held at cost less accumulated depreciation and impairment charges. (b) Assets under construction All assets included in assets under construction are reclassified to other categories in property, plant and equipment when the asset is available and ready for use in the location and condition necessary for it to be capable of operating in the manner intended. When Ore Reserves are estimated and development of commercial production is approved, capitalised exploration and evaluation expenditure is reclassified to assets under construction. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. (c) Exploration and evaluation expenditure Exploration is defined as the search for potential mineralisation after the Group has obtained legal rights to explore in a specific area. This includes topographical, geological, geochemical and geophysical studies and exploratory drilling, trenching and sampling. Evaluation is defined as the determination of the technical feasibility and commercial viability of a particular prospect. Activities conducted during the evaluation phase include the determination of the tonnage and grade and/or quality of the deposit, examination and testing of extraction methods and metallurgical or treatment process, surveys of transportation and infrastructure requirements, and market and finance studies. Exploration and evaluation expenditure is charged to the Consolidated income statement as incurred except in the following circumstances, in which case the expenditure may be capitalised: \u2013 The exploration and evaluation activity is within an area of interest which was previously acquired as an asset acquisition or in a business combination and was measured at fair value on acquisition; \u2013 The right to tenure within the exploration area is current and ongoing; and \u2013 The economics indicates a positive net present value and the region's fiscal terms are established and stable enough to sustain an expectation that future development is unlikely to be compromised by such fiscal terms. In addition, drilling costs incurred at a producing mine for the purpose of improving confidence of the existing resource may be capitalised when the following criteria are satisfied: \u2013 The drilling occurs within the existing physical boundaries of the area defined as the resource; and \u2013 The drilling costs are incurred in resources which are economically recoverable. Capitalised exploration and evaluation expenditure considered to be a tangible asset is recognised as a component of property, plant and equipment at cost less impairment charges. Otherwise, it is recognised as an intangible asset (such as certain licence and lease arrangements). Licences or leases purchased which allow exploration over an extended period of time meet the definition of an intangible exploration lease asset where they cannot be reasonably associated with a known Mineral Resource. (d) Other mineral assets Other mineral assets comprise: \u2013 Capitalised exploration and evaluation expenditure for areas now in production; \u2013 Development expenditure for areas now in production; and \u2013 Mineral rights acquired. In underground mines, when production and development activity occur concurrently, development activity is separated from production activity, and is capitalised as development expenditure in other mineral assets. Underground mine development activity includes the cost associated with gaining access to an ore deposit which gives rise to a substantive change in the future productive capacity of the mine. (e) Leases At inception of a contract, the Group assesses whether the contract contains a lease. The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability, plus any initial direct costs incurred and estimated future cost of closure or rehabilitation, less any lease incentives received. The corresponding lease liability is included within interest bearing liabilities. The lease liability is initially measured based on the value of lease payments not yet paid at the commencement date, discounted to a present value using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. The nature of the Group\u2019s leases predominantly relates to mining equipment and assets supporting the operations in line with the Group\u2019s principal activities. Leased assets are pledged as security for the related lease liabilities. Short-term, low-value and variable leases The Group has elected not to recognise ROU assets and lease liabilities for short-term and low-value leases. The Group recognises the lease payments associated with short-term, low-value and variable leases within expenses excluding finance costs in the Consolidated income statement on a straight-line basis over the lease term. If variable leases have a fixed component, this component is recognised as a lease liability within interest bearing liabilities on the Consolidated balance sheet. Total cash outflows for lease obligations consist of US$130 million (FY24: US$108 million) for lease liabilities recognised on the Consolidated balance sheet and US$77 million (FY24: US$80 million) for short-term, low-value and variable leases recognised in the Consolidated income statement. (f) Depreciation and amortisation The major categories of property, plant and equipment are depreciated on a units of production or straight-line basis using the estimated lives indicated below. However, where assets are dedicated to an operation or lease and are not readily transferable, the below useful lives are subject to the lesser of the asset category\u2019s useful life and the life of the operation or lease.
Category
Useful life
Buildings
25 to 40 years straight-line
Land
not depreciated, unless held for biodiversity offsets
Plant and equipment
3 to 30 years straight-line
ROU assets
based on the shorter of the useful life or the lease term (straight-line)
Mineral rights
based on Ore Reserves on a units of production basis
Capitalised exploration, evaluation and development expenditure
based on Ore Reserves on a units of production basis
Key estimates, assumptions and judgements Useful economic lives of assets The useful lives of our property, plant and equipment are often dependent, either directly or indirectly, on the reserve life of the orebody to which they relate. Changes in economic assumptions used to estimate Ore Reserves and/or the timing of closure of operations, including the Group\u2019s expectations with respect to climate-related risks and opportunities, may impact the estimated useful lives of the specific assets concerned. Refer to note 2(c) Key estimates, assumptions and judgements for further details regarding Mineral Resources and Ore Reserves, and climate-related risks and opportunities as sources of estimation uncertainty. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the useful economic lives of asset assumptions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-540": { "value": "11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY25 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
Land and buildings
Plant and equipment
Other Assets Exploration
FY24 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
43
2,413
1,051
13,408
4,470
1,235
245
22,865
Additions
2
\u2013
72
\u2013
\u2013
901
53
1,028
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
40
\u2013
\u2013
\u2013
40
Disposals
(2)
\u2013
\u2013
(50)
(54)
(21)
\u2013
(127)
Reclassified as held for sale
31
(6)
(125)
(29)
(2,093)
(1,187)
(477)
(38)
(3,955)
Transfers and other movements
\u2013
55
\u2013
337
102
(314)
(180)
\u2013
At the end of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Accumulated depreciation and
impairments
At the beginning of the year
18
1,516
380
9,533
3,053
170
145
14,815
Depreciation
2
7
77
67
417
69
\u2013
\u2013
637
Net impairments
13
\u2013
61
53
233
225
(4)
\u2013
568
Disposals
(2)
\u2013
\u2013
(48)
(54)
\u2013
\u2013
(104)
Reclassified as held for sale
31
(4)
(72)
(19)
(1,638)
(775)
(47)
(13)
(2,568)
Transfers and other movements
\u2013
\u2013
\u2013
\u2013
\u2013
132
(132)
\u2013
At the end of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Net book value at the end of the
year
18
761
613
3,145
813
1,073
80
6,503
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$137 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. Capital expenditure commitments as at 30 June 2025 were US$163 million (FY24: US$154 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfChangesInPropertyPlantAndEquipmentIncludingRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-528": { "value": "11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY25 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
Land and buildings
Plant and equipment
Other Assets Exploration
FY24 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
43
2,413
1,051
13,408
4,470
1,235
245
22,865
Additions
2
\u2013
72
\u2013
\u2013
901
53
1,028
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
40
\u2013
\u2013
\u2013
40
Disposals
(2)
\u2013
\u2013
(50)
(54)
(21)
\u2013
(127)
Reclassified as held for sale
31
(6)
(125)
(29)
(2,093)
(1,187)
(477)
(38)
(3,955)
Transfers and other movements
\u2013
55
\u2013
337
102
(314)
(180)
\u2013
At the end of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Accumulated depreciation and
impairments
At the beginning of the year
18
1,516
380
9,533
3,053
170
145
14,815
Depreciation
2
7
77
67
417
69
\u2013
\u2013
637
Net impairments
13
\u2013
61
53
233
225
(4)
\u2013
568
Disposals
(2)
\u2013
\u2013
(48)
(54)
\u2013
\u2013
(104)
Reclassified as held for sale
31
(4)
(72)
(19)
(1,638)
(775)
(47)
(13)
(2,568)
Transfers and other movements
\u2013
\u2013
\u2013
\u2013
\u2013
132
(132)
\u2013
At the end of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Net book value at the end of the
year
18
761
613
3,145
813
1,073
80
6,503
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$137 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. Capital expenditure commitments as at 30 June 2025 were US$163 million (FY24: US$154 million).
17. Interest bearing liabilities
US$M
Note
FY25
FY24
Current
Lease liabilities
92
58
Unsecured loans from equity accounted investments
28
160
138
Unsecured other
15
27
Total current interest bearing liabilities
267
223
Non-current
Lease liabilities
621
614
Senior unsecured notes
693
692
Unsecured other
53
37
Total non-current interest bearing liabilities
1,367
1,343
In April 2022, the Group completed the issuance of US$700 million of senior unsecured notes pursuant to Rule 144A and Regulation S of
the United States Securities Act of 1933. The notes pay interest in April and October each year at a rate of 4.35 per cent per annum and
mature in 2032.
A reconciliation of movements in interest bearing liabilities to cash flows arising from financing activities is set out below:
Other interest Total interest
FY25 bearing bearing
US$M
Lease liabilities
liabilities liabilities
At the beginning of the year
672
894
1,566
Cash movements:
Proceeds from interest bearing liabilities
\u2013
53
53
Repayment of interest bearing liabilities
1
(75)
(26)
(101)
Interest paid
(54)
(56)
(110)
Non-cash movements:
Interest charged
2
54
56
110
Net increase/(decrease) of interest bearing liabilities
123
\u2013
123
Exchange rate variations
(7)
\u2013
(7)
At the end of the year
713
921
1,634
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 31 Disposal of subsidiaries and joint operations.
2. Includes US$2 million of interest capitalised to property, plant and equipment.
Other interest Total interest
FY24 bearing bearing
US$M
Note
Lease liabilities
liabilities liabilities
At the beginning of the year
674
1,067
1,741
Cash movements:
Proceeds from interest bearing liabilities
\u2013
200
200
Repayment of interest bearing liabilities
1
(54)
(355)
(409)
Interest paid
(53)
(59)
(112)
Non-cash movements:
Interest charged
53
59
112
Net increase/(decrease) of interest bearing liabilities
72
\u2013
72
Reclassified as held for sale
31
(20)
\u2013
(20)
Exchange rate variations
\u2013
(18)
(18)
At the end of the year
672
894
1,566
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 31 Disposal of subsidiaries and joint operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-512": { "value": "11. Property, plant and equipment
Land and buildings
Plant and equipment
Other Assets Exploration
FY25 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Additions
9
\u2013
114
\u2013
\u2013
959
48
1,130
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
(147)
\u2013
\u2013
\u2013
(147)
Disposals
(11)
(14)
\u2013
(53)
(29)
\u2013
\u2013
(107)
Reclassified as held for sale
30
\u2013
(172)
\u2013
(1,174)
(269)
(26)
\u2013
(1,641)
Transfers and other movements
\u2013
182
13
198
15
(392)
(16)
\u2013
At the end of the year
35
2,339
1,221
10,466
3,048
1,865
112
19,086
Accumulated depreciation and
impairments
At the beginning of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Depreciation
2
6
70
86
354
15
\u2013
\u2013
531
Net impairments
13
\u2013
75
4
340
8
19
\u2013
446
Disposals
(11)
(4)
\u2013
(49)
(26)
\u2013
\u2013
(90)
Reclassified as held for sale
30
\u2013
(166)
\u2013
(1,145)
(267)
\u2013
\u2013
(1,578)
At the end of the year
14
1,557
571
7,997
2,248
270
\u2013
12,657
Net book value at the end of the
year
21
782
650
2,469
800
1,595
112
6,429
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$23 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
Land and buildings
Plant and equipment
Other Assets Exploration
FY24 Right-of-use Owned Right-of-use Owned mineral under and
US$M
Note
assets assets assets assets
assets
1
construction
evaluation
Total
Cost
At the beginning of the year
43
2,413
1,051
13,408
4,470
1,235
245
22,865
Additions
2
\u2013
72
\u2013
\u2013
901
53
1,028
Changes in closure and
rehabilitation provisions capitalised
15
\u2013
\u2013
\u2013
40
\u2013
\u2013
\u2013
40
Disposals
(2)
\u2013
\u2013
(50)
(54)
(21)
\u2013
(127)
Reclassified as held for sale
31
(6)
(125)
(29)
(2,093)
(1,187)
(477)
(38)
(3,955)
Transfers and other movements
\u2013
55
\u2013
337
102
(314)
(180)
\u2013
At the end of the year
37
2,343
1,094
11,642
3,331
1,324
80
19,851
Accumulated depreciation and
impairments
At the beginning of the year
18
1,516
380
9,533
3,053
170
145
14,815
Depreciation
2
7
77
67
417
69
\u2013
\u2013
637
Net impairments
13
\u2013
61
53
233
225
(4)
\u2013
568
Disposals
(2)
\u2013
\u2013
(48)
(54)
\u2013
\u2013
(104)
Reclassified as held for sale
31
(4)
(72)
(19)
(1,638)
(775)
(47)
(13)
(2,568)
Transfers and other movements
\u2013
\u2013
\u2013
\u2013
\u2013
132
(132)
\u2013
At the end of the year
19
1,582
481
8,497
2,518
251
\u2013
13,348
Net book value at the end of the
year
18
761
613
3,145
813
1,073
80
6,503
1. Other mineral assets include US$482 million relating to acquired mineral deposits still in the exploration and evaluation phase. 2. Includes depreciation charges relating to discontinued operations of US$137 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. Capital expenditure commitments as at 30 June 2025 were US$163 million (FY24: US$154 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfExplorationAndEvaluationAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-550": { "value": "Capital expenditure commitments as at 30 June 2025 were US$163 million (FY24: US$154 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-573": { "value": "(a) Property, plant and equipment Property, plant and equipment is held at cost less accumulated depreciation and impairment charges. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-574": { "value": "(b) Assets under construction All assets included in assets under construction are reclassified to other categories in property, plant and equipment when the asset is available and ready for use in the location and condition necessary for it to be capable of operating in the manner intended. When Ore Reserves are estimated and development of commercial production is approved, capitalised exploration and evaluation expenditure is reclassified to assets under construction. All subsequent development expenditure is capitalised and classified as assets under construction, provided commercial viability conditions continue to be satisfied. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-575": { "value": "(c) Exploration and evaluation expenditure Exploration is defined as the search for potential mineralisation after the Group has obtained legal rights to explore in a specific area. This includes topographical, geological, geochemical and geophysical studies and exploratory drilling, trenching and sampling. Evaluation is defined as the determination of the technical feasibility and commercial viability of a particular prospect. Activities conducted during the evaluation phase include the determination of the tonnage and grade and/or quality of the deposit, examination and testing of extraction methods and metallurgical or treatment process, surveys of transportation and infrastructure requirements, and market and finance studies. Exploration and evaluation expenditure is charged to the Consolidated income statement as incurred except in the following circumstances, in which case the expenditure may be capitalised: \u2013 The exploration and evaluation activity is within an area of interest which was previously acquired as an asset acquisition or in a business combination and was measured at fair value on acquisition; \u2013 The right to tenure within the exploration area is current and ongoing; and \u2013 The economics indicates a positive net present value and the region's fiscal terms are established and stable enough to sustain an expectation that future development is unlikely to be compromised by such fiscal terms. In addition, drilling costs incurred at a producing mine for the purpose of improving confidence of the existing resource may be capitalised when the following criteria are satisfied: \u2013 The drilling occurs within the existing physical boundaries of the area defined as the resource; and \u2013 The drilling costs are incurred in resources which are economically recoverable. Capitalised exploration and evaluation expenditure considered to be a tangible asset is recognised as a component of property, plant and equipment at cost less impairment charges. Otherwise, it is recognised as an intangible asset (such as certain licence and lease arrangements). Licences or leases purchased which allow exploration over an extended period of time meet the definition of an intangible exploration lease asset where they cannot be reasonably associated with a known Mineral Resource. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-576": { "value": "(d) Other mineral assets Other mineral assets comprise: \u2013 Capitalised exploration and evaluation expenditure for areas now in production; \u2013 Development expenditure for areas now in production; and \u2013 Mineral rights acquired. In underground mines, when production and development activity occur concurrently, development activity is separated from production activity, and is capitalised as development expenditure in other mineral assets. Underground mine development activity includes the cost associated with gaining access to an ore deposit which gives rise to a substantive change in the future productive capacity of the mine. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMiningAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-577": { "value": "(e) Leases At inception of a contract, the Group assesses whether the contract contains a lease. The Group recognises a right-of-use (ROU) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability, plus any initial direct costs incurred and estimated future cost of closure or rehabilitation, less any lease incentives received. The corresponding lease liability is included within interest bearing liabilities. The lease liability is initially measured based on the value of lease payments not yet paid at the commencement date, discounted to a present value using the interest rate implicit in the lease or, if that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate. The nature of the Group\u2019s leases predominantly relates to mining equipment and assets supporting the operations in line with the Group\u2019s principal activities. Leased assets are pledged as security for the related lease liabilities. Short-term, low-value and variable leases The Group has elected not to recognise ROU assets and lease liabilities for short-term and low-value leases. The Group recognises the lease payments associated with short-term, low-value and variable leases within expenses excluding finance costs in the Consolidated income statement on a straight-line basis over the lease term. If variable leases have a fixed component, this component is recognised as a lease liability within interest bearing liabilities on the Consolidated balance sheet. Total cash outflows for lease obligations consist of US$130 million (FY24: US$108 million) for lease liabilities recognised on the Consolidated balance sheet and US$77 million (FY24: US$80 million) for short-term, low-value and variable leases recognised in the Consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-578": { "value": "(f) Depreciation and amortisation The major categories of property, plant and equipment are depreciated on a units of production or straight-line basis using the estimated lives indicated below. However, where assets are dedicated to an operation or lease and are not readily transferable, the below useful lives are subject to the lesser of the asset category\u2019s useful life and the life of the operation or lease.
Category
Useful life
Buildings
25 to 40 years straight-line
Land
not depreciated, unless held for biodiversity offsets
Plant and equipment
3 to 30 years straight-line
ROU assets
based on the shorter of the useful life or the lease term (straight-line)
Mineral rights
based on Ore Reserves on a units of production basis
Capitalised exploration, evaluation and development expenditure
based on Ore Reserves on a units of production basis
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-529": { "value": "12. Intangible assets
FY25 Other
US$M
Note
Goodwill
intangibles
Total
Cost
At the beginning of the year
139
352
491
Translation adjustments
\u2013
2
2
Additions
\u2013
6
6
Disposals
\u2013
(91)
(91)
Reclassified as held for sale
30
\u2013
(81)
(81)
At the end of the year
139
188
327
Accumulated amortisation and impairments
At the beginning of the year
\u2013
270
270
Amortisation
1
\u2013
9
9
Net impairments
13
\u2013
18
18
Disposals
\u2013
(90)
(90)
Reclassified as held for sale
30
\u2013
(76)
(76)
At the end of the year
\u2013
131
131
Net book value at the end of the year
139
57
196
1. Includes amortisation charges relating to discontinued operations of US$3 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
FY24 Other
US$M
Note
Goodwill
intangibles
Total
Cost
At the beginning of the year
139
328
467
Translation adjustments
\u2013
1
1
Additions
\u2013
4
4
Acquisition of a subsidiary
1
\u2013
20
20
Reclassified as held for sale
31
\u2013
(1)
(1)
At the end of the year
139
352
491
Accumulated amortisation and impairments
At the beginning of the year
\u2013
225
225
Amortisation
2
\u2013
10
10
Net impairments
13
\u2013
36
36
Reclassified as held for sale
31
\u2013
(1)
(1)
At the end of the year
\u2013
270
270
Net book value at the end of the year
139
82
221
1. In April 2024, the Group acquired a 50.1 per cent ownership interest in MSA, which holds the Chita Valley copper porphyry exploration prospect. The acquisition was completed in exchange for cash consideration of US$10 million. As a result of the acquisition, the Group recognised an intangible exploration asset of US$20 million and a non-controlling interest of US$10 million within total equity. 2. Includes amortisation charges relating to discontinued operations of US$5 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations. Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use, except for intangible exploration assets, which are not amortised until the area is in production. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-513": { "value": "12. Intangible assets
FY25 Other
US$M
Note
Goodwill
intangibles
Total
Cost
At the beginning of the year
139
352
491
Translation adjustments
\u2013
2
2
Additions
\u2013
6
6
Disposals
\u2013
(91)
(91)
Reclassified as held for sale
30
\u2013
(81)
(81)
At the end of the year
139
188
327
Accumulated amortisation and impairments
At the beginning of the year
\u2013
270
270
Amortisation
1
\u2013
9
9
Net impairments
13
\u2013
18
18
Disposals
\u2013
(90)
(90)
Reclassified as held for sale
30
\u2013
(76)
(76)
At the end of the year
\u2013
131
131
Net book value at the end of the year
139
57
196
1. Includes amortisation charges relating to discontinued operations of US$3 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
FY24 Other
US$M
Note
Goodwill
intangibles
Total
Cost
At the beginning of the year
139
328
467
Translation adjustments
\u2013
1
1
Additions
\u2013
4
4
Acquisition of a subsidiary
1
\u2013
20
20
Reclassified as held for sale
31
\u2013
(1)
(1)
At the end of the year
139
352
491
Accumulated amortisation and impairments
At the beginning of the year
\u2013
225
225
Amortisation
2
\u2013
10
10
Net impairments
13
\u2013
36
36
Reclassified as held for sale
31
\u2013
(1)
(1)
At the end of the year
\u2013
270
270
Net book value at the end of the year
139
82
221
1. In April 2024, the Group acquired a 50.1 per cent ownership interest in MSA, which holds the Chita Valley copper porphyry exploration prospect. The acquisition was completed in exchange for cash consideration of US$10 million. As a result of the acquisition, the Group recognised an intangible exploration asset of US$20 million and a non-controlling interest of US$10 million within total equity. 2. Includes amortisation charges relating to discontinued operations of US$5 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations. Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use, except for intangible exploration assets, which are not amortised until the area is in production. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-487": { "value": "12. Intangible assets
FY25 Other
US$M
Note
Goodwill
intangibles
Total
Cost
At the beginning of the year
139
352
491
Translation adjustments
\u2013
2
2
Additions
\u2013
6
6
Disposals
\u2013
(91)
(91)
Reclassified as held for sale
30
\u2013
(81)
(81)
At the end of the year
139
188
327
Accumulated amortisation and impairments
At the beginning of the year
\u2013
270
270
Amortisation
1
\u2013
9
9
Net impairments
13
\u2013
18
18
Disposals
\u2013
(90)
(90)
Reclassified as held for sale
30
\u2013
(76)
(76)
At the end of the year
\u2013
131
131
Net book value at the end of the year
139
57
196
1. Includes amortisation charges relating to discontinued operations of US$3 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
FY24 Other
US$M
Note
Goodwill
intangibles
Total
Cost
At the beginning of the year
139
328
467
Translation adjustments
\u2013
1
1
Additions
\u2013
4
4
Acquisition of a subsidiary
1
\u2013
20
20
Reclassified as held for sale
31
\u2013
(1)
(1)
At the end of the year
139
352
491
Accumulated amortisation and impairments
At the beginning of the year
\u2013
225
225
Amortisation
2
\u2013
10
10
Net impairments
13
\u2013
36
36
Reclassified as held for sale
31
\u2013
(1)
(1)
At the end of the year
\u2013
270
270
Net book value at the end of the year
139
82
221
1. In April 2024, the Group acquired a 50.1 per cent ownership interest in MSA, which holds the Chita Valley copper porphyry exploration prospect. The acquisition was completed in exchange for cash consideration of US$10 million. As a result of the acquisition, the Group recognised an intangible exploration asset of US$20 million and a non-controlling interest of US$10 million within total equity. 2. Includes amortisation charges relating to discontinued operations of US$5 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations. Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use, except for intangible exploration assets, which are not amortised until the area is in production. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-592": { "value": "Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use, except for intangible exploration assets, which are not amortised until the area is in production. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-579": { "value": "Amounts paid for the acquisition of identifiable intangible assets, such as software, licences and contract based intangible assets are capitalised at the fair value of consideration paid and are recognised at cost less accumulated amortisation and impairment charges. Identifiable intangible assets with a finite life are amortised on a straight-line basis over their expected useful life from when the asset is ready for use, except for intangible exploration assets, which are not amortised until the area is in production. The useful lives are as follows:
Category
Useful life
Software and licences
5 years
Contract based intangible assets
up to 35 years
The Group has no identifiable intangible assets in use for which the expected useful life is indefinite. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-488": { "value": "13. Impairment of non-financial assets In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an indicator of impairment or impairment reversal for its CGUs. If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to impairment reversal. For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure, are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of interest are tested for impairment. Impairments and impairment reversals are recognised within expenses excluding finance costs for continuing operations, or within profit/ (loss) after tax from discontinued operations for discontinued operations, in the Consolidated income statement. Impairments and impairment reversals for the year are as follows:
US$M
Note
FY25
FY24
Impairment
Property, plant and equipment - owned assets
11
442
729
Property, plant and equipment - ROU assets
11
4
53
Intangible assets
12
18
36
Impairment reversal
Property, plant and equipment - owned assets
11
\u2013
(214)
Total net impairment
1,2
464
604
1. FY25 relates to a US$346 million impairment loss from continuing operations relating to Mozal Aluminium and a US$118 million impairment loss from the Cerro Matoso discontinued operation. 2. FY24 relates to a US$554 million impairment loss from continuing operations relating to Worsley Alumina and a US$50 million net impairment loss from discontinued operations. The net impairment loss from discontinued operations includes a US$264 million impairment of Cerro Matoso, a US$197 million impairment reversal of Illawarra Metallurgical Coal, and a US$17 million impairment reversal in respect of Eagle Downs Metallurgical Coal. (a) Impairments - 30 June 2025 Mozal Aluminium The Group jointly controls Mozal Aluminium together with the Industrial Development Corporation of South Africa Limited and the Government of the Republic of Mozambique. Mozal Aluminium is an aluminium smelter in Mozambique, which is also an operating segment. Electricity supplied to Mozal Aluminium is generated by HCB, a hydro-electric power generator. Eskom also provides back-up energy to Mozal Aluminium for periods when HCB is unable to meet Mozal Aluminium's electricity requirements. The Group continues to work with the Government of the Republic of Mozambique, HCB and Eskom to secure electricity supply to Mozal Aluminium beyond March 2026 when the current electricity supply agreement expires. The Group identified indicators of impairment for the Mozal Aluminium CGU, including a recent notification from HCB that ongoing drought conditions may affect its ability to generate and supply sufficient electricity to Mozal Aluminium, and the Group\u2019s continued inability to secure an electricity supply agreement on commercial terms beyond March 2026. As a result, the Group recognised an impairment of US$372 million in respect of its share in the joint operation, representing the maximum impairment amount after considering the recoverable amount of individual assets within the Mozal Aluminium CGU, reducing the CGU's carrying value to US$68 million. In the event of a care-and-maintenance or closure scenario, costs such as employee redundancies would be incurred but, in accordance with accounting standards, have not been recognised at 30 June 2025. The impairment of US$372 million includes US$339 million of property, plant and equipment, US$7 million of intangible assets and US$26 million of raw materials and consumables, reflected as a write-down of inventory, refer to note 10 Inventories. The US$339 million impairment of property, plant and equipment includes US$4 million recognised in right-of-use lease assets, US$59 million recognised in land and buildings, US$257 million recognised in plant and equipment and US$19 million recognised in assets under construction. The recoverable amount of Mozal Aluminium was determined to be US$35 million, based on its estimated fair value less costs of disposal (FVLCD). This valuation was derived from a probability-weighted assessment of various operational and market scenarios, reflecting different assumptions for the expected operating life of the smelter, the timing of closure and rehabilitation activities, and the cost and availability of electricity supply beyond the current agreement. The weighting assigned to each scenario reflects management\u2019s current expectations, informed by the progress of commercial negotiations and prevailing market conditions. If an electricity supply agreement cannot be secured beyond March 2026, the recoverable amount is expected to approximate nil. The fair value measurement was categorised as a Level 3 fair value based on the inputs in the discounted cash flow valuation model (refer to note 19 Financial assets and financial liabilities) and was determined using a real US$ post tax discount rate of nine per cent. The key financial assumptions used in the determination of the FVLCD were: \u2013 Alumina price; \u2013 Aluminium price; and \u2013 Foreign exchange rates.
The alumina and aluminium price, in real terms, and exchange rate forecasts used in the FVLCD determinations were within the following
ranges as published by market commentators:
FY25
Assumptions used
Aluminium price (US$/t)
2,450 to 2
,750
Alumina price (US$/t)
340 to 410
Foreign exchange rates (ZAR to US$)
17.5 to 18.5
The following table illustrates the sensitivity of the recoverable amount of Mozal Aluminium to a reasonable possible change in the
aforementioned assumptions. Owing to the complexity of the relationships between each key assumption, the analysis was performed for
each assumption individually with all other assumptions held constant.
Impact on recoverable amount (US$M)
Change in key
FY25
assumption
Favourable
Unfavourable
Aluminium price (US$/t)
10%
86
(100)
Alumina price (US$/t)
10%
12
(14)
Foreign exchange rates (ZAR to US$)
10%
18
(23)
Cerro Matoso
In July 2025, the Group announced its decision to enter into a binding agreement to sell Cerro Matoso. The related Cerro Matoso disposal
group has been reclassified as held for sale at 30 June 2025.
The recoverable amount of the Cerro Matoso disposal group, which includes the Cerro Matoso CGU, and is also an operating segment, was
assessed and as a result a US$118 million impairment was recognised. The impairment of US$118 million includes US$107 million of
property, plant and equipment and US$11 million of intangible assets. The impairment of property, plant and equipment includes US$16
million recognised in land and buildings, US$83 million recognised in plant and equipment and US$8 million recognised in other mineral
assets.
The recoverable amount of the disposal group of US$51 million was determined using the FVLCD methodology, informed by the
consideration expected to be received, less costs of disposal, inclusive of the fair value of contingent price-linked consideration determined
to be US$6 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations for further details.
As at 30 June 2025, the recoverable amount approximates the carrying value of the disposal group held for sale.
(b) Impairments and impairment reversals - 30 June 2024
Worsley Alumina
In 2019, Worsley Alumina commenced the environmental approval process with the Western Australian Environmental Protection Authority
(WA EPA) for the Worsley Mine Development Project to enable access to bauxite to sustain production. On 8 July 2024, the WA EPA
published its recommendation that the proposal may be implemented, subject to conditions.
Having regard to the increased uncertainty created by the WA EPA's recommended conditions and the associated operating impacts for
Worsley Alumina, the Group identified an impairment indicator for the Worsley Alumina CGU and recognised a resulting impairment of
US$554 million. The recoverable amount of Worsley Alumina was determined as US$2,027 million based on its FVLCD.
Worsley Alumina, which is also an operating segment, consists of an integrated bauxite mine and alumina refinery in Western Australia. The
impairment of US$554 million of property, plant and equipment includes US$30 million recognised in land and buildings, US$229 million
recognised in plant and equipment and US$295 million recognised in other mineral assets.
The fair value measurement was categorised as a Level 3 fair value based on the inputs in the discounted cash flow valuation model (refer
to note 19 Financial assets and financial liabilities), and was determined using a real US$ post tax discount rate of seven per cent. The
recoverable amount was informed by a production profile and costs based on management\u2019s planning processes. The key assumptions
used in the determination of the FVLCD were:
\u2013 Alumina price;
\u2013 Foreign exchange rates;
\u2013 Costs of production;
\u2013 Discount rate;
\u2013 Regulatory approvals; and
\u2013 Mineral Resource estimation.
Alumina price and foreign exchange rates \u2013 The alumina price, in real terms, and exchange rates used in the FVLCD determinations were
within the following ranges:
FY24
Assumptions used
Alumina price (US$/t)
395 to 480
Foreign exchange rates (AU$ to US$)
0.67 to 0.75
Costs of production \u2013 Estimated costs of production are based on management's planning processes, which include assumptions on
forecast operating, energy and raw materials expenditures.
Regulatory approvals \u2013 The LoOP which informed the production profile includes the assumption that Worsley Alumina will be able to
obtain the necessary future regulatory approvals required to continue operating to plan.
Mineral Resource estimation \u2013 The Mineral Resource estimate of Worsley Alumina is reported in accordance with the JORC Code, and the
ASX Listing Rules (Chapter 5): Additional reporting on mining and oil and gas production and exploration activities. Refer to the Mineral
Resources and Ore Reserves section of note 2(c) for further information on these estimates.
Cerro Matoso
During FY24, the Group commenced a strategic review of Cerro Matoso to evaluate options to enhance the operation\u2019s competitive
position. During this review, the Group identified an impairment indicator for the Cerro Matoso CGU and recognised a resulting impairment
of US$264 million. The recoverable amount of the Cerro Matoso CGU was determined as US$54 million based on its FVLCD.
The impairment of US$264 million includes US$228 million of property, plant and equipment and US$36 million of intangible assets. The
impairment of property, plant and equipment includes US$45 million recognised in land and buildings, US$154 million recognised in plant
and equipment and US$29 million recognised in other mineral assets.
The fair value measurement was categorised as a Level 3 fair value based on the inputs in the discounted cash flow valuation model (refer
to note 19 Financial assets and financial liabilities), and was determined using a real US$ post tax discount rate of seven per cent with a
country risk premium of two per cent. The recoverable amount was informed by a production profile and costs based on management\u2019s
planning processes. The key assumptions used in the determination of the FVLCD were:
\u2013 Ferronickel price;
\u2013 Foreign exchange rates; and
\u2013 Mineral Resource estimation.
Ferronickel price and foreign exchange rates \u2013 The ferronickel price, in real terms, and exchange rates used in the FVLCD determinations
were within the following ranges:
FY24
Assumptions used
Ferronickel price (US$/lb)
6.30 to 7.00
Foreign exchange rates (US$ to COP)
4,180 to
4,295
Mineral Resource estimation \u2013 The Mineral Resource estimate of Cerro Matoso is reported in accordance with the JORC Code, and the ASX
Listing Rules (Chapter 5): Additional reporting on mining and oil and gas production and exploration activities. Refer to the Mineral
Resources and Ore Reserves section of note 2(c) for further information on these estimates.
Illawarra Metallurgical Coal
In February 2024, the Group announced its decision to enter into a binding agreement to sell Illawarra Metallurgical Coal and reclassified
the related disposal group as held for sale.
The recoverable amount of the Illawarra Metallurgical Coal disposal group was assessed and as a result a US$197 million impairment
reversal of property, plant and equipment was recognised. The impairment reversal includes US$14 million of land and buildings, US$97
million of plant and equipment and US$86 million of other mineral assets.
The recoverable amount of US$1,236 million was determined using the FVLCD methodology, informed by the consideration expected to be
received, less costs of disposal, inclusive of the fair value of contingent price-linked consideration determined to be US$115 million. Refer
to note 31 Disposal of subsidiaries and joint operations for further details.
The fair value of the contingent price-linked consideration was categorised as a Level 3 fair value based on the inputs used in the valuation
(refer to note 19 Financial assets and financial liabilities), including metallurgical coal prices within a range of US$190/t to US$225/t and a
real US$ post tax discount rate of seven per cent.
Eagle Downs Metallurgical Coal
In February 2024, the Group announced its decision to enter into a binding agreement to sell its 50 per cent interest in Eagle Downs
Metallurgical Coal and reclassified the related disposal group as held for sale.
The recoverable amount of the Group's interest in Eagle Downs Metallurgical Coal was assessed and as a result a US$17 million impairment
reversal of property, plant and equipment was recognised. The impairment reversal includes US$13 million of other mineral assets and
US$4 million of assets under construction.
The recoverable amount of US$16 million was determined using the FVLCD methodology, informed by the consideration expected to be
received, less costs of disposal, inclusive of the fair value of contingent price-linked consideration. The contingent price-linked
consideration was valued at nil based on the Group\u2019s assessment of development risk which is a prerequisite for the contingent payment
and price-linked royalty to be applied. Refer to note 31 Disposal of subsidiaries and joint operations for further details.
(c) Impairment test for CGUs containing goodwill
The carrying amount of goodwill has been allocated to the following CGU:
US$M
Note
FY25
FY24
Hillside Aluminium
139
139
Total goodwill
12
139
139
The goodwill arose from the acquisition of Alusaf in Hillside Aluminium (Pty) Ltd and has been allocated to the Hillside Aluminium CGU
which comprises the Hillside aluminium smelter. The recoverable amount of the Hillside Aluminium CGU was determined based on a FVLCD
calculation, using a real US$ post tax discount rate of seven per cent, and a country risk premium of two per cent applied to discount future
cash flows expressed in real terms, and was categorised as a Level 3 fair value based on the inputs in the valuation technique (refer to note
19 Financial assets and financial liabilities). The key assumptions used in the determination of FVLCD were:
\u2013 Aluminium and alumina prices;
\u2013 Foreign exchange rates;
\u2013 Production volumes;
\u2013 Carbon pricing and timing; and
\u2013 Discount rate.
Aluminium and alumina prices, and foreign exchange rates \u2013 The aluminium and alumina price, in real terms, and exchange rate forecasts
used in the FVLCD determinations were within the following ranges as published by market commentators, along with the sensitivity of the
recoverable amount of Hillside Aluminium to a reasonable possible change in these assumptions, based on unfavourably changing these
assumptions by 10 per cent whilst holding all other variables constant, are shown in the table below:
Impact on recoverable
FY25
Assumptions used
amount (US$M)
Alumina price (US$/t)
340 to 410
(162)
Aluminium price (US$/t)
2,450 to 2
,750
(595)
Foreign exchange rates (US$ to ZAR)
17.5 to 18.5
(288)
Production volumes \u2013 Estimated production volumes are based on the life of the smelter as determined by management as part of its
long-term planning process. Production volumes are influenced by production input costs such as electricity prices, jurisdiction-based
carbon pricing, and the selling price of aluminium.
Carbon pricing and timing \u2013 In determining the FVLCD, the current jurisdiction enacted carbon price, in real terms, of ZAR277 to ZAR471
per tonne CO
2
-e was applied for the life of the smelter for Scope 1 and 2 emissions, net of operation specific allowances.
At 30 June 2025, the carrying value of the Hillside Aluminium CGU approximates its recoverable amount. As such any material long-term
unfavourable change in the aforementioned key assumptions could lead to the carrying value exceeding the recoverable amount. The
relationships between each key assumption are complex, such that a change in one may cause a change in several other inputs.
Key estimates, assumptions and judgements An assessment as to whether there is any indication of impairment and the calculation of a CGU\u2019s recoverable amount requires management to make estimates and assumptions about expected production and sales volumes, commodity prices, foreign exchange rates, Mineral Resources and Ore Reserves, regulatory approvals, operating costs, closure and rehabilitation costs, capital expenditure, allocation of corporate costs, jurisdiction-specific carbon prices and global carbon pricing. These estimates and assumptions are subject to risk and uncertainty. There is a possibility that changes in circumstances will alter these projections, which may impact the recoverable amount. In such circumstances, some or all of the carrying amount may be impaired or a previously recognised impairment charge may be reversed with the impact recognised in the Consolidated income statement. The key estimates and assumptions used in the assessment of impairment indicators are as follows:
Future production
LoOPs based on Mineral Resource and Ore Reserve estimates, economic life of smelters and refineries
and, in certain cases, Exploration Targets and expansion projects, including future cost of production.
Refer to note 2(c) Key estimates, assumptions and judgements for further details regarding Mineral
Resources and Ore Reserves as sources of estimation uncertainty.
Commodity prices and Short-term price assumptions are based on an assessment of market signposts including observed
market traded prices such as forwards, futures and reported transactions. Long-term price estimates are typically
consumables developed based on the demand and supply drivers of a commodity, refer to note 2(c) Key estimates,
assumptions and judgements for further details regarding our base case commodity price outlook.
Exchange rates
Short-term exchange rate estimates are guided primarily by spot or forward exchange rates. Longer
term estimates are based on an assessment of available market data and economic indicators.
Discount rates
Risk-adjusted cost of capital appropriate to the operation.
Regulatory approvals
LoOPs include assumptions associated with the successful application, and timing thereof, of ongoing
and future regulatory approvals.
Carbon prices
Carbon price assumptions are based on actual enacted schemes less allowable abatements, where
applicable, and a long-term base case estimate of US$68 per tonne CO
2
-e (real) applied to all Scope 1
and 2 emissions from FY40 onwards.
Where impairment testing is undertaken, a range of external sources are considered as further input to the above assumptions. Exploration and evaluation For areas not yet in production, judgement is required to determine the likelihood of future economic benefits from future development, and whether sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset (including associated acquired mineral rights) is unlikely to be recovered in full. At or before the final investment decision for a given area of interest, and once technical feasibility and commercial viability has been demonstrated, the Group assesses the carrying value of that area of interest for impairment or, for an area of interest previously impaired, impairment reversal. Worsley Alumina The LoOP for Worsley Alumina incorporates the assumption that the operation will secure all necessary future regulatory approvals to continue activities beyond currently approved mining areas. The Group expects that approvals will be obtained within appropriate timeframes to support the forecast production profile. Continuing operations beyond the currently approved mining areas is expected to require significant capital investment and emissions reduction expenditure. Any material change to these assumptions, whether in timing, regulatory conditions, or expenditure estimates, could impact the recoverable amount and economic useful life of Worsley Alumina. Hermosa - Taylor Deposit In February 2024, the Directors approved a final investment decision to develop the Taylor Deposit when the project's technical feasibility and commercial viability was demonstrated, and the project entered the development and construction phase. In addition to the key estimates and assumptions pervasive across most of the Group's operations outlined above, the Taylor Deposit project carries risk typically associated with greenfield projects in the construction phase, including delivery to project schedule and pre- production capital expenditure escalation. Key capital costs, such as steel, cement and electrical components, are subject to uncertainty, including the impact of industry-wide inflation. In addition, the cost and availability of these inputs may be further affected by evolving U.S. trade policy and potential changes to tariffs on imported goods, which remain uncertain in the current economic and political environment. Changes to these assumptions could impact the recoverable amount of the Taylor Deposit. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-593": { "value": "In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an indicator of impairment or impairment reversal for its CGUs. If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to impairment reversal. For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure, are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of interest are tested for impairment. Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of financials assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-580": { "value": "In testing for indications of impairment and performing impairment calculations, assets are considered as collective groups and referred to as CGUs. Impairment tests are carried out annually for CGUs containing goodwill and when there is an indication of impairment or impairment reversal for all other CGUs. The Group typically uses discounted cash flow valuation ranges to assess whether there is an indicator of impairment or impairment reversal for its CGUs. If the carrying value of a CGU exceeds its recoverable amount, the CGU is impaired. Impairment reversals cannot exceed the carrying value that would have been determined (net of depreciation) had no impairment loss been recognised for the CGU. Goodwill is not subject to impairment reversal. For areas not yet in production, any mineral rights acquired, together with subsequent capitalised exploration and evaluation expenditure, are reviewed to determine the appropriateness of continuing to carry forward costs in relation to that area of interest. Once the technical feasibility and commercial viability of an area of interest are demonstrated, exploration and evaluation assets attributable to that area of interest are tested for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-489": { "value": "14. Trade and other payables
US$M
FY25
FY24
Current
Trade creditors
752
665
Other creditors
50
140
Total current trade and other payables
802
805
Non-current
Other creditors
\u2013
1
Total non-current trade and other payables
\u2013
1
Trade and other payables generally represent liabilities for goods and services provided to the Group prior to the end of the year which were unpaid at the end of the year. These amounts are unsecured. Trade and other payables, other than financial liabilities held at FVTPL, are stated at their amortised cost and are non-interest bearing. The carrying value of these trade and other payables is considered to approximate its fair value due to the short-term nature of the payables. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-581": { "value": "Trade and other payables generally represent liabilities for goods and services provided to the Group prior to the end of the year which were unpaid at the end of the year. These amounts are unsecured. Trade and other payables, other than financial liabilities held at FVTPL, are stated at their amortised cost and are non-interest bearing. The carrying value of these trade and other payables is considered to approximate its fair value due to the short-term nature of the payables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-490": { "value": "
15. Provisions
US$M
FY25
FY24
Current
Employee benefits
163
159
Closure and rehabilitation
16
9
Other
6
11
Total current provisions
185
179
Non-current
Employee benefits
7
7
Closure and rehabilitation
1,653
1,858
Post-retirement employee benefits
15
30
Other
9
9
Total non-current provisions
1,684
1,904
Post-
retirement
FY25 Employee Closure and employee
US$M
Note
benefits rehabilitation
benefits
Other
Total
At the beginning of the year
166
1,867
30
20
2,083
Charge/(credit) to the Consolidated income statement:
Underlying
141
1
1
11
154
Discounting
1
\u2013
106
\u2013
\u2013
106
Net interest expense
2
\u2013
\u2013
3
\u2013
3
Exchange rate variations
1
7
\u2013
\u2013
8
Released during the year
(9)
(3)
(3)
\u2013
(15)
Amounts capitalised for change in costs and estimates
\u2013
15
\u2013
\u2013
15
Amounts capitalised for change in discount rate
\u2013
(152)
\u2013
\u2013
(152)
Foreign exchange amounts capitalised
\u2013
(10)
\u2013
\u2013
(10)
Utilisation
(122)
(4)
(5)
(6)
(137)
Reclassified as held for sale
30
(7)
(158)
(11)
(10)
(186)
At the end of the year
170
1,669
15
15
1,869
1. Includes discounting charges relating to discontinued operations of US$14 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
2. Includes interest expense relating to discontinued operations of US$1 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
Post-
retirement
FY24 Employee Closure and employee
US$M
Note
benefits rehabilitation
benefits
Other
Total
At the beginning of the year
183
1,938
33
26
2,180
Charge/(credit) to the Consolidated income statement:
Underlying
156
12
3
3
174
Discounting
1
\u2013
132
\u2013
\u2013
132
Change in discount rate
\u2013
(3)
\u2013
\u2013
(3)
Net interest expense
\u2013
\u2013
2
\u2013
2
Released during the year
(15)
(2)
\u2013
\u2013
(17)
Amounts capitalised for change in costs and estimates
\u2013
68
\u2013
\u2013
68
Amounts capitalised for change in discount rate
\u2013
(17)
\u2013
\u2013
(17)
Foreign exchange amounts capitalised
\u2013
(11)
\u2013
\u2013
(11)
Amounts taken to retained earnings
\u2013
\u2013
(4)
\u2013
(4)
Utilisation
(132)
(15)
(4)
(7)
(158)
Reclassified as held for sale
31
(26)
(235)
\u2013
(2)
(263)
At the end of the year
166
1,867
30
20
2,083
1. Includes discounting charges relating to discontinued operations of US$15 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. (a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes to cost estimates are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. Key estimates, assumptions and judgements The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions, such as: \u2013 The requirements and interpretations of the relevant local legal and regulatory framework; \u2013 The magnitude of possible contamination; \u2013 The timing, extent and cost of required closure and rehabilitation activity; and \u2013 Potential changes in physical and climate conditions. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying judgement and leveraging industry experience. The Group has made assumptions made about certain assets, areas of disturbance and key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s life. Changes to these assumptions and judgements could have a material impact on the provision amounts recognised. In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and legal disputes. Depending on the resolution of these matters, the final liability may vary. The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the expected timing of closure activities. The Group\u2019s expectations and approach in relation to climate change-related risks and opportunities are reflected in the estimates and assumptions noted above. Refer to section 2(c) Key estimates, assumptions and judgements. If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$212 million. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-514": { "value": "15. Provisions
US$M
FY25
FY24
Current
Employee benefits
163
159
Closure and rehabilitation
16
9
Other
6
11
Total current provisions
185
179
Non-current
Employee benefits
7
7
Closure and rehabilitation
1,653
1,858
Post-retirement employee benefits
15
30
Other
9
9
Total non-current provisions
1,684
1,904
Post-
retirement
FY25 Employee Closure and employee
US$M
Note
benefits rehabilitation
benefits
Other
Total
At the beginning of the year
166
1,867
30
20
2,083
Charge/(credit) to the Consolidated income statement:
Underlying
141
1
1
11
154
Discounting
1
\u2013
106
\u2013
\u2013
106
Net interest expense
2
\u2013
\u2013
3
\u2013
3
Exchange rate variations
1
7
\u2013
\u2013
8
Released during the year
(9)
(3)
(3)
\u2013
(15)
Amounts capitalised for change in costs and estimates
\u2013
15
\u2013
\u2013
15
Amounts capitalised for change in discount rate
\u2013
(152)
\u2013
\u2013
(152)
Foreign exchange amounts capitalised
\u2013
(10)
\u2013
\u2013
(10)
Utilisation
(122)
(4)
(5)
(6)
(137)
Reclassified as held for sale
30
(7)
(158)
(11)
(10)
(186)
At the end of the year
170
1,669
15
15
1,869
1. Includes discounting charges relating to discontinued operations of US$14 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. Includes interest expense relating to discontinued operations of US$1 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
Post-
retirement
FY24 Employee Closure and employee
US$M
Note
benefits rehabilitation
benefits
Other
Total
At the beginning of the year
183
1,938
33
26
2,180
Charge/(credit) to the Consolidated income statement:
Underlying
156
12
3
3
174
Discounting
1
\u2013
132
\u2013
\u2013
132
Change in discount rate
\u2013
(3)
\u2013
\u2013
(3)
Net interest expense
\u2013
\u2013
2
\u2013
2
Released during the year
(15)
(2)
\u2013
\u2013
(17)
Amounts capitalised for change in costs and estimates
\u2013
68
\u2013
\u2013
68
Amounts capitalised for change in discount rate
\u2013
(17)
\u2013
\u2013
(17)
Foreign exchange amounts capitalised
\u2013
(11)
\u2013
\u2013
(11)
Amounts taken to retained earnings
\u2013
\u2013
(4)
\u2013
(4)
Utilisation
(132)
(15)
(4)
(7)
(158)
Reclassified as held for sale
31
(26)
(235)
\u2013
(2)
(263)
At the end of the year
166
1,867
30
20
2,083
1. Includes discounting charges relating to discontinued operations of US$15 million. Refer to note 30 Assets and liabilities held for sale and discontinued operations and note 31 Disposal of subsidiaries and joint operations. (a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes to cost estimates are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. Key estimates, assumptions and judgements The recognition of closure and rehabilitation provisions requires judgement and is based on significant estimates and assumptions, such as: \u2013 The requirements and interpretations of the relevant local legal and regulatory framework; \u2013 The magnitude of possible contamination; \u2013 The timing, extent and cost of required closure and rehabilitation activity; and \u2013 Potential changes in physical and climate conditions. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The local legal and regulatory frameworks used to estimate the Group's obligations are complex, and vary across the different jurisdictions in which the Group operates. The timing and extent of closure and rehabilitation activities are determined by applying judgement and leveraging industry experience. The Group has made assumptions made about certain assets, areas of disturbance and key infrastructure, such as ports and roads, that are not expected to require rehabilitation at the end of the related operation\u2019s life. Changes to these assumptions and judgements could have a material impact on the provision amounts recognised. In addition to the uncertainties noted above, certain closure and rehabilitation activities may be subject to regulatory approval and legal disputes. Depending on the resolution of these matters, the final liability may vary. The provision recognised for each site is periodically reviewed and updated based on the facts and circumstances available at the time. Also refer to note 13 Impairment of non-financial assets, for disclosure of the key estimates and assumptions applied in assessing impairment indicators, which are also relevant to determining the expected timing of closure activities. The Group\u2019s expectations and approach in relation to climate change-related risks and opportunities are reflected in the estimates and assumptions noted above. Refer to section 2(c) Key estimates, assumptions and judgements. If risk-free interest rates were decreased by 0.5 per cent (in real terms), the provision would increase by approximately US$212 million. 23. Contingent assets and liabilities Contingent assets and liabilities not otherwise provided for in the consolidated financial statements are as follows:
US$M
FY25
FY24
Actual or potential litigation
318
342
Total contingent liabilities
318
342
Actual or potential litigation
15
102
Total contingent assets
15
102
Actual or potential litigation liabilities primarily relate to numerous tax assessments or matters relating to transactions in prior years in Colombia and Brazil. The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or circumstances change. The Group has entered into various counter-indemnities for bank and performance guarantees related to its own future performance which are in the normal course of business. Additionally, the Group has provided indemnities against certain liabilities as part of agreements for the disposal of business operations. The Group considers the likelihood of a material liability arising from the indemnities provided as remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-594": { "value": "(a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes to cost estimates are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-582": { "value": "(a) Employee benefits Liabilities for unpaid wages and salaries are recognised in other creditors. Current entitlements to annual leave and accumulating sick leave accrued for services up to the reporting date are recognised in the provision for employee benefits and are measured at the amounts expected to be paid. Entitlements to non-accumulated sick leave are recognised when the leave is taken. The current liability for long service leave (for which settlement within 12 months of the reporting date cannot be deferred) is recognised in the current provision for employee benefits and is measured in accordance with annual leave described above. (c) Post-retirement employee benefits This relates to the provision for post-employment defined benefit pension and medical schemes. Refer to note 28(d) Pension and other post-retirement obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-583": { "value": "(b) Closure and rehabilitation The mining, extraction and processing activities of the Group normally give rise to obligations for site closure or rehabilitation. Closure and rehabilitation works can include facility decommissioning and dismantling, removal or treatment of waste materials, and site and land rehabilitation. Provisions for the cost of each closure and rehabilitation program are recognised at the time that environmental disturbance occurs. When the extent of disturbance increases over the life of an operation, the provision is increased accordingly. Costs included in the provision encompass all closure and rehabilitation activity expected to occur progressively over the life of the operation and at, or after, the time of closure, for disturbance existing at the reporting date. Routine operating costs that may impact the ultimate closure and rehabilitation activities, such as waste material handling conducted as an integral part of a mining or production process, are not included in the provision. Costs arising from unforeseen circumstances, such as the contamination caused by unplanned discharges, are recognised as an expense and liability when the event gives rise to an obligation which is probable and capable of reliable estimation. The timing of the actual closure and rehabilitation expenditure is dependent upon a number of factors such as: \u2013 The life and nature of the operation; \u2013 The operating licence conditions; and \u2013 The environment in which the operation operates. Expenditure may occur before and after closure, and can continue for an extended period of time depending on closure and rehabilitation requirements. Closure and rehabilitation provisions are measured based on the expected value of future cash flows, discounted to their present value and determined according to the probability of alternative estimates of cash flows occurring for each operation. Discount rates used are risk-free interest rates specific to the country in which the operations are located and the expected timing of the closure and rehabilitation expenditure. Material changes in country specific risk-free interest rates may affect the discount rates applied. The Group reviews its discount rates used periodically, with any corresponding change in the provision as a result of revising discount rates capitalised as an asset in the case of open sites or charged/(credited) to the Consolidated income statement in the case of closed sites. When provisions for closure and rehabilitation are initially recognised, the corresponding cost is capitalised as an asset, representing part of the cost of acquiring the future economic benefits of the operation. The capitalised cost of closure and rehabilitation activities is recognised in property, plant and equipment and depreciated accordingly. The value of the provision is progressively increased over time due to the effect of discounting unwind and inflation, creating an expense recognised in finance costs. Closure and rehabilitation provisions are also adjusted for changes in cost estimates. Those adjustments are accounted for as a change in the corresponding capitalised cost, except where a reduction in the provision is greater than the depreciated capitalised cost of the related assets, in which case the carrying value is reduced to nil and the remaining adjustment is recognised in the Consolidated income statement. In the case of closed sites, changes to cost estimates are recognised immediately in the Consolidated income statement. Changes to the capitalised cost result in an adjustment to future depreciation. Adjustments to the estimated amount and timing of future closure and rehabilitation cash flows are a normal occurrence in light of the significant judgements and estimates involved. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-491": { "value": "16. Cash and cash equivalents Cash and cash equivalents include cash at bank and on hand as well as short-term deposits.
US$M
FY25
FY24
Cash
681
663
Short-term deposits
996
179
Cash and cash equivalents
1
1,677
842
1. Cash and cash equivalents include US$1 million (FY24: US$2 million) which is restricted by legal or contractual arrangements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-584": { "value": "Cash and cash equivalents include cash at bank and on hand as well as short-term deposits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-515": { "value": "
1. Cash and cash equivalents include US$1 million (FY24: US$2 million) which is restricted by legal or contractual arrangements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-516": { "value": "17. Interest bearing liabilities
US$M
Note
FY25
FY24
Current
Lease liabilities
92
58
Unsecured loans from equity accounted investments
28
160
138
Unsecured other
15
27
Total current interest bearing liabilities
267
223
Non-current
Lease liabilities
621
614
Senior unsecured notes
693
692
Unsecured other
53
37
Total non-current interest bearing liabilities
1,367
1,343
In April 2022, the Group completed the issuance of US$700 million of senior unsecured notes pursuant to Rule 144A and Regulation S of the United States Securities Act of 1933. The notes pay interest in April and October each year at a rate of 4.35 per cent per annum and mature in 2032. A reconciliation of movements in interest bearing liabilities to cash flows arising from financing activities is set out below:
Other interest Total interest
FY25 bearing bearing
US$M
Lease liabilities
liabilities liabilities
At the beginning of the year
672
894
1,566
Cash movements:
Proceeds from interest bearing liabilities
\u2013
53
53
Repayment of interest bearing liabilities
1
(75)
(26)
(101)
Interest paid
(54)
(56)
(110)
Non-cash movements:
Interest charged
2
54
56
110
Net increase/(decrease) of interest bearing liabilities
123
\u2013
123
Exchange rate variations
(7)
\u2013
(7)
At the end of the year
713
921
1,634
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 31 Disposal of subsidiaries and joint operations. 2. Includes US$2 million of interest capitalised to property, plant and equipment.
Other interest Total interest
FY24 bearing bearing
US$M
Note
Lease liabilities
liabilities liabilities
At the beginning of the year
674
1,067
1,741
Cash movements:
Proceeds from interest bearing liabilities
\u2013
200
200
Repayment of interest bearing liabilities
1
(54)
(355)
(409)
Interest paid
(53)
(59)
(112)
Non-cash movements:
Interest charged
53
59
112
Net increase/(decrease) of interest bearing liabilities
72
\u2013
72
Reclassified as held for sale
31
(20)
\u2013
(20)
Exchange rate variations
\u2013
(18)
(18)
At the end of the year
672
894
1,566
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 31 Disposal of subsidiaries and joint operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-541": { "value": "17. Interest bearing liabilities
US$M
Note
FY25
FY24
Current
Lease liabilities
92
58
Unsecured loans from equity accounted investments
28
160
138
Unsecured other
15
27
Total current interest bearing liabilities
267
223
Non-current
Lease liabilities
621
614
Senior unsecured notes
693
692
Unsecured other
53
37
Total non-current interest bearing liabilities
1,367
1,343
In April 2022, the Group completed the issuance of US$700 million of senior unsecured notes pursuant to Rule 144A and Regulation S of the United States Securities Act of 1933. The notes pay interest in April and October each year at a rate of 4.35 per cent per annum and mature in 2032. A reconciliation of movements in interest bearing liabilities to cash flows arising from financing activities is set out below:
Other interest Total interest
FY25 bearing bearing
US$M
Lease liabilities
liabilities liabilities
At the beginning of the year
672
894
1,566
Cash movements:
Proceeds from interest bearing liabilities
\u2013
53
53
Repayment of interest bearing liabilities
1
(75)
(26)
(101)
Interest paid
(54)
(56)
(110)
Non-cash movements:
Interest charged
2
54
56
110
Net increase/(decrease) of interest bearing liabilities
123
\u2013
123
Exchange rate variations
(7)
\u2013
(7)
At the end of the year
713
921
1,634
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 31 Disposal of subsidiaries and joint operations. 2. Includes US$2 million of interest capitalised to property, plant and equipment.
Other interest Total interest
FY24 bearing bearing
US$M
Note
Lease liabilities
liabilities liabilities
At the beginning of the year
674
1,067
1,741
Cash movements:
Proceeds from interest bearing liabilities
\u2013
200
200
Repayment of interest bearing liabilities
1
(54)
(355)
(409)
Interest paid
(53)
(59)
(112)
Non-cash movements:
Interest charged
53
59
112
Net increase/(decrease) of interest bearing liabilities
72
\u2013
72
Reclassified as held for sale
31
(20)
\u2013
(20)
Exchange rate variations
\u2013
(18)
(18)
At the end of the year
672
894
1,566
1. Excludes US$1 million of repayments of liabilities classified as held for sale. Refer to note 31 Disposal of subsidiaries and joint operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-492": { "value": "
18. Net finance income/(costs)
FY24
US$M
FY25
Restated
1
Finance income
Interest on loans to equity accounted investments
177
178
Other interest income
82
41
Total finance income
259
219
Finance costs
Interest on borrowings
(61)
(65)
Interest on lease liabilities
(52)
(52)
Discounting on provisions and other liabilities
(94)
(119)
Change in discount rate on closure and rehabilitation provisions
\u2013
3
Exchange rate variations on net cash/(debt)
13
6
Total finance costs
(194)
(227)
Net finance income/(costs)
65
(8)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-563": { "value": "18. Net finance income/(costs)
FY24
US$M
FY25
Restated
1
Finance income
Interest on loans to equity accounted investments
177
178
Other interest income
82
41
Total finance income
259
219
Finance costs
Interest on borrowings
(61)
(65)
Interest on lease liabilities
(52)
(52)
Discounting on provisions and other liabilities
(94)
(119)
Change in discount rate on closure and rehabilitation provisions
\u2013
3
Exchange rate variations on net cash/(debt)
13
6
Total finance costs
(194)
(227)
Net finance income/(costs)
65
(8)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-551": { "value": "18. Net finance income/(costs)
FY24
US$M
FY25
Restated
1
Finance income
Interest on loans to equity accounted investments
177
178
Other interest income
82
41
Total finance income
259
219
Finance costs
Interest on borrowings
(61)
(65)
Interest on lease liabilities
(52)
(52)
Discounting on provisions and other liabilities
(94)
(119)
Change in discount rate on closure and rehabilitation provisions
\u2013
3
Exchange rate variations on net cash/(debt)
13
6
Total finance costs
(194)
(227)
Net finance income/(costs)
65
(8)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-542": { "value": "18. Net finance income/(costs)
FY24
US$M
FY25
Restated
1
Finance income
Interest on loans to equity accounted investments
177
178
Other interest income
82
41
Total finance income
259
219
Finance costs
Interest on borrowings
(61)
(65)
Interest on lease liabilities
(52)
(52)
Discounting on provisions and other liabilities
(94)
(119)
Change in discount rate on closure and rehabilitation provisions
\u2013
3
Exchange rate variations on net cash/(debt)
13
6
Total finance costs
(194)
(227)
Net finance income/(costs)
65
(8)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-517": { "value": "18. Net finance income/(costs)
FY24
US$M
FY25
Restated
1
Finance income
Interest on loans to equity accounted investments
177
178
Other interest income
82
41
Total finance income
259
219
Finance costs
Interest on borrowings
(61)
(65)
Interest on lease liabilities
(52)
(52)
Discounting on provisions and other liabilities
(94)
(119)
Change in discount rate on closure and rehabilitation provisions
\u2013
3
Exchange rate variations on net cash/(debt)
13
6
Total finance costs
(194)
(227)
Net finance income/(costs)
65
(8)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-530": { "value": "18. Net finance income/(costs)
FY24
US$M
FY25
Restated
1
Finance income
Interest on loans to equity accounted investments
177
178
Other interest income
82
41
Total finance income
259
219
Finance costs
Interest on borrowings
(61)
(65)
Interest on lease liabilities
(52)
(52)
Discounting on provisions and other liabilities
(94)
(119)
Change in discount rate on closure and rehabilitation provisions
\u2013
3
Exchange rate variations on net cash/(debt)
13
6
Total finance costs
(194)
(227)
Net finance income/(costs)
65
(8)
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-493": { "value": "
19. Financial assets and financial liabilities
The following table presents the financial assets and liabilities by class at their carrying amounts:
FY25 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables.
2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
FY24 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
842
842
Trade and other receivables
1
9
120
\u2013
403
523
Other financial assets:
Derivative contracts
1
\u2013
\u2013
1
Total current financial assets
121
\u2013
1,245
1,366
Trade and other receivables
1
9
\u2013
\u2013
1,951
1,951
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
89
\u2013
89
Total non-current financial assets
\u2013
89
1,951
2,040
Total financial assets
121
89
3,196
3,406
Financial liabilities
Trade and other payables
2
14
3
\u2013
782
785
Interest bearing liabilities
17
\u2013
\u2013
223
223
Total current financial liabilities
3
\u2013
1,005
1,008
Interest bearing liabilities
17
\u2013
\u2013
1,343
1,343
Other financial liabilities:
Contingent consideration payable
17
\u2013
\u2013
17
Total non-current financial liabilities
2
17
\u2013
1,343
1,360
Total financial liabilities
20
\u2013
2,348
2,368
1. Excludes current input taxes of US$111 million and non-current input and other taxes of US$132 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
FY24
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
120
\u2013
120
Trade and other payables
\u2013
(3)
\u2013
(3)
Derivative contract assets
1
\u2013
\u2013
1
Investments in equity instruments designated as FVOCI
80
\u2013
9
89
Contingent consideration payable
\u2013
\u2013
(17)
(17)
Total
81
117
(8)
190
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY25
FY24
At the beginning of the year
(8)
(20)
Addition of financial assets
115
1
Net unrealised gains/(losses) recognised in the Consolidated income statement
1
(122)
10
Unrealised gains recognised in the Consolidated statement of comprehensive income
2
2
1
At the end of the year
(13)
(8)
1. Recognised in expenses excluding finance costs in the Consolidated income statement.
2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income.
The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated
using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts
and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially
sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while
holding all other variables constant, is disclosed below:
Impact on carrying amount
FY25 Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 54
Production volumes
2
121
(54)
Financial liabilities
Contingent consideration payable
(55)
Production volumes
2
55
(3)
1. Coal price inputs reflect estimates of future commodity prices.
2. Production volumes inputs reflect estimates of future production.
(b) Financial risk management objectives and policies
The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk
management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility
by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of
operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the
potential impact on financial targets.
(i) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices.
Market risk comprises interest rate risk, foreign currency risk and other price risk, such as commodity price risk.
The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The
Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to
a risk of variability in earnings, which is continually assessed under our deterministic analysis.
In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors
approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or
debt issuance.
Interest rate risk
The Group has the following exposure to interest rate risk:
US$M
FY25
FY24
Financial assets
Cash and cash equivalents
1,664
788
Trade and other receivables
32
28
Financial liabilities
Interest bearing liabilities
(190)
(138)
Net exposure
1,506
678
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and
liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY25
FY24
Increase of 100 basis points
11
5
Decrease of 100 basis points
(11)
(5)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and
balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain
constant over the coming year and therefore such sensitivity analysis should be used with care.
Foreign currency risk
The Group\u2019s potential currency exposures comprise:
\u2013 Translational exposure in respect of non-functional currency monetary items; and
\u2013 Transactional exposure in respect of non-functional currency expenditure and revenues.
The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by
operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the
US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may
enter into forward exchange contracts.
The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and
liabilities:
US$M
FY25
FY24
Australian dollar
(796)
(779)
Brazilian real
(74)
(52)
Canadian dollar
110
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY25
FY24
FY25
FY24
10% strengthening in Australian dollar
(56)
(55)
\u2013
\u2013
10% strengthening in Brazilian real
(7)
(5)
\u2013
\u2013
10% strengthening in Canadian dollar
3
4
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement of this note. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2025 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around nickel, silver, lead, zinc, aluminium and alumina. The Group had 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina exposure at 30 June 2025 (FY24: 4.3kt of nickel, 1.8Moz of silver, 19.2kt of lead, 9.7kt of zinc, 11.2kt of aluminium and 25.8kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY26. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$14 million (FY24: US$19 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. (ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY25
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY25 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY24 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
785
785
784
1
\u2013
Senior unsecured notes
692
944
30
122
792
Lease liabilities
672
1,104
111
337
656
Other interest bearing liabilities
202
205
165
40
\u2013
Other financial liabilities - contingent consideration payable
17
22
\u2013
22
\u2013
Total
2,368
3,060
1,090
522
1,448
1. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of financials assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$212 million (FY24: US$94 million), and the carrying value of a purchased credit-impaired receivable of US$1,774 million (FY24: US$1,814 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet.
The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its
financial performance. At 30 June 2025, the Group updated its estimated timing of the loan repayments and as a result recognised an
impairment of US$27 million (FY24: impairment of US$29 million) which is included in expenses excluding finance costs in the Consolidated
income statement. The net present value of the expected future cash flows of the loan was determined as US$1,774 million (FY24:
US$1,814 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique.
The following table shows the movement in the carrying amount of this receivable:
US$M
FY25
FY24
At the beginning of the year
1,814
1,711
Interest accrued
163
159
Net impairment
(27)
(29)
Repayment of accrued interest
(176)
(27)
At the end of the year
1,774
1,814
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the
Mineral Resources and Ore Reserves section of note 2(c) for further information on the estimates which underpin the production profile.
An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments.
Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are
consistent with those outlined in note 13 Impairment of non-financial assets.
The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price
forecasts used within the range of US$4.36/lb - US$4.82/lb, in real terms, as published by market commentators. The following table
illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on
changing this assumption by 10 per cent while holding all other variables constant.
FY25 Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
2,228
1,774
62
(110)
(c) Capital management
The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to:
\u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle;
\u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as
dividends following each six-month reporting period; and
\u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and
other high return investment opportunities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-564": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY25 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
FY24 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
842
842
Trade and other receivables
1
9
120
\u2013
403
523
Other financial assets:
Derivative contracts
1
\u2013
\u2013
1
Total current financial assets
121
\u2013
1,245
1,366
Trade and other receivables
1
9
\u2013
\u2013
1,951
1,951
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
89
\u2013
89
Total non-current financial assets
\u2013
89
1,951
2,040
Total financial assets
121
89
3,196
3,406
Financial liabilities
Trade and other payables
2
14
3
\u2013
782
785
Interest bearing liabilities
17
\u2013
\u2013
223
223
Total current financial liabilities
3
\u2013
1,005
1,008
Interest bearing liabilities
17
\u2013
\u2013
1,343
1,343
Other financial liabilities:
Contingent consideration payable
17
\u2013
\u2013
17
Total non-current financial liabilities
2
17
\u2013
1,343
1,360
Total financial liabilities
20
\u2013
2,348
2,368
1. Excludes current input taxes of US$111 million and non-current input and other taxes of US$132 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
FY24
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
120
\u2013
120
Trade and other payables
\u2013
(3)
\u2013
(3)
Derivative contract assets
1
\u2013
\u2013
1
Investments in equity instruments designated as FVOCI
80
\u2013
9
89
Contingent consideration payable
\u2013
\u2013
(17)
(17)
Total
81
117
(8)
190
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY25
FY24
At the beginning of the year
(8)
(20)
Addition of financial assets
115
1
Net unrealised gains/(losses) recognised in the Consolidated income statement
1
(122)
10
Unrealised gains recognised in the Consolidated statement of comprehensive income
2
2
1
At the end of the year
(13)
(8)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY25 Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 54
Production volumes
2
121
(54)
Financial liabilities
Contingent consideration payable
(55)
Production volumes
2
55
(3)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-518": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY25 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
FY24 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
842
842
Trade and other receivables
1
9
120
\u2013
403
523
Other financial assets:
Derivative contracts
1
\u2013
\u2013
1
Total current financial assets
121
\u2013
1,245
1,366
Trade and other receivables
1
9
\u2013
\u2013
1,951
1,951
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
89
\u2013
89
Total non-current financial assets
\u2013
89
1,951
2,040
Total financial assets
121
89
3,196
3,406
Financial liabilities
Trade and other payables
2
14
3
\u2013
782
785
Interest bearing liabilities
17
\u2013
\u2013
223
223
Total current financial liabilities
3
\u2013
1,005
1,008
Interest bearing liabilities
17
\u2013
\u2013
1,343
1,343
Other financial liabilities:
Contingent consideration payable
17
\u2013
\u2013
17
Total non-current financial liabilities
2
17
\u2013
1,343
1,360
Total financial liabilities
20
\u2013
2,348
2,368
1. Excludes current input taxes of US$111 million and non-current input and other taxes of US$132 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
FY24
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
120
\u2013
120
Trade and other payables
\u2013
(3)
\u2013
(3)
Derivative contract assets
1
\u2013
\u2013
1
Investments in equity instruments designated as FVOCI
80
\u2013
9
89
Contingent consideration payable
\u2013
\u2013
(17)
(17)
Total
81
117
(8)
190
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY25
FY24
At the beginning of the year
(8)
(20)
Addition of financial assets
115
1
Net unrealised gains/(losses) recognised in the Consolidated income statement
1
(122)
10
Unrealised gains recognised in the Consolidated statement of comprehensive income
2
2
1
At the end of the year
(13)
(8)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY25 Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 54
Production volumes
2
121
(54)
Financial liabilities
Contingent consideration payable
(55)
Production volumes
2
55
(3)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. (b) Financial risk management objectives and policies The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the potential impact on financial targets. (i) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk, foreign currency risk and other price risk, such as commodity price risk. The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY25
FY24
Financial assets
Cash and cash equivalents
1,664
788
Trade and other receivables
32
28
Financial liabilities
Interest bearing liabilities
(190)
(138)
Net exposure
1,506
678
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY25
FY24
Increase of 100 basis points
11
5
Decrease of 100 basis points
(11)
(5)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY25
FY24
Australian dollar
(796)
(779)
Brazilian real
(74)
(52)
Canadian dollar
110
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in
the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY25
FY24
FY25
FY24
10% strengthening in Australian dollar
(56)
(55)
\u2013
\u2013
10% strengthening in Brazilian real
(7)
(5)
\u2013
\u2013
10% strengthening in Canadian dollar
3
4
8
4
Commodity price risk
Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a
relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise
the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the
Consolidated balance sheet.
Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan
receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and
contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement
of this note.
Provisionally priced commodity sales and purchases contracts
Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at
the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a
commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced
sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at
30 June 2025 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly
around nickel, silver, lead, zinc, aluminium and alumina.
The Group had 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina exposure at 30 June
2025 (FY24: 4.3kt of nickel, 1.8Moz of silver, 19.2kt of lead, 9.7kt of zinc, 11.2kt of aluminium and 25.8kt of alumina) that was provisionally
priced. The final price of these sales or purchases will be determined during the first half of FY26. A 10 per cent change in the realised price
of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$14 million (FY24: US$19
million).
The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may
move concurrently in response to market conditions. These sensitivities should therefore be used with care.
(ii) Liquidity risk
The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational,
capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast
information.
In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the
investment of any excess cash.
The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and
intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt.
Details of the Group\u2019s major standby arrangement are as follows:
FY25
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028.
Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY25 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY24 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
785
785
784
1
\u2013
Senior unsecured notes
692
944
30
122
792
Lease liabilities
672
1,104
111
337
656
Other interest bearing liabilities
202
205
165
40
\u2013
Other financial liabilities - contingent consideration payable
17
22
\u2013
22
\u2013
Total
2,368
3,060
1,090
522
1,448
1. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of financials assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$212 million (FY24: US$94 million), and the carrying value of a purchased credit-impaired receivable of US$1,774 million (FY24: US$1,814 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2025, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment of US$27 million (FY24: impairment of US$29 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,774 million (FY24: US$1,814 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY25
FY24
At the beginning of the year
1,814
1,711
Interest accrued
163
159
Net impairment
(27)
(29)
Repayment of accrued interest
(176)
(27)
At the end of the year
1,774
1,814
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$4.36/lb - US$4.82/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY25 Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
2,228
1,774
62
(110)
(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-531": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY25 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
FY24 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
842
842
Trade and other receivables
1
9
120
\u2013
403
523
Other financial assets:
Derivative contracts
1
\u2013
\u2013
1
Total current financial assets
121
\u2013
1,245
1,366
Trade and other receivables
1
9
\u2013
\u2013
1,951
1,951
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
89
\u2013
89
Total non-current financial assets
\u2013
89
1,951
2,040
Total financial assets
121
89
3,196
3,406
Financial liabilities
Trade and other payables
2
14
3
\u2013
782
785
Interest bearing liabilities
17
\u2013
\u2013
223
223
Total current financial liabilities
3
\u2013
1,005
1,008
Interest bearing liabilities
17
\u2013
\u2013
1,343
1,343
Other financial liabilities:
Contingent consideration payable
17
\u2013
\u2013
17
Total non-current financial liabilities
2
17
\u2013
1,343
1,360
Total financial liabilities
20
\u2013
2,348
2,368
1. Excludes current input taxes of US$111 million and non-current input and other taxes of US$132 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. (a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
FY24
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
120
\u2013
120
Trade and other payables
\u2013
(3)
\u2013
(3)
Derivative contract assets
1
\u2013
\u2013
1
Investments in equity instruments designated as FVOCI
80
\u2013
9
89
Contingent consideration payable
\u2013
\u2013
(17)
(17)
Total
81
117
(8)
190
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY25
FY24
At the beginning of the year
(8)
(20)
Addition of financial assets
115
1
Net unrealised gains/(losses) recognised in the Consolidated income statement
1
(122)
10
Unrealised gains recognised in the Consolidated statement of comprehensive income
2
2
1
At the end of the year
(13)
(8)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY25 Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 54
Production volumes
2
121
(54)
Financial liabilities
Contingent consideration payable
(55)
Production volumes
2
55
(3)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. (b) Financial risk management objectives and policies The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the potential impact on financial targets. (i) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk, foreign currency risk and other price risk, such as commodity price risk. The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY25
FY24
Financial assets
Cash and cash equivalents
1,664
788
Trade and other receivables
32
28
Financial liabilities
Interest bearing liabilities
(190)
(138)
Net exposure
1,506
678
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY25
FY24
Increase of 100 basis points
11
5
Decrease of 100 basis points
(11)
(5)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY25
FY24
Australian dollar
(796)
(779)
Brazilian real
(74)
(52)
Canadian dollar
110
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY25
FY24
FY25
FY24
10% strengthening in Australian dollar
(56)
(55)
\u2013
\u2013
10% strengthening in Brazilian real
(7)
(5)
\u2013
\u2013
10% strengthening in Canadian dollar
3
4
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement of this note. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2025 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around nickel, silver, lead, zinc, aluminium and alumina. The Group had 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina exposure at 30 June 2025 (FY24: 4.3kt of nickel, 1.8Moz of silver, 19.2kt of lead, 9.7kt of zinc, 11.2kt of aluminium and 25.8kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY26. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$14 million (FY24: US$19 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. (ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY25
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY25 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY24 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
785
785
784
1
\u2013
Senior unsecured notes
692
944
30
122
792
Lease liabilities
672
1,104
111
337
656
Other interest bearing liabilities
202
205
165
40
\u2013
Other financial liabilities - contingent consideration payable
17
22
\u2013
22
\u2013
Total
2,368
3,060
1,090
522
1,448
1. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of financials assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$212 million (FY24: US$94 million), and the carrying value of a purchased credit-impaired receivable of US$1,774 million (FY24: US$1,814 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2025, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment of US$27 million (FY24: impairment of US$29 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,774 million (FY24: US$1,814 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY25
FY24
At the beginning of the year
1,814
1,711
Interest accrued
163
159
Net impairment
(27)
(29)
Repayment of accrued interest
(176)
(27)
At the end of the year
1,774
1,814
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$4.36/lb - US$4.82/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY25 Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
2,228
1,774
62
(110)
(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-561": { "value": "19. Financial assets and financial liabilities The following table presents the financial assets and liabilities by class at their carrying amounts:
FY25 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
1,677
1,677
Trade and other receivables
1
9
133
\u2013
578
711
Other financial assets:
Derivative contracts
7
\u2013
\u2013
7
Total current financial assets
140
\u2013
2,255
2,395
Trade and other receivables
1
9
\u2013
\u2013
1,927
1,927
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
130
\u2013
130
Contingent consideration receivable
54
\u2013
\u2013
54
Total non-current financial assets
54
130
1,927
2,111
Total financial assets
194
130
4,182
4,506
Financial liabilities
Trade and other payables
2
14
2
\u2013
796
798
Interest bearing liabilities
17
\u2013
\u2013
267
267
Total current financial liabilities
2
\u2013
1,063
1,065
Interest bearing liabilities
17
\u2013
\u2013
1,367
1,367
Other financial liabilities:
Contingent consideration payable
78
\u2013
\u2013
78
Total non-current financial liabilities
78
\u2013
1,367
1,445
Total financial liabilities
80
\u2013
2,430
2,510
1. Excludes current input taxes of US$98 million and non-current input and other taxes of US$73 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
FY24 Designated as
US$M
Note
Held at FVTPL
FVOCI
Amortised cost
Total
Financial assets
Cash and cash equivalents
16
\u2013
\u2013
842
842
Trade and other receivables
1
9
120
\u2013
403
523
Other financial assets:
Derivative contracts
1
\u2013
\u2013
1
Total current financial assets
121
\u2013
1,245
1,366
Trade and other receivables
1
9
\u2013
\u2013
1,951
1,951
Other financial assets:
Investments in equity instruments designated as FVOCI
\u2013
89
\u2013
89
Total non-current financial assets
\u2013
89
1,951
2,040
Total financial assets
121
89
3,196
3,406
Financial liabilities
Trade and other payables
2
14
3
\u2013
782
785
Interest bearing liabilities
17
\u2013
\u2013
223
223
Total current financial liabilities
3
\u2013
1,005
1,008
Interest bearing liabilities
17
\u2013
\u2013
1,343
1,343
Other financial liabilities:
Contingent consideration payable
17
\u2013
\u2013
17
Total non-current financial liabilities
2
17
\u2013
1,343
1,360
Total financial liabilities
20
\u2013
2,348
2,368
1. Excludes current input taxes of US$111 million and non-current input and other taxes of US$132 million included in other receivables. Refer to note 9 Trade and other receivables. 2. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-598": { "value": "For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-595": { "value": "For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-585": { "value": "For certain investments in equity instruments, the Group has made an irrevocable election to present fair value changes in other comprehensive income and are therefore designated as FVOCI. Dividends received from these investments are recognised as other income in the Consolidated income statement unless the dividend clearly represents a recovery of part of the cost of the investment. Financial assets and liabilities are otherwise held at FVTPL or amortised cost based on the business model for managing the financial asset or liabilities and the contractual terms of the cash flows. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-552": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
FY24
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
120
\u2013
120
Trade and other payables
\u2013
(3)
\u2013
(3)
Derivative contract assets
1
\u2013
\u2013
1
Investments in equity instruments designated as FVOCI
80
\u2013
9
89
Contingent consideration payable
\u2013
\u2013
(17)
(17)
Total
81
117
(8)
190
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY25
FY24
At the beginning of the year
(8)
(20)
Addition of financial assets
115
1
Net unrealised gains/(losses) recognised in the Consolidated income statement
1
(122)
10
Unrealised gains recognised in the Consolidated statement of comprehensive income
2
2
1
At the end of the year
(13)
(8)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY25 Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 54
Production volumes
2
121
(54)
Financial liabilities
Contingent consideration payable
(55)
Production volumes
2
55
(3)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-543": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data.
FY25
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
133
\u2013
133
Trade and other payables
\u2013
(2)
\u2013
(2)
Derivative contract assets
7
\u2013
\u2013
7
Investments in equity instruments designated as FVOCI
119
\u2013
11
130
Contingent consideration receivable
\u2013
\u2013
54
54
Contingent consideration payable
\u2013
\u2013
(78)
(78)
Total
126
131
(13)
244
FY24
US$M
Level 1
Level 2
Level 3
Total
Financial assets and liabilities
Trade and other receivables
\u2013
120
\u2013
120
Trade and other payables
\u2013
(3)
\u2013
(3)
Derivative contract assets
1
\u2013
\u2013
1
Investments in equity instruments designated as FVOCI
80
\u2013
9
89
Contingent consideration payable
\u2013
\u2013
(17)
(17)
Total
81
117
(8)
190
The following table shows the movements in the Group\u2019s Level 3 financial assets and liabilities:
US$M
FY25
FY24
At the beginning of the year
(8)
(20)
Addition of financial assets
115
1
Net unrealised gains/(losses) recognised in the Consolidated income statement
1
(122)
10
Unrealised gains recognised in the Consolidated statement of comprehensive income
2
2
1
At the end of the year
(13)
(8)
1. Recognised in expenses excluding finance costs in the Consolidated income statement. 2. Recognised in the financial assets reserve in the Consolidated statement of comprehensive income. The fair value of the Level 3 financial assets and liabilities is determined using inputs other than observable market data and is calculated using appropriate valuation models, including discounted cash flow modelling, with inputs such as commodity prices, production forecasts and inflation. The potential effect of using reasonably possible alternative assumptions in these models, for those which have materially sensitive level 3 valuation inputs, based on directionally changing all these inputs either favourably or unfavourably by 10 per cent while holding all other variables constant, is disclosed below:
Impact on carrying amount
FY25 Carrying
US$M
amount
Significant inputs
Favourable
Unfavourable
Financial assets
Coal price
1
Contingent consideration receivable
 54
Production volumes
2
121
(54)
Financial liabilities
Contingent consideration payable
(55)
Production volumes
2
55
(3)
1. Coal price inputs reflect estimates of future commodity prices. 2. Production volumes inputs reflect estimates of future production. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-599": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-596": { "value": "(a) Fair value measurement The carrying values of the Group\u2019s financial assets and liabilities measured at amortised cost are equal to or approximate their respective fair values, except for senior unsecured notes which have a carrying value of US$693 million (FY24: US$692 million) and a fair value of US$655 million (FY24: US$636 million), and lease liabilities with a carrying value of US$713 million (FY24: US$672 million), for which a fair value has not been determined. The fair value of the Group\u2019s senior unsecured notes is estimated based on quoted market prices at the reporting date and are classified as Level 1 on the fair value hierarchy as shown below. For financial assets and liabilities measured at fair value, the Group uses quoted marked prices in active markets for identical assets where available. Where no price information is available from a quoted market source, alternative market mechanisms or recent comparable transactions, the fair value is estimated based on the Group's views on relevant future prices, net of valuation allowances, to accommodate for liquidity, modelling, credit and other risks implicit in such estimates. The following table shows the Group's financial assets and liabilities carried at fair value with reference to the nature of valuation inputs used: Level 1 Valuation is based on unadjusted quoted prices in active markets for identical financial assets and liabilities. Level 2 Valuation is based on inputs (other than quoted prices included in Level 1) that are observable for the financial asset or liability, either directly (i.e. as unquoted prices) or indirectly (i.e. derived from prices). Level 3 Valuation includes inputs that are not based on observable market data. (b) Measurement of fair values The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the employee share awards reserve. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other non-market-based performance rights is measured using a Black Scholes methodology. The models considers the following: \u2013 Expected life of the award; \u2013 Current market price of the underlying shares; \u2013 Expected volatility (of the individual company and of each peer group); \u2013 Expected dividends; \u2013 Risk-free interest rate; and \u2013 Market based performance hurdles (performance rights only). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-544": { "value": "(b) Financial risk management objectives and policies The Group is exposed to market, liquidity and credit risk. These risks are managed in accordance with the Group\u2019s portfolio risk management strategy which supports the delivery of the Group\u2019s financial targets while protecting its future financial security and flexibility by taking advantage of the natural diversification of the Group\u2019s operations and activities. Deterministic analysis across a range of operational, commodity price and foreign exchange rate scenarios is used to measure the aggregate impact of financial risks and the potential impact on financial targets. (i) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk, foreign currency risk and other price risk, such as commodity price risk. The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY25
FY24
Financial assets
Cash and cash equivalents
1,664
788
Trade and other receivables
32
28
Financial liabilities
Interest bearing liabilities
(190)
(138)
Net exposure
1,506
678
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY25
FY24
Increase of 100 basis points
11
5
Decrease of 100 basis points
(11)
(5)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY25
FY24
Australian dollar
(796)
(779)
Brazilian real
(74)
(52)
Canadian dollar
110
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY25
FY24
FY25
FY24
10% strengthening in Australian dollar
(56)
(55)
\u2013
\u2013
10% strengthening in Brazilian real
(7)
(5)
\u2013
\u2013
10% strengthening in Canadian dollar
3
4
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement of this note. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2025 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around nickel, silver, lead, zinc, aluminium and alumina. The Group had 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina exposure at 30 June 2025 (FY24: 4.3kt of nickel, 1.8Moz of silver, 19.2kt of lead, 9.7kt of zinc, 11.2kt of aluminium and 25.8kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY26. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$14 million (FY24: US$19 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. (ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY25
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028. Maturity profile of financial liabilities The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY25 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY24 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
785
785
784
1
\u2013
Senior unsecured notes
692
944
30
122
792
Lease liabilities
672
1,104
111
337
656
Other interest bearing liabilities
202
205
165
40
\u2013
Other financial liabilities - contingent consideration payable
17
22
\u2013
22
\u2013
Total
2,368
3,060
1,090
522
1,448
1. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables. (iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of financials assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$212 million (FY24: US$94 million), and the carrying value of a purchased credit-impaired receivable of US$1,774 million (FY24: US$1,814 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2025, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment of US$27 million (FY24: impairment of US$29 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,774 million (FY24: US$1,814 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY25
FY24
At the beginning of the year
1,814
1,711
Interest accrued
163
159
Net impairment
(27)
(29)
Repayment of accrued interest
(176)
(27)
At the end of the year
1,774
1,814
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$4.36/lb - US$4.82/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY25 Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
2,228
1,774
62
(110)
(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-553": { "value": "(i) Market risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises interest rate risk, foreign currency risk and other price risk, such as commodity price risk. The Group\u2019s activities expose it to market risks associated with movements in interest rates, foreign currencies and commodity prices. The Group predominantly manages currency impacts, input costs and commodity prices on a floating or index basis. This strategy gives rise to a risk of variability in earnings, which is continually assessed under our deterministic analysis. In executing the Group\u2019s strategy, financial instruments may be employed for risk mitigation purposes within a strict Board of Directors approved mandate, or to align the total Group exposure to the relevant index target in the case of commodity sales, operating costs or debt issuance. Interest rate risk The Group has the following exposure to interest rate risk:
US$M
FY25
FY24
Financial assets
Cash and cash equivalents
1,664
788
Trade and other receivables
32
28
Financial liabilities
Interest bearing liabilities
(190)
(138)
Net exposure
1,506
678
The following table demonstrates the sensitivity to a reasonable possible change in interest rates on that portion of financial assets and liabilities affected. With all other variables held constant, the Group\u2019s profit/(loss) after tax would increase/(decrease) as follows:
Impact on profit/(loss) after tax
US$M
FY25
FY24
Increase of 100 basis points
11
5
Decrease of 100 basis points
(11)
(5)
The sensitivity analysis assumes that the change in interest rates is effective from the beginning of the year and the fixed/floating mix and balances are constant over the year. However, interest rates and the profile of the Group\u2019s financial assets and liabilities may not remain constant over the coming year and therefore such sensitivity analysis should be used with care. Foreign currency risk The Group\u2019s potential currency exposures comprise: \u2013 Translational exposure in respect of non-functional currency monetary items; and \u2013 Transactional exposure in respect of non-functional currency expenditure and revenues. The functional currency of the Group\u2019s operations is primarily the US dollar. Certain operating and capital expenditure is incurred by operations in currencies other than their functional currency. To a lesser extent, certain sales revenue is earned in currencies other than the US dollar, and certain exchange control restrictions may require funds to be maintained in other currencies. When required, the Group may enter into forward exchange contracts. The following table sets out the Group\u2019s principal foreign currency risks, by currency of denomination, arising from financial assets and liabilities:
US$M
FY25
FY24
Australian dollar
(796)
(779)
Brazilian real
(74)
(52)
Canadian dollar
110
37
Based on the Group\u2019s net financial assets and liabilities as at 30 June, a weakening of the US dollar against the currencies as illustrated in the table below, with all other variables held constant, would impact the Group, as follows:
Other comprehensive income,
Profit/(loss) after tax net of tax
US$M
FY25
FY24
FY25
FY24
10% strengthening in Australian dollar
(56)
(55)
\u2013
\u2013
10% strengthening in Brazilian real
(7)
(5)
\u2013
\u2013
10% strengthening in Canadian dollar
3
4
8
4
Commodity price risk Contracts for the sale and physical delivery of commodities are executed whenever possible on a pricing basis intended to achieve a relevant index target. Where pricing terms deviate from the index, the Group may choose to use derivative commodity contracts to realise the index price. Contracts for the physical delivery of commodities are not typically financial instruments and are not recognised on the Consolidated balance sheet. Other financial assets and financial liabilities of the Group which are exposed to commodity price risks include the Shareholder loan receivable from Sierra Gorda, refer to part (b) Financial risk management objectives and policies, (iii) Credit risk section, of this note, and contingent consideration receivable and contingent consideration payable amounts held at FVTPL, refer to part (a) Fair value measurement of this note. Provisionally priced commodity sales and purchases contracts Provisionally priced sale and purchase contracts are those for which price finalisation, referenced to the relevant index, is outstanding at the reporting date. Provisional pricing mechanisms embedded within these sale and purchase arrangements have the character of a commodity derivative and are carried at FVTPL as part of trade receivables or trade creditors. Fair value movements on provisionally priced sale contracts are disclosed as other revenue in the Group\u2019s segment results, refer to note 4(b) Segment results. The Group\u2019s exposure at 30 June 2025 to the impact of movements in commodity prices on provisionally invoiced sale and purchase volumes was predominantly around nickel, silver, lead, zinc, aluminium and alumina. The Group had 2.8kt of nickel, 1.6Moz of silver, 18.0kt of lead, 3.9kt of zinc, 6.7kt of aluminium and 16.1kt of alumina exposure at 30 June 2025 (FY24: 4.3kt of nickel, 1.8Moz of silver, 19.2kt of lead, 9.7kt of zinc, 11.2kt of aluminium and 25.8kt of alumina) that was provisionally priced. The final price of these sales or purchases will be determined during the first half of FY26. A 10 per cent change in the realised price of these commodities, with all other factors held constant, would increase or decrease profit/(loss) after tax by US$14 million (FY24: US$19 million). The relationship between commodity prices and foreign currencies is complex and foreign exchange rates and commodity prices may move concurrently in response to market conditions. These sensitivities should therefore be used with care. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-554": { "value": "(ii) Liquidity risk The Group\u2019s liquidity risk arises from the possibility that it may not be able to settle or meet its obligations as they fall due. Operational, capital and regulatory requirements are considered in the management of liquidity risk, in conjunction with short and long-term forecast information. In line with the Group's policy on counterparty credit exposure, the Group only uses counterparties of a high credit standing for the investment of any excess cash. The entities in the Group are funded by a combination of cash generated by the Group\u2019s operations, working capital facilities and intercompany loans provided by the Group. Intercompany loans may be funded by a combination of cash, short and long-term debt. Details of the Group\u2019s major standby arrangement are as follows:
FY25
US$M
Available
Used
Unused
Revolving credit facility
1
1,400
\u2013
1,400
1. The Group has an undrawn revolving credit facility which expires in December 2028.
Maturity profile of financial liabilities
The maturity profiles of financial liabilities, based on the contractual amounts, are as follows:
On demand or
FY25 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
798
798
798
\u2013
\u2013
Senior unsecured notes
693
913
30
122
761
Lease liabilities
713
1,112
145
364
603
Other interest bearing liabilities
228
230
175
55
\u2013
Other financial liabilities - contingent consideration payable
78
83
\u2013
83
\u2013
Total
2,510
3,136
1,148
624
1,364
1. Excludes current input taxes of US$4 million included in other creditors. Refer to note 14 Trade and other payables.
On demand or
FY24 Carrying less than 1 More than 5
US$M
amount
Total
year
1 to 5 years
years
Trade and other payables
1
785
785
784
1
\u2013
Senior unsecured notes
692
944
30
122
792
Lease liabilities
672
1,104
111
337
656
Other interest bearing liabilities
202
205
165
40
\u2013
Other financial liabilities - contingent consideration payable
17
22
\u2013
22
\u2013
Total
2,368
3,060
1,090
522
1,448
1. Excludes current input taxes of US$20 million and non-current input and other taxes of US$1 million included in other creditors. Refer to note 14 Trade and other payables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-555": { "value": "(iii) Credit risk Credit risk management The Group has credit risk management policies in place covering the credit analysis, approvals and monitoring of counterparty exposures. As part of these processes the ongoing creditworthiness of counterparties is regularly assessed. Credit limits are established for customers and reviewed annually or with the release of new information materially impacting the customer\u2019s creditworthiness. Mitigation methods are defined and implemented for higher-risk counterparties to protect revenues, with more than half of the Group\u2019s sales of physical commodities occurring via secured payment terms including prepayments, letters of credit, guarantees and other risk mitigation instruments. Mitigation methods include credit exposure management and overdue accounts monitoring. In addition, leading key risk indicators are actively monitored for all customers to identify any emerging risks. There are no material concentrations of credit risk, either with individual counterparties or groups of counterparties, by industry or geography. The carrying amounts of financial assets represent the maximum credit exposure. Expected credit losses Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of financials assets. The Group\u2019s investment in the Sierra Gorda operation is represented by the carrying value of an equity accounted investment of US$212 million (FY24: US$94 million), and the carrying value of a purchased credit-impaired receivable of US$1,774 million (FY24: US$1,814 million) classified as a loan to an equity accounted investment within trade and other receivables on the Consolidated balance sheet. The loan has a contractual interest rate of 8 per cent and the repayment of the loan by the Sierra Gorda operation is dependent on its financial performance. At 30 June 2025, the Group updated its estimated timing of the loan repayments and as a result recognised an impairment of US$27 million (FY24: impairment of US$29 million) which is included in expenses excluding finance costs in the Consolidated income statement. The net present value of the expected future cash flows of the loan was determined as US$1,774 million (FY24: US$1,814 million) using a measurement methodology consistent with a Level 3 fair value based on the inputs in the valuation technique. The following table shows the movement in the carrying amount of this receivable:
US$M
FY25
FY24
At the beginning of the year
1,814
1,711
Interest accrued
163
159
Net impairment
(27)
(29)
Repayment of accrued interest
(176)
(27)
At the end of the year
1,774
1,814
The future loan repayments were informed by a production profile and costs based on management\u2019s planning processes. Refer to the Mineral Resources and Ore Reserves section of note 2(c) for further information on the estimates which underpin the production profile. An effective interest rate of 9 per cent, as determined on the date of acquisition, was applied to discount the future loan repayments. Determining the net present value requires management to make certain key estimates, assumptions and judgements, which are consistent with those outlined in note 13 Impairment of non-financial assets. The net present value of the expected future cash flows of the loan is most sensitive to the copper price assumption, with the copper price forecasts used within the range of US$4.36/lb - US$4.82/lb, in real terms, as published by market commentators. The following table illustrates the sensitivity of the net present value of the loan to a reasonable possible change in the copper price assumption, based on changing this assumption by 10 per cent while holding all other variables constant.
FY25 Impact on profit/(loss) after tax
US$M
Face value
Carrying value
Favourable
Unfavourable
Trade and other receivables
Loans to equity accounted investments
2,228
1,774
62
(110)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-600": { "value": "Impairment allowances are based on a forward-looking expected credit loss model. For trade receivables, the Group uses the simplified approach to recognise impairments based on the lifetime expected credit loss. For other receivables, the Group applies the general approach and recognises impairments based on a 12-month expected credit loss. Exposures are grouped by external credit rating and security options and an expected credit loss rate is calculated accordingly. Where applicable, actual credit loss experience is also taken into account. For remaining receivables without an external credit rating or security option, a rating of BB (S&P Global Ratings) is used, on the basis that there is no support that it is investment grade, nor is there any evidence of default. Shareholder loan receivable from Sierra Gorda Purchased credit-impaired financial assets are initially recognised at fair value. They are subsequently measured at amortised cost using the credit-adjusted effective interest method, less an allowance for changes in lifetime expected credit losses since initial recognition. The credit-adjusted effective interest rate is determined at initial recognition and not amended for subsequent changes to lifetime expected credit losses since acquisition. Changes in lifetime expected credit losses are recognised as impairment and reversals of impairment of financials assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-556": { "value": "(c) Capital management The Group allocates capital in line with its strategy and capital management framework. The Group\u2019s priorities for allocating capital are to: \u2013 Maintain safe and reliable operations and an investment grade credit rating through the cycle; \u2013 Distribute to shareholders a minimum of 40 per cent of Underlying earnings attributable to equity holders of South32 Limited as dividends following each six-month reporting period; and \u2013 Maximise total shareholder returns through competition for excess capital, which may include special dividends, share buy-backs and other high return investment opportunities.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-519": { "value": "
20. Share capital
FY25
FY24
Shares
US$M
Shares
US$M
Share capital
At the beginning of the year
4,529,258,568
13,216
4,545,413,695
13,251
Shares bought back and cancelled
(25,623,447)
(56)
(16,155,127)
(35)
At the end of the year
4,503,635,121
13,160
4,529,258,568
13,216
Treasury shares
At the beginning of the year
(15,687,464)
(43)
(17,263,473)
(51)
Purchase of shares by ESOP Trusts
(3,968,685)
(10)
(4,345,048)
(11)
Employee share awards vested
9,936,644
28
5,921,057
19
At the end of the year
(9,719,505)
(25)
(15,687,464)
(43)
Shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares
held. On a show of hands every holder of shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each
share is entitled to one vote. Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised
as a deduction from equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-532": { "value": "20. Share capital
FY25
FY24
Shares
US$M
Shares
US$M
Share capital
At the beginning of the year
4,529,258,568
13,216
4,545,413,695
13,251
Shares bought back and cancelled
(25,623,447)
(56)
(16,155,127)
(35)
At the end of the year
4,503,635,121
13,160
4,529,258,568
13,216
Treasury shares
At the beginning of the year
(15,687,464)
(43)
(17,263,473)
(51)
Purchase of shares by ESOP Trusts
(3,968,685)
(10)
(4,345,048)
(11)
Employee share awards vested
9,936,644
28
5,921,057
19
At the end of the year
(9,719,505)
(25)
(15,687,464)
(43)
Shares entitle the holder to participate in dividends and the proceeds on winding up of the Company in proportion to the number of shares held. On a show of hands every holder of shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote. Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised as a deduction from equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-586": { "value": "Incremental costs directly attributable to the issuance of shares, net of any income tax effects, are recognised as a deduction from equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-520": { "value": "21. Auditor's remuneration The auditor of the Group is KPMG.
US$'000
FY25
FY24
Fees payable to the Group's auditor for assurance services
Audit and review of financial statements
4,052
4,446
Other assurance services
1
767
823
Total auditor\u2019s remuneration
4,819
5,269
1. Primarily comprises assurance services in respect of the Group's sustainability and tax reporting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-494": { "value": "
22. Employee share ownership plans
At 30 June 2025, the Group had the following employee share ownership plans:
Plan
Overview
Vesting conditions
1
Vesting dates
Long-Term Incentive Plan
2
Recurring long-term incentive plan for Lead Awards subject to performance and service August 2025
(FY22 - FY25)
Team members. conditions over a four-year vesting period. August 2026
August 2027
August 2028
Deferred Short-Term
Recurring short-term incentive plan for Lead Awards subject to service conditions over a two- August 2025
Incentive Plan
2
Team members. year vesting period. August 2026
(FY23, FY24)
Management Share Plan
3
Recurring long-term incentive plan for eligible Retention rights: Awards subject to service August 2025
(FY22 - FY25)
employees below the Lead Team. The conditions over a three-year vesting period. August 2026
Management Share Plan comprises retention Performance rights: Awards subject to August 2027
rights and performance rights. performance and service conditions over a four- August 2028
year vesting period.
AllShare Plan
4
Recurring employee share plan for employees Awards subject to service conditions over a
August 2025
(2022 - 2024)
not eligible to participate in the other employee three-year vesting period in Africa and a two-
August 2026
share plans. Awards to the value of at least year vesting period elsewhere.
August 2027
US$1,250 per employee are granted annually.
Executive Transitional
A one-off grant made to Lead Team members in Awards subject to performance and service August 2026
Award Plan
5
recognition of their adjustment from the conditions over a three-year vesting period. August 2027
(FY24,
FY25)
Management Share Plan (three-year retention
rights and four-year performance rights) to the
four-year plan at the Group.
Management Share Plan
One-off grants made to employees on joining Awards subject to service and/or performance August 2025
Sign-on Award
6
the Group. Awards may comprise retention conditions over various vesting periods. August 2026
(FY25)
rights and/or performance rights. August 2027
1. Performance conditions are based on performance for the year ended 30 June of the relevant year prior to the vesting date.
2. Awards granted on 6 December 2021, 8 December 2022, 4 December 2023 and 3 December 2024.
3. Awards granted on 6 December 2021, 9 May 2022, 8 December 2022, 15 May 2023, 4 December 2023, 7 May 2024, 3 December 2024 and 6 May 2025.
4. Awards granted on 8 December 2022, 4 December 2023 and 3 December 2024.
5. Awards granted on 4 December 2023 and 3 December 2024.
6. Awards granted on 3 December 2024.
Awards may be granted annually subject to approval by shareholders at the annual general meeting for awards to the Chief Executive
Officer, and by the Board of Directors, for all other awards. All awards take the form of rights to receive one share in South32 Limited for
each right granted, subject to Board of Directors discretion and performance and/or service conditions being met.
Performance conditions include total shareholder return relative to peer groups, climate change, and portfolio management performance
hurdles. Further information on the vesting conditions of performance rights granted in FY25 is disclosed in the Remuneration Report.
A portion of the 2022, 2023 and 2024 AllShare Plan awards (participants located in Colombia and Mozambique) take the form of rights to
receive a cash payment equivalent to the value of South32 Limited shares at the time of payment. Employees in Africa are granted rights
on the JSE and all other employees are granted rights on the ASX.
Awards do not confer any dividend or voting rights until they convert into shares at vesting. In addition, the awards do not confer any rights
to participate in a share issue, however, there is discretion under the plans to adjust the awards in response to a variation in South32
Limited\u2019s share capital.
The FY24 Deferred Short-term Incentive Plan and the AllShare JSE Plan are eligible to receive a payment equal to the dividend amount that
would have been earned on the underlying shares awarded to those participants (a Dividend Equivalent Payment). The Dividend Equivalent
Payment is made in cash to participants once the underlying shares are issued or transferred to them. No Dividend Equivalent Payment is
made in respect of awards that have lapsed or have been forfeited. No other awards are eligible for a Dividend Equivalent Payment.
(a) Employee Share Ownership Plan Trusts The South32 Limited Employee Incentive Plan Trust (the Australian Trust) and the South32 South African AllShare Trust (the South African Trust) are discretionary trusts for the benefit of employees of South32 Limited and its subsidiaries. The trustee for the Australian Trust (CPU Share Plans Pty Ltd) is an independent company, resident in Australia. The trustees for the South African Trust are made up of employer and employee representatives per the Broad-Based Black Economic Empowerment (B-BBEE) requirements under South African law. The Trusts use funds provided by South32 Limited and/or its subsidiaries to acquire shares to enable awards to be made or satisfied under the Group employee share ownership plans. Shares may be acquired by purchase in the market or by subscription at not less than nominal value. (b) Measurement of fair values The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the employee share awards reserve. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other non-market-based performance rights is measured using a Black Scholes methodology. The models considers the following: \u2013 Expected life of the award; \u2013 Current market price of the underlying shares; \u2013 Expected volatility (of the individual company and of each peer group); \u2013 Expected dividends; \u2013 Risk-free interest rate; and \u2013 Market based performance hurdles (performance rights only). The inputs used in the measurement of the fair values at grant date of the equity-settled share-based payment plans were as follows:
Risk-free
interest rate
Fair value at Share price at based on
grant date grant date Expected Expected life government
FY25 (US$) (US$) volatility (%) (in years) bonds (%)
Recurring plans
FY25 Long-Term Incentive Plan
1.48
2.34
35
4
3.28
FY24 Deferred Short-Term Incentive Plan
2.43
2.34
35
2
3.81
FY25 Management Share Plan - Retention rights
2.17 - 2.22
1.83 - 2.36
35
3
3.77 - 7.81
FY25 Management Share Plan - Performance rights
1.45 - 1.48
1.83 - 2.36
35
4
3.28 - 7.53
2024
AllShare Plan
2.29 - 2.37
2.34 - 2.36
35
2 - 3
3.81 - 7.81
Transitional and other plans
FY25 Executive Transitional Award Plan
1.27
2.34
35
3
3.77
FY25 Management Share Plan Sign-on Award - Retention rights
2.29 - 2.38
2.34
35
1 - 2
3.81 - 4.58
FY25 Management Share Plan Sign-on Award - Performance rights
1.19 - 1.27
2.34
35
2 - 3
3.77 - 3.81
The fair value at grant date, expected life, and risk-free interest rates shown represent the ranges based on the amounts of rights granted on the ASX or the JSE during the year, and the variations in offer terms and grant dates of each plan where applicable. Expected volatility is based on the historical South32 Limited share price volatility at the grant date. The risk-free interest rate and expected volatility does not materially impact service-based awards.
(c) Reconciliation of outstanding share awards
None of the awards listed below have an exercise price or are exercisable at 30 June 2025.
Rights at Granted Forfeited
FY25 beginning of during the Vested during during the Lapsed during Rights at end
Number of rights the year year the year year the year of the year
Recurring plans
Long-Term Incentive Plan
15,337,353
3,368,928
(2,094,476)
(410,903)
(4,188,960)
12,011,942
Deferred Short-Term Incentive Plan
2,031,995
1,271,766
(1,063,491)
\u2013
\u2013
2,240,270
Management Share Plan - Retention rights
5,534,876
2,378,614
(1,972,561)
(486,159)
\u2013
5,454,770
Management Share Plan - Performance rights
16,230,818
3,985,217
(2,175,504)
(1,176,028)
(4,408,911)
12,455,592
AllShare Plan
11,052,410
4,836,220
(4,955,080)
(480,270)
\u2013
10,453,280
Transitional and other plans
Executive Transitional Award Plan
280,687
86,341
(137,369)
(57,759)
\u2013
171,900
Management Share Plan Sign-on Award - Retention rights
\u2013
103,600
\u2013
\u2013
\u2013
103,600
Management Share Plan Sign-on Award - Performance
rights
\u2013
42,000
\u2013
\u2013
\u2013
42,000
Total awards
50,468,139
16,072,686
(12,398,481)
(2,611,119)
(8,597,871)
42,933,354
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-601": { "value": "(b) Measurement of fair values The fair value at grant date of equity-settled share awards is charged to the Consolidated income statement, net of tax, over the period for which the benefits of employee services are expected to be derived. The corresponding accrued employee entitlement is recorded in the employee share awards reserve. Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. The fair value of market-based performance rights is measured using a Monte Carlo methodology and the fair value of retention and other non-market-based performance rights is measured using a Black Scholes methodology. The models considers the following: \u2013 Expected life of the award; \u2013 Current market price of the underlying shares; \u2013 Expected volatility (of the individual company and of each peer group); \u2013 Expected dividends; \u2013 Risk-free interest rate; and \u2013 Market based performance hurdles (performance rights only). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-587": { "value": "Where awards are forfeited because non-market based vesting conditions are not satisfied, the expense previously recognised is proportionally reversed. If awards do not vest due to a market performance condition not being met, the expense is recognised in full, and the share awards reserve is released to retained earnings. Where shares in South32 Limited are acquired by on-market purchases prior to settling the vested entitlement, the cost of the acquired shares is carried as treasury shares and deducted from equity. Where awards are settled through the delivery of acquired shares, any difference between the acquisition cost and the cumulative remuneration expense recognised is charged directly to retained earnings, net of tax. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-495": { "value": "
23. Contingent assets and liabilities
Contingent assets and liabilities not otherwise provided for in the consolidated financial statements are as follows:
US$M
FY25
FY24
Actual or potential litigation
318
342
Total contingent liabilities
318
342
Actual or potential litigation
15
102
Total contingent assets
15
102
Actual or potential litigation liabilities primarily relate to numerous tax assessments or matters relating to transactions in prior years in
Colombia and Brazil.
The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time
there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The
Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable
estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been
disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or
circumstances change.
The Group has entered into various counter-indemnities for bank and performance guarantees related to its own future performance
which are in the normal course of business. Additionally, the Group has provided indemnities against certain liabilities as part of
agreements for the disposal of business operations. The Group considers the likelihood of a material liability arising from the indemnities
provided as remote.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-533": { "value": "23. Contingent assets and liabilities Contingent assets and liabilities not otherwise provided for in the consolidated financial statements are as follows:
US$M
FY25
FY24
Actual or potential litigation
318
342
Total contingent liabilities
318
342
Actual or potential litigation
15
102
Total contingent assets
15
102
Actual or potential litigation liabilities primarily relate to numerous tax assessments or matters relating to transactions in prior years in Colombia and Brazil. The Group\u2019s operations are subject to complex legislative regimes, including various environmental laws and regulations. From time to time there may be legal and regulatory claims, or potential claims, that have arisen in the course of business against entities in the Group. The Group only recognises amounts as liabilities when they are probable, or as contingencies when they are possible, and only where a reliable estimate can be made. The Group is not aware of any non-compliance or potential claims that are unrecognised, or have not been disclosed, which are expected to result in a material financial impact. Such disclosures are adjusted as new information develops or circumstances change. The Group has entered into various counter-indemnities for bank and performance guarantees related to its own future performance which are in the normal course of business. Additionally, the Group has provided indemnities against certain liabilities as part of agreements for the disposal of business operations. The Group considers the likelihood of a material liability arising from the indemnities provided as remote.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-521": { "value": "
24. Subsidiaries
The Group's material subsidiaries are as follows:
Country of Effective interest %
Material subsidiaries
incorporation
Principal activity
FY25
FY24
African Metals (Pty) Ltd
South Africa
Investment holding company
100
100
Cerro Matoso S.A.
1
Colombia
Integrated laterite ferronickel mining and smelting complex
99.9
99.9
Dendrobium Coal Pty Ltd
2
Australia
Metallurgical coal mine
\u2013
100
Endeavour Coal Pty Limited
2
Australia
Metallurgical coal mine
\u2013
100
Hillside Aluminium (Pty) Ltd
South Africa
Aluminium smelter
100
100
Illawarra Coal Holdings Pty Ltd
2
Australia
Investment holding company
\u2013
100
Illawarra Services Proprietary Limited
2
Australia
Coal washery, rail and road transportation
\u2013
100
South32 Aluminium (Holdings) Pty Ltd
Australia
Investment holding company
100
100
South32 Aluminium (RAA) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Aluminium (Worsley) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Cannington Proprietary Limited
Australia
Silver, lead and zinc mine
100
100
South32 Eagle Downs Pty Ltd
2
Australia
Interest in a joint operation
\u2013
100
South32 Finance 1 B.V.
Netherlands
Financing company
100
100
South32 Finance 2 B.V.
Netherlands
Financing company
100
100
South32 Group Operations Pty Ltd
Australia
Administrative, management and support services
100
100
South32 Hermosa Inc.
United States
Base metals exploration and development project
100
100
South32 Investment 1 B.V.
Netherlands
Interest in a joint operation
100
100
South32 Marketing Pte. Ltd.
Singapore
Sales, marketing and distribution
100
100
South32 Minerals SA
Brazil
Interest in a joint operation
100
100
South32 SA Investments Limited
United
Investment holding company
100
100
Kingdom
South32 Sierra Gorda SpA
Chile
Investment holding company
100
100
South32 Treasury Limited
Australia
Financing company
100
100
South32 USA Exploration Inc.
United States
Interest in a joint operation and exploration
100
100
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations.
2. Refer to note 31 Disposal of subsidiaries and joint operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-496": { "value": "24. Subsidiaries The Group's material subsidiaries are as follows:
Country of Effective interest %
Material subsidiaries
incorporation
Principal activity
FY25
FY24
African Metals (Pty) Ltd
South Africa
Investment holding company
100
100
Cerro Matoso S.A.
1
Colombia
Integrated laterite ferronickel mining and smelting complex
99.9
99.9
Dendrobium Coal Pty Ltd
2
Australia
Metallurgical coal mine
\u2013
100
Endeavour Coal Pty Limited
2
Australia
Metallurgical coal mine
\u2013
100
Hillside Aluminium (Pty) Ltd
South Africa
Aluminium smelter
100
100
Illawarra Coal Holdings Pty Ltd
2
Australia
Investment holding company
\u2013
100
Illawarra Services Proprietary Limited
2
Australia
Coal washery, rail and road transportation
\u2013
100
South32 Aluminium (Holdings) Pty Ltd
Australia
Investment holding company
100
100
South32 Aluminium (RAA) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Aluminium (Worsley) Pty Ltd
Australia
Interest in a joint operation
100
100
South32 Cannington Proprietary Limited
Australia
Silver, lead and zinc mine
100
100
South32 Eagle Downs Pty Ltd
2
Australia
Interest in a joint operation
\u2013
100
South32 Finance 1 B.V.
Netherlands
Financing company
100
100
South32 Finance 2 B.V.
Netherlands
Financing company
100
100
South32 Group Operations Pty Ltd
Australia
Administrative, management and support services
100
100
South32 Hermosa Inc.
United States
Base metals exploration and development project
100
100
South32 Investment 1 B.V.
Netherlands
Interest in a joint operation
100
100
South32 Marketing Pte. Ltd.
Singapore
Sales, marketing and distribution
100
100
South32 Minerals SA
Brazil
Interest in a joint operation
100
100
South32 SA Investments Limited
United
Investment holding company
100
100
Kingdom
South32 Sierra Gorda SpA
Chile
Investment holding company
100
100
South32 Treasury Limited
Australia
Financing company
100
100
South32 USA Exploration Inc.
United States
Interest in a joint operation and exploration
100
100
1. Refer to note 30 Assets and liabilities held for sale and discontinued operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations. 25. Equity accounted investments The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY25
FY24
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities. 2. Australia Manganese consists of an investment in GEMCO. 3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of Hotazel Manganese Mines (Pty) Ltd (HMM), which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd. 5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera. A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY25
FY24
At the beginning of the year
396
499
Share of profit/(loss)
1
99
(60)
Share of other comprehensive income
1
\u2013
Dividends received
(2)
(90)
Investments
96
53
Reclassified as held for sale
2
\u2013
(6)
At the end of the year
590
396
1. FY24 includes share of profit/(loss) relating to discontinued operations of US$(1) million. Refer to note 31 Disposal of subsidiaries and joint operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations.
Carrying amount of equity accounted investments
US$M
FY25
FY24
Australia Manganese
67
29
South Africa Manganese
236
189
Manganese Marketing
60
64
Sierra Gorda
212
94
Individually immaterial
1
15
20
Total
590
396
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent).
Share of profit/(loss) of equity accounted investments
US$M
FY25
FY24
Australia Manganese
(58)
(44)
South Africa Manganese
47
15
Manganese Marketing
(1)
6
Sierra Gorda
118
(6)
Individually immaterial
1
(7)
(30)
Total
99
(59)
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY25 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Net assets - the Group's share
67
236
60
212
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Profit/(loss) after tax - the Group's share
(58)
47
(1)
118
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit (excluding royalty related tax)
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY24 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
271
255
125
584
Non-current assets
792
567
67
4,688
Current liabilities
(118)
(129)
(86)
(769)
Non-current liabilities
(897)
(268)
\u2013
(4,295)
Net assets - 100%
48
425
106
208
Net assets - the Group's share
29
189
64
94
Carrying amount of equity accounted investments
29
189
64
94
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
649
515
1,318
1,438
Profit/(loss) after tax - 100%
(73)
27
10
(13)
Profit/(loss) after tax - the Group's share
(44)
15
6
(6)
Share of profit/(loss) of equity accounted investments
(44)
15
6
(6)
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
43
\u2013
160
Current financial liabilities (excluding trade and other payables and provisions)
(9)
(29)
\u2013
(426)
Non-current financial liabilities (excluding trade and other payables and provisions)
(290)
(9)
\u2013
(4,156)
Depreciation and amortisation
(195)
(32)
(5)
(294)
Interest income
5
5
5
6
Interest expense
(58)
(36)
\u2013
(421)
Income tax (expense)/benefit (excluding royalty related tax)
6
(14)
(3)
1
Royalty related tax (expense)/benefit
(19)
\u2013
\u2013
(19)
1. The financial information presented includes sales and purchases between Manganese Marketings, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$43 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements. The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2025 was US$59 million (FY24: US$75 million). The material equity accounted investments had no contingent liabilities as at 30 June 2025 (FY24: the Group's share was US$1 million). 26. Interests in joint operations The Group's material interests in joint operations are as follows:
Material joint Country of Effective Interest %
operations
operation
Principal activity
FY25
FY24
Ambler Metals
United States
Base metals exploration and development options
50
50
Brazil Alumina
Brazil
Integrated bauxite mine and alumina refinery
36
36
Brazil Aluminium
Brazil
Aluminium smelter
40
40
Eagle Downs Metallurgical Coal
1
Australia
Metallurgical coal exploration and development option
\u2013
50
Mozal Aluminium
2
Mozambique
Aluminium smelter
63.7
63.7
Worsley Alumina
2
Australia
Integrated bauxite mine and alumina refinery
86
86
1. Refer to note 31 Disposal of subsidiaries and joint operations. 2. While the Group holds a greater than 50 per cent interest in Worsley Alumina and Mozal Aluminium, participants jointly approve certain matters and are entitled to receive their share of output from the arrangement. The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-522": { "value": "
25. Equity accounted investments
The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY25
FY24
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities.
2. Australia Manganese consists of an investment in GEMCO.
3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of Hotazel Manganese Mines (Pty) Ltd (HMM), which gives
the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance
with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at
54.6 per cent.
4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd.
5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera.
A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY25
FY24
At the beginning of the year
396
499
Share of profit/(loss)
1
99
(60)
Share of other comprehensive income
1
\u2013
Dividends received
(2)
(90)
Investments
96
53
Reclassified as held for sale
2
\u2013
(6)
At the end of the year
590
396
1. FY24 includes share of profit/(loss) relating to discontinued operations of US$(1) million. Refer to note 31 Disposal of subsidiaries and joint operations.
2. Refer to note 31 Disposal of subsidiaries and joint operations.
Carrying amount of equity accounted investments
US$M
FY25
FY24
Australia Manganese
67
29
South Africa Manganese
236
189
Manganese Marketing
60
64
Sierra Gorda
212
94
Individually immaterial
1
15
20
Total
590
396
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent).
Share of profit/(loss) of equity accounted investments
US$M
FY25
FY24
Australia Manganese
(58)
(44)
South Africa Manganese
47
15
Manganese Marketing
(1)
6
Sierra Gorda
118
(6)
Individually immaterial
1
(7)
(30)
Total
99
(59)
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent).
The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY25 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Net assets - the Group's share
67
236
60
212
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Profit/(loss) after tax - the Group's share
(58)
47
(1)
118
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit (excluding royalty related tax)
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively.
2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY24 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
271
255
125
584
Non-current assets
792
567
67
4,688
Current liabilities
(118)
(129)
(86)
(769)
Non-current liabilities
(897)
(268)
\u2013
(4,295)
Net assets - 100%
48
425
106
208
Net assets - the Group's share
29
189
64
94
Carrying amount of equity accounted investments
29
189
64
94
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
649
515
1,318
1,438
Profit/(loss) after tax - 100%
(73)
27
10
(13)
Profit/(loss) after tax - the Group's share
(44)
15
6
(6)
Share of profit/(loss) of equity accounted investments
(44)
15
6
(6)
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
43
\u2013
160
Current financial liabilities (excluding trade and other payables and provisions)
(9)
(29)
\u2013
(426)
Non-current financial liabilities (excluding trade and other payables and provisions)
(290)
(9)
\u2013
(4,156)
Depreciation and amortisation
(195)
(32)
(5)
(294)
Interest income
5
5
5
6
Interest expense
(58)
(36)
\u2013
(421)
Income tax (expense)/benefit (excluding royalty related tax)
6
(14)
(3)
1
Royalty related tax (expense)/benefit
(19)
\u2013
\u2013
(19)
1. The financial information presented includes sales and purchases between Manganese Marketings, and Australia Manganese and South Africa Manganese respectively.
2. South Africa Manganese cash and cash equivalents include US$43 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively.
The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2025 was US$59 million
(FY24: US$75 million). The material equity accounted investments had no contingent liabilities as at 30 June 2025 (FY24: the Group's share
was US$1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-534": { "value": "25. Equity accounted investments The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY25
FY24
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities. 2. Australia Manganese consists of an investment in GEMCO. 3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of Hotazel Manganese Mines (Pty) Ltd (HMM), which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd. 5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera. A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY25
FY24
At the beginning of the year
396
499
Share of profit/(loss)
1
99
(60)
Share of other comprehensive income
1
\u2013
Dividends received
(2)
(90)
Investments
96
53
Reclassified as held for sale
2
\u2013
(6)
At the end of the year
590
396
1. FY24 includes share of profit/(loss) relating to discontinued operations of US$(1) million. Refer to note 31 Disposal of subsidiaries and joint operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations.
Carrying amount of equity accounted investments
US$M
FY25
FY24
Australia Manganese
67
29
South Africa Manganese
236
189
Manganese Marketing
60
64
Sierra Gorda
212
94
Individually immaterial
1
15
20
Total
590
396
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent).
Share of profit/(loss) of equity accounted investments
US$M
FY25
FY24
Australia Manganese
(58)
(44)
South Africa Manganese
47
15
Manganese Marketing
(1)
6
Sierra Gorda
118
(6)
Individually immaterial
1
(7)
(30)
Total
99
(59)
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY25 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Net assets - the Group's share
67
236
60
212
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Profit/(loss) after tax - the Group's share
(58)
47
(1)
118
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit (excluding royalty related tax)
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY24 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
271
255
125
584
Non-current assets
792
567
67
4,688
Current liabilities
(118)
(129)
(86)
(769)
Non-current liabilities
(897)
(268)
\u2013
(4,295)
Net assets - 100%
48
425
106
208
Net assets - the Group's share
29
189
64
94
Carrying amount of equity accounted investments
29
189
64
94
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
649
515
1,318
1,438
Profit/(loss) after tax - 100%
(73)
27
10
(13)
Profit/(loss) after tax - the Group's share
(44)
15
6
(6)
Share of profit/(loss) of equity accounted investments
(44)
15
6
(6)
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
43
\u2013
160
Current financial liabilities (excluding trade and other payables and provisions)
(9)
(29)
\u2013
(426)
Non-current financial liabilities (excluding trade and other payables and provisions)
(290)
(9)
\u2013
(4,156)
Depreciation and amortisation
(195)
(32)
(5)
(294)
Interest income
5
5
5
6
Interest expense
(58)
(36)
\u2013
(421)
Income tax (expense)/benefit (excluding royalty related tax)
6
(14)
(3)
1
Royalty related tax (expense)/benefit
(19)
\u2013
\u2013
(19)
1. The financial information presented includes sales and purchases between Manganese Marketings, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$43 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements. The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2025 was US$59 million (FY24: US$75 million). The material equity accounted investments had no contingent liabilities as at 30 June 2025 (FY24: the Group's share was US$1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-545": { "value": "25. Equity accounted investments The Group\u2019s material interests in equity accounted investments are as follows:
Ownership interest %
Material joint ventures
Country of incorporation
Principal activity
FY25
FY24
Australia Manganese
1,2
Australia
Manganese ore mine
60
60
South Africa Manganese
1,3
South Africa
Manganese ore mines
60
60
Manganese Marketing
1,4
Singapore
Sales, marketing and distribution
60
60
Sierra Gorda
1,5
Chile
Copper mine
45
45
1. Joint control is contractually achieved as joint venture parties unanimously consent on decisions over the joint venture's relevant activities. 2. Australia Manganese consists of an investment in GEMCO. 3. The Group holds a 60 per cent interest in Samancor Holdings (Pty) Ltd (Samancor). Samancor indirectly owns 74 per cent of Hotazel Manganese Mines (Pty) Ltd (HMM), which gives the Group its indirect ownership interest of 44.4 per cent. Of the remaining 26 per cent of HMM, 17 per cent of the interests were acquired by B-BBEE entities using vendor finance with the loans repayable via distributions attributable to these parties, pro rata to their share in HMM. Until these loans are repaid, the Group's interest in HMM is accounted for at 54.6 per cent. 4. Manganese Marketing consists of an investment in Samancor Marketing Pte Ltd. 5. Sierra Gorda consists of an investment in Sierra Gorda Sociedad Contractual Minera. A reconciliation of the carrying amount of the equity accounted investments is set out below:
US$M
FY25
FY24
At the beginning of the year
396
499
Share of profit/(loss)
1
99
(60)
Share of other comprehensive income
1
\u2013
Dividends received
(2)
(90)
Investments
96
53
Reclassified as held for sale
2
\u2013
(6)
At the end of the year
590
396
1. FY24 includes share of profit/(loss) relating to discontinued operations of US$(1) million. Refer to note 31 Disposal of subsidiaries and joint operations. 2. Refer to note 31 Disposal of subsidiaries and joint operations.
Carrying amount of equity accounted investments
US$M
FY25
FY24
Australia Manganese
67
29
South Africa Manganese
236
189
Manganese Marketing
60
64
Sierra Gorda
212
94
Individually immaterial
1
15
20
Total
590
396
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent).
Share of profit/(loss) of equity accounted investments
US$M
FY25
FY24
Australia Manganese
(58)
(44)
South Africa Manganese
47
15
Manganese Marketing
(1)
6
Sierra Gorda
118
(6)
Individually immaterial
1
(7)
(30)
Total
99
(59)
1. Individually immaterial consists of an investment in Minera\u00e7\u00e3o Rio do Norte (33 per cent). The following table summarises the financial information relating to each material equity accounted investment:
Joint ventures
FY25 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
370
223
131
548
Non-current assets
860
604
60
4,858
Current liabilities
(183)
(119)
(91)
(336)
Non-current liabilities
(936)
(203)
\u2013
(4,598)
Net assets - 100%
111
505
100
472
Net assets - the Group's share
67
236
60
212
Carrying amount of equity accounted investments
67
236
60
212
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
61
541
710
1,850
Profit/(loss) after tax - 100%
(97)
79
(2)
261
Profit/(loss) after tax - the Group's share
(58)
47
(1)
118
Share of profit/(loss) of equity accounted investments
(58)
47
(1)
118
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
16
\u2013
123
Current financial liabilities (excluding trade and other payables and provisions)
(5)
(34)
\u2013
(22)
Non-current financial liabilities (excluding trade and other payables and provisions)
(277)
(23)
\u2013
(4,445)
Depreciation and amortisation
(29)
(37)
(7)
(364)
Interest income
4
6
3
5
Interest expense
(50)
(28)
\u2013
(425)
Income tax (expense)/benefit (excluding royalty related tax)
14
(5)
\u2013
(77)
Royalty related tax (expense)/benefit
5
\u2013
\u2013
(33)
1. The financial information presented includes sales and purchases between Manganese Marketing, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$14 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements.
Joint ventures
FY24 Australia South Africa Manganese
US$M
Manganese
1
Manganese
1
Marketing
Sierra Gorda
Reconciliation of the carrying amount of equity accounted investments
Current assets
271
255
125
584
Non-current assets
792
567
67
4,688
Current liabilities
(118)
(129)
(86)
(769)
Non-current liabilities
(897)
(268)
\u2013
(4,295)
Net assets - 100%
48
425
106
208
Net assets - the Group's share
29
189
64
94
Carrying amount of equity accounted investments
29
189
64
94
Reconciliation of share of profit/(loss) of equity accounted investments
Revenue - 100%
649
515
1,318
1,438
Profit/(loss) after tax - 100%
(73)
27
10
(13)
Profit/(loss) after tax - the Group's share
(44)
15
6
(6)
Share of profit/(loss) of equity accounted investments
(44)
15
6
(6)
Other balances of equity accounted investments presented on a 100% basis
Cash and cash equivalents
2
\u2013
43
\u2013
160
Current financial liabilities (excluding trade and other payables and provisions)
(9)
(29)
\u2013
(426)
Non-current financial liabilities (excluding trade and other payables and provisions)
(290)
(9)
\u2013
(4,156)
Depreciation and amortisation
(195)
(32)
(5)
(294)
Interest income
5
5
5
6
Interest expense
(58)
(36)
\u2013
(421)
Income tax (expense)/benefit (excluding royalty related tax)
6
(14)
(3)
1
Royalty related tax (expense)/benefit
(19)
\u2013
\u2013
(19)
1. The financial information presented includes sales and purchases between Manganese Marketings, and Australia Manganese and South Africa Manganese respectively. 2. South Africa Manganese cash and cash equivalents include US$43 million, on a 100 per cent basis, which is restricted by legal or contractual arrangements. The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. The Group\u2019s share of capital expenditure commitments of material equity accounted investments as at 30 June 2025 was US$59 million (FY24: US$75 million). The material equity accounted investments had no contingent liabilities as at 30 June 2025 (FY24: the Group's share was US$1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-557": { "value": "The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-562": { "value": "The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-565": { "value": "The Group uses the term \u2018equity accounted investments\u2019 to refer to associates and joint ventures collectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-523": { "value": "26. Interests in joint operations The Group's material interests in joint operations are as follows:
Material joint Country of Effective Interest %
operations
operation
Principal activity
FY25
FY24
Ambler Metals
United States
Base metals exploration and development options
50
50
Brazil Alumina
Brazil
Integrated bauxite mine and alumina refinery
36
36
Brazil Aluminium
Brazil
Aluminium smelter
40
40
Eagle Downs Metallurgical Coal
1
Australia
Metallurgical coal exploration and development option
\u2013
50
Mozal Aluminium
2
Mozambique
Aluminium smelter
63.7
63.7
Worsley Alumina
2
Australia
Integrated bauxite mine and alumina refinery
86
86
1. Refer to note 31 Disposal of subsidiaries and joint operations. 2. While the Group holds a greater than 50 per cent interest in Worsley Alumina and Mozal Aluminium, participants jointly approve certain matters and are entitled to receive their share of output from the arrangement. The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfJointOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-558": { "value": "26. Interests in joint operations The Group's material interests in joint operations are as follows:
Material joint Country of Effective Interest %
operations
operation
Principal activity
FY25
FY24
Ambler Metals
United States
Base metals exploration and development options
50
50
Brazil Alumina
Brazil
Integrated bauxite mine and alumina refinery
36
36
Brazil Aluminium
Brazil
Aluminium smelter
40
40
Eagle Downs Metallurgical Coal
1
Australia
Metallurgical coal exploration and development option
\u2013
50
Mozal Aluminium
2
Mozambique
Aluminium smelter
63.7
63.7
Worsley Alumina
2
Australia
Integrated bauxite mine and alumina refinery
86
86
1. Refer to note 31 Disposal of subsidiaries and joint operations. 2. While the Group holds a greater than 50 per cent interest in Worsley Alumina and Mozal Aluminium, participants jointly approve certain matters and are entitled to receive their share of output from the arrangement. The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-588": { "value": "The consolidated financial statements of the Group include its share of the assets and liabilities, and revenue and expenses, arising jointly or otherwise from those operations, and its revenue derived from the sale of its share of the output from the joint operation. All such amounts are measured in accordance with the terms of each arrangement, which are usually in proportion to the Group\u2019s interest in the joint operation. The assets in these joint operations are restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group. For certain joint operations, the Group has also either pledged, mortgaged or provided a cross charge to joint operation partners over assets within the joint operation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-497": { "value": "
27. Key management personnel
(a) Key management personnel compensation
FY24
US$\u2019000
FY25
Restated
1
Short-term employee benefits
6,659
6,634
Post-employment benefits
152
146
Other long-term benefits
2
37
103
Share-based payments
3,974
4,087
Total
10,822
10,970
1. Restated to reflect all leave taken during the year within other long-term employee benefits, previously reported as short-term employee benefits, consistent with the presentation in
the current year and the Remuneration Report.
2. Includes leave accrued and taken during the year.
(b) Transactions with key management personnel
There were no transactions with key management personnel during the year ended 30 June 2025 (FY24: US$nil).
(c) Loans to key management personnel
There were no loans with any key management personnel as at 30 June 2025 (FY24: US$nil).
(d) Transactions with key management personnel related entities
There were no transactions with entities controlled or jointly controlled by key management personnel and there were no outstanding
amounts with those entities as at 30 June 2025 (FY24: US$nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-559": { "value": "1. Restated to reflect all leave taken during the year within other long-term employee benefits, previously reported as short-term employee benefits, consistent with the presentation in the current year and the Remuneration Report. 30. Assets and liabilities held for sale and discontinued operations Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. Cerro Matoso In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX Holding B.V. for a nominal upfront consideration and contingent consideration of up to US$100 million, subject to customary working capital and net debt adjustments. The transaction is expected to complete in late H1 FY26, subject to the satisfaction or waiver of certain conditions. Cerro Matoso was reclassified as held for sale at 30 June 2025, and is presented separately on the Group's FY25 Consolidated balance sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A., 100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies. As a result of the reclassification, the Group assessed the recoverable value of the Cerro Matoso disposal group and recognised a pre-tax impairment of US$118 million, refer to note 13 Impairment of non-financial assets. Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group, Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
485
556
485
556
Other income
3
11
Expenses excluding finance costs
1
(549)
(783)
Operating profit/(loss) from a discontinued operation
(61)
(216)
Finance income
2
3
Finance costs
(15)
(6)
Net finance income/(costs)
(13)
(3)
Profit/(loss) before tax from a discontinued operation
(74)
(219)
Income tax (expense)/benefit
(17)
27
Profit/(loss) for the year from a discontinued operation
(91)
(192)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(91)
(192)
Basic earnings/(loss) per share (cents)
(2.0)
(4.2)
Diluted earnings/(loss) per share (cents)
(2.0)
(4.2)
1. Includes an impairment loss of US$118 million (FY24: US$264 million). Refer to note 13 Impairment of non-financial assets. The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
90
80
Net cash flows from investment activities
(30)
(34)
The major classes of assets and liabilities classified as held for sale are as follows:
US$M
FY25
Assets
Cash and cash equivalents
 80
Trade and other receivables
 39
Inventories
 112
Current tax assets
 5
Property, plant and equipment
 63
Intangible assets
 5
Other assets
 2
Total assets held for sale
 306
Liabilities
Trade and other payables
 75
Current tax payables
 3
Provisions
 186
Total liabilities directly associated with assets held for sale
 264
Net assets of disposal group classified as held for sale
 42
31. Disposal of subsidiaries and joint operations Illawarra Metallurgical Coal In February 2024, the Group announced its decision to enter into a binding agreement for the sale of its shareholding in Illawarra Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). The sale completed on 29 August 2024 and resulted in a loss on disposal of US$47 million. The sale consideration included an upfront and deferred cash consideration of US$1,300 million and contingent price-linked consideration of up to US$350 million. The consideration is subject to customary working capital, net debt and capital expenditure adjustments that is expected to be finalised during H1 FY26. Illawarra Metallurgical Coal was classified as held for sale and presented separately on the Group's FY24 Consolidated balance sheet. The disposal group represents the entire Illawarra Metallurgical Coal segment, which comprises Illawarra Coal Holdings Pty Ltd and its subsidiaries, a 16.7 per cent interest in the Port Kembla Coal Terminal, and certain associated external contractual arrangements held by South32 Marketing Pte Ltd which were novated to Illawarra Metallurgical Coal prior to completion. As a separate major component of the Group, Illawarra Metallurgical Coal has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
116
1,224
Third party products and services
28
237
144
1,461
Other income
\u2013
10
Expenses excluding finance costs
1
(97)
(832)
Loss on disposal of the discontinued operation
(47)
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(1)
Operating profit/(loss) from a discontinued operation
\u2013
638
Finance income
\u2013
2
Finance costs
(3)
(12)
Net finance income/(costs)
(3)
(10)
Profit/(loss) before tax from a discontinued operations
(3)
628
Income tax (expense)/benefit
(11)
(193)
Profit/(loss) for the year from a discontinued operation
(14)
435
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(14)
435
Basic earnings/(loss) per share (cents)
(0.3)
9.6
Diluted earnings/(loss) per share (cents)
(0.3)
9.6
1. Includes an impairment reversal in FY24 of US$197 million. Refer to note 13 Impairment of non-financial assets. The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
86
358
Net cash flows from investment activities
880
(345)
Net cash flows from financing activities
(1)
(5)
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY25
Consideration
Upfront consideration, net of transaction costs
1,010
Deferred consideration
1
170
Contingent price-linked consideration
2
115
Total consideration
 1,295
Net assets disposed of
Cash and cash equivalents
17
Trade and other receivables
 94
Inventories
 166
Property, plant and equipment
 1,577
Equity accounted investments
 6
Other assets
 10
Trade and other payables
 (199)
Interest bearing liabilities
 (31)
Provisions
 (278)
Deferred tax liabilities
 (20)
Total net assets disposed of
 1,342
Loss on disposal
 (47)
Consideration received, net of transaction costs, satisfied in cash
955
Cash and cash equivalents disposed of
(17)
Net cash inflow
 938
1. Present value of the US$250 million deferred consideration payable in March 2030, recognised in trade and other receivables on the Consolidated balance sheet. 2. Fair value of the contingent price-linked consideration, recognised in other financial assets on the Consolidated balance sheet. The contingent consideration is payable at 50 per cent of incremental metallurgical coal revenue above certain price thresholds, capped at US$350 million over a five year period. Eagle Downs Metallurgical Coal In February 2024, the Group announced its decision to enter into a binding agreement to sell its 50 per cent interest in Eagle Downs Metallurgical Coal to a subsidiary of Stanmore Resources Limited. The sale completed on 12 August 2024 and did not result in a gain or loss on disposal. The sale consideration included upfront consideration of US$15 million, adjusted for customary working capital and net debt, a contingent payment of US$20 million subject to the project reaching metallurgical coal production of 100,000 tonnes, and a price- linked royalty of up to US$100 million. Eagle Downs Metallurgical Coal was classified as held for sale and presented separately on the Group's FY24 Consolidated balance sheet. Eagle Downs Metallurgical Coal is not considered a separate major component of the Group and therefore was not classified as a discontinued operation, with its results remaining within continuing operations in the Group's Consolidated income statement. The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY25
Consideration
Upfront consideration, net of transaction costs
 16
Total consideration
 16
Net assets disposed of
Property, plant and equipment
 31
Interest bearing liabilities
 (8)
Provisions
 (7)
Total net assets disposed of
 16
Gain/(loss) on disposal
 \u2013
Consideration received, net of transaction costs, satisfied in cash
 16
Net cash inflow
 16
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-498": { "value": "28. Related party transactions (a) Parent entity The ultimate parent entity of the Group is South32 Limited, which is domiciled and incorporated in Australia. (b) Subsidiaries, joint ventures and associates The interests in subsidiaries, joint ventures and associates are disclosed in note 24 Subsidiaries and note 25 Equity accounted investments. (c) Key management personnel The compensation of, and loans to, key management personnel are disclosed in note 27 Key management personnel. (d) Pension and other post-retirement obligations The Group operates or participates in a number of defined benefit pension and medical plans throughout the world. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separate from those of the Group and are administered by trustees or management boards. At 30 June 2025, the Group had post-retirement defined benefit pension net liabilities recognised on the Consolidated balance sheet of US$8,911 thousand (FY24: US$12,816 thousand), including amounts classified as held for sale. The net liabilities consist of defined benefit pension obligations of US$41,325 thousand (FY24: US$51,916 thousand) and defined benefit pension scheme assets with a fair value of US$32,414 thousand (FY24: US$39,100 thousand). At 30 June 2025, the Group had a post-retirement defined benefit medical scheme liability recognised on the Consolidated balance sheet of US$17,245 thousand (FY24: US$16,723 thousand). The post-retirement medical scheme is unfunded. Total contributions to these plans by the Group during the year were US$4,340 thousand (FY24: US$3,466 thousand). (e) Transactions with related parties Transactions with related parties US$\u2019000
Joint ventures
Associates
1
FY25
FY24
FY25
FY24
Sales of goods and services
159,656
228,277
868
4,294
Purchases of goods and services
2
5,968
50,873
191,833
189,348
Interest income
177,375
178,435
\u2013
\u2013
Dividend income
2,400
90,000
\u2013
\u2013
Interest expense
9,454
12,022
\u2013
\u2013
Increase/(decrease) in short-term financing arrangements
37,148
(177,478)
\u2013
\u2013
Increase/(decrease) in loans with related parties
(21,151)
114,482
(33,464)
(6,838)
Outstanding balances with related parties US$\u2019000
Joint ventures
Associates
1
FY25
FY24
FY25
FY24
Trade and sundry amounts owing to related parties
2
4,354
52,776
13,199
28,939
Other amounts owing to related parties
3
159,969
137,891
\u2013
\u2013
Other amounts owing from related parties
4
13,495
28,565
\u2013
\u2013
Trade and sundry amounts owing from related parties
28,797
29,127
\u2013
380
Loan amounts owing from related parties
5,6,7
1,957,084
1,978,235
\u2013
33,464
1. Includes transactions related to both continuing and discontinued operations. Refer to note 31 Disposal of subsidiaries and joint operations. 2. FY24 includes amounts related to the Group's captive insurance program provided to Australia Manganese. Refer to note 4(b)(ii) Significant items. 3. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is predominantly charged based on the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate (CME Term SOFR) plus a margin of 0.21 per cent and the one-month Johannesburg Interbank Average Rate (JIBAR) plus a margin of 1.65 per cent. 4. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is charged based on the one-month JIBAR. 5. Includes an interest bearing loan owing from South Africa Manganese, which is repayable by 30 May 2028. Interest is charged based on the three-month JIBAR plus a margin of 1.45 per cent. 6. Includes an interest free loan owing from Australia Manganese, which is repayable by 4 January 2027. 7. Includes a purchased credit-impaired loan owing from Sierra Gorda, which has a face value of US$2,228 million (FY24: US$2,283 million) and incurs interest at a contractual rate of eight per cent per annum. The loan is repayable by 31 December 2032, subject to review and agreement between the joint venture parties. Refer to note 19 Financial assets and financial liabilities. Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that are no less favourable to the Group than those arranged with third parties. Outstanding balances at year end are unsecured and settlement mostly occurs in cash. South32 Limited has guaranteed its equivalent 45 per cent share of the repayment of a US$500 million (FY24: US$700 million) revolving credit facility entered into by Sierra Gorda. At the end of the year, the facility was drawn down by US$400 million (FY24: US$400 million). The facility extends to 24 September 2027. South32 Limited and two subsidiaries of the Group have guaranteed its equivalent 33 per cent share of the repayment of loan facilities totalling US$530 million (FY24: US$240 million) entered into by Minera\u00e7\u00e3o Rio do Norte, with maturities ranging from August 2025 to May 2027. At the end of the year, a total of US$392 million was drawn from these facilities (FY24: US$150 million). No other guarantees are provided for or have been received from any related party.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-524": { "value": "28. Related party transactions (a) Parent entity The ultimate parent entity of the Group is South32 Limited, which is domiciled and incorporated in Australia. (b) Subsidiaries, joint ventures and associates The interests in subsidiaries, joint ventures and associates are disclosed in note 24 Subsidiaries and note 25 Equity accounted investments. (c) Key management personnel The compensation of, and loans to, key management personnel are disclosed in note 27 Key management personnel. (d) Pension and other post-retirement obligations The Group operates or participates in a number of defined benefit pension and medical plans throughout the world. The funding of the schemes complies with local regulations. The assets of the schemes are generally held separate from those of the Group and are administered by trustees or management boards. At 30 June 2025, the Group had post-retirement defined benefit pension net liabilities recognised on the Consolidated balance sheet of US$8,911 thousand (FY24: US$12,816 thousand), including amounts classified as held for sale. The net liabilities consist of defined benefit pension obligations of US$41,325 thousand (FY24: US$51,916 thousand) and defined benefit pension scheme assets with a fair value of US$32,414 thousand (FY24: US$39,100 thousand). At 30 June 2025, the Group had a post-retirement defined benefit medical scheme liability recognised on the Consolidated balance sheet of US$17,245 thousand (FY24: US$16,723 thousand). The post-retirement medical scheme is unfunded. Total contributions to these plans by the Group during the year were US$4,340 thousand (FY24: US$3,466 thousand). (e) Transactions with related parties Transactions with related parties US$\u2019000
Joint ventures
Associates
1
FY25
FY24
FY25
FY24
Sales of goods and services
159,656
228,277
868
4,294
Purchases of goods and services
2
5,968
50,873
191,833
189,348
Interest income
177,375
178,435
\u2013
\u2013
Dividend income
2,400
90,000
\u2013
\u2013
Interest expense
9,454
12,022
\u2013
\u2013
Increase/(decrease) in short-term financing arrangements
37,148
(177,478)
\u2013
\u2013
Increase/(decrease) in loans with related parties
(21,151)
114,482
(33,464)
(6,838)
Outstanding balances with related parties US$\u2019000
Joint ventures
Associates
1
FY25
FY24
FY25
FY24
Trade and sundry amounts owing to related parties
2
4,354
52,776
13,199
28,939
Other amounts owing to related parties
3
159,969
137,891
\u2013
\u2013
Other amounts owing from related parties
4
13,495
28,565
\u2013
\u2013
Trade and sundry amounts owing from related parties
28,797
29,127
\u2013
380
Loan amounts owing from related parties
5,6,7
1,957,084
1,978,235
\u2013
33,464
1. Includes transactions related to both continuing and discontinued operations. Refer to note 31 Disposal of subsidiaries and joint operations. 2. FY24 includes amounts related to the Group's captive insurance program provided to Australia Manganese. Refer to note 4(b)(ii) Significant items. 3. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is predominantly charged based on the three-month Chicago Mercantile Exchange Term Secured Overnight Financing Rate (CME Term SOFR) plus a margin of 0.21 per cent and the one-month Johannesburg Interbank Average Rate (JIBAR) plus a margin of 1.65 per cent. 4. Relates to the Group's cash management program on behalf of its equity accounted investments. Amounts are repayable at call, and interest is charged based on the one-month JIBAR. 5. Includes an interest bearing loan owing from South Africa Manganese, which is repayable by 30 May 2028. Interest is charged based on the three-month JIBAR plus a margin of 1.45 per cent. 6. Includes an interest free loan owing from Australia Manganese, which is repayable by 4 January 2027. 7. Includes a purchased credit-impaired loan owing from Sierra Gorda, which has a face value of US$2,228 million (FY24: US$2,283 million) and incurs interest at a contractual rate of eight per cent per annum. The loan is repayable by 31 December 2032, subject to review and agreement between the joint venture parties. Refer to note 19 Financial assets and financial liabilities. Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that are no less favourable to the Group than those arranged with third parties. Outstanding balances at year end are unsecured and settlement mostly occurs in cash. South32 Limited has guaranteed its equivalent 45 per cent share of the repayment of a US$500 million (FY24: US$700 million) revolving credit facility entered into by Sierra Gorda. At the end of the year, the facility was drawn down by US$400 million (FY24: US$400 million). The facility extends to 24 September 2027. South32 Limited and two subsidiaries of the Group have guaranteed its equivalent 33 per cent share of the repayment of loan facilities totalling US$530 million (FY24: US$240 million) entered into by Minera\u00e7\u00e3o Rio do Norte, with maturities ranging from August 2025 to May 2027. At the end of the year, a total of US$392 million was drawn from these facilities (FY24: US$150 million). No other guarantees are provided for or have been received from any related party.", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-9": { "value": "South32 Limited", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-474": { "value": "South32 Limited", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-10": { "value": "Australia", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-535": { "value": "
(d) Pension and other post-retirement obligations
The Group operates or participates in a number of defined benefit pension and medical plans throughout the world. The funding of the
schemes complies with local regulations. The assets of the schemes are generally held separate from those of the Group and are
administered by trustees or management boards.
At 30 June 2025, the Group had post-retirement defined benefit pension net liabilities recognised on the Consolidated balance sheet of
US$8,911 thousand (FY24: US$12,816 thousand), including amounts classified as held for sale. The net liabilities consist of defined benefit
pension obligations of US$41,325 thousand (FY24: US$51,916 thousand) and defined benefit pension scheme assets with a fair value of
US$32,414 thousand (FY24: US$39,100 thousand).
At 30 June 2025, the Group had a post-retirement defined benefit medical scheme liability recognised on the Consolidated balance sheet
of US$17,245 thousand (FY24: US$16,723 thousand). The post-retirement medical scheme is unfunded.
Total contributions to these plans by the Group during the year were US$4,340 thousand (FY24: US$3,466 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-589": { "value": "Sales to, and purchases from, related parties are transactions at market prices and on commercial terms, or under terms and prices that are no less favourable to the Group than those arranged with third parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-499": { "value": "29. Parent entity information (a) Summary financial information The individual financial statements for the parent entity, South32 Limited, show the following aggregate amounts:
US$M
FY25
FY24
Result of parent entity
Profit/(loss) after tax for the year
319
(163)
Total comprehensive income/(loss)
319
(163)
Financial position of parent entity at year end
Current assets
380
375
Current liabilities
(482)
(402)
Total assets
12,469
12,303
Total liabilities
(2,174)
(1,982)
Net assets
10,295
10,321
Total equity of the parent entity
Share capital
13,160
13,216
Treasury shares
(21)
(39)
Other reserves
26
38
Profit reserve
1
3,499
3,653
Accumulated losses
(6,369)
(6,547)
Total equity
10,295
10,321
1. Prior year profits, net of dividends paid, have been appropriated to a profit reserve for future dividend payments. (b) Parent company guarantees The parent entity and South32 SA Investments Ltd have jointly and severally, fully and unconditionally guaranteed the payment of the principal and premium, if any, and interest, including certain additional amounts that may be payable in respect of the US$700 million of unsecured notes issued by South32 Treasury Ltd, a 100 per cent owned finance subsidiary of the parent entity, refer to note 17 Interest bearing liabilities. The parent entity and South32 SA Investments Ltd have guaranteed the payment of such amounts when they become due and payable, whether on an interest payment date, at the stated maturity of the notes, by declaration or acceleration, call for redemption, or otherwise. The parent entity has guaranteed a US commercial paper program and a Group revolving credit facility of US$1,400 million. Both the US commercial paper program and the revolving credit facility are unutilised as at 30 June 2025, refer to note 19 Financial assets and financial liabilities for further details. The parent entity has guaranteed its equivalent 45 per cent share of the repayment of a US$500 million (FY24: US$700 million) revolving credit facility entered into by Sierra Gorda Sociedad Contractual Minera. At the end of the year, the facility was drawn down by US$400 million (FY24: US$400 million). The facility extends to 24 September 2027. The parent entity and two subsidiaries of the Group have guaranteed its equivalent 33 per cent share of the repayment of loan facilities totalling US$530 million (FY24: US$240 million) entered into by Minera\u00e7\u00e3o Rio do Norte, with maturities ranging from August 2025 to May 2027. At the end of the year, a total of US$392 million was drawn from these facilities (FY24: US$150 million). The parent entity has guaranteed the repayment of revolving credit facilities totalling US$80 million (FY24: nil) entered into by South32 Minerals SA, with maturities ranging from August 2026 to October 2026. At the end of the year, a total of US$30 million was drawn from these facilities (FY24: nil). The facility extends to 11 August 2026. The parent entity is party to a Deed of Support with the effect that the Company guarantees debts in respect of South32 Group Operations Pty Ltd.", "dimensions": { "concept": "south32limited:DisclosureOfParentEntityInformation", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-546": { "value": "30. Assets and liabilities held for sale and discontinued operations Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. Cerro Matoso In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX Holding B.V. for a nominal upfront consideration and contingent consideration of up to US$100 million, subject to customary working capital and net debt adjustments. The transaction is expected to complete in late H1 FY26, subject to the satisfaction or waiver of certain conditions. Cerro Matoso was reclassified as held for sale at 30 June 2025, and is presented separately on the Group's FY25 Consolidated balance sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A., 100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies. As a result of the reclassification, the Group assessed the recoverable value of the Cerro Matoso disposal group and recognised a pre-tax impairment of US$118 million, refer to note 13 Impairment of non-financial assets. Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group, Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
485
556
485
556
Other income
3
11
Expenses excluding finance costs
1
(549)
(783)
Operating profit/(loss) from a discontinued operation
(61)
(216)
Finance income
2
3
Finance costs
(15)
(6)
Net finance income/(costs)
(13)
(3)
Profit/(loss) before tax from a discontinued operation
(74)
(219)
Income tax (expense)/benefit
(17)
27
Profit/(loss) for the year from a discontinued operation
(91)
(192)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(91)
(192)
Basic earnings/(loss) per share (cents)
(2.0)
(4.2)
Diluted earnings/(loss) per share (cents)
(2.0)
(4.2)
1. Includes an impairment loss of US$118 million (FY24: US$264 million). Refer to note 13 Impairment of non-financial assets. The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
90
80
Net cash flows from investment activities
(30)
(34)
The major classes of assets and liabilities classified as held for sale are as follows:
US$M
FY25
Assets
Cash and cash equivalents
 80
Trade and other receivables
 39
Inventories
 112
Current tax assets
 5
Property, plant and equipment
 63
Intangible assets
 5
Other assets
 2
Total assets held for sale
 306
Liabilities
Trade and other payables
 75
Current tax payables
 3
Provisions
 186
Total liabilities directly associated with assets held for sale
 264
Net assets of disposal group classified as held for sale
 42
31. Disposal of subsidiaries and joint operations Illawarra Metallurgical Coal In February 2024, the Group announced its decision to enter into a binding agreement for the sale of its shareholding in Illawarra Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). The sale completed on 29 August 2024 and resulted in a loss on disposal of US$47 million. The sale consideration included an upfront and deferred cash consideration of US$1,300 million and contingent price-linked consideration of up to US$350 million. The consideration is subject to customary working capital, net debt and capital expenditure adjustments that is expected to be finalised during H1 FY26. Illawarra Metallurgical Coal was classified as held for sale and presented separately on the Group's FY24 Consolidated balance sheet. The disposal group represents the entire Illawarra Metallurgical Coal segment, which comprises Illawarra Coal Holdings Pty Ltd and its subsidiaries, a 16.7 per cent interest in the Port Kembla Coal Terminal, and certain associated external contractual arrangements held by South32 Marketing Pte Ltd which were novated to Illawarra Metallurgical Coal prior to completion. As a separate major component of the Group, Illawarra Metallurgical Coal has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
116
1,224
Third party products and services
28
237
144
1,461
Other income
\u2013
10
Expenses excluding finance costs
1
(97)
(832)
Loss on disposal of the discontinued operation
(47)
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(1)
Operating profit/(loss) from a discontinued operation
\u2013
638
Finance income
\u2013
2
Finance costs
(3)
(12)
Net finance income/(costs)
(3)
(10)
Profit/(loss) before tax from a discontinued operations
(3)
628
Income tax (expense)/benefit
(11)
(193)
Profit/(loss) for the year from a discontinued operation
(14)
435
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(14)
435
Basic earnings/(loss) per share (cents)
(0.3)
9.6
Diluted earnings/(loss) per share (cents)
(0.3)
9.6
1. Includes an impairment reversal in FY24 of US$197 million. Refer to note 13 Impairment of non-financial assets. The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
86
358
Net cash flows from investment activities
880
(345)
Net cash flows from financing activities
(1)
(5)
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY25
Consideration
Upfront consideration, net of transaction costs
1,010
Deferred consideration
1
170
Contingent price-linked consideration
2
115
Total consideration
 1,295
Net assets disposed of
Cash and cash equivalents
17
Trade and other receivables
 94
Inventories
 166
Property, plant and equipment
 1,577
Equity accounted investments
 6
Other assets
 10
Trade and other payables
 (199)
Interest bearing liabilities
 (31)
Provisions
 (278)
Deferred tax liabilities
 (20)
Total net assets disposed of
 1,342
Loss on disposal
 (47)
Consideration received, net of transaction costs, satisfied in cash
955
Cash and cash equivalents disposed of
(17)
Net cash inflow
 938
1. Present value of the US$250 million deferred consideration payable in March 2030, recognised in trade and other receivables on the Consolidated balance sheet. 2. Fair value of the contingent price-linked consideration, recognised in other financial assets on the Consolidated balance sheet. The contingent consideration is payable at 50 per cent of incremental metallurgical coal revenue above certain price thresholds, capped at US$350 million over a five year period. Eagle Downs Metallurgical Coal In February 2024, the Group announced its decision to enter into a binding agreement to sell its 50 per cent interest in Eagle Downs Metallurgical Coal to a subsidiary of Stanmore Resources Limited. The sale completed on 12 August 2024 and did not result in a gain or loss on disposal. The sale consideration included upfront consideration of US$15 million, adjusted for customary working capital and net debt, a contingent payment of US$20 million subject to the project reaching metallurgical coal production of 100,000 tonnes, and a price- linked royalty of up to US$100 million. Eagle Downs Metallurgical Coal was classified as held for sale and presented separately on the Group's FY24 Consolidated balance sheet. Eagle Downs Metallurgical Coal is not considered a separate major component of the Group and therefore was not classified as a discontinued operation, with its results remaining within continuing operations in the Group's Consolidated income statement. The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY25
Consideration
Upfront consideration, net of transaction costs
 16
Total consideration
 16
Net assets disposed of
Property, plant and equipment
 31
Interest bearing liabilities
 (8)
Provisions
 (7)
Total net assets disposed of
 16
Gain/(loss) on disposal
 \u2013
Consideration received, net of transaction costs, satisfied in cash
 16
Net cash inflow
 16
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-536": { "value": "30. Assets and liabilities held for sale and discontinued operations Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. Cerro Matoso In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX Holding B.V. for a nominal upfront consideration and contingent consideration of up to US$100 million, subject to customary working capital and net debt adjustments. The transaction is expected to complete in late H1 FY26, subject to the satisfaction or waiver of certain conditions. Cerro Matoso was reclassified as held for sale at 30 June 2025, and is presented separately on the Group's FY25 Consolidated balance sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A., 100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies. As a result of the reclassification, the Group assessed the recoverable value of the Cerro Matoso disposal group and recognised a pre-tax impairment of US$118 million, refer to note 13 Impairment of non-financial assets. Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group, Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
485
556
485
556
Other income
3
11
Expenses excluding finance costs
1
(549)
(783)
Operating profit/(loss) from a discontinued operation
(61)
(216)
Finance income
2
3
Finance costs
(15)
(6)
Net finance income/(costs)
(13)
(3)
Profit/(loss) before tax from a discontinued operation
(74)
(219)
Income tax (expense)/benefit
(17)
27
Profit/(loss) for the year from a discontinued operation
(91)
(192)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(91)
(192)
Basic earnings/(loss) per share (cents)
(2.0)
(4.2)
Diluted earnings/(loss) per share (cents)
(2.0)
(4.2)
1. Includes an impairment loss of US$118 million (FY24: US$264 million). Refer to note 13 Impairment of non-financial assets. The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
90
80
Net cash flows from investment activities
(30)
(34)
The major classes of assets and liabilities classified as held for sale are as follows:
US$M
FY25
Assets
Cash and cash equivalents
 80
Trade and other receivables
 39
Inventories
 112
Current tax assets
 5
Property, plant and equipment
 63
Intangible assets
 5
Other assets
 2
Total assets held for sale
 306
Liabilities
Trade and other payables
 75
Current tax payables
 3
Provisions
 186
Total liabilities directly associated with assets held for sale
 264
Net assets of disposal group classified as held for sale
 42
31. Disposal of subsidiaries and joint operations
Illawarra Metallurgical Coal
In February 2024, the Group announced its decision to enter into a binding agreement for the sale of its shareholding in Illawarra
Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). The sale
completed on 29 August 2024 and resulted in a loss on disposal of US$47 million. The sale consideration included an upfront and deferred
cash consideration of US$1,300 million and contingent price-linked consideration of up to US$350 million. The consideration is subject to
customary working capital, net debt and capital expenditure adjustments that is expected to be finalised during H1 FY26.
Illawarra Metallurgical Coal was classified as held for sale and presented separately on the Group's FY24 Consolidated balance sheet. The
disposal group represents the entire Illawarra Metallurgical Coal segment, which comprises Illawarra Coal Holdings Pty Ltd and its
subsidiaries, a 16.7 per cent interest in the Port Kembla Coal Terminal, and certain associated external contractual arrangements held by
South32 Marketing Pte Ltd which were novated to Illawarra Metallurgical Coal prior to completion. As a separate major component of the
Group, Illawarra Metallurgical Coal has also been presented as a discontinued operation in the Group's Consolidated income statement.
The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
116
1,224
Third party products and services
28
237
144
1,461
Other income
\u2013
10
Expenses excluding finance costs
1
(97)
(832)
Loss on disposal of the discontinued operation
(47)
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(1)
Operating profit/(loss) from a discontinued operation
\u2013
638
Finance income
\u2013
2
Finance costs
(3)
(12)
Net finance income/(costs)
(3)
(10)
Profit/(loss) before tax from a discontinued operations
(3)
628
Income tax (expense)/benefit
(11)
(193)
Profit/(loss) for the year from a discontinued operation
(14)
435
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(14)
435
Basic earnings/(loss) per share (cents)
(0.3)
9.6
Diluted earnings/(loss) per share (cents)
(0.3)
9.6
1. Includes an impairment reversal in FY24 of US$197 million. Refer to note 13 Impairment of non-financial assets.
The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
86
358
Net cash flows from investment activities
880
(345)
Net cash flows from financing activities
(1)
(5)
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY25
Consideration
Upfront consideration, net of transaction costs
1,010
Deferred consideration
1
170
Contingent price-linked consideration
2
115
Total consideration
 1,295
Net assets disposed of
Cash and cash equivalents
17
Trade and other receivables
 94
Inventories
 166
Property, plant and equipment
 1,577
Equity accounted investments
 6
Other assets
 10
Trade and other payables
 (199)
Interest bearing liabilities
 (31)
Provisions
 (278)
Deferred tax liabilities
 (20)
Total net assets disposed of
 1,342
Loss on disposal
 (47)
Consideration received, net of transaction costs, satisfied in cash
955
Cash and cash equivalents disposed of
(17)
Net cash inflow
 938
1. Present value of the US$250 million deferred consideration payable in March 2030, recognised in trade and other receivables on the Consolidated balance sheet.
2. Fair value of the contingent price-linked consideration, recognised in other financial assets on the Consolidated balance sheet. The contingent consideration is payable at 50 per cent
of incremental metallurgical coal revenue above certain price thresholds, capped at US$350 million over a five year period.
Eagle Downs Metallurgical Coal
In February 2024, the Group announced its decision to enter into a binding agreement to sell its 50 per cent interest in Eagle Downs
Metallurgical Coal to a subsidiary of Stanmore Resources Limited. The sale completed on 12 August 2024 and did not result in a gain or
loss on disposal. The sale consideration included upfront consideration of US$15 million, adjusted for customary working capital and net
debt, a contingent payment of US$20 million subject to the project reaching metallurgical coal production of 100,000 tonnes, and a price-
linked royalty of up to US$100 million.
Eagle Downs Metallurgical Coal was classified as held for sale and presented separately on the Group's FY24 Consolidated balance sheet.
Eagle Downs Metallurgical Coal is not considered a separate major component of the Group and therefore was not classified as a
discontinued operation, with its results remaining within continuing operations in the Group's Consolidated income statement.
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY25
Consideration
Upfront consideration, net of transaction costs
 16
Total consideration
 16
Net assets disposed of
Property, plant and equipment
 31
Interest bearing liabilities
 (8)
Provisions
 (7)
Total net assets disposed of
 16
Gain/(loss) on disposal
 \u2013
Consideration received, net of transaction costs, satisfied in cash
 16
Net cash inflow
 16
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-525": { "value": "30. Assets and liabilities held for sale and discontinued operations Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. Cerro Matoso In July 2025, the Group announced its decision to enter into a binding agreement for the sale of Cerro Matoso to an entity owned by CoreX Holding B.V. for a nominal upfront consideration and contingent consideration of up to US$100 million, subject to customary working capital and net debt adjustments. The transaction is expected to complete in late H1 FY26, subject to the satisfaction or waiver of certain conditions. Cerro Matoso was reclassified as held for sale at 30 June 2025, and is presented separately on the Group's FY25 Consolidated balance sheet. The disposal group represents the entire Cerro Matoso segment, which comprises the Group\u2019s 99.9% interest in Cerro Matoso S.A., 100% interest in South32 Energy S.A.S. E.S.P. and other investment holding companies. As a result of the reclassification, the Group assessed the recoverable value of the Cerro Matoso disposal group and recognised a pre-tax impairment of US$118 million, refer to note 13 Impairment of non-financial assets. Cerro Matoso is an integrated laterite ferronickel mine and smelting complex in Colombia. As a separate major component of the Group, Cerro Matoso has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
485
556
485
556
Other income
3
11
Expenses excluding finance costs
1
(549)
(783)
Operating profit/(loss) from a discontinued operation
(61)
(216)
Finance income
2
3
Finance costs
(15)
(6)
Net finance income/(costs)
(13)
(3)
Profit/(loss) before tax from a discontinued operation
(74)
(219)
Income tax (expense)/benefit
(17)
27
Profit/(loss) for the year from a discontinued operation
(91)
(192)
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(91)
(192)
Basic earnings/(loss) per share (cents)
(2.0)
(4.2)
Diluted earnings/(loss) per share (cents)
(2.0)
(4.2)
1. Includes an impairment loss of US$118 million (FY24: US$264 million). Refer to note 13 Impairment of non-financial assets. The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
90
80
Net cash flows from investment activities
(30)
(34)
The major classes of assets and liabilities classified as held for sale are as follows:
US$M
FY25
Assets
Cash and cash equivalents
 80
Trade and other receivables
 39
Inventories
 112
Current tax assets
 5
Property, plant and equipment
 63
Intangible assets
 5
Other assets
 2
Total assets held for sale
 306
Liabilities
Trade and other payables
 75
Current tax payables
 3
Provisions
 186
Total liabilities directly associated with assets held for sale
 264
Net assets of disposal group classified as held for sale
 42
31. Disposal of subsidiaries and joint operations Illawarra Metallurgical Coal In February 2024, the Group announced its decision to enter into a binding agreement for the sale of its shareholding in Illawarra Metallurgical Coal to an entity owned by Golden Energy and Resources Pte Ltd (GEAR) and M Resources Pty Ltd (M Resources). The sale completed on 29 August 2024 and resulted in a loss on disposal of US$47 million. The sale consideration included an upfront and deferred cash consideration of US$1,300 million and contingent price-linked consideration of up to US$350 million. The consideration is subject to customary working capital, net debt and capital expenditure adjustments that is expected to be finalised during H1 FY26. Illawarra Metallurgical Coal was classified as held for sale and presented separately on the Group's FY24 Consolidated balance sheet. The disposal group represents the entire Illawarra Metallurgical Coal segment, which comprises Illawarra Coal Holdings Pty Ltd and its subsidiaries, a 16.7 per cent interest in the Port Kembla Coal Terminal, and certain associated external contractual arrangements held by South32 Marketing Pte Ltd which were novated to Illawarra Metallurgical Coal prior to completion. As a separate major component of the Group, Illawarra Metallurgical Coal has also been presented as a discontinued operation in the Group's Consolidated income statement. The results of the discontinued operation are as follows:
US$M
FY25
FY24
Revenue:
Group production
116
1,224
Third party products and services
28
237
144
1,461
Other income
\u2013
10
Expenses excluding finance costs
1
(97)
(832)
Loss on disposal of the discontinued operation
(47)
\u2013
Share of profit/(loss) of equity accounted investments
\u2013
(1)
Operating profit/(loss) from a discontinued operation
\u2013
638
Finance income
\u2013
2
Finance costs
(3)
(12)
Net finance income/(costs)
(3)
(10)
Profit/(loss) before tax from a discontinued operations
(3)
628
Income tax (expense)/benefit
(11)
(193)
Profit/(loss) for the year from a discontinued operation
(14)
435
Total comprehensive income/(loss) from a discontinued operation attributable to the equity holders of
South32 Limited
(14)
435
Basic earnings/(loss) per share (cents)
(0.3)
9.6
Diluted earnings/(loss) per share (cents)
(0.3)
9.6
1. Includes an impairment reversal in FY24 of US$197 million. Refer to note 13 Impairment of non-financial assets. The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
86
358
Net cash flows from investment activities
880
(345)
Net cash flows from financing activities
(1)
(5)
The effect of disposal on the results and financial position of the Group is as follows:
US$M
FY25
Consideration
Upfront consideration, net of transaction costs
1,010
Deferred consideration
1
170
Contingent price-linked consideration
2
115
Total consideration
 1,295
Net assets disposed of
Cash and cash equivalents
17
Trade and other receivables
 94
Inventories
 166
Property, plant and equipment
 1,577
Equity accounted investments
 6
Other assets
 10
Trade and other payables
 (199)
Interest bearing liabilities
 (31)
Provisions
 (278)
Deferred tax liabilities
 (20)
Total net assets disposed of
 1,342
Loss on disposal
 (47)
Consideration received, net of transaction costs, satisfied in cash
955
Cash and cash equivalents disposed of
(17)
Net cash inflow
 938
1. Present value of the US$250 million deferred consideration payable in March 2030, recognised in trade and other receivables on the Consolidated balance sheet. 2. Fair value of the contingent price-linked consideration, recognised in other financial assets on the Consolidated balance sheet. The contingent consideration is payable at 50 per cent of incremental metallurgical coal revenue above certain price thresholds, capped at US$350 million over a five year period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-602": { "value": "Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-597": { "value": "Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-590": { "value": "Non-current assets and disposal groups (inclusive of directly associated liabilities) are reclassified to current assets held for sale if their carrying amount is highly probable to be recovered through sale rather than through continuing use, and are available for immediate sale in their present condition. A discontinued operation is a component of the Group's business that represents a separate major line of business or geographical area of operations that has been disposed of or is classified as held for sale. When an operation is classified as discontinued, the comparative financial results are restated as if the operation had been discontinued from the start of the comparative year. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-500": { "value": "
The cash flows from the discontinued operation are as follows:
US$M
FY25
FY24
Net cash flows from operating activities
90
80
Net cash flows from investment activities
(30)
(34)
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-501": { "value": "
32. Subsequent events
Capital management
On 28 August 2025, the Directors resolved to pay a fully-franked final dividend of US 2.6 cents per share (US$117 million) in respect of the
2025 financial year. The dividends will be paid on 16 October 2025. The dividends have not been provided for in the consolidated financial
statements and will be recognised in the 2026 financial year.
On 28 August 2025, the Directors resolved to extend the existing on-market share buy-back program by 12 months. The program has
US$144 million remaining to be returned to shareholders by 11 September 2026.
No other matters or circumstances have arisen since the end of the year that have significantly affected, or may significantly affect, the
operations, results of operations or state of affairs of the Group in subsequent accounting periods.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } }, "fact-11": { "value": "0.026", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "fact-12": { "value": "117000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00", "unit": "iso4217:USD" } }, "fact-13": { "value": "Level 2, 100 St Georges Terrace Perth WA 6000 Australia", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800LAZNPXSBKVHR17", "period": "2024-07-01T00:00:00/2025-07-01T00:00:00" } } } }