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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-436": { "value": "-46000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-437": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-438": { "value": "-46000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-439": { "value": "3292000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ClassesOfShareCapitalMember", "unit": "iso4217:USD" } }, "f-440": { "value": "-6272000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-441": { "value": "42411000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-442": { "value": "-12659000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-443": { "value": "589000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-444": { "value": "27361000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-445": { "value": "6663000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-446": { "value": "34024000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-447": { "value": "
Notes to the financial statements
Financial performance
Profit attributable to equity shareholders
decreased by 47% to $4,514 million
(2021:\u00a0$8,562 million). Underlying earnings
decreased by 32% to\u00a0$6,036 million
(2021:\u00a0$8,925 million).
The following disclosures provide further information about the
drivers of the Group\u2019s financial performance in the year. This
includes analysis of the respective contribution of the Group\u2019s
reportable segments along with information about its operating cost
base, net finance costs and tax. In addition, disclosure on earnings
per share and the dividend is provided.
Profit attributable to equity shareholders
$4.5 bn
(2021: $8.6 bn)
1.
Operating profit from subsidiaries and joint operations
Overview
US$ million
Note
2022
2021
Revenue before special items and remeasurements
35,127
41,547
Operating costs:
Employee costs
26
(3,630)
(3,603)
Depreciation of property, plant and equipment
(2,401)
(2,672)
Amortisation of intangible assets
(45)
(43)
Third-party commodity purchases
(6,350)
(5,994)
Consumables, maintenance and production input costs
(5,492)
(6,011)
Logistics, marketing and selling costs
(2,898)
(2,945)
Royalties
(1,238)
(1,173)
Exploration and evaluation
(322)
(257)
Net foreign exchange losses
(6)
(138)
Other operating income
313
292
Other operating expenses
(2,134)
(1,910)
Operating profit before special items and remeasurements
10,924
17,093
Revenue special items and remeasurements
8
(9)
7
Operating special items and remeasurements
8
(1,672)
492
Operating profit
9,243
17,592
Royalties exclude items which meet the definition of income tax on profit and which have been accounted for as taxes. Exploration and
evaluation excludes associated employee costs. The full exploration and evaluation expenditure (including associated employee costs) is
presented in the table below.
Operating profit before special items and remeasurements is stated after (charging)/crediting:
US$ million
2022
2021
Exploration expenditure
(155)
(128)
Evaluation expenditure
(191)
(172)
Research and development expenditure
(167)
(144)
Provisional pricing adjustment
(96)
815
Accounting policy
See note 39C for the Group\u2019s accounting policy on revenue and exploration and evaluation expenditure.
2.
Financial performance by segment
Overview
The Group\u2019s operating segments are aligned to those business units that are evaluated regularly by the chief operating decision maker in
deciding how to allocate resources and in assessing performance. Operating segments with similar economic characteristics are aggregated
into reportable segments.
The Group aggregates the following operating segments into reportable segments:
\u2013Kumba Iron Ore and Iron Ore Brazil are aggregated into Iron Ore
\u2013Copper Chile and Copper Peru are aggregated into Copper.
Shipping revenue related to shipments of the Group\u2019s products is shown within the relevant operating segment. Revenue from other marketing
and trading activities from shipping and energy solutions within the Marketing business is presented within the \u2018Corporate and other\u2019 segment,
which also includes unallocated corporate costs and exploration costs. For the year ended 31 December 2021, the \u2018Corporate and other\u2019
segment also included the results of the Group\u2019s Thermal Coal (South Africa and Cerrej\u00f3n) mining operations prior to their disposal.
During the year, the Metallurgical Coal reportable segment was renamed to Steelmaking Coal to more accurately reflect the end-use of our
product as an essential ingredient in the production of steel.
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
Segment results
2022
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
De\u00a0Beers
6,622
1,417
(423)
994
(334)
(108)
552
Copper
5,599
2,182
(587)
1,595
(684)
(151)
760
Nickel
858
381
(64)
317
(58)
\u2014
259
Platinum Group Metals
10,096
4,417
(365)
4,052
(1,132)
(654)
2,266
Iron Ore
7,534
3,455
(493)
2,962
(927)
(698)
1,337
Steelmaking Coal
5,034
2,749
(380)
2,369
(729)
\u2014
1,640
Manganese
840
378
(66)
312
(161)
(3)
148
Crop Nutrients
254
(1)
(44)
(1)
(45)
(6)
\u2014
(51)
Corporate and other
554
(440)
(153)
(593)
(276)
(6)
(875)
37,391
14,495
(2,532)
11,963
(4,307)
(2)
(1,620)
6,036
Less: associates and joint ventures
(2,264)
(1,125)
86
(1,039)
395
3
(641)
Subsidiaries and joint operations
35,127
13,370
(2,446)
10,924
(3,912)
(1,617)
5,395
Reconciliation:
Net income from associates and joint ventures
641
641
Special items and remeasurements
(9)
(1,758)
(1,522)
Revenue
35,118
Profit before net finance costs and tax
9,807
Profit attributable to equity shareholders of the Company
4,514
Financial performance
2. Financial performance by segment continued
2021
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
De\u00a0Beers
5,602
1,100
(480)
620
(214)
(61)
345
Copper
6,433
4,011
(583)
3,428
(1,337)
(572)
1,519
Nickel
710
320
(59)
261
18
\u2014
279
Platinum Group Metals
14,502
7,099
(346)
6,753
(1,919)
(1,045)
3,789
Iron Ore
11,104
6,871
(512)
6,359
(1,717)
(1,411)
3,231
Steelmaking Coal
2,899
962
(512)
450
(150)
\u2014
300
Manganese
768
315
(65)
250
(116)
(2)
132
Crop Nutrients
114
(1)
(41)
(1)
(42)
3
\u2014
(39)
Corporate and other
1,126
(3)
(286)
(289)
(351)
9
(631)
43,258
20,634
(2,844)
17,790
(5,783)
(2)
(3,082)
8,925
Less: associates and joint ventures(3)
(1,711)
(826)
129
(697)
235
2
(460)
Subsidiaries and joint operations
41,547
19,808
(2,715)
17,093
(5,548)
(3,080)
8,465
Reconciliation:
Net income from associates and joint ventures
634
634
Special items and remeasurements
7
292
(537)
Revenue
41,554
Profit before net finance costs and tax
18,019
Profit attributable to equity shareholders of the Company
8,562
(1)Group revenue in respect of Crop Nutrients relates to revenue from its associate, The Cibra Group, a fertiliser distributor based in Brazil.
(2)Comprises net finance costs of $358 million (2021: $290 million) and income tax expense of $3,949 million (2021: $5,493 million).
(3)Income from the Cerrej\u00f3n associate arising after the agreement of the disposal transaction in June 2021 has been classified as a special item and is therefore excluded from Corporate and
other Group revenue, underlying EBITDA, underlying EBIT and underlying earnings. See notes 8 and 13 for further detail.
The segment results are stated after elimination of inter-segment interest and dividends and include an allocation of corporate costs.
Further information
Group revenue by product
Segments predominantly derive revenue as follows \u2013 De\u00a0Beers: rough and polished diamonds; Copper: copper; Platinum Group Metals: platinum
group metals and\u00a0nickel; Iron Ore: iron ore; Steelmaking Coal: steelmaking coal; Nickel: nickel; Manganese: manganese ore. Revenue reported
within Corporate and other revenue includes the margin from the Group\u2019s marketing and trading activity in energy solutions and shipping within
the Marketing business, inclusive of shipping services provided to third parties. In the year ended 31 December 2021, Corporate and other
revenue also included thermal coal revenue from the South African thermal coal operations prior to the demerger and the Group\u2019s share
of\u00a0thermal coal revenue from its associate Cerrej\u00f3n prior to 28 June 2021, after which, Cerrej\u00f3n revenue was reported within special items.
See\u00a0note 39C for the Group\u2019s accounting policy on revenue recognition.
Other revenue principally relates to iridium, gold, ruthenium and molybdenum. The revenue analysis below includes the Group\u2019s share of revenue
in equity accounted associates and joint ventures excluding special items and remeasurements. See\u00a0note 13.
2022
2021
US$ million
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Diamonds
6,608
14
6,622
5,590
12
5,602
Copper
5,247
(80)
5,167
5,751
365
6,116
Platinum
1,680
6
1,686
2,511
1
2,512
Palladium
2,542
6
2,548
3,854
6
3,860
Rhodium
4,066
21
4,087
6,328
49
6,377
Iron ore
6,597
(45)
6,552
9,838
215
10,053
Steelmaking coal
3,544
990
4,534
2,114
561
2,675
Thermal coal(1)(2)
495
188
683
707
294
1,001
Nickel
1,422
15
1,437
1,187
3
1,190
Manganese ore and alloys
\u2014
840
840
\u2014
768
768
Shipping
1,362
\u2014
1,362
1,378
\u2014
1,378
Other
1,484
389
1,873
1,507
219
1,726
35,047
2,344
37,391
40,765
2,493
43,258
Reconciliation:
Less: Revenue from associates and joint ventures
\u2014
(2,264)
(2,264)
\u2014
(1,711)
(1,711)
Special items and remeasurements
\u2014
(9)
(9)
\u2014
7
7
Revenue
35,047
71
35,118
40,765
789
41,554
(1)Group revenue and income from the Cerrej\u00f3n associate arising after the agreement of the disposal transaction in June 2021 was classified as a special item and are therefore excluded from
Group revenue, underlying EBITDA, underlying EBIT and underlying earnings from that date. The Cerrej\u00f3n associate met the criteria to be classified as held for sale at 31 December 2021 in
advance of the completion of the transaction on 11 January 2022.
(2)For the year ended 31 December 2022, thermal coal represents 2% of Group revenue and comprises sales volumes of 17.4Mt. These arise from transitional marketing support provided to
Thungela Resources, purchases from other third parties included within the Marketing business\u2019 energy solutions activities, and secondary product sales from the Steelmaking Coal business.
Financial performance
2. Financial performance by segment continued
Revenue from other sources for subsidiaries and joint operations of $71 million (2021: $789 million) includes net fair value gains relating to
derivatives of $176\u00a0million (2021: net fair value losses of $64 million), net fair value losses relating to provisionally priced contracts of $96 million
and revenue remeasurements loss of\u00a0$9\u00a0million (2021: net fair value gains of $846 million and revenue remeasurements gain of $7 million).
Derivative net gains/losses include both financial derivatives and the net margin arising on contracts for the physical sale and purchase of third-
party material (third-party sales) where these contracts are accounted for as derivatives prior to settlement and are entered into to generate a
trading margin.
Group revenue by destination
The Group\u2019s geographical analysis of segment revenue is allocated based on the customer\u2019s port of destination. Where the port of destination
is\u00a0not known, revenue is allocated based on the customer\u2019s country of domicile.
2022
2021
US$ million
%
US$ million
%
China
8,965
24%
11,248
26%
India
2,798
7%
2,274
5%
Japan
5,542
15%
6,169
14%
Other Asia
6,944
18%
7,539
17%
South Africa
1,312
4%
1,428
3%
Other Africa
2,080
6%
1,664
4%
Brazil
986
3%
728
2%
Chile
811
2%
712
2%
Other South America
10
\u2014
65
\u2014
North America
1,160
3%
1,872
4%
Australia
309
1%
44
\u2014
United Kingdom(1)
1,502
4%
3,144
7%
Other Europe
4,972
13%
6,371
16%
37,391
100%
43,258
100%
The weighted average number of ordinary shares in issue is the weighted number of shares in issue throughout the year, and excludes shares
held by employee benefit trusts and Anglo\u00a0American\u00a0plc shares held by Group companies. The weighted average number of shares has
decreased since 2021, principally due to the share buyback announced in July 2021 and completed in February 2022. The diluted number of
ordinary shares outstanding, including share options and awards, is calculated on the assumption of conversion of all potentially dilutive ordinary
shares. In the year ended 31\u00a0December\u00a02022 there were 342,939 (2021: 19,953) share options that were potentially dilutive but not included in
the calculation of diluted earnings because they were anti-dilutive.
Headline earnings, a Johannesburg Stock Exchange defined performance measure, is reconciled from profit attributable to equity shareholders
of the Company as follows, and the reconciling items below are shown gross and net of tax and non-controlling interests:
2022
2021
US$ million
Gross
Net
Gross
Net
Profit attributable to equity shareholders of the Company
4,514
8,562
Special items and remeasurements
1,522
363
Underlying earnings for the financial year
6,036
8,925
Revenue remeasurements
(9)
(14)
7
14
Operating remeasurements
(80)
(72)
(106)
(111)
Non-operating special items \u2013 charges relating to BEE transactions
(10)
(9)
\u2014
\u2014
Non-operating special items \u2013 remeasurement of deferred consideration
(111)
(73)
453
306
Non-operating special items \u2013 disposals
(3)
(4)
(16)
(32)
Financing special items and remeasurements
15
15
(113)
(113)
Tax special items and remeasurements
\u2014
126
\u2014
(317)
Associates\u2019 and joint ventures\u2019 special items and remeasurements
\u2014
\u2014
\u2014
(10)
Other reconciling items
63
45
10
(8)
Headline earnings for the financial year
6,050
8,654
Other reconciling items principally relate to adjustments to former operations and disposals of property, plant and equipment (2021: relate to
adjustments to former operations and disposals of property, plant and equipment).
Financial performance
4.
Net finance costs
Overview
US$ million
2022
2021
Investment income
Interest income from cash and cash equivalents
173
79
Interest income from associates and joint ventures
6
7
Other interest income
16
42
Net interest income on defined benefit arrangements
20
10
Dividend income from financial asset investments
\u2014
1
215
139
Less: Interest income capitalised
(1)
\u2014
Investment income
214
139
Interest expense
Interest and other finance expense
(721)
(497)
Lease liability interest expense
(42)
(40)
Net interest cost on defined benefit arrangements
(45)
(40)
Unwinding of discount relating to provisions and other liabilities
(86)
(64)
(894)
(641)
Less: Interest expense capitalised
379
207
Interest expense before special items and remeasurements
(515)
(434)
Financing special items
\u2014
(116)
Interest expense
(515)
(550)
Other net financing (losses)/gains
Net foreign exchange gains
105
167
Other net fair value losses
(146)
(149)
Other net financing (losses)/gains before special items and remeasurements
(41)
18
Financing remeasurements
15
3
Other net financing (losses)/gains
(26)
21
Net finance costs
(327)
(390)
Further information
Interest income recognised on financial assets at amortised cost is $96 million (2021: $83 million) and interest expense recognised on financial
liabilities at amortised cost is $302 million (2021:\u00a0$275 million).
Included in other net fair value losses is $47 million (2021: $142 million) in respect of fair value losses on the revaluation of deferred consideration
balances relating to the Mototolo acquisition (see note 22 for further details). Revaluation of deferred consideration balances are\u00a0classified as
special items and remeasurements only when the original gain or loss on disposal or acquisition has been classified as a special\u00a0item.
5.
Income tax expense
Overview
2022
Profit
before tax
US$ million
Tax charge
US$ million
Effective
tax rate
Calculation of effective tax rate (statutory basis)
9,480
(3,456)
36.5%
Adjusted for:
Special items and remeasurements
1,743
(114)
Associates\u2019 and joint ventures\u2019 tax and non-controlling interests
382
(379)
Calculation of underlying effective tax rate
11,605
(3,949)
34.0%
The underlying effective tax rate was 34.0% for the year ended 31\u00a0December\u00a02022. This is higher than the underlying effective tax rate of 31.4%
for the year ended 31\u00a0December\u00a02021. The underlying effective tax rate in 2022 was mainly impacted by the relative level of profits arising in the
Group\u2019s operating jurisdictions.
Financial performance
5. Income tax expense continued
Uncertainty and changes to tax regimes can materialise in any country in which we operate and the Group has no control over political acts,
actions of regulators, or changes in local tax regimes. Global and local economic and social conditions can have a significant influence on
governments\u2019 policy decisions and these have the potential to change tax and other political risks faced by the Group.
In line with our published Tax Strategy, the Group actively monitors tax developments at a national level, as well as global themes and
international policy trends, on a continuous basis, and has active engagement strategies with governments, regulators and other stakeholders
within the countries in which the Group operates, or plans to operate, as well as at an international level. This includes global tax reforms such as
those being agreed through the OECD\u2019s Digitalisation of the Economy Project which seeks to reallocate taxing rights for large profitable groups
(\u2018Pillar 1\u2019) and implement a minimum effective tax rate of 15% on profits of large multinational groups in each country in which they operate
(\u2018Pillar\u00a02\u2019). In December 2022, EU Member States reached an agreement requiring implementation of Pillar 2 legislation into the local law of all
Member States by the end of 2023. The Group is engaging with policymakers in efforts to ensure that the stated policy objectives are met and
that the Group is well placed to comply when the rules are in force. On 20 July 2022, HM Treasury as an early adopter, released draft Pillar 2
legislation that would commence from periods beginning on or after 31 December 2023. The Group continues to review this draft legislation to
understand the potential impact on the Group.
The Group assesses portfolio capital investments against political risks and avoids or minimises exposure to jurisdictions with unacceptable
risk\u00a0levels.
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
A. Analysis of charge for the year
US$ million
2022
2021
United Kingdom corporation tax
106
126
South Africa tax
1,409
2,795
Other overseas tax
1,128
1,605
Prior year adjustments
(80)
22
Current tax
2,563
4,548
Deferred tax
1,007
723
Income tax expense before special items and remeasurements
3,570
5,271
Special items and remeasurements tax
(114)
659
Income tax expense
3,456
5,930
The special items and remeasurements reconciling charge of $217 million (2021: charge of $625 million) relates to the net tax impact of total
special items and remeasurements before tax calculated at the United Kingdom corporation tax rate less the associated tax recorded against
these items and tax special items and\u00a0remeasurements.
Included within dividend withholding taxes for the year ended 31\u00a0December\u00a02022 is a credit of $67 million (2021:\u00a0$31 million) due to
a\u00a0reassessment of\u00a0future dividend distributions.
Associates\u2019 and joint ventures\u2019 tax included within Net income from associates and joint ventures for the year ended 31\u00a0December\u00a02022 is
a\u00a0charge of $379\u00a0million (2021: $232\u00a0million). Excluding special items and remeasurements, this remains a charge of $379\u00a0million
(2021:\u00a0$222\u00a0million).
C. Tax amounts included in other comprehensive income
The Consolidated statement of comprehensive income includes a tax credit on the remeasurement of net retirement benefit obligations
recognised directly in equity that will not be reclassified to the income statement of $80 million (2021: charge of $66 million). In addition, there
is\u00a0a\u00a0tax credit on the net revaluation credit on equity investments recognised directly in equity that will not subsequently be reclassified to the
income statement of\u00a0$3 million (2021: $6 million).
D. Tax amounts recognised directly in equity
In 2022, deferred tax of $6 million (2021: $5 million was credited) was debited directly to equity mainly in relation to movements in share-based
payments and severance indemnity updates.
Accounting judgement
The Group\u2019s tax affairs are governed by complex domestic tax legislations, international tax treaties between countries and the interpretation of
these by tax\u00a0authorities and courts. Given the many uncertainties that could arise from these factors, judgement is often required in determining
the tax that is due. Where management is aware of potential uncertainties, and where it is judged not probable that the taxation authorities would
accept the uncertain tax treatment, a provision is made following the appropriate requirements set out in IFRIC 23 Uncertainty over income tax
treatments, and determined with reference to similar transactions and, in some cases, reports from independent experts.
Accounting policy
See note 39G for the Group\u2019s accounting policy on tax.
6.
Dividends
2022
2021
Proposed final ordinary dividend per share (US cents)
74
118
Proposed final ordinary dividend (US$ million)
905
1,444
Proposed final special dividend per share (US cents)
\u2014
50
Proposed final special dividend (US$ million)
\u2014
612
Special items
Special items are those items of financial performance that, due to
their size and nature, the Group believes should be separately
disclosed on the face of the income statement. The Group classifies
subsequent adjustments to items classified as special items on initial
recognition in subsequent periods as special items. These items, along
with related tax and non-controlling interests, are excluded from
underlying earnings, which is an Alternative Performance Measure
(APM). For more information on the APMs used by the Group, including
definitions, please refer to page 310.
\u2013Operating special items are those that relate to the operating
performance of the Group and principally include impairment
charges and reversals and restructuring costs.
\u2013Non-operating special items are those that relate to changes in the
Group\u2019s asset portfolio. This category principally includes profits and
losses on disposals of businesses and investments or closure of
operations, adjustments relating to business combinations, and
adjustments relating to former operations of the Group, such as
changes in the measurement of deferred consideration receivable
or provisions recognised on disposal or closure of operations in prior
periods. This category also includes charges relating to Black
Economic Empowerment (BEE) transactions.
\u2013Financing special items are those that relate to financing activities
and include realised gains and losses on early repayment of
borrowings, and the unwinding of the discount on material
provisions previously recognised as special items.
\u2013Tax special items are those that relate to tax charges or credits
where the associated cash outflow or inflow is anticipated to be
significant due to its size and nature, principally including resolution
of tax enquiries.
Remeasurements
Remeasurements are items that are excluded from underlying
earnings in order to reverse timing differences in the recognition of
gains and losses in the income statement in relation to transactions
that, whilst economically linked, are subject to different accounting
measurement or recognition criteria. Remeasurements include mark-
to-market movements on derivatives that are economic hedges of
transactions not yet recorded in the financial statements, in order to
ensure that the overall economic impact of such transactions is
reflected within the Group\u2019s underlying earnings in the period in which
they occur. When the underlying transaction is recorded in the income
statement, the realised gains or losses are recorded in underlying
earnings within either revenue, operating costs or net finance costs as
appropriate. If the underlying transaction is recorded in the balance
sheet, for example capital expenditure, the realised amount remains in
remeasurements on settlement of the derivative.
\u2013Revenue remeasurements, presented within revenue from other
sources, include gains and losses on unsettled derivatives relating
to\u00a0revenue.
\u2013Operating remeasurements include unrealised gains and losses
on\u00a0derivatives relating to operating costs or capital expenditure
transactions. They also include the reversal through depreciation
and amortisation of a fair value gain or loss, arising on revaluation
of\u00a0a previously held equity interest in a business combination.
\u2013Financing remeasurements include unrealised gains and losses on
financial assets and liabilities that represent economic hedges,
including accounting hedges, related to financing arrangements.
\u2013Tax remeasurements include foreign exchange impacts arising in
US dollar functional currency entities where tax calculations are
generated based on\u00a0local currency financial information and hence
tax is susceptible to currency\u00a0fluctuations.
Significant items
8. Special items and remeasurements continued
Revenue remeasurements
The loss of $9 million ($14 million after tax and non-controlling
interests) (2021: gain of $14 million) relates to remeasurements on
derivatives presented in revenue from other sources. For further details
see note 2.
Operating special items
Impairment reversals
Impairment reversals of $428 million ($299 million after tax) for the
year ended 31\u00a0December\u00a02022 relate to Steelmaking Coal.
Further information on significant accounting matters relating to
impairment reversals is provided in note 7.
2021
Impairment reversals of $959 million for the year ended
31\u00a0December\u00a02021 comprise the reversals at Minas-Rio (Iron Ore)
of\u00a0$938 million and El\u00a0Soldado (Copper) of $21 million. Based on
improved market conditions in both the short and medium terms, the
valuation of Minas-Rio was assessed and the previous impairments
were partially reversed to a recoverable amount of $7,060 million.
An\u00a0increase in copper price forecast was identified as an indicator
of\u00a0impairment reversal at El Soldado and the full amount eligible for
reversal was recognised to bring the carrying value to $406 million.
Impairments
Impairments of $2,020 million ($1,829 million after tax and non-
controlling interests) recognised for the year ended
31\u00a0December\u00a02022 comprise impairments within Woodsmith (Crop
Nutrients): $1,707\u00a0million ($1,707 million after tax) and Kolomela (Iron
Ore): $313 million ($122 million after tax and non\u2011controlling interest).
Further information on significant accounting matters relating to
impairments is provided in note 7.
2021
Impairments of $557 million for the year ended 31\u00a0December\u00a02021
principally comprise impairments within Steelmaking Coal. As a result
of changes in forecast economic parameters, including commodity
prices and foreign exchange rates, impairment triggers were identified
for the Moranbah-Grosvenor, Dawson\u00a0and Capcoal CGUs within the
Steelmaking Coal segment. Impairments reduced the carrying values
of Moranbah-Grosvenor, Dawson\u00a0and Capcoal to $2,169 million,
$86\u00a0million and $517 million respectively.
Other operating special items
There were no other operating special items recognised for the year
ended 31\u00a0December\u00a02022.
2021
The loss of $33 million principally related to the write-off of redundant
waste dump infrastructure assets at Copper Chile (Copper).\u00a0
Operating remeasurements
Operating remeasurements reflect a loss of $80 million ($72 million
after tax and non-controlling interests) (2021:\u00a0$111\u00a0million) which
principally relates to a $84 million (2021: $93\u00a0million) depreciation and
amortisation charge arising due to the fair value uplift on the Group\u2019s
pre-existing 45% shareholding in De\u00a0Beers, which was required
on\u00a0acquisition of a\u00a0controlling stake in 2012.
Non-operating special items
Disposals of businesses and investments
The $40 million profit ($32 million after tax and non-controlling
interests) relates to the disposal of Bokoni (Platinum Group Metals).
2021
The $409 million loss related to the demerger of the South African
thermal coal operations.
Adjustments relating to business combinations
The $24 million loss during the year ended 31\u00a0December\u00a02022 relates
to adjustments in respect of business combinations in prior years.
2021
The $45 million loss during the year ended 31\u00a0December\u00a02021 related
to adjustments in respect of business combinations in prior years.
Adjustments relating to former operations
The net loss of $83 million ($46 million after tax and non-controlling
interests) principally relates to contingent consideration adjustments in
respect of disposals of the Group's interests in Rustenburg and Union
(Platinum Group Metals) completed in 2016 and 2018 respectively.
For further detail with respect to contingent consideration balances,
see note 22.
2021
The net gain of $351 million principally related to contingent
consideration adjustments in respect of disposals of the Group's
interests in Rustenburg and Union (Platinum Group Metals) completed
in 2016 and 2018 respectively, and contingent consideration received
in respect of the disposal of Anglo\u00a0American Norte (Copper)
completed in 2015.
Charges relating to BEE transactions
The charge of $10 million ($9 million after tax and non-controlling
interests) relates to a modification charge under IFRS 2 Share-based
Payments following the amendment of the De Beers agreement with
Ponahalo Investments (Pty) Ltd.
2021
There were no charges relating to BEE transactions recognised for the
year ended 31 December 2021.
Other non-operating special items
There were no other non-operating special items recognised for the
year ended 31\u00a0December\u00a02022.
2021
Other non-operating special items of $276 million principally related to
impairment charges recognised on the sale of the Group\u2019s
shareholding in the Cerrej\u00f3n associate.
Financing special items and remeasurements
Financing special items and remeasurements principally comprise a
net fair value gain of $15 million in respect of fair value adjustments in
relation to cross currency and interest rate swap derivatives and the
related bonds (2021:\u00a0$113\u00a0million loss principally related to bond
buybacks completed in the year).
Tax associated with special items and remeasurements
Tax associated with special items and remeasurements includes
a\u00a0tax\u00a0remeasurement credit of $72 million principally arising on
Brazilian\u00a0deferred tax, a tax on special items and remeasurement
charge of $14 million and tax special items credit of $56 million
(2021:\u00a0tax remeasurements charge of $349\u00a0million principally arising
on Brazilian deferred tax and tax on special items and
remeasurements charge of $339\u00a0million and tax special items credit
of\u00a0$29\u00a0million).
Of the total tax credit of $114 million (2021: charge of $659 million),
there is a\u00a0net current tax charge of $41 million (2021: $24\u00a0million) and
a net deferred tax credit of $155 million (2021: charge of $635 million).
Associates\u2019 and joint ventures\u2019 special items and remeasurements
There were no special items and remeasurements recognised in
associates and joint ventures for the year ended 31\u00a0December\u00a02022.
2021
Associates\u2019 and joint ventures\u2019 special items and remeasurements of
$174 million in the year ended 31\u00a0December\u00a02021 principally related
to $184 million income from the Cerrej\u00f3n associate arising after the
agreement of the transaction in June 2021 and immediately impaired
to bring the carrying value of the investment in line with the expected
disposal proceeds.
Capital base
We have a value-focused approach to capital
allocation with clear prioritisation: maintain
asset integrity; pay dividends to our
shareholders while\u00a0ensuring a strong balance
sheet. Discretionary capital is then allocated
based on\u00a0a\u00a0balanced approach.
Value-disciplined capital allocation throughout the cycle is critical to
protecting and enhancing our shareholders\u2019 capital, given the long
term and capital intensive nature of our business.
The Group uses attributable return on capital employed (ROCE)
to\u00a0monitor how efficiently assets are generating profit on invested
capital for the equity shareholders of the Company. Attributable ROCE
is an Alternative Performance Measure (APM). For more information on
the\u00a0APMs used by the Group, including definitions, please refer to
page\u00a0310.
Attributable\u00a0ROCE decreased to 30% in the year ended
31\u00a0December\u00a02022 (2021: 43%). Average attributable capital
employed was broadly flat at $32.0\u00a0billion (2021: $31.4\u00a0billion),
primarily\u00a0due to increased growth capital expenditure, largely at
Quellaveco,\u00a0offset by impairments at Crop Nutrients.
Attributable ROCE %
2022
2021
De\u00a0Beers
11
7
Copper
16
39
Nickel
24
21
Platinum Group Metals
86
140
Iron Ore
28
62
Steelmaking Coal
85
15
Manganese
138
104
Crop Nutrients
n/a
n/a
Corporate and other
n/a
n/a
30
43
Capital base
9. Capital by segment continued
Non-current assets by location
Intangible assets,
Property, plant and equipment
Total non-current assets
US$ million
2022
2021
2022
2021
South Africa
10,074
9,711
10,778
10,185\u00a0
Botswana
2,979
3,386
2,982
3,388\u00a0
Other Africa
1,084
1,138
1,088
1,146\u00a0
Brazil
7,529
7,502
8,138
8,059\u00a0
Chile
7,424
6,745
7,498
6,821\u00a0
Peru
8,075
6,691
8,079
6,931\u00a0
Other South America
\u2014
1
2
2\u00a0
North America
563
621
581
621\u00a0
Australia and Asia
3,591
3,048
4,083
3,547\u00a0
United Kingdom(1)
2,536
3,561
2,653
3,729\u00a0
Other Europe
98
99
98
101\u00a0
Non-current assets by location
43,953
42,503
45,980
44,530\u00a0
Unallocated assets
1,491
2,482\u00a0
Total non-current assets
47,471
47,012\u00a0
(1)United Kingdom is Anglo American plc\u2019s country of domicile.
Total non-current assets by location primarily comprise Intangible assets, Property, plant and equipment and Investments in\u00a0associates and
joint\u00a0ventures.
10.
Intangible assets
Overview
Intangible assets comprise goodwill acquired through business combinations, brands, contracts and other non-mining assets.
2022
2021
US$ million
Brands
Contracts
and other
intangibles
Goodwill
Total
Brands
Contracts
and other
intangibles
Goodwill
Total
Net book value
At 1 January
517
608
1,877
3,002
517
623
1,963
3,103
Additions
\u2014
153
\u2014
153
\u2014
77
\u2014
77
Amortisation charge for the year
\u2014
(59)
\u2014
(59)
\u2014
(59)
\u2014
(59)
Impairments
\u2014
(40)
\u2014
(40)
\u2014
(2)
\u2014
(2)
Disposals
\u2014
\u2014
\u2014
\u2014
\u2014
(11)
(3)
(14)
Currency movements
\u2014
(22)
(206)
(228)
\u2014
(20)
(83)
(103)
At 31 December
517
640
1,671
2,828
517
608
1,877
3,002
Cost
517
1,183
1,742
3,442
517
1,077
1,948
3,542
Accumulated amortisation and impairment
\u2014
(543)
(71)
(614)
\u2014
(469)
(71)
(540)
Brands, contracts and other intangibles includes $889 million (2021: $924 million) relating to De\u00a0Beers, principally comprising assets
that\u00a0were\u00a0recognised at fair value on acquisition of a controlling interest in De\u00a0Beers in August 2012. At 31 December 2022, $517 million
(2021:\u00a0$517 million) of brands relating to De Beers, were held by the Group that have been assessed to have indefinite useful lives.
Further information
Goodwill relates to the following cash generating units (CGUs) or groups of CGUs:
US$ million
2022
2021
De\u00a0Beers
1,434
1,535
Copper Chile
124
124
Platinum Group Metals
103
209
Other
10
9
1,671
1,877
2021
Owned and leased assets
US$ million
Mining
properties
\u2013 Owned
Land and
buildings
\u2013 Owned
Land and
buildings
\u2013 Right-of-
use assets
Plant and
equipment
\u2013 Owned
Plant and
equipment
\u2013 Right-of-
use assets
Capital
works in
progress
Total
Net book value
At 1 January
10,970
1,755
180
13,332
229
9,953
36,419
Additions
490
6
344
124
354
6,059
7,377
Depreciation charge for the year
(1,019)
(83)
(48)
(1,440)
(255)
\u2014
(2,845)
Impairments
(293)
(29)
(6)
(312)
(1)
(168)
(809)
Impairments reversed
37
20
\u2014
1,425
\u2014
\u2014
1,482
Disposals
(152)
(37)
(11)
(488)
(11)
(207)
(906)
Reclassifications
739
208
\u2014
1,192
\u2014
(2,139)
\u2014
Currency movements
(653)
(64)
(5)
(243)
(4)
(248)
(1,217)
At 31 December
10,119
1,776
454
13,590
312
13,250
39,501
Cost
26,017
2,702
593
31,214
937
13,458
74,921
Accumulated depreciation and impairment
(15,898)
(926)
(139)
(17,624)
(625)
(208)
(35,420)
Additions include $378 million (2021: $207 million) of net interest expense incurred on borrowings which fund the construction of qualifying
assets that have been capitalised during the year, principally for the Quellaveco copper project in Peru and the Woodsmith project in the UK.
Depreciation includes $2,401 million (2021: $2,672 million) of depreciation within operating profit, $69 million (2021: $77 million) of depreciation
arising due to the\u00a0fair value uplift on the pre-existing 45% shareholding in De\u00a0Beers which has been included within operating remeasurements
(see note 8), and $87 million (2021:\u00a0$96 million) of pre-commercial production depreciation on assets used in capital projects which has been
capitalised.
Disposals includes disposals of assets and businesses.
Capital base
11. Property, plant and equipment continued
Accounting judgements
Impairment testing
For the purposes of impairment testing, the recoverable amount of each of the cash generating units (CGUs) or group of CGUs has been
determined based on a fair value less costs of disposal basis. The key assumptions used in determining fair value less costs of disposal are set
out in note 7.
Depreciation
Depreciation is calculated with reference to the Group\u2019s best estimate of the impact of climate change on useful economic lives. This includes the
impact on reserve lives (as forecast commodity prices impact the amount of material which can be extracted economically).
Deferred stripping
In certain mining operations, rock or soil overlying a mineral deposit, known as overburden, and other waste materials must be removed to access
the orebody. The\u00a0process of removing overburden and other mine waste materials is referred to as stripping.
The Group defers stripping costs onto the balance sheet where they are considered to improve access to ore in future periods. Where the
amount to be capitalised cannot be specifically identified it is determined based on the volume of waste extracted compared with expected
volume for the identified component of the orebody. This determination is dependent on an individual mine\u2019s design and Life of Asset Plan
and\u00a0therefore changes to the design or Life of\u00a0Asset Plan will result in\u00a0changes to these estimates. Identification of the components of a mine\u2019s
orebody is made by reference to the Life of Asset Plan. The assessment depends on a\u00a0range of factors including each mine\u2019s specific
operational\u00a0features.
Accounting policy
See note 39D for the Group\u2019s accounting policies on property, plant and equipment.
12.
Capital expenditure
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
Capital expenditure by segment
US$ million
2022
2021
De\u00a0Beers
593
565
Copper
2,031
1,773
Nickel
79
29
Platinum Group Metals
1,017
894
Iron Ore
834
628
Steelmaking Coal
648
649
Crop Nutrients
522
530
Corporate and other
14
125
Capital expenditure
5,738
5,193
Reconciliation to Consolidated cash flow statement:
Cash flows used in derivatives related to capital expenditure
\u2014
(8)
Proceeds from disposal of property, plant and equipment
7
17
Direct funding for capital expenditure received from non-controlling interests
446
530
Expenditure on property, plant and equipment
6,191
5,732
Direct funding for capital expenditure received from non-controlling interests represents capital expenditure relating to the Quellaveco project
funded by Mitsubishi. Mitsubishi has continued to provide direct funding for its 40% share of capital expenditure via draw-downs against a
committed shareholder facility which are recorded as borrowings on the Group\u2019s Consolidated balance sheet.
Capital expenditure by category
US$ million
2022
2021
Growth projects
1,595
1,752
Life-extension projects
582
474
Stay-in-business
2,558
2,068
Development and stripping
1,010
904
Proceeds from disposal of property, plant and equipment
(7)
(17)
Capitalised operating cash flows(1)
\u2014
12
5,738
5,193
(1)Following the Group\u2019s adoption of an amendment to IAS 16 Proceeds before intended use, operating cash flows arising while the asset is being prepared for its intended use are presented
within operating cash flows rather than being presented within capital expenditure.
Growth projects and life-extension projects capital expenditure includes the cash flows from derivatives related to capital expenditure and is net
of direct funding for capital expenditure received from non-controlling interests.
Capital base
13.
Investments in associates and joint ventures
Overview
Investments in associates and joint ventures represent businesses the Group does not control, but instead exercises significant influence or joint
control. These include (within the respective business units) the associate Jellinbah (steelmaking coal production in the Steelmaking Coal
segment) and the joint ventures Ferroport (port operations in the Iron Ore segment) and Samancor (manganese mining in the Manganese
segment). The Group\u2019s other investments in associates and joint ventures arise primarily in the Platinum Group Metals segment and Crop
Nutrients segment.
The results for the year ended 31 December 2021 also include the results of the Cerrej\u00f3n associate (thermal coal production in the Corporate
and other segment). The sale of the Group\u2019s 33.3% shareholding in Cerrej\u00f3n to Glencore was agreed on 28 June 2021 and completed in January
2022. Group revenue and net income from the Cerrej\u00f3n associate, arising after 28 June 2021, were classified as special items and were
therefore excluded from Group revenue, underlying EBITDA, underlying EBIT and underlying earnings.
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
2022
2021
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
388
633
1,021
733
525
1,258
Net income from associates and joint ventures
452
189
641
389
245
634
Dividends received
(398)
(210)
(608)
(342)
(133)
(475)
Investments in equity and capitalised loans
6
31
37
11
24
35
Impairments
(3)
\u2014
(3)
(283)
\u2014
(283)
Disposals
\u2014
\u2014
\u2014
(4)
(12)
(16)
Transfer to assets held for sale
\u2014
\u2014
\u2014
(50)
\u2014
(50)
Other movements
3
(2)
1
(48)
(16)
(64)
Currency movements
(32)
(1)
(33)
(18)
\u2014
(18)
At 31 December
416
640
1,056
388
633
1,021
Further information
The Group\u2019s total investments in associates and joint ventures include long term loans of $137 million (2021: $145 million), which in substance
form part of the Group\u2019s net investment. These loans are not repayable in the foreseeable future.
The Group\u2019s share of the results of the associates and joint ventures is as follows:
Income statement
US$ million
2022
2021
Group revenue
2,264
1,711
Operating costs (before special items and remeasurements)
(1,225)
(1,014)
Associates\u2019 and joint ventures\u2019 underlying EBIT
1,039
697
Net finance costs
(16)
(13)
Income tax expense
(379)
(222)
Non-controlling interests
(3)
(2)
Net income from associates and joint ventures (before special items and remeasurements)
641
460
Special items and remeasurements
\u2014
184
Special items and remeasurements tax
\u2014
(10)
Net income from associates and joint ventures
641
634
Capital base
13. Investments in associates and joint ventures continued
Further information
The Group\u2019s share of the results of the associates and joint ventures is as follows:
2022
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Samancor
840
378
312
148
169
Jellinbah
1,056
674
660
454
393
Ferroport
99
75
69
47
41
Other
269
(2)
(2)
(8)
5
2,264
1,125
1,039
641
608
2021
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Samancor
768
315
250
132
125
Cerrej\u00f3n(1)
219
87
43
203
240
Jellinbah
514
279
265
183
97
Ferroport
85
69
62
41
\u2014
Other
125
76
77
75
13
1,711
826
697
634
475
Aggregate investment
US$ million
2022
2021
Samancor
212
233
Jellinbah
370
340
Ferroport
280
265
Other
194
183
1,056
1,021
Further information
Where there is a right of offset of deferred tax balances within the same tax jurisdiction, IAS 12 Income Taxes requires these to be presented after
such offset in the Consolidated balance sheet. The closing deferred tax balances before this offset are as follows:
US$ million
2022
2021
Deferred tax assets before offset
Tax losses
875
789
Share-based payments
1
13
Depreciation in excess of capital allowances
163
166
Other temporary differences
744
744
1,783
1,712
Deferred tax liabilities before offset
Capital allowances in excess of depreciation
(4,217)
(3,625)
Fair value adjustments
(645)
(682)
Withholding tax
(20)
(92)
Other temporary differences
(1,881)
(1,646)
(6,763)
(6,045)
The closing deferred tax balances after offset are as follows:
US$ million
2022
2021
Deferred tax assets
198
532
Deferred tax liabilities
(5,178)
(4,865)
(4,980)
(4,333)
Deferred tax charged to the income statement includes a credit of $72 million (2021: charge of $349 million) relating to deferred tax
remeasurements and a credit of $83 million (2021: charge of $286 million) relating to deferred tax on special items.
Deferred tax assets are recognised to the extent that the business has forecast taxable profits against which the assets can be recovered. While
the Group is in an overall net deferred tax liability (2021: liability) position, some deferred tax assets remain unrecognised in jurisdictions where no
taxable profits are forecast and no right of offset against the Group's deferred tax liabilities exists.
A net deferred tax liability of $863 million (2021: $701\u00a0million) is recognised in Brazil in relation to the Minas-Rio iron ore and Barro Alto nickel
mines. This relates primarily to functional currency and fixed asset taxable temporary differences, and is partially offset by tax losses, deductible
goodwill and other deductible temporary differences.
Capital base
16. Deferred tax continued
The Group has the following temporary differences for which no deferred tax assets have been recognised:
2022
2021 (restated)(1)
US$ million
Tax losses
\u2013 revenue
Tax losses
\u2013 capital
Other
temporary
differences
Total
Tax losses
\u2013 revenue
Tax losses
\u2013 capital
Other
temporary
differences
Total
Expiry date
Less than five years
8
\u2014
2
10
14
\u2014
155
169
Greater than five years
313
\u2014
\u2014
313
200
\u2014
\u2014
200
No expiry date
5,876
2,501
5,230
13,607
5,599
2,304
4,996
12,899
6,197
2,501
5,232
13,930
5,813
2,304
5,151
13,268
(1) The 2021 comparative has been restated to include $1,127 million of carried forward UK restricted interest and share-based payment temporary differences.
No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and
interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences
and it is probable that such differences will not reverse in the foreseeable future. Consistent with the Group's impairment testing, the Group uses
the Board approved forecasts as the basis for the profits expected to arise in the foreseeable future. The aggregate amount of temporary
differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is
represented by the contribution of those investments to the Group\u2019s retained earnings and amounted to $20,620 million (2021:\u00a0$20,030 million).
Accounting judgements
Recognition of deferred tax asset
In accordance with the requirements of IAS 12 Income Taxes, the Group reassesses the recognition and recoverability of deferred tax assets at
the end of each reporting period.
Accounting policy
See note 39G for the Group\u2019s accounting policy on tax.
Working capital
This section includes analysis of inventories,
receivables and payables. These balances
principally relate to current assets and
liabilities held to support operating activities.
US$ million
2022
2021
Inventories
7,407
5,811
Trade and other receivables
4,923
5,179
Trade and other payables
(7,629)
(8,248)
4,701
2,742
Further information
The cost of inventories recognised as an expense and included in operating costs amounted to $16,983 million (2021: $16,937 million).
The write-down of inventories to net realisable value (net of revaluation of provisionally priced purchases) amounted to $106 million
(2021:\u00a0$54 million).
Accounting judgements
Accounting for inventory involves the use of judgements and estimates, particularly related to the measurement and valuation of work in progress
inventory within the production process. Certain estimates, including expected metal recoveries and work in progress volumes, are calculated by
engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account
technical analysis, historical performance and physical counts. During the year, the Platinum Group Metals business updated its estimate of work
in progress quantities following the completion of a physical count. This change in estimate reduced the carrying value of inventories by
$121\u00a0million.
Accounting policy
See note 39E for the Group\u2019s accounting policy on inventories.
Working capital
18.
Trade and other receivables
Overview
Trade receivables are amounts due from the Group\u2019s customers for commodities and services the Group has provided. Many of the Group\u2019s sales
are provisionally priced, which means that the price is finalised at a date after the sale takes place. When there is uncertainty about the final
amount that will be received, the receivable is marked to market based on the forward price.
Trade and other receivables also includes amounts receivable for VAT and other indirect taxes, prepaid expenses and deferred consideration.
2022
2021
US$ million
Due within
one year
Due after
one year
Total
Due within
one year
Due after
one year
Total
Trade receivables
2,175
46
2,221
2,322
49
2,371
Tax receivables
978
120
1,098
524
363
887
Accrued income
254
\u2014
254
252
\u2014
252
Prepayments
530
41
571
430
52
482
Contract assets
46
\u2014
46
58
\u2014
58
Other receivables
500
233
733
723
406
1,129
4,483
440
4,923
4,309
870
5,179
Further information
Trade payables are non-interest bearing and are measured at their nominal value (with the exception of payables relating to provisionally priced
commodity purchases which are marked to market using the appropriate forward price) until settled. $249 million (2021: $318 million) of trade
and other payables are included within non-current liabilities.
Contract liabilities and deferred income include $1,358 million (2021: $1,645 million) for payments received in advance for metal which is
expected to be delivered within six months and $99 million (2021: $86 million) in respect of freight and performance obligations which are
expected to be completed within 30 to 45\u00a0days.
Net debt and financial risk management
Net debt increased from $3.8 billion
to\u00a0$6.9 billion during the year, driven by
working capital cash outflows of
$2.1 billion. Gearing has increased from
10% at 31\u00a0December\u00a02021 to\u00a017% at
31\u00a0December\u00a02022.
US$ million
2022\u2004
2021
Net assets
34,024\u2004
34,770\u2004
Net debt including related derivatives
(note\u00a020)
6,918\u2004
3,842\u2004
Variable vessel leases
127\u2004
74\u2004
Total capital
41,069\u2004
38,686\u2004
Gearing
17%\u2004
10%\u2004
Net debt is calculated as total borrowings excluding variable vessel
lease contracts that are priced with reference to a freight index, less
cash and cash equivalents (including derivatives that provide an
economic hedge of net debt but excluding the impact of the debit
valuation adjustment on these derivatives). Total capital is calculated
as \u2018Net\u00a0assets\u2019 (as shown in\u00a0the Consolidated balance sheet)
excluding\u00a0net debt and variable vessel leases.
20.
Net debt
Overview
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
Movement in net debt
US$ million
Short term
borrowings
Medium and
long term
borrowings
Total
financing
activity
liabilities
Removal of
variable
vessel leases
Cash
and cash
equivalents
Derivatives
hedging
net debt
Net debt
including
derivatives
At 1 January 2021
(1,181)
(12,317)
(13,498)
45
7,508
415
(5,530)
Cash flow
1,585
(230)
1,355
(168)
1,809
(95)
2,901
Interest accrued on borrowings
(419)
(75)
(494)
\u2014
\u2014
\u2014
(494)
Reclassifications
(963)
963
\u2014
\u2014
\u2014
\u2014
\u2014
Movement in fair value
(4)
355
351
\u2014
\u2014
(466)
(115)
Other movements
(274)
(536)
(810)
197
\u2014
20
(593)
Currency movements
30
219
249
\u2014
(260)
\u2014
(11)
At 31 December 2021
(1,226)
(11,621)
(12,847)
74
9,057
(126)
(3,842)
Cash flow
1,274
(2,990)
(1,716)
(86)
(420)
103
(2,119)
Interest accrued on borrowings
(430)
(130)
(560)
1
\u2014
\u2014
(559)
Reclassifications
(940)
940
\u2014
\u2014
\u2014
\u2014
\u2014
Movement in fair value
8
886
894
\u2014
\u2014
(1,069)
(175)
Other movements
(141)
(143)
(284)
138
\u2014
\u2014
(146)
Currency movements
47
113
160
\u2014
(237)
\u2014
(77)
At 31 December 2022
(1,408)
(12,945)
(14,353)
127
8,400
(1,092)
(6,918)
Other movements within financing activity liabilities include $278 million relating to leases entered into in the year ended 31 December 2022
(2021: $705\u00a0million).
Further information
Reconciliation to the Consolidated balance sheet
Cash and cash equivalents
Short term borrowings
Medium and
long term borrowings
US$ million
2022
2021
2022
2021
2022
2021
Balance sheet
8,412
9,066
(1,420)
(1,235)
(12,945)
(11,621)
Bank overdrafts
(12)
(9)
12
9
\u2014
\u2014
Net cash/(debt) classifications
8,400
9,057
(1,408)
(1,226)
(12,945)
(11,621)
The movements in the fair value of the level 3 financial assets and liabilities are shown as follows:
Assets
Liabilities
US$ million
2022
2021
2022
2021
At 1 January
830
651
(464)
(435)
Net (loss)/profit recorded in the income statement
(79)
439
(73)
(174)
Net profit/(loss) recorded in the statement of comprehensive income
53
1
(80)
\u2014
Reclassification to level 3 financial assets
9
44
\u2014
\u2014
Additions
22
\u2014
\u2014
\u2014
Settlements and disposals
(388)
(239)
153
116
Currency movements
(29)
(66)
17
29
At 31 December
418
830
(447)
(464)
Other derivatives primarily relate to forward foreign currency contracts hedging capital expenditure, forward commodity contracts and other
commodity contracts that are accounted for as \u2018Held for trading\u2019. These marked to market valuations are not predictive of the future value of
the\u00a0hedged position, nor of\u00a0the future impact on the profit of the Group. The valuations represent the cost of closing all hedge contracts at
31\u00a0December, at market prices and rates available at the time.
Interest Rate Benchmark Reform
Benchmark transition progress
The Group has continued its transition to alternative interest risk-free rates in the year as a result of interest rate benchmark reform. Further details
of the Group\u2019s transition is included in note 39F. At 31 December 2022, the Group held the below financial instruments which have not been
transitioned to alternative risk-free benchmarks:
2022
USD LIBOR
US$ million
Carrying
value
Financial liabilities
Derivative financial liabilities
(905)
Borrowings
(2,958)
Total liabilities exposed to USD LIBOR
(3,863)
2021
US$ million
Amount due for
repayment
within one year
Greater than
one year, less
than two
years
Greater than
two years, less
than three years
Greater than
three years, less
than four years
Greater than
four years, less
than five years
Greater than
five years
Total
Net financial liabilities
Borrowings
(1,076)
(968)
(728)
(1,318)
(750)
(7,817)
(12,657)
Expected future interest payments
(393)
(357)
(325)
(285)
(258)
(1,156)
(2,774)
Derivatives hedging debt \u2013 net settled
14
15
15
15
15
60
134
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
1,295
865
9
689
569
\u2014
3,427
\u2013 gross outflows
(1,418)
(1,070)
(26)
(736)
(569)
\u2014
(3,819)
Other financial liabilities
(6,145)
(107)
(110)
(17)
(11)
(303)
(6,693)
Total
(7,723)
(1,622)
(1,165)
(1,652)
(1,004)
(9,216)
(22,382)
The\u00a0table above does not include cash flows in relation to the Woodsmith royalty financing on the basis that cash flows under this arrangement
are not contractually defined, but instead are wholly dependent upon Woodsmith revenue in future years. However, should the Woodsmith
primary subsidiary, Anglo American Crop Nutrients Limited, enter insolvency, then it would be required to repay Hancock the principal value of
$250\u00a0million upon its\u00a0request.
Net debt and financial risk management
23. Financial risk management continued
The Group had the following undrawn committed borrowing facilities at 31 December:
US$ million
2022
2021
Expiry date
Within one year
414
209
Greater than one year, less than two years
1,082
1,092
Greater than two years, less than three years
5,632
1,520
Greater than three years, less than four years
\u2014
4,885
Greater than four years, less than five years
587
326
Greater than five years
\u2014
9
7,715
8,041
The Group has an undrawn $4.7 billion revolving credit facility due to mature in March 2025.
B. Credit risk
Credit risk is the risk that a counterparty to a financial instrument will cause a loss to the Group by failing to pay its obligation.
The Group\u2019s principal financial assets are cash, trade and other receivables, investments and derivative financial instruments. The Group\u2019s
maximum exposure to credit risk primarily arises from these financial assets and is as follows:
US$ million
2022
2021
Cash and cash equivalents
8,412
9,066
Trade and other receivables
3,220
3,765
Financial asset investments
261
187
Derivative financial assets
253
443
Environmental rehabilitation trust
107
113
12,253
13,574
The Group limits credit risk on liquid funds and derivative financial instruments through diversification of exposures with a range of financial
institutions. Counterparty limits are set for each financial institution with reference to credit ratings assigned by Standard & Poor\u2019s, Moody\u2019s and
Fitch Ratings, shareholder equity (in case of relationship banks) and fund size (in case of asset managers).
Given the diverse nature of the Group\u2019s operations (both in relation to commodity markets and geographically), and the use of payment security
instruments (including letters of credit from financial institutions), it does not have significant concentration of credit risk in respect of trade
receivables, with exposure spread over a large number of customers.
The classification of trade and other receivables excludes prepayments and tax receivables, the classification of financial asset investments
excludes equity investments held at fair value through other comprehensive income.
C. Commodity price risk
The Group\u2019s earnings are exposed to movements in the prices of the commodities it produces.
The Group\u2019s policy is to sell its products at prevailing market prices and is generally not to hedge commodity price risk, although some hedging
may be undertaken for strategic reasons. In such cases, the Group generally uses forward contracts and other derivative instruments to
economically hedge the price risk.
Certain of the Group\u2019s sales and purchases are provisionally priced, meaning that the selling price is determined normally 30 to 180 days after
delivery to the customer, based on quoted market prices stipulated in the contract, and as a result are susceptible to future price movements.
The\u00a0exposure of the Group\u2019s financial assets and liabilities to commodity price risk is as follows:
2022
2021
Commodity price linked
Commodity price linked
US$ million
Subject to
price
movements
Fixed price
Not linked to
commodity
price
Total
Subject to
price
movements
Fixed price
Not linked to
commodity
price
Total
Total net financial instruments
(excluding\u00a0derivatives)
1,254
203
(10,171)
(8,714)
1,360
452
(8,112)
(6,300)
Derivatives
(13)
\u2014
(1,063)
(1,076)
40
\u2014
(126)
(86)
1,241
203
(11,234)
(9,790)
1,400
452
(8,238)
(6,386)
Commodity price linked financial instruments subject to price movements include provisionally priced trade receivables and trade payables.
Commodity price linked financial instruments at fixed price include receivables and payables for commodity sales and purchases no longer
subject to price adjustment at the balance sheet date.
D. Foreign exchange risk
As a global business, the Group is exposed to many currencies principally as a result of non-US dollar operating costs and, to a lesser extent, from
non-US dollar\u00a0revenue.
Net debt and financial risk management
23. Financial risk management continued
The South African rand, Chilean peso, Brazilian real and Australian dollar are the most significant non-US dollar currencies influencing costs.
A\u00a0strengthening of the US dollar against the currencies to which the Group is exposed has a positive effect on the Group\u2019s earnings. The Group\u2019s
policy is generally not to hedge such exposures given the correlation, over the longer term, with commodity prices and the diversified nature of the
Group, although exceptions can be approved by\u00a0a committee with delegated authority from the Group Management Committee.
In addition, currency exposures exist in respect of non-US dollar capital expenditure projects and non-US dollar borrowings in US dollar functional
currency entities. The Group\u2019s policy is to evaluate whether or not to hedge its non-US dollar capital expenditure on a case-by-case basis, taking
into account the estimated foreign exchange exposure, liquidity of foreign exchange markets and the cost of executing a hedging strategy.
Further detail with respect to the Group\u2019s non-US dollar borrowings approach is included in note 21.
Net other financial liabilities (excluding net debt related balances, variable vessel leases and cash in disposal groups, but including the debit
valuation adjustment attributable to\u00a0derivatives hedging net debt) are $2,745 million. This includes net assets of $36 million denominated in
US\u00a0dollars, and net liabilities of $383 million denominated in Brazilian real, $324 million denominated in Australian dollars, $631 million
denominated in Chilean pesos and $986 million denominated in South African rand.
E. Interest rate risk
Interest rate risk arises due to fluctuations in interest rates which impact the value of short term investments and financing activities. The Group
is\u00a0principally exposed to US and South African interest rates.
USD LIBOR is expected to be replaced by an alternative risk-free rate by June 2023. The\u00a0Group is managing the transition to alternative risk-free
rates with respect to its hedging arrangements and any future transactions in the financial market. Please see note 39F for further details.
The Group\u2019s policy is to borrow funds at fixed rates of interest. The Group uses interest rate derivatives to convert the majority of borrowings to
floating rates of interest and manage its exposure to interest rate movements on its debt.
In respect of financial assets, the Group\u2019s policy is to invest cash at floating rates of interest and to maintain cash reserves in short term
investments (less than one year) in order to maintain liquidity.
Analysis of interest rate risk associated with net debt balances and the impact of derivatives to hedge against this risk is included within the
table\u00a0below. Net other financial liabilities (excluding net debt related balances, variable vessel leases and cash in disposal groups, but including
the debit valuation adjustment attributable to derivatives hedging net debt) of $2,745 million (2021: $2,470 million) are primarily non-interest
bearing.
The table below reflects the exposure of the Group\u2019s net debt to currency and interest rate risk:
2022
US$ million
Cash
and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging
net debt
Impact of
currency
derivatives
Total
US dollar
6,667
(2,994)
(7,742)
(1,092)
(2,985)
(8,146)
Euro
29
\u2014
(2,673)
\u2014
2,669
25
South African rand
421
(11)
(168)
\u2014
\u2014
242
Brazilian real
735
\u2014
(18)
\u2014
\u2014
717
Australian dollar
161
\u2014
(45)
\u2014
\u2014
116
Sterling
84
(6)
(613)
\u2014
316
(219)
Other
303
(1)
(82)
\u2014
\u2014
220
Impact of interest rate derivatives
\u2014
(8,682)
8,682
\u2014
\u2014
\u2014
Total
8,400
(11,694)
(2,659)
(1,092)
\u2014
(7,045)
Reconciliation:
Variable vessel leases
127
Net debt
(6,918)
(1) During the year, 4,074,062 shares were cancelled under the buyback programme. In 2021, 21,466,105 shares were cancelled under the 2021 buyback programme.
The number and carrying value of called-up, allotted and fully paid ordinary shares as at 31\u00a0December\u00a02022 (including the shares held by the
Group in other structures, as outlined below) was 1,337,577,913 and $734 million (2021: 1,341,651,975 and $737 million).
At general meetings, every member who is present in person has one vote on a show of hands and, on a poll, every member who is present in
person or by proxy has one vote for every ordinary share held.
Own shares
2022
2021
Number of shares
US$ million
Number of shares
US$ million
Own shares
Own shares held by subsidiaries and employee benefit trusts
124,618,014
6,272
123,430,969
6,141
Total
124,618,014
6,272
123,430,969
6,141
Included in Own shares are 112,300,129 (2021: 112,300,129) Anglo\u00a0American\u00a0plc shares held by Epoch Investment Holdings (RF) Proprietary
Limited, Epoch Two Investment Holdings (RF) Proprietary Limited and Tarl Investment Holdings (RF) Proprietary Limited, which are consolidated
by the Group by virtue of their contractual arrangements with Tenon Investment Holdings Proprietary Limited, a wholly owned subsidiary of
Anglo\u00a0American South Africa Proprietary Limited. Further details of these arrangements are provided in note 39B.
Included in the calculation of the dividend payable are 5,523,624 ($216 million) shares held in the Employee Benefit Trust in respect of forfeitable
share awards granted to certain employees. Under the terms of these awards, the shares are beneficially owned by the respective employees,
who are entitled to receive dividends in respect of the shares. The shares are released to the employees on vesting of the\u00a0awards, and any shares
that do not vest are returned to the Company or the Employee Benefit Trust. These shares are recognised on the Consolidated balance sheet
within Own shares and are excluded from the calculation of basic earnings per share. They are included in the calculation of diluted earnings per
share to the extent that the related share awards are dilutive (see note 3).
Equity
24. Called-up share capital and consolidated equity analysis continued
Consolidated equity analysis
Fair value and other reserves comprise:
US$ million
Share-based
payment
reserve
Financial
asset
revaluation
reserve
Other
reserves
Total
fair value
and other
reserves
At 1 January 2021
451
41
144
636
Other comprehensive loss
\u2014
(8)
\u2014
(8)
Equity settled share-based payment schemes
15
\u2014
\u2014
15
Cancellation of treasury shares
\u2014
\u2014
12
12
Other
(6)
(2)
4
(4)
At 31 December 2021
460
31
160
651
Other comprehensive income/(loss)
\u2014
31
(80)
(49)
Equity settled share-based payment schemes
1
\u2014
\u2014
1
Cancellation of treasury shares
\u2014
\u2014
3
3
Other
(4)
(32)
19
(17)
At 31 December 2022
457
30
102
589
Equity
25. Non-controlling interests continued
Further information
Summarised financial information on a 100% basis and before inter-company eliminations for De Beers, Anglo\u00a0American Sur, Anglo American
Platinum and Kumba Iron Ore is as follows:
2022
2021
US$ million
De\u00a0Beers
Anglo
American Sur
Anglo
American
Platinum
Kumba
Iron Ore
De\u00a0Beers
Anglo
American Sur
Anglo
American
Platinum
Kumba
Iron Ore
Non-current assets
8,023
4,890
6,125
3,104
8,430
4,316
6,000
3,133
Current assets
5,147
1,231
5,296
1,818
4,475
1,596
6,460
2,061
Current liabilities
(949)
(1,036)
(3,425)
(915)
(806)
(1,121)
(3,587)
(631)
Non-current liabilities
(2,489)
(1,817)
(1,531)
(802)
(2,429)
(1,545)
(1,596)
(856)
Net assets
9,732
3,268
6,465
3,205
9,670
3,246
7,277
3,707
Revenue
6,609
2,758
10,096
4,612
5,591
3,724
14,502
6,944
Profit for the financial year(1)
633
177
3,053
1,247
317
1,149
5,398
2,983
Total comprehensive income/(expense)
57
160
2,592
1,034
(86)
1,173
4,736
2,688
Net cash inflow from operating activities
1,112
772
2,869
1,746
1,163
1,682
6,698
3,366
The average number of employees, excluding contractors and associates\u2019 and joint ventures\u2019 employees and including a proportionate share of
employees within joint operations, by principal location of employment was:
Thousand
2022
2021
South Africa
41
41
Other Africa
5
5
South America
9
9
North America
1
1
Australia and Asia
3
3
Europe
3
3
62
62
27.
Retirement benefits
Overview
The Group operates a number of defined contribution and defined benefit pension plans with the most significant plans being in South Africa and
the United Kingdom. It also operates post employment medical plans, the majority of which are unfunded, principally in South Africa. The post
employment medical plans provide health benefits to retired employees and certain dependants.
Defined contribution plans
The charge for the year for defined contribution pension plans (net of amounts capitalised) was $153 million (2021: $143 million) and for defined
contribution medical plans (net of amounts capitalised) was $61 million (2021: $68 million).
Defined benefit pension plans and post employment medical plans
Characteristics of plans
The majority of the defined benefit pension plans are funded. The assets of these plans are held separately from those of the Group, in
independently administered funds, in accordance with statutory requirements or local practice in the relevant jurisdiction. The responsibility for
the governance of the funded retirement benefit plans, including investment and funding decisions, lies with the Trustees of each scheme. The
unfunded liabilities are principally in relation to termination indemnity plans in Chile.
South Africa
The pension plans in South Africa are in surplus. All pension plans in South Africa are closed to new members and the majority of plans are closed
to future benefit accrual. As the plans are in surplus no employer contributions are currently being made. The Group\u2019s provision of anti-retroviral
therapy to HIV positive staff does not significantly impact the post employment medical plan liability.
United Kingdom
The Group operates funded pension plans in the United Kingdom. These plans are closed to new members and to the future accrual of benefits.
The Group is committed to make payments to certain United Kingdom pension plans under deficit funding plans agreed with the respective
Trustees.
Other
Other pension and post employment medical plans primarily comprise obligations in Chile where legislation requires employers to provide for
a\u00a0termination indemnity, entitling employees to a cash payment made on the termination of an employment contract.
Contributions
Employer contributions are made in accordance with the terms of each plan and may vary from year to year. Employer contributions made to
funded pension plans in the year ended 31\u00a0December\u00a02022 were $4 million (2021: $3 million). In addition, $14 million (2021: $13 million) of
benefits were paid in relation to unfunded pension plans and $14 million (2021: $25 million) of benefits were paid in relation to post employment
medical plans. The Group expects to contribute $37 million to its pension plans and $14 million to its post employment medical plans in 2023.
Income statement
The amounts recognised in the Consolidated income statement are as follows:
2022
2021
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Charged to operating costs
15
2
17
14
2
16
Net charge/(credit) to net finance costs
5
20
25
(2)
32
30
Total net charge to the income statement
20
22
42
12
34
46
Net charge/(credit) to net finance costs includes interest expense on surplus restriction of $15 million (2021: $12 million).
Employees
27. Retirement benefits continued
Comprehensive income
The pre-tax amounts recognised in the Consolidated statement of comprehensive income are as follows:
2022
2021
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Return on plan assets, excluding interest income
(1,576)
(14)
(1,590)
(146)
1
(145)
Actuarial gains/(losses) on plan liabilities
1,239
26
1,265
321
(2)
319
Movement in surplus restriction
38
\u2014
38
(17)
\u2014
(17)
Remeasurement of net defined benefit obligation
(299)
12
(287)
158
(1)
157
Actuarial gains on plan liabilities comprise net gains from changes in financial and demographic assumptions as well as experience on plan
liabilities. The tax amounts arising on remeasurement of the net defined benefit obligations are disclosed in note 5.
Balance sheet
A summary of the movements in the net pension plan assets and retirement benefit obligations on the Consolidated balance sheet is as follows:
US$ million
2022
2021
Net asset recognised at 1 January
284
72
Net income statement charge before special items
(42)
(46)
Remeasurement of net defined benefit obligation
(287)
157
Employer contributions to funded pension plans
4
3
Benefits paid to unfunded plans
28
38
Effects of curtailments/settlements
\u2014
(1)
Other
\u2014
8
Currency movements
(43)
53
Net (liability)/asset recognised at 31 December
(56)
284
Amounts recognised as:
Defined benefit pension plans in surplus
381
695
Retirement benefit obligation \u2013 pension plans
(243)
(198)
Retirement benefit obligation \u2013 medical plans
(267)
(304)
Retirement benefit surplus \u2013 medical plans
73
91
(56)
284
The Group, in consultation with scheme and legal advisers, has determined that once all beneficiaries of the schemes have been settled the full
economic benefit of the surplus of each of the schemes would become payable to the relevant Group company. Therefore, defined benefit
pension plans and post retirement medical plans assets are included in Pension asset surplus and other non-current assets on the Consolidated
balance sheet.
Further information
Movement analysis
The changes in the fair value of plan assets are as follows:
2022
2021
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
At 1 January
5,450
102
5,552
5,836
12
5,848
Interest income
142
9
151
131
1
132
Return on plan assets, excluding interest income
(1,576)
(14)
(1,590)
(146)
1
(145)
Contributions paid by employer to funded pension plans
3
1
4
3
\u2014
3
Benefits paid
(214)
(7)
(221)
(225)
(1)
(226)
Effects of curtailments/settlements
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Other
7
\u2014
7
(86)
97
11
Currency movements
(497)
(7)
(504)
(62)
(8)
(70)
As at 31 December
3,315
84
3,399
5,450
102
5,552
The most significant actuarial gain arose from changing financial assumptions totalling $1,353 million (2021: $277 million).
Pension plan assets and liabilities by geography
The split of the present value of funded and unfunded obligations in defined benefit pension plans and the fair value of pension assets at
31\u00a0December is as\u00a0follows:
2022
2021
US$ million
South
Africa
United
Kingdom
Other
Total
South
Africa
United
Kingdom
Other
Total
Corporate bonds
115
1,621
1
1,737
140
2,871
3
3,014
Government bonds
341
1,566
61
1,968
411
2,723
59
3,193
Debt (Repurchase Agreements)
(27)
(844)
(1)
(872)
(69)
(1,062)
\u2014
(1,131)
Equity
77
1
6
84
95
34
8
137
Cash
39
301
1
341
48
121
\u2014
169
Other
8
49
\u2014
57
2
66
\u2014
68
Fair value of pension plan assets
553
2,694
68
3,315
627
4,753
70
5,450
Active members
(3)
\u2014
(6)
(9)
(4)
\u2014
(16)
(20)
Deferred members
(2)
(576)
(2)
(580)
(2)
(1,201)
(4)
(1,207)
Pensioners
(407)
(1,792)
(57)
(2,256)
(445)
(2,910)
(55)
(3,410)
Present value of funded obligations
(412)
(2,368)
(65)
(2,845)
(451)
(4,111)
(75)
(4,637)
Present value of unfunded obligations
\u2014
(25)
(198)
(223)
\u2014
(22)
(152)
(174)
Net surplus/(deficit) in pension plans
141
301
(195)
247
176
620
(157)
639
Surplus restriction
(109)
\u2014
\u2014
(109)
(142)
\u2014
\u2014
(142)
Recognised retirement benefit assets/(liabilities)
32
301
(195)
138
34
620
(157)
497
Non-current assets \u2013 pension asset surplus
32
349
\u2014
381
34
658
3
695
Retirement benefit obligation \u2013 pension plans
\u2014
(48)
(195)
(243)
\u2014
(38)
(160)
(198)
The weighted average duration of the South African plans is 9 years (2021: 9 years), United Kingdom plans is 13 years (2021: 17 years) and
plans in other regions is 13 years (2021: 14 years). This represents the average period, weighted by discounted value, over which future benefit
payments are expected to be\u00a0made.
Mortality assumptions are determined based on standard mortality tables with adjustments, as appropriate, to reflect experience of conditions
locally. In South Africa the PA90 tables are used. The main plans in the United Kingdom use CMI tables or Club Vita models with plan specific
adjustments based on mortality investigations. The mortality tables used imply that a male or female aged 60 at the balance sheet date has the
following future life expectancy (shown as weighted\u00a0averages):
Male
Female
Years
2022
2021
2022
2021
South Africa
18.8
18.8
23.4
23.4
United Kingdom
27.8
27.9
29.6
29.6
Other
24.2
24.2
28.9
28.2
The table below summarises the expected life expectancy from the age of 60 for a male or female aged 45 at the balance sheet date. When
viewed together with the respective life expectancy at age 60 in the table above, this indicates the anticipated improvement in life expectancy
(shown as weighted averages):
Male
Female
Years
2022
2021
2022
2021
South Africa
18.8
18.8
23.4
23.4
United Kingdom
28.6
28.6
30.8
30.9
Other
25.6
25.3
30.2
29.2
Risk of plans
The Group has identified the main risk to its defined benefit pension schemes as being interest rate risk due to the impact on the UK discount rate
assumption:
Risk
Description
Mitigation
Interest rate risk
An increase in longer term real and
nominal interest rates expectations
causes gilt yields and corporate bond
yields to increase, which results in a
higher discount rate being applied to
the UK pension liabilities and so, with
all else being held equal, the value of
the pension scheme liabilities
decreases.
If the pension scheme assets
decrease by more than the decrease
in the pension scheme liabilities
(caused by the increase in interest
rates) then, all else being equal, this
will result in a worsening of the
pension scheme funding position.
The Trustees\u2019 investment strategies vary by plan for the UK and include investing, with the
intention of counter-balancing the movements in the liabilities, in fully owned (fully funded)
physical credit and gilts, and by gaining unfunded exposure to gilts (via gilt repurchase
agreements) and other fixed income based derivatives to match the real and nominal
interest rate sensitivity of the pension scheme liabilities.
Approximately 75-100% (depending on the scheme) of the pension scheme liabilities are
currently hedged against movements in real and nominal interest rates.
The Trustees\u2019 hedging strategies are typically designed to protect the respective schemes\u2019
funding plans against volatility in market yields. The discount rate used to calculate any
funding requirement for the schemes is linked to gilt yields rather than to corporate bond
yields as required under IAS 19 Employee Benefits. Consequently the valuation of the net
retirement benefit obligation for accounting purposes remains susceptible to movements
in value due to the difference between corporate bond and gilt yields. In addition, since
corporate bond yields are typically higher than gilt yields, this can result in the recognition
of accounting surpluses in respect of schemes where cash contributions continue to be
made to meet funding shortfalls.
Employees
27. Retirement benefits continued
Sensitivity analysis
Significant actuarial assumptions for the determination of pension and medical plan liabilities are the discount rate, inflation rate and mortality.
The sensitivity analysis below has been provided by local actuaries on an approximate basis based on changes in the assumptions occurring
at\u00a0the end of the year, assuming that all other assumptions are held constant and the effect of interrelationships is excluded. The effect on plan
liabilities is as follows:
2022
US$ million
South
Africa
United
Kingdom
Other
Total
Discount rate \u2013 1% decrease
(52)
(320)
(19)
(391)
Inflation rate \u2013 pension plans \u2013 0.5% increase
(15)
(58)
(9)
(82)
Inflation rate \u2013 medical plans \u2013 0.5% increase
(12)
\u2014
(4)
(16)
Life expectancy \u2013 increase by 1 year
(22)
(84)
(2)
(108)
Independent qualified actuaries carry out full valuations at least every three years using the projected unit credit method. The actuaries have
updated the valuations to 31\u00a0December\u00a02022. Assumptions are set after consultation with the qualified actuaries. While management believes
the assumptions used are appropriate, a change in the assumptions used would impact the Group\u2019s other comprehensive income.
Accounting policy
See note 39H for the Group\u2019s accounting policy on retirement benefits.
Employees
28.
Share-based payments
Overview
During the year ended 31\u00a0December\u00a02022 the Group had share-based payment arrangements with employees relating to shares of the
Company. All of these Company schemes, as well as any non-cyclical awards, are equity settled either by award of ordinary shares (BSP,
LTIP,\u00a0SIP and Non-cyclical) or award of options to acquire ordinary shares (SAYE). The awards are conditional on employment. LTIPs vest in
accordance with the achievement of relative TSR targets and a balanced scorecard of measures including a Group ROCE target, a
Sustaining attributable free cash flow target and environmental, social and governance targets. Other schemes in the Group include
performance conditions based on Group financial performance.
The total share-based payment charge relating to Anglo\u00a0American\u00a0plc shares for the year is split as follows:
US$ million
2022
2021
BSP
99
81
LTIP
82
73
Other schemes
6
6
Share-based payment charge relating to Anglo\u00a0American\u00a0plc shares
187
160
(ZEHS). The combination is intended to accelerate the development and commercialisation of the Group\u2019s nuGen\u2122 ZEHS. The Group has a
controlling stake in the combined entity, which will be consolidated as a subsidiary.
With the exception of the proposed final dividend for 2022 (see note 6), there have been no further reportable events since 31 December 2022.
30.
Commitments
Overview
A commitment is a contractual obligation to make a payment in the future which is not provided for in the Consolidated balance sheet. The Group
also has purchase obligations relating to take or pay agreements which are legally binding and enforceable.
Capital commitments (including cancellable and non-cancellable contracts) for subsidiaries and joint operations relating to the acquisition of
property, plant and equipment are $4,531 million (2021: $3,647 million), of\u00a0which 55% (2021: 56%) relates to expenditure to be incurred within
the next year.
The Group\u2019s outstanding commitments relating to take or pay agreements are $14,233 million (2021: $13,092 million), of which 11%
(2021:\u00a010%) relate to expenditure to be incurred within the next year.
31.
Contingent assets and liabilities
Overview
The assessment of risk and estimation of future outflows in respect of contingent liabilities is inherently uncertain and hence a material outflow
may arise in future periods in relation to these matters.
The Group has provided indemnities against certain liabilities as part of agreements for the sale or other disposal of business operations. Having
taken appropriate legal advice, the Group believes that a material liability arising from the indemnities provided is remote. The Group is required
to provide guarantees in several jurisdictions in respect of environmental restoration and decommissioning obligations. The Group has provided
for the estimated cost of these activities.
Contingent assets
Steelmaking Coal
In 2014, the Steelmaking Coal business was granted an arbitration award of $107 million against MMTC Limited in respect of a contractual
dispute. The award has since been challenged in the Indian courts, during which time interest has continued to accrue. On 17 December 2020,
the Indian Supreme Court found in favour of the Steelmaking Coal business. The award, inclusive of interest, is currently valued at approximately
$135\u00a0million. The precise timing and value of receipt remains uncertain and hence no receivable has been recognised on the Consolidated
balance sheet as at 31 December 2022.
Contingent liabilities
Global Industry Standard for Tailing Management (GISTM)
The Group continues to work towards conformance with the GISTM as a member of the International Council for Mining and Metals (ICMM).
The Group recognised an additional $128 million within closure provisions during the year based on estimated further costs for conformance for
tailings storage facilities (TSFs) where technical studies and surveys are at an advanced stage and reliable cost estimates are available.
Ongoing studies and analysis required to estimate the value of any further incremental costs to achieve conformance at the rest of the in scope
TSFs at managed operations may result in additional site construction work being undertaken. Reliable cost estimates are expected to be
finalised by the end of 2023. Additional costs that are not yet estimated and not recognised are not expected to be material, but is subject to
completion of rigorous site characterisation and risk analysis.
Although the Group targets conformance with Anglo American equivalent standards for non-managed operations, there is no constructive
obligation in respect of GISTM where the partner is not an ICMM member, unless a public commitment has been made by that partner.
The implementation of GISTM is the next stage in the evolution of the Group Technical Standard, which is already aligned to current industry
best practice.
Unrecognised items and uncertain events
31. Contingent assets and liabilities continued
Anglo American South Africa Proprietary Limited (AASA)
In October 2020, an application was initiated against Anglo American South Africa Proprietary Limited (AASA). The application seeks the
certification of class action litigation to be brought on behalf of community members residing in the Kabwe area in Zambia in relation to alleged
lead-related health impacts.
AASA is opposing the class certification application, and is defending itself against the allegations made. Extensive pleadings have been filed by
both parties. In addition, both Amnesty International and the UN have been granted leave to intervene in the proceedings. The certification
hearing was held late in January 2023, with a ruling likely to follow several months later.
This litigation is still subject to significant uncertainty, and it is not currently possible to make a reasonable estimate of the outcome, quantum or
timing of any potential future determination and therefore no provision is recognised.
De Beers
Guarantees provided in respect of environmental restoration and decommissioning obligations involve judgements in terms of the outcome
of\u00a0future events. In\u00a0one of the territories in which De Beers operates, conditions exist, or are proposed, with respect to backfilling pits on closure.
A\u00a0formal appeal has been lodged to remove the existing backfilling condition and no provision has been raised on the basis that it is not probable
that this condition will be enforced. Should the appeal not be successful the estimated cost of backfilling is $235 million.
Accounting judgement
Where the existence of an asset is contingent on uncertain future events which are outside the Group\u2019s control, the asset is only recognised once
it becomes virtually certain that the Group will receive future economic benefits.
A provision is recognised where, based on the Group\u2019s legal views and, in some cases, independent advice, it is considered probable that an
outflow of resources will be required to settle a present obligation that can be measured reliably.
Group structure
This section includes details about the composition of the Group
and how this is reflected in the Consolidated financial statements.
It also includes disclosures of significant corporate transactions
such as acquisitions and disposals.
32.
Assets and liabilities held for sale
There were no assets or liabilities classified as held for sale as at 31\u00a0December\u00a02022.
2021
At 31\u00a0December\u00a02021, assets of $50 million were classified as held for sale and an impairment of $283 million to the Cerrej\u00f3n associate was
recognised within non-operating special items to bring the carrying amount in line with the expected disposal proceeds.
On 11 January 2022, the Group completed the disposal and received the outstanding consideration receivable of $50 million. In line with the
agreement, the initial cash consideration of $294 million was reduced by cash dividends of $240 million, repayment of shareholders loan from
Cerrej\u00f3n of $41 million and adjusted for the cash sweeping arrangement paid to Cerrej\u00f3n of $37\u00a0million.
33.
Disposals
Cash received of $564 million in respect of disposals for the year ended 31\u00a0December\u00a02022 principally relates to the settlement of deferred
consideration balances of $353 million relating to the sale of the Rustenburg operations (Platinum Group Metals) completed in November 2016,
the sale of the Group\u2019s remaining 8.0% shareholding in Thungela Resources Limited, the Group\u2019s disposal of the Cerrej\u00f3n associate, and the sale
of the Group\u2019s 49% interest in Bokoni mine to African Rainbow Minerals Limited (Platinum Group Metals).
2021
Disposals in the year ended 31 December 2021 principally related to the demerger of the Group\u2019s South African thermal coal operations. In
addition, cash was received under contingent consideration arrangements for disposals in prior periods (Platinum Group Metals and Copper).
Group structure
34.
Basis of consolidation
Overview
The principal subsidiaries, joint operations, joint ventures and associates of the Group and the Group percentage of equity capital are set out
below. All these interests are held indirectly by the Parent Company and are consolidated within these financial statements.
A complete list of the Group\u2019s related undertakings can be found in note 35.
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2022
2021
De\u00a0Beers(1)
85%
85%
Debswana(2), comprising:
Botswana
Joint operation
19.2%
19.2%
Jwaneng
Orapa regime
Namdeb Holdings(3), comprising:
Namibia
Joint operation
50%
50%
Namdeb Diamond Corporation
Debmarine Namibia
De\u00a0Beers Consolidated Mines(4), comprising:
South Africa
Full consolidation
100%
100%
Venetia
De\u00a0Beers Canada, comprising:
Snap Lake
Canada
Full consolidation
100%
100%
Victor
Canada
Full consolidation
100%
100%
Gahcho Ku\u00e9
Canada
Joint operation
51%
51%
Sales, comprising:
De\u00a0Beers Global Sightholder Sales
Botswana
Full consolidation
100%
100%
De\u00a0Beers Sightholder Sales South Africa
South Africa
Full consolidation
100%
100%
Auction Sales
Singapore
Full consolidation
100%
100%
DTC Botswana
Botswana
Joint operation
50%
50%
Namibia DTC
Namibia
Joint operation
50%
50%
Element Six, comprising:
Element Six Technologies
Global
Full consolidation
100%
100%
Element Six Abrasives
Global
Full consolidation
60%
60%
Brands, comprising:
Forevermark
Global
Full consolidation
100%
100%
De\u00a0Beers Jewellers
Global
Full consolidation
100%
100%
Copper
Copper Chile
Los Bronces
Chile
Full consolidation
50.1%
50.1%
El Soldado
Chile
Full consolidation
50.1%
50.1%
Chagres
Chile
Full consolidation
50.1%
50.1%
Collahuasi
Chile
Joint operation
44%
44%
Copper Peru
Quellaveco
Peru
Full consolidation
60%
60%
Nickel
Barro Alto
Brazil
Full consolidation
100%
100%
Platinum Group Metals(5)
79%
79%
Mogalakwena Mine
South Africa
Full consolidation
100%
100%
Amandelbult complex(6)
South Africa
Full consolidation
100%
100%
Twickenham Mine
South Africa
Full consolidation
100%
100%
Unki Mine
Zimbabwe
Full consolidation
100%
100%
Platinum Refining
South Africa
Full consolidation
100%
100%
Modikwa Platinum Joint Operation
South Africa
Joint operation
50%
50%
Mototolo
South Africa
Full consolidation
100%
100%
Kroondal Pooling and Sharing Agreement(7)
South Africa
Joint operation
50%
50%
Bokoni(8)
South Africa
Equity accounted associate
\u2014%
49%
See page 269 for footnotes.
Group structure
34. Basis of consolidation continued
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2022
2021
Iron Ore
Kumba Iron Ore
South Africa
Full consolidation
69.7%
69.7%
Sishen(9)
South Africa
Full consolidation
76.3%
76.3%
Kolomela(9)
South Africa
Full consolidation
76.3%
76.3%
Minas-Rio
Brazil
Full consolidation
100%
100%
Ferroport(10)
Brazil
Equity accounted joint venture
50%
50%
Steelmaking Coal
Coal Australia and Canada, comprising:
Moranbah
Australia
Joint operation
88%
88%
Grosvenor
Australia
Joint operation
88%
88%
Capcoal
Australia
Joint operation
70%
70%
Dawson
Australia
Joint operation
51%
51%
Jellinbah(11)(12)
Australia
Equity accounted associate
33.3%
33.3%
Dalrymple Bay Coal Terminal Pty Ltd
Australia
Equity accounted associate
25.3%
25.3%
Peace River Coal
Canada
Full consolidation
100%
100%
Manganese
Samancor(11)(13)
South Africa and Australia
Equity accounted joint venture
40%
40%
Crop Nutrients
Woodsmith
United Kingdom
Full consolidation
100%
100%
Corporate and other
Carbones del Cerrej\u00f3n(14)
Colombia
Equity accounted associate
\u2014%
33.3%
completed in January 2022.
Accounting judgements
Joint arrangements
Joint arrangements are classified as joint operations or joint ventures according to the rights and obligations of the parties, as described in note
39I. Judgement is required in determining this classification through an evaluation of the facts and circumstances arising from each individual
arrangement. When a joint arrangement has been structured through a separate vehicle, consideration has been given to the legal form of the
separate vehicle, the terms of the contractual arrangement and, when relevant, other facts and circumstances. When the activities of an
arrangement are primarily designed for the provision of output to the parties and, the parties are substantially the only source of cash flows
contributing to the continuity of the operations of the arrangement, this indicates that the parties to the arrangement have rights to the assets and
obligations for the liabilities. Certain joint arrangements that are structured through separate vehicles including Collahuasi, Debswana and
Namdeb Holdings are accounted for as joint operations. These arrangements are primarily designed for the provision of output to the parties
sharing joint control, indicating that the parties have rights to substantially all the economic benefits of the assets. The liabilities of the
arrangements are in substance satisfied by cash flows received from the parties; this dependence indicates that the parties effectively have
obligations for the liabilities. It is primarily these facts and circumstances that give rise to the classification as joint operations.
35.
Related undertakings of the Group
The Group consists of the Parent Company, Anglo\u00a0American\u00a0plc, incorporated in the United Kingdom and its subsidiaries, joint operations, joint
ventures and\u00a0associates. In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings, the country of
incorporation and the effective percentage of equity owned as at 31\u00a0December\u00a02022 is disclosed below. Unless otherwise disclosed all entities
with an indirect equity holding of greater than 51% are considered subsidiary undertakings. See note 34 for the Group\u2019s principal subsidiaries,
joint operations, joint ventures and associates.
As disclosed in the Group\u2019s published tax strategy, the Group does not use tax haven jurisdictions to manage taxes. There remain a small
number of undertakings in the Group which are registered in tax haven jurisdictions and have remained so for other business purposes. The
Group is well advanced in our strategy to remove legacy undertakings from tax haven jurisdictions, and, where possible, these entities are
resident for tax purposes in the United Kingdom regardless of where they are registered. Where the tax residency of a related undertaking is
different from its country of incorporation, this is referenced in the notes to the list below.
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Angola
Anglo American Discovery (Cunene) -
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Edif\u00edcio Kilamba, 20.\u00ba Andar, Avenida 4 de Fevereiro,
Marginal de Luanda, Luanda
Angola
Anglo American Discovery (Moxico) -
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Edif\u00edcio Kilamba, 20.\u00ba Andar, Avenida 4 de Fevereiro,
Marginal de Luanda, Luanda
Angola
De Beers Angola Holdings SARL
85%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Angola
De Beers Angola Lunda Norte, Limitada
77%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Angola
De Beers Angola Lunda Sul, Limitada
77%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Argentina
Minera Anglo American Argentina S.A.U
100%
Ordinary
Nominative
Non-Endorsable
Esteban Echeverr\u00eda 1776, Piso 2, Godoy Cruz, Mendoza
Australia
Anglo American Australia Finance Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Australia Holdings Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Australia Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Energy Solutions (Australia)
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Exploration (Australia) Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Assets
Eastern Australia Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Assets
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Finance
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Holdings
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Archveyor Management) Pty
Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Capcoal Management) Pty
Limited
100%
A Class Ordinary
B Class Ordinary
C Class Ordinary
D Class Ordinary
E Class Ordinary
F Class Ordinary
G Class Ordinary
H Class Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson Management) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson Services) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson South Management)
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson South) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Australia
Anglo Coal (Dawson) Holdings Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson) Limited
100%
Limited by
guarantee
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (German Creek) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Grasstree Management) Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Grosvenor Management) Pty
Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Grosvenor) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Jellinbah) Holdings Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Moranbah North Management)
Pty Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Roper Creek) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Theodore South) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Operations (Australia) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Bowen Basin Coal Pty. Ltd.
23%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Capricorn Coal Developments Joint Venture
70%
N/A
N/A
Australia
Dalrymple Bay Coal Terminal Pty. Ltd.
25%
Ordinary
Martin Armstrong Drive, Hay Point QLD 4740
Australia
Dawson Coal Processing Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Dawson Highwall Mining Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Dawson Joint Venture
51%
N/A
N/A
Australia
Dawson Sales Pty Ltd
51%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Dawson South Exploration Joint Venture
51%
N/A
N/A
Australia
Dawson South Joint Venture
51%
N/A
N/A
Australia
Dawson South Sales Pty Ltd
51%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
De Beers Australia Exploration Limited
85%
Fully paid ordinary
shares
23 North Street, Mount Lawley, WA 6050
Australia
German Creek Coal Pty. Limited
70%
B Class Ordinary
C Class Ordinary
D Class Ordinary
E Class Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Groote Eylandt Mining Company Proprietary
Limited
40%
Ordinary
Level 35, 108 St Georges Terrace, Perth WA 6000
Australia
Jellinbah Group Pty Ltd
33%
Ordinary
A Class Ordinary
E Class Ordinary
F Class Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Jellinbah Joint Venture
23%
N/A
N/A
Australia
Jellinbah Mining Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Jellinbah Resources Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Jena Pty. Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Jena Unit Trust
100%
N/A
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
JG Land Company Pty Ltd
23%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Lake Vermont Joint Venture
23%
N/A
N/A
Australia
Lake Vermont Marketing Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Lake Vermont Resources Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Monash Energy Coal Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal (No2) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal (Sales) Pty Ltd
88%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal Joint Venture
88%
N/A
N/A
Australia
Moranbah North Coal Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah South Exploration Joint Venture
50%
N/A
N/A
Australia
QCMM (Lake Vermont Holdings) Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Australia
QCMM Finance Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Roper Creek Joint Venture
86%
N/A
N/A
Australia
Theodore South Joint Venture
51%
N/A
N/A
Australia
Tremell Pty. Ltd.
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Belgium
De Beers Auction Sales Belgium NV
85%
Ordinary
21 Schupstraat, 2018 Antwerp
Belgium
International Institute of Diamond Grading
and Research (Belgium) NV
85%
Ordinary
21 Schupstraat, 2018 Antwerp
Bermuda
Coromin Insurance Limited
100%
Common
Power House, 7 Par-la-Ville Road, Hamilton
Bermuda
Holdac Insurance Limited
100%
Common
Power House, 7 Par-la-Ville Road, Hamilton
Botswana
Ambase Prospecting (Botswana) (Pty) Ltd
100%
Ordinary
Plot 32, Unit G3 Victoria House, Independence Avenue,
Gaborone, Ad54 Acj
Botswana
Anglo American Corporation Botswana
(Services) Limited
100%
Ordinary
Plot 67977,Fairground Office Park, Gaborone
Botswana
Broadhurst Primary School (Proprietary)
Limited
45%
Ordinary
Plot 113, Unit 28 Kgale Mews, Gaborone International
Finance Park, Gaborone
Botswana
De Beers Global Sightholder Sales (Pty) Ltd
85%
Ordinary
3rd Floor, DTCB Building,Plot 63016, Block 8, Airport
Road, Gaborone
Botswana
De Beers Holdings Botswana (Pty) Ltd
85%
Ordinary
5th Floor, Debswana House, Main Mall, Gaborone
Botswana
Debswana Diamond Company (Proprietary)
Limited(4)
43%
Ordinary
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
Debswana Wellness Fund
43%
N/A
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
Diamond Trading Company Botswana (Pty)
Ltd
43%
Ordinary
Plot 63016,Airport Road, Block 8, Gaborone
Botswana
Naledi Mining Services Company
(Proprietary) Limited
43%
Ordinary
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
Sesiro Insurance Company (Proprietary)
Limited
43%
Ordinary
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
The Diamond Trust
21%
N/A
Debswana House, The Mall, Gaborone\u00a0
Botswana
Tokafala (Proprietary) Limited
57%
Ordinary
3rd Floor, DTCB Building, Plot 63016, Block 8, Airport
Road, Gaborone
Brazil
Anglo American Investimentos - Min\u00e9rio de
Ferro Ltda.
100%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba 200, 16\u00ba andar, sala 1603,
bairro Santa L\u00facia, CEP 30360-740, Belo Horizonte,
Minas Gerais
Brazil
Anglo American Min\u00e9rio de Ferro Brasil S.A
100%
Ordinary
Rua Maria Luiza Santiago, n\u00ba 200, 16\u00ba andar, sala 1601,
bairro Santa Lucia, CEP 30360-740, Belo Horizonte,
Minas Gerais
Brazil
Anglo American Niquel Brasil Ltda.
100%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba. 200, 8\u00ba andar (parte),
Santa L\u00facia, CEP 30360-740, Belo Horizonte, Minas
Gerais
Brazil
Anglo Ferrous Brazil Participa\u00e7\u00f5es S.A.
100%
Ordinary
Rua Maria Luiza Santiago, n\u00ba 200, 16\u00ba andar (parte),
bairro Santa L\u00facia, CEP 30360-740, Belo Horizonte,
Minas Gerais
Brazil
Ferroport Log\u00edstica Comercial Exportadora
S.A.
50%
Ordinary
Rua da Passagem, n\u00ba 123, 11\u00ba andar, sala 1101,
Botafogo, CEP 22290-030, Rio de Janeiro/RJ
Brazil
GD Empreendimentos Imobili\u00e1rios S.A.
33%
Ordinary
Preference
Rua Visconde de Ouro Preto, n\u00ba 5, 11\u00ba andar (parte),
Botafogo, Rio de Janeiro/RJ
Brazil
Guapor\u00e9 Minera\u00e7\u00e3o Ltda.
49%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba. 200, 8\u00ba andar (parte),
bairro Santa L\u00facia, CEP 30.360-740, Belo Horizonte,
Minas Gerais
Brazil
Minera\u00e7\u00e3o Tanagra Ltda.
49%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba. 200, 20\u00ba andar (parte),
bairro Santa L\u00facia, CEP 30.360-740, Belo Horizonte,
Minas Gerais
Brazil
Ventos de Santa Alice Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 236,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Brazil
Ventos de Santa Alice Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 241,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de Santa Sara Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 226,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de Santa Sara Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 246,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de S\u00e3o Felipe Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 290,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de S\u00e3o Felipe Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 244,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
British Virgin
Islands
De Beers Centenary Angola Properties Ltd
85%
Ordinary
Craigmuir Chambers, Road Town, Tortola, VG1110
British Virgin
Islands
Delibes Holdings Limited(5)
85%
A Ordinary
B Ordinary
Craigmuir Chambers, Road Town, Tortola, VG1110
British Virgin
Islands
Loma de Niquel Holdings Limited(5)
94%
Class A1
Class A2
Class B
Class C
Craigmuir Chambers, Road Town, Tortola, VG1110
Canada
0912055 B.C. Ltd.
100%
Common
c/o McCarthy Tetrault, Suite 2400, 745 Thurlow Street,
Vancouver BC V6E 0C5
Canada
Anglo American Exploration (Canada) Ltd.
100%
Common
Class B Preference
Class C Preference
c/o Anglo American Exploration (Canada) Ltd., Suite
620 \u2013 650 West Georgia Street, Vancouver, BC, V6B
4N8
Canada
Auspotash Corporation
100%
N/A
333 Bay Street, Suite 2400, Toronto, Ontario, M5H
Canada
Central Ecuador Holdings Ltd.
70%
Class A Common
Class B Common
c/o Borden Ladner Gervais, 1200 Waterfront Centre,
200 Burrard Street, Vancouver, British Columbia, V6C
3L6
Canada
De Beers Canada Holdings Inc.
85%
A Ordinary
B Ordinary
2400-333 Bay St, Toronto ON, M5H2T6
Canada
De Beers Canada Inc.
85%
Preference
2400-333 Bay St, Toronto ON, M5H2T6
Canada
Lion Battery Technologies Inc.
36%
Class A Preferred
Suite 2600, Three Bentall Centre, 595 Burrard Street,
P.O. Box 49314, Vancouver Bc V7x 1l3
Canada
Peace River Coal Inc.
100%
Common
Class A Non-
Voting Preference
c/o McCarthy Tetrault, Suite 2400, 745 Thurlow Street,
Vancouver BC V6E 0C5
Canada
Peregrine Diamonds Ltd
85%
Common
Preference
2400-333 Bay St, Toronto ON, M5H2T6
Chile
Anglo American Chile Ltda
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Anglo American Copper Finance SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Anglo American Marketing Chile SpA
100%
Ordinary
Torre Titanium, 2800 Isidora Goyenechea, piso 46, Las
Condes, Santiago 7550647
Chile
Anglo American Sur S.A.
50%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Compa\u00f1\u00eda Minera Dona Ines De Collahuasi
SCM
44%
Ordinary
Avda Andres Bello 2687, P 11 Edif. el Pacifico, Las
Condes, Santiago, Regi\u00f3n Metropolitana.
Chile
Compa\u00f1\u00eda Minera Westwall S.C.M
50%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Anglo American Norte SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Anglo American Sur SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Minorco Chile SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
China
Anglo American Resources Trading (China)
Co. Ltd.
100%
Equity interest
Units 01, 02A, 07A, 08, Floor 32, No. 1198 Century
Avenue, Pudong New Area, Shanghai
China
De Beers Jewellers Commercial (Shanghai)
Co., Ltd
85%
Equity interest
Suite 4607, The Park Place, No.1601 Nan Jing West
Road, Shanghai, PRC
China
Element Six Trading (Shanghai) Co., Ltd
51%
Equity interest
Room 807, Floor 8, No 390-408 East Beijing Road,
Huangpu District, Shanghai
China
Forevermark Marketing (Shanghai)
Company Limited
85%
Equity interest
Suite 4601, 4602 and 4608, The Park Place, No.1601
Nan Jing West Road, Shanghai, PRC
China
Platinum Guild International (Shanghai) Co.,
Limited
78%
Ordinary
Room 601, L'avenue,99 XianXia Road, Shanghai
200051
China
Suzhou Yibai Environmental Protection
Technologies Co., Ltd
24%
N/A
No. 558, Fenhu Avenue, Lili Town, Wujiang District,
Suzhou, PRC
Colombia
Anglo American Colombia Exploration S.A.
100%
Ordinary
Carrera 7 No. 71-52 Torre B, Piso 9, Bogot\u00e1, Colombia
Democratic
Republic of
Congo
Ambase Exploration Africa (DRC) SPRL
100%
Ordinary
c/o KPMG, 500b. Av. Mpala/Quartier Golf, Lubumbashi
Ecuador
Anglo American Ecuador S.A.
100%
Ordinary
Av. Patria E4-69 y Av. Amazonas, Cofiec, 16th Floor
Ecuador
Central Ecuador EC-CT S.A.
70%
Ordinary
Av. Patria E4-69 y Av. Amazonas, Edif.COFIEC, piso 17,
Quito
Finland
AA Sakatti Mining Oy
100%
Ordinary
AA Sakatti Mining Oy, Tuohiaavantie 2, 99600,
Sodankyl\u00e4
Gabon
Samancor Gabon SA
40%
Ordinary
C/- Fiduge SARL, Battery IV, Soraya Building, PO Box
15.950, Liberville
Germany
Element Six GmbH
51%
Ordinary
Staedeweg 18, 36151, Burghaun
Germany
Kupfer Copper Germany GmbH
80%
Ordinary
c/o Simmons & Simmons LLP, Koenigsalle 2a, 40212,
Dusseldorf
Germany
Anglo American Exploration Germnay
GmbH
100%
Ordinary
c/o Simmons & Simmons LLP, Koenigsalle 2a, 40212,
Dusseldorf
Greenland
NAIP West Exploration A/S
25%
Ordinary
Issortarfimmut 6, 3905 Nuussuaq
Hong Kong
De Beers Auction Sales Holdings Limited
85%
Ordinary
RM 02B&03-06 26/F, Kinwick Centre, 32 Hollywood
Road Central
Hong Kong
De Beers Jewellers (Hong Kong) Limited
85%
Ordinary
RM 02B&03-06 26/F, Kinwick Centre, 32 Hollywood
Road Central
Hong Kong
Forevermark Limited
85%
Ordinary
RM 02B&03-06 26/F, Kinwick Centre, 32 Hollywood
Road Central
Hong Kong
Platinum Guild International (Hong Kong)
Limied
78%
Ordinary
Suites 2901-2, Global Trade Square, No.21 Wong Chuk
Hang Road
India
Anglo American Crop Nutrients (India)
Private Limited
100%
Ordinary
Regus Elegance, 2F, Elegance, Jasola Districe Centre
Old Mathura Road, New Delhi, 110025
India
Anglo American Services (India) Private
Limited
100%
Equity
A- 1/292, Janakpuri, New Delhi - 110058
India
De Beers India Private Ltd
85%
Ordinary Equity
Preference Equity
601, 6th floor, TCG Financial Centre, C -53, G Block,
Bandra Kurla Complex, Bandrar (East), Mumbai - 400
058
India
Hindustan Diamond Company Private
Limited
43%
Ordinary equity
Office No. 12, 14th Floor, Navjivan Society Building, No.3,
Lamington Road, Mumbai - 400 008
India
Platinum Guild India Private Limited
78%
Ordinary
Notan Classic, 3rd Floor, 114 Turner Road, Bandra West,
Mumbai 400 050
Indonesia
PT Anglo American Indonesia
100%
Ordinary
Pondok Indah Office Tower 3, 17th Floor, Jl. Sultan
Iskandar Muda, Kav. 5-TA RT.004/RW.003 Pondok
Indah, Jakarta Selatan 12310
Indonesia
PT Minorco Services Indonesia
100%
Ordinary
Pondok Indah Office Tower 3, 17th Floor, Jl. Sultan
Iskandar Muda, Kav. 5-TA RT.004/RW.003 Pondok
Indah, Jakarta Selatan 12310
Ireland
Coromin Insurance (Ireland) DAC
100%
Ordinary
4th Floor, 25/28 Adelaide Road, Dublin D02 RY98
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Ireland
Element Six (Holdings) Limited
51%
Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six (Trade Marks) Limited
51%
Ordinary
A Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six Abrasives Treasury Limited
51%
Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six Limited
51%
Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six Treasury Limited
85%
Ordinary
Shannon Airport, Shannon, Co.Clare
Isle of Man
Element Six (Legacy Pensions) Limited
85%
Ordinary
A Ordinary
1st Floor, 18-20 North Quay, Douglas, IM1 4LE
Israel
De Beers Auction Sales Israel Ltd
85%
Ordinary
11th Floor, Yahalom (Diamond) Building, 21 Tuval Street
Ramat Gan 5252236
Italy
Forevermark Italy S.R.L.
85%
Ordinary
Via Burlamacchi Francesco 14, 20135, Milan
Japan
De Beers Jewellers Japan K.K.
85%
Common stock
New Otani Garden Court 7th Floor, 4-1 Kioi-cho,
Chiyoda-ku, Tokyo
Japan
De Beers K.K.
50%
Common stock
New Otani Garden Court, 7th Floor, 4-1 Kioi-cho,
Chiyoda-ku, Tokyo
Japan
Element Six Limited
51%
Ordinary
9F PMO Hatchobori, 3-22-13 Hatchobori, Chuo-ku,
Tokyo, 104
Japan
Forevermark KK
85%
Common stock
New Otani Garden Court, 7th Floor, 4-1 Kioi-cho,
Chiyoda-ku, Tokyo
Japan
Furuya Eco-Front Technology Co., Ltd
31%
Common
MSB-21 Minami Otsuka Building, 2-37-5 Minami Otsuka,
Toshima-ku, Tokyo
Japan
PGI KK
78%
Ordinary
Imperial Hotel Tower 17F, 1-1-1 Uchisaiwai-cho,
Chiyoda-ku,Tokyo, 100-8575
Jersey
A.R.H. Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
A.R.H. Limited(5)
100%
Class A
Class B
Class C
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Ambras Holdings Limited(5)(6)
100%
Repurchaseable
Class A Ordinary
Repurchaseable
Class B Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Ammin Coal Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo African Exploration Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Amcoll UK Ltd (5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Buttercup Company
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Chile Investments UK Ltd(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Clarent UK Ltd(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Corporation de Chile
Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Exploration Colombia
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Exploration Overseas
Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Finland Holdings 2
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Midway Investment
Limited(5)
100%
A Shares
B Shares
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Overseas Limited(5)(7)
100%
Repurchaseable
Class A Ordinary
Repurchaseable
Class B Ordinary
Repurchaseable
Class C Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Jersey
Anglo Australia Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Diamond Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Iron Ore Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Operations (International) Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Peru Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Quellaveco Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo South American Investments
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Venezuela Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Aval Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Cheviot Holdings Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Centenary Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Exploration Holdings Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Holdings Investments Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Investments plc(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers plc(5)
85%
A Ordinary
B Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Highbirch Limited(5)
100%
Class A
Class B
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Kumba International Trading Limited(5)
53%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Minorco Overseas Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Minorco Peru Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Minpress Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Sirius Minerals Finance Limited(5)
100%
Ordinary
Preference
47 Esplanade, St Helier, JE1 0BD
Jersey
Sirius Minerals Finance No.2 Limited(5)
100%
Ordinary
Preference
47 Esplanade, St Helier, JE1 0BD
Luxembourg
Kumba Iron Ore Holdings Sarl
53%
Ordinary
58 rue Charles Martel, L-2134
Macau
De Beers Jewellers (Macau) Company
Limited
85%
Ordinary
Avenida da Praia Grande No. 409, China Law Building
16/F \u2013 B79
Madagascar
Societe Civille De Prospection De Nickel A
Madagascar
32%
N/A
Unknown
Mauritius
Anglo American International Limited(5)
100%
Normal Class A
Ordinary
Ordinary-B
Repurchaseable
Class A Ordinary
c/o AXIS Fiduciary Ltd, 2nd Floor, The AXIS, 26 Bank
Street, Cybercity Ebene, 72201
Mexico
Anglo American Mexico S.A. de C.V.
100%
Common
c/o Sanchez Mejorada, Velasco y Ribe, S.C. Paseo de la
Reforma No. 450, Col. Lomas de Chapultepec, 11000,
Ciudad de Mexico
Mexico
Servicios Anglo American Mexico S.A. de
C.V.
100%
Common
c/o Sanchez Mejorada, Velasco y Ribe, S.C. Paseo de la
Reforma No. 450, Col. Lomas de Chapultepec, 11000,
Ciudad de Mexico
Mozambique
Anglo American Corporation Mocambique
Servicos Limitada
100%
Quota
PricewaterhouseCoopers, Ltda. Avenida Vladimir
Lenine, No 174, 4o andar. Edif\u00edcio Millennium Park
Maputo
Namibia
Ambase Prospecting (Namibia) (Pty) Ltd
100%
Ordinary
c/o SGA, 24 Orban Street, Klein Windhoek, Windhoek
Namibia
De Beers Marine Namibia (Pty) Ltd
43%
Ordinary
4th Floor, Namdeb Centre, 10 Dr Frans, Indongo Street,
Windhoek
Namibia
De Beers Namibia Holdings (Pty) Ltd
85%
Ordinary
6th floor, Namdeb Centre, 10 Dr Frans, Indongo Street,
Windhoek
Namibia
Debmarine Namdeb Foundation
43%
N/A
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Namibia
DTC Valuations Namibia (Pty) Ltd
85%
Ordinary
4th Floor, Namdeb Centre, 10 Dr Frans, Indongo Street,
Windhoek
Namibia
Exclusive Properties (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Longboat Trading (Pty) Ltd
100%
Ordinary
24 Orban Street, Klein Windhoek, Windhoek
Namibia
Mamora Mines & Estates Limited
28%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Diamond Corporation (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Holdings (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Properties (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namibia Diamond Trading Company (Pty)
Ltd
43%
Ordinary
9th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
OMDis Town Transformation Agency
43%
N/A
Unit 6, Gold Street Business Park, Gold Street, Prosperita,
Windhoek
Namibia
Oranjemund Private Hospital (Proprietary)
Limited
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Oranjemund Town Management Company
(Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Hospital Pharmacy (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Netherlands
Anglo American (TIH) B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American Exploration B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American Exploration (Philippines)
B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American International B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American Netherlands B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo Operations (Netherlands) B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Element Six N.V.
85%
Ordinary
De Nieuwe Erven 2, 5431 NT, Cuijk
Netherlands
Erabas B.V. (5)
77%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Loma de Niquel Holdings B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Minorco Exploration (Indonesia) B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Papua New
Guinea
Anglo American (Star Mountain) Limited
100%
Ordinary
c/o Pacific Legal Group Lawyers, Ground Floor,
Iaraguma Haus, Lot 30 Section 38 Off Cameron Road,
Gordons, National Capital District
Papua New
Guinea
Anglo American Exploration (PNG) Limited
100%
Ordinary
c/o Pacific Legal Group Lawyers, Ground Floor,
Iaraguma Haus, Lot 30 Section 38 Off Cameron Road,
Gordons, National Capital District
Peru
Anglo American Marketing Peru S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Peru S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Quellaveco S.A.
60%
Class A Ordinary
Class B Non-
Voting
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Servicios Per\u00fa S.A. en
Liquidaci\u00f3n
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Peru
Asociaci\u00f3n Michiquillay en Liquidaci\u00f3n
100%
N/A
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Asociaci\u00f3n Quellaveco
100%
N/A
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Cobre del Norte S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Philippines
Anglo American Exploration (Philippines)
Inc.
100%
Ordinary
c/o SyCipLaw Center, 105 Paseo de Roxas, Makati City
1226, Metro Manila
Republic of
North
Macedonia
Anglo American Exploration West Tetyan
Skopje
100%
Ordinary
Str. Risto Ravanovski no. 13A, 1000, Skopje, Municipality
of Karpos
Sierra Leone
Gemfair (SL) Limited
85%
Ordinary
31 Lightfoot Boston Street, Freetown
Singapore
Anglo American Crop Nutrients (Singapore)
Pte Ltd
100%
Ordinary
80 Robinson Road, #02-00, 068898
Singapore
Anglo American Shipping Pte.Limited
100%
Ordinary
10 Collyer Quay, #38-00 Ocean Financial Centre,
049315
Singapore
De Beers Auction Sales Singapore Pte. Ltd.
85%
Ordinary
10 Collyer Quay, #03-04 Ocean Financial Centre,
049315
Singapore
Kumba Singapore Pte. Ltd.
53%
Ordinary
10 Collyer Quay, #38-00 Ocean Financial Centre,
049315
Singapore
MR Iron Ore Marketing Services Pte.Ltd.
50%
Ordinary
10 Collyer Quay, #38-00 Ocean Financial Centre,
049315
Singapore
Samancor Marketing Pte.Ltd.
40%
Ordinary
16 Collyer Quay #18-00 Collyer Quay Centre, 049318
Singapore
Sulista Forte Pte. Ltd.
100%
Ordinary
77 Robinson Road, #13-00 Robinson 77, 068896
South Africa
Peglerae Hospital (Pty) Ltd
31%
Ordinary
21 Oxford Manor, Rudd & Chaplin Roads, Illovo,
Johannesburg, 2196
South Africa
AEF Mining Services (Pty) Ltd
25%
Ordinary
Zommerlust Building, Rietbok Road, Kathu, Northern
Cape, 8446
South Africa
African Pipe Industries North (Pty) Ltd
40%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Amaprop Townships Ltd
100%
Ordinary
61 Katherine Street, Sandton, 2196
South Africa
Ambase Investment Africa (Botswana) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (DRC) (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (Namibia) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (Tanzania) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (Zambia) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Corporation of South Africa
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American EMEA Shared Services (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Farms (Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Anglo American Farms Investment Holdings
(Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Anglo American Group Employee
Shareholder Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Marketing South Africa
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Platinum Limited
79%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Properties Ltd
100%
Ordinary
61 Katherine Street, Sandton, 2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
South Africa
Anglo American Prospecting Services (Pty)
Ltd
100%
Ordinary
55 Marshall Street, Johannesburg, 2001
South Africa
Anglo American SA Finance Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Sebenza Fund (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American SEFA Mining Fund (Pty) Ltd
50%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American South Africa Investments
Proprietary Limited
100%
Ordinary and
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American South Africa Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Zimele (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Zimele Community Fund
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Zimele Loan Fund (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Coal Investment Africa (Botswana)
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Coal Investment Botswana (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Corporate Enterprises (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Corporate Services South Africa
Proprietary Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Platinum Management Services (Pty)
Ltd
79%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo South Africa (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo South Africa Capital (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anseld Holdings Proprietary Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Atomatic Trading (Pty) Limited
57%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Balgo Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Blinkwater Farms 244KR (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Damelin Emalahleni (Pty) Ltd
20%
Ordinary
Cnr O R Tambo & Beatrix Avenue, Witbank, 1035
South Africa
DBCM Holdings (Pty) Ltd
63%
Ordinary
Redeemable
Preference
36 Stockdale Street, Kimberley, 8301
South Africa
De Beers Consolidated Mines (Pty) Ltd(8)
63%
Ordinary\u00a0
Redeemable
Preference
36 Stockdale Street, Kimberley, 8301
South Africa
De Beers Group Services (Pty) Ltd
85%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
De Beers Marine (Pty) Ltd
85%
Ordinary
Cornerstone, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
South Africa
De Beers Matlafalang Business
Development (Pty) Ltd
63%
Ordinary
Cornerstone, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
South Africa
De Beers Sightholder Sales South Africa
(Pty) Ltd
63%
Ordinary
Cornerstone, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
South Africa
Dido Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Dingleton Home Owners Resettlement Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Element Six (Production) Proprietary Limited
51%
Ordinary
Debid Road, Nuffield, Springs,1559
South Africa
Element Six Technologies Proprietary
Limited
85%
Ordinary
Debid Road, Nuffield, Springs,1559
South Africa
Envusa Energy Proprietary Limited
50%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Hotazel Manganese Mines Proprietary
Limited
30%
Ordinary
Preference
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Khongoni Haaskraal Coal (Pty) Ltd
20%
Ordinary
Unit 3, Bauhinia Street, Highveld Technopark, Centurion,
0157
South Africa
KIO Investments Holdings (Pty) Ltd
70%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Kroondal UJV
38%
N/A
N/A
South Africa
Kumba BSP Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Kumba Iron One Rehabilitation Trust
70%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Kumba Iron Ore Limited
70%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Lexshell 49 General Trading (Pty) Ltd
35%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Longboat (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Main Place Holdings Limited
39%
Ordinary
Suite 801, 76 Regent Road, Sea Point, Western Cape
8005
South Africa
Marikana Ferrochrome Limited
100%
Ordinary
44 Main Street, Johannesburg, 2001
South Africa
Marikana Minerals (Pty) Ltd
100%
Ordinary
55 Marshall Street, Johannesburg, 2001
South Africa
Marikana UJV
38%
N/A
N/A
South Africa
Matthey Rustenburg Refiners (Pty) Ltd
77%
A Redeemable
cumulative
Preference shares
B Redeemable
cumulative
Preference shares
A Ordinary Shares
B Ordinary Shares
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Metalloys Manganese Smelter Proprietary
Limited
40%
Ordinary NPV
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Micawber 146 (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Modikwa Mining Personnel Services (Pty) Ltd
38%
Ordinary
29 Impala Road, Chislehurston, Standton, 2196
South Africa
Modikwa Platinum Mine (Pty) Ltd
38%
Ordinary
16 North Road, Dunkeld Court, Dunkeld West, 2196
South Africa
Mogalakwena Platinum Limited
79%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Newshelf 480 (Pty) Ltd
55%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Norsand Holdings (Pty) Ltd
77%
Ordinary
B Ordinary
Non-Cumulative
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Platmed (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Platmed Properties (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
South Africa
Polokwane Iron Ore Company (Pty) Ltd
27%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Precious Metals Refiners Proprietary Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Pro Enviro (Pty) Ltd
20%
Ordinary
Greenside Colliery, PTN 0ff 331, Blackhills, 1032
South Africa
Resident Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Rustenburg Base Metals Refiners Proprietary
Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Rustenburg Platinum Mines Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Samancor Holdings Proprietary Limited
40%
Ordinary
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Samancor Manganese Proprietary Limited
40%
Ordinary NPV
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Sheba's Ridge Platinum (Pty) Ltd
27%
Ordinary
Harrowdene Office Park Building 5, Woodmead, 2128
South Africa
Sibelo Resource Development (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
SIOC Employee Benefit Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
SIOC Employee Share Ownership Plan Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
SIOC Solar SPV (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Sishen Iron Ore Company (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Spectrem Air Pty Ltd
93%
Ordinary
no\u00a0par\u00a0value
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Tenon Investment Holdings (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Terra Nominees Proprietary Limited
40%
Ordinary
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
UHPU Manufacturing Proprietary Limited
51%
N/A
Debid Road, Nuffield, Springs,1559
South Africa
Venetia Solar Project Pty Ltd
100%
Ordinary
De Beers House, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
South Africa
Vergelegen Wine Estate (Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Vergelegen Wines (Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Whiskey Creek Management Services (Pty)
Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
WPIC Holdings Pty Ltd
40%
Ordinary
Rosebank Towers, 19 Biermann Ave, Rosebank,
Johannesburg, 2196
South Africa
Main Street 1252 (Pty) Ltd (RF)
63%
Ordinary
Cornerstone, Corner of Daimond Drive and Crownwood
Road, Theta, Johannesburg, 2013
Sweden
Element Six AB
51%
Ordinary
c/o Advokatbyr\u00e5n Kaiding, Box 385, 931 24 Skellefte\u00e5
Switzerland
De Beers Centenary AG(5)
85%
Ordinary
c/o Telemarketing, Plus AG, Sonnenplatz 6, 6020,
Emmenbr\u00fccke
Switzerland
PGI SA
78%
Ordinary
Avenue Mon- Repos 24, Case postale 656, CH- 1001
Lausanne
Switzerland
Synova S.A.
28%
Ordinary
13 Route de Genolier; 1266 Duillier
Tanzania
Ambase Prospecting (Tanzania) (Pty) Ltd
100%
Ordinary
c/o Mawalla Advocates, Mawalla Road, Mawalla
Heritage Park, Plot No. 175/20, Arusha
United Arab
Emirates
De Beers DMCC
85%
Ordinary
Office 4D, Almas Tower, Jumeirah Lakes Towers, Dubai
United Kingdom
Anglo American Australia Investments
Limited(9)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Capital Australia Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American CMC Holdings Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
United Kingdom
Anglo American Corporate Secretary
Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Crop Nutrients Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Diamond Holdings Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Energy Solutions Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Finance (UK) Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Holdings Limited
100%
Ordinary
8% Preference
8.3% Preference
B shares
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American International Holdings
Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Investments (UK) Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Medical Plan Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Medical Plan Trust
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Prefco Limited(9)
100%
Ordinary
Capital Preference
Preference
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Projects UK Limited
100%
Ordinary
1 More London Place, London, SE1 2AF
United Kingdom
Anglo American Rand Capital Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American REACH Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Services (UK) Ltd.(9)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Technical & Sustainability
Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Technical & Sustainability
Services Ltd
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Woodsmith (Teesside)
Limited
100%
Ordinary
Non-voting
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Woodsmith Limited
100%
Ordinary
B preference
Non-voting
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo Base Metals Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo Platinum Marketing Limited
77%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo UK Pension Trustee Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
AP Ventures Fund I LP
38%
N/A
16 Littleworth Lane, Esher, Surrey, KT10 9PF
United Kingdom
Birchall Gardens LLP
50%
N/A
Bardon Hall, Copt Oak Road, Markfield, LE67 9PJ
United Kingdom
Charterhouse CAP Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Curtis Fitch Limited
21%
Ordinary B
Formal House, 60 St George\u2019s Place, Cheltenham,
Gloucestershire, GL50 3PN
United Kingdom
De Beers Capital Southern Africa Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Intangibles Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Jewellers Limited
85%
A Ordinary
B Ordinary
Deferred Share
Special Dividend
Share
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Jewellers Trade Mark Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Jewellers UK Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers UK Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Debcore Limited
43%
Ordinary-A
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Ebbsfleet Property Limited
50%
Ordinary
Bardon Hall, Copt Oak Road, Markfield, LE67 9PJ
United Kingdom
Element Six (UK) Limited
51%
Ordinary
Global Innovation Centre, Fermi Avenue, Harwell, Oxford,
Didcot, Oxfordshire, OX11 0QR
United Kingdom
Element Six Abrasives Holdings Limited
51%
Ordinary
Preference
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Element Six Holdings Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
United Kingdom
Element Six Limited
85%
Ordinary
Global Innovation Centre, Fermi Avenue, Harwell, Oxford,
Didcot, Oxfordshire, OX11 0QR
United Kingdom
Element Six Technologies Limited
85%
Ordinary
Global Innovation Centre, Fermi Avenue, Harwell, Oxford,
Didcot, Oxfordshire, OX11 0QR
United Kingdom
Ferro Nickel Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
First Mode IPP Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Forevermark Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Gemfair Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
IIDGR (UK) Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Lightbox Jewelry Ltd.
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Rhoanglo Trustees Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Sach 1 Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Sach 2 Limited
100%
Ordinary
Redeemable
Preference
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Security Nominees Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Sirius Minerals Holdings Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Swanscombe Development LLP
50%
N/A
Bardon Hall, Copt Oak Road, Markfield, LE67 9PJ
United Kingdom
Tarvos Limited
19%
N/A
Unit 107, 121 Upper Richmond Road, London, SW15
2DW
United Kingdom
The Diamond Trading Company Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
TRACR Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
York Potash Holdings Limited
100%
Ordinary
1 More London Place, London, SE1 2AF
United Kingdom
York Potash Intermediate Holdings Limited
100%
Ordinary
1 More London Place, London, SE1 2AF
United Kingdom
YPF Ltd
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United States
of\u00a0America
Anglo American Crop Nutrients (USA), LLC
100%
Membership
interest
120 W Sweet Ave, Bismarck, ND 58504-5566
United States
of\u00a0America
Anglo American US Holdings Inc.
100%
Ordinary
c/o Corporation Service Company, 251 Little Falls Drive,
Wilmington Delaware, 19808
United States
of\u00a0America
De Beers Jewellers US, Inc.
85%
Common shares
300 First Stamford place, Stamford, CT 06902
United States
of\u00a0America
Element Six Technologies (OR) Corp.
85%
Ordinary
23055 SE Stark Street, Gresham, Oregon, 97030
United States
of\u00a0America
Element Six Technologies US Corporation
85%
Ordinary
3901 Burton Drive, Santa Clara CA 95054
United States
of\u00a0America
Element Six US Corporation
51%
Common stock
24900 Pitkin Road, Suite 250, Spring TX 77386
United States
of\u00a0America
Forevermark US Inc.
85%
Ordinary
300 First Stamford Place, Stamford, CT, 06902
United States
of\u00a0America
Lightbox Jewelry Inc.
85%
Common
3500 South Dupont Highway, Dover, County of Kent DE
19901
United States
of\u00a0America
Platinum Guild International (U.S.A.) Jewelry
Inc.
78%
Common shares
125 Park Avenue, 25th Floor, New York, New York 10017
Venezuela
Minera Loma de Niquel C.A.
100%
Class A
Torre Humboldt, floor 9, office 09-07, Rio Caura Street,
Prados del Este, Caracas 1080
Zambia
Anglo Exploration (Zambia) (Pty) Ltd
100%
Ordinary
11 Katemo Road, Rhodes Park, Lusaka
Zimbabwe
Amzim Holdings Limited
79%
Ordinary
28 Broadlands Road, Emerald Hill, Harare
Zimbabwe
Southridge Limited
79%
Ordinary
28 Broadlands Road, Emerald Hill, Harare
Zimbabwe
Unki Mines (Private) Limited
79%
Ordinary
28 Broadlands Road, Emerald Hill, Harare
(1)All the companies with an incorporation in the United Kingdom are registered in England
and Wales.
(2)The country of tax residence is disclosed where different from the country of incorporation.
(3)All percentages have been rounded.
(4)The interest in Debswana Diamond Company (Pty) Ltd is held indirectly through De Beers
and is consolidated on a 19.2% proportionate basis, reflecting economic interest. The
Group\u2019s effective interest in Debswana Diamond Company (Pty) Ltd is 16.3%.
(5)Tax resident in the United Kingdom.
(6)2% direct holding by Anglo American plc.
(7)0.03% direct holding by Anglo American plc.
(8)A 74% interest in De Beers Consolidated Mines (Pty) Ltd (DBCM) and its subsidiaries is
held indirectly through De Beers. The 74% interest represents De Beers\u2019 legal
ownership share in DBCM. For accounting purposes De Beers consolidates 100% of
DBCM as it is deemed to control the BEE entity, Ponahalo, which holds the remaining
26%. The Group\u2019s effective interest in DBCM is 85%.
(9)100% direct holding by Anglo American plc.
Other items
This section includes disclosures about related party transactions,
auditors\u2019 remuneration, leases and accounting policies.
36.
Related party transactions
The Group has related party relationships with its subsidiaries, joint operations, associates and joint ventures (see notes 34 and 35). Members of
the Board and the Group Management Committee are considered to be related parties.
The Company and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with joint
operations, associates, joint ventures and others in which the Group has a material interest. These transactions are under terms that are no less
favourable to the Group than those arranged with third parties.
Associates
Joint ventures
Joint operations
US$ million
2022
2021
2022
2021
2022
2021
Transactions with related parties
Sale of goods and services
\u2014
\u2014
16
\u2014
181
158
Purchase of goods and services
\u2014
\u2014
(190)
(169)
(4,253)
(3,466)
Balances with related parties
Trade and other receivables from related parties
\u2014
\u2014
7
1
17
18
Trade and other payables to related parties
\u2014
\u2014
(18)
(16)
(250)
(273)
Loans receivable from related parties
2
2
147
76
\u2014
\u2014
Balances and transactions with joint operations or joint operation partners represent the portion that the Group does not have the right to offset
against the corresponding amount recorded by the respective joint operations. These amounts primarily relate to purchases by De\u00a0Beers and
Platinum Group Metals from their joint operations in excess of the Group\u2019s attributable share of their production.
Loans receivable from related parties are included in Financial asset investments on the Consolidated balance sheet.
Remuneration and benefits received by directors are disclosed in the Remuneration report. Remuneration and benefits of key management
personnel, including directors, are disclosed in note 26. Information relating to pension fund arrangements is disclosed in note 27.
37.
Auditors\u2019 remuneration
2022
2021
Paid/payable to PwC
Paid/payable
to auditor
(if\u00a0not PwC)
Paid/payable to PwC
Paid/payable
to auditor
(if\u00a0not PwC)
US$ million
United
Kingdom
Overseas
Total
United
Kingdom and
overseas
United
Kingdom
Overseas
Total
United
Kingdom and
overseas
Paid to the Company\u2019s auditor for audit
of\u00a0the\u00a0Anglo\u00a0American\u00a0plc Annual Report(1)
6.0
1.7
7.7
\u2014
5.9
1.4
7.3
\u2014
Paid to the Company\u2019s auditor for other
services to the Group
Audit of the Company\u2019s subsidiaries
1.1
7.4
8.5
0.3
1.0
6.8
7.8
0.4
Total audit fees
7.1
9.1
16.2
0.3
6.9
8.2
15.1
0.4
Audit related assurance services
0.9
0.8
1.7
\u2014
0.9
0.8
1.7
\u2014
Other assurance services
0.4
0.1
0.5
\u2014
1.1
1.0
2.1
\u2014
Total non-audit fees
1.3
0.9
2.2
\u2014
2.0
1.8
3.8
\u2014
(1)$0.6 million of audit fees paid in 2021 related to the audit for the year ended 31 December 2020.
Audit related assurance services includes $1.7 million (2021: $1.7 million) for the interim review.
Other items
38.
Leases
Overview
Lease agreements give rise to the recognition of a right-of-use asset (see note 11) and a related liability for future lease payments (see note 21).
Further information
Amounts recognised in the Consolidated balance sheet
The Consolidated balance sheet shows the following amounts relating to leases:
Right-of-use assets are detailed in note 11. Per requirements of IFRS 16 Leases, lease agreements give rise to the recognition of a right-of-use
asset and a related liability for future lease payments. The cost of leases other than short term leases less than 12 months, variable leasing costs
and leases of low value assets are allocated between the depreciation of right-of-use assets and a finance charge representing the unwind of
the discount on lease liabilities.
Leases relate principally to corporate offices, diamond jewellery retail outlets and shipping vessels. The Group leases land and buildings for its
office space, for employee accommodation and retail stores for De\u00a0Beers Jewellers. The leases for office space typically run for 5 to 25 years,
employee accommodation up to 25\u00a0years and leases of retail stores 5 to 25 years. Some longer leases incorporate fixed increases in rentals or
provide for annual uplifts based upon an index, typically a measure of inflation. Leases for shipping vessels typically run for 1 to 10 years and the
majority are priced with reference to a freight index.
Lease liabilities balance and maturity analysis:
US$ million
2022
2021
Amount due for repayment within one year
204
230
Greater than one year, less than two years
121
125
Greater than two years, less than three years
96
90
Greater than three years, less than four years
80
66
Greater than four years, less than five years
67
58
Greater than five years
579
636
Total due for repayment after more than one year
943
975
Total
1,147
1,205
Effect of discounting
(287)
(330)
Lease liability
860
875
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
US$ million
2022
2021
Depreciation (see note 11)
239
303
Interest expense (included in finance costs, see note 4)
42
40
Expense relating to short term leases less than 12 months, variable leasing costs and leases of low value
167
102
Amounts recognised in the Consolidated cash flow statement
In the Consolidated cash flow statement for the year ended 31\u00a0December\u00a02022, the total amount of cash paid in respect of leases recognised
on\u00a0the Consolidated balance sheet are split between repayments of principal of $266 million (2021: $336 million) and repayments of interest of
$31 million (2021:\u00a0$31 million), both presented within cash flows from financing activities. The repayment of both principal and interest forms part
of both the Attributable free cash flow and Sustaining attributable free cash flow Alternative Performance Measures.
Further disclosures
In addition to the lease commitments above, the Group has lease commitments in relation to leases not yet commenced of $324 million.
Further disclosures required by IFRS 16 Leases are presented in notes\u00a04,\u00a011 and 21.
Accounting judgements
At the date of inception of a new contract or significant modification of an existing contract, the Group assesses whether the contract is, or
contains, a\u00a0lease. A contract is, or contains, a lease if the contract conveys the right to control the asset for a period of time in exchange for
consideration. To identify lease arrangements, the Group assesses whether:
\u2013The contract specifies the use of an identified asset or collection of assets
\u2013The Group has the right to obtain substantially all of the economic benefits from the use of the identified asset(s)
\u2013The Group has the right to direct the use of the asset(s).
The Group has paid particular attention to the judgement over whether the lessor has a substantive right to substitute the specified assets for
alternatives.
\u2013Many assets used by the Group are highly specialised in nature and are purpose-built or modified to meet the Group\u2019s specification.
Judgement is required to assess whether the assets can be substituted and used for other purposes without significant additional modification.
\u2013The remote location of some of the Group\u2019s operations presents practical difficulties to the substitution of assets. Judgement is required to
determine whether assets in remote locations can be relocated to other locations within a reasonable timeframe and cost.
Other items
38. Leases continued
\u2013At some locations, high levels of security restrict the movement of assets to\u00a0alternative locations, limiting the ability to substitute assets.
\u2013The Group\u2019s health and safety standards exceed statutory requirements in some jurisdictions. This places limitations on the ability to substitute
certain assets, such as vehicles. Judgement is required to assess whether equivalent assets meeting the Group\u2019s requirements can be sourced
within required operational timeframes.
The Group recognises a lease liability and a corresponding right-of-use asset at\u00a0the commencement date of the lease.
Accounting policy
Accounting policies applied to lease liabilities and corresponding right-of-use assets are set out respectively in notes\u00a039F and 39D.
Other items
39.
Accounting policies
A. Basis of preparation
Basis of preparation
The financial statements have been prepared in accordance with the
requirements of the Companies Act 2006, UK-adopted International
Accounting Standards and those parts of the Companies Act 2006
applicable to companies reporting under those standards and the
requirements of the Disclosure and Transparency rules of the Financial
Conduct Authority in the United Kingdom as applicable to periodic
financial reporting. The financial statements have been prepared
under the historical cost convention as modified by the revaluation of
pension assets and liabilities and certain financial instruments. A
summary of\u00a0the principal Group accounting policies is set out below.
The preparation of financial statements in conformity with generally
accepted accounting principles requires the use of estimates and
assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these
estimates are based on management\u2019s best knowledge of the
amount, event or actions, actual results ultimately may differ from
those estimates.
The Group\u2019s results are presented in US dollars, the currency in which
its business is primarily conducted.
Changes in accounting policies, estimates and disclosures
The accounting policies applied are consistent with those adopted
and\u00a0disclosed in the Group financial statements for the year ended
31\u00a0December\u00a02021 with the exception of the adoption of an
amendment to IAS 16 Proceeds before intended use. New accounting
pronouncements, principally minor amendments to existing standards,
also became effective on 1 January 2022 and have been adopted by
the Group. The adoption of these new accounting pronouncements
has not had a significant impact on the accounting policies, methods
of computation or presentation applied by the Group.
IAS 16 Property, Plant and Equipment: Proceeds before
intended\u00a0use
An amendment to IAS 16 Proceeds before intended use became
effective for the Group from 1 January 2022.
The amendment prohibits an entity from deducting from the cost of an
item of property, plant and equipment any proceeds received from
selling items produced while the entity is preparing the asset for its
intended use. The proceeds from selling these items, and the
associated costs will be recognised in the income statement. IAS 2
Inventories should be applied in identifying and measuring the cost of
these items.
The impact of this transition difference for the year ended
31\u00a0December 2021 is not considered material to the Group and hence
comparative values have not been restated.
The Group\u2019s Quellaveco copper project is the most significant project
impacted by the amendment to IAS 16 during 2022. All production
and sales from Quellaveco in 2022 arose before commercial
production is achieved, and as a result revenue of $608 million and
associated costs of $289 million that would previously have been
capitalised against project assets were recognised in the
Consolidated income statement. The impact of adopting the
amendment did not have a material impact on any other operation.
Going concern
The financial position of the Group, its cash flows, liquidity position and
borrowing facilities are set out in the Group financial review on pages
80\u201383. Further details of our policy on financial risk management are
set out in note\u00a023 to the financial statements on pages 252\u2013254. The
Group\u2019s net debt\u00a0(including related hedges) at 31\u00a0December 2022
was $6.9 billion (2021: $3.8 billion), representing a gearing level of
17% (2021: 10%). The Group\u2019s liquidity position (defined as cash and
undrawn committed facilities) of $16.1\u00a0billion at 31\u00a0December 2022
remains strong. Details of borrowings and facilities are set out in
note\u00a021 and note 23 on pages 246 and 252-254 respectively, and net
debt is set out in note 20 on page 245.
The directors have considered the Group\u2019s cash flow forecasts for the
period to the end of December 2024 under base and downside
scenarios with reference to the Group\u2019s principal risks as set out within
the Group Viability Statement on pages 67 and 68. In the downside
scenario modelled (including price reductions of up to 30% against
budget and operational incidents), the Group maintains sufficient
liquidity throughout the period of assessment without the use of
mitigating actions.
The Board is satisfied that the Group\u2019s forecasts and projections,
taking account of reasonably possible changes in trading
performance, show that the Group will be able to operate within the
level of its current facilities for the period of at least 12 months from the
date of approval of the financial statements. For this reason the
Group\u00a0continues to adopt the going concern basis in preparing its
financial statements.
New IFRS accounting standards, amendments and interpretations
not yet adopted
The Group has not early adopted any other amendment, standard or
interpretation that has been issued but is not yet effective. It is
expected that where applicable, these standards and amendments
will be adopted on each respective effective date. The following new
or amended IFRS accounting standards, amendments and
interpretations not yet adopted are not expected to have a significant
impact on the Group:
\u2013Amendments to IAS 1 Presentation of financial statements:
disclosure of accounting policies
\u2013Amendments to IAS 1 Presentation of financial statements: non-
current liabilities with covenants
\u2013Amendments to IAS 8 Accounting policies, changes in accounting
estimates and errors: definition of accounting estimates
\u2013Amendments to IAS 12 Income Taxes: deferred tax related to Assets
and Liabilities arising from a Single Transaction
\u2013Amendments to IFRS 16 Leases: Lease Liability in a Sale and
Leaseback
\u2013IFRS 17 Insurance Contracts
\u2013Amendments to IFRS 17, Initial Application of IFRS 17 and IFRS\u202f9 \u2013
Comparative Information.
Other items
39. Accounting policies continued
B. Basis of consolidation
Basis of consolidation
The financial statements incorporate a consolidation of the financial
statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company is exposed,
or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the
investee.
The results of subsidiaries acquired or disposed of during the year are
included in the income statement from the effective date of acquisition
or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the results of subsidiaries,
joint arrangements and associates to bring their accounting policies
into line with those used by the Group. Intra-group transactions,
balances, income and expenses are eliminated on consolidation,
where appropriate.
For non-wholly owned subsidiaries, non-controlling interests are
presented in\u00a0equity separately from the equity attributable to
shareholders of the Company. Profit or loss and other comprehensive
income are attributed to the shareholders of the Company and to non-
controlling interests even if this results in the non-controlling interests
having a deficit balance.
Changes in ownership interest in subsidiaries that do not result in a
change in\u00a0control are accounted for in equity. The carrying amounts of
the controlling and non-controlling interests are adjusted to reflect the
changes in their relative interests in the subsidiary. Any difference
between the amount by which the non-controlling interest is adjusted
and the fair value of the consideration paid or\u00a0received is recorded
directly in equity and attributed to\u00a0the shareholders of the Company.
Foreign currency transactions and translation
Foreign currency transactions by Group companies are recognised in
the functional currencies of the companies at the exchange rate ruling
on the date of the transaction. At each reporting date, monetary assets
and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting date. Gains and
losses arising on retranslation are included in the income statement for
the period and are classified in the income statement according to the
nature of the monetary item giving rise to them.
Non-monetary assets and liabilities that are measured in terms of
historical cost\u00a0in a foreign currency are translated using the exchange
rate at the date of\u00a0the transaction.
On consolidation, the assets and liabilities of the Group\u2019s foreign
operations are translated into the presentation currency of the Group
at exchange rates prevailing on the reporting date. Income and
expense items are translated at the average exchange rates for the
period where these approximate the rates at the dates of the
transactions. Any exchange differences arising are classified within the
statement of comprehensive income and transferred to the Group\u2019s
cumulative translation adjustment reserve. Exchange differences on
foreign currency balances with foreign operations for which settlement
is neither planned nor likely to occur in the foreseeable future, and
therefore form part of\u00a0the Group\u2019s net investment in these foreign
operations, are offset in the cumulative translation adjustment reserve.
Cumulative translation differences are recycled from equity and
recognised as income or expense on disposal of the operation to
which they relate.
Goodwill and fair value adjustments arising on the acquisition of
foreign entities are treated as assets of the foreign entity and
translated at the closing rate.
Tenon
Tenon Investment Holdings Proprietary Limited (Tenon), a wholly
owned subsidiary of Anglo\u00a0American South Africa Proprietary Limited
(AASA), has entered into agreements with Epoch Investment Holdings
(RF) Proprietary Limited (Epoch), Epoch Two Investment Holdings (RF)
Proprietary Limited (Epoch Two) and Tarl Investment Holdings (RF)
Proprietary Limited (Tarl) (collectively the Investment Companies),
each owned by independent charitable trusts whose trustees are
independent of the Group. Under the terms of these agreements, the
Investment Companies have purchased Anglo\u00a0American\u00a0plc shares on
the market and have granted to Tenon the right to nominate a third
party (which may include Anglo\u00a0American\u00a0plc but not any of its
subsidiaries) to take transfer of the Anglo\u00a0American\u00a0plc shares each
has purchased on the market. Tenon paid the Investment Companies
80% of the cost of the Anglo\u00a0American\u00a0plc shares including associated
costs for this right to nominate, which together with subscriptions by
Tenon for non-voting participating redeemable preference shares in
the Investment Companies, provided all the\u00a0funding required to
acquire the Anglo\u00a0American\u00a0plc shares through the market. These
payments by Tenon were sourced from the cash resources of\u00a0AASA.
Tenon is able to exercise its right of nomination at any time up to
31\u00a0December 2025 against payment of an average amount of $3.20
per share to Epoch, $4.98 per share to Epoch Two and $4.13 per
share to Tarl which will be equal to 20% of the total costs respectively
incurred by Epoch, Epoch Two and Tarl in purchasing shares
nominated for transfer to the third party. These funds will then become
available for redemption of the preference shares issued by the
Investment Companies. The amount payable by the third party on
receipt of the Anglo\u00a0American\u00a0plc shares will accrue to Tenon and, as
these are own shares of the Company, any resulting gain or loss
recorded by Tenon will not be recognised in the Consolidated income
statement of Anglo\u00a0American\u00a0plc.
Under the agreements, the Investment Companies will receive
dividends on the shares they hold and have agreed to waive the right
to vote on those shares. The preference shares issued to the charitable
trusts are entitled to a\u00a0participating right of up to 10% of the profit after
tax of Epoch and 5% of the profit after tax of Epoch Two and Tarl. The
preference shares issued to Tenon will carry a fixed coupon of 3% plus
a participating right of up to 80% of the profit after tax of Epoch and
85% of the profit after tax of Epoch Two and Tarl. Any remaining
distributable earnings in the Investment Companies, after the above
dividends, are then available for distribution as ordinary dividends to
the charitable trusts.
The structure effectively provides Tenon with a beneficial interest in the
price risk on these shares together with participation in future dividend
receipts. The Investment Companies will retain legal title to the shares
until Tenon exercises its right to nominate a transferee.
At 31 December 2022 the Investment Companies together held
112,300,129 (2021: 112,300,129) Anglo\u00a0American\u00a0plc shares, which
represented 8.4% (2021:\u00a08.4%) of the ordinary shares in issue
(excluding treasury shares) with a market value of $4,400 million
(2021: $4,574 million). The Investment Companies are not permitted
to hold more than an aggregate of 10% of the issued share capital of
Anglo\u00a0American\u00a0plc at any one time.
The Investment Companies are considered to be structured entities.
Although the Group has no voting rights in the Investment Companies
and cannot appoint or remove trustees of the charitable trusts, the
Group considers that the agreement outlined above, including Tenon\u2019s
right to nominate the transferee of the Anglo\u00a0American\u00a0plc shares held
by the Investment Companies, results in the Group having control over
the Investment Companies as defined under IFRS 10 Consolidated
Financial Statements. Accordingly, the Investment Companies are
required to be consolidated by the Group.
Other items
39. Accounting policies continued
C. Financial performance
Revenue recognition
Revenue from contracts with customers is recognised in a manner that
depicts the pattern of the transfer of\u00a0goods and services to customers.
The amount recognised reflects the amount to which the Group
expects to be entitled in exchange for those goods and services. Sales
contracts are evaluated to determine the performance obligations, the
transaction price and the point at which there is transfer of control. The
transactional price is the amount of consideration due in exchange for
transferring the promised goods or services to the customer, and is
allocated against the performance obligations and recognised in
accordance with whether control is recognised over a defined period
or at a specific point in\u00a0time.
Revenue is derived principally from commodity sales. A sale is
recognised when control has been transferred. This is usually when
title and insurance risk have passed to the customer and the goods
have been delivered to a contractually agreed location. Revenue from
contracts with customers is measured at the fair value of consideration
received or receivable as at the date control is transferred, after
deducting discounts, volume rebates, value added tax and other sales
taxes. Sales of metal concentrate are stated at their invoiced amount
which is net of treatment and refining charges.
Sales of certain commodities are provisionally priced such that the
price is not settled until a predetermined future date and is\u00a0based on
the market price at that time or a specified period to that date. These
sales are marked to market at\u00a0each reporting date using the forward
price for the period equivalent to that outlined in the contract. Revenue
on provisionally priced sales is recognised with reference to the
forward market price when control passes to the customer and is
classified as revenue from contracts with customers. Subsequent
mark-to-market adjustments are recognised in revenue from
other\u00a0sources.
Revenues from the sale of material by-products are recognised within
revenue from contracts with customers at the point control passes.
Where a by-product is not regarded as significant, revenue may be
credited against operating costs.
Physically-settled contracts relating to the purchase and sale of
material produced by third parties (third-party sales) are presented on
a net basis within revenue from other sources where these contracts
are entered into and managed collectively to generate a trading
margin as part of the Group\u2019s Marketing business and are accounted
for as derivatives prior to settlement. This includes third-party material
purchased for blending activities conducted to benefit from short term
pricing differentials (usually of less than twelve months). The sale and
purchase of third-party material to mitigate shortfalls in the Group\u2019s
own production are shown on a gross basis with sales reported within
revenue from contracts with customers as such contracts are used to
maintain customer relationships and fulfil physical sale commitments
rather than to generate a trading margin.
Where the Group enters into commodity sale or purchase agreements
in the course of its commodity trading activities in which the seller has
a right to repurchase, consideration is given to whether the risks and
rewards of ownership have been transferred as a result of the sale.
This assessment is made with reference to the criteria in IFRS 9
Financial Instruments. Key considerations in this assessment include
whether the purchaser has a practical ability to use the commodity
and whether price risk has been transferred.
Where risks and rewards have been transferred, the sale or purchase
contract is accounted for separately from the repurchase obligation
(which is recorded as a derivative financial instrument). Where risks
and rewards have not been transferred or the arrangements do not
relate to the Group\u2019s commodity trading activities, any consideration
received or paid is recorded as a liability or asset as appropriate and
no adjustment is made to revenue or inventory.
Revenue from services is recognised over time in line with the policy
above. For\u00a0contracts which contain separate performance obligations
for the sale of commodities and the provision of freight services, the
portion of the revenue representing the obligation to perform the
freight service is deferred and recognised over time as the obligation is
fulfilled. In situations where the Group is acting as an agent, amounts
billed to customers are offset against the relevant costs.
Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable.
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
Exploration and evaluation expenditure
Exploration and evaluation expenditure is expensed in the year in
which it is\u00a0incurred.
Exploration expenditure is the cost of exploring for Mineral Resources
other than\u00a0that occurring at existing operations and projects and
comprises geological\u00a0and geophysical studies, exploratory drilling and
sampling and Mineral Resource development.
Evaluation expenditure includes the cost of conceptual and pre-
feasibility studies and evaluation of Mineral Resources at existing
operations.
When a decision is taken that a mining project is technically feasible
and commercially viable, usually after a pre-feasibility study has been
completed, subsequent directly attributable expenditure, including
feasibility study costs, are considered development expenditure and
are capitalised within property, plant and equipment.
Exploration properties acquired are recognised on the balance
sheet\u00a0when management considers that their value is recoverable.
These\u00a0properties are measured at cost less any accumulated
impairment losses.
Short term and low value leases
Leases with a term of less than 12 months or those with committed
payments of less than $5,000 are not recognised in the balance sheet.
The Group recognises payments for these leases as an expense on a
straight-line basis over the lease term within operating costs in
underlying\u00a0EBITDA.
Borrowing costs
Interest on borrowings directly relating to the financing of qualifying
assets in the course of construction is added to the capitalised cost of
those projects under \u2018Capital works in progress\u2019, until such time as the
assets are substantially ready for their intended use or sale.
Where funds have been borrowed specifically to finance a project, the
amount capitalised represents the actual borrowing costs incurred.
Where the funds used to finance a project form part of general
borrowings, the amount capitalised is calculated using a weighted
average of rates applicable to relevant general borrowings of the
Group during the period. All other borrowing costs are recognised in
the income statement in the period in which they are incurred.
All cash flows relating to interest on borrowings are presented within
interest paid in the cash flow statement.
Other items
39. Accounting policies continued
D. Capital base
Business combinations and goodwill arising thereon
The identifiable assets, liabilities and contingent liabilities of a
subsidiary, a\u00a0joint arrangement or an associate, which can be
measured reliably, are recorded at their provisional fair values at the
date of acquisition. The estimation of the fair value of identifiable
assets and liabilities is subjective and the use of different valuation
assumptions could have a significant impact on financial results.
Goodwill is the fair value of the consideration transferred (including
contingent consideration and previously held non-controlling interests)
less the fair value of the Group\u2019s share of identifiable net assets on
acquisition.
Where a business combination is achieved in stages, the Group\u2019s
previously held interests in the acquiree are remeasured to fair value at
the acquisition date and the resulting gain or loss is recognised in the
income statement.
Amounts arising from interests in the acquiree prior to the acquisition
date that have previously been recognised in other comprehensive
income are reclassified to the income statement, where such
treatment would be appropriate if that interest were disposed of.
Transaction costs incurred in connection with the business
combination are expensed. Provisional fair values are finalised within
12 months of the acquisition date.
Goodwill in respect of subsidiaries and joint operations is included
within intangible assets. Goodwill relating to associates and joint
ventures is included within the carrying value of the investment.
Where the fair value of the identifiable net assets acquired exceeds
the cost of the acquisition, the surplus, which represents the discount
on the acquisition, is\u00a0recognised directly in the income statement in the
period of acquisition.
For non-wholly owned subsidiaries, non-controlling interests are
initially recorded at the non-controlling interests\u2019 proportion of the fair
values of net assets recognised at acquisition.
Impairment of goodwill, intangible assets and property, plant and
equipment
Goodwill arising on business combinations is allocated to the group of
cash generating units (CGUs) that is expected to benefit from
synergies of the combination, and represents the lowest level at which
goodwill is monitored by\u00a0the Group\u2019s Board of directors for internal
management purposes. The recoverable amount of the CGU, or group
of CGUs, to which goodwill has been allocated is tested for impairment
annually, or when events or changes in circumstances indicate that it
may be impaired.
Any impairment loss is recognised immediately in the income
statement. Impairment of goodwill is not subsequently reversed.
At each reporting date, the Group reviews the carrying amounts of its
property, plant and equipment and intangible assets to determine
whether there is any indication that those assets are impaired. If such
an indication exists, the recoverable amount of the asset is estimated
in order to determine the extent of\u00a0any impairment. Where the asset
does not generate cash flows that are independent from other assets,
the Group estimates the recoverable amount of\u00a0the CGU to which the
asset belongs. An intangible asset with an indefinite useful life is tested
for impairment annually and whenever there is an indication that the
asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal
and value in use (VIU) assessed using discounted cash flow models,
as explained in note 7. In assessing VIU, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less
than its\u00a0carrying amount, the carrying amount of the asset or CGU is
reduced to\u00a0its\u00a0recoverable amount. An impairment loss is recognised in
the income\u00a0statement.
Where an impairment loss subsequently reverses, the carrying amount
of the asset or CGU is increased to the revised estimate of its
recoverable amount, to the extent that the increased carrying amount
does not exceed the carrying amount that would have been
determined had no impairment been recognised for the asset or CGU.
A reversal of an impairment loss is recognised in the income
statement.
In addition, in making assessments for impairment, management
necessarily applies its judgement in allocating assets, including
goodwill, that do not generate independent cash inflows to
appropriate CGUs.
Subsequent changes to the CGU allocation, to the timing of cash flows
or to the assumptions used to determine the cash flows could impact
the carrying value of the respective assets.
Non-mining licences and other intangible assets
Non-mining licences and other intangible assets are measured at cost
less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired as part of an acquisition of a business are
capitalised separately from goodwill if the asset is separable or arises
from contractual or legal rights and the fair value can be measured
reliably on initial recognition. Intangible assets are amortised over their
estimated useful lives, usually between 3 and 20 years, except
goodwill and those intangible assets that are considered to have
indefinite lives. For intangible assets with a finite life, the amortisation
period is determined as the period over which the Group expects to
obtain benefits from the asset, taking account of all relevant facts and
circumstances including contractual lives and expectations about the
renewal of contractual arrangements without significant incremental
costs. An intangible asset is deemed to have an indefinite life when,
based on an analysis of all of the relevant factors, there is no
foreseeable limit to the period over which the asset is expected to
generate cash flows for the Group. Indefinite lived intangible assets
are principally brands for which there is global recognition with
no\u00a0foreseeable timeframe of expected contribution that the Group
is\u00a0continuing to invest and actively market. Amortisation methods,
residual values and estimated useful lives are reviewed at
least\u00a0annually.
Deferred stripping
The removal of rock or soil overlying a mineral deposit, overburden and
other waste materials is often necessary during the initial development
of an open pit mine site, in order to access the orebody. The process of
removing overburden and other mine waste materials is referred to as
stripping. The directly attributable cost of this activity is capitalised in
full within \u2018Mining properties \u2013 owned\u2019, until the point at which the mine
is considered to be capable of operating in the manner intended by
management. This is classified as growth or life-extension capital
expenditure, within investing cash flows.
The removal of waste material after the point at which depreciation
commences is referred to as production stripping. When the waste
removal activity improves access to ore extracted in the current period,
the costs of production stripping are charged to the income statement
as operating costs in accordance with the principles of IAS 2
Inventories.
Other items
39. Accounting policies continued
Where production stripping activity both produces inventory and
improves access to ore in future periods the associated costs of waste
removal are allocated between the two elements. The portion that
benefits future ore extraction is capitalised within \u2018Mining properties \u2013
owned\u2019. This is classified as stripping and development capital
expenditure, within investing cash flows. If\u00a0the amount to be
capitalised cannot be specifically identified it is determined based on
the volume of waste extracted compared with expected volume for
the identified component of the orebody. This determination is
dependent on an\u00a0individual mine\u2019s design and Life of Asset Plan and
therefore changes to the\u00a0design or Life of Asset Plan will result in
changes to these estimates. Identification of the components of a
mine\u2019s orebody is made by reference to the Life of Asset Plan. The
assessment depends on a range of factors including each mine\u2019s
specific operational features and materiality.
In certain instances significant levels of waste removal may occur
during the production phase with little or no associated production.
This may occur at both open pit and underground mines, for example
longwall development.
The cost of this waste removal is capitalised in full to \u2018Mining properties
\u2013 owned\u2019.
All amounts capitalised in respect of waste removal are depreciated
using the unit of production method for the component of the orebody
to which they relate, consistent with depreciation of property, plant and
equipment.
The effects of changes to the Life of Asset Plan on the expected cost of
waste removal or remaining Ore Reserves for a component are
accounted for prospectively as a change in estimate.
Property, plant and equipment
Property, plant and equipment is stated at cost, less accumulated
depreciation and accumulated impairment losses. Cost is the fair
value of consideration required to acquire and develop the asset and
includes the purchase price, acquisition of mineral rights, costs directly
attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by
management, the initial estimate of any decommissioning obligation
and, for assets that take a substantial period of time to get ready for
their intended use, borrowing costs. Revenue and costs arising from
assets before they are capable of operating in the manner intended by
management are recognised in the income statement.
Gains or losses on disposal of property, plant and equipment are
determined by comparing the net proceeds from disposal with the
carrying amount. The gain or loss is recognised in the income
statement.
Depreciation of property, plant and equipment
Mining properties are depreciated to their residual values using the unit
of production method based on Proved and Probable Ore Reserves
and, in certain limited circumstances, other Mineral Resources included
in the Life of\u00a0Asset Plan. These other Mineral Resources are included in
depreciation calculations where, taking into account historical rates of
conversion to Ore Reserves, there is a high degree of confidence that
they will be extracted in an economic manner. This is the case
principally for diamond operations, where depreciation calculations
are based on Diamond Reserves and Diamond Resources included in
the Life of Asset Plan. This reflects the unique nature of diamond
deposits where, due to the difficulty in estimating grade, Life of Asset
Plans frequently include significant amounts of Inferred Resources.
Buildings and items of plant and equipment for which the consumption
of economic benefit is linked primarily to utilisation or to throughput
rather than production, are depreciated to their residual values at
varying rates on a straight-line basis over their estimated useful lives,
or the Reserve Life, whichever is shorter. Estimated useful lives
normally vary from up to 20 years for\u00a0items of plant and equipment to
a\u00a0maximum of 50 years for buildings. Under limited circumstances,
items of plant and equipment may be depreciated over a\u00a0period that
exceeds the Reserve Life by taking into account additional Mineral
Resources other than Proved and Probable Reserves included in the
Life of Asset Plan, after making allowance for expected production
losses based on historical rates of Mineral Resource to Ore Reserve
conversion.
\u2018Capital works in progress\u2019 are measured at cost less any recognised
impairment. Depreciation commences when the assets are capable of
operating in the manner intended by management, at which point they
are transferred to the appropriate asset class.
Land is not depreciated.
When parts of an item of property, plant and equipment have different
useful lives, they are accounted for as separate items (major
components).
Depreciation methods, residual values and estimated useful lives are
reviewed at least annually.
Leased right-of-use assets
Leased right-of-use assets are included within property, plant and
equipment, and on inception of the lease are recognised at the
amount of the corresponding lease liability, adjusted for any lease
payments made at or before the lease commencement date, plus any
direct costs incurred and an estimate of costs for dismantling,
removing, or restoring the underlying asset and less any lease
incentives\u00a0received.
The right-of-use asset is depreciated on a straight-line basis over the
term of the lease, or, if shorter, the useful life of the asset. The useful
lives of right-of-use assets are estimated on the same basis as those
of owned property, plant and\u00a0equipment.
Financial assets
Investments, other than investments in subsidiaries, joint arrangements
and associates, are financial asset investments and are initially
recognised at fair value. The Group\u2019s financial assets are classified into
the following measurement categories: debt instruments at amortised
cost, equity instruments and debt instruments designated at fair value
through other comprehensive income (OCI), and debt instruments,
derivatives and equity instruments at fair value through profit and loss.
Financial assets are classified as at amortised cost only if the asset is
held within a business model whose objective is to collect the
contractual cash flows and the contractual terms of the asset give rise
to cash flows that are solely payments of principal and interest.
At subsequent reporting dates, financial assets at amortised cost are
measured at amortised cost less any impairment losses. Other
investments are classified as either at fair value through profit or loss
(which includes investments held for trading) or at fair value through
OCI. Both categories are subsequently measured at fair value. Where
investments are held for trading purposes, unrealised gains and losses
for the period are included in the income statement within other gains
and losses.
The Group has elected to measure equity instruments, which are
neither held for trading nor are contingent consideration in a business
combination, at fair value through OCI as this better reflects the
strategic nature of the Group\u2019s equity investments. For equity
instruments at fair value through OCI, changes in fair value, including
those related to foreign exchange, are recognised in other
comprehensive income and there is no subsequent reclassification of
fair value gains and losses to profit or loss.
Other items
39. Accounting policies continued
Impairment of financial assets
A financial asset not measured at fair value through profit or loss is
assessed at each reporting date to determine whether there is any
objective evidence that it is impaired. The Group assesses on a
forward-looking basis the expected credit losses, defined as the
difference between the contractual cash flows and the cash flows
that\u00a0are expected to be received, associated with its assets carried
at\u00a0amortised cost and fair value through OCI. The impairment
methodology applied depends on whether there has been a
significant increase in credit risk. For trade receivables only, the
simplified approach permitted by IFRS 9 is applied, which requires
expected lifetime losses to be recognised from initial recognition of
the\u00a0receivables.
Losses are recognised in the income statement. When a subsequent
event causes the amount of impairment loss to decrease, the
decrease in impairment loss is reversed through the income statement.
Impairment losses relating to equity instruments at fair value through
OCI are not reported separately from other changes in fair\u00a0value.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when the right to receive cash flows
from the\u00a0asset has expired, the right to receive cash flows has been
retained but an obligation to on-pay them in full without material delay
has been assumed or the\u00a0right to receive cash flows has been
transferred together with substantially all the risks and rewards of
ownership.
Financial liabilities are derecognised when the associated obligation
has been discharged, cancelled or has expired.
Environmental restoration and decommissioning obligations
An obligation to incur environmental restoration, rehabilitation and
decommissioning costs arises when disturbance is caused by the
development or ongoing production of a mining asset. Costs for
restoration of site damage, rehabilitation and environmental costs are
estimated using either the work of external consultants or internal
experts. Such costs arising from the decommissioning of plant and
other site preparation work, discounted to their net present value, are
provided for and capitalised at the start of each project, as soon as the
obligation to incur such costs arises.
These costs are recognised in the income statement over the life of the
operation, through the depreciation of the asset and the unwinding of
the discount on the provision. Costs for restoration of subsequent site
damage which is created on an ongoing basis during production are
provided for at their\u00a0net present values and recognised in the income
statement as ore extraction\u00a0progresses.
The amount recognised as a provision represents management\u2019s best
estimate of the consideration required to complete the restoration and
rehabilitation activity, the application of the relevant regulatory
framework and timing of expenditure. These estimates are inherently
uncertain and could materially change over time. Changes in the
measurement of a liability relating to the decommissioning of plant or
other site preparation work (that result from changes in the estimated
timing or amount of the cash flow or a change in the discount rate), are
added to or deducted from the cost of the related asset in the current
period. If a decrease in the liability exceeds the carrying amount of the
asset, the excess is recognised immediately in the income statement.
If\u00a0the asset value is increased and there is an indication that the
revised carrying value is not recoverable, an impairment test is
performed in accordance with the accounting policy set out above.
For some South African operations annual contributions are made to
dedicated environmental rehabilitation trusts to fund the estimated
cost of rehabilitation during and at the end of the life of the relevant
mine. The Group exercises full control of these trusts and therefore the
trusts are consolidated. The trusts\u2019 assets are disclosed separately on
the balance sheet as non-current assets.
The trusts\u2019 assets are measured based on the nature of the underlying
assets in\u00a0accordance with accounting policies for similar assets.
E. Working capital
Inventories
Inventory and work in progress are measured at the lower of cost and
net realisable value, except for inventory held by commodity broker-
traders which is\u00a0measured at fair value less costs to sell and are
disclosed separately to the extent that they are material. The
production cost of inventory includes an appropriate proportion of
depreciation and production overheads. Cost is determined on the
following basis:
\u2013Raw materials and consumables are measured at cost on a first in,
first out (FIFO) basis or a weighted average cost basis
\u2013Work in progress and finished products are measured at raw
material cost, labour cost and a proportion of production overhead
expenses
\u2013Metal and coal stocks are included within finished products and are
measured at average cost.
At precious metals operations that produce \u2018joint products\u2019, cost is
allocated among precious metal products according to production
volumes.
Inventory is recognised as a current asset where it is expected to be
consumed in the next 12 months. Stockpiles are classified as non-
current where stockpiles are not expected to be processed in the next
12 months and there is no market to sell the product in its current state.
Metal leasing
Where the Group enters into metal leasing arrangements and metal is
received or provided to counterparties for a specific period of time in
return for a lease fee, consideration is given to the purpose of the
arrangement and whether control of the metal inventory has been
transferred.
Key considerations in this assessment include whether the lessee has
a practical ability to use the commodity and whether price risk has
been transferred.
Where control of the inventory has been transferred to the
counterparty, inventory is derecognised and a financial receivable is
recorded for the future receipt of metal. The financial receivable forms
part of trade and other receivables where the purpose of the
arrangement is to generate a trading margin and is otherwise
presented within financial asset investments.
Where the Group receives control of inventory as a result of a lease
arrangement, inventory is recognised and a payable is recorded to
reflect the future return obligation. This liability forms part of trade and
other payables where the purpose of the arrangement is to generate
a\u00a0trading margin or manage physical delivery requirements and is
otherwise presented within financing liabilities.
Where control of the inventory is not transferred, the arrangement has
no impact on the value of inventory recorded.
Other items
39. Accounting policies continued
F. Net debt and financial risk management
Cash and debt
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and on demand
deposits, together with short term, highly liquid investments that are
readily convertible to a known amount of cash and that are subject to
an insignificant risk of changes in value. Initial margin relating to the
Group\u2019s commodity trading activities is presented within cash and
cash equivalents as the terms of the agreement allow the Group to
request closure of the open positions and return of the margin within
three days. Bank overdrafts are shown within short term borrowings in
current liabilities on the balance sheet.
Cash and cash equivalents in the cash flow statement are shown net
of overdrafts. Cash and cash equivalents are measured at amortised
cost except for money market fund investments which are held at fair
value as they are redeemed through the sale of units in the funds and
not solely through the recovery of principal and interest.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified and
accounted for as debt or equity according to the substance of the
contractual arrangements entered into.
Borrowings
Interest bearing borrowings and overdrafts are initially recognised at
fair value, net of directly attributable transaction costs. Finance
charges, including premiums payable on settlement or redemption
and direct issue costs, are recognised in the income statement using
the effective interest method. They are added to the carrying amount
of the instrument to the extent that they are not settled in the period in
which they arise.
Where interest or principal payments are linked to non-financial ESG
targets, the best estimate of the future payment is included in the
calculation of the effective interest rate at inception. If this best
estimate changes in subsequent periods, the carrying value of the
borrowing is adjusted to reflect the revised forecast, discounted using
the effective interest rate determined at inception and any resulting
gain or loss is recognised in the income statement.
Lease liabilities
Lease liabilities recognised on balance sheet are recognised within
borrowings, and with the exception of variable vessel leases are
recognised as part of net debt. On inception, the lease liability is
recognised as the present value of the expected future lease
payments, calculated using the Group\u2019s incremental borrowing rate,
adjusted to reflect the length of the lease and country of location. For
a\u00a0minority of leases where it is possible to determine the interest rate
implicit in the lease, it is used in place of the Group\u2019s incremental
borrowing rate.
Lease payments included in the lease liability consist of each of the
following:
\u2013Fixed payments, including in-substance fixed payments
\u2013Payments whose variability is dependent only upon an index or
a\u00a0rate, measured initially using the index or rate at the lease
commencement date. The lease liability is revalued when there is a
change in future lease payments arising from a change in an index
or rate
\u2013Any amounts expected to be payable under a guarantee of residual
value
\u2013The exercise price of a purchase option that the Group is reasonably
certain to exercise, the lease payments after the date of a renewal
option if the Group is reasonably certain to exercise its option to
renew the lease, and penalties for exiting a lease agreement unless
the Group is reasonably certain not to exit the lease early.
Variable leasing costs (other than those referred to above) and the
costs of non-lease components are not included in the lease liability
and are charged to operating costs in underlying EBITDA as they
are\u00a0incurred.
The lease liability is measured at amortised cost using the effective
interest method. It is remeasured when there is a change to the
forecast lease payments. When the lease liability is remeasured, an
adjustment is made to the corresponding right-of-use asset.
Derivative financial instruments and hedge accounting
In order to hedge its exposure to foreign exchange, interest rate and
commodity price risk, the Group enters into forward, option and swap
contracts. Commodity based (own use) contracts that meet the scope
exemption in IFRS 9 are recognised in earnings when they are settled
by physical delivery. Commodity contracts which do not meet the own
use criteria are accounted for as derivatives.
All derivatives are held at fair value in the balance sheet within
\u2018Derivative financial assets\u2019 or \u2018Derivative financial liabilities\u2019 except if
they are linked to settlement and delivery of an unquoted equity
instrument and the fair value cannot be measured reliably, in which
case they are carried at cost. A derivative cannot be measured reliably
where the range of reasonable fair value estimates is significant and
the probabilities of various estimates cannot be reasonably assessed.
Derivatives are classified as current or non-current depending on the
contractual maturity of\u00a0the derivative.
Changes in the fair value of derivative financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognised directly in equity. The gain or loss relating to
the ineffective portion is recognised immediately in the income
statement. If the cash flow hedge of a firm commitment or forecast
transaction results in the recognition of a non-financial asset or liability,
then, at the time the asset or liability is recognised, the associated
gains or losses on the derivative that had previously been recognised
in equity are included in the initial measurement of the asset or liability.
For hedges that do not result in the recognition of a non-financial asset
or liability, amounts deferred in equity are recognised in the income
statement in\u00a0the same period in which the hedged item affects profit
or\u00a0loss.
For an effective hedge of an exposure to changes in fair value, the
hedged item is adjusted for changes in fair value attributable to the risk
being hedged. The corresponding entry and gains or losses arising
from remeasuring the associated derivative are recognised in the
income statement within financing remeasurements.
Hedge effectiveness is determined at the inception of the hedge
relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between
the hedged item and hedging instrument. The Group\u2019s material
hedging instruments are interest rate swaps that have similar critical
terms to the related debt instruments, such as payment dates,
maturities and notional amount. As all critical terms matched during
the year, there was no material hedge ineffectiveness. The Group also
uses cross currency swaps to manage foreign exchange risk
associated with borrowings denominated in foreign currencies. These
are not designated in an accounting hedge as there is a natural offset
against foreign exchange movements on associated borrowings.
The Group has designated the embedded derivative component of
the royalty liability (see note 22) as a cash flow hedge of future
revenue cash flows from the Woodsmith project. In future periods,
assuming the hedge remains effective, fair value derivative gains and
losses as a result of changing forecast price and production forecasts
will be recorded within other comprehensive income and recycled to
revenue as the related revenue is recognised.
Other items
39. Accounting policies continued
Hedge accounting is discontinued when the hedging instrument
expires or is\u00a0sold, terminated, exercised, revoked, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the
hedging instrument recognised in equity is retained until the forecast
transaction occurs. If a hedge transaction is no longer expected to
occur, the net cumulative gain or loss previously recognised in equity is
recycled to the income statement for the\u00a0period.
Changes in the fair value of any derivative instruments that are not
designated in\u00a0a hedge relationship are recognised immediately in the
income\u00a0statement.
Derivatives embedded in other financial instruments or non-financial
host contracts (other than financial assets in the scope of IFRS 9) are
treated as separate derivatives when their risks and characteristics are
not closely related to those of their host contracts and the host
contracts themselves are not carried at fair value with unrealised gains
or losses reported in the income\u00a0statement.
Derivatives embedded in contracts which are financial assets in the
scope of IFRS 9 are not separated and the whole contract is
accounted for at either amortised cost or fair value.
Interest Rate Benchmark Reform: IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures
The Group uses interest rate derivatives to swap the majority of its
Euro, Sterling and US dollar bonds from fixed interest rates to EURIBOR,
SONIA, USD LIBOR and SOFR respectively. Any non-USD interest rate
derivatives are swapped to USD LIBOR or SOFR using cross currency
interest rate swaps which are not designated into hedges. The interest
rate derivatives are designated into fair value hedges.
USD LIBOR is expected to be replaced by alternative risk-free rates as
part of inter-bank offer rate (IBOR) reform.
The Group is continuing its transition to incorporate alternative risk-free
rates and the principal benchmarks used are EURIBOR, USD LIBOR
and RFR. The Group is continuing to monitor the market and discussing
the potential changes with its counterparties in order to effectively
transition to alternative risk-free rates. During the year, the Group has
adhered to International Swaps and Derivative Association (ISDA)
fallback protocol to ensure appropriate rates may be applied
to\u00a0relevant derivative instruments on cessation in the event transition
to alternative risk-free rates is not completed in advance of cessation.
The Group does not hold any material lease agreements that contain
references to existing benchmarks and as a result there is no
material\u00a0impact on the lease liabilities or right-of-use assets at
31\u00a0December 2022.
See note 22 for a summary of the Group\u2019s current transition of financial
instruments to alternative risk-free rates.
See note 21 for a list of the Group\u2019s Euro, Sterling and US dollar bonds
which in\u00a0turn reflects the nominal amount of the hedging instruments
for those bonds which have been hedged.
G. Taxation
Tax
The tax expense includes the current tax and deferred tax charge
recognised in\u00a0the income statement.
Current tax payable is based on taxable profit for the year. Taxable
profit differs from profit before tax as reported in the income statement
because it excludes items of\u00a0income or expense that are taxable or
deductible in other years and it further excludes items that are not
taxable or deductible. The Group\u2019s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by
the reporting date.
Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial
reporting purposes and the\u00a0amounts used for taxation purposes.
Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Probable
taxable profits are based on evidence of historical profitability and
taxable profit forecasts limited by reference to the criteria set out in
IAS\u00a012 Income Taxes. Such assets and liabilities are not recognised if
the temporary differences arise from the initial recognition of goodwill
or of an asset or liability in a transaction (other than in a business
combination) that affects neither taxable profit nor accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, joint arrangements
and associates except where the Group is able to control the reversal
of the temporary difference and it is probable that the temporary
difference will not reverse in\u00a0the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and is adjusted to the extent that it is no longer probable
that sufficient\u00a0taxable profit will be available to allow all or part of the
asset to be\u00a0recovered.
Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on
the laws that have been enacted or substantively enacted by the
reporting date. Deferred tax is charged or credited to the income
statement, except when it relates to items charged or credited directly
to equity, in which case the deferred tax is also taken directly to equity.
Deferred tax assets and liabilities are offset when they relate to income
taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis with that
taxation authority.
H. Employees
Retirement benefits
The Group\u2019s accounting policy involves the use of \u2018best estimate\u2019
assumptions in calculating the schemes\u2019 valuations in accordance
with the accounting standard. This valuation methodology differs from
that applied in\u00a0calculating the funding valuations, which require the
use of \u2018prudent\u2019 assumptions, such as lower discount rates, higher
assumed rates of future inflation expectations and greater
improvements in life expectancy, leading to a higher value placed on
the liabilities. The funding valuations are carried out every three years,
using the projected unit credit method, by independent qualified
actuaries and are used to determine the money that must be put into
the funded schemes. The Group operates both defined benefit and
defined contribution pension plans for its employees as well as post
employment medical plans. For defined contribution plans the amount
recognised in the income statement is the contributions paid or
payable during the year.
For defined benefit pension and post employment medical plans, full
actuarial valuations are carried out at least every three years using the
projected unit credit method and updates are performed for each
financial year end. The average discount rate for the plans\u2019 liabilities is
based on AA rated corporate bonds of a suitable duration and
currency or, where there is no deep market for such bonds, is based on
government bonds. Pension plan assets are measured using year end
market values.
Other items
39. Accounting policies continued
Remeasurements comprising actuarial gains and losses, movements
in asset surplus restrictions and the return on scheme assets
(excluding interest income) are recognised immediately in the
statement of comprehensive income and are not recycled to the
income statement. Any increase in the present value of plan liabilities
expected to arise from employee service during the year is charged to
operating profit. The net interest income or cost on the net defined
benefit asset or liability is included in investment income or interest
expense respectively.
The retirement benefit obligation recognised on the balance sheet
represents the present value of the deficit or surplus of the defined
benefit plans. Any recognised surplus is limited to the present value of
available refunds or reductions in future contributions to the plan.
Share-based payments
The Group makes equity settled share-based payments to certain
employees, which are measured at fair value at the date of grant and
expensed on a straight-line basis over the vesting period, based on the
Group\u2019s estimate of shares that will eventually vest. For those share
schemes with market related vesting conditions, the fair value is
determined using the Monte Carlo model at the grant date. The fair
value of share options issued with non-market vesting conditions has
been calculated using the Black Scholes model.
For all other share awards, the fair value is determined by reference to
the market value of the shares at the grant date. For all share schemes
with non-market vesting conditions, the likelihood of vesting has been
taken into\u00a0account when determining the relevant charge. Vesting
assumptions are\u00a0reviewed during each reporting period to ensure they
reflect current\u00a0expectations.
I. Group structure
Associates and joint arrangements
Associates are investments over which the Group has significant
influence, which is the power to participate in the financial and
operating policy decisions of the investee, but without the ability to
exercise control or joint control. Typically the Group owns between
20% and 50% of the voting equity of its\u00a0associates.
Joint arrangements are arrangements in which the Group shares joint
control with one or more parties. Joint control is the contractually
agreed sharing of control of an arrangement, and exists only when
decisions about the activities that significantly affect the
arrangement\u2019s returns require the unanimous consent of the parties
sharing control.
Judgement is required in determining this classification through an
evaluation of the facts and circumstances arising from each individual
arrangement. Joint arrangements are classified as either joint
operations or joint ventures based on the rights and obligations of the
parties to the arrangement. In joint operations, the parties have rights
to the assets and obligations for the liabilities relating to the
arrangement, whereas in joint ventures, the parties have rights to the
net assets of the arrangement.
Joint arrangements that are not structured through a separate vehicle
are always joint operations. Joint arrangements that are structured
through a separate vehicle may be either joint operations or joint
ventures depending on the substance of the arrangement. In these
cases, consideration is given to the legal form of the separate vehicle,
the terms of the contractual arrangement and, when relevant, other
facts and circumstances. When the activities of an arrangement are
primarily designed for the provision of output to the parties, and the
parties are substantially the only source of cash flows contributing
to\u00a0the continuity of the operations of the arrangement, this indicates
that the parties to the arrangements have rights to the assets and
obligations for the\u00a0liabilities.
Certain joint arrangements that are structured through separate
vehicles including Collahuasi, Debswana and Namdeb are accounted
for as joint operations. These arrangements are primarily designed for
the provision of output to the parties sharing joint control, indicating
that the parties have rights to substantially all the economic benefits of
the assets. The liabilities of the arrangements are in substance
satisfied by cash flows received from the parties; this dependence
indicates that the parties effectively have obligations for the liabilities.
It is primarily these facts and circumstances that give rise to the
classification as joint operations.
The Group accounts for joint operations by recognising the assets,
liabilities, revenue and expenses for which it has rights or obligations,
including its share of such items held or incurred jointly.
Investments in associates and joint ventures are accounted for using
the equity method of accounting except when classified as held for
sale. The Group\u2019s share of associates\u2019 and joint ventures\u2019 net income is
based on their most recent audited financial statements or unaudited
interim statements drawn up to\u00a0the Group\u2019s balance sheet date.
The total carrying values of investments in associates and joint
ventures represent the cost of each investment including the carrying
value of goodwill, the share of post-acquisition retained earnings, any
other movements in reserves and any long term debt interests which in
substance form part of the Group\u2019s net investment, less any cumulative
impairments. The carrying values of associates and joint ventures are
reviewed on a regular basis and if there is objective evidence that an
impairment in value has occurred as a result of one or more events
during the period, the investment is impaired. Investments which have
been previously impaired are regularly reviewed for indicators of
impairment reversal.
The Group\u2019s share of an associate\u2019s or joint venture\u2019s losses in excess
of its interest in that associate or joint venture is not recognised unless
the Group has an obligation to fund such losses. Unrealised gains
arising from transactions with associates and joint ventures are
eliminated against the investment to the extent of the Group\u2019s interest
in the investee. Unrealised losses are eliminated in the same way, but
only to the extent that there is no evidence of impairment.
Non-current assets and disposal groups held for sale
Non-current assets and disposal groups are classified as held for sale
if their carrying amount will be recovered through a sale transaction
rather than through continuing use. This condition is met only when a
sale is highly probable within\u00a0one year from the date of classification,
management is committed to the\u00a0sale and the asset or disposal group
is available for immediate sale in its present condition.
Non-current assets and disposal groups are classified as held for sale
from the\u00a0date these conditions are met and are measured at the lower
of carrying amount and fair value less costs to sell. Any resulting
impairment loss is recognised in the income statement.
On classification as held for sale the assets are no longer depreciated.
Comparative amounts are not adjusted.
Black Economic Empowerment (BEE) transactions
Where the Group disposes of a portion of a South African based
subsidiary or\u00a0operation to a BEE company at a discount to fair value,
the transaction is considered to be a share-based payment (in line
with the principle contained in\u00a0South Africa interpretation AC 503
Accounting for Black Economic Empowerment (BEE) Transactions).
The discount provided or value given is calculated in accordance with
IFRS 2 Share-based Payments and the cost, representing the fair value
of the BEE credentials obtained by the subsidiary, is recorded in the
income statement.
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1.
Operating profit from subsidiaries and joint operations
Overview
US$ million
Note
2022
2021
Revenue before special items and remeasurements
35,127
41,547
Operating costs:
Employee costs
26
(3,630)
(3,603)
Depreciation of property, plant and equipment
(2,401)
(2,672)
Amortisation of intangible assets
(45)
(43)
Third-party commodity purchases
(6,350)
(5,994)
Consumables, maintenance and production input costs
(5,492)
(6,011)
Logistics, marketing and selling costs
(2,898)
(2,945)
Royalties
(1,238)
(1,173)
Exploration and evaluation
(322)
(257)
Net foreign exchange losses
(6)
(138)
Other operating income
313
292
Other operating expenses
(2,134)
(1,910)
Operating profit before special items and remeasurements
10,924
17,093
Revenue special items and remeasurements
8
(9)
7
Operating special items and remeasurements
8
(1,672)
492
Operating profit
9,243
17,592
Royalties exclude items which meet the definition of income tax on profit and which have been accounted for as taxes. Exploration and
evaluation excludes associated employee costs. The full exploration and evaluation expenditure (including associated employee costs) is
presented in the table below.
Operating profit before special items and remeasurements is stated after (charging)/crediting:
US$ million
2022
2021
Exploration expenditure
(155)
(128)
Evaluation expenditure
(191)
(172)
Research and development expenditure
(167)
(144)
Provisional pricing adjustment
(96)
815
Accounting policy
See note 39C for the Group\u2019s accounting policy on revenue and exploration and evaluation expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-451": { "value": "
2.
Financial performance by segment
Overview
The Group\u2019s operating segments are aligned to those business units that are evaluated regularly by the chief operating decision maker in
deciding how to allocate resources and in assessing performance. Operating segments with similar economic characteristics are aggregated
into reportable segments.
The Group aggregates the following operating segments into reportable segments:
\u2013Kumba Iron Ore and Iron Ore Brazil are aggregated into Iron Ore
\u2013Copper Chile and Copper Peru are aggregated into Copper.
Shipping revenue related to shipments of the Group\u2019s products is shown within the relevant operating segment. Revenue from other marketing
and trading activities from shipping and energy solutions within the Marketing business is presented within the \u2018Corporate and other\u2019 segment,
which also includes unallocated corporate costs and exploration costs. For the year ended 31 December 2021, the \u2018Corporate and other\u2019
segment also included the results of the Group\u2019s Thermal Coal (South Africa and Cerrej\u00f3n) mining operations prior to their disposal.
During the year, the Metallurgical Coal reportable segment was renamed to Steelmaking Coal to more accurately reflect the end-use of our
product as an essential ingredient in the production of steel.
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
Segment results
2022
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
De\u00a0Beers
6,622
1,417
(423)
994
(334)
(108)
552
Copper
5,599
2,182
(587)
1,595
(684)
(151)
760
Nickel
858
381
(64)
317
(58)
\u2014
259
Platinum Group Metals
10,096
4,417
(365)
4,052
(1,132)
(654)
2,266
Iron Ore
7,534
3,455
(493)
2,962
(927)
(698)
1,337
Steelmaking Coal
5,034
2,749
(380)
2,369
(729)
\u2014
1,640
Manganese
840
378
(66)
312
(161)
(3)
148
Crop Nutrients
254
(1)
(44)
(1)
(45)
(6)
\u2014
(51)
Corporate and other
554
(440)
(153)
(593)
(276)
(6)
(875)
37,391
14,495
(2,532)
11,963
(4,307)
(2)
(1,620)
6,036
Less: associates and joint ventures
(2,264)
(1,125)
86
(1,039)
395
3
(641)
Subsidiaries and joint operations
35,127
13,370
(2,446)
10,924
(3,912)
(1,617)
5,395
Reconciliation:
Net income from associates and joint ventures
641
641
Special items and remeasurements
(9)
(1,758)
(1,522)
Revenue
35,118
Profit before net finance costs and tax
9,807
Profit attributable to equity shareholders of the Company
4,514
Financial performance
2. Financial performance by segment continued
2021
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
De\u00a0Beers
5,602
1,100
(480)
620
(214)
(61)
345
Copper
6,433
4,011
(583)
3,428
(1,337)
(572)
1,519
Nickel
710
320
(59)
261
18
\u2014
279
Platinum Group Metals
14,502
7,099
(346)
6,753
(1,919)
(1,045)
3,789
Iron Ore
11,104
6,871
(512)
6,359
(1,717)
(1,411)
3,231
Steelmaking Coal
2,899
962
(512)
450
(150)
\u2014
300
Manganese
768
315
(65)
250
(116)
(2)
132
Crop Nutrients
114
(1)
(41)
(1)
(42)
3
\u2014
(39)
Corporate and other
1,126
(3)
(286)
(289)
(351)
9
(631)
43,258
20,634
(2,844)
17,790
(5,783)
(2)
(3,082)
8,925
Less: associates and joint ventures(3)
(1,711)
(826)
129
(697)
235
2
(460)
Subsidiaries and joint operations
41,547
19,808
(2,715)
17,093
(5,548)
(3,080)
8,465
Reconciliation:
Net income from associates and joint ventures
634
634
Special items and remeasurements
7
292
(537)
Revenue
41,554
Profit before net finance costs and tax
18,019
Profit attributable to equity shareholders of the Company
8,562
(1)Group revenue in respect of Crop Nutrients relates to revenue from its associate, The Cibra Group, a fertiliser distributor based in Brazil.
(2)Comprises net finance costs of $358 million (2021: $290 million) and income tax expense of $3,949 million (2021: $5,493 million).
(3)Income from the Cerrej\u00f3n associate arising after the agreement of the disposal transaction in June 2021 has been classified as a special item and is therefore excluded from Corporate and
other Group revenue, underlying EBITDA, underlying EBIT and underlying earnings. See notes 8 and 13 for further detail.
The segment results are stated after elimination of inter-segment interest and dividends and include an allocation of corporate costs.
Further information
Group revenue by product
Segments predominantly derive revenue as follows \u2013 De\u00a0Beers: rough and polished diamonds; Copper: copper; Platinum Group Metals: platinum
group metals and\u00a0nickel; Iron Ore: iron ore; Steelmaking Coal: steelmaking coal; Nickel: nickel; Manganese: manganese ore. Revenue reported
within Corporate and other revenue includes the margin from the Group\u2019s marketing and trading activity in energy solutions and shipping within
the Marketing business, inclusive of shipping services provided to third parties. In the year ended 31 December 2021, Corporate and other
revenue also included thermal coal revenue from the South African thermal coal operations prior to the demerger and the Group\u2019s share
of\u00a0thermal coal revenue from its associate Cerrej\u00f3n prior to 28 June 2021, after which, Cerrej\u00f3n revenue was reported within special items.
See\u00a0note 39C for the Group\u2019s accounting policy on revenue recognition.
Other revenue principally relates to iridium, gold, ruthenium and molybdenum. The revenue analysis below includes the Group\u2019s share of revenue
in equity accounted associates and joint ventures excluding special items and remeasurements. See\u00a0note 13.
2022
2021
US$ million
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Diamonds
6,608
14
6,622
5,590
12
5,602
Copper
5,247
(80)
5,167
5,751
365
6,116
Platinum
1,680
6
1,686
2,511
1
2,512
Palladium
2,542
6
2,548
3,854
6
3,860
Rhodium
4,066
21
4,087
6,328
49
6,377
Iron ore
6,597
(45)
6,552
9,838
215
10,053
Steelmaking coal
3,544
990
4,534
2,114
561
2,675
Thermal coal(1)(2)
495
188
683
707
294
1,001
Nickel
1,422
15
1,437
1,187
3
1,190
Manganese ore and alloys
\u2014
840
840
\u2014
768
768
Shipping
1,362
\u2014
1,362
1,378
\u2014
1,378
Other
1,484
389
1,873
1,507
219
1,726
35,047
2,344
37,391
40,765
2,493
43,258
Reconciliation:
Less: Revenue from associates and joint ventures
\u2014
(2,264)
(2,264)
\u2014
(1,711)
(1,711)
Special items and remeasurements
\u2014
(9)
(9)
\u2014
7
7
Revenue
35,047
71
35,118
40,765
789
41,554
(1)Group revenue and income from the Cerrej\u00f3n associate arising after the agreement of the disposal transaction in June 2021 was classified as a special item and are therefore excluded from
Group revenue, underlying EBITDA, underlying EBIT and underlying earnings from that date. The Cerrej\u00f3n associate met the criteria to be classified as held for sale at 31 December 2021 in
advance of the completion of the transaction on 11 January 2022.
(2)For the year ended 31 December 2022, thermal coal represents 2% of Group revenue and comprises sales volumes of 17.4Mt. These arise from transitional marketing support provided to
Thungela Resources, purchases from other third parties included within the Marketing business\u2019 energy solutions activities, and secondary product sales from the Steelmaking Coal business.
Financial performance
2. Financial performance by segment continued
Revenue from other sources for subsidiaries and joint operations of $71 million (2021: $789 million) includes net fair value gains relating to
derivatives of $176\u00a0million (2021: net fair value losses of $64 million), net fair value losses relating to provisionally priced contracts of $96 million
and revenue remeasurements loss of\u00a0$9\u00a0million (2021: net fair value gains of $846 million and revenue remeasurements gain of $7 million).
Derivative net gains/losses include both financial derivatives and the net margin arising on contracts for the physical sale and purchase of third-
party material (third-party sales) where these contracts are accounted for as derivatives prior to settlement and are entered into to generate a
trading margin.
Group revenue by destination
The Group\u2019s geographical analysis of segment revenue is allocated based on the customer\u2019s port of destination. Where the port of destination
is\u00a0not known, revenue is allocated based on the customer\u2019s country of domicile.
2022
2021
US$ million
%
US$ million
%
China
8,965
24%
11,248
26%
India
2,798
7%
2,274
5%
Japan
5,542
15%
6,169
14%
Other Asia
6,944
18%
7,539
17%
South Africa
1,312
4%
1,428
3%
Other Africa
2,080
6%
1,664
4%
Brazil
986
3%
728
2%
Chile
811
2%
712
2%
Other South America
10
\u2014
65
\u2014
North America
1,160
3%
1,872
4%
Australia
309
1%
44
\u2014
United Kingdom(1)
1,502
4%
3,144
7%
Other Europe
4,972
13%
6,371
16%
37,391
100%
43,258
100%
Capital base
9. Capital by segment continued
Non-current assets by location
Intangible assets,
Property, plant and equipment
Total non-current assets
US$ million
2022
2021
2022
2021
South Africa
10,074
9,711
10,778
10,185\u00a0
Botswana
2,979
3,386
2,982
3,388\u00a0
Other Africa
1,084
1,138
1,088
1,146\u00a0
Brazil
7,529
7,502
8,138
8,059\u00a0
Chile
7,424
6,745
7,498
6,821\u00a0
Peru
8,075
6,691
8,079
6,931\u00a0
Other South America
\u2014
1
2
2\u00a0
North America
563
621
581
621\u00a0
Australia and Asia
3,591
3,048
4,083
3,547\u00a0
United Kingdom(1)
2,536
3,561
2,653
3,729\u00a0
Other Europe
98
99
98
101\u00a0
Non-current assets by location
43,953
42,503
45,980
44,530\u00a0
Unallocated assets
1,491
2,482\u00a0
Total non-current assets
47,471
47,012\u00a0
(1)United Kingdom is Anglo American plc\u2019s country of domicile.
Total non-current assets by location primarily comprise Intangible assets, Property, plant and equipment and Investments in\u00a0associates and
joint\u00a0ventures.
12.
Capital expenditure
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
Capital expenditure by segment
US$ million
2022
2021
De\u00a0Beers
593
565
Copper
2,031
1,773
Nickel
79
29
Platinum Group Metals
1,017
894
Iron Ore
834
628
Steelmaking Coal
648
649
Crop Nutrients
522
530
Corporate and other
14
125
Capital expenditure
5,738
5,193
Reconciliation to Consolidated cash flow statement:
Cash flows used in derivatives related to capital expenditure
\u2014
(8)
Proceeds from disposal of property, plant and equipment
7
17
Direct funding for capital expenditure received from non-controlling interests
446
530
Expenditure on property, plant and equipment
6,191
5,732
Direct funding for capital expenditure received from non-controlling interests represents capital expenditure relating to the Quellaveco project
funded by Mitsubishi. Mitsubishi has continued to provide direct funding for its 40% share of capital expenditure via draw-downs against a
committed shareholder facility which are recorded as borrowings on the Group\u2019s Consolidated balance sheet.
Capital expenditure by category
US$ million
2022
2021
Growth projects
1,595
1,752
Life-extension projects
582
474
Stay-in-business
2,558
2,068
Development and stripping
1,010
904
Proceeds from disposal of property, plant and equipment
(7)
(17)
Capitalised operating cash flows(1)
\u2014
12
5,738
5,193
(1)Following the Group\u2019s adoption of an amendment to IAS 16 Proceeds before intended use, operating cash flows arising while the asset is being prepared for its intended use are presented
within operating cash flows rather than being presented within capital expenditure.
Growth projects and life-extension projects capital expenditure includes the cash flows from derivatives related to capital expenditure and is net
of direct funding for capital expenditure received from non-controlling interests.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-452": { "value": "
Group revenue by product
Segments predominantly derive revenue as follows \u2013 De\u00a0Beers: rough and polished diamonds; Copper: copper; Platinum Group Metals: platinum
group metals and\u00a0nickel; Iron Ore: iron ore; Steelmaking Coal: steelmaking coal; Nickel: nickel; Manganese: manganese ore. Revenue reported
within Corporate and other revenue includes the margin from the Group\u2019s marketing and trading activity in energy solutions and shipping within
the Marketing business, inclusive of shipping services provided to third parties. In the year ended 31 December 2021, Corporate and other
revenue also included thermal coal revenue from the South African thermal coal operations prior to the demerger and the Group\u2019s share
of\u00a0thermal coal revenue from its associate Cerrej\u00f3n prior to 28 June 2021, after which, Cerrej\u00f3n revenue was reported within special items.
See\u00a0note 39C for the Group\u2019s accounting policy on revenue recognition.
Other revenue principally relates to iridium, gold, ruthenium and molybdenum. The revenue analysis below includes the Group\u2019s share of revenue
in equity accounted associates and joint ventures excluding special items and remeasurements. See\u00a0note 13.
2022
2021
US$ million
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Diamonds
6,608
14
6,622
5,590
12
5,602
Copper
5,247
(80)
5,167
5,751
365
6,116
Platinum
1,680
6
1,686
2,511
1
2,512
Palladium
2,542
6
2,548
3,854
6
3,860
Rhodium
4,066
21
4,087
6,328
49
6,377
Iron ore
6,597
(45)
6,552
9,838
215
10,053
Steelmaking coal
3,544
990
4,534
2,114
561
2,675
Thermal coal(1)(2)
495
188
683
707
294
1,001
Nickel
1,422
15
1,437
1,187
3
1,190
Manganese ore and alloys
\u2014
840
840
\u2014
768
768
Shipping
1,362
\u2014
1,362
1,378
\u2014
1,378
Other
1,484
389
1,873
1,507
219
1,726
35,047
2,344
37,391
40,765
2,493
43,258
Reconciliation:
Less: Revenue from associates and joint ventures
\u2014
(2,264)
(2,264)
\u2014
(1,711)
(1,711)
Special items and remeasurements
\u2014
(9)
(9)
\u2014
7
7
Revenue
35,047
71
35,118
40,765
789
41,554
(1)Group revenue and income from the Cerrej\u00f3n associate arising after the agreement of the disposal transaction in June 2021 was classified as a special item and are therefore excluded from
Group revenue, underlying EBITDA, underlying EBIT and underlying earnings from that date. The Cerrej\u00f3n associate met the criteria to be classified as held for sale at 31 December 2021 in
advance of the completion of the transaction on 11 January 2022.
(2)For the year ended 31 December 2022, thermal coal represents 2% of Group revenue and comprises sales volumes of 17.4Mt. These arise from transitional marketing support provided to
Thungela Resources, purchases from other third parties included within the Marketing business\u2019 energy solutions activities, and secondary product sales from the Steelmaking Coal business.
Financial performance
2. Financial performance by segment continued
Revenue from other sources for subsidiaries and joint operations of $71 million (2021: $789 million) includes net fair value gains relating to
derivatives of $176\u00a0million (2021: net fair value losses of $64 million), net fair value losses relating to provisionally priced contracts of $96 million
and revenue remeasurements loss of\u00a0$9\u00a0million (2021: net fair value gains of $846 million and revenue remeasurements gain of $7 million).
Derivative net gains/losses include both financial derivatives and the net margin arising on contracts for the physical sale and purchase of third-
party material (third-party sales) where these contracts are accounted for as derivatives prior to settlement and are entered into to generate a
trading margin.
Group revenue by destination
The Group\u2019s geographical analysis of segment revenue is allocated based on the customer\u2019s port of destination. Where the port of destination
is\u00a0not known, revenue is allocated based on the customer\u2019s country of domicile.
2022
2021
US$ million
%
US$ million
%
China
8,965
24%
11,248
26%
India
2,798
7%
2,274
5%
Japan
5,542
15%
6,169
14%
Other Asia
6,944
18%
7,539
17%
South Africa
1,312
4%
1,428
3%
Other Africa
2,080
6%
1,664
4%
Brazil
986
3%
728
2%
Chile
811
2%
712
2%
Other South America
10
\u2014
65
\u2014
North America
1,160
3%
1,872
4%
Australia
309
1%
44
\u2014
United Kingdom(1)
1,502
4%
3,144
7%
Other Europe
4,972
13%
6,371
16%
37,391
100%
43,258
100%
The weighted average number of ordinary shares in issue is the weighted number of shares in issue throughout the year, and excludes shares
held by employee benefit trusts and Anglo\u00a0American\u00a0plc shares held by Group companies. The weighted average number of shares has
decreased since 2021, principally due to the share buyback announced in July 2021 and completed in February 2022. The diluted number of
ordinary shares outstanding, including share options and awards, is calculated on the assumption of conversion of all potentially dilutive ordinary
shares. In the year ended 31\u00a0December\u00a02022 there were 342,939 (2021: 19,953) share options that were potentially dilutive but not included in
the calculation of diluted earnings because they were anti-dilutive.
Headline earnings, a Johannesburg Stock Exchange defined performance measure, is reconciled from profit attributable to equity shareholders
of the Company as follows, and the reconciling items below are shown gross and net of tax and non-controlling interests:
2022
2021
US$ million
Gross
Net
Gross
Net
Profit attributable to equity shareholders of the Company
4,514
8,562
Special items and remeasurements
1,522
363
Underlying earnings for the financial year
6,036
8,925
Revenue remeasurements
(9)
(14)
7
14
Operating remeasurements
(80)
(72)
(106)
(111)
Non-operating special items \u2013 charges relating to BEE transactions
(10)
(9)
\u2014
\u2014
Non-operating special items \u2013 remeasurement of deferred consideration
(111)
(73)
453
306
Non-operating special items \u2013 disposals
(3)
(4)
(16)
(32)
Financing special items and remeasurements
15
15
(113)
(113)
Tax special items and remeasurements
\u2014
126
\u2014
(317)
Associates\u2019 and joint ventures\u2019 special items and remeasurements
\u2014
\u2014
\u2014
(10)
Other reconciling items
63
45
10
(8)
Headline earnings for the financial year
6,050
8,654
Other reconciling items principally relate to adjustments to former operations and disposals of property, plant and equipment (2021: relate to
adjustments to former operations and disposals of property, plant and equipment).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-455": { "value": "
4.
Net finance costs
Overview
US$ million
2022
2021
Investment income
Interest income from cash and cash equivalents
173
79
Interest income from associates and joint ventures
6
7
Other interest income
16
42
Net interest income on defined benefit arrangements
20
10
Dividend income from financial asset investments
\u2014
1
215
139
Less: Interest income capitalised
(1)
\u2014
Investment income
214
139
Interest expense
Interest and other finance expense
(721)
(497)
Lease liability interest expense
(42)
(40)
Net interest cost on defined benefit arrangements
(45)
(40)
Unwinding of discount relating to provisions and other liabilities
(86)
(64)
(894)
(641)
Less: Interest expense capitalised
379
207
Interest expense before special items and remeasurements
(515)
(434)
Financing special items
\u2014
(116)
Interest expense
(515)
(550)
Other net financing (losses)/gains
Net foreign exchange gains
105
167
Other net fair value losses
(146)
(149)
Other net financing (losses)/gains before special items and remeasurements
(41)
18
Financing remeasurements
15
3
Other net financing (losses)/gains
(26)
21
Net finance costs
(327)
(390)
Further information
Interest income recognised on financial assets at amortised cost is $96 million (2021: $83 million) and interest expense recognised on financial
liabilities at amortised cost is $302 million (2021:\u00a0$275 million).
Included in other net fair value losses is $47 million (2021: $142 million) in respect of fair value losses on the revaluation of deferred consideration
balances relating to the Mototolo acquisition (see note 22 for further details). Revaluation of deferred consideration balances are\u00a0classified as
special items and remeasurements only when the original gain or loss on disposal or acquisition has been classified as a special\u00a0item.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-456": { "value": "
5.
Income tax expense
Overview
2022
Profit
before tax
US$ million
Tax charge
US$ million
Effective
tax rate
Calculation of effective tax rate (statutory basis)
9,480
(3,456)
36.5%
Adjusted for:
Special items and remeasurements
1,743
(114)
Associates\u2019 and joint ventures\u2019 tax and non-controlling interests
382
(379)
Calculation of underlying effective tax rate
11,605
(3,949)
34.0%
The underlying effective tax rate was 34.0% for the year ended 31\u00a0December\u00a02022. This is higher than the underlying effective tax rate of 31.4%
for the year ended 31\u00a0December\u00a02021. The underlying effective tax rate in 2022 was mainly impacted by the relative level of profits arising in the
Group\u2019s operating jurisdictions.
Financial performance
5. Income tax expense continued
Uncertainty and changes to tax regimes can materialise in any country in which we operate and the Group has no control over political acts,
actions of regulators, or changes in local tax regimes. Global and local economic and social conditions can have a significant influence on
governments\u2019 policy decisions and these have the potential to change tax and other political risks faced by the Group.
In line with our published Tax Strategy, the Group actively monitors tax developments at a national level, as well as global themes and
international policy trends, on a continuous basis, and has active engagement strategies with governments, regulators and other stakeholders
within the countries in which the Group operates, or plans to operate, as well as at an international level. This includes global tax reforms such as
those being agreed through the OECD\u2019s Digitalisation of the Economy Project which seeks to reallocate taxing rights for large profitable groups
(\u2018Pillar 1\u2019) and implement a minimum effective tax rate of 15% on profits of large multinational groups in each country in which they operate
(\u2018Pillar\u00a02\u2019). In December 2022, EU Member States reached an agreement requiring implementation of Pillar 2 legislation into the local law of all
Member States by the end of 2023. The Group is engaging with policymakers in efforts to ensure that the stated policy objectives are met and
that the Group is well placed to comply when the rules are in force. On 20 July 2022, HM Treasury as an early adopter, released draft Pillar 2
legislation that would commence from periods beginning on or after 31 December 2023. The Group continues to review this draft legislation to
understand the potential impact on the Group.
The Group assesses portfolio capital investments against political risks and avoids or minimises exposure to jurisdictions with unacceptable
risk\u00a0levels.
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
A. Analysis of charge for the year
US$ million
2022
2021
United Kingdom corporation tax
106
126
South Africa tax
1,409
2,795
Other overseas tax
1,128
1,605
Prior year adjustments
(80)
22
Current tax
2,563
4,548
Deferred tax
1,007
723
Income tax expense before special items and remeasurements
3,570
5,271
Special items and remeasurements tax
(114)
659
Income tax expense
3,456
5,930
The special items and remeasurements reconciling charge of $217 million (2021: charge of $625 million) relates to the net tax impact of total
special items and remeasurements before tax calculated at the United Kingdom corporation tax rate less the associated tax recorded against
these items and tax special items and\u00a0remeasurements.
Included within dividend withholding taxes for the year ended 31\u00a0December\u00a02022 is a credit of $67 million (2021:\u00a0$31 million) due to
a\u00a0reassessment of\u00a0future dividend distributions.
Associates\u2019 and joint ventures\u2019 tax included within Net income from associates and joint ventures for the year ended 31\u00a0December\u00a02022 is
a\u00a0charge of $379\u00a0million (2021: $232\u00a0million). Excluding special items and remeasurements, this remains a charge of $379\u00a0million
(2021:\u00a0$222\u00a0million).
C. Tax amounts included in other comprehensive income
The Consolidated statement of comprehensive income includes a tax credit on the remeasurement of net retirement benefit obligations
recognised directly in equity that will not be reclassified to the income statement of $80 million (2021: charge of $66 million). In addition, there
is\u00a0a\u00a0tax credit on the net revaluation credit on equity investments recognised directly in equity that will not subsequently be reclassified to the
income statement of\u00a0$3 million (2021: $6 million).
D. Tax amounts recognised directly in equity
In 2022, deferred tax of $6 million (2021: $5 million was credited) was debited directly to equity mainly in relation to movements in share-based
payments and severance indemnity updates.
Accounting judgement
The Group\u2019s tax affairs are governed by complex domestic tax legislations, international tax treaties between countries and the interpretation of
these by tax\u00a0authorities and courts. Given the many uncertainties that could arise from these factors, judgement is often required in determining
the tax that is due. Where management is aware of potential uncertainties, and where it is judged not probable that the taxation authorities would
accept the uncertain tax treatment, a provision is made following the appropriate requirements set out in IFRIC 23 Uncertainty over income tax
treatments, and determined with reference to similar transactions and, in some cases, reports from independent experts.
Accounting policy
See note 39G for the Group\u2019s accounting policy on tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-457": { "value": "
6.
Dividends
2022
2021
Proposed final ordinary dividend per share (US cents)
74
118
Proposed final ordinary dividend (US$ million)
905
1,444
Proposed final special dividend per share (US cents)
\u2014
50
Proposed final special dividend (US$ million)
\u2014
612
Brands, contracts and other intangibles includes $889 million (2021: $924 million) relating to De\u00a0Beers, principally comprising assets
that\u00a0were\u00a0recognised at fair value on acquisition of a controlling interest in De\u00a0Beers in August 2012. At 31 December 2022, $517 million
(2021:\u00a0$517 million) of brands relating to De Beers, were held by the Group that have been assessed to have indefinite useful lives.
Further information
Goodwill relates to the following cash generating units (CGUs) or groups of CGUs:
US$ million
2022
2021
De\u00a0Beers
1,434
1,535
Copper Chile
124
124
Platinum Group Metals
103
209
Other
10
9
1,671
1,877
2021
Owned and leased assets
US$ million
Mining
properties
\u2013 Owned
Land and
buildings
\u2013 Owned
Land and
buildings
\u2013 Right-of-
use assets
Plant and
equipment
\u2013 Owned
Plant and
equipment
\u2013 Right-of-
use assets
Capital
works in
progress
Total
Net book value
At 1 January
10,970
1,755
180
13,332
229
9,953
36,419
Additions
490
6
344
124
354
6,059
7,377
Depreciation charge for the year
(1,019)
(83)
(48)
(1,440)
(255)
\u2014
(2,845)
Impairments
(293)
(29)
(6)
(312)
(1)
(168)
(809)
Impairments reversed
37
20
\u2014
1,425
\u2014
\u2014
1,482
Disposals
(152)
(37)
(11)
(488)
(11)
(207)
(906)
Reclassifications
739
208
\u2014
1,192
\u2014
(2,139)
\u2014
Currency movements
(653)
(64)
(5)
(243)
(4)
(248)
(1,217)
At 31 December
10,119
1,776
454
13,590
312
13,250
39,501
Cost
26,017
2,702
593
31,214
937
13,458
74,921
Accumulated depreciation and impairment
(15,898)
(926)
(139)
(17,624)
(625)
(208)
(35,420)
Additions include $378 million (2021: $207 million) of net interest expense incurred on borrowings which fund the construction of qualifying
assets that have been capitalised during the year, principally for the Quellaveco copper project in Peru and the Woodsmith project in the UK.
Depreciation includes $2,401 million (2021: $2,672 million) of depreciation within operating profit, $69 million (2021: $77 million) of depreciation
arising due to the\u00a0fair value uplift on the pre-existing 45% shareholding in De\u00a0Beers which has been included within operating remeasurements
(see note 8), and $87 million (2021:\u00a0$96 million) of pre-commercial production depreciation on assets used in capital projects which has been
capitalised.
Disposals includes disposals of assets and businesses.
Capital base
11. Property, plant and equipment continued
Accounting judgements
Impairment testing
For the purposes of impairment testing, the recoverable amount of each of the cash generating units (CGUs) or group of CGUs has been
determined based on a fair value less costs of disposal basis. The key assumptions used in determining fair value less costs of disposal are set
out in note 7.
Depreciation
Depreciation is calculated with reference to the Group\u2019s best estimate of the impact of climate change on useful economic lives. This includes the
impact on reserve lives (as forecast commodity prices impact the amount of material which can be extracted economically).
Deferred stripping
In certain mining operations, rock or soil overlying a mineral deposit, known as overburden, and other waste materials must be removed to access
the orebody. The\u00a0process of removing overburden and other mine waste materials is referred to as stripping.
The Group defers stripping costs onto the balance sheet where they are considered to improve access to ore in future periods. Where the
amount to be capitalised cannot be specifically identified it is determined based on the volume of waste extracted compared with expected
volume for the identified component of the orebody. This determination is dependent on an individual mine\u2019s design and Life of Asset Plan
and\u00a0therefore changes to the design or Life of\u00a0Asset Plan will result in\u00a0changes to these estimates. Identification of the components of a mine\u2019s
orebody is made by reference to the Life of Asset Plan. The assessment depends on a\u00a0range of factors including each mine\u2019s specific
operational\u00a0features.
Accounting policy
See note 39D for the Group\u2019s accounting policies on property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-466": { "value": "
13.
Investments in associates and joint ventures
Overview
Investments in associates and joint ventures represent businesses the Group does not control, but instead exercises significant influence or joint
control. These include (within the respective business units) the associate Jellinbah (steelmaking coal production in the Steelmaking Coal
segment) and the joint ventures Ferroport (port operations in the Iron Ore segment) and Samancor (manganese mining in the Manganese
segment). The Group\u2019s other investments in associates and joint ventures arise primarily in the Platinum Group Metals segment and Crop
Nutrients segment.
The results for the year ended 31 December 2021 also include the results of the Cerrej\u00f3n associate (thermal coal production in the Corporate
and other segment). The sale of the Group\u2019s 33.3% shareholding in Cerrej\u00f3n to Glencore was agreed on 28 June 2021 and completed in January
2022. Group revenue and net income from the Cerrej\u00f3n associate, arising after 28 June 2021, were classified as special items and were
therefore excluded from Group revenue, underlying EBITDA, underlying EBIT and underlying earnings.
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
2022
2021
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
388
633
1,021
733
525
1,258
Net income from associates and joint ventures
452
189
641
389
245
634
Dividends received
(398)
(210)
(608)
(342)
(133)
(475)
Investments in equity and capitalised loans
6
31
37
11
24
35
Impairments
(3)
\u2014
(3)
(283)
\u2014
(283)
Disposals
\u2014
\u2014
\u2014
(4)
(12)
(16)
Transfer to assets held for sale
\u2014
\u2014
\u2014
(50)
\u2014
(50)
Other movements
3
(2)
1
(48)
(16)
(64)
Currency movements
(32)
(1)
(33)
(18)
\u2014
(18)
At 31 December
416
640
1,056
388
633
1,021
Further information
The Group\u2019s total investments in associates and joint ventures include long term loans of $137 million (2021: $145 million), which in substance
form part of the Group\u2019s net investment. These loans are not repayable in the foreseeable future.
The Group\u2019s share of the results of the associates and joint ventures is as follows:
Income statement
US$ million
2022
2021
Group revenue
2,264
1,711
Operating costs (before special items and remeasurements)
(1,225)
(1,014)
Associates\u2019 and joint ventures\u2019 underlying EBIT
1,039
697
Net finance costs
(16)
(13)
Income tax expense
(379)
(222)
Non-controlling interests
(3)
(2)
Net income from associates and joint ventures (before special items and remeasurements)
641
460
Special items and remeasurements
\u2014
184
Special items and remeasurements tax
\u2014
(10)
Net income from associates and joint ventures
641
634
Capital base
13. Investments in associates and joint ventures continued
Further information
The Group\u2019s share of the results of the associates and joint ventures is as follows:
2022
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Samancor
840
378
312
148
169
Jellinbah
1,056
674
660
454
393
Ferroport
99
75
69
47
41
Other
269
(2)
(2)
(8)
5
2,264
1,125
1,039
641
608
2021
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Samancor
768
315
250
132
125
Cerrej\u00f3n(1)
219
87
43
203
240
Jellinbah
514
279
265
183
97
Ferroport
85
69
62
41
\u2014
Other
125
76
77
75
13
1,711
826
697
634
475
Aggregate investment
US$ million
2022
2021
Samancor
212
233
Jellinbah
370
340
Ferroport
280
265
Other
194
183
1,056
1,021
The movements in the fair value of the level 3 financial assets and liabilities are shown as follows:
Assets
Liabilities
US$ million
2022
2021
2022
2021
At 1 January
830
651
(464)
(435)
Net (loss)/profit recorded in the income statement
(79)
439
(73)
(174)
Net profit/(loss) recorded in the statement of comprehensive income
53
1
(80)
\u2014
Reclassification to level 3 financial assets
9
44
\u2014
\u2014
Additions
22
\u2014
\u2014
\u2014
Settlements and disposals
(388)
(239)
153
116
Currency movements
(29)
(66)
17
29
At 31 December
418
830
(447)
(464)
Other derivatives primarily relate to forward foreign currency contracts hedging capital expenditure, forward commodity contracts and other
commodity contracts that are accounted for as \u2018Held for trading\u2019. These marked to market valuations are not predictive of the future value of
the\u00a0hedged position, nor of\u00a0the future impact on the profit of the Group. The valuations represent the cost of closing all hedge contracts at
31\u00a0December, at market prices and rates available at the time.
Interest Rate Benchmark Reform
Benchmark transition progress
The Group has continued its transition to alternative interest risk-free rates in the year as a result of interest rate benchmark reform. Further details
of the Group\u2019s transition is included in note 39F. At 31 December 2022, the Group held the below financial instruments which have not been
transitioned to alternative risk-free benchmarks:
2022
USD LIBOR
US$ million
Carrying
value
Financial liabilities
Derivative financial liabilities
(905)
Borrowings
(2,958)
Total liabilities exposed to USD LIBOR
(3,863)
Further information
Where there is a right of offset of deferred tax balances within the same tax jurisdiction, IAS 12 Income Taxes requires these to be presented after
such offset in the Consolidated balance sheet. The closing deferred tax balances before this offset are as follows:
US$ million
2022
2021
Deferred tax assets before offset
Tax losses
875
789
Share-based payments
1
13
Depreciation in excess of capital allowances
163
166
Other temporary differences
744
744
1,783
1,712
Deferred tax liabilities before offset
Capital allowances in excess of depreciation
(4,217)
(3,625)
Fair value adjustments
(645)
(682)
Withholding tax
(20)
(92)
Other temporary differences
(1,881)
(1,646)
(6,763)
(6,045)
The closing deferred tax balances after offset are as follows:
US$ million
2022
2021
Deferred tax assets
198
532
Deferred tax liabilities
(5,178)
(4,865)
(4,980)
(4,333)
Deferred tax charged to the income statement includes a credit of $72 million (2021: charge of $349 million) relating to deferred tax
remeasurements and a credit of $83 million (2021: charge of $286 million) relating to deferred tax on special items.
Deferred tax assets are recognised to the extent that the business has forecast taxable profits against which the assets can be recovered. While
the Group is in an overall net deferred tax liability (2021: liability) position, some deferred tax assets remain unrecognised in jurisdictions where no
taxable profits are forecast and no right of offset against the Group's deferred tax liabilities exists.
A net deferred tax liability of $863 million (2021: $701\u00a0million) is recognised in Brazil in relation to the Minas-Rio iron ore and Barro Alto nickel
mines. This relates primarily to functional currency and fixed asset taxable temporary differences, and is partially offset by tax losses, deductible
goodwill and other deductible temporary differences.
Capital base
16. Deferred tax continued
The Group has the following temporary differences for which no deferred tax assets have been recognised:
2022
2021 (restated)(1)
US$ million
Tax losses
\u2013 revenue
Tax losses
\u2013 capital
Other
temporary
differences
Total
Tax losses
\u2013 revenue
Tax losses
\u2013 capital
Other
temporary
differences
Total
Expiry date
Less than five years
8
\u2014
2
10
14
\u2014
155
169
Greater than five years
313
\u2014
\u2014
313
200
\u2014
\u2014
200
No expiry date
5,876
2,501
5,230
13,607
5,599
2,304
4,996
12,899
6,197
2,501
5,232
13,930
5,813
2,304
5,151
13,268
(1) The 2021 comparative has been restated to include $1,127 million of carried forward UK restricted interest and share-based payment temporary differences.
No deferred tax has been recognised in respect of temporary differences associated with investments in subsidiaries, branches, associates and
interests in joint ventures and joint operations where the Group is in a position to control the timing of the reversal of the temporary differences
and it is probable that such differences will not reverse in the foreseeable future. Consistent with the Group's impairment testing, the Group uses
the Board approved forecasts as the basis for the profits expected to arise in the foreseeable future. The aggregate amount of temporary
differences associated with such investments in subsidiaries, branches, associates and interests in joint ventures and joint operations is
represented by the contribution of those investments to the Group\u2019s retained earnings and amounted to $20,620 million (2021:\u00a0$20,030 million).
Accounting judgements
Recognition of deferred tax asset
In accordance with the requirements of IAS 12 Income Taxes, the Group reassesses the recognition and recoverability of deferred tax assets at
the end of each reporting period.
Accounting policy
See note 39G for the Group\u2019s accounting policy on tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-470": { "value": "
17.
Inventories
Overview
Inventories represent goods held for sale in the ordinary course of business (finished products), ore being processed into a saleable condition
(work in progress) and spares, raw materials and consumables to be used in the production process (raw materials and consumables).
2022
2021
US$ million
Expected to
be used
within one
year
Expected to
be used
after more
than one year
Total
Expected to
be used
within one
year
Expected to
be used
after more
than one year
Total
Raw materials and consumables
889
\u2014
889
729
\u2014
729
Work in progress
2,777
798
3,575
2,209
571
2,780
Finished products
2,932
11
2,943
2,290
12
2,302
6,598
809
7,407
5,228
583
5,811
Further information
The cost of inventories recognised as an expense and included in operating costs amounted to $16,983 million (2021: $16,937 million).
The write-down of inventories to net realisable value (net of revaluation of provisionally priced purchases) amounted to $106 million
(2021:\u00a0$54 million).
Accounting judgements
Accounting for inventory involves the use of judgements and estimates, particularly related to the measurement and valuation of work in progress
inventory within the production process. Certain estimates, including expected metal recoveries and work in progress volumes, are calculated by
engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed by the Group taking into account
technical analysis, historical performance and physical counts. During the year, the Platinum Group Metals business updated its estimate of work
in progress quantities following the completion of a physical count. This change in estimate reduced the carrying value of inventories by
$121\u00a0million.
Accounting policy
See note 39E for the Group\u2019s accounting policy on inventories.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-471": { "value": "
18.
Trade and other receivables
Overview
Trade receivables are amounts due from the Group\u2019s customers for commodities and services the Group has provided. Many of the Group\u2019s sales
are provisionally priced, which means that the price is finalised at a date after the sale takes place. When there is uncertainty about the final
amount that will be received, the receivable is marked to market based on the forward price.
Trade and other receivables also includes amounts receivable for VAT and other indirect taxes, prepaid expenses and deferred consideration.
2022
2021
US$ million
Due within
one year
Due after
one year
Total
Due within
one year
Due after
one year
Total
Trade receivables
2,175
46
2,221
2,322
49
2,371
Tax receivables
978
120
1,098
524
363
887
Accrued income
254
\u2014
254
252
\u2014
252
Prepayments
530
41
571
430
52
482
Contract assets
46
\u2014
46
58
\u2014
58
Other receivables
500
233
733
723
406
1,129
4,483
440
4,923
4,309
870
5,179
Further information
Trade payables are non-interest bearing and are measured at their nominal value (with the exception of payables relating to provisionally priced
commodity purchases which are marked to market using the appropriate forward price) until settled. $249 million (2021: $318 million) of trade
and other payables are included within non-current liabilities.
Contract liabilities and deferred income include $1,358 million (2021: $1,645 million) for payments received in advance for metal which is
expected to be delivered within six months and $99 million (2021: $86 million) in respect of freight and performance obligations which are
expected to be completed within 30 to 45\u00a0days.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-473": { "value": "
20.
Net debt
Overview
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 310.
Movement in net debt
US$ million
Short term
borrowings
Medium and
long term
borrowings
Total
financing
activity
liabilities
Removal of
variable
vessel leases
Cash
and cash
equivalents
Derivatives
hedging
net debt
Net debt
including
derivatives
At 1 January 2021
(1,181)
(12,317)
(13,498)
45
7,508
415
(5,530)
Cash flow
1,585
(230)
1,355
(168)
1,809
(95)
2,901
Interest accrued on borrowings
(419)
(75)
(494)
\u2014
\u2014
\u2014
(494)
Reclassifications
(963)
963
\u2014
\u2014
\u2014
\u2014
\u2014
Movement in fair value
(4)
355
351
\u2014
\u2014
(466)
(115)
Other movements
(274)
(536)
(810)
197
\u2014
20
(593)
Currency movements
30
219
249
\u2014
(260)
\u2014
(11)
At 31 December 2021
(1,226)
(11,621)
(12,847)
74
9,057
(126)
(3,842)
Cash flow
1,274
(2,990)
(1,716)
(86)
(420)
103
(2,119)
Interest accrued on borrowings
(430)
(130)
(560)
1
\u2014
\u2014
(559)
Reclassifications
(940)
940
\u2014
\u2014
\u2014
\u2014
\u2014
Movement in fair value
8
886
894
\u2014
\u2014
(1,069)
(175)
Other movements
(141)
(143)
(284)
138
\u2014
\u2014
(146)
Currency movements
47
113
160
\u2014
(237)
\u2014
(77)
At 31 December 2022
(1,408)
(12,945)
(14,353)
127
8,400
(1,092)
(6,918)
Other movements within financing activity liabilities include $278 million relating to leases entered into in the year ended 31 December 2022
(2021: $705\u00a0million).
Further information
Reconciliation to the Consolidated balance sheet
Cash and cash equivalents
Short term borrowings
Medium and
long term borrowings
US$ million
2022
2021
2022
2021
2022
2021
Balance sheet
8,412
9,066
(1,420)
(1,235)
(12,945)
(11,621)
Bank overdrafts
(12)
(9)
12
9
\u2014
\u2014
Net cash/(debt) classifications
8,400
9,057
(1,408)
(1,226)
(12,945)
(11,621)
The movements in the fair value of the level 3 financial assets and liabilities are shown as follows:
Assets
Liabilities
US$ million
2022
2021
2022
2021
At 1 January
830
651
(464)
(435)
Net (loss)/profit recorded in the income statement
(79)
439
(73)
(174)
Net profit/(loss) recorded in the statement of comprehensive income
53
1
(80)
\u2014
Reclassification to level 3 financial assets
9
44
\u2014
\u2014
Additions
22
\u2014
\u2014
\u2014
Settlements and disposals
(388)
(239)
153
116
Currency movements
(29)
(66)
17
29
At 31 December
418
830
(447)
(464)
Other derivatives primarily relate to forward foreign currency contracts hedging capital expenditure, forward commodity contracts and other
commodity contracts that are accounted for as \u2018Held for trading\u2019. These marked to market valuations are not predictive of the future value of
the\u00a0hedged position, nor of\u00a0the future impact on the profit of the Group. The valuations represent the cost of closing all hedge contracts at
31\u00a0December, at market prices and rates available at the time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-475": { "value": "
Offsetting of financial assets and liabilities
The Group offsets financial assets and liabilities and presents them on a net basis in the Consolidated balance sheet only where there is a legally
enforceable right to offset the recognised amounts, and the Group intends to either settle the recognised amounts on a net basis or to realise the
asset and settle the\u00a0liability\u00a0simultaneously.
Net debt and financial risk management
22. Financial instruments and derivatives continued
At 31\u00a0December\u00a02022, certain over-the-counter derivatives entered into by the Group and recognised at fair value through profit and loss are
both subject to enforceable ISDA master netting arrangements and intended to be settled on a net basis. In accordance with the requirements
of\u00a0IAS 32 Financial Instruments: Presentation, the positions of these derivatives have been offset; those in a liability position totalling $7 million
(2021: $10 million) were offset against those in an asset position totalling $149 million (2021: $321 million). The net asset position of $142 million
(2021: $311 million) is presented within derivative assets (2021: within derivative assets) in the Consolidated balance sheet.
If certain credit events (such as default) were to occur, additional derivative instruments would be settled on a net basis under ISDA agreements.
Interest rate and cross currency interest rate swaps in an asset position totalling $78 million (2021: $234 million) would be offset\u00a0against those in
a liability position totalling $1,129 million (2021: $410 million). These instruments are presented on a gross basis in the Consolidated balance
sheet as the Group does not have a legally enforceable right to offset the amounts in the absence of a credit event occurring.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-476": { "value": "
Derivatives overview
The Group utilises derivative instruments to manage certain market risk exposures; however, it may choose not to designate certain derivatives as
hedges for\u00a0accounting purposes. Such derivatives are classified as \u2018Held for trading\u2019 and fair value movements are recorded in the Consolidated
income statement.
The use of derivative instruments is subject to limits and the positions are regularly monitored and reported to senior management.
Fair value hedges
In accordance with the Group\u2019s policy, interest rate swaps are taken out to swap the Group\u2019s fixed rate borrowings to floating rate. These have
been designated as fair value hedges. The carrying value of the hedged debt is adjusted at each balance sheet date to reflect the impact on
its\u00a0fair value of changes in market interest rates. At 31\u00a0December\u00a02022, this adjustment was to decrease the carrying value of borrowings by
$787 million (2021: $106 million increase). Changes in the fair value of the hedged debt are offset against fair value changes in the interest rate
swap and recognised in the Consolidated income statement as financing remeasurements. Recognised in the Consolidated income statement
is\u00a0a gain on fair value hedged items of $894 million (2021:\u00a0$351 million), offset by a loss on fair value hedging instruments of $906 million
(2021:\u00a0$357 million).
Cash flow hedges
The royalty liability contains an embedded derivative as future payments are linked directly to future revenues. The Group has designated this
embedded derivative as a cash flow hedge of future revenue from the Woodsmith project. During the year the Group recognised a loss within
other comprehensive income of $80 million and a liability of $80 million within the royalty liability in respect of this derivative.
Held for trading
The Group may choose not to designate certain derivatives as hedges. This may occur where the Group is economically hedged but IFRS 9
Financial Instruments hedge accounting cannot be achieved or where gains and losses on both the derivative and hedged item naturally offset
in the Consolidated income statement, as is the case for certain cross currency swaps of non-US dollar debt. A fair value loss of $1 million in
respect of these cross currency swaps has been recognised in the Consolidated income statement (2021: $196 million) and is presented within
financing remeasurements net of foreign exchange gains on the related borrowings of $30 million (2021: $202 million). Fair value changes on
held for trading derivatives are recognised in the Consolidated income statement as remeasurements or within underlying earnings in
accordance with the policy set out in note 8.
Net debt and financial risk management
22. Financial instruments and derivatives continued
Further information on derivatives
Fair value of derivative positions
The fair value of the Group\u2019s open derivative positions at 31 December (excluding normal purchase and sale contracts held off balance sheet)
recorded within \u2018Derivative financial assets\u2019 and \u2018Derivative financial liabilities\u2019, is as follows:
Current
Non-current
2022
2021
2022
2021
US$ million
Asset
Liability
Asset
Liability
Asset
Liability
Asset
Liability
Derivatives hedging net debt
Fair value hedge
Interest rate swaps
12
\u2014
23
\u2014
\u2014
(737)
244
(77)
Held for trading
Cross currency swaps
\u2014
(265)
\u2014
(88)
49
(151)
12
(240)
Debit valuation adjustment to derivative liabilities
\u2014
29
\u2014
5
\u2014
\u2014
\u2014
\u2014
12
(236)
23
(83)
49
(888)
256
(317)
Other derivatives
192
(205)
164
(129)
\u2014
\u2014
\u2014
\u2014
Total derivatives
204
(441)
187
(212)
49
(888)
256
(317)
Other derivatives primarily relate to forward foreign currency contracts hedging capital expenditure, forward commodity contracts and other
commodity contracts that are accounted for as \u2018Held for trading\u2019. These marked to market valuations are not predictive of the future value of
the\u00a0hedged position, nor of\u00a0the future impact on the profit of the Group. The valuations represent the cost of closing all hedge contracts at
31\u00a0December, at market prices and rates available at the time.
Interest Rate Benchmark Reform
Benchmark transition progress
The Group has continued its transition to alternative interest risk-free rates in the year as a result of interest rate benchmark reform. Further details
of the Group\u2019s transition is included in note 39F. At 31 December 2022, the Group held the below financial instruments which have not been
transitioned to alternative risk-free benchmarks:
2022
USD LIBOR
US$ million
Carrying
value
Financial liabilities
Derivative financial liabilities
(905)
Borrowings
(2,958)
Total liabilities exposed to USD LIBOR
(3,863)
2021
US$ million
Amount due for
repayment
within one year
Greater than
one year, less
than two
years
Greater than
two years, less
than three years
Greater than
three years, less
than four years
Greater than
four years, less
than five years
Greater than
five years
Total
Net financial liabilities
Borrowings
(1,076)
(968)
(728)
(1,318)
(750)
(7,817)
(12,657)
Expected future interest payments
(393)
(357)
(325)
(285)
(258)
(1,156)
(2,774)
Derivatives hedging debt \u2013 net settled
14
15
15
15
15
60
134
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
1,295
865
9
689
569
\u2014
3,427
\u2013 gross outflows
(1,418)
(1,070)
(26)
(736)
(569)
\u2014
(3,819)
Other financial liabilities
(6,145)
(107)
(110)
(17)
(11)
(303)
(6,693)
Total
(7,723)
(1,622)
(1,165)
(1,652)
(1,004)
(9,216)
(22,382)
The\u00a0table above does not include cash flows in relation to the Woodsmith royalty financing on the basis that cash flows under this arrangement
are not contractually defined, but instead are wholly dependent upon Woodsmith revenue in future years. However, should the Woodsmith
primary subsidiary, Anglo American Crop Nutrients Limited, enter insolvency, then it would be required to repay Hancock the principal value of
$250\u00a0million upon its\u00a0request.
Net debt and financial risk management
23. Financial risk management continued
The Group had the following undrawn committed borrowing facilities at 31 December:
US$ million
2022
2021
Expiry date
Within one year
414
209
Greater than one year, less than two years
1,082
1,092
Greater than two years, less than three years
5,632
1,520
Greater than three years, less than four years
\u2014
4,885
Greater than four years, less than five years
587
326
Greater than five years
\u2014
9
7,715
8,041
The Group has an undrawn $4.7 billion revolving credit facility due to mature in March 2025.
B. Credit risk
Credit risk is the risk that a counterparty to a financial instrument will cause a loss to the Group by failing to pay its obligation.
The Group\u2019s principal financial assets are cash, trade and other receivables, investments and derivative financial instruments. The Group\u2019s
maximum exposure to credit risk primarily arises from these financial assets and is as follows:
US$ million
2022
2021
Cash and cash equivalents
8,412
9,066
Trade and other receivables
3,220
3,765
Financial asset investments
261
187
Derivative financial assets
253
443
Environmental rehabilitation trust
107
113
12,253
13,574
The Group limits credit risk on liquid funds and derivative financial instruments through diversification of exposures with a range of financial
institutions. Counterparty limits are set for each financial institution with reference to credit ratings assigned by Standard & Poor\u2019s, Moody\u2019s and
Fitch Ratings, shareholder equity (in case of relationship banks) and fund size (in case of asset managers).
Given the diverse nature of the Group\u2019s operations (both in relation to commodity markets and geographically), and the use of payment security
instruments (including letters of credit from financial institutions), it does not have significant concentration of credit risk in respect of trade
receivables, with exposure spread over a large number of customers.
The classification of trade and other receivables excludes prepayments and tax receivables, the classification of financial asset investments
excludes equity investments held at fair value through other comprehensive income.
C. Commodity price risk
The Group\u2019s earnings are exposed to movements in the prices of the commodities it produces.
The Group\u2019s policy is to sell its products at prevailing market prices and is generally not to hedge commodity price risk, although some hedging
may be undertaken for strategic reasons. In such cases, the Group generally uses forward contracts and other derivative instruments to
economically hedge the price risk.
Certain of the Group\u2019s sales and purchases are provisionally priced, meaning that the selling price is determined normally 30 to 180 days after
delivery to the customer, based on quoted market prices stipulated in the contract, and as a result are susceptible to future price movements.
The\u00a0exposure of the Group\u2019s financial assets and liabilities to commodity price risk is as follows:
2022
2021
Commodity price linked
Commodity price linked
US$ million
Subject to
price
movements
Fixed price
Not linked to
commodity
price
Total
Subject to
price
movements
Fixed price
Not linked to
commodity
price
Total
Total net financial instruments
(excluding\u00a0derivatives)
1,254
203
(10,171)
(8,714)
1,360
452
(8,112)
(6,300)
Derivatives
(13)
\u2014
(1,063)
(1,076)
40
\u2014
(126)
(86)
1,241
203
(11,234)
(9,790)
1,400
452
(8,238)
(6,386)
Commodity price linked financial instruments subject to price movements include provisionally priced trade receivables and trade payables.
Commodity price linked financial instruments at fixed price include receivables and payables for commodity sales and purchases no longer
subject to price adjustment at the balance sheet date.
D. Foreign exchange risk
As a global business, the Group is exposed to many currencies principally as a result of non-US dollar operating costs and, to a lesser extent, from
non-US dollar\u00a0revenue.
Net debt and financial risk management
23. Financial risk management continued
The South African rand, Chilean peso, Brazilian real and Australian dollar are the most significant non-US dollar currencies influencing costs.
A\u00a0strengthening of the US dollar against the currencies to which the Group is exposed has a positive effect on the Group\u2019s earnings. The Group\u2019s
policy is generally not to hedge such exposures given the correlation, over the longer term, with commodity prices and the diversified nature of the
Group, although exceptions can be approved by\u00a0a committee with delegated authority from the Group Management Committee.
In addition, currency exposures exist in respect of non-US dollar capital expenditure projects and non-US dollar borrowings in US dollar functional
currency entities. The Group\u2019s policy is to evaluate whether or not to hedge its non-US dollar capital expenditure on a case-by-case basis, taking
into account the estimated foreign exchange exposure, liquidity of foreign exchange markets and the cost of executing a hedging strategy.
Further detail with respect to the Group\u2019s non-US dollar borrowings approach is included in note 21.
Net other financial liabilities (excluding net debt related balances, variable vessel leases and cash in disposal groups, but including the debit
valuation adjustment attributable to\u00a0derivatives hedging net debt) are $2,745 million. This includes net assets of $36 million denominated in
US\u00a0dollars, and net liabilities of $383 million denominated in Brazilian real, $324 million denominated in Australian dollars, $631 million
denominated in Chilean pesos and $986 million denominated in South African rand.
E. Interest rate risk
Interest rate risk arises due to fluctuations in interest rates which impact the value of short term investments and financing activities. The Group
is\u00a0principally exposed to US and South African interest rates.
USD LIBOR is expected to be replaced by an alternative risk-free rate by June 2023. The\u00a0Group is managing the transition to alternative risk-free
rates with respect to its hedging arrangements and any future transactions in the financial market. Please see note 39F for further details.
The Group\u2019s policy is to borrow funds at fixed rates of interest. The Group uses interest rate derivatives to convert the majority of borrowings to
floating rates of interest and manage its exposure to interest rate movements on its debt.
In respect of financial assets, the Group\u2019s policy is to invest cash at floating rates of interest and to maintain cash reserves in short term
investments (less than one year) in order to maintain liquidity.
Analysis of interest rate risk associated with net debt balances and the impact of derivatives to hedge against this risk is included within the
table\u00a0below. Net other financial liabilities (excluding net debt related balances, variable vessel leases and cash in disposal groups, but including
the debit valuation adjustment attributable to derivatives hedging net debt) of $2,745 million (2021: $2,470 million) are primarily non-interest
bearing.
The table below reflects the exposure of the Group\u2019s net debt to currency and interest rate risk:
2022
US$ million
Cash
and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging
net debt
Impact of
currency
derivatives
Total
US dollar
6,667
(2,994)
(7,742)
(1,092)
(2,985)
(8,146)
Euro
29
\u2014
(2,673)
\u2014
2,669
25
South African rand
421
(11)
(168)
\u2014
\u2014
242
Brazilian real
735
\u2014
(18)
\u2014
\u2014
717
Australian dollar
161
\u2014
(45)
\u2014
\u2014
116
Sterling
84
(6)
(613)
\u2014
316
(219)
Other
303
(1)
(82)
\u2014
\u2014
220
Impact of interest rate derivatives
\u2014
(8,682)
8,682
\u2014
\u2014
\u2014
Total
8,400
(11,694)
(2,659)
(1,092)
\u2014
(7,045)
Reconciliation:
Variable vessel leases
127
Net debt
(6,918)
2021
US$ million
Amount due for
repayment
within one year
Greater than
one year, less
than two
years
Greater than
two years, less
than three years
Greater than
three years, less
than four years
Greater than
four years, less
than five years
Greater than
five years
Total
Net financial liabilities
Borrowings
(1,076)
(968)
(728)
(1,318)
(750)
(7,817)
(12,657)
Expected future interest payments
(393)
(357)
(325)
(285)
(258)
(1,156)
(2,774)
Derivatives hedging debt \u2013 net settled
14
15
15
15
15
60
134
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
1,295
865
9
689
569
\u2014
3,427
\u2013 gross outflows
(1,418)
(1,070)
(26)
(736)
(569)
\u2014
(3,819)
Other financial liabilities
(6,145)
(107)
(110)
(17)
(11)
(303)
(6,693)
Total
(7,723)
(1,622)
(1,165)
(1,652)
(1,004)
(9,216)
(22,382)
The\u00a0table above does not include cash flows in relation to the Woodsmith royalty financing on the basis that cash flows under this arrangement
are not contractually defined, but instead are wholly dependent upon Woodsmith revenue in future years. However, should the Woodsmith
primary subsidiary, Anglo American Crop Nutrients Limited, enter insolvency, then it would be required to repay Hancock the principal value of
$250\u00a0million upon its\u00a0request.
Net debt and financial risk management
23. Financial risk management continued
The Group had the following undrawn committed borrowing facilities at 31 December:
US$ million
2022
2021
Expiry date
Within one year
414
209
Greater than one year, less than two years
1,082
1,092
Greater than two years, less than three years
5,632
1,520
Greater than three years, less than four years
\u2014
4,885
Greater than four years, less than five years
587
326
Greater than five years
\u2014
9
7,715
8,041
The Group has an undrawn $4.7 billion revolving credit facility due to mature in March 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-479": { "value": "
B. Credit risk
Credit risk is the risk that a counterparty to a financial instrument will cause a loss to the Group by failing to pay its obligation.
The Group\u2019s principal financial assets are cash, trade and other receivables, investments and derivative financial instruments. The Group\u2019s
maximum exposure to credit risk primarily arises from these financial assets and is as follows:
US$ million
2022
2021
Cash and cash equivalents
8,412
9,066
Trade and other receivables
3,220
3,765
Financial asset investments
261
187
Derivative financial assets
253
443
Environmental rehabilitation trust
107
113
12,253
13,574
The Group limits credit risk on liquid funds and derivative financial instruments through diversification of exposures with a range of financial
institutions. Counterparty limits are set for each financial institution with reference to credit ratings assigned by Standard & Poor\u2019s, Moody\u2019s and
Fitch Ratings, shareholder equity (in case of relationship banks) and fund size (in case of asset managers).
Given the diverse nature of the Group\u2019s operations (both in relation to commodity markets and geographically), and the use of payment security
instruments (including letters of credit from financial institutions), it does not have significant concentration of credit risk in respect of trade
receivables, with exposure spread over a large number of customers.
The classification of trade and other receivables excludes prepayments and tax receivables, the classification of financial asset investments
excludes equity investments held at fair value through other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-480": { "value": "
24.
Called-up share capital and consolidated equity analysis
Called-up share capital
2022
2021
Number of shares
US$ million
Number of shares
US$ million
Ordinary shares of 5486/91 US cents each:
At 1 January
1,341,651,975
737
1,363,118,080
749
Shares cancelled(1)
(4,074,062)
(3)
(21,466,105)
(12)
At 31 December
1,337,577,913
734
1,341,651,975
737
(1) During the year, 4,074,062 shares were cancelled under the buyback programme. In 2021, 21,466,105 shares were cancelled under the 2021 buyback programme.
The number and carrying value of called-up, allotted and fully paid ordinary shares as at 31\u00a0December\u00a02022 (including the shares held by the
Group in other structures, as outlined below) was 1,337,577,913 and $734 million (2021: 1,341,651,975 and $737 million).
At general meetings, every member who is present in person has one vote on a show of hands and, on a poll, every member who is present in
person or by proxy has one vote for every ordinary share held.
Own shares
2022
2021
Number of shares
US$ million
Number of shares
US$ million
Own shares
Own shares held by subsidiaries and employee benefit trusts
124,618,014
6,272
123,430,969
6,141
Total
124,618,014
6,272
123,430,969
6,141
Included in Own shares are 112,300,129 (2021: 112,300,129) Anglo\u00a0American\u00a0plc shares held by Epoch Investment Holdings (RF) Proprietary
Limited, Epoch Two Investment Holdings (RF) Proprietary Limited and Tarl Investment Holdings (RF) Proprietary Limited, which are consolidated
by the Group by virtue of their contractual arrangements with Tenon Investment Holdings Proprietary Limited, a wholly owned subsidiary of
Anglo\u00a0American South Africa Proprietary Limited. Further details of these arrangements are provided in note 39B.
Included in the calculation of the dividend payable are 5,523,624 ($216 million) shares held in the Employee Benefit Trust in respect of forfeitable
share awards granted to certain employees. Under the terms of these awards, the shares are beneficially owned by the respective employees,
who are entitled to receive dividends in respect of the shares. The shares are released to the employees on vesting of the\u00a0awards, and any shares
that do not vest are returned to the Company or the Employee Benefit Trust. These shares are recognised on the Consolidated balance sheet
within Own shares and are excluded from the calculation of basic earnings per share. They are included in the calculation of diluted earnings per
share to the extent that the related share awards are dilutive (see note 3).
Equity
24. Called-up share capital and consolidated equity analysis continued
Consolidated equity analysis
Fair value and other reserves comprise:
US$ million
Share-based
payment
reserve
Financial
asset
revaluation
reserve
Other
reserves
Total
fair value
and other
reserves
At 1 January 2021
451
41
144
636
Other comprehensive loss
\u2014
(8)
\u2014
(8)
Equity settled share-based payment schemes
15
\u2014
\u2014
15
Cancellation of treasury shares
\u2014
\u2014
12
12
Other
(6)
(2)
4
(4)
At 31 December 2021
460
31
160
651
Other comprehensive income/(loss)
\u2014
31
(80)
(49)
Equity settled share-based payment schemes
1
\u2014
\u2014
1
Cancellation of treasury shares
\u2014
\u2014
3
3
Other
(4)
(32)
19
(17)
At 31 December 2022
457
30
102
589
Equity
25. Non-controlling interests continued
Further information
Summarised financial information on a 100% basis and before inter-company eliminations for De Beers, Anglo\u00a0American Sur, Anglo American
Platinum and Kumba Iron Ore is as follows:
2022
2021
US$ million
De\u00a0Beers
Anglo
American Sur
Anglo
American
Platinum
Kumba
Iron Ore
De\u00a0Beers
Anglo
American Sur
Anglo
American
Platinum
Kumba
Iron Ore
Non-current assets
8,023
4,890
6,125
3,104
8,430
4,316
6,000
3,133
Current assets
5,147
1,231
5,296
1,818
4,475
1,596
6,460
2,061
Current liabilities
(949)
(1,036)
(3,425)
(915)
(806)
(1,121)
(3,587)
(631)
Non-current liabilities
(2,489)
(1,817)
(1,531)
(802)
(2,429)
(1,545)
(1,596)
(856)
Net assets
9,732
3,268
6,465
3,205
9,670
3,246
7,277
3,707
Revenue
6,609
2,758
10,096
4,612
5,591
3,724
14,502
6,944
Profit for the financial year(1)
633
177
3,053
1,247
317
1,149
5,398
2,983
Total comprehensive income/(expense)
57
160
2,592
1,034
(86)
1,173
4,736
2,688
Net cash inflow from operating activities
1,112
772
2,869
1,746
1,163
1,682
6,698
3,366
The average number of employees, excluding contractors and associates\u2019 and joint ventures\u2019 employees and including a proportionate share of
employees within joint operations, by principal location of employment was:
Thousand
2022
2021
South Africa
41
41
Other Africa
5
5
South America
9
9
North America
1
1
Australia and Asia
3
3
Europe
3
3
62
62
Employee costs
Payroll costs in respect of the employees included in the tables above were:
US$ million
2022
2021
Wages and salaries
3,180
3,142
Social security costs
193
197
Post employment benefits
258
268
Share-based payments
218
189
Total payroll costs
3,849
3,796
Reconciliation:
Less: Employee costs capitalised
(219)
(193)
Employee costs included in operating costs
3,630
3,603
Post employment benefits include contributions to defined contribution pension and medical plans, current and past service costs related to
defined benefit pension and medical plans and other benefits provided to certain employees during retirement.
Employees
26. Employee numbers and costs continued
Key management
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the
Group, directly or\u00a0indirectly, including any director (executive and non-executive) of the Group. Key management comprises members of the
Board and the Group Management Committee.
Compensation for key management was as follows:
US$ million
2022
2021
Salaries and short term employee benefits
30
28
Social security costs
12
11
Termination benefits
1
\u2014
Post employment benefits
2
3
Share-based payments
20
21
65
63
Disclosure of directors\u2019 emoluments, pension entitlements, share options and long term incentive plan awards required by the Companies Act
2006 and those specified for audit by Part 3 and Schedule 8 of the Large and Medium-Sized Companies and Groups (Accounts and Reports)
(Amendment) Regulations 2013 are\u00a0included in the Remuneration report.
27.
Retirement benefits
Overview
The Group operates a number of defined contribution and defined benefit pension plans with the most significant plans being in South Africa and
the United Kingdom. It also operates post employment medical plans, the majority of which are unfunded, principally in South Africa. The post
employment medical plans provide health benefits to retired employees and certain dependants.
Defined contribution plans
The charge for the year for defined contribution pension plans (net of amounts capitalised) was $153 million (2021: $143 million) and for defined
contribution medical plans (net of amounts capitalised) was $61 million (2021: $68 million).
Defined benefit pension plans and post employment medical plans
Characteristics of plans
The majority of the defined benefit pension plans are funded. The assets of these plans are held separately from those of the Group, in
independently administered funds, in accordance with statutory requirements or local practice in the relevant jurisdiction. The responsibility for
the governance of the funded retirement benefit plans, including investment and funding decisions, lies with the Trustees of each scheme. The
unfunded liabilities are principally in relation to termination indemnity plans in Chile.
South Africa
The pension plans in South Africa are in surplus. All pension plans in South Africa are closed to new members and the majority of plans are closed
to future benefit accrual. As the plans are in surplus no employer contributions are currently being made. The Group\u2019s provision of anti-retroviral
therapy to HIV positive staff does not significantly impact the post employment medical plan liability.
United Kingdom
The Group operates funded pension plans in the United Kingdom. These plans are closed to new members and to the future accrual of benefits.
The Group is committed to make payments to certain United Kingdom pension plans under deficit funding plans agreed with the respective
Trustees.
Other
Other pension and post employment medical plans primarily comprise obligations in Chile where legislation requires employers to provide for
a\u00a0termination indemnity, entitling employees to a cash payment made on the termination of an employment contract.
Contributions
Employer contributions are made in accordance with the terms of each plan and may vary from year to year. Employer contributions made to
funded pension plans in the year ended 31\u00a0December\u00a02022 were $4 million (2021: $3 million). In addition, $14 million (2021: $13 million) of
benefits were paid in relation to unfunded pension plans and $14 million (2021: $25 million) of benefits were paid in relation to post employment
medical plans. The Group expects to contribute $37 million to its pension plans and $14 million to its post employment medical plans in 2023.
Income statement
The amounts recognised in the Consolidated income statement are as follows:
2022
2021
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Charged to operating costs
15
2
17
14
2
16
Net charge/(credit) to net finance costs
5
20
25
(2)
32
30
Total net charge to the income statement
20
22
42
12
34
46
Net charge/(credit) to net finance costs includes interest expense on surplus restriction of $15 million (2021: $12 million).
Employees
27. Retirement benefits continued
Comprehensive income
The pre-tax amounts recognised in the Consolidated statement of comprehensive income are as follows:
2022
2021
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Return on plan assets, excluding interest income
(1,576)
(14)
(1,590)
(146)
1
(145)
Actuarial gains/(losses) on plan liabilities
1,239
26
1,265
321
(2)
319
Movement in surplus restriction
38
\u2014
38
(17)
\u2014
(17)
Remeasurement of net defined benefit obligation
(299)
12
(287)
158
(1)
157
Actuarial gains on plan liabilities comprise net gains from changes in financial and demographic assumptions as well as experience on plan
liabilities. The tax amounts arising on remeasurement of the net defined benefit obligations are disclosed in note 5.
Balance sheet
A summary of the movements in the net pension plan assets and retirement benefit obligations on the Consolidated balance sheet is as follows:
US$ million
2022
2021
Net asset recognised at 1 January
284
72
Net income statement charge before special items
(42)
(46)
Remeasurement of net defined benefit obligation
(287)
157
Employer contributions to funded pension plans
4
3
Benefits paid to unfunded plans
28
38
Effects of curtailments/settlements
\u2014
(1)
Other
\u2014
8
Currency movements
(43)
53
Net (liability)/asset recognised at 31 December
(56)
284
Amounts recognised as:
Defined benefit pension plans in surplus
381
695
Retirement benefit obligation \u2013 pension plans
(243)
(198)
Retirement benefit obligation \u2013 medical plans
(267)
(304)
Retirement benefit surplus \u2013 medical plans
73
91
(56)
284
The Group, in consultation with scheme and legal advisers, has determined that once all beneficiaries of the schemes have been settled the full
economic benefit of the surplus of each of the schemes would become payable to the relevant Group company. Therefore, defined benefit
pension plans and post retirement medical plans assets are included in Pension asset surplus and other non-current assets on the Consolidated
balance sheet.
Further information
Movement analysis
The changes in the fair value of plan assets are as follows:
2022
2021
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
At 1 January
5,450
102
5,552
5,836
12
5,848
Interest income
142
9
151
131
1
132
Return on plan assets, excluding interest income
(1,576)
(14)
(1,590)
(146)
1
(145)
Contributions paid by employer to funded pension plans
3
1
4
3
\u2014
3
Benefits paid
(214)
(7)
(221)
(225)
(1)
(226)
Effects of curtailments/settlements
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Other
7
\u2014
7
(86)
97
11
Currency movements
(497)
(7)
(504)
(62)
(8)
(70)
As at 31 December
3,315
84
3,399
5,450
102
5,552
The most significant actuarial gain arose from changing financial assumptions totalling $1,353 million (2021: $277 million).
Pension plan assets and liabilities by geography
The split of the present value of funded and unfunded obligations in defined benefit pension plans and the fair value of pension assets at
31\u00a0December is as\u00a0follows:
2022
2021
US$ million
South
Africa
United
Kingdom
Other
Total
South
Africa
United
Kingdom
Other
Total
Corporate bonds
115
1,621
1
1,737
140
2,871
3
3,014
Government bonds
341
1,566
61
1,968
411
2,723
59
3,193
Debt (Repurchase Agreements)
(27)
(844)
(1)
(872)
(69)
(1,062)
\u2014
(1,131)
Equity
77
1
6
84
95
34
8
137
Cash
39
301
1
341
48
121
\u2014
169
Other
8
49
\u2014
57
2
66
\u2014
68
Fair value of pension plan assets
553
2,694
68
3,315
627
4,753
70
5,450
Active members
(3)
\u2014
(6)
(9)
(4)
\u2014
(16)
(20)
Deferred members
(2)
(576)
(2)
(580)
(2)
(1,201)
(4)
(1,207)
Pensioners
(407)
(1,792)
(57)
(2,256)
(445)
(2,910)
(55)
(3,410)
Present value of funded obligations
(412)
(2,368)
(65)
(2,845)
(451)
(4,111)
(75)
(4,637)
Present value of unfunded obligations
\u2014
(25)
(198)
(223)
\u2014
(22)
(152)
(174)
Net surplus/(deficit) in pension plans
141
301
(195)
247
176
620
(157)
639
Surplus restriction
(109)
\u2014
\u2014
(109)
(142)
\u2014
\u2014
(142)
Recognised retirement benefit assets/(liabilities)
32
301
(195)
138
34
620
(157)
497
Non-current assets \u2013 pension asset surplus
32
349
\u2014
381
34
658
3
695
Retirement benefit obligation \u2013 pension plans
\u2014
(48)
(195)
(243)
\u2014
(38)
(160)
(198)
The weighted average duration of the South African plans is 9 years (2021: 9 years), United Kingdom plans is 13 years (2021: 17 years) and
plans in other regions is 13 years (2021: 14 years). This represents the average period, weighted by discounted value, over which future benefit
payments are expected to be\u00a0made.
Mortality assumptions are determined based on standard mortality tables with adjustments, as appropriate, to reflect experience of conditions
locally. In South Africa the PA90 tables are used. The main plans in the United Kingdom use CMI tables or Club Vita models with plan specific
adjustments based on mortality investigations. The mortality tables used imply that a male or female aged 60 at the balance sheet date has the
following future life expectancy (shown as weighted\u00a0averages):
Male
Female
Years
2022
2021
2022
2021
South Africa
18.8
18.8
23.4
23.4
United Kingdom
27.8
27.9
29.6
29.6
Other
24.2
24.2
28.9
28.2
The table below summarises the expected life expectancy from the age of 60 for a male or female aged 45 at the balance sheet date. When
viewed together with the respective life expectancy at age 60 in the table above, this indicates the anticipated improvement in life expectancy
(shown as weighted averages):
Male
Female
Years
2022
2021
2022
2021
South Africa
18.8
18.8
23.4
23.4
United Kingdom
28.6
28.6
30.8
30.9
Other
25.6
25.3
30.2
29.2
Risk of plans
The Group has identified the main risk to its defined benefit pension schemes as being interest rate risk due to the impact on the UK discount rate
assumption:
Risk
Description
Mitigation
Interest rate risk
An increase in longer term real and
nominal interest rates expectations
causes gilt yields and corporate bond
yields to increase, which results in a
higher discount rate being applied to
the UK pension liabilities and so, with
all else being held equal, the value of
the pension scheme liabilities
decreases.
If the pension scheme assets
decrease by more than the decrease
in the pension scheme liabilities
(caused by the increase in interest
rates) then, all else being equal, this
will result in a worsening of the
pension scheme funding position.
The Trustees\u2019 investment strategies vary by plan for the UK and include investing, with the
intention of counter-balancing the movements in the liabilities, in fully owned (fully funded)
physical credit and gilts, and by gaining unfunded exposure to gilts (via gilt repurchase
agreements) and other fixed income based derivatives to match the real and nominal
interest rate sensitivity of the pension scheme liabilities.
Approximately 75-100% (depending on the scheme) of the pension scheme liabilities are
currently hedged against movements in real and nominal interest rates.
The Trustees\u2019 hedging strategies are typically designed to protect the respective schemes\u2019
funding plans against volatility in market yields. The discount rate used to calculate any
funding requirement for the schemes is linked to gilt yields rather than to corporate bond
yields as required under IAS 19 Employee Benefits. Consequently the valuation of the net
retirement benefit obligation for accounting purposes remains susceptible to movements
in value due to the difference between corporate bond and gilt yields. In addition, since
corporate bond yields are typically higher than gilt yields, this can result in the recognition
of accounting surpluses in respect of schemes where cash contributions continue to be
made to meet funding shortfalls.
Employees
27. Retirement benefits continued
Sensitivity analysis
Significant actuarial assumptions for the determination of pension and medical plan liabilities are the discount rate, inflation rate and mortality.
The sensitivity analysis below has been provided by local actuaries on an approximate basis based on changes in the assumptions occurring
at\u00a0the end of the year, assuming that all other assumptions are held constant and the effect of interrelationships is excluded. The effect on plan
liabilities is as follows:
2022
US$ million
South
Africa
United
Kingdom
Other
Total
Discount rate \u2013 1% decrease
(52)
(320)
(19)
(391)
Inflation rate \u2013 pension plans \u2013 0.5% increase
(15)
(58)
(9)
(82)
Inflation rate \u2013 medical plans \u2013 0.5% increase
(12)
\u2014
(4)
(16)
Life expectancy \u2013 increase by 1 year
(22)
(84)
(2)
(108)
Independent qualified actuaries carry out full valuations at least every three years using the projected unit credit method. The actuaries have
updated the valuations to 31\u00a0December\u00a02022. Assumptions are set after consultation with the qualified actuaries. While management believes
the assumptions used are appropriate, a change in the assumptions used would impact the Group\u2019s other comprehensive income.
Accounting policy
See note 39H for the Group\u2019s accounting policy on retirement benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-483": { "value": "
Employee numbers
The average number of employees, excluding contractors and associates\u2019 and joint ventures\u2019 employees and including a proportionate
share of employees within joint operations, by segment was:
Thousand
2022
2021
De\u00a0Beers
9
8
Copper
5
5
Nickel
1
1
Platinum Group Metals
32
31
Iron Ore
9
9
Steelmaking Coal
2
2
Crop Nutrients
1
1
Corporate and other
3
5
62
62
The average number of employees, excluding contractors and associates\u2019 and joint ventures\u2019 employees and including a proportionate share of
employees within joint operations, by principal location of employment was:
Thousand
2022
2021
South Africa
41
41
Other Africa
5
5
South America
9
9
North America
1
1
Australia and Asia
3
3
Europe
3
3
62
62
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-484": { "value": "
Key management
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the
Group, directly or\u00a0indirectly, including any director (executive and non-executive) of the Group. Key management comprises members of the
Board and the Group Management Committee.
Compensation for key management was as follows:
US$ million
2022
2021
Salaries and short term employee benefits
30
28
Social security costs
12
11
Termination benefits
1
\u2014
Post employment benefits
2
3
Share-based payments
20
21
65
63
Disclosure of directors\u2019 emoluments, pension entitlements, share options and long term incentive plan awards required by the Companies Act
2006 and those specified for audit by Part 3 and Schedule 8 of the Large and Medium-Sized Companies and Groups (Accounts and Reports)
(Amendment) Regulations 2013 are\u00a0included in the Remuneration report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-485": { "value": "
28.
Share-based payments
Overview
During the year ended 31\u00a0December\u00a02022 the Group had share-based payment arrangements with employees relating to shares of the
Company. All of these Company schemes, as well as any non-cyclical awards, are equity settled either by award of ordinary shares (BSP,
LTIP,\u00a0SIP and Non-cyclical) or award of options to acquire ordinary shares (SAYE). The awards are conditional on employment. LTIPs vest in
accordance with the achievement of relative TSR targets and a balanced scorecard of measures including a Group ROCE target, a
Sustaining attributable free cash flow target and environmental, social and governance targets. Other schemes in the Group include
performance conditions based on Group financial performance.
The total share-based payment charge relating to Anglo\u00a0American\u00a0plc shares for the year is split as follows:
US$ million
2022
2021
BSP
99
81
LTIP
82
73
Other schemes
6
6
Share-based payment charge relating to Anglo\u00a0American\u00a0plc shares
187
160
(ZEHS). The combination is intended to accelerate the development and commercialisation of the Group\u2019s nuGen\u2122 ZEHS. The Group has a
controlling stake in the combined entity, which will be consolidated as a subsidiary.
With the exception of the proposed final dividend for 2022 (see note 6), there have been no further reportable events since 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-487": { "value": "
30.
Commitments
Overview
A commitment is a contractual obligation to make a payment in the future which is not provided for in the Consolidated balance sheet. The Group
also has purchase obligations relating to take or pay agreements which are legally binding and enforceable.
Capital commitments (including cancellable and non-cancellable contracts) for subsidiaries and joint operations relating to the acquisition of
property, plant and equipment are $4,531 million (2021: $3,647 million), of\u00a0which 55% (2021: 56%) relates to expenditure to be incurred within
the next year.
The Group\u2019s outstanding commitments relating to take or pay agreements are $14,233 million (2021: $13,092 million), of which 11%
(2021:\u00a010%) relate to expenditure to be incurred within the next year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-488": { "value": "
31.
Contingent assets and liabilities
Overview
The assessment of risk and estimation of future outflows in respect of contingent liabilities is inherently uncertain and hence a material outflow
may arise in future periods in relation to these matters.
The Group has provided indemnities against certain liabilities as part of agreements for the sale or other disposal of business operations. Having
taken appropriate legal advice, the Group believes that a material liability arising from the indemnities provided is remote. The Group is required
to provide guarantees in several jurisdictions in respect of environmental restoration and decommissioning obligations. The Group has provided
for the estimated cost of these activities.
Contingent assets
Steelmaking Coal
In 2014, the Steelmaking Coal business was granted an arbitration award of $107 million against MMTC Limited in respect of a contractual
dispute. The award has since been challenged in the Indian courts, during which time interest has continued to accrue. On 17 December 2020,
the Indian Supreme Court found in favour of the Steelmaking Coal business. The award, inclusive of interest, is currently valued at approximately
$135\u00a0million. The precise timing and value of receipt remains uncertain and hence no receivable has been recognised on the Consolidated
balance sheet as at 31 December 2022.
Contingent liabilities
Global Industry Standard for Tailing Management (GISTM)
The Group continues to work towards conformance with the GISTM as a member of the International Council for Mining and Metals (ICMM).
The Group recognised an additional $128 million within closure provisions during the year based on estimated further costs for conformance for
tailings storage facilities (TSFs) where technical studies and surveys are at an advanced stage and reliable cost estimates are available.
Ongoing studies and analysis required to estimate the value of any further incremental costs to achieve conformance at the rest of the in scope
TSFs at managed operations may result in additional site construction work being undertaken. Reliable cost estimates are expected to be
finalised by the end of 2023. Additional costs that are not yet estimated and not recognised are not expected to be material, but is subject to
completion of rigorous site characterisation and risk analysis.
Although the Group targets conformance with Anglo American equivalent standards for non-managed operations, there is no constructive
obligation in respect of GISTM where the partner is not an ICMM member, unless a public commitment has been made by that partner.
The implementation of GISTM is the next stage in the evolution of the Group Technical Standard, which is already aligned to current industry
best practice.
Unrecognised items and uncertain events
31. Contingent assets and liabilities continued
Anglo American South Africa Proprietary Limited (AASA)
In October 2020, an application was initiated against Anglo American South Africa Proprietary Limited (AASA). The application seeks the
certification of class action litigation to be brought on behalf of community members residing in the Kabwe area in Zambia in relation to alleged
lead-related health impacts.
AASA is opposing the class certification application, and is defending itself against the allegations made. Extensive pleadings have been filed by
both parties. In addition, both Amnesty International and the UN have been granted leave to intervene in the proceedings. The certification
hearing was held late in January 2023, with a ruling likely to follow several months later.
This litigation is still subject to significant uncertainty, and it is not currently possible to make a reasonable estimate of the outcome, quantum or
timing of any potential future determination and therefore no provision is recognised.
De Beers
Guarantees provided in respect of environmental restoration and decommissioning obligations involve judgements in terms of the outcome
of\u00a0future events. In\u00a0one of the territories in which De Beers operates, conditions exist, or are proposed, with respect to backfilling pits on closure.
A\u00a0formal appeal has been lodged to remove the existing backfilling condition and no provision has been raised on the basis that it is not probable
that this condition will be enforced. Should the appeal not be successful the estimated cost of backfilling is $235 million.
Accounting judgement
Where the existence of an asset is contingent on uncertain future events which are outside the Group\u2019s control, the asset is only recognised once
it becomes virtually certain that the Group will receive future economic benefits.
A provision is recognised where, based on the Group\u2019s legal views and, in some cases, independent advice, it is considered probable that an
outflow of resources will be required to settle a present obligation that can be measured reliably.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-489": { "value": "
32.
Assets and liabilities held for sale
There were no assets or liabilities classified as held for sale as at 31\u00a0December\u00a02022.
2021
At 31\u00a0December\u00a02021, assets of $50 million were classified as held for sale and an impairment of $283 million to the Cerrej\u00f3n associate was
recognised within non-operating special items to bring the carrying amount in line with the expected disposal proceeds.
On 11 January 2022, the Group completed the disposal and received the outstanding consideration receivable of $50 million. In line with the
agreement, the initial cash consideration of $294 million was reduced by cash dividends of $240 million, repayment of shareholders loan from
Cerrej\u00f3n of $41 million and adjusted for the cash sweeping arrangement paid to Cerrej\u00f3n of $37\u00a0million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-490": { "value": "
33.
Disposals
Cash received of $564 million in respect of disposals for the year ended 31\u00a0December\u00a02022 principally relates to the settlement of deferred
consideration balances of $353 million relating to the sale of the Rustenburg operations (Platinum Group Metals) completed in November 2016,
the sale of the Group\u2019s remaining 8.0% shareholding in Thungela Resources Limited, the Group\u2019s disposal of the Cerrej\u00f3n associate, and the sale
of the Group\u2019s 49% interest in Bokoni mine to African Rainbow Minerals Limited (Platinum Group Metals).
2021
Disposals in the year ended 31 December 2021 principally related to the demerger of the Group\u2019s South African thermal coal operations. In
addition, cash was received under contingent consideration arrangements for disposals in prior periods (Platinum Group Metals and Copper).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-491": { "value": "564000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromLosingControlOfSubsidiariesOrOtherBusinessesClassifiedAsInvestingActivities", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-492": { "value": "
34.
Basis of consolidation
Overview
The principal subsidiaries, joint operations, joint ventures and associates of the Group and the Group percentage of equity capital are set out
below. All these interests are held indirectly by the Parent Company and are consolidated within these financial statements.
A complete list of the Group\u2019s related undertakings can be found in note 35.
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2022
2021
De\u00a0Beers(1)
85%
85%
Debswana(2), comprising:
Botswana
Joint operation
19.2%
19.2%
Jwaneng
Orapa regime
Namdeb Holdings(3), comprising:
Namibia
Joint operation
50%
50%
Namdeb Diamond Corporation
Debmarine Namibia
De\u00a0Beers Consolidated Mines(4), comprising:
South Africa
Full consolidation
100%
100%
Venetia
De\u00a0Beers Canada, comprising:
Snap Lake
Canada
Full consolidation
100%
100%
Victor
Canada
Full consolidation
100%
100%
Gahcho Ku\u00e9
Canada
Joint operation
51%
51%
Sales, comprising:
De\u00a0Beers Global Sightholder Sales
Botswana
Full consolidation
100%
100%
De\u00a0Beers Sightholder Sales South Africa
South Africa
Full consolidation
100%
100%
Auction Sales
Singapore
Full consolidation
100%
100%
DTC Botswana
Botswana
Joint operation
50%
50%
Namibia DTC
Namibia
Joint operation
50%
50%
Element Six, comprising:
Element Six Technologies
Global
Full consolidation
100%
100%
Element Six Abrasives
Global
Full consolidation
60%
60%
Brands, comprising:
Forevermark
Global
Full consolidation
100%
100%
De\u00a0Beers Jewellers
Global
Full consolidation
100%
100%
Copper
Copper Chile
Los Bronces
Chile
Full consolidation
50.1%
50.1%
El Soldado
Chile
Full consolidation
50.1%
50.1%
Chagres
Chile
Full consolidation
50.1%
50.1%
Collahuasi
Chile
Joint operation
44%
44%
Copper Peru
Quellaveco
Peru
Full consolidation
60%
60%
Nickel
Barro Alto
Brazil
Full consolidation
100%
100%
Platinum Group Metals(5)
79%
79%
Mogalakwena Mine
South Africa
Full consolidation
100%
100%
Amandelbult complex(6)
South Africa
Full consolidation
100%
100%
Twickenham Mine
South Africa
Full consolidation
100%
100%
Unki Mine
Zimbabwe
Full consolidation
100%
100%
Platinum Refining
South Africa
Full consolidation
100%
100%
Modikwa Platinum Joint Operation
South Africa
Joint operation
50%
50%
Mototolo
South Africa
Full consolidation
100%
100%
Kroondal Pooling and Sharing Agreement(7)
South Africa
Joint operation
50%
50%
Bokoni(8)
South Africa
Equity accounted associate
\u2014%
49%
See page 269 for footnotes.
Group structure
34. Basis of consolidation continued
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2022
2021
Iron Ore
Kumba Iron Ore
South Africa
Full consolidation
69.7%
69.7%
Sishen(9)
South Africa
Full consolidation
76.3%
76.3%
Kolomela(9)
South Africa
Full consolidation
76.3%
76.3%
Minas-Rio
Brazil
Full consolidation
100%
100%
Ferroport(10)
Brazil
Equity accounted joint venture
50%
50%
Steelmaking Coal
Coal Australia and Canada, comprising:
Moranbah
Australia
Joint operation
88%
88%
Grosvenor
Australia
Joint operation
88%
88%
Capcoal
Australia
Joint operation
70%
70%
Dawson
Australia
Joint operation
51%
51%
Jellinbah(11)(12)
Australia
Equity accounted associate
33.3%
33.3%
Dalrymple Bay Coal Terminal Pty Ltd
Australia
Equity accounted associate
25.3%
25.3%
Peace River Coal
Canada
Full consolidation
100%
100%
Manganese
Samancor(11)(13)
South Africa and Australia
Equity accounted joint venture
40%
40%
Crop Nutrients
Woodsmith
United Kingdom
Full consolidation
100%
100%
Corporate and other
Carbones del Cerrej\u00f3n(14)
Colombia
Equity accounted associate
\u2014%
33.3%
completed in January 2022.
Accounting judgements
Joint arrangements
Joint arrangements are classified as joint operations or joint ventures according to the rights and obligations of the parties, as described in note
39I. Judgement is required in determining this classification through an evaluation of the facts and circumstances arising from each individual
arrangement. When a joint arrangement has been structured through a separate vehicle, consideration has been given to the legal form of the
separate vehicle, the terms of the contractual arrangement and, when relevant, other facts and circumstances. When the activities of an
arrangement are primarily designed for the provision of output to the parties and, the parties are substantially the only source of cash flows
contributing to the continuity of the operations of the arrangement, this indicates that the parties to the arrangement have rights to the assets and
obligations for the liabilities. Certain joint arrangements that are structured through separate vehicles including Collahuasi, Debswana and
Namdeb Holdings are accounted for as joint operations. These arrangements are primarily designed for the provision of output to the parties
sharing joint control, indicating that the parties have rights to substantially all the economic benefits of the assets. The liabilities of the
arrangements are in substance satisfied by cash flows received from the parties; this dependence indicates that the parties effectively have
obligations for the liabilities. It is primarily these facts and circumstances that give rise to the classification as joint operations.
B. Basis of consolidation
Basis of consolidation
The financial statements incorporate a consolidation of the financial
statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company is exposed,
or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the
investee.
The results of subsidiaries acquired or disposed of during the year are
included in the income statement from the effective date of acquisition
or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the results of subsidiaries,
joint arrangements and associates to bring their accounting policies
into line with those used by the Group. Intra-group transactions,
balances, income and expenses are eliminated on consolidation,
where appropriate.
For non-wholly owned subsidiaries, non-controlling interests are
presented in\u00a0equity separately from the equity attributable to
shareholders of the Company. Profit or loss and other comprehensive
income are attributed to the shareholders of the Company and to non-
controlling interests even if this results in the non-controlling interests
having a deficit balance.
Changes in ownership interest in subsidiaries that do not result in a
change in\u00a0control are accounted for in equity. The carrying amounts of
the controlling and non-controlling interests are adjusted to reflect the
changes in their relative interests in the subsidiary. Any difference
between the amount by which the non-controlling interest is adjusted
and the fair value of the consideration paid or\u00a0received is recorded
directly in equity and attributed to\u00a0the shareholders of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-493": { "value": "
35.
Related undertakings of the Group
The Group consists of the Parent Company, Anglo\u00a0American\u00a0plc, incorporated in the United Kingdom and its subsidiaries, joint operations, joint
ventures and\u00a0associates. In accordance with Section 409 of the Companies Act 2006 a full list of related undertakings, the country of
incorporation and the effective percentage of equity owned as at 31\u00a0December\u00a02022 is disclosed below. Unless otherwise disclosed all entities
with an indirect equity holding of greater than 51% are considered subsidiary undertakings. See note 34 for the Group\u2019s principal subsidiaries,
joint operations, joint ventures and associates.
As disclosed in the Group\u2019s published tax strategy, the Group does not use tax haven jurisdictions to manage taxes. There remain a small
number of undertakings in the Group which are registered in tax haven jurisdictions and have remained so for other business purposes. The
Group is well advanced in our strategy to remove legacy undertakings from tax haven jurisdictions, and, where possible, these entities are
resident for tax purposes in the United Kingdom regardless of where they are registered. Where the tax residency of a related undertaking is
different from its country of incorporation, this is referenced in the notes to the list below.
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Angola
Anglo American Discovery (Cunene) -
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Edif\u00edcio Kilamba, 20.\u00ba Andar, Avenida 4 de Fevereiro,
Marginal de Luanda, Luanda
Angola
Anglo American Discovery (Moxico) -
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Edif\u00edcio Kilamba, 20.\u00ba Andar, Avenida 4 de Fevereiro,
Marginal de Luanda, Luanda
Angola
De Beers Angola Holdings SARL
85%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Angola
De Beers Angola Lunda Norte, Limitada
77%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Angola
De Beers Angola Lunda Sul, Limitada
77%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Argentina
Minera Anglo American Argentina S.A.U
100%
Ordinary
Nominative
Non-Endorsable
Esteban Echeverr\u00eda 1776, Piso 2, Godoy Cruz, Mendoza
Australia
Anglo American Australia Finance Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Australia Holdings Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Australia Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Energy Solutions (Australia)
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Exploration (Australia) Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Assets
Eastern Australia Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Assets
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Finance
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Holdings
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Archveyor Management) Pty
Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Capcoal Management) Pty
Limited
100%
A Class Ordinary
B Class Ordinary
C Class Ordinary
D Class Ordinary
E Class Ordinary
F Class Ordinary
G Class Ordinary
H Class Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson Management) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson Services) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson South Management)
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson South) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Australia
Anglo Coal (Dawson) Holdings Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson) Limited
100%
Limited by
guarantee
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (German Creek) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Grasstree Management) Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Grosvenor Management) Pty
Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Grosvenor) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Jellinbah) Holdings Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Moranbah North Management)
Pty Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Roper Creek) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Theodore South) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Operations (Australia) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Bowen Basin Coal Pty. Ltd.
23%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Capricorn Coal Developments Joint Venture
70%
N/A
N/A
Australia
Dalrymple Bay Coal Terminal Pty. Ltd.
25%
Ordinary
Martin Armstrong Drive, Hay Point QLD 4740
Australia
Dawson Coal Processing Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Dawson Highwall Mining Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Dawson Joint Venture
51%
N/A
N/A
Australia
Dawson Sales Pty Ltd
51%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Dawson South Exploration Joint Venture
51%
N/A
N/A
Australia
Dawson South Joint Venture
51%
N/A
N/A
Australia
Dawson South Sales Pty Ltd
51%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
De Beers Australia Exploration Limited
85%
Fully paid ordinary
shares
23 North Street, Mount Lawley, WA 6050
Australia
German Creek Coal Pty. Limited
70%
B Class Ordinary
C Class Ordinary
D Class Ordinary
E Class Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Groote Eylandt Mining Company Proprietary
Limited
40%
Ordinary
Level 35, 108 St Georges Terrace, Perth WA 6000
Australia
Jellinbah Group Pty Ltd
33%
Ordinary
A Class Ordinary
E Class Ordinary
F Class Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Jellinbah Joint Venture
23%
N/A
N/A
Australia
Jellinbah Mining Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Jellinbah Resources Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Jena Pty. Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Jena Unit Trust
100%
N/A
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
JG Land Company Pty Ltd
23%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Lake Vermont Joint Venture
23%
N/A
N/A
Australia
Lake Vermont Marketing Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Lake Vermont Resources Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Monash Energy Coal Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal (No2) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal (Sales) Pty Ltd
88%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal Joint Venture
88%
N/A
N/A
Australia
Moranbah North Coal Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah South Exploration Joint Venture
50%
N/A
N/A
Australia
QCMM (Lake Vermont Holdings) Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Australia
QCMM Finance Pty Ltd
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Australia
Roper Creek Joint Venture
86%
N/A
N/A
Australia
Theodore South Joint Venture
51%
N/A
N/A
Australia
Tremell Pty. Ltd.
33%
Ordinary
Level 7, 12 Creek Street, Brisbane QLD 4000
Belgium
De Beers Auction Sales Belgium NV
85%
Ordinary
21 Schupstraat, 2018 Antwerp
Belgium
International Institute of Diamond Grading
and Research (Belgium) NV
85%
Ordinary
21 Schupstraat, 2018 Antwerp
Bermuda
Coromin Insurance Limited
100%
Common
Power House, 7 Par-la-Ville Road, Hamilton
Bermuda
Holdac Insurance Limited
100%
Common
Power House, 7 Par-la-Ville Road, Hamilton
Botswana
Ambase Prospecting (Botswana) (Pty) Ltd
100%
Ordinary
Plot 32, Unit G3 Victoria House, Independence Avenue,
Gaborone, Ad54 Acj
Botswana
Anglo American Corporation Botswana
(Services) Limited
100%
Ordinary
Plot 67977,Fairground Office Park, Gaborone
Botswana
Broadhurst Primary School (Proprietary)
Limited
45%
Ordinary
Plot 113, Unit 28 Kgale Mews, Gaborone International
Finance Park, Gaborone
Botswana
De Beers Global Sightholder Sales (Pty) Ltd
85%
Ordinary
3rd Floor, DTCB Building,Plot 63016, Block 8, Airport
Road, Gaborone
Botswana
De Beers Holdings Botswana (Pty) Ltd
85%
Ordinary
5th Floor, Debswana House, Main Mall, Gaborone
Botswana
Debswana Diamond Company (Proprietary)
Limited(4)
43%
Ordinary
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
Debswana Wellness Fund
43%
N/A
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
Diamond Trading Company Botswana (Pty)
Ltd
43%
Ordinary
Plot 63016,Airport Road, Block 8, Gaborone
Botswana
Naledi Mining Services Company
(Proprietary) Limited
43%
Ordinary
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
Sesiro Insurance Company (Proprietary)
Limited
43%
Ordinary
First Floor Debswana Corporate Centre, Plot 64288
Airport Road, Block 8, Gaborone
Botswana
The Diamond Trust
21%
N/A
Debswana House, The Mall, Gaborone\u00a0
Botswana
Tokafala (Proprietary) Limited
57%
Ordinary
3rd Floor, DTCB Building, Plot 63016, Block 8, Airport
Road, Gaborone
Brazil
Anglo American Investimentos - Min\u00e9rio de
Ferro Ltda.
100%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba 200, 16\u00ba andar, sala 1603,
bairro Santa L\u00facia, CEP 30360-740, Belo Horizonte,
Minas Gerais
Brazil
Anglo American Min\u00e9rio de Ferro Brasil S.A
100%
Ordinary
Rua Maria Luiza Santiago, n\u00ba 200, 16\u00ba andar, sala 1601,
bairro Santa Lucia, CEP 30360-740, Belo Horizonte,
Minas Gerais
Brazil
Anglo American Niquel Brasil Ltda.
100%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba. 200, 8\u00ba andar (parte),
Santa L\u00facia, CEP 30360-740, Belo Horizonte, Minas
Gerais
Brazil
Anglo Ferrous Brazil Participa\u00e7\u00f5es S.A.
100%
Ordinary
Rua Maria Luiza Santiago, n\u00ba 200, 16\u00ba andar (parte),
bairro Santa L\u00facia, CEP 30360-740, Belo Horizonte,
Minas Gerais
Brazil
Ferroport Log\u00edstica Comercial Exportadora
S.A.
50%
Ordinary
Rua da Passagem, n\u00ba 123, 11\u00ba andar, sala 1101,
Botafogo, CEP 22290-030, Rio de Janeiro/RJ
Brazil
GD Empreendimentos Imobili\u00e1rios S.A.
33%
Ordinary
Preference
Rua Visconde de Ouro Preto, n\u00ba 5, 11\u00ba andar (parte),
Botafogo, Rio de Janeiro/RJ
Brazil
Guapor\u00e9 Minera\u00e7\u00e3o Ltda.
49%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba. 200, 8\u00ba andar (parte),
bairro Santa L\u00facia, CEP 30.360-740, Belo Horizonte,
Minas Gerais
Brazil
Minera\u00e7\u00e3o Tanagra Ltda.
49%
Membership
interest
Rua Maria Luiza Santiago, n\u00ba. 200, 20\u00ba andar (parte),
bairro Santa L\u00facia, CEP 30.360-740, Belo Horizonte,
Minas Gerais
Brazil
Ventos de Santa Alice Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 236,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Brazil
Ventos de Santa Alice Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 241,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de Santa Sara Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 226,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de Santa Sara Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 246,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de S\u00e3o Felipe Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 290,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de S\u00e3o Felipe Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 244,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
British Virgin
Islands
De Beers Centenary Angola Properties Ltd
85%
Ordinary
Craigmuir Chambers, Road Town, Tortola, VG1110
British Virgin
Islands
Delibes Holdings Limited(5)
85%
A Ordinary
B Ordinary
Craigmuir Chambers, Road Town, Tortola, VG1110
British Virgin
Islands
Loma de Niquel Holdings Limited(5)
94%
Class A1
Class A2
Class B
Class C
Craigmuir Chambers, Road Town, Tortola, VG1110
Canada
0912055 B.C. Ltd.
100%
Common
c/o McCarthy Tetrault, Suite 2400, 745 Thurlow Street,
Vancouver BC V6E 0C5
Canada
Anglo American Exploration (Canada) Ltd.
100%
Common
Class B Preference
Class C Preference
c/o Anglo American Exploration (Canada) Ltd., Suite
620 \u2013 650 West Georgia Street, Vancouver, BC, V6B
4N8
Canada
Auspotash Corporation
100%
N/A
333 Bay Street, Suite 2400, Toronto, Ontario, M5H
Canada
Central Ecuador Holdings Ltd.
70%
Class A Common
Class B Common
c/o Borden Ladner Gervais, 1200 Waterfront Centre,
200 Burrard Street, Vancouver, British Columbia, V6C
3L6
Canada
De Beers Canada Holdings Inc.
85%
A Ordinary
B Ordinary
2400-333 Bay St, Toronto ON, M5H2T6
Canada
De Beers Canada Inc.
85%
Preference
2400-333 Bay St, Toronto ON, M5H2T6
Canada
Lion Battery Technologies Inc.
36%
Class A Preferred
Suite 2600, Three Bentall Centre, 595 Burrard Street,
P.O. Box 49314, Vancouver Bc V7x 1l3
Canada
Peace River Coal Inc.
100%
Common
Class A Non-
Voting Preference
c/o McCarthy Tetrault, Suite 2400, 745 Thurlow Street,
Vancouver BC V6E 0C5
Canada
Peregrine Diamonds Ltd
85%
Common
Preference
2400-333 Bay St, Toronto ON, M5H2T6
Chile
Anglo American Chile Ltda
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Anglo American Copper Finance SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Anglo American Marketing Chile SpA
100%
Ordinary
Torre Titanium, 2800 Isidora Goyenechea, piso 46, Las
Condes, Santiago 7550647
Chile
Anglo American Sur S.A.
50%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Compa\u00f1\u00eda Minera Dona Ines De Collahuasi
SCM
44%
Ordinary
Avda Andres Bello 2687, P 11 Edif. el Pacifico, Las
Condes, Santiago, Regi\u00f3n Metropolitana.
Chile
Compa\u00f1\u00eda Minera Westwall S.C.M
50%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Anglo American Norte SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Anglo American Sur SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Minorco Chile SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
China
Anglo American Resources Trading (China)
Co. Ltd.
100%
Equity interest
Units 01, 02A, 07A, 08, Floor 32, No. 1198 Century
Avenue, Pudong New Area, Shanghai
China
De Beers Jewellers Commercial (Shanghai)
Co., Ltd
85%
Equity interest
Suite 4607, The Park Place, No.1601 Nan Jing West
Road, Shanghai, PRC
China
Element Six Trading (Shanghai) Co., Ltd
51%
Equity interest
Room 807, Floor 8, No 390-408 East Beijing Road,
Huangpu District, Shanghai
China
Forevermark Marketing (Shanghai)
Company Limited
85%
Equity interest
Suite 4601, 4602 and 4608, The Park Place, No.1601
Nan Jing West Road, Shanghai, PRC
China
Platinum Guild International (Shanghai) Co.,
Limited
78%
Ordinary
Room 601, L'avenue,99 XianXia Road, Shanghai
200051
China
Suzhou Yibai Environmental Protection
Technologies Co., Ltd
24%
N/A
No. 558, Fenhu Avenue, Lili Town, Wujiang District,
Suzhou, PRC
Colombia
Anglo American Colombia Exploration S.A.
100%
Ordinary
Carrera 7 No. 71-52 Torre B, Piso 9, Bogot\u00e1, Colombia
Democratic
Republic of
Congo
Ambase Exploration Africa (DRC) SPRL
100%
Ordinary
c/o KPMG, 500b. Av. Mpala/Quartier Golf, Lubumbashi
Ecuador
Anglo American Ecuador S.A.
100%
Ordinary
Av. Patria E4-69 y Av. Amazonas, Cofiec, 16th Floor
Ecuador
Central Ecuador EC-CT S.A.
70%
Ordinary
Av. Patria E4-69 y Av. Amazonas, Edif.COFIEC, piso 17,
Quito
Finland
AA Sakatti Mining Oy
100%
Ordinary
AA Sakatti Mining Oy, Tuohiaavantie 2, 99600,
Sodankyl\u00e4
Gabon
Samancor Gabon SA
40%
Ordinary
C/- Fiduge SARL, Battery IV, Soraya Building, PO Box
15.950, Liberville
Germany
Element Six GmbH
51%
Ordinary
Staedeweg 18, 36151, Burghaun
Germany
Kupfer Copper Germany GmbH
80%
Ordinary
c/o Simmons & Simmons LLP, Koenigsalle 2a, 40212,
Dusseldorf
Germany
Anglo American Exploration Germnay
GmbH
100%
Ordinary
c/o Simmons & Simmons LLP, Koenigsalle 2a, 40212,
Dusseldorf
Greenland
NAIP West Exploration A/S
25%
Ordinary
Issortarfimmut 6, 3905 Nuussuaq
Hong Kong
De Beers Auction Sales Holdings Limited
85%
Ordinary
RM 02B&03-06 26/F, Kinwick Centre, 32 Hollywood
Road Central
Hong Kong
De Beers Jewellers (Hong Kong) Limited
85%
Ordinary
RM 02B&03-06 26/F, Kinwick Centre, 32 Hollywood
Road Central
Hong Kong
Forevermark Limited
85%
Ordinary
RM 02B&03-06 26/F, Kinwick Centre, 32 Hollywood
Road Central
Hong Kong
Platinum Guild International (Hong Kong)
Limied
78%
Ordinary
Suites 2901-2, Global Trade Square, No.21 Wong Chuk
Hang Road
India
Anglo American Crop Nutrients (India)
Private Limited
100%
Ordinary
Regus Elegance, 2F, Elegance, Jasola Districe Centre
Old Mathura Road, New Delhi, 110025
India
Anglo American Services (India) Private
Limited
100%
Equity
A- 1/292, Janakpuri, New Delhi - 110058
India
De Beers India Private Ltd
85%
Ordinary Equity
Preference Equity
601, 6th floor, TCG Financial Centre, C -53, G Block,
Bandra Kurla Complex, Bandrar (East), Mumbai - 400
058
India
Hindustan Diamond Company Private
Limited
43%
Ordinary equity
Office No. 12, 14th Floor, Navjivan Society Building, No.3,
Lamington Road, Mumbai - 400 008
India
Platinum Guild India Private Limited
78%
Ordinary
Notan Classic, 3rd Floor, 114 Turner Road, Bandra West,
Mumbai 400 050
Indonesia
PT Anglo American Indonesia
100%
Ordinary
Pondok Indah Office Tower 3, 17th Floor, Jl. Sultan
Iskandar Muda, Kav. 5-TA RT.004/RW.003 Pondok
Indah, Jakarta Selatan 12310
Indonesia
PT Minorco Services Indonesia
100%
Ordinary
Pondok Indah Office Tower 3, 17th Floor, Jl. Sultan
Iskandar Muda, Kav. 5-TA RT.004/RW.003 Pondok
Indah, Jakarta Selatan 12310
Ireland
Coromin Insurance (Ireland) DAC
100%
Ordinary
4th Floor, 25/28 Adelaide Road, Dublin D02 RY98
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Ireland
Element Six (Holdings) Limited
51%
Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six (Trade Marks) Limited
51%
Ordinary
A Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six Abrasives Treasury Limited
51%
Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six Limited
51%
Ordinary
Shannon Airport, Shannon, Co.Clare
Ireland
Element Six Treasury Limited
85%
Ordinary
Shannon Airport, Shannon, Co.Clare
Isle of Man
Element Six (Legacy Pensions) Limited
85%
Ordinary
A Ordinary
1st Floor, 18-20 North Quay, Douglas, IM1 4LE
Israel
De Beers Auction Sales Israel Ltd
85%
Ordinary
11th Floor, Yahalom (Diamond) Building, 21 Tuval Street
Ramat Gan 5252236
Italy
Forevermark Italy S.R.L.
85%
Ordinary
Via Burlamacchi Francesco 14, 20135, Milan
Japan
De Beers Jewellers Japan K.K.
85%
Common stock
New Otani Garden Court 7th Floor, 4-1 Kioi-cho,
Chiyoda-ku, Tokyo
Japan
De Beers K.K.
50%
Common stock
New Otani Garden Court, 7th Floor, 4-1 Kioi-cho,
Chiyoda-ku, Tokyo
Japan
Element Six Limited
51%
Ordinary
9F PMO Hatchobori, 3-22-13 Hatchobori, Chuo-ku,
Tokyo, 104
Japan
Forevermark KK
85%
Common stock
New Otani Garden Court, 7th Floor, 4-1 Kioi-cho,
Chiyoda-ku, Tokyo
Japan
Furuya Eco-Front Technology Co., Ltd
31%
Common
MSB-21 Minami Otsuka Building, 2-37-5 Minami Otsuka,
Toshima-ku, Tokyo
Japan
PGI KK
78%
Ordinary
Imperial Hotel Tower 17F, 1-1-1 Uchisaiwai-cho,
Chiyoda-ku,Tokyo, 100-8575
Jersey
A.R.H. Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
A.R.H. Limited(5)
100%
Class A
Class B
Class C
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Ambras Holdings Limited(5)(6)
100%
Repurchaseable
Class A Ordinary
Repurchaseable
Class B Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Ammin Coal Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo African Exploration Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Amcoll UK Ltd (5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Buttercup Company
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Chile Investments UK Ltd(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Clarent UK Ltd(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Corporation de Chile
Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Exploration Colombia
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Exploration Overseas
Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Finland Holdings 2
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Midway Investment
Limited(5)
100%
A Shares
B Shares
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo American Overseas Limited(5)(7)
100%
Repurchaseable
Class A Ordinary
Repurchaseable
Class B Ordinary
Repurchaseable
Class C Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Jersey
Anglo Australia Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Diamond Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Iron Ore Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Operations (International) Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Peru Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Quellaveco Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo South American Investments
Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Anglo Venezuela Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Aval Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Cheviot Holdings Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Centenary Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Exploration Holdings Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Holdings Investments Limited(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers Investments plc(5)
85%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
De Beers plc(5)
85%
A Ordinary
B Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Highbirch Limited(5)
100%
Class A
Class B
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Kumba International Trading Limited(5)
53%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Minorco Overseas Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Minorco Peru Holdings Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Minpress Investments Limited(5)
100%
Ordinary
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Sirius Minerals Finance Limited(5)
100%
Ordinary
Preference
47 Esplanade, St Helier, JE1 0BD
Jersey
Sirius Minerals Finance No.2 Limited(5)
100%
Ordinary
Preference
47 Esplanade, St Helier, JE1 0BD
Luxembourg
Kumba Iron Ore Holdings Sarl
53%
Ordinary
58 rue Charles Martel, L-2134
Macau
De Beers Jewellers (Macau) Company
Limited
85%
Ordinary
Avenida da Praia Grande No. 409, China Law Building
16/F \u2013 B79
Madagascar
Societe Civille De Prospection De Nickel A
Madagascar
32%
N/A
Unknown
Mauritius
Anglo American International Limited(5)
100%
Normal Class A
Ordinary
Ordinary-B
Repurchaseable
Class A Ordinary
c/o AXIS Fiduciary Ltd, 2nd Floor, The AXIS, 26 Bank
Street, Cybercity Ebene, 72201
Mexico
Anglo American Mexico S.A. de C.V.
100%
Common
c/o Sanchez Mejorada, Velasco y Ribe, S.C. Paseo de la
Reforma No. 450, Col. Lomas de Chapultepec, 11000,
Ciudad de Mexico
Mexico
Servicios Anglo American Mexico S.A. de
C.V.
100%
Common
c/o Sanchez Mejorada, Velasco y Ribe, S.C. Paseo de la
Reforma No. 450, Col. Lomas de Chapultepec, 11000,
Ciudad de Mexico
Mozambique
Anglo American Corporation Mocambique
Servicos Limitada
100%
Quota
PricewaterhouseCoopers, Ltda. Avenida Vladimir
Lenine, No 174, 4o andar. Edif\u00edcio Millennium Park
Maputo
Namibia
Ambase Prospecting (Namibia) (Pty) Ltd
100%
Ordinary
c/o SGA, 24 Orban Street, Klein Windhoek, Windhoek
Namibia
De Beers Marine Namibia (Pty) Ltd
43%
Ordinary
4th Floor, Namdeb Centre, 10 Dr Frans, Indongo Street,
Windhoek
Namibia
De Beers Namibia Holdings (Pty) Ltd
85%
Ordinary
6th floor, Namdeb Centre, 10 Dr Frans, Indongo Street,
Windhoek
Namibia
Debmarine Namdeb Foundation
43%
N/A
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Namibia
DTC Valuations Namibia (Pty) Ltd
85%
Ordinary
4th Floor, Namdeb Centre, 10 Dr Frans, Indongo Street,
Windhoek
Namibia
Exclusive Properties (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Longboat Trading (Pty) Ltd
100%
Ordinary
24 Orban Street, Klein Windhoek, Windhoek
Namibia
Mamora Mines & Estates Limited
28%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Diamond Corporation (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Holdings (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Properties (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namibia Diamond Trading Company (Pty)
Ltd
43%
Ordinary
9th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
OMDis Town Transformation Agency
43%
N/A
Unit 6, Gold Street Business Park, Gold Street, Prosperita,
Windhoek
Namibia
Oranjemund Private Hospital (Proprietary)
Limited
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Oranjemund Town Management Company
(Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Namibia
Namdeb Hospital Pharmacy (Pty) Ltd
43%
Ordinary
10th Floor, Namdeb Centre, 10 Dr Frans Indongo Street,
Windhoek
Netherlands
Anglo American (TIH) B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American Exploration B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American Exploration (Philippines)
B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American International B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo American Netherlands B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Anglo Operations (Netherlands) B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Element Six N.V.
85%
Ordinary
De Nieuwe Erven 2, 5431 NT, Cuijk
Netherlands
Erabas B.V. (5)
77%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Loma de Niquel Holdings B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Netherlands
Minorco Exploration (Indonesia) B.V.(5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA, United
Kingdom
Papua New
Guinea
Anglo American (Star Mountain) Limited
100%
Ordinary
c/o Pacific Legal Group Lawyers, Ground Floor,
Iaraguma Haus, Lot 30 Section 38 Off Cameron Road,
Gordons, National Capital District
Papua New
Guinea
Anglo American Exploration (PNG) Limited
100%
Ordinary
c/o Pacific Legal Group Lawyers, Ground Floor,
Iaraguma Haus, Lot 30 Section 38 Off Cameron Road,
Gordons, National Capital District
Peru
Anglo American Marketing Peru S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Peru S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Quellaveco S.A.
60%
Class A Ordinary
Class B Non-
Voting
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Servicios Per\u00fa S.A. en
Liquidaci\u00f3n
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
Peru
Asociaci\u00f3n Michiquillay en Liquidaci\u00f3n
100%
N/A
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Asociaci\u00f3n Quellaveco
100%
N/A
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Cobre del Norte S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Philippines
Anglo American Exploration (Philippines)
Inc.
100%
Ordinary
c/o SyCipLaw Center, 105 Paseo de Roxas, Makati City
1226, Metro Manila
Republic of
North
Macedonia
Anglo American Exploration West Tetyan
Skopje
100%
Ordinary
Str. Risto Ravanovski no. 13A, 1000, Skopje, Municipality
of Karpos
Sierra Leone
Gemfair (SL) Limited
85%
Ordinary
31 Lightfoot Boston Street, Freetown
Singapore
Anglo American Crop Nutrients (Singapore)
Pte Ltd
100%
Ordinary
80 Robinson Road, #02-00, 068898
Singapore
Anglo American Shipping Pte.Limited
100%
Ordinary
10 Collyer Quay, #38-00 Ocean Financial Centre,
049315
Singapore
De Beers Auction Sales Singapore Pte. Ltd.
85%
Ordinary
10 Collyer Quay, #03-04 Ocean Financial Centre,
049315
Singapore
Kumba Singapore Pte. Ltd.
53%
Ordinary
10 Collyer Quay, #38-00 Ocean Financial Centre,
049315
Singapore
MR Iron Ore Marketing Services Pte.Ltd.
50%
Ordinary
10 Collyer Quay, #38-00 Ocean Financial Centre,
049315
Singapore
Samancor Marketing Pte.Ltd.
40%
Ordinary
16 Collyer Quay #18-00 Collyer Quay Centre, 049318
Singapore
Sulista Forte Pte. Ltd.
100%
Ordinary
77 Robinson Road, #13-00 Robinson 77, 068896
South Africa
Peglerae Hospital (Pty) Ltd
31%
Ordinary
21 Oxford Manor, Rudd & Chaplin Roads, Illovo,
Johannesburg, 2196
South Africa
AEF Mining Services (Pty) Ltd
25%
Ordinary
Zommerlust Building, Rietbok Road, Kathu, Northern
Cape, 8446
South Africa
African Pipe Industries North (Pty) Ltd
40%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Amaprop Townships Ltd
100%
Ordinary
61 Katherine Street, Sandton, 2196
South Africa
Ambase Investment Africa (Botswana) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (DRC) (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (Namibia) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (Tanzania) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Ambase Investment Africa (Zambia) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Corporation of South Africa
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American EMEA Shared Services (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Farms (Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Anglo American Farms Investment Holdings
(Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Anglo American Group Employee
Shareholder Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Marketing South Africa
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Platinum Limited
79%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Properties Ltd
100%
Ordinary
61 Katherine Street, Sandton, 2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
South Africa
Anglo American Prospecting Services (Pty)
Ltd
100%
Ordinary
55 Marshall Street, Johannesburg, 2001
South Africa
Anglo American SA Finance Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Sebenza Fund (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American SEFA Mining Fund (Pty) Ltd
50%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American South Africa Investments
Proprietary Limited
100%
Ordinary and
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American South Africa Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Zimele (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Zimele Community Fund
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo American Zimele Loan Fund (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Coal Investment Africa (Botswana)
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Coal Investment Botswana (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Corporate Enterprises (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Corporate Services South Africa
Proprietary Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo Platinum Management Services (Pty)
Ltd
79%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo South Africa (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anglo South Africa Capital (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Anseld Holdings Proprietary Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Atomatic Trading (Pty) Limited
57%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Balgo Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Blinkwater Farms 244KR (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Damelin Emalahleni (Pty) Ltd
20%
Ordinary
Cnr O R Tambo & Beatrix Avenue, Witbank, 1035
South Africa
DBCM Holdings (Pty) Ltd
63%
Ordinary
Redeemable
Preference
36 Stockdale Street, Kimberley, 8301
South Africa
De Beers Consolidated Mines (Pty) Ltd(8)
63%
Ordinary\u00a0
Redeemable
Preference
36 Stockdale Street, Kimberley, 8301
South Africa
De Beers Group Services (Pty) Ltd
85%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
De Beers Marine (Pty) Ltd
85%
Ordinary
Cornerstone, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
South Africa
De Beers Matlafalang Business
Development (Pty) Ltd
63%
Ordinary
Cornerstone, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
South Africa
De Beers Sightholder Sales South Africa
(Pty) Ltd
63%
Ordinary
Cornerstone, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
South Africa
Dido Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Dingleton Home Owners Resettlement Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Element Six (Production) Proprietary Limited
51%
Ordinary
Debid Road, Nuffield, Springs,1559
South Africa
Element Six Technologies Proprietary
Limited
85%
Ordinary
Debid Road, Nuffield, Springs,1559
South Africa
Envusa Energy Proprietary Limited
50%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Hotazel Manganese Mines Proprietary
Limited
30%
Ordinary
Preference
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Khongoni Haaskraal Coal (Pty) Ltd
20%
Ordinary
Unit 3, Bauhinia Street, Highveld Technopark, Centurion,
0157
South Africa
KIO Investments Holdings (Pty) Ltd
70%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Kroondal UJV
38%
N/A
N/A
South Africa
Kumba BSP Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Kumba Iron One Rehabilitation Trust
70%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Kumba Iron Ore Limited
70%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Lexshell 49 General Trading (Pty) Ltd
35%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Longboat (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Main Place Holdings Limited
39%
Ordinary
Suite 801, 76 Regent Road, Sea Point, Western Cape
8005
South Africa
Marikana Ferrochrome Limited
100%
Ordinary
44 Main Street, Johannesburg, 2001
South Africa
Marikana Minerals (Pty) Ltd
100%
Ordinary
55 Marshall Street, Johannesburg, 2001
South Africa
Marikana UJV
38%
N/A
N/A
South Africa
Matthey Rustenburg Refiners (Pty) Ltd
77%
A Redeemable
cumulative
Preference shares
B Redeemable
cumulative
Preference shares
A Ordinary Shares
B Ordinary Shares
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Metalloys Manganese Smelter Proprietary
Limited
40%
Ordinary NPV
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Micawber 146 (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Modikwa Mining Personnel Services (Pty) Ltd
38%
Ordinary
29 Impala Road, Chislehurston, Standton, 2196
South Africa
Modikwa Platinum Mine (Pty) Ltd
38%
Ordinary
16 North Road, Dunkeld Court, Dunkeld West, 2196
South Africa
Mogalakwena Platinum Limited
79%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Newshelf 480 (Pty) Ltd
55%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Norsand Holdings (Pty) Ltd
77%
Ordinary
B Ordinary
Non-Cumulative
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Platmed (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Platmed Properties (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
South Africa
Polokwane Iron Ore Company (Pty) Ltd
27%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Precious Metals Refiners Proprietary Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Pro Enviro (Pty) Ltd
20%
Ordinary
Greenside Colliery, PTN 0ff 331, Blackhills, 1032
South Africa
Resident Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Rustenburg Base Metals Refiners Proprietary
Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Rustenburg Platinum Mines Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Samancor Holdings Proprietary Limited
40%
Ordinary
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Samancor Manganese Proprietary Limited
40%
Ordinary NPV
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Sheba's Ridge Platinum (Pty) Ltd
27%
Ordinary
Harrowdene Office Park Building 5, Woodmead, 2128
South Africa
Sibelo Resource Development (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
SIOC Employee Benefit Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
SIOC Employee Share Ownership Plan Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
SIOC Solar SPV (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Sishen Iron Ore Company (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Spectrem Air Pty Ltd
93%
Ordinary
no\u00a0par\u00a0value
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Tenon Investment Holdings (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Terra Nominees Proprietary Limited
40%
Ordinary
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
UHPU Manufacturing Proprietary Limited
51%
N/A
Debid Road, Nuffield, Springs,1559
South Africa
Venetia Solar Project Pty Ltd
100%
Ordinary
De Beers House, Corner Diamond Drive and Crownwood
Road, Theta, Johannesburg, 2013
South Africa
Vergelegen Wine Estate (Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Vergelegen Wines (Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Whiskey Creek Management Services (Pty)
Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
WPIC Holdings Pty Ltd
40%
Ordinary
Rosebank Towers, 19 Biermann Ave, Rosebank,
Johannesburg, 2196
South Africa
Main Street 1252 (Pty) Ltd (RF)
63%
Ordinary
Cornerstone, Corner of Daimond Drive and Crownwood
Road, Theta, Johannesburg, 2013
Sweden
Element Six AB
51%
Ordinary
c/o Advokatbyr\u00e5n Kaiding, Box 385, 931 24 Skellefte\u00e5
Switzerland
De Beers Centenary AG(5)
85%
Ordinary
c/o Telemarketing, Plus AG, Sonnenplatz 6, 6020,
Emmenbr\u00fccke
Switzerland
PGI SA
78%
Ordinary
Avenue Mon- Repos 24, Case postale 656, CH- 1001
Lausanne
Switzerland
Synova S.A.
28%
Ordinary
13 Route de Genolier; 1266 Duillier
Tanzania
Ambase Prospecting (Tanzania) (Pty) Ltd
100%
Ordinary
c/o Mawalla Advocates, Mawalla Road, Mawalla
Heritage Park, Plot No. 175/20, Arusha
United Arab
Emirates
De Beers DMCC
85%
Ordinary
Office 4D, Almas Tower, Jumeirah Lakes Towers, Dubai
United Kingdom
Anglo American Australia Investments
Limited(9)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Capital Australia Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American CMC Holdings Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
United Kingdom
Anglo American Corporate Secretary
Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Crop Nutrients Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Diamond Holdings Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Energy Solutions Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Finance (UK) Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Holdings Limited
100%
Ordinary
8% Preference
8.3% Preference
B shares
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American International Holdings
Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Investments (UK) Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Medical Plan Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Medical Plan Trust
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Prefco Limited(9)
100%
Ordinary
Capital Preference
Preference
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Projects UK Limited
100%
Ordinary
1 More London Place, London, SE1 2AF
United Kingdom
Anglo American Rand Capital Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American REACH Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Services (UK) Ltd.(9)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Technical & Sustainability
Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Technical & Sustainability
Services Ltd
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Woodsmith (Teesside)
Limited
100%
Ordinary
Non-voting
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Woodsmith Limited
100%
Ordinary
B preference
Non-voting
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo Base Metals Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo Platinum Marketing Limited
77%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo UK Pension Trustee Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
AP Ventures Fund I LP
38%
N/A
16 Littleworth Lane, Esher, Surrey, KT10 9PF
United Kingdom
Birchall Gardens LLP
50%
N/A
Bardon Hall, Copt Oak Road, Markfield, LE67 9PJ
United Kingdom
Charterhouse CAP Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Curtis Fitch Limited
21%
Ordinary B
Formal House, 60 St George\u2019s Place, Cheltenham,
Gloucestershire, GL50 3PN
United Kingdom
De Beers Capital Southern Africa Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Intangibles Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Jewellers Limited
85%
A Ordinary
B Ordinary
Deferred Share
Special Dividend
Share
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Jewellers Trade Mark Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Jewellers UK Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers UK Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Debcore Limited
43%
Ordinary-A
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Ebbsfleet Property Limited
50%
Ordinary
Bardon Hall, Copt Oak Road, Markfield, LE67 9PJ
United Kingdom
Element Six (UK) Limited
51%
Ordinary
Global Innovation Centre, Fermi Avenue, Harwell, Oxford,
Didcot, Oxfordshire, OX11 0QR
United Kingdom
Element Six Abrasives Holdings Limited
51%
Ordinary
Preference
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Element Six Holdings Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned(3)
Share class
Registered address
See page 283 for footnotes.
United Kingdom
Element Six Limited
85%
Ordinary
Global Innovation Centre, Fermi Avenue, Harwell, Oxford,
Didcot, Oxfordshire, OX11 0QR
United Kingdom
Element Six Technologies Limited
85%
Ordinary
Global Innovation Centre, Fermi Avenue, Harwell, Oxford,
Didcot, Oxfordshire, OX11 0QR
United Kingdom
Ferro Nickel Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
First Mode IPP Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Forevermark Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Gemfair Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
IIDGR (UK) Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Lightbox Jewelry Ltd.
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Rhoanglo Trustees Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Sach 1 Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Sach 2 Limited
100%
Ordinary
Redeemable
Preference
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Security Nominees Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Sirius Minerals Holdings Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Swanscombe Development LLP
50%
N/A
Bardon Hall, Copt Oak Road, Markfield, LE67 9PJ
United Kingdom
Tarvos Limited
19%
N/A
Unit 107, 121 Upper Richmond Road, London, SW15
2DW
United Kingdom
The Diamond Trading Company Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
TRACR Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
York Potash Holdings Limited
100%
Ordinary
1 More London Place, London, SE1 2AF
United Kingdom
York Potash Intermediate Holdings Limited
100%
Ordinary
1 More London Place, London, SE1 2AF
United Kingdom
YPF Ltd
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United States
of\u00a0America
Anglo American Crop Nutrients (USA), LLC
100%
Membership
interest
120 W Sweet Ave, Bismarck, ND 58504-5566
United States
of\u00a0America
Anglo American US Holdings Inc.
100%
Ordinary
c/o Corporation Service Company, 251 Little Falls Drive,
Wilmington Delaware, 19808
United States
of\u00a0America
De Beers Jewellers US, Inc.
85%
Common shares
300 First Stamford place, Stamford, CT 06902
United States
of\u00a0America
Element Six Technologies (OR) Corp.
85%
Ordinary
23055 SE Stark Street, Gresham, Oregon, 97030
United States
of\u00a0America
Element Six Technologies US Corporation
85%
Ordinary
3901 Burton Drive, Santa Clara CA 95054
United States
of\u00a0America
Element Six US Corporation
51%
Common stock
24900 Pitkin Road, Suite 250, Spring TX 77386
United States
of\u00a0America
Forevermark US Inc.
85%
Ordinary
300 First Stamford Place, Stamford, CT, 06902
United States
of\u00a0America
Lightbox Jewelry Inc.
85%
Common
3500 South Dupont Highway, Dover, County of Kent DE
19901
United States
of\u00a0America
Platinum Guild International (U.S.A.) Jewelry
Inc.
78%
Common shares
125 Park Avenue, 25th Floor, New York, New York 10017
Venezuela
Minera Loma de Niquel C.A.
100%
Class A
Torre Humboldt, floor 9, office 09-07, Rio Caura Street,
Prados del Este, Caracas 1080
Zambia
Anglo Exploration (Zambia) (Pty) Ltd
100%
Ordinary
11 Katemo Road, Rhodes Park, Lusaka
Zimbabwe
Amzim Holdings Limited
79%
Ordinary
28 Broadlands Road, Emerald Hill, Harare
Zimbabwe
Southridge Limited
79%
Ordinary
28 Broadlands Road, Emerald Hill, Harare
Zimbabwe
Unki Mines (Private) Limited
79%
Ordinary
28 Broadlands Road, Emerald Hill, Harare
(1)All the companies with an incorporation in the United Kingdom are registered in England
and Wales.
(2)The country of tax residence is disclosed where different from the country of incorporation.
(3)All percentages have been rounded.
(4)The interest in Debswana Diamond Company (Pty) Ltd is held indirectly through De Beers
and is consolidated on a 19.2% proportionate basis, reflecting economic interest. The
Group\u2019s effective interest in Debswana Diamond Company (Pty) Ltd is 16.3%.
(5)Tax resident in the United Kingdom.
(6)2% direct holding by Anglo American plc.
(7)0.03% direct holding by Anglo American plc.
(8)A 74% interest in De Beers Consolidated Mines (Pty) Ltd (DBCM) and its subsidiaries is
held indirectly through De Beers. The 74% interest represents De Beers\u2019 legal
ownership share in DBCM. For accounting purposes De Beers consolidates 100% of
DBCM as it is deemed to control the BEE entity, Ponahalo, which holds the remaining
26%. The Group\u2019s effective interest in DBCM is 85%.
(9)100% direct holding by Anglo American plc.
36.
Related party transactions
The Group has related party relationships with its subsidiaries, joint operations, associates and joint ventures (see notes 34 and 35). Members of
the Board and the Group Management Committee are considered to be related parties.
The Company and its subsidiaries, in the ordinary course of business, enter into various sale, purchase and service transactions with joint
operations, associates, joint ventures and others in which the Group has a material interest. These transactions are under terms that are no less
favourable to the Group than those arranged with third parties.
Associates
Joint ventures
Joint operations
US$ million
2022
2021
2022
2021
2022
2021
Transactions with related parties
Sale of goods and services
\u2014
\u2014
16
\u2014
181
158
Purchase of goods and services
\u2014
\u2014
(190)
(169)
(4,253)
(3,466)
Balances with related parties
Trade and other receivables from related parties
\u2014
\u2014
7
1
17
18
Trade and other payables to related parties
\u2014
\u2014
(18)
(16)
(250)
(273)
Loans receivable from related parties
2
2
147
76
\u2014
\u2014
Balances and transactions with joint operations or joint operation partners represent the portion that the Group does not have the right to offset
against the corresponding amount recorded by the respective joint operations. These amounts primarily relate to purchases by De\u00a0Beers and
Platinum Group Metals from their joint operations in excess of the Group\u2019s attributable share of their production.
Loans receivable from related parties are included in Financial asset investments on the Consolidated balance sheet.
Remuneration and benefits received by directors are disclosed in the Remuneration report. Remuneration and benefits of key management
personnel, including directors, are disclosed in note 26. Information relating to pension fund arrangements is disclosed in note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-494": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-495": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-496": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-497": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-498": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-499": { "value": "
37.
Auditors\u2019 remuneration
2022
2021
Paid/payable to PwC
Paid/payable
to auditor
(if\u00a0not PwC)
Paid/payable to PwC
Paid/payable
to auditor
(if\u00a0not PwC)
US$ million
United
Kingdom
Overseas
Total
United
Kingdom and
overseas
United
Kingdom
Overseas
Total
United
Kingdom and
overseas
Paid to the Company\u2019s auditor for audit
of\u00a0the\u00a0Anglo\u00a0American\u00a0plc Annual Report(1)
6.0
1.7
7.7
\u2014
5.9
1.4
7.3
\u2014
Paid to the Company\u2019s auditor for other
services to the Group
Audit of the Company\u2019s subsidiaries
1.1
7.4
8.5
0.3
1.0
6.8
7.8
0.4
Total audit fees
7.1
9.1
16.2
0.3
6.9
8.2
15.1
0.4
Audit related assurance services
0.9
0.8
1.7
\u2014
0.9
0.8
1.7
\u2014
Other assurance services
0.4
0.1
0.5
\u2014
1.1
1.0
2.1
\u2014
Total non-audit fees
1.3
0.9
2.2
\u2014
2.0
1.8
3.8
\u2014
(1)$0.6 million of audit fees paid in 2021 related to the audit for the year ended 31 December 2020.
Audit related assurance services includes $1.7 million (2021: $1.7 million) for the interim review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-500": { "value": "
38.
Leases
Overview
Lease agreements give rise to the recognition of a right-of-use asset (see note 11) and a related liability for future lease payments (see note 21).
Further information
Amounts recognised in the Consolidated balance sheet
The Consolidated balance sheet shows the following amounts relating to leases:
Right-of-use assets are detailed in note 11. Per requirements of IFRS 16 Leases, lease agreements give rise to the recognition of a right-of-use
asset and a related liability for future lease payments. The cost of leases other than short term leases less than 12 months, variable leasing costs
and leases of low value assets are allocated between the depreciation of right-of-use assets and a finance charge representing the unwind of
the discount on lease liabilities.
Leases relate principally to corporate offices, diamond jewellery retail outlets and shipping vessels. The Group leases land and buildings for its
office space, for employee accommodation and retail stores for De\u00a0Beers Jewellers. The leases for office space typically run for 5 to 25 years,
employee accommodation up to 25\u00a0years and leases of retail stores 5 to 25 years. Some longer leases incorporate fixed increases in rentals or
provide for annual uplifts based upon an index, typically a measure of inflation. Leases for shipping vessels typically run for 1 to 10 years and the
majority are priced with reference to a freight index.
Lease liabilities balance and maturity analysis:
US$ million
2022
2021
Amount due for repayment within one year
204
230
Greater than one year, less than two years
121
125
Greater than two years, less than three years
96
90
Greater than three years, less than four years
80
66
Greater than four years, less than five years
67
58
Greater than five years
579
636
Total due for repayment after more than one year
943
975
Total
1,147
1,205
Effect of discounting
(287)
(330)
Lease liability
860
875
Amounts recognised in the statement of profit or loss
The statement of profit or loss shows the following amounts relating to leases:
US$ million
2022
2021
Depreciation (see note 11)
239
303
Interest expense (included in finance costs, see note 4)
42
40
Expense relating to short term leases less than 12 months, variable leasing costs and leases of low value
167
102
Amounts recognised in the Consolidated cash flow statement
In the Consolidated cash flow statement for the year ended 31\u00a0December\u00a02022, the total amount of cash paid in respect of leases recognised
on\u00a0the Consolidated balance sheet are split between repayments of principal of $266 million (2021: $336 million) and repayments of interest of
$31 million (2021:\u00a0$31 million), both presented within cash flows from financing activities. The repayment of both principal and interest forms part
of both the Attributable free cash flow and Sustaining attributable free cash flow Alternative Performance Measures.
Further disclosures
In addition to the lease commitments above, the Group has lease commitments in relation to leases not yet commenced of $324 million.
Further disclosures required by IFRS 16 Leases are presented in notes\u00a04,\u00a011 and 21.
Accounting judgements
At the date of inception of a new contract or significant modification of an existing contract, the Group assesses whether the contract is, or
contains, a\u00a0lease. A contract is, or contains, a lease if the contract conveys the right to control the asset for a period of time in exchange for
consideration. To identify lease arrangements, the Group assesses whether:
\u2013The contract specifies the use of an identified asset or collection of assets
\u2013The Group has the right to obtain substantially all of the economic benefits from the use of the identified asset(s)
\u2013The Group has the right to direct the use of the asset(s).
The Group has paid particular attention to the judgement over whether the lessor has a substantive right to substitute the specified assets for
alternatives.
\u2013Many assets used by the Group are highly specialised in nature and are purpose-built or modified to meet the Group\u2019s specification.
Judgement is required to assess whether the assets can be substituted and used for other purposes without significant additional modification.
\u2013The remote location of some of the Group\u2019s operations presents practical difficulties to the substitution of assets. Judgement is required to
determine whether assets in remote locations can be relocated to other locations within a reasonable timeframe and cost.
Other items
38. Leases continued
\u2013At some locations, high levels of security restrict the movement of assets to\u00a0alternative locations, limiting the ability to substitute assets.
\u2013The Group\u2019s health and safety standards exceed statutory requirements in some jurisdictions. This places limitations on the ability to substitute
certain assets, such as vehicles. Judgement is required to assess whether equivalent assets meeting the Group\u2019s requirements can be sourced
within required operational timeframes.
The Group recognises a lease liability and a corresponding right-of-use asset at\u00a0the commencement date of the lease.
Accounting policy
Accounting policies applied to lease liabilities and corresponding right-of-use assets are set out respectively in notes\u00a039F and 39D.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-501": { "value": "
39.
Accounting policies
A. Basis of preparation
Basis of preparation
The financial statements have been prepared in accordance with the
requirements of the Companies Act 2006, UK-adopted International
Accounting Standards and those parts of the Companies Act 2006
applicable to companies reporting under those standards and the
requirements of the Disclosure and Transparency rules of the Financial
Conduct Authority in the United Kingdom as applicable to periodic
financial reporting. The financial statements have been prepared
under the historical cost convention as modified by the revaluation of
pension assets and liabilities and certain financial instruments. A
summary of\u00a0the principal Group accounting policies is set out below.
The preparation of financial statements in conformity with generally
accepted accounting principles requires the use of estimates and
assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these
estimates are based on management\u2019s best knowledge of the
amount, event or actions, actual results ultimately may differ from
those estimates.
The Group\u2019s results are presented in US dollars, the currency in which
its business is primarily conducted.
Changes in accounting policies, estimates and disclosures
The accounting policies applied are consistent with those adopted
and\u00a0disclosed in the Group financial statements for the year ended
31\u00a0December\u00a02021 with the exception of the adoption of an
amendment to IAS 16 Proceeds before intended use. New accounting
pronouncements, principally minor amendments to existing standards,
also became effective on 1 January 2022 and have been adopted by
the Group. The adoption of these new accounting pronouncements
has not had a significant impact on the accounting policies, methods
of computation or presentation applied by the Group.
IAS 16 Property, Plant and Equipment: Proceeds before
intended\u00a0use
An amendment to IAS 16 Proceeds before intended use became
effective for the Group from 1 January 2022.
The amendment prohibits an entity from deducting from the cost of an
item of property, plant and equipment any proceeds received from
selling items produced while the entity is preparing the asset for its
intended use. The proceeds from selling these items, and the
associated costs will be recognised in the income statement. IAS 2
Inventories should be applied in identifying and measuring the cost of
these items.
The impact of this transition difference for the year ended
31\u00a0December 2021 is not considered material to the Group and hence
comparative values have not been restated.
The Group\u2019s Quellaveco copper project is the most significant project
impacted by the amendment to IAS 16 during 2022. All production
and sales from Quellaveco in 2022 arose before commercial
production is achieved, and as a result revenue of $608 million and
associated costs of $289 million that would previously have been
capitalised against project assets were recognised in the
Consolidated income statement. The impact of adopting the
amendment did not have a material impact on any other operation.
Going concern
The financial position of the Group, its cash flows, liquidity position and
borrowing facilities are set out in the Group financial review on pages
80\u201383. Further details of our policy on financial risk management are
set out in note\u00a023 to the financial statements on pages 252\u2013254. The
Group\u2019s net debt\u00a0(including related hedges) at 31\u00a0December 2022
was $6.9 billion (2021: $3.8 billion), representing a gearing level of
17% (2021: 10%). The Group\u2019s liquidity position (defined as cash and
undrawn committed facilities) of $16.1\u00a0billion at 31\u00a0December 2022
remains strong. Details of borrowings and facilities are set out in
note\u00a021 and note 23 on pages 246 and 252-254 respectively, and net
debt is set out in note 20 on page 245.
The directors have considered the Group\u2019s cash flow forecasts for the
period to the end of December 2024 under base and downside
scenarios with reference to the Group\u2019s principal risks as set out within
the Group Viability Statement on pages 67 and 68. In the downside
scenario modelled (including price reductions of up to 30% against
budget and operational incidents), the Group maintains sufficient
liquidity throughout the period of assessment without the use of
mitigating actions.
The Board is satisfied that the Group\u2019s forecasts and projections,
taking account of reasonably possible changes in trading
performance, show that the Group will be able to operate within the
level of its current facilities for the period of at least 12 months from the
date of approval of the financial statements. For this reason the
Group\u00a0continues to adopt the going concern basis in preparing its
financial statements.
New IFRS accounting standards, amendments and interpretations
not yet adopted
The Group has not early adopted any other amendment, standard or
interpretation that has been issued but is not yet effective. It is
expected that where applicable, these standards and amendments
will be adopted on each respective effective date. The following new
or amended IFRS accounting standards, amendments and
interpretations not yet adopted are not expected to have a significant
impact on the Group:
\u2013Amendments to IAS 1 Presentation of financial statements:
disclosure of accounting policies
\u2013Amendments to IAS 1 Presentation of financial statements: non-
current liabilities with covenants
\u2013Amendments to IAS 8 Accounting policies, changes in accounting
estimates and errors: definition of accounting estimates
\u2013Amendments to IAS 12 Income Taxes: deferred tax related to Assets
and Liabilities arising from a Single Transaction
\u2013Amendments to IFRS 16 Leases: Lease Liability in a Sale and
Leaseback
\u2013IFRS 17 Insurance Contracts
\u2013Amendments to IFRS 17, Initial Application of IFRS 17 and IFRS\u202f9 \u2013
Comparative Information.
Other items
39. Accounting policies continued
B. Basis of consolidation
Basis of consolidation
The financial statements incorporate a consolidation of the financial
statements of the Company and entities controlled by the Company
(its subsidiaries). Control is achieved where the Company is exposed,
or has rights, to variable returns from its involvement with the investee
and has the ability to affect those returns through its power over the
investee.
The results of subsidiaries acquired or disposed of during the year are
included in the income statement from the effective date of acquisition
or up to the effective date of disposal, as appropriate.
Where necessary, adjustments are made to the results of subsidiaries,
joint arrangements and associates to bring their accounting policies
into line with those used by the Group. Intra-group transactions,
balances, income and expenses are eliminated on consolidation,
where appropriate.
For non-wholly owned subsidiaries, non-controlling interests are
presented in\u00a0equity separately from the equity attributable to
shareholders of the Company. Profit or loss and other comprehensive
income are attributed to the shareholders of the Company and to non-
controlling interests even if this results in the non-controlling interests
having a deficit balance.
Changes in ownership interest in subsidiaries that do not result in a
change in\u00a0control are accounted for in equity. The carrying amounts of
the controlling and non-controlling interests are adjusted to reflect the
changes in their relative interests in the subsidiary. Any difference
between the amount by which the non-controlling interest is adjusted
and the fair value of the consideration paid or\u00a0received is recorded
directly in equity and attributed to\u00a0the shareholders of the Company.
Foreign currency transactions and translation
Foreign currency transactions by Group companies are recognised in
the functional currencies of the companies at the exchange rate ruling
on the date of the transaction. At each reporting date, monetary assets
and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting date. Gains and
losses arising on retranslation are included in the income statement for
the period and are classified in the income statement according to the
nature of the monetary item giving rise to them.
Non-monetary assets and liabilities that are measured in terms of
historical cost\u00a0in a foreign currency are translated using the exchange
rate at the date of\u00a0the transaction.
On consolidation, the assets and liabilities of the Group\u2019s foreign
operations are translated into the presentation currency of the Group
at exchange rates prevailing on the reporting date. Income and
expense items are translated at the average exchange rates for the
period where these approximate the rates at the dates of the
transactions. Any exchange differences arising are classified within the
statement of comprehensive income and transferred to the Group\u2019s
cumulative translation adjustment reserve. Exchange differences on
foreign currency balances with foreign operations for which settlement
is neither planned nor likely to occur in the foreseeable future, and
therefore form part of\u00a0the Group\u2019s net investment in these foreign
operations, are offset in the cumulative translation adjustment reserve.
Cumulative translation differences are recycled from equity and
recognised as income or expense on disposal of the operation to
which they relate.
Goodwill and fair value adjustments arising on the acquisition of
foreign entities are treated as assets of the foreign entity and
translated at the closing rate.
Tenon
Tenon Investment Holdings Proprietary Limited (Tenon), a wholly
owned subsidiary of Anglo\u00a0American South Africa Proprietary Limited
(AASA), has entered into agreements with Epoch Investment Holdings
(RF) Proprietary Limited (Epoch), Epoch Two Investment Holdings (RF)
Proprietary Limited (Epoch Two) and Tarl Investment Holdings (RF)
Proprietary Limited (Tarl) (collectively the Investment Companies),
each owned by independent charitable trusts whose trustees are
independent of the Group. Under the terms of these agreements, the
Investment Companies have purchased Anglo\u00a0American\u00a0plc shares on
the market and have granted to Tenon the right to nominate a third
party (which may include Anglo\u00a0American\u00a0plc but not any of its
subsidiaries) to take transfer of the Anglo\u00a0American\u00a0plc shares each
has purchased on the market. Tenon paid the Investment Companies
80% of the cost of the Anglo\u00a0American\u00a0plc shares including associated
costs for this right to nominate, which together with subscriptions by
Tenon for non-voting participating redeemable preference shares in
the Investment Companies, provided all the\u00a0funding required to
acquire the Anglo\u00a0American\u00a0plc shares through the market. These
payments by Tenon were sourced from the cash resources of\u00a0AASA.
Tenon is able to exercise its right of nomination at any time up to
31\u00a0December 2025 against payment of an average amount of $3.20
per share to Epoch, $4.98 per share to Epoch Two and $4.13 per
share to Tarl which will be equal to 20% of the total costs respectively
incurred by Epoch, Epoch Two and Tarl in purchasing shares
nominated for transfer to the third party. These funds will then become
available for redemption of the preference shares issued by the
Investment Companies. The amount payable by the third party on
receipt of the Anglo\u00a0American\u00a0plc shares will accrue to Tenon and, as
these are own shares of the Company, any resulting gain or loss
recorded by Tenon will not be recognised in the Consolidated income
statement of Anglo\u00a0American\u00a0plc.
Under the agreements, the Investment Companies will receive
dividends on the shares they hold and have agreed to waive the right
to vote on those shares. The preference shares issued to the charitable
trusts are entitled to a\u00a0participating right of up to 10% of the profit after
tax of Epoch and 5% of the profit after tax of Epoch Two and Tarl. The
preference shares issued to Tenon will carry a fixed coupon of 3% plus
a participating right of up to 80% of the profit after tax of Epoch and
85% of the profit after tax of Epoch Two and Tarl. Any remaining
distributable earnings in the Investment Companies, after the above
dividends, are then available for distribution as ordinary dividends to
the charitable trusts.
The structure effectively provides Tenon with a beneficial interest in the
price risk on these shares together with participation in future dividend
receipts. The Investment Companies will retain legal title to the shares
until Tenon exercises its right to nominate a transferee.
At 31 December 2022 the Investment Companies together held
112,300,129 (2021: 112,300,129) Anglo\u00a0American\u00a0plc shares, which
represented 8.4% (2021:\u00a08.4%) of the ordinary shares in issue
(excluding treasury shares) with a market value of $4,400 million
(2021: $4,574 million). The Investment Companies are not permitted
to hold more than an aggregate of 10% of the issued share capital of
Anglo\u00a0American\u00a0plc at any one time.
The Investment Companies are considered to be structured entities.
Although the Group has no voting rights in the Investment Companies
and cannot appoint or remove trustees of the charitable trusts, the
Group considers that the agreement outlined above, including Tenon\u2019s
right to nominate the transferee of the Anglo\u00a0American\u00a0plc shares held
by the Investment Companies, results in the Group having control over
the Investment Companies as defined under IFRS 10 Consolidated
Financial Statements. Accordingly, the Investment Companies are
required to be consolidated by the Group.
Other items
39. Accounting policies continued
C. Financial performance
Revenue recognition
Revenue from contracts with customers is recognised in a manner that
depicts the pattern of the transfer of\u00a0goods and services to customers.
The amount recognised reflects the amount to which the Group
expects to be entitled in exchange for those goods and services. Sales
contracts are evaluated to determine the performance obligations, the
transaction price and the point at which there is transfer of control. The
transactional price is the amount of consideration due in exchange for
transferring the promised goods or services to the customer, and is
allocated against the performance obligations and recognised in
accordance with whether control is recognised over a defined period
or at a specific point in\u00a0time.
Revenue is derived principally from commodity sales. A sale is
recognised when control has been transferred. This is usually when
title and insurance risk have passed to the customer and the goods
have been delivered to a contractually agreed location. Revenue from
contracts with customers is measured at the fair value of consideration
received or receivable as at the date control is transferred, after
deducting discounts, volume rebates, value added tax and other sales
taxes. Sales of metal concentrate are stated at their invoiced amount
which is net of treatment and refining charges.
Sales of certain commodities are provisionally priced such that the
price is not settled until a predetermined future date and is\u00a0based on
the market price at that time or a specified period to that date. These
sales are marked to market at\u00a0each reporting date using the forward
price for the period equivalent to that outlined in the contract. Revenue
on provisionally priced sales is recognised with reference to the
forward market price when control passes to the customer and is
classified as revenue from contracts with customers. Subsequent
mark-to-market adjustments are recognised in revenue from
other\u00a0sources.
Revenues from the sale of material by-products are recognised within
revenue from contracts with customers at the point control passes.
Where a by-product is not regarded as significant, revenue may be
credited against operating costs.
Physically-settled contracts relating to the purchase and sale of
material produced by third parties (third-party sales) are presented on
a net basis within revenue from other sources where these contracts
are entered into and managed collectively to generate a trading
margin as part of the Group\u2019s Marketing business and are accounted
for as derivatives prior to settlement. This includes third-party material
purchased for blending activities conducted to benefit from short term
pricing differentials (usually of less than twelve months). The sale and
purchase of third-party material to mitigate shortfalls in the Group\u2019s
own production are shown on a gross basis with sales reported within
revenue from contracts with customers as such contracts are used to
maintain customer relationships and fulfil physical sale commitments
rather than to generate a trading margin.
Where the Group enters into commodity sale or purchase agreements
in the course of its commodity trading activities in which the seller has
a right to repurchase, consideration is given to whether the risks and
rewards of ownership have been transferred as a result of the sale.
This assessment is made with reference to the criteria in IFRS 9
Financial Instruments. Key considerations in this assessment include
whether the purchaser has a practical ability to use the commodity
and whether price risk has been transferred.
Where risks and rewards have been transferred, the sale or purchase
contract is accounted for separately from the repurchase obligation
(which is recorded as a derivative financial instrument). Where risks
and rewards have not been transferred or the arrangements do not
relate to the Group\u2019s commodity trading activities, any consideration
received or paid is recorded as a liability or asset as appropriate and
no adjustment is made to revenue or inventory.
Revenue from services is recognised over time in line with the policy
above. For\u00a0contracts which contain separate performance obligations
for the sale of commodities and the provision of freight services, the
portion of the revenue representing the obligation to perform the
freight service is deferred and recognised over time as the obligation is
fulfilled. In situations where the Group is acting as an agent, amounts
billed to customers are offset against the relevant costs.
Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable.
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
Exploration and evaluation expenditure
Exploration and evaluation expenditure is expensed in the year in
which it is\u00a0incurred.
Exploration expenditure is the cost of exploring for Mineral Resources
other than\u00a0that occurring at existing operations and projects and
comprises geological\u00a0and geophysical studies, exploratory drilling and
sampling and Mineral Resource development.
Evaluation expenditure includes the cost of conceptual and pre-
feasibility studies and evaluation of Mineral Resources at existing
operations.
When a decision is taken that a mining project is technically feasible
and commercially viable, usually after a pre-feasibility study has been
completed, subsequent directly attributable expenditure, including
feasibility study costs, are considered development expenditure and
are capitalised within property, plant and equipment.
Exploration properties acquired are recognised on the balance
sheet\u00a0when management considers that their value is recoverable.
These\u00a0properties are measured at cost less any accumulated
impairment losses.
Short term and low value leases
Leases with a term of less than 12 months or those with committed
payments of less than $5,000 are not recognised in the balance sheet.
The Group recognises payments for these leases as an expense on a
straight-line basis over the lease term within operating costs in
underlying\u00a0EBITDA.
Borrowing costs
Interest on borrowings directly relating to the financing of qualifying
assets in the course of construction is added to the capitalised cost of
those projects under \u2018Capital works in progress\u2019, until such time as the
assets are substantially ready for their intended use or sale.
Where funds have been borrowed specifically to finance a project, the
amount capitalised represents the actual borrowing costs incurred.
Where the funds used to finance a project form part of general
borrowings, the amount capitalised is calculated using a weighted
average of rates applicable to relevant general borrowings of the
Group during the period. All other borrowing costs are recognised in
the income statement in the period in which they are incurred.
All cash flows relating to interest on borrowings are presented within
interest paid in the cash flow statement.
Other items
39. Accounting policies continued
D. Capital base
Business combinations and goodwill arising thereon
The identifiable assets, liabilities and contingent liabilities of a
subsidiary, a\u00a0joint arrangement or an associate, which can be
measured reliably, are recorded at their provisional fair values at the
date of acquisition. The estimation of the fair value of identifiable
assets and liabilities is subjective and the use of different valuation
assumptions could have a significant impact on financial results.
Goodwill is the fair value of the consideration transferred (including
contingent consideration and previously held non-controlling interests)
less the fair value of the Group\u2019s share of identifiable net assets on
acquisition.
Where a business combination is achieved in stages, the Group\u2019s
previously held interests in the acquiree are remeasured to fair value at
the acquisition date and the resulting gain or loss is recognised in the
income statement.
Amounts arising from interests in the acquiree prior to the acquisition
date that have previously been recognised in other comprehensive
income are reclassified to the income statement, where such
treatment would be appropriate if that interest were disposed of.
Transaction costs incurred in connection with the business
combination are expensed. Provisional fair values are finalised within
12 months of the acquisition date.
Goodwill in respect of subsidiaries and joint operations is included
within intangible assets. Goodwill relating to associates and joint
ventures is included within the carrying value of the investment.
Where the fair value of the identifiable net assets acquired exceeds
the cost of the acquisition, the surplus, which represents the discount
on the acquisition, is\u00a0recognised directly in the income statement in the
period of acquisition.
For non-wholly owned subsidiaries, non-controlling interests are
initially recorded at the non-controlling interests\u2019 proportion of the fair
values of net assets recognised at acquisition.
Impairment of goodwill, intangible assets and property, plant and
equipment
Goodwill arising on business combinations is allocated to the group of
cash generating units (CGUs) that is expected to benefit from
synergies of the combination, and represents the lowest level at which
goodwill is monitored by\u00a0the Group\u2019s Board of directors for internal
management purposes. The recoverable amount of the CGU, or group
of CGUs, to which goodwill has been allocated is tested for impairment
annually, or when events or changes in circumstances indicate that it
may be impaired.
Any impairment loss is recognised immediately in the income
statement. Impairment of goodwill is not subsequently reversed.
At each reporting date, the Group reviews the carrying amounts of its
property, plant and equipment and intangible assets to determine
whether there is any indication that those assets are impaired. If such
an indication exists, the recoverable amount of the asset is estimated
in order to determine the extent of\u00a0any impairment. Where the asset
does not generate cash flows that are independent from other assets,
the Group estimates the recoverable amount of\u00a0the CGU to which the
asset belongs. An intangible asset with an indefinite useful life is tested
for impairment annually and whenever there is an indication that the
asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal
and value in use (VIU) assessed using discounted cash flow models,
as explained in note 7. In assessing VIU, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less
than its\u00a0carrying amount, the carrying amount of the asset or CGU is
reduced to\u00a0its\u00a0recoverable amount. An impairment loss is recognised in
the income\u00a0statement.
Where an impairment loss subsequently reverses, the carrying amount
of the asset or CGU is increased to the revised estimate of its
recoverable amount, to the extent that the increased carrying amount
does not exceed the carrying amount that would have been
determined had no impairment been recognised for the asset or CGU.
A reversal of an impairment loss is recognised in the income
statement.
In addition, in making assessments for impairment, management
necessarily applies its judgement in allocating assets, including
goodwill, that do not generate independent cash inflows to
appropriate CGUs.
Subsequent changes to the CGU allocation, to the timing of cash flows
or to the assumptions used to determine the cash flows could impact
the carrying value of the respective assets.
Non-mining licences and other intangible assets
Non-mining licences and other intangible assets are measured at cost
less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired as part of an acquisition of a business are
capitalised separately from goodwill if the asset is separable or arises
from contractual or legal rights and the fair value can be measured
reliably on initial recognition. Intangible assets are amortised over their
estimated useful lives, usually between 3 and 20 years, except
goodwill and those intangible assets that are considered to have
indefinite lives. For intangible assets with a finite life, the amortisation
period is determined as the period over which the Group expects to
obtain benefits from the asset, taking account of all relevant facts and
circumstances including contractual lives and expectations about the
renewal of contractual arrangements without significant incremental
costs. An intangible asset is deemed to have an indefinite life when,
based on an analysis of all of the relevant factors, there is no
foreseeable limit to the period over which the asset is expected to
generate cash flows for the Group. Indefinite lived intangible assets
are principally brands for which there is global recognition with
no\u00a0foreseeable timeframe of expected contribution that the Group
is\u00a0continuing to invest and actively market. Amortisation methods,
residual values and estimated useful lives are reviewed at
least\u00a0annually.
Deferred stripping
The removal of rock or soil overlying a mineral deposit, overburden and
other waste materials is often necessary during the initial development
of an open pit mine site, in order to access the orebody. The process of
removing overburden and other mine waste materials is referred to as
stripping. The directly attributable cost of this activity is capitalised in
full within \u2018Mining properties \u2013 owned\u2019, until the point at which the mine
is considered to be capable of operating in the manner intended by
management. This is classified as growth or life-extension capital
expenditure, within investing cash flows.
The removal of waste material after the point at which depreciation
commences is referred to as production stripping. When the waste
removal activity improves access to ore extracted in the current period,
the costs of production stripping are charged to the income statement
as operating costs in accordance with the principles of IAS 2
Inventories.
Other items
39. Accounting policies continued
Where production stripping activity both produces inventory and
improves access to ore in future periods the associated costs of waste
removal are allocated between the two elements. The portion that
benefits future ore extraction is capitalised within \u2018Mining properties \u2013
owned\u2019. This is classified as stripping and development capital
expenditure, within investing cash flows. If\u00a0the amount to be
capitalised cannot be specifically identified it is determined based on
the volume of waste extracted compared with expected volume for
the identified component of the orebody. This determination is
dependent on an\u00a0individual mine\u2019s design and Life of Asset Plan and
therefore changes to the\u00a0design or Life of Asset Plan will result in
changes to these estimates. Identification of the components of a
mine\u2019s orebody is made by reference to the Life of Asset Plan. The
assessment depends on a range of factors including each mine\u2019s
specific operational features and materiality.
In certain instances significant levels of waste removal may occur
during the production phase with little or no associated production.
This may occur at both open pit and underground mines, for example
longwall development.
The cost of this waste removal is capitalised in full to \u2018Mining properties
\u2013 owned\u2019.
All amounts capitalised in respect of waste removal are depreciated
using the unit of production method for the component of the orebody
to which they relate, consistent with depreciation of property, plant and
equipment.
The effects of changes to the Life of Asset Plan on the expected cost of
waste removal or remaining Ore Reserves for a component are
accounted for prospectively as a change in estimate.
Property, plant and equipment
Property, plant and equipment is stated at cost, less accumulated
depreciation and accumulated impairment losses. Cost is the fair
value of consideration required to acquire and develop the asset and
includes the purchase price, acquisition of mineral rights, costs directly
attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by
management, the initial estimate of any decommissioning obligation
and, for assets that take a substantial period of time to get ready for
their intended use, borrowing costs. Revenue and costs arising from
assets before they are capable of operating in the manner intended by
management are recognised in the income statement.
Gains or losses on disposal of property, plant and equipment are
determined by comparing the net proceeds from disposal with the
carrying amount. The gain or loss is recognised in the income
statement.
Depreciation of property, plant and equipment
Mining properties are depreciated to their residual values using the unit
of production method based on Proved and Probable Ore Reserves
and, in certain limited circumstances, other Mineral Resources included
in the Life of\u00a0Asset Plan. These other Mineral Resources are included in
depreciation calculations where, taking into account historical rates of
conversion to Ore Reserves, there is a high degree of confidence that
they will be extracted in an economic manner. This is the case
principally for diamond operations, where depreciation calculations
are based on Diamond Reserves and Diamond Resources included in
the Life of Asset Plan. This reflects the unique nature of diamond
deposits where, due to the difficulty in estimating grade, Life of Asset
Plans frequently include significant amounts of Inferred Resources.
Buildings and items of plant and equipment for which the consumption
of economic benefit is linked primarily to utilisation or to throughput
rather than production, are depreciated to their residual values at
varying rates on a straight-line basis over their estimated useful lives,
or the Reserve Life, whichever is shorter. Estimated useful lives
normally vary from up to 20 years for\u00a0items of plant and equipment to
a\u00a0maximum of 50 years for buildings. Under limited circumstances,
items of plant and equipment may be depreciated over a\u00a0period that
exceeds the Reserve Life by taking into account additional Mineral
Resources other than Proved and Probable Reserves included in the
Life of Asset Plan, after making allowance for expected production
losses based on historical rates of Mineral Resource to Ore Reserve
conversion.
\u2018Capital works in progress\u2019 are measured at cost less any recognised
impairment. Depreciation commences when the assets are capable of
operating in the manner intended by management, at which point they
are transferred to the appropriate asset class.
Land is not depreciated.
When parts of an item of property, plant and equipment have different
useful lives, they are accounted for as separate items (major
components).
Depreciation methods, residual values and estimated useful lives are
reviewed at least annually.
Leased right-of-use assets
Leased right-of-use assets are included within property, plant and
equipment, and on inception of the lease are recognised at the
amount of the corresponding lease liability, adjusted for any lease
payments made at or before the lease commencement date, plus any
direct costs incurred and an estimate of costs for dismantling,
removing, or restoring the underlying asset and less any lease
incentives\u00a0received.
The right-of-use asset is depreciated on a straight-line basis over the
term of the lease, or, if shorter, the useful life of the asset. The useful
lives of right-of-use assets are estimated on the same basis as those
of owned property, plant and\u00a0equipment.
Financial assets
Investments, other than investments in subsidiaries, joint arrangements
and associates, are financial asset investments and are initially
recognised at fair value. The Group\u2019s financial assets are classified into
the following measurement categories: debt instruments at amortised
cost, equity instruments and debt instruments designated at fair value
through other comprehensive income (OCI), and debt instruments,
derivatives and equity instruments at fair value through profit and loss.
Financial assets are classified as at amortised cost only if the asset is
held within a business model whose objective is to collect the
contractual cash flows and the contractual terms of the asset give rise
to cash flows that are solely payments of principal and interest.
At subsequent reporting dates, financial assets at amortised cost are
measured at amortised cost less any impairment losses. Other
investments are classified as either at fair value through profit or loss
(which includes investments held for trading) or at fair value through
OCI. Both categories are subsequently measured at fair value. Where
investments are held for trading purposes, unrealised gains and losses
for the period are included in the income statement within other gains
and losses.
The Group has elected to measure equity instruments, which are
neither held for trading nor are contingent consideration in a business
combination, at fair value through OCI as this better reflects the
strategic nature of the Group\u2019s equity investments. For equity
instruments at fair value through OCI, changes in fair value, including
those related to foreign exchange, are recognised in other
comprehensive income and there is no subsequent reclassification of
fair value gains and losses to profit or loss.
Other items
39. Accounting policies continued
Impairment of financial assets
A financial asset not measured at fair value through profit or loss is
assessed at each reporting date to determine whether there is any
objective evidence that it is impaired. The Group assesses on a
forward-looking basis the expected credit losses, defined as the
difference between the contractual cash flows and the cash flows
that\u00a0are expected to be received, associated with its assets carried
at\u00a0amortised cost and fair value through OCI. The impairment
methodology applied depends on whether there has been a
significant increase in credit risk. For trade receivables only, the
simplified approach permitted by IFRS 9 is applied, which requires
expected lifetime losses to be recognised from initial recognition of
the\u00a0receivables.
Losses are recognised in the income statement. When a subsequent
event causes the amount of impairment loss to decrease, the
decrease in impairment loss is reversed through the income statement.
Impairment losses relating to equity instruments at fair value through
OCI are not reported separately from other changes in fair\u00a0value.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when the right to receive cash flows
from the\u00a0asset has expired, the right to receive cash flows has been
retained but an obligation to on-pay them in full without material delay
has been assumed or the\u00a0right to receive cash flows has been
transferred together with substantially all the risks and rewards of
ownership.
Financial liabilities are derecognised when the associated obligation
has been discharged, cancelled or has expired.
Environmental restoration and decommissioning obligations
An obligation to incur environmental restoration, rehabilitation and
decommissioning costs arises when disturbance is caused by the
development or ongoing production of a mining asset. Costs for
restoration of site damage, rehabilitation and environmental costs are
estimated using either the work of external consultants or internal
experts. Such costs arising from the decommissioning of plant and
other site preparation work, discounted to their net present value, are
provided for and capitalised at the start of each project, as soon as the
obligation to incur such costs arises.
These costs are recognised in the income statement over the life of the
operation, through the depreciation of the asset and the unwinding of
the discount on the provision. Costs for restoration of subsequent site
damage which is created on an ongoing basis during production are
provided for at their\u00a0net present values and recognised in the income
statement as ore extraction\u00a0progresses.
The amount recognised as a provision represents management\u2019s best
estimate of the consideration required to complete the restoration and
rehabilitation activity, the application of the relevant regulatory
framework and timing of expenditure. These estimates are inherently
uncertain and could materially change over time. Changes in the
measurement of a liability relating to the decommissioning of plant or
other site preparation work (that result from changes in the estimated
timing or amount of the cash flow or a change in the discount rate), are
added to or deducted from the cost of the related asset in the current
period. If a decrease in the liability exceeds the carrying amount of the
asset, the excess is recognised immediately in the income statement.
If\u00a0the asset value is increased and there is an indication that the
revised carrying value is not recoverable, an impairment test is
performed in accordance with the accounting policy set out above.
For some South African operations annual contributions are made to
dedicated environmental rehabilitation trusts to fund the estimated
cost of rehabilitation during and at the end of the life of the relevant
mine. The Group exercises full control of these trusts and therefore the
trusts are consolidated. The trusts\u2019 assets are disclosed separately on
the balance sheet as non-current assets.
The trusts\u2019 assets are measured based on the nature of the underlying
assets in\u00a0accordance with accounting policies for similar assets.
E. Working capital
Inventories
Inventory and work in progress are measured at the lower of cost and
net realisable value, except for inventory held by commodity broker-
traders which is\u00a0measured at fair value less costs to sell and are
disclosed separately to the extent that they are material. The
production cost of inventory includes an appropriate proportion of
depreciation and production overheads. Cost is determined on the
following basis:
\u2013Raw materials and consumables are measured at cost on a first in,
first out (FIFO) basis or a weighted average cost basis
\u2013Work in progress and finished products are measured at raw
material cost, labour cost and a proportion of production overhead
expenses
\u2013Metal and coal stocks are included within finished products and are
measured at average cost.
At precious metals operations that produce \u2018joint products\u2019, cost is
allocated among precious metal products according to production
volumes.
Inventory is recognised as a current asset where it is expected to be
consumed in the next 12 months. Stockpiles are classified as non-
current where stockpiles are not expected to be processed in the next
12 months and there is no market to sell the product in its current state.
Metal leasing
Where the Group enters into metal leasing arrangements and metal is
received or provided to counterparties for a specific period of time in
return for a lease fee, consideration is given to the purpose of the
arrangement and whether control of the metal inventory has been
transferred.
Key considerations in this assessment include whether the lessee has
a practical ability to use the commodity and whether price risk has
been transferred.
Where control of the inventory has been transferred to the
counterparty, inventory is derecognised and a financial receivable is
recorded for the future receipt of metal. The financial receivable forms
part of trade and other receivables where the purpose of the
arrangement is to generate a trading margin and is otherwise
presented within financial asset investments.
Where the Group receives control of inventory as a result of a lease
arrangement, inventory is recognised and a payable is recorded to
reflect the future return obligation. This liability forms part of trade and
other payables where the purpose of the arrangement is to generate
a\u00a0trading margin or manage physical delivery requirements and is
otherwise presented within financing liabilities.
Where control of the inventory is not transferred, the arrangement has
no impact on the value of inventory recorded.
Other items
39. Accounting policies continued
F. Net debt and financial risk management
Cash and debt
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and on demand
deposits, together with short term, highly liquid investments that are
readily convertible to a known amount of cash and that are subject to
an insignificant risk of changes in value. Initial margin relating to the
Group\u2019s commodity trading activities is presented within cash and
cash equivalents as the terms of the agreement allow the Group to
request closure of the open positions and return of the margin within
three days. Bank overdrafts are shown within short term borrowings in
current liabilities on the balance sheet.
Cash and cash equivalents in the cash flow statement are shown net
of overdrafts. Cash and cash equivalents are measured at amortised
cost except for money market fund investments which are held at fair
value as they are redeemed through the sale of units in the funds and
not solely through the recovery of principal and interest.
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified and
accounted for as debt or equity according to the substance of the
contractual arrangements entered into.
Borrowings
Interest bearing borrowings and overdrafts are initially recognised at
fair value, net of directly attributable transaction costs. Finance
charges, including premiums payable on settlement or redemption
and direct issue costs, are recognised in the income statement using
the effective interest method. They are added to the carrying amount
of the instrument to the extent that they are not settled in the period in
which they arise.
Where interest or principal payments are linked to non-financial ESG
targets, the best estimate of the future payment is included in the
calculation of the effective interest rate at inception. If this best
estimate changes in subsequent periods, the carrying value of the
borrowing is adjusted to reflect the revised forecast, discounted using
the effective interest rate determined at inception and any resulting
gain or loss is recognised in the income statement.
Lease liabilities
Lease liabilities recognised on balance sheet are recognised within
borrowings, and with the exception of variable vessel leases are
recognised as part of net debt. On inception, the lease liability is
recognised as the present value of the expected future lease
payments, calculated using the Group\u2019s incremental borrowing rate,
adjusted to reflect the length of the lease and country of location. For
a\u00a0minority of leases where it is possible to determine the interest rate
implicit in the lease, it is used in place of the Group\u2019s incremental
borrowing rate.
Lease payments included in the lease liability consist of each of the
following:
\u2013Fixed payments, including in-substance fixed payments
\u2013Payments whose variability is dependent only upon an index or
a\u00a0rate, measured initially using the index or rate at the lease
commencement date. The lease liability is revalued when there is a
change in future lease payments arising from a change in an index
or rate
\u2013Any amounts expected to be payable under a guarantee of residual
value
\u2013The exercise price of a purchase option that the Group is reasonably
certain to exercise, the lease payments after the date of a renewal
option if the Group is reasonably certain to exercise its option to
renew the lease, and penalties for exiting a lease agreement unless
the Group is reasonably certain not to exit the lease early.
Variable leasing costs (other than those referred to above) and the
costs of non-lease components are not included in the lease liability
and are charged to operating costs in underlying EBITDA as they
are\u00a0incurred.
The lease liability is measured at amortised cost using the effective
interest method. It is remeasured when there is a change to the
forecast lease payments. When the lease liability is remeasured, an
adjustment is made to the corresponding right-of-use asset.
Derivative financial instruments and hedge accounting
In order to hedge its exposure to foreign exchange, interest rate and
commodity price risk, the Group enters into forward, option and swap
contracts. Commodity based (own use) contracts that meet the scope
exemption in IFRS 9 are recognised in earnings when they are settled
by physical delivery. Commodity contracts which do not meet the own
use criteria are accounted for as derivatives.
All derivatives are held at fair value in the balance sheet within
\u2018Derivative financial assets\u2019 or \u2018Derivative financial liabilities\u2019 except if
they are linked to settlement and delivery of an unquoted equity
instrument and the fair value cannot be measured reliably, in which
case they are carried at cost. A derivative cannot be measured reliably
where the range of reasonable fair value estimates is significant and
the probabilities of various estimates cannot be reasonably assessed.
Derivatives are classified as current or non-current depending on the
contractual maturity of\u00a0the derivative.
Changes in the fair value of derivative financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognised directly in equity. The gain or loss relating to
the ineffective portion is recognised immediately in the income
statement. If the cash flow hedge of a firm commitment or forecast
transaction results in the recognition of a non-financial asset or liability,
then, at the time the asset or liability is recognised, the associated
gains or losses on the derivative that had previously been recognised
in equity are included in the initial measurement of the asset or liability.
For hedges that do not result in the recognition of a non-financial asset
or liability, amounts deferred in equity are recognised in the income
statement in\u00a0the same period in which the hedged item affects profit
or\u00a0loss.
For an effective hedge of an exposure to changes in fair value, the
hedged item is adjusted for changes in fair value attributable to the risk
being hedged. The corresponding entry and gains or losses arising
from remeasuring the associated derivative are recognised in the
income statement within financing remeasurements.
Hedge effectiveness is determined at the inception of the hedge
relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between
the hedged item and hedging instrument. The Group\u2019s material
hedging instruments are interest rate swaps that have similar critical
terms to the related debt instruments, such as payment dates,
maturities and notional amount. As all critical terms matched during
the year, there was no material hedge ineffectiveness. The Group also
uses cross currency swaps to manage foreign exchange risk
associated with borrowings denominated in foreign currencies. These
are not designated in an accounting hedge as there is a natural offset
against foreign exchange movements on associated borrowings.
The Group has designated the embedded derivative component of
the royalty liability (see note 22) as a cash flow hedge of future
revenue cash flows from the Woodsmith project. In future periods,
assuming the hedge remains effective, fair value derivative gains and
losses as a result of changing forecast price and production forecasts
will be recorded within other comprehensive income and recycled to
revenue as the related revenue is recognised.
Other items
39. Accounting policies continued
Hedge accounting is discontinued when the hedging instrument
expires or is\u00a0sold, terminated, exercised, revoked, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the
hedging instrument recognised in equity is retained until the forecast
transaction occurs. If a hedge transaction is no longer expected to
occur, the net cumulative gain or loss previously recognised in equity is
recycled to the income statement for the\u00a0period.
Changes in the fair value of any derivative instruments that are not
designated in\u00a0a hedge relationship are recognised immediately in the
income\u00a0statement.
Derivatives embedded in other financial instruments or non-financial
host contracts (other than financial assets in the scope of IFRS 9) are
treated as separate derivatives when their risks and characteristics are
not closely related to those of their host contracts and the host
contracts themselves are not carried at fair value with unrealised gains
or losses reported in the income\u00a0statement.
Derivatives embedded in contracts which are financial assets in the
scope of IFRS 9 are not separated and the whole contract is
accounted for at either amortised cost or fair value.
Interest Rate Benchmark Reform: IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures
The Group uses interest rate derivatives to swap the majority of its
Euro, Sterling and US dollar bonds from fixed interest rates to EURIBOR,
SONIA, USD LIBOR and SOFR respectively. Any non-USD interest rate
derivatives are swapped to USD LIBOR or SOFR using cross currency
interest rate swaps which are not designated into hedges. The interest
rate derivatives are designated into fair value hedges.
USD LIBOR is expected to be replaced by alternative risk-free rates as
part of inter-bank offer rate (IBOR) reform.
The Group is continuing its transition to incorporate alternative risk-free
rates and the principal benchmarks used are EURIBOR, USD LIBOR
and RFR. The Group is continuing to monitor the market and discussing
the potential changes with its counterparties in order to effectively
transition to alternative risk-free rates. During the year, the Group has
adhered to International Swaps and Derivative Association (ISDA)
fallback protocol to ensure appropriate rates may be applied
to\u00a0relevant derivative instruments on cessation in the event transition
to alternative risk-free rates is not completed in advance of cessation.
The Group does not hold any material lease agreements that contain
references to existing benchmarks and as a result there is no
material\u00a0impact on the lease liabilities or right-of-use assets at
31\u00a0December 2022.
See note 22 for a summary of the Group\u2019s current transition of financial
instruments to alternative risk-free rates.
See note 21 for a list of the Group\u2019s Euro, Sterling and US dollar bonds
which in\u00a0turn reflects the nominal amount of the hedging instruments
for those bonds which have been hedged.
G. Taxation
Tax
The tax expense includes the current tax and deferred tax charge
recognised in\u00a0the income statement.
Current tax payable is based on taxable profit for the year. Taxable
profit differs from profit before tax as reported in the income statement
because it excludes items of\u00a0income or expense that are taxable or
deductible in other years and it further excludes items that are not
taxable or deductible. The Group\u2019s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by
the reporting date.
Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial
reporting purposes and the\u00a0amounts used for taxation purposes.
Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Probable
taxable profits are based on evidence of historical profitability and
taxable profit forecasts limited by reference to the criteria set out in
IAS\u00a012 Income Taxes. Such assets and liabilities are not recognised if
the temporary differences arise from the initial recognition of goodwill
or of an asset or liability in a transaction (other than in a business
combination) that affects neither taxable profit nor accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, joint arrangements
and associates except where the Group is able to control the reversal
of the temporary difference and it is probable that the temporary
difference will not reverse in\u00a0the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and is adjusted to the extent that it is no longer probable
that sufficient\u00a0taxable profit will be available to allow all or part of the
asset to be\u00a0recovered.
Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on
the laws that have been enacted or substantively enacted by the
reporting date. Deferred tax is charged or credited to the income
statement, except when it relates to items charged or credited directly
to equity, in which case the deferred tax is also taken directly to equity.
Deferred tax assets and liabilities are offset when they relate to income
taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis with that
taxation authority.
H. Employees
Retirement benefits
The Group\u2019s accounting policy involves the use of \u2018best estimate\u2019
assumptions in calculating the schemes\u2019 valuations in accordance
with the accounting standard. This valuation methodology differs from
that applied in\u00a0calculating the funding valuations, which require the
use of \u2018prudent\u2019 assumptions, such as lower discount rates, higher
assumed rates of future inflation expectations and greater
improvements in life expectancy, leading to a higher value placed on
the liabilities. The funding valuations are carried out every three years,
using the projected unit credit method, by independent qualified
actuaries and are used to determine the money that must be put into
the funded schemes. The Group operates both defined benefit and
defined contribution pension plans for its employees as well as post
employment medical plans. For defined contribution plans the amount
recognised in the income statement is the contributions paid or
payable during the year.
For defined benefit pension and post employment medical plans, full
actuarial valuations are carried out at least every three years using the
projected unit credit method and updates are performed for each
financial year end. The average discount rate for the plans\u2019 liabilities is
based on AA rated corporate bonds of a suitable duration and
currency or, where there is no deep market for such bonds, is based on
government bonds. Pension plan assets are measured using year end
market values.
Other items
39. Accounting policies continued
Remeasurements comprising actuarial gains and losses, movements
in asset surplus restrictions and the return on scheme assets
(excluding interest income) are recognised immediately in the
statement of comprehensive income and are not recycled to the
income statement. Any increase in the present value of plan liabilities
expected to arise from employee service during the year is charged to
operating profit. The net interest income or cost on the net defined
benefit asset or liability is included in investment income or interest
expense respectively.
The retirement benefit obligation recognised on the balance sheet
represents the present value of the deficit or surplus of the defined
benefit plans. Any recognised surplus is limited to the present value of
available refunds or reductions in future contributions to the plan.
Share-based payments
The Group makes equity settled share-based payments to certain
employees, which are measured at fair value at the date of grant and
expensed on a straight-line basis over the vesting period, based on the
Group\u2019s estimate of shares that will eventually vest. For those share
schemes with market related vesting conditions, the fair value is
determined using the Monte Carlo model at the grant date. The fair
value of share options issued with non-market vesting conditions has
been calculated using the Black Scholes model.
For all other share awards, the fair value is determined by reference to
the market value of the shares at the grant date. For all share schemes
with non-market vesting conditions, the likelihood of vesting has been
taken into\u00a0account when determining the relevant charge. Vesting
assumptions are\u00a0reviewed during each reporting period to ensure they
reflect current\u00a0expectations.
I. Group structure
Associates and joint arrangements
Associates are investments over which the Group has significant
influence, which is the power to participate in the financial and
operating policy decisions of the investee, but without the ability to
exercise control or joint control. Typically the Group owns between
20% and 50% of the voting equity of its\u00a0associates.
Joint arrangements are arrangements in which the Group shares joint
control with one or more parties. Joint control is the contractually
agreed sharing of control of an arrangement, and exists only when
decisions about the activities that significantly affect the
arrangement\u2019s returns require the unanimous consent of the parties
sharing control.
Judgement is required in determining this classification through an
evaluation of the facts and circumstances arising from each individual
arrangement. Joint arrangements are classified as either joint
operations or joint ventures based on the rights and obligations of the
parties to the arrangement. In joint operations, the parties have rights
to the assets and obligations for the liabilities relating to the
arrangement, whereas in joint ventures, the parties have rights to the
net assets of the arrangement.
Joint arrangements that are not structured through a separate vehicle
are always joint operations. Joint arrangements that are structured
through a separate vehicle may be either joint operations or joint
ventures depending on the substance of the arrangement. In these
cases, consideration is given to the legal form of the separate vehicle,
the terms of the contractual arrangement and, when relevant, other
facts and circumstances. When the activities of an arrangement are
primarily designed for the provision of output to the parties, and the
parties are substantially the only source of cash flows contributing
to\u00a0the continuity of the operations of the arrangement, this indicates
that the parties to the arrangements have rights to the assets and
obligations for the\u00a0liabilities.
Certain joint arrangements that are structured through separate
vehicles including Collahuasi, Debswana and Namdeb are accounted
for as joint operations. These arrangements are primarily designed for
the provision of output to the parties sharing joint control, indicating
that the parties have rights to substantially all the economic benefits of
the assets. The liabilities of the arrangements are in substance
satisfied by cash flows received from the parties; this dependence
indicates that the parties effectively have obligations for the liabilities.
It is primarily these facts and circumstances that give rise to the
classification as joint operations.
The Group accounts for joint operations by recognising the assets,
liabilities, revenue and expenses for which it has rights or obligations,
including its share of such items held or incurred jointly.
Investments in associates and joint ventures are accounted for using
the equity method of accounting except when classified as held for
sale. The Group\u2019s share of associates\u2019 and joint ventures\u2019 net income is
based on their most recent audited financial statements or unaudited
interim statements drawn up to\u00a0the Group\u2019s balance sheet date.
The total carrying values of investments in associates and joint
ventures represent the cost of each investment including the carrying
value of goodwill, the share of post-acquisition retained earnings, any
other movements in reserves and any long term debt interests which in
substance form part of the Group\u2019s net investment, less any cumulative
impairments. The carrying values of associates and joint ventures are
reviewed on a regular basis and if there is objective evidence that an
impairment in value has occurred as a result of one or more events
during the period, the investment is impaired. Investments which have
been previously impaired are regularly reviewed for indicators of
impairment reversal.
The Group\u2019s share of an associate\u2019s or joint venture\u2019s losses in excess
of its interest in that associate or joint venture is not recognised unless
the Group has an obligation to fund such losses. Unrealised gains
arising from transactions with associates and joint ventures are
eliminated against the investment to the extent of the Group\u2019s interest
in the investee. Unrealised losses are eliminated in the same way, but
only to the extent that there is no evidence of impairment.
Non-current assets and disposal groups held for sale
Non-current assets and disposal groups are classified as held for sale
if their carrying amount will be recovered through a sale transaction
rather than through continuing use. This condition is met only when a
sale is highly probable within\u00a0one year from the date of classification,
management is committed to the\u00a0sale and the asset or disposal group
is available for immediate sale in its present condition.
Non-current assets and disposal groups are classified as held for sale
from the\u00a0date these conditions are met and are measured at the lower
of carrying amount and fair value less costs to sell. Any resulting
impairment loss is recognised in the income statement.
On classification as held for sale the assets are no longer depreciated.
Comparative amounts are not adjusted.
Black Economic Empowerment (BEE) transactions
Where the Group disposes of a portion of a South African based
subsidiary or\u00a0operation to a BEE company at a discount to fair value,
the transaction is considered to be a share-based payment (in line
with the principle contained in\u00a0South Africa interpretation AC 503
Accounting for Black Economic Empowerment (BEE) Transactions).
The discount provided or value given is calculated in accordance with
IFRS 2 Share-based Payments and the cost, representing the fair value
of the BEE credentials obtained by the subsidiary, is recorded in the
income statement.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-502": { "value": "
A. Basis of preparation
Basis of preparation
The financial statements have been prepared in accordance with the
requirements of the Companies Act 2006, UK-adopted International
Accounting Standards and those parts of the Companies Act 2006
applicable to companies reporting under those standards and the
requirements of the Disclosure and Transparency rules of the Financial
Conduct Authority in the United Kingdom as applicable to periodic
financial reporting. The financial statements have been prepared
under the historical cost convention as modified by the revaluation of
pension assets and liabilities and certain financial instruments. A
summary of\u00a0the principal Group accounting policies is set out below.
The preparation of financial statements in conformity with generally
accepted accounting principles requires the use of estimates and
assumptions that affect the reported amounts of assets and liabilities
at the date of the financial statements and the reported amounts of
revenues and expenses during the reporting period. Although these
estimates are based on management\u2019s best knowledge of the
amount, event or actions, actual results ultimately may differ from
those estimates.
The Group\u2019s results are presented in US dollars, the currency in which
its business is primarily conducted.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-503": { "value": "
Changes in accounting policies, estimates and disclosures
The accounting policies applied are consistent with those adopted
and\u00a0disclosed in the Group financial statements for the year ended
31\u00a0December\u00a02021 with the exception of the adoption of an
amendment to IAS 16 Proceeds before intended use. New accounting
pronouncements, principally minor amendments to existing standards,
also became effective on 1 January 2022 and have been adopted by
the Group. The adoption of these new accounting pronouncements
has not had a significant impact on the accounting policies, methods
of computation or presentation applied by the Group.
IAS 16 Property, Plant and Equipment: Proceeds before
intended\u00a0use
An amendment to IAS 16 Proceeds before intended use became
effective for the Group from 1 January 2022.
The amendment prohibits an entity from deducting from the cost of an
item of property, plant and equipment any proceeds received from
selling items produced while the entity is preparing the asset for its
intended use. The proceeds from selling these items, and the
associated costs will be recognised in the income statement. IAS 2
Inventories should be applied in identifying and measuring the cost of
these items.
The impact of this transition difference for the year ended
31\u00a0December 2021 is not considered material to the Group and hence
comparative values have not been restated.
The Group\u2019s Quellaveco copper project is the most significant project
impacted by the amendment to IAS 16 during 2022. All production
and sales from Quellaveco in 2022 arose before commercial
production is achieved, and as a result revenue of $608 million and
associated costs of $289 million that would previously have been
capitalised against project assets were recognised in the
Consolidated income statement. The impact of adopting the
amendment did not have a material impact on any other operation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-504": { "value": "
Going concern
The financial position of the Group, its cash flows, liquidity position and
borrowing facilities are set out in the Group financial review on pages
80\u201383. Further details of our policy on financial risk management are
set out in note\u00a023 to the financial statements on pages 252\u2013254. The
Group\u2019s net debt\u00a0(including related hedges) at 31\u00a0December 2022
was $6.9 billion (2021: $3.8 billion), representing a gearing level of
17% (2021: 10%). The Group\u2019s liquidity position (defined as cash and
undrawn committed facilities) of $16.1\u00a0billion at 31\u00a0December 2022
remains strong. Details of borrowings and facilities are set out in
note\u00a021 and note 23 on pages 246 and 252-254 respectively, and net
debt is set out in note 20 on page 245.
The directors have considered the Group\u2019s cash flow forecasts for the
period to the end of December 2024 under base and downside
scenarios with reference to the Group\u2019s principal risks as set out within
the Group Viability Statement on pages 67 and 68. In the downside
scenario modelled (including price reductions of up to 30% against
budget and operational incidents), the Group maintains sufficient
liquidity throughout the period of assessment without the use of
mitigating actions.
The Board is satisfied that the Group\u2019s forecasts and projections,
taking account of reasonably possible changes in trading
performance, show that the Group will be able to operate within the
level of its current facilities for the period of at least 12 months from the
date of approval of the financial statements. For this reason the
Group\u00a0continues to adopt the going concern basis in preparing its
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-505": { "value": "
Foreign currency transactions and translation
Foreign currency transactions by Group companies are recognised in
the functional currencies of the companies at the exchange rate ruling
on the date of the transaction. At each reporting date, monetary assets
and liabilities that are denominated in foreign currencies are
retranslated at the rates prevailing on the reporting date. Gains and
losses arising on retranslation are included in the income statement for
the period and are classified in the income statement according to the
nature of the monetary item giving rise to them.
Non-monetary assets and liabilities that are measured in terms of
historical cost\u00a0in a foreign currency are translated using the exchange
rate at the date of\u00a0the transaction.
On consolidation, the assets and liabilities of the Group\u2019s foreign
operations are translated into the presentation currency of the Group
at exchange rates prevailing on the reporting date. Income and
expense items are translated at the average exchange rates for the
period where these approximate the rates at the dates of the
transactions. Any exchange differences arising are classified within the
statement of comprehensive income and transferred to the Group\u2019s
cumulative translation adjustment reserve. Exchange differences on
foreign currency balances with foreign operations for which settlement
is neither planned nor likely to occur in the foreseeable future, and
therefore form part of\u00a0the Group\u2019s net investment in these foreign
operations, are offset in the cumulative translation adjustment reserve.
Cumulative translation differences are recycled from equity and
recognised as income or expense on disposal of the operation to
which they relate.
Goodwill and fair value adjustments arising on the acquisition of
foreign entities are treated as assets of the foreign entity and
translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-506": { "value": "
Revenue recognition
Revenue from contracts with customers is recognised in a manner that
depicts the pattern of the transfer of\u00a0goods and services to customers.
The amount recognised reflects the amount to which the Group
expects to be entitled in exchange for those goods and services. Sales
contracts are evaluated to determine the performance obligations, the
transaction price and the point at which there is transfer of control. The
transactional price is the amount of consideration due in exchange for
transferring the promised goods or services to the customer, and is
allocated against the performance obligations and recognised in
accordance with whether control is recognised over a defined period
or at a specific point in\u00a0time.
Revenue is derived principally from commodity sales. A sale is
recognised when control has been transferred. This is usually when
title and insurance risk have passed to the customer and the goods
have been delivered to a contractually agreed location. Revenue from
contracts with customers is measured at the fair value of consideration
received or receivable as at the date control is transferred, after
deducting discounts, volume rebates, value added tax and other sales
taxes. Sales of metal concentrate are stated at their invoiced amount
which is net of treatment and refining charges.
Sales of certain commodities are provisionally priced such that the
price is not settled until a predetermined future date and is\u00a0based on
the market price at that time or a specified period to that date. These
sales are marked to market at\u00a0each reporting date using the forward
price for the period equivalent to that outlined in the contract. Revenue
on provisionally priced sales is recognised with reference to the
forward market price when control passes to the customer and is
classified as revenue from contracts with customers. Subsequent
mark-to-market adjustments are recognised in revenue from
other\u00a0sources.
Revenues from the sale of material by-products are recognised within
revenue from contracts with customers at the point control passes.
Where a by-product is not regarded as significant, revenue may be
credited against operating costs.
Physically-settled contracts relating to the purchase and sale of
material produced by third parties (third-party sales) are presented on
a net basis within revenue from other sources where these contracts
are entered into and managed collectively to generate a trading
margin as part of the Group\u2019s Marketing business and are accounted
for as derivatives prior to settlement. This includes third-party material
purchased for blending activities conducted to benefit from short term
pricing differentials (usually of less than twelve months). The sale and
purchase of third-party material to mitigate shortfalls in the Group\u2019s
own production are shown on a gross basis with sales reported within
revenue from contracts with customers as such contracts are used to
maintain customer relationships and fulfil physical sale commitments
rather than to generate a trading margin.
Where the Group enters into commodity sale or purchase agreements
in the course of its commodity trading activities in which the seller has
a right to repurchase, consideration is given to whether the risks and
rewards of ownership have been transferred as a result of the sale.
This assessment is made with reference to the criteria in IFRS 9
Financial Instruments. Key considerations in this assessment include
whether the purchaser has a practical ability to use the commodity
and whether price risk has been transferred.
Where risks and rewards have been transferred, the sale or purchase
contract is accounted for separately from the repurchase obligation
(which is recorded as a derivative financial instrument). Where risks
and rewards have not been transferred or the arrangements do not
relate to the Group\u2019s commodity trading activities, any consideration
received or paid is recorded as a liability or asset as appropriate and
no adjustment is made to revenue or inventory.
Revenue from services is recognised over time in line with the policy
above. For\u00a0contracts which contain separate performance obligations
for the sale of commodities and the provision of freight services, the
portion of the revenue representing the obligation to perform the
freight service is deferred and recognised over time as the obligation is
fulfilled. In situations where the Group is acting as an agent, amounts
billed to customers are offset against the relevant costs.
Interest income is accrued on a time basis, by reference to the
principal outstanding and at the effective interest rate applicable.
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-507": { "value": "
Exploration and evaluation expenditure
Exploration and evaluation expenditure is expensed in the year in
which it is\u00a0incurred.
Exploration expenditure is the cost of exploring for Mineral Resources
other than\u00a0that occurring at existing operations and projects and
comprises geological\u00a0and geophysical studies, exploratory drilling and
sampling and Mineral Resource development.
Evaluation expenditure includes the cost of conceptual and pre-
feasibility studies and evaluation of Mineral Resources at existing
operations.
When a decision is taken that a mining project is technically feasible
and commercially viable, usually after a pre-feasibility study has been
completed, subsequent directly attributable expenditure, including
feasibility study costs, are considered development expenditure and
are capitalised within property, plant and equipment.
Exploration properties acquired are recognised on the balance
sheet\u00a0when management considers that their value is recoverable.
These\u00a0properties are measured at cost less any accumulated
impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-508": { "value": "
Short term and low value leases
Leases with a term of less than 12 months or those with committed
payments of less than $5,000 are not recognised in the balance sheet.
The Group recognises payments for these leases as an expense on a
straight-line basis over the lease term within operating costs in
underlying\u00a0EBITDA.
Lease liabilities
Lease liabilities recognised on balance sheet are recognised within
borrowings, and with the exception of variable vessel leases are
recognised as part of net debt. On inception, the lease liability is
recognised as the present value of the expected future lease
payments, calculated using the Group\u2019s incremental borrowing rate,
adjusted to reflect the length of the lease and country of location. For
a\u00a0minority of leases where it is possible to determine the interest rate
implicit in the lease, it is used in place of the Group\u2019s incremental
borrowing rate.
Lease payments included in the lease liability consist of each of the
following:
\u2013Fixed payments, including in-substance fixed payments
\u2013Payments whose variability is dependent only upon an index or
a\u00a0rate, measured initially using the index or rate at the lease
commencement date. The lease liability is revalued when there is a
change in future lease payments arising from a change in an index
or rate
\u2013Any amounts expected to be payable under a guarantee of residual
value
\u2013The exercise price of a purchase option that the Group is reasonably
certain to exercise, the lease payments after the date of a renewal
option if the Group is reasonably certain to exercise its option to
renew the lease, and penalties for exiting a lease agreement unless
the Group is reasonably certain not to exit the lease early.
Variable leasing costs (other than those referred to above) and the
costs of non-lease components are not included in the lease liability
and are charged to operating costs in underlying EBITDA as they
are\u00a0incurred.
The lease liability is measured at amortised cost using the effective
interest method. It is remeasured when there is a change to the
forecast lease payments. When the lease liability is remeasured, an
adjustment is made to the corresponding right-of-use asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-509": { "value": "
Borrowing costs
Interest on borrowings directly relating to the financing of qualifying
assets in the course of construction is added to the capitalised cost of
those projects under \u2018Capital works in progress\u2019, until such time as the
assets are substantially ready for their intended use or sale.
Where funds have been borrowed specifically to finance a project, the
amount capitalised represents the actual borrowing costs incurred.
Where the funds used to finance a project form part of general
borrowings, the amount capitalised is calculated using a weighted
average of rates applicable to relevant general borrowings of the
Group during the period. All other borrowing costs are recognised in
the income statement in the period in which they are incurred.
All cash flows relating to interest on borrowings are presented within
interest paid in the cash flow statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-510": { "value": "
Business combinations and goodwill arising thereon
The identifiable assets, liabilities and contingent liabilities of a
subsidiary, a\u00a0joint arrangement or an associate, which can be
measured reliably, are recorded at their provisional fair values at the
date of acquisition. The estimation of the fair value of identifiable
assets and liabilities is subjective and the use of different valuation
assumptions could have a significant impact on financial results.
Goodwill is the fair value of the consideration transferred (including
contingent consideration and previously held non-controlling interests)
less the fair value of the Group\u2019s share of identifiable net assets on
acquisition.
Where a business combination is achieved in stages, the Group\u2019s
previously held interests in the acquiree are remeasured to fair value at
the acquisition date and the resulting gain or loss is recognised in the
income statement.
Amounts arising from interests in the acquiree prior to the acquisition
date that have previously been recognised in other comprehensive
income are reclassified to the income statement, where such
treatment would be appropriate if that interest were disposed of.
Transaction costs incurred in connection with the business
combination are expensed. Provisional fair values are finalised within
12 months of the acquisition date.
Goodwill in respect of subsidiaries and joint operations is included
within intangible assets. Goodwill relating to associates and joint
ventures is included within the carrying value of the investment.
Where the fair value of the identifiable net assets acquired exceeds
the cost of the acquisition, the surplus, which represents the discount
on the acquisition, is\u00a0recognised directly in the income statement in the
period of acquisition.
For non-wholly owned subsidiaries, non-controlling interests are
initially recorded at the non-controlling interests\u2019 proportion of the fair
values of net assets recognised at acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-511": { "value": "
Impairment of goodwill, intangible assets and property, plant and
equipment
Goodwill arising on business combinations is allocated to the group of
cash generating units (CGUs) that is expected to benefit from
synergies of the combination, and represents the lowest level at which
goodwill is monitored by\u00a0the Group\u2019s Board of directors for internal
management purposes. The recoverable amount of the CGU, or group
of CGUs, to which goodwill has been allocated is tested for impairment
annually, or when events or changes in circumstances indicate that it
may be impaired.
Any impairment loss is recognised immediately in the income
statement. Impairment of goodwill is not subsequently reversed.
At each reporting date, the Group reviews the carrying amounts of its
property, plant and equipment and intangible assets to determine
whether there is any indication that those assets are impaired. If such
an indication exists, the recoverable amount of the asset is estimated
in order to determine the extent of\u00a0any impairment. Where the asset
does not generate cash flows that are independent from other assets,
the Group estimates the recoverable amount of\u00a0the CGU to which the
asset belongs. An intangible asset with an indefinite useful life is tested
for impairment annually and whenever there is an indication that the
asset may be impaired.
Recoverable amount is the higher of fair value less costs of disposal
and value in use (VIU) assessed using discounted cash flow models,
as explained in note 7. In assessing VIU, the estimated future cash
flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of
money and the risks specific to the asset for which estimates of future
cash flows have not been adjusted.
If the recoverable amount of an asset or CGU is estimated to be less
than its\u00a0carrying amount, the carrying amount of the asset or CGU is
reduced to\u00a0its\u00a0recoverable amount. An impairment loss is recognised in
the income\u00a0statement.
Where an impairment loss subsequently reverses, the carrying amount
of the asset or CGU is increased to the revised estimate of its
recoverable amount, to the extent that the increased carrying amount
does not exceed the carrying amount that would have been
determined had no impairment been recognised for the asset or CGU.
A reversal of an impairment loss is recognised in the income
statement.
In addition, in making assessments for impairment, management
necessarily applies its judgement in allocating assets, including
goodwill, that do not generate independent cash inflows to
appropriate CGUs.
Subsequent changes to the CGU allocation, to the timing of cash flows
or to the assumptions used to determine the cash flows could impact
the carrying value of the respective assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-512": { "value": "
Non-mining licences and other intangible assets
Non-mining licences and other intangible assets are measured at cost
less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired as part of an acquisition of a business are
capitalised separately from goodwill if the asset is separable or arises
from contractual or legal rights and the fair value can be measured
reliably on initial recognition. Intangible assets are amortised over their
estimated useful lives, usually between 3 and 20 years, except
goodwill and those intangible assets that are considered to have
indefinite lives. For intangible assets with a finite life, the amortisation
period is determined as the period over which the Group expects to
obtain benefits from the asset, taking account of all relevant facts and
circumstances including contractual lives and expectations about the
renewal of contractual arrangements without significant incremental
costs. An intangible asset is deemed to have an indefinite life when,
based on an analysis of all of the relevant factors, there is no
foreseeable limit to the period over which the asset is expected to
generate cash flows for the Group. Indefinite lived intangible assets
are principally brands for which there is global recognition with
no\u00a0foreseeable timeframe of expected contribution that the Group
is\u00a0continuing to invest and actively market. Amortisation methods,
residual values and estimated useful lives are reviewed at
least\u00a0annually.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-513": { "value": "
Property, plant and equipment
Property, plant and equipment is stated at cost, less accumulated
depreciation and accumulated impairment losses. Cost is the fair
value of consideration required to acquire and develop the asset and
includes the purchase price, acquisition of mineral rights, costs directly
attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in the manner intended by
management, the initial estimate of any decommissioning obligation
and, for assets that take a substantial period of time to get ready for
their intended use, borrowing costs. Revenue and costs arising from
assets before they are capable of operating in the manner intended by
management are recognised in the income statement.
Gains or losses on disposal of property, plant and equipment are
determined by comparing the net proceeds from disposal with the
carrying amount. The gain or loss is recognised in the income
statement.
Depreciation of property, plant and equipment
Mining properties are depreciated to their residual values using the unit
of production method based on Proved and Probable Ore Reserves
and, in certain limited circumstances, other Mineral Resources included
in the Life of\u00a0Asset Plan. These other Mineral Resources are included in
depreciation calculations where, taking into account historical rates of
conversion to Ore Reserves, there is a high degree of confidence that
they will be extracted in an economic manner. This is the case
principally for diamond operations, where depreciation calculations
are based on Diamond Reserves and Diamond Resources included in
the Life of Asset Plan. This reflects the unique nature of diamond
deposits where, due to the difficulty in estimating grade, Life of Asset
Plans frequently include significant amounts of Inferred Resources.
Buildings and items of plant and equipment for which the consumption
of economic benefit is linked primarily to utilisation or to throughput
rather than production, are depreciated to their residual values at
varying rates on a straight-line basis over their estimated useful lives,
or the Reserve Life, whichever is shorter. Estimated useful lives
normally vary from up to 20 years for\u00a0items of plant and equipment to
a\u00a0maximum of 50 years for buildings. Under limited circumstances,
items of plant and equipment may be depreciated over a\u00a0period that
exceeds the Reserve Life by taking into account additional Mineral
Resources other than Proved and Probable Reserves included in the
Life of Asset Plan, after making allowance for expected production
losses based on historical rates of Mineral Resource to Ore Reserve
conversion.
\u2018Capital works in progress\u2019 are measured at cost less any recognised
impairment. Depreciation commences when the assets are capable of
operating in the manner intended by management, at which point they
are transferred to the appropriate asset class.
Land is not depreciated.
When parts of an item of property, plant and equipment have different
useful lives, they are accounted for as separate items (major
components).
Depreciation methods, residual values and estimated useful lives are
reviewed at least annually.
Leased right-of-use assets
Leased right-of-use assets are included within property, plant and
equipment, and on inception of the lease are recognised at the
amount of the corresponding lease liability, adjusted for any lease
payments made at or before the lease commencement date, plus any
direct costs incurred and an estimate of costs for dismantling,
removing, or restoring the underlying asset and less any lease
incentives\u00a0received.
The right-of-use asset is depreciated on a straight-line basis over the
term of the lease, or, if shorter, the useful life of the asset. The useful
lives of right-of-use assets are estimated on the same basis as those
of owned property, plant and\u00a0equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-514": { "value": "
Financial assets
Investments, other than investments in subsidiaries, joint arrangements
and associates, are financial asset investments and are initially
recognised at fair value. The Group\u2019s financial assets are classified into
the following measurement categories: debt instruments at amortised
cost, equity instruments and debt instruments designated at fair value
through other comprehensive income (OCI), and debt instruments,
derivatives and equity instruments at fair value through profit and loss.
Financial assets are classified as at amortised cost only if the asset is
held within a business model whose objective is to collect the
contractual cash flows and the contractual terms of the asset give rise
to cash flows that are solely payments of principal and interest.
At subsequent reporting dates, financial assets at amortised cost are
measured at amortised cost less any impairment losses. Other
investments are classified as either at fair value through profit or loss
(which includes investments held for trading) or at fair value through
OCI. Both categories are subsequently measured at fair value. Where
investments are held for trading purposes, unrealised gains and losses
for the period are included in the income statement within other gains
and losses.
The Group has elected to measure equity instruments, which are
neither held for trading nor are contingent consideration in a business
combination, at fair value through OCI as this better reflects the
strategic nature of the Group\u2019s equity investments. For equity
instruments at fair value through OCI, changes in fair value, including
those related to foreign exchange, are recognised in other
comprehensive income and there is no subsequent reclassification of
fair value gains and losses to profit or loss.
Other items
39. Accounting policies continued
Impairment of financial assets
A financial asset not measured at fair value through profit or loss is
assessed at each reporting date to determine whether there is any
objective evidence that it is impaired. The Group assesses on a
forward-looking basis the expected credit losses, defined as the
difference between the contractual cash flows and the cash flows
that\u00a0are expected to be received, associated with its assets carried
at\u00a0amortised cost and fair value through OCI. The impairment
methodology applied depends on whether there has been a
significant increase in credit risk. For trade receivables only, the
simplified approach permitted by IFRS 9 is applied, which requires
expected lifetime losses to be recognised from initial recognition of
the\u00a0receivables.
Losses are recognised in the income statement. When a subsequent
event causes the amount of impairment loss to decrease, the
decrease in impairment loss is reversed through the income statement.
Impairment losses relating to equity instruments at fair value through
OCI are not reported separately from other changes in fair\u00a0value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-515": { "value": "
Impairment of financial assets
A financial asset not measured at fair value through profit or loss is
assessed at each reporting date to determine whether there is any
objective evidence that it is impaired. The Group assesses on a
forward-looking basis the expected credit losses, defined as the
difference between the contractual cash flows and the cash flows
that\u00a0are expected to be received, associated with its assets carried
at\u00a0amortised cost and fair value through OCI. The impairment
methodology applied depends on whether there has been a
significant increase in credit risk. For trade receivables only, the
simplified approach permitted by IFRS 9 is applied, which requires
expected lifetime losses to be recognised from initial recognition of
the\u00a0receivables.
Losses are recognised in the income statement. When a subsequent
event causes the amount of impairment loss to decrease, the
decrease in impairment loss is reversed through the income statement.
Impairment losses relating to equity instruments at fair value through
OCI are not reported separately from other changes in fair\u00a0value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-516": { "value": "
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when the right to receive cash flows
from the\u00a0asset has expired, the right to receive cash flows has been
retained but an obligation to on-pay them in full without material delay
has been assumed or the\u00a0right to receive cash flows has been
transferred together with substantially all the risks and rewards of
ownership.
Financial liabilities are derecognised when the associated obligation
has been discharged, cancelled or has expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-517": { "value": "
Environmental restoration and decommissioning obligations
An obligation to incur environmental restoration, rehabilitation and
decommissioning costs arises when disturbance is caused by the
development or ongoing production of a mining asset. Costs for
restoration of site damage, rehabilitation and environmental costs are
estimated using either the work of external consultants or internal
experts. Such costs arising from the decommissioning of plant and
other site preparation work, discounted to their net present value, are
provided for and capitalised at the start of each project, as soon as the
obligation to incur such costs arises.
These costs are recognised in the income statement over the life of the
operation, through the depreciation of the asset and the unwinding of
the discount on the provision. Costs for restoration of subsequent site
damage which is created on an ongoing basis during production are
provided for at their\u00a0net present values and recognised in the income
statement as ore extraction\u00a0progresses.
The amount recognised as a provision represents management\u2019s best
estimate of the consideration required to complete the restoration and
rehabilitation activity, the application of the relevant regulatory
framework and timing of expenditure. These estimates are inherently
uncertain and could materially change over time. Changes in the
measurement of a liability relating to the decommissioning of plant or
other site preparation work (that result from changes in the estimated
timing or amount of the cash flow or a change in the discount rate), are
added to or deducted from the cost of the related asset in the current
period. If a decrease in the liability exceeds the carrying amount of the
asset, the excess is recognised immediately in the income statement.
If\u00a0the asset value is increased and there is an indication that the
revised carrying value is not recoverable, an impairment test is
performed in accordance with the accounting policy set out above.
For some South African operations annual contributions are made to
dedicated environmental rehabilitation trusts to fund the estimated
cost of rehabilitation during and at the end of the life of the relevant
mine. The Group exercises full control of these trusts and therefore the
trusts are consolidated. The trusts\u2019 assets are disclosed separately on
the balance sheet as non-current assets.
The trusts\u2019 assets are measured based on the nature of the underlying
assets in\u00a0accordance with accounting policies for similar assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-518": { "value": "
Inventories
Inventory and work in progress are measured at the lower of cost and
net realisable value, except for inventory held by commodity broker-
traders which is\u00a0measured at fair value less costs to sell and are
disclosed separately to the extent that they are material. The
production cost of inventory includes an appropriate proportion of
depreciation and production overheads. Cost is determined on the
following basis:
\u2013Raw materials and consumables are measured at cost on a first in,
first out (FIFO) basis or a weighted average cost basis
\u2013Work in progress and finished products are measured at raw
material cost, labour cost and a proportion of production overhead
expenses
\u2013Metal and coal stocks are included within finished products and are
measured at average cost.
At precious metals operations that produce \u2018joint products\u2019, cost is
allocated among precious metal products according to production
volumes.
Inventory is recognised as a current asset where it is expected to be
consumed in the next 12 months. Stockpiles are classified as non-
current where stockpiles are not expected to be processed in the next
12 months and there is no market to sell the product in its current state.
Metal leasing
Where the Group enters into metal leasing arrangements and metal is
received or provided to counterparties for a specific period of time in
return for a lease fee, consideration is given to the purpose of the
arrangement and whether control of the metal inventory has been
transferred.
Key considerations in this assessment include whether the lessee has
a practical ability to use the commodity and whether price risk has
been transferred.
Where control of the inventory has been transferred to the
counterparty, inventory is derecognised and a financial receivable is
recorded for the future receipt of metal. The financial receivable forms
part of trade and other receivables where the purpose of the
arrangement is to generate a trading margin and is otherwise
presented within financial asset investments.
Where the Group receives control of inventory as a result of a lease
arrangement, inventory is recognised and a payable is recorded to
reflect the future return obligation. This liability forms part of trade and
other payables where the purpose of the arrangement is to generate
a\u00a0trading margin or manage physical delivery requirements and is
otherwise presented within financing liabilities.
Where control of the inventory is not transferred, the arrangement has
no impact on the value of inventory recorded.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-519": { "value": "
Cash and cash equivalents
Cash and cash equivalents comprise cash in hand and on demand
deposits, together with short term, highly liquid investments that are
readily convertible to a known amount of cash and that are subject to
an insignificant risk of changes in value. Initial margin relating to the
Group\u2019s commodity trading activities is presented within cash and
cash equivalents as the terms of the agreement allow the Group to
request closure of the open positions and return of the margin within
three days. Bank overdrafts are shown within short term borrowings in
current liabilities on the balance sheet.
Cash and cash equivalents in the cash flow statement are shown net
of overdrafts. Cash and cash equivalents are measured at amortised
cost except for money market fund investments which are held at fair
value as they are redeemed through the sale of units in the funds and
not solely through the recovery of principal and interest.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-520": { "value": "
Financial liabilities and equity instruments
Financial liabilities and equity instruments are classified and
accounted for as debt or equity according to the substance of the
contractual arrangements entered into.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-521": { "value": "
Borrowings
Interest bearing borrowings and overdrafts are initially recognised at
fair value, net of directly attributable transaction costs. Finance
charges, including premiums payable on settlement or redemption
and direct issue costs, are recognised in the income statement using
the effective interest method. They are added to the carrying amount
of the instrument to the extent that they are not settled in the period in
which they arise.
Where interest or principal payments are linked to non-financial ESG
targets, the best estimate of the future payment is included in the
calculation of the effective interest rate at inception. If this best
estimate changes in subsequent periods, the carrying value of the
borrowing is adjusted to reflect the revised forecast, discounted using
the effective interest rate determined at inception and any resulting
gain or loss is recognised in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-522": { "value": "
Derivative financial instruments and hedge accounting
In order to hedge its exposure to foreign exchange, interest rate and
commodity price risk, the Group enters into forward, option and swap
contracts. Commodity based (own use) contracts that meet the scope
exemption in IFRS 9 are recognised in earnings when they are settled
by physical delivery. Commodity contracts which do not meet the own
use criteria are accounted for as derivatives.
All derivatives are held at fair value in the balance sheet within
\u2018Derivative financial assets\u2019 or \u2018Derivative financial liabilities\u2019 except if
they are linked to settlement and delivery of an unquoted equity
instrument and the fair value cannot be measured reliably, in which
case they are carried at cost. A derivative cannot be measured reliably
where the range of reasonable fair value estimates is significant and
the probabilities of various estimates cannot be reasonably assessed.
Derivatives are classified as current or non-current depending on the
contractual maturity of\u00a0the derivative.
Changes in the fair value of derivative financial instruments that are
designated and effective as hedges of future cash flows (cash flow
hedges) are recognised directly in equity. The gain or loss relating to
the ineffective portion is recognised immediately in the income
statement. If the cash flow hedge of a firm commitment or forecast
transaction results in the recognition of a non-financial asset or liability,
then, at the time the asset or liability is recognised, the associated
gains or losses on the derivative that had previously been recognised
in equity are included in the initial measurement of the asset or liability.
For hedges that do not result in the recognition of a non-financial asset
or liability, amounts deferred in equity are recognised in the income
statement in\u00a0the same period in which the hedged item affects profit
or\u00a0loss.
For an effective hedge of an exposure to changes in fair value, the
hedged item is adjusted for changes in fair value attributable to the risk
being hedged. The corresponding entry and gains or losses arising
from remeasuring the associated derivative are recognised in the
income statement within financing remeasurements.
Hedge effectiveness is determined at the inception of the hedge
relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between
the hedged item and hedging instrument. The Group\u2019s material
hedging instruments are interest rate swaps that have similar critical
terms to the related debt instruments, such as payment dates,
maturities and notional amount. As all critical terms matched during
the year, there was no material hedge ineffectiveness. The Group also
uses cross currency swaps to manage foreign exchange risk
associated with borrowings denominated in foreign currencies. These
are not designated in an accounting hedge as there is a natural offset
against foreign exchange movements on associated borrowings.
The Group has designated the embedded derivative component of
the royalty liability (see note 22) as a cash flow hedge of future
revenue cash flows from the Woodsmith project. In future periods,
assuming the hedge remains effective, fair value derivative gains and
losses as a result of changing forecast price and production forecasts
will be recorded within other comprehensive income and recycled to
revenue as the related revenue is recognised.
Other items
39. Accounting policies continued
Hedge accounting is discontinued when the hedging instrument
expires or is\u00a0sold, terminated, exercised, revoked, or no longer qualifies
for hedge accounting. At that time, any cumulative gain or loss on the
hedging instrument recognised in equity is retained until the forecast
transaction occurs. If a hedge transaction is no longer expected to
occur, the net cumulative gain or loss previously recognised in equity is
recycled to the income statement for the\u00a0period.
Changes in the fair value of any derivative instruments that are not
designated in\u00a0a hedge relationship are recognised immediately in the
income\u00a0statement.
Derivatives embedded in other financial instruments or non-financial
host contracts (other than financial assets in the scope of IFRS 9) are
treated as separate derivatives when their risks and characteristics are
not closely related to those of their host contracts and the host
contracts themselves are not carried at fair value with unrealised gains
or losses reported in the income\u00a0statement.
Derivatives embedded in contracts which are financial assets in the
scope of IFRS 9 are not separated and the whole contract is
accounted for at either amortised cost or fair value.
Interest Rate Benchmark Reform: IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures
The Group uses interest rate derivatives to swap the majority of its
Euro, Sterling and US dollar bonds from fixed interest rates to EURIBOR,
SONIA, USD LIBOR and SOFR respectively. Any non-USD interest rate
derivatives are swapped to USD LIBOR or SOFR using cross currency
interest rate swaps which are not designated into hedges. The interest
rate derivatives are designated into fair value hedges.
USD LIBOR is expected to be replaced by alternative risk-free rates as
part of inter-bank offer rate (IBOR) reform.
The Group is continuing its transition to incorporate alternative risk-free
rates and the principal benchmarks used are EURIBOR, USD LIBOR
and RFR. The Group is continuing to monitor the market and discussing
the potential changes with its counterparties in order to effectively
transition to alternative risk-free rates. During the year, the Group has
adhered to International Swaps and Derivative Association (ISDA)
fallback protocol to ensure appropriate rates may be applied
to\u00a0relevant derivative instruments on cessation in the event transition
to alternative risk-free rates is not completed in advance of cessation.
The Group does not hold any material lease agreements that contain
references to existing benchmarks and as a result there is no
material\u00a0impact on the lease liabilities or right-of-use assets at
31\u00a0December 2022.
See note 22 for a summary of the Group\u2019s current transition of financial
instruments to alternative risk-free rates.
See note 21 for a list of the Group\u2019s Euro, Sterling and US dollar bonds
which in\u00a0turn reflects the nominal amount of the hedging instruments
for those bonds which have been hedged.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-523": { "value": "
G. Taxation
Tax
The tax expense includes the current tax and deferred tax charge
recognised in\u00a0the income statement.
Current tax payable is based on taxable profit for the year. Taxable
profit differs from profit before tax as reported in the income statement
because it excludes items of\u00a0income or expense that are taxable or
deductible in other years and it further excludes items that are not
taxable or deductible. The Group\u2019s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by
the reporting date.
Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial
reporting purposes and the\u00a0amounts used for taxation purposes.
Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Probable
taxable profits are based on evidence of historical profitability and
taxable profit forecasts limited by reference to the criteria set out in
IAS\u00a012 Income Taxes. Such assets and liabilities are not recognised if
the temporary differences arise from the initial recognition of goodwill
or of an asset or liability in a transaction (other than in a business
combination) that affects neither taxable profit nor accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, joint arrangements
and associates except where the Group is able to control the reversal
of the temporary difference and it is probable that the temporary
difference will not reverse in\u00a0the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and is adjusted to the extent that it is no longer probable
that sufficient\u00a0taxable profit will be available to allow all or part of the
asset to be\u00a0recovered.
Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on
the laws that have been enacted or substantively enacted by the
reporting date. Deferred tax is charged or credited to the income
statement, except when it relates to items charged or credited directly
to equity, in which case the deferred tax is also taken directly to equity.
Deferred tax assets and liabilities are offset when they relate to income
taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis with that
taxation authority.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-524": { "value": "
G. Taxation
Tax
The tax expense includes the current tax and deferred tax charge
recognised in\u00a0the income statement.
Current tax payable is based on taxable profit for the year. Taxable
profit differs from profit before tax as reported in the income statement
because it excludes items of\u00a0income or expense that are taxable or
deductible in other years and it further excludes items that are not
taxable or deductible. The Group\u2019s liability for current tax is calculated
using tax rates that have been enacted or substantively enacted by
the reporting date.
Deferred tax is recognised in respect of temporary differences
between the carrying amounts of assets and liabilities for financial
reporting purposes and the\u00a0amounts used for taxation purposes.
Deferred tax liabilities are generally recognised for all taxable
temporary differences and deferred tax assets are recognised to the
extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Probable
taxable profits are based on evidence of historical profitability and
taxable profit forecasts limited by reference to the criteria set out in
IAS\u00a012 Income Taxes. Such assets and liabilities are not recognised if
the temporary differences arise from the initial recognition of goodwill
or of an asset or liability in a transaction (other than in a business
combination) that affects neither taxable profit nor accounting profit.
Deferred tax liabilities are recognised for taxable temporary
differences arising on investments in subsidiaries, joint arrangements
and associates except where the Group is able to control the reversal
of the temporary difference and it is probable that the temporary
difference will not reverse in\u00a0the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each
reporting date and is adjusted to the extent that it is no longer probable
that sufficient\u00a0taxable profit will be available to allow all or part of the
asset to be\u00a0recovered.
Deferred tax is calculated at the tax rates that are expected to apply in
the period when the liability is settled or the asset is realised, based on
the laws that have been enacted or substantively enacted by the
reporting date. Deferred tax is charged or credited to the income
statement, except when it relates to items charged or credited directly
to equity, in which case the deferred tax is also taken directly to equity.
Deferred tax assets and liabilities are offset when they relate to income
taxes levied by the same taxation authority and the Group intends to
settle its current tax assets and liabilities on a net basis with that
taxation authority", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-525": { "value": "
H. Employees
Retirement benefits
The Group\u2019s accounting policy involves the use of \u2018best estimate\u2019
assumptions in calculating the schemes\u2019 valuations in accordance
with the accounting standard. This valuation methodology differs from
that applied in\u00a0calculating the funding valuations, which require the
use of \u2018prudent\u2019 assumptions, such as lower discount rates, higher
assumed rates of future inflation expectations and greater
improvements in life expectancy, leading to a higher value placed on
the liabilities. The funding valuations are carried out every three years,
using the projected unit credit method, by independent qualified
actuaries and are used to determine the money that must be put into
the funded schemes. The Group operates both defined benefit and
defined contribution pension plans for its employees as well as post
employment medical plans. For defined contribution plans the amount
recognised in the income statement is the contributions paid or
payable during the year.
For defined benefit pension and post employment medical plans, full
actuarial valuations are carried out at least every three years using the
projected unit credit method and updates are performed for each
financial year end. The average discount rate for the plans\u2019 liabilities is
based on AA rated corporate bonds of a suitable duration and
currency or, where there is no deep market for such bonds, is based on
government bonds. Pension plan assets are measured using year end
market values.
Other items
39. Accounting policies continued
Remeasurements comprising actuarial gains and losses, movements
in asset surplus restrictions and the return on scheme assets
(excluding interest income) are recognised immediately in the
statement of comprehensive income and are not recycled to the
income statement. Any increase in the present value of plan liabilities
expected to arise from employee service during the year is charged to
operating profit. The net interest income or cost on the net defined
benefit asset or liability is included in investment income or interest
expense respectively.
The retirement benefit obligation recognised on the balance sheet
represents the present value of the deficit or surplus of the defined
benefit plans. Any recognised surplus is limited to the present value of
available refunds or reductions in future contributions to the plan.
Share-based payments
The Group makes equity settled share-based payments to certain
employees, which are measured at fair value at the date of grant and
expensed on a straight-line basis over the vesting period, based on the
Group\u2019s estimate of shares that will eventually vest. For those share
schemes with market related vesting conditions, the fair value is
determined using the Monte Carlo model at the grant date. The fair
value of share options issued with non-market vesting conditions has
been calculated using the Black Scholes model.
For all other share awards, the fair value is determined by reference to
the market value of the shares at the grant date. For all share schemes
with non-market vesting conditions, the likelihood of vesting has been
taken into\u00a0account when determining the relevant charge. Vesting
assumptions are\u00a0reviewed during each reporting period to ensure they
reflect current\u00a0expectations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-526": { "value": "
Share-based payments
The Group makes equity settled share-based payments to certain
employees, which are measured at fair value at the date of grant and
expensed on a straight-line basis over the vesting period, based on the
Group\u2019s estimate of shares that will eventually vest. For those share
schemes with market related vesting conditions, the fair value is
determined using the Monte Carlo model at the grant date. The fair
value of share options issued with non-market vesting conditions has
been calculated using the Black Scholes model.
For all other share awards, the fair value is determined by reference to
the market value of the shares at the grant date. For all share schemes
with non-market vesting conditions, the likelihood of vesting has been
taken into\u00a0account when determining the relevant charge. Vesting
assumptions are\u00a0reviewed during each reporting period to ensure they
reflect current\u00a0expectations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-527": { "value": "
I. Group structure
Associates and joint arrangements
Associates are investments over which the Group has significant
influence, which is the power to participate in the financial and
operating policy decisions of the investee, but without the ability to
exercise control or joint control. Typically the Group owns between
20% and 50% of the voting equity of its\u00a0associates.
Joint arrangements are arrangements in which the Group shares joint
control with one or more parties. Joint control is the contractually
agreed sharing of control of an arrangement, and exists only when
decisions about the activities that significantly affect the
arrangement\u2019s returns require the unanimous consent of the parties
sharing control.
Judgement is required in determining this classification through an
evaluation of the facts and circumstances arising from each individual
arrangement. Joint arrangements are classified as either joint
operations or joint ventures based on the rights and obligations of the
parties to the arrangement. In joint operations, the parties have rights
to the assets and obligations for the liabilities relating to the
arrangement, whereas in joint ventures, the parties have rights to the
net assets of the arrangement.
Joint arrangements that are not structured through a separate vehicle
are always joint operations. Joint arrangements that are structured
through a separate vehicle may be either joint operations or joint
ventures depending on the substance of the arrangement. In these
cases, consideration is given to the legal form of the separate vehicle,
the terms of the contractual arrangement and, when relevant, other
facts and circumstances. When the activities of an arrangement are
primarily designed for the provision of output to the parties, and the
parties are substantially the only source of cash flows contributing
to\u00a0the continuity of the operations of the arrangement, this indicates
that the parties to the arrangements have rights to the assets and
obligations for the\u00a0liabilities.
Certain joint arrangements that are structured through separate
vehicles including Collahuasi, Debswana and Namdeb are accounted
for as joint operations. These arrangements are primarily designed for
the provision of output to the parties sharing joint control, indicating
that the parties have rights to substantially all the economic benefits of
the assets. The liabilities of the arrangements are in substance
satisfied by cash flows received from the parties; this dependence
indicates that the parties effectively have obligations for the liabilities.
It is primarily these facts and circumstances that give rise to the
classification as joint operations.
The Group accounts for joint operations by recognising the assets,
liabilities, revenue and expenses for which it has rights or obligations,
including its share of such items held or incurred jointly.
Investments in associates and joint ventures are accounted for using
the equity method of accounting except when classified as held for
sale. The Group\u2019s share of associates\u2019 and joint ventures\u2019 net income is
based on their most recent audited financial statements or unaudited
interim statements drawn up to\u00a0the Group\u2019s balance sheet date.
The total carrying values of investments in associates and joint
ventures represent the cost of each investment including the carrying
value of goodwill, the share of post-acquisition retained earnings, any
other movements in reserves and any long term debt interests which in
substance form part of the Group\u2019s net investment, less any cumulative
impairments. The carrying values of associates and joint ventures are
reviewed on a regular basis and if there is objective evidence that an
impairment in value has occurred as a result of one or more events
during the period, the investment is impaired. Investments which have
been previously impaired are regularly reviewed for indicators of
impairment reversal.
The Group\u2019s share of an associate\u2019s or joint venture\u2019s losses in excess
of its interest in that associate or joint venture is not recognised unless
the Group has an obligation to fund such losses. Unrealised gains
arising from transactions with associates and joint ventures are
eliminated against the investment to the extent of the Group\u2019s interest
in the investee. Unrealised losses are eliminated in the same way, but
only to the extent that there is no evidence of impairment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-528": { "value": "
Non-current assets and disposal groups held for sale
Non-current assets and disposal groups are classified as held for sale
if their carrying amount will be recovered through a sale transaction
rather than through continuing use. This condition is met only when a
sale is highly probable within\u00a0one year from the date of classification,
management is committed to the\u00a0sale and the asset or disposal group
is available for immediate sale in its present condition.
Non-current assets and disposal groups are classified as held for sale
from the\u00a0date these conditions are met and are measured at the lower
of carrying amount and fair value less costs to sell. Any resulting
impairment loss is recognised in the income statement.
On classification as held for sale the assets are no longer depreciated.
Comparative amounts are not adjusted.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-529": { "value": "0.74", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-530": { "value": "0.74", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-531": { "value": "Anglo American plc17 Charterhouse Street London EC1N 6RAEngland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f-532": { "value": "England", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }