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"2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-437": { "value": "-38000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-438": { "value": "37000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-439": { "value": "-1000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-440": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ClassesOfShareCapitalMember", "unit": "iso4217:USD" } }, "f-441": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-442": { "value": "-7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-443": { "value": "0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-444": { "value": "2000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-445": { "value": "-5000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-446": { "value": "-2000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-447": { "value": "-7000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-448": { "value": "3292000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ClassesOfShareCapitalMember", "unit": "iso4217:USD" } }, "f-449": { "value": "-6275000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-450": { "value": "40860000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-451": { "value": "-13389000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-452": { "value": "569000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-453": { "value": "25057000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-454": { "value": "6560000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-455": { "value": "31617000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-456": { "value": "
Notes to the financial statements
Financial performance
Profit attributable to equity shareholders
decreased by 94% to $283 million
(2022:\u00a0$4,514 million).
Underlying earnings decreased by 51% to
$2,932 million (2022:\u00a0$6,036 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
$0.3 bn
(2022: $4.5 bn)
Working capital
This section includes analysis of inventories, receivables and payables.
These balances principally relate to current assets and liabilities held to
support operating activities.
US$ million
2023
2022
Inventories
7,234
7,407
Trade and other receivables
4,983
4,923
Trade and other payables
(6,700)
(7,629)
5,517
4,701
Net working capital i ncreased in 2023 led by a\u00a0decrease in
payables largely driven by the impact of lower Platinum Group
Metals prices. Inventory and receivables remain broadly flat.
Net debt and financial risk management
Net debt increased from $6.9 billion to\u00a0$ 10.6 billion during the year, which includes a
working capital cash outflow of $1.2 billion, primarily due to a reduction in payables.
Gearing has increased from 17% at 31\u00a0December 2022 to \u00a025% at 31\u00a0December\u00a02023.
US$ million
2023\u2004
2022
(restated)(1)
Net assets
31,617
33,953
Net debt including related derivatives (note\u00a021)
10,615
6,918
Variable vessel leases
637
127
Total capital
42,869
40,998
Gearing
25%
17%
(1)\u00a0 Comparative figures are restated for the adoption of the amendment to IAS 12, see note 39A.
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.
Equity
Equity represents the capital of the Group
attributable to Company shareholders and non-
controlling interests, and includes share capital,
share premium and reserves.
Total equity has decreased from $34.0 billion to $31.6 billion in
the year, driven by dividends to Company shareholders and
non-controlling interests of $2.5 billion.
Total equity
$31.6 bn
(2022: $34.0 bn)
Employees
This section contains information about the
Group\u2019s employee numbers and associated costs
as well as the post employment benefits incurred
by the\u00a0Group.
Employees(1)
58,000
(2022: 57,000)
Unrecognised items and uncertain events
This section includes disclosure of items and transactions that are not
reflected in the Group\u2019s results because they\u00a0are uncertain or have been
incurred after the end of the year. These disclosures are considered
relevant to an\u00a0understanding of the Group\u2019s financial position and the
effect of expected or\u00a0possible future events.
Group structure
This section includes details about the composition of the Group and
how this is reflected in the Consolidated financial statements. It also
includes disclosures of significant corporate transactions such as
acquisitions and disposals.
Other items
This section includes disclosures about related party transactions, auditors\u2019
remuneration a nd accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-457": { "value": "4514000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-458": { "value": "6036000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLossAttributableToOwnersOfParent", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:DepartureFromRequirementOfIFRSAxis": "ifrs-full:ReportedIfInComplianceWithRequirementOfIFRSMember", "unit": "iso4217:USD" } }, "f-459": { "value": "
1.
Operating profit from subsidiaries and joint operations
Overview
US$ million
Note
2023
2022
Revenue before special items and remeasurements
30,656
35,127
Operating costs:
Employee costs
28
(3,839)
(3,630)
Depreciation of property, plant and equipment
(2,623)
(2,401)
Amortisation of intangible assets
(62)
(45)
Third-party commodity purchases
(4,488)
(6,350)
Consumables, maintenance and production input costs
(7,464)
(5,492)
Logistics, marketing and selling costs
(2,749)
(2,898)
Royalties
(971)
(1,238)
Exploration and evaluation
(319)
(322)
Net foreign exchange gains/(losses)
45
(6)
Other operating income
190
313
Other operating expenses
(1,820)
(2,134)
Operating profit before special items and remeasurements
6,556
10,924
Revenue special items and remeasurements
9
(4)
(9)
Operating special items and remeasurements
9
(2,648)
(1,672)
Operating profit
3,904
9,243
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:
US$ million
2023
2022
Exploration expenditure
(145)
(155)
Evaluation expenditure
(197)
(191)
Research and development expenditure
(147)
(167)
Provisional pricing adjustment
(6)
(96)
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-460": { "value": "
2.
Financial performance by segment
Overview
The Group\u2019s operating segments are aligned to those businesses 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:
\u2013 Kumba Iron Ore and Iron Ore Brazil are aggregated into Iron Ore
\u2013 Copper 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.
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 318.
Segment results
2023
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
Copper
7,360
3,233
(782)
2,451
(1,127)
(225)
1,099
Nickel
653
133
(71)
62
3
\u2014
65
Platinum Group Metals
6,734
1,209
(354)
855
(226)
(181)
448
De\u00a0Beers
4,267
72
(324)
(252)
(113)
51
(314)
Iron Ore
8,000
4,013
(464)
3,549
(987)
(770)
1,792
Steelmaking Coal
4,153
1,320
(498)
822
(138)
\u2014
684
Manganese
670
231
(86)
145
(77)
(2)
66
Crop Nutrients
225
(1)
(60)
(1)
(61)
(14)
\u2014
(75)
Corporate and other
440
(193)
(210)
(403)
(447)
17
(833)
32,502
9,958
(2,790)
7,168
(3,126)
(2)
(1,110)
2,932
Less: associates and joint ventures
(1,846)
(717)
105
(612)
233
1
(378)
Subsidiaries and joint operations
30,656
9,241
(2,685)
6,556
(2,893)
(1,109)
2,554
Reconciliation:
Net income from associates and joint ventures
378
378
Special items and remeasurements
(4)
(2,752)
(2,649)
Revenue
30,652
Profit before net finance costs and tax
4,182
Profit attributable to equity shareholders of the Company
283
2022
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
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
De\u00a0Beers
6,622
1,417
(423)
994
(334)
(108)
552
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
(1) Group revenue in respect of Crop Nutrients principally relates to revenue from its associate, The Cibra Group, a fertiliser distributor based in Brazil.
(2) Comprises net finance costs of $593 million (2022: $358 million) and income tax expense of $2,533 million (2022: $3,949 million).
The segment results are stated after elimination of inter-segment interest and dividends and include an allocation of corporate costs.
Financial performance
2. Financial performance by segment continued
Further information
Group revenue by product
Segments predominantly derive revenue as follows \u2013 Copper: copper; De\u00a0Beers: rough and polished diamonds; Platinum Group Metals: platinum
group metals and\u00a0nickel; Iron Ore: iron ore; Steelmaking Coal: steelmaking coal; Nickel: nickel; Manganese: manganese ore. Revenue reported
within Corporate and other includes margins from marketing and trading activities in the Group\u2019s Energy Solutions activities and shipping services
provided to third parties. See\u00a0note 39C for the Group\u2019s accounting policy on revenue recognition.
Other revenue principally relates to iridium, gold, ruthenium and molybdenum. The revenue analysis below includes the Group\u2019s share of revenue
in equity accounted associates and joint ventures excluding special items and remeasurements. See\u00a0note 14.
2023
2022
US$ million
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Copper
6,824
86
6,910
5,247
(80)
5,167
Nickel
1,046
47
1,093
1,422
15
1,437
Platinum
1,723
8
1,731
1,680
6
1,686
Palladium
1,681
9
1,690
2,542
6
2,548
Rhodium
1,509
22
1,531
4,066
21
4,087
Diamonds
4,198
69
4,267
6,608
14
6,622
Iron ore
6,548
606
7,154
6,597
(45)
6,552
Steelmaking coal
3,155
755
3,910
3,544
990
4,534
Thermal coal (1)
213
169
382
495
188
683
Manganese ore
\u2014
670
670
\u2014
840
840
Shipping
1,115
\u2014
1,115
1,362
\u2014
1,362
Other
1,770
279
2,049
1,484
389
1,873
29,782
2,720
32,502
35,047
2,344
37,391
Reconciliation:
Less: Revenue from associates and joint ventures
\u2014
(1,846)
(1,846)
\u2014
(2,264)
(2,264)
Special items and remeasurements
\u2014
(4)
(4)
\u2014
(9)
(9)
Revenue
29,782
870
30,652
35,047
71
35,118
(1)For the year ended 31 December 2023, thermal coal represents 1% of Group revenue and comprises sales volumes of 15.3Mt. 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.
Revenue from other sources for subsidiaries and joint operations of $870 million (2022: $71 million) includes net fair value gains relating to
derivatives of $880\u00a0million (2022: net fair value gains of $176 million), net fair value losses relating to provisionally priced contracts of $6 million
and revenue remeasurements loss of\u00a0$4\u00a0million (2022: $96\u00a0million and $9\u00a0million respectively). Derivative net gains/losses include both financial
derivatives and the net margin arising on contracts for the physical sale and purchase of third-party material (third-party sales) where these
contracts are accounted for as derivatives prior to settlement and are entered into to generate a trading margin.
Group revenue by destination
The Group\u2019s geographical analysis of segment revenue is allocated based on the customer\u2019s port of destination. Where the port of destination
is\u00a0not known, revenue is allocated based on the customer\u2019s country of domicile.
2023
2022
US$ million
%
US$ million
%
China
9,891
30%
8,965
24%
India
2,275
7%
2,798
7%
Japan
3,783
12%
5,542
15%
Other Asia
5,710
18%
6,944
18%
South Africa
833
3%
1,312
4%
Other Africa
1,403
4%
2,080
6%
Brazil
923
3%
986
3%
Chile
882
3%
811
2%
Other South America
63
\u2014
10
\u2014
North America
1,230
4%
1,160
3%
Australia
103
\u2014
309
1%
United Kingdom(1)
1,902
6%
1,502
4%
Other Europe
3,504
10%
4,972
13%
32,502
100%
37,391
100%
(1)United Kingdom is Anglo American plc\u2019s country of domicile.
10.
Capital by segment
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 318.
Capital employed by segment
Capital employed is the principal measure of segment assets and liabilities reported to the Executive Leadership Team . Capital employed is
defined as net assets excluding net debt, vessel lease contracts that are priced with reference to a freight index, the debit valuation adjustment
attributable to derivatives hedging net debt and financial asset investments.
Capital employed
US$ million
2023
2022
(restated)(1)
Copper(1)
14,309
13,661
Nickel
588
1,393
Platinum Group Metals
5,175
4,753
De\u00a0Beers
7,257
8,218
Iron Ore
9,044
8,488
Steelmaking Coal
3,364
2,837
Manganese
141
210
Crop Nutrients
1,309
489
Corporate and other
1,240
492
Capital employed
42,427
40,541
Reconciliation to Consolidated balance sheet:
Net debt
(10,615)
(6,918)
Variable vessel leases excluded from net debt (see note 21)
(637)
(127)
Debit valuation adjustment attributable to derivatives hedging net debt
3
29
Financial asset investments
439
428
Net assets
31,617
33,953
(1) Comparative figures are restated for the adoption of the amendment to IAS 12, see note 39A.
Capital base
10. Capital by segment continued
Non-current assets by location
Intangible assets,
Property, plant and equipment
Total non-current assets
US$ million
2023
2022
2023
2022
South Africa
10,352
10,074
10,986
10,778\u00a0
Botswana
2,025
2,979
2,031
2,982\u00a0
Other Africa
844
1,084
848
1,088\u00a0
Brazil
7,112
7,529
7,817
8,138\u00a0
Chile
8,253
7,424
8,330
7,498\u00a0
Peru
8,654
8,075
8,693
8,079\u00a0
Other South America
\u2014
\u2014
1
2\u00a0
North America
630
563
642
581\u00a0
Australia and Asia
4,357
3,591
4,838
4,083\u00a0
United Kingdom (1)
3,102
2,536
3,291
2,653\u00a0
Other Europe
99
98
99
98\u00a0
Non-current assets by location
45,428
43,953
47,576
45,980\u00a0
Unallocated assets
1,641
1,491\u00a0
Total non-current assets
49,217
47,471\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.
13.
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 318.
Capital expenditure by segment
US$ million
2023
2022
Copper
1,684
2,031
Nickel
91
79
Platinum Group Metals
1,108
1,017
De\u00a0Beers
623
593
Iron Ore
909
834
Steelmaking Coal
619
648
Crop Nutrients
641
522
Corporate and other
59
14
Capital expenditure
5,734
5,738
Reconciliation to Consolidated cash flow statement:
Cash flows used in derivatives related to capital expenditure
(3)
\u2014
Proceeds from disposal of property, plant and equipment
16
7
Direct funding for capital expenditure received from non-controlling interests
129
446
Expenditure on property, plant and equipment
5,876
6,191
Direct funding for capital expenditure from non-controlling interests related to the Quellaveco project was fully drawn in April 2023. Mitsubishi has
continued to provide direct funding for its 40% share of capital expenditure relating to the coarse particle recovery project 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
2023
2022
Growth projects
1,330
1,595
Life-extension projects
598
582
Stay-in-business
2,902
2,558
Development and stripping
920
1,010
Proceeds from disposal of property, plant and equipment
(16)
(7)
5,734
5,738
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-461": { "value": "
Group revenue by product
Segments predominantly derive revenue as follows \u2013 Copper: copper; De\u00a0Beers: rough and polished diamonds; 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 includes margins from marketing and trading activities in the Group\u2019s Energy Solutions activities and shipping services
provided to third parties. 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 14.
2023
2022
US$ million
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Copper
6,824
86
6,910
5,247
(80)
5,167
Nickel
1,046
47
1,093
1,422
15
1,437
Platinum
1,723
8
1,731
1,680
6
1,686
Palladium
1,681
9
1,690
2,542
6
2,548
Rhodium
1,509
22
1,531
4,066
21
4,087
Diamonds
4,198
69
4,267
6,608
14
6,622
Iron ore
6,548
606
7,154
6,597
(45)
6,552
Steelmaking coal
3,155
755
3,910
3,544
990
4,534
Thermal coal (1)
213
169
382
495
188
683
Manganese ore
\u2014
670
670
\u2014
840
840
Shipping
1,115
\u2014
1,115
1,362
\u2014
1,362
Other
1,770
279
2,049
1,484
389
1,873
29,782
2,720
32,502
35,047
2,344
37,391
Reconciliation:
Less: Revenue from associates and joint ventures
\u2014
(1,846)
(1,846)
\u2014
(2,264)
(2,264)
Special items and remeasurements
\u2014
(4)
(4)
\u2014
(9)
(9)
Revenue
29,782
870
30,652
35,047
71
35,118
(1)For the year ended 31 December 2023, thermal coal represents 1% of Group revenue and comprises sales volumes of 15.3Mt. 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.
Revenue from other sources for subsidiaries and joint operations of $870 million (2022: $71 million) includes net fair value gains relating to
derivatives of $880\u00a0million (2022: net fair value gains of $176 million), net fair value losses relating to provisionally priced contracts of $6 million
and revenue remeasurements loss of\u00a0$4\u00a0million (2022: $96\u00a0million and $9\u00a0million respectively). Derivative net gains/losses include both financial
derivatives and the net margin arising on contracts for the physical sale and purchase of third-party material (third-party sales) where these
contracts are accounted for as derivatives prior to settlement and are entered into to generate a trading margin.
Group revenue by destination
The Group\u2019s geographical analysis of segment revenue is allocated based on the customer\u2019s port of destination. Where the port of destination
is\u00a0not known, revenue is allocated based on the customer\u2019s country of domicile.
2023
2022
US$ million
%
US$ million
%
China
9,891
30%
8,965
24%
India
2,275
7%
2,798
7%
Japan
3,783
12%
5,542
15%
Other Asia
5,710
18%
6,944
18%
South Africa
833
3%
1,312
4%
Other Africa
1,403
4%
2,080
6%
Brazil
923
3%
986
3%
Chile
882
3%
811
2%
Other South America
63
\u2014
10
\u2014
North America
1,230
4%
1,160
3%
Australia
103
\u2014
309
1%
United Kingdom(1)
1,902
6%
1,502
4%
Other Europe
3,504
10%
4,972
13%
32,502
100%
37,391
100%
(1)United Kingdom is Anglo American plc\u2019s country of domicile.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-462": { "value": "United Kingdom(1)", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-463": { "value": "
3.
Earnings per share
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 318.
US$
2023
2022
Earnings per share
Basic
0.23
3.72
Diluted
0.23
3.68
Underlying earnings per share
Basic
2.42
4.97
Diluted
2.40
4.92
Headline earnings per share
Basic
2.06
4.98
Diluted
2.05
4.93
Further information
The calculation of basic and diluted earnings per share is based on the following data:
Profit attributable to equity
shareholders of the Company
Underlying earnings
Headline earnings
2023
2022
2023
2022
2023
2022
Earnings (US$ million)
Basic and diluted earnings
283
4,514
2,932
6,036
2,496
6,050
Weighted average number of shares (million)
Basic number of ordinary shares outstanding
1,214
1,215
1,214
1,215
1,214
1,215
Effect of dilutive potential ordinary shares
6
11
6
11
6
11
Diluted number of ordinary shares outstanding
1,220
1,226
1,220
1,226
1,220
1,226
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 diluted number of ordinary shares outstanding,
including share options and awards, is calculated on the assumption of conversion of all dilutive potential ordinary shares. In the year ended
31\u00a0December\u00a02023 there were 345,152 (2022: 342,939) 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:
2023
2022
US$ million
Gross
Net
Gross
Net
Profit attributable to equity shareholders of the Company
283
4,514
Special items and remeasurements
2,649
1,522
Underlying earnings for the financial year
2,932
6,036
Revenue remeasurements
(4)
(3)
(9)
(14)
Operating special items \u2013 restructuring
(142)
(131)
\u2014
\u2014
Operating remeasurements
(86)
(82)
(80)
(72)
Non-operating special items \u2013 charges relating to BEE transactions
\u2014
\u2014
(10)
(9)
Non-operating special items \u2013 remeasurement of deferred consideration
(17)
(14)
(111)
(73)
Non-operating special items \u2013 disposals
8
6
(3)
(4)
Financing special items and remeasurements
(31)
(31)
15
15
Tax special items and remeasurements
\u2014
(183)
\u2014
126
Other reconciling items
(4)
2
63
45
Headline earnings for the financial year
2,496
6,050
Other reconciling items principally comprise adjustments relating to business combinations in prior years partially offset by impairments in
De\u00a0Beers (2022 : relate to adjustments to former operations and disposals of Property, plant and equipment).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-464": { "value": "
4.
Net finance costs
Overview
US$ million
2023
2022
Investment income
Interest income from cash and cash equivalents
345
173
Interest income from associates and joint ventures
15
6
Net interest income on defined benefit arrangements
24
20
Other interest income
43
16
427
215
Less: Interest income capitalised
\u2014
(1)
Investment income
427
214
Interest expense
Interest and other finance expense
(1,322)
(721)
Lease liability interest expense
(62)
(42)
Net interest cost on defined benefit arrangements
(42)
(45)
Unwinding of discount relating to provisions and other liabilities
(79)
(86)
(1,505)
(894)
Less: Interest expense capitalised
515
379
Interest expense
(990)
(515)
Other net financing (losses)/gains
Net foreign exchange (losses)/gains
(51)
105
Other net fair value gains/(losses)
58
(146)
Other net financing gains/(losses) before special items and remeasurements
7
(41)
Financing remeasurements
(31)
15
Other net financing losses
(24)
(26)
Net finance costs
(587)
(327)
Further information
Interest income recognised on financial assets at amortised cost is $183 million ( 2022 : $96 million ) and interest expense recognised on financial
liabilities at amortised cost is $769 million ( 2022:\u00a0$302 million).
Interest expense capitalised predominantly relates to US dollar denominated borrowings which were capitalised at a weighted average interest
rate of 7.1% (2022: 3.7%).
Included in other net fair value gains/losses is $46 million (2022: loss of $47 million) in respect of fair value gains on the revaluation of deferred
consideration balances relating to the Mototolo acquisition. Revaluation of deferred consideration balances are\u00a0classified as special items and
remeasurements only when the original gain or loss on disposal or acquisition has been classified as a special\u00a0item.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-465": { "value": "
5.
Income tax expense
Overview
2023
Profit
before tax
US$ million
Tax charge
US$ million
Effective
tax rate
Calculation of effective tax rate (statutory basis)
3,595
(2,251)
62.6%
Adjusted for:
Special items and remeasurements
2,783
(86)
Associates\u2019 and joint ventures\u2019 tax and non-controlling interests
197
(196)
Calculation of underlying effective tax rate
6,575
(2,533)
38.5%
The underlying effective tax rate was 38.5 % for the year ended 31\u00a0December\u00a02023 . This is higher than the underlying effective tax rate of 34.0%
for the year ended 31\u00a0December\u00a02022 . The underlying effective tax rate in 2023 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.
A new Mining Royalty Bill in Chile was enacted during August 2023. This legislation creates a new mining royalty regime including both an
\u2018ad\u00a0valorem tax\u2019 and a \u2018specific mining tax\u2019. While current taxes do not start to accrue until 1\u00a0January 2024, the rebasing of the Group's
Chilean\u00a0deferred taxes to reflect the impact of this new regime, has increased the Group's underlying effective tax rate for the year ended
31\u00a0December\u00a02023 by 1.2 percentage points.
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
2\u2019). On 23 March 2023, HM Treasury released draft legislation for the Global Minimum Tax rules in the UK which was enacted on 11 July 2023.
Although these rules will only apply to the Group from the financial year ended 31 December 2024 onwards, the Group has carried out an
assessment of its potential exposure to Pillar 2 taxes. This assessment is principally based on the application of the transitional safe harbour
exemptions within the UK's Pillar 2 legislation and uses data from the most recent submission of the Group\u2019s Country-by-Country report, being for
the year ended 31 December 2022. As part of this assessment, the Group has adjusted for one-off events in the year ended 31 December 2022,
which are not expected to be repeated in future periods. The Group is not aware of any events in the current year ended 31 December 2023
which would give a materially different result. The assessment has identified a potential exposure where the Pillar 2 effective tax rate is estimated
to have been lower than 15%. This exposure is estimated to have had an impact of less than one percentage point to the Group's underlying
effective tax rate based on underlying profit before tax for 2022.
The Group continues to review legislation to evaluate the potential impact and is engaging with policymakers in efforts to ensure that guidance
and any required additional legislation is aligned to the stated policy objectives and that the Group is well placed to comply.
The Group has applied the mandatory temporary exception under IAS 12 in relation to the accounting for deferred taxes arising from the
implementation of the Pillar 2 rules.
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 318.
A. Analysis of charge for the year
US$ million
2023
2022
United Kingdom tax
165
106
South Africa tax
585
1,409
Other overseas tax
1,074
1,128
Prior year adjustments
(76)
(80)
Current tax
1,748
2,563
Deferred tax
589
1,007
Income tax expense before special items and remeasurements
2,337
3,570
Special items and remeasurements tax (note 9)
(86)
(114)
Income tax expense
2,251
3,456
Current tax includes royalties which meet the definition of income tax and are in addition to royalties recorded in operating costs.
Financial performance
5. Income tax expense continued
B. Factors affecting tax charge for the year
The reconciling items between the statutory corporation tax rate and the income tax expense are:
US$ million
2023
2022
Profit before tax
3,595
9,480
Less: Net income from associates and joint ventures
(378)
(641)
Profit before tax (excluding associates and joint ventures)
3,217
8,839
Tax\u00a0calculated\u00a0at the weighted average annual statutory rate of corporation tax in the United Kingdom of 23.5% (2022:
19.0%)
756
1,679
Tax effects of:
Items non-deductible/taxable for tax purposes
61
(2)
Temporary difference adjustments
Current year losses and temporary differences not recognised
523
390
Recognition of losses and temporary differences not previously recognised
(96)
(6)
Utilisation of losses and temporary differences not previously recognised
(25)
(55)
Write-off of losses and temporary differences previously recognised
33
54
Other temporary differences
105
(23)
Special items and remeasurements
Functional currency remeasurements (note 9)
(119)
(72)
Taxable income on intercompany loan write-off
\u2014
298
Utilisation of losses and other temporary differences not previously recognised against intercompany loan write-off income
\u2014
(298)
Other special items and remeasurements
687
289
Other adjustments
Withholding taxes
108
104
Effect of differences between local and United Kingdom tax rates
396
1,176
Prior year adjustments to current tax
(76)
(80)
Other adjustments
(102)
2
Income tax expense
2,251
3,456
The special items and remeasurements reconciling charge of $568 million (2022: $217 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 withholding taxes for the year ended 31\u00a0December\u00a02023 is a charge of $2\u00a0million (2022: credit of $67\u00a0million) 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\u00a02023 is
a\u00a0charge of $196\u00a0million (2022: $379\u00a0million). Excluding special items and remeasurements, this remains a charge of $196\u00a0million
(2022:\u00a0$379\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 $18 million (2022: $80 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$1 million (2022: $3 million).
D. Tax amounts recognised directly in equity
In 2023, deferred tax of $6 million (2022: $6 million) was charged directly to equity mainly in relation to movements in share-based payments.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-466": { "value": "
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.
7.
Significant accounting matters
Management necessarily makes judgements and estimates that can
have a significant impact on the financial statements. The significant
judgements and key sources of estimation uncertainty that affect the
results for the year ended 31\u00a0December 2023 are set out below and
relate to the impairment and impairment reversal of assets. In addition
to these items, information about other judgements and estimates
determined by management is provided, where applicable, in the
relevant note to the financial statements.
The Group also considers the impact of climate change on judgements
and estimates. Although not a key judgement or estimate in itself,
climate change potentially impacts a number of judgements and
estimates made by the Group, particularly where these are reliant on
longer term forecasts.
Significant accounting judgements and estimates
Impairment and impairment reversals of assets
Significant accounting judgement \u2013 identification of impairment and
impairment reversal indicators
The Group assesses at each reporting date whether there are any
indicators that its assets and cash generating units (CGUs) may be
impaired, or that an impairment reversal is required for previously
impaired assets and CGUs (other than goodwill). Assets which have
previously been impaired are generally carried on the balance sheet at
a value close to their recoverable amount at the last assessment.
Therefore in principle any change in operational assumptions or
economic parameters could result in further impairment or impairment
reversal if an indicator is identified.
The assessment considers a wide range of potential indicators,
including revisions to forecast operating performance, changes to
capital projects, the impact of external factors such as tax rates for
relevant geographies and both the Group\u2019s internal long term
economic forecasts and external market data. Judgement is required
to determine whether the updates represent significant changes in the
service potential of an asset or CGU, and are therefore indicators of
impairment or impairment reversal.
Particular judgement may be required to determine whether multiple
changes are linked to the same underlying factor and hence should be
assessed together, for example where inflationary pressures lead to
offsetting increases in both forecast revenues and costs. The Group
uses quantitative data and sensitivity analysis using discounted
cashflow models to inform these judgements where relevant.
For certain previously impaired assets where an impairment or
impairment reversal trigger has not been identified at
31\u00a0December\u00a02023, it is reasonably possible that an impairment
or\u00a0reversal trigger, and hence a potential material adjustment to
the\u00a0carrying value, may arise within the next twelve months. Further
information about these assets is provided below:
Woodsmith
The Woodsmith polyhalite project is currently under construction and
has recognised previous impairments of $1.7\u00a0billion (2022) which
remain eligible for potential impairment reversal. The valuation remains
inherently sensitive to changes in economic and operational
assumptions, in particular the forecast polyhalite price and discount
rate. The Group has reassessed key input assumptions as at
31\u00a0December 2023. At this stage the Group believes the
assumptions\u00a0for these key inputs used in the valuation prepared at
31\u00a0December 2022 remain appropriate and hence no indicators of
impairment or reversal have been identified.
Moranbah-Grosvenor
Moranbah-Grosvenor is a CGU within the Steelmaking Coal segment
and has recognised previous impairments of $0.1\u00a0billion which remain
eligible for potential impairment reversal. The asset valuation is
inherently sensitive to changes in economic and operational
assumptions, in particular the steelmaking coal price and the AUD/
USD exchange rate. The Group has reviewed operational and
macroeconomic developments in the year, including the potential
impact of global decarbonisation efforts in response to climate change
on forecast steelmaking coal prices, and concluded that there are no
indicators of impairment or impairment reversal.
Significant accounting estimate \u2013 estimation of recoverable amount
Where indicators of impairment or impairment reversal are identified
(or at least annually for goodwill and indefinite life assets), the Group
performs impairment reviews to assess the recoverable amount of the
relevant operating assets. The recoverable amount is assessed with
reference to fair value less costs of disposal, as this is higher than the
value in use model for the Group\u2019s assets. The fair value less cost of
disposal is estimated with reference to the share price of listed
subsidiaries, where appropriate, and for other assets is based on
discounted cash flow models. The expected future cash flows used in
these models are inherently uncertain and could materially change
over time. They may be significantly affected by a number of factors
including Ore Reserves and Mineral Resources, together with
economic factors such as commodity prices, exchange rates, discount
rates and estimates of production costs and future capital expenditure.
Where discounted cash flow models based on management\u2019s
assumptions are used, the resulting fair value measurements are
considered to be at level 3 in the fair value hierarchy, as defined in IFRS
13 Fair Value Measurement, as they depend to a significant extent on
unobservable valuation inputs.
Significant items
7. Significant accounting matters continued
Cash flow projections are based on financial budgets and Life of Asset
Plans or, for non-mine assets, an equivalent appropriate long term
forecast, incorporating key assumptions as detailed below:
\u2013 Ore Reserves and Mineral Resources
Ore Reserves and, where considered appropriate, Mineral
Resources are incorporated in projected cash flows, based on Ore
Reserves and Mineral Resources statements and exploration and
evaluation work undertaken by\u00a0appropriately qualified persons.
Mineral Resources are included where management has a high
degree of confidence in their economic extraction, despite
additional evaluation still being required prior to meeting the
required confidence to convert to Ore Reserves. Risk adjustments
are applied to the inclusion of these resources where appropriate.
For further information refer to the\u00a0unaudited Ore Reserves and
Mineral Resources Report 2023.
\u2013 Commodity and product prices
Commodity and product prices are based on latest internal
forecasts, benchmarked with external sources of information such
as the range of available analyst forecasts and for the short term,
spot prices where applicable. In estimating the forecast cash flows,
management also takes into account the expected realised price
from existing contractual arrangements. Price forecasts are made
with reference to the impact of climate change on supply and
demand fundamentals for each commodity but are not aligned to
any particular emissions scenario.
\u2013 Foreign exchange rates
Foreign exchange rates are based on latest internal forecasts,
benchmarked with external sources of information for relevant
countries of\u00a0operation or directly from external forecasts.
\u2013 Discount rates
Cash flow projections used in fair value less costs of disposal
impairment models are discounted based on real post-tax discount
rates, assessed annually. Adjustments to the rates are made for any
risks that are not reflected in the underlying cash flows, including the
risk profile of the individual asset and country risk.
\u2013 Operating costs, capital expenditure and other operating factors
Operating costs and capital expenditure are based on the most
recently approved financial budgets. Cash flow projections beyond
the budget period are based on Life of Asset Plans, as applicable,
and internal management forecasts. Cost assumptions incorporate
management experience and expectations, as well as the nature
and location of the operation and\u00a0the risks associated therewith
(for\u00a0example, the grade of Ore Reserves varying significantly over
time and unforeseen operational issues). Underlying input cost
assumptions are consistent with related output price assumptions.
Other operating factors, such as the timelines of granting licences
and permits, are based on management\u2019s best estimate of the
outcome of uncertain future events at the balance sheet date.
Where an asset has potential for future development through capital
investment, to which a market participant would attribute value, and
the costs and economic benefits can be estimated reliably, this
development is\u00a0included in the recoverable amount (with appropriate
risk adjustments).
Significant estimate: sensitivity disclosures
The recoverable amounts of the following assets are considered to be
significant accounting estimates as a material impairment or an
impairment reversal could arise within the next twelve months due to a
realistic change in assumptions:
\u2013 De Beers
\u2013 Barro Alto
\u2013 Minas-Rio.
Key input and sensitivity information for these assets is provided in
note\u00a08.
Climate change
Tackling climate change is the defining challenge of our time and
understanding and addressing the implications of climate change for
our business is embedded in our strategy. The Group\u2019s response to
climate change is implemented at an asset-level through the Group\u2019s
Sustainable Mining Plan and related Life of Asset Plans. Climate
change potentially impacts judgements and estimates made when
preparing the Group\u2019s financial statements. Potential impacts arise in
three principal areas; physical risk such as extreme weather events or
long term changes in climate patterns, transition risk as demand shifts
between commodities and the Group\u2019s climate ambitions as the
financial impact of climate targets is reflected in operational decisions
and cost structures.
The estimation of recoverable amounts for the Group\u2019s non-current
assets is currently the only judgement or estimate which is materially
impacted by climate change. Further information about this estimate,
together with additional information in other areas which may be
impacted in the medium to long term, is provided below:
Judgement/Estimate
Physical
Risk
Transition
Risk
Estimation of recoverable amounts
\u21a5
\u219f
Useful economic lives of non-current assets
_
\u21a5
Net realisable value of inventory
_
_
Measurement of rehabilitation and
decommissioning provisions
\u21a5
\u21a5
\u219fSignificant impact on judgement/estimate
\u21a5Moderate impact on judgement/estimate
\u2014Limited impact on judgement/estimate
Estimation of recoverable amounts
Physical risk
The cashflow forecasts used to determine the recoverable amount of
the Group\u2019s assets reflect our current best-estimate of the impact of
material physical risks. The most significant impacts generally relate to
managing either an excess or scarcity of water resources and the
resulting impact on production levels. Cashflow forecasts also include
the costs (and benefits) of risk mitigation actions included in the Life of
Asset Plan, such as water purchases and the cost of new infrastructure.
These forecasts may be revised in future periods as the Group
continues its programme of detailed site-specific monitoring and
assessments.
Transition risk
Transition risk may impact the recoverable amount of the Group\u2019s
assets as forecast commodity prices are a key input in the discounted
cashflow models which are used to calculate the recoverable amount.
The Group\u2019s discounted cashflow models are prepared on a fair value
less cost of disposal basis, which requires input assumptions to be
determined from the perspective of a market participant. While the
Group has confirmed the strategic and financial resilience of its
portfolio under a 1.5\u00b0C scenario as part of its Task Force on Climate-
Related Financial Disclosures (TCFD) reporting, this\u00a0scenario is not
used for financial reporting purposes as it is not representative of
management\u2019s best estimate of the\u00a0likely assumptions that would be
used by a market participant when valuing the Group\u2019s assets.
The Group has not performed a full assessment of the implications of
any resilience scenario on asset valuations used for financial reporting
purposes. While there is a wide range of possible transition impacts for
each level of warming depending on the assumptions made, we
anticipate that prices for the majority of the Group\u2019s commodities
would be higher than existing forecasts in the short and medium term
under a 1.5\u00b0C scenario, driven by growing investment in infrastructure
associated with the transition to a\u00a0low carbon economy while carbon
prices are also likely to be higher than existing forecasts.
Significant items
7. Significant accounting matters continued
In the longer term, the more rapid decarbonisation of the steel value
chain under a 1.5\u00b0C scenario through higher steel recycling rates and
technological change would be expected to lead to lower benchmark
prices for both iron ore and steelmaking coal, although we anticipate
that for iron ore this may largely be offset by higher product premiums
for the Group\u2019s high quality lump and high grade pellet-feed products
given these are particularly well-suited to less carbon intensive
steelmaking technologies. The valuation of the Group\u2019s steelmaking
coal assets is less sensitive to changes in the long term price than other
operations given the remaining asset lives.
Increased demand for battery electric vehicles in a 1.5\u00b0C scenario may
also pose a downside risk to demand for the PGM-containing catalytic
converters used in internal combustion engine (ICE) vehicles, although
this is expected to be partly offset by hybrids, which require similar
quantities of PGMs, and in the longer term, fuel cell electric vehicles.
The recoverable amount of the Group\u2019s PGM assets is currently
significantly in excess of their accounting carrying values, which makes
these carrying values less sensitive to changing valuation input
assumptions than other assets.
Climate ambitions and targets
The Group has announced a number of climate targets, which are
disclosed on pages 54-57.
When preparing valuation models on a fair value less cost of disposal
basis the Group generally assumes that any purchaser would retain
similar climate targets and ambitions. The Group therefore includes the
cost and commercial benefits of achieving its emissions reduction
ambitions and targets once the Group has a high degree of
confidence that a project is technically feasible and it\u00a0is included in the
Life of Asset Plan, which typically aligns with the related capital project
being internally approved. This is consistent with the approach taken
for other key assumptions such as forecasted operating costs and
capital expenditures as outlined above.
Some projects relating to the Group\u2019s climate targets and ambitions
are not included in the Life of Asset Plans, generally because it is not
yet possible to reliably estimate the costs and benefits or technical
feasibility has not been demonstrated. While the costs and benefits of
such projects are not included in cashflow forecasts (other than study
costs within the next five years), the Group includes an adjustment
within the forecast for the cost of unabated future Scope 1 and 2
emissions irrespective of whether each jurisdiction currently has a
carbon tax or similar regime in place. When new emissions reduction
projects are included in the Life of Asset Plan, the valuation impact of
including the related project\u2019s cost is therefore offset by the removal of
the cost of the emissions.
Carbon prices are used both as an input into our commodity price
forecasts and in our forecast carbon cost for each operation. Carbon
costs included in the valuation of each asset are based on the forecast
carbon price per tonne/CO2e, multiplied by estimated Scope\u00a01 and 2
emissions for the relevant operation. Short term carbon prices are
incorporated based on currently enacted legislation (where relevant).
Short term carbon prices for jurisdictions without currently enacted
legislation and long term prices for all jurisdictions are based on the
latest internal views of what a market participant would assess, formed
with reference to external forecasts. Separate carbon prices are used for
each region in which the Group operates. These internal prices range
between $20 and $95 per tonne (2023 real basis) by 2030.
The Group has an ambition to reduce its Scope 3 emissions by 50%
(against a 2020 baseline) by 2040. The Group has signed a number
of\u00a0agreements with steel producers to explore how the Group\u2019s high
quality iron ore and steelmaking coal products can facilitate the
decarbonisation of the steel value chain. The financial cost of these
agreements is incurred centrally and is not expected to be material to
the Group. It is therefore not included in asset-level valuation models.
Useful economic lives of non-current assets
Physical risk
Physical risk is not expected to have a material impact on the useful
economic lives of the Group\u2019s assets based on the risk assessments
conducted to date, given the risk mitigation strategies in place.
Transition risk
Transition risk may impact the useful economic lives of the Group\u2019s
mining properties if changing commodity prices extend or reduce the
period in which resources can be extracted from an orebody
economically. This would in turn impact the depreciation charge.
The depreciation charge relating to mining properties is $859 million.
Considering the alignment of the Group\u2019s portfolio to future-enabling
products we believe any impact of transition risk is not likely to be
material.
The useful economic lives of other assets are generally shorter and
therefore less exposed to transition risk than mining properties.
Climate ambitions and targets
Any impact is not currently expected to be material as new
technologies will be phased in as existing equipment or other
infrastructure naturally come to the end of their life. The introduction of
new dual-fuelled LNG vessels into the Group\u2019s shipping fleet has not
significantly impacted asset lives as vessels have previously been
leased for relatively short periods of up to two years.
Net realisable value of inventory
Physical risk
Any impact is not currently expected to be material.
Transition risk
Transition risk could result in the recognition of an impairment if falling
commodity prices mean that the net realisable value is lower than the
production cost at which inventory balances are generally recorded.
Notwithstanding this, the majority of the Group\u2019s inventory is expected
to be used within one year and is therefore less exposed to transition
risk, which will principally impact prices in the medium and long term.
The Group\u2019s long term inventory balances principally relate to the Iron
Ore and Nickel reportable segments. These commodities are future-
enabling for a more sustainable world and hence the carrying value of
related inventory is less likely to be impacted by climate change.
Climate ambitions and targets
Any impact is not currently expected to be material.
Measurement of rehabilitation and decommissioning provisions
Physical risk
Physical risk may impact the cost of rehabilitating the Group\u2019s sites, for
example higher average rainfall may impact the water management
strategies required for the tailings storage facilities. Changing weather
patterns may also lead to increased rates of soil erosion and reduced
vegetation rates. Cashflow forecasts include the Group\u2019s current best
estimate of the impact of such changes.
Transition risk
Transition risk may impact the useful economic lives of the Group\u2019s
mines and hence the present value of rehabilitation and
decommissioning provisions by changing the period over which the
future costs are discounted. The Group has reviewed the sensitivity of
its provisions to changing asset lives and concluded that this does not
represent an area of material estimation uncertainty.
Climate ambitions and targets
Any impact is not expected to be material.
Accounting judgements
Impairment testing involves a number of significant accounting
judgements and estimates, which are set out in note 7.
CGU assessment
As set out in note 7, the Group regularly assesses each of its cash
generating units (CGUs) for indicators of impairment or impairment
reversal. The Group applies judgement when allocating its assets to
CGUs, which are defined as the smallest group of assets that generate
cash inflows that are largely independent of the cash inflows from
other assets or groups of assets. Where an operation is vertically
integrated so that each activity/process feeds into the next one until
a\u00a0final product is produced, particular judgement may be required to
determine whether there is an active market for any intermediate
product.
The Group\u2019s platinum group metals mining, smelting and processing
business is considered to be a single CGU on the basis that there is
only an active market for the final refined product and hence none of
the preceding stages in the production process would be capable of
generating independent cash inflows.
Accounting judgements and estimates
Goodwill and brands are tested at least annually for impairment by assessing the recoverable amount of the related CGU or group of CGUs.
Further information in\u00a0relation to De\u00a0Beers is set out in note 8. Management believes that any reasonably possible change in a key assumption, on
which the recoverable amount of goodwill allocated to the Los Bronces - Chagres CGU (Copper Chile) and Platinum Group Metals is based,
would not cause the carrying values to exceed their recoverable amounts. Further details about how the recoverable amounts have been
determined are set out in notes 7 and 8.
Accounting judgements and estimates
Impairment testing
Impairment testing involves a number of significant accounting judgements and estimates, which are set out in note 7.
Commercial production
The Group applies judgement in determining when a mine reaches commercial production. The Group assesses a number of factors when making
this judgement. Typically, a mine reaches commercial production when mine assets are consistently operating at 80% of nameplate production
capacity. The Group\u2019s Quellaveco copper project is most affected by this judgement in the current year. The Quellaveco project achieved
commercial production on 1 June 2023, after which borrowing costs were recognised within finance costs in the Consolidated income statement
and assets considered ready for use were reclassified from Capital Work in Progress to appropriate asset classes and subsequently depreciated.
Capital base
12. Property, plant and equipment continued
Depreciation
Depreciation is calculated with reference to the Group\u2019s best estimate of useful economic lives of assets. Useful economic lives of mining
properties are generally limited to the expected life of the related orebody. The life of the orebody, in turn, is estimated on the basis of the Life of
Asset Plan. Where an asset is not dependent on the life of a related orebody, management applies judgment in estimating the remaining useful
economic life of the asset. Climate change may impact the useful economic lives of the Group\u2019s mining properties if changing commodity prices
extend or reduce the period in which resources can be extracted from an orebody 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 because stripping activities and production occur simultaneously, the amount to be capitalised
is calculated based on the waste moved in excess of the life of mine average for the component. Determining the average strip ratio for the mine
is an accounting estimate. The identification of components is an area of judgement, reflecting the design of each mine. Both accounting
judgements and estimates are made with reference to the Life of Asset Plan.
Accounting judgements
Impairment
No indicators of impairment were identified for the Group\u2019s material investments in associates and joint ventures during 2023. The key
assumptions used in determining the recoverable amounts are set out in note 7.
Accounting judgements and estimates
Environmental restoration and decommissioning provisions
The recognition and measurement of environmental restoration and decommissioning provisions requires judgement and is based on
assumptions and estimates, including the required closure and rehabilitation costs, the timing of future cash flows, and the discount rates applied.
Future cash flows used to determine environmental restoration and decommissioning provisions are risk adjusted to reflect potential changes in
relation to the key assumptions made in the mine closure plan. Discount rates applied to determine environmental restoration and
decommissioning provisions represent a market assessment of the time value of money only i.e. a risk-free rate. These rates are calculated on a
real basis with reference to the yield for government bonds of the appropriate currency and duration. The Group has considered\u00a0reasonably
possible changes to discount rates and if the discount rates at 31 December 2023 were decreased by 1.0% then the total environmental
restoration and decommissioning provisions would increase by $0.5 billion. Increase in discount rates by 1.0% would decrease the total
restoration and decommissioning provisions by $0.4 billion.
The Group considers the impact of climate change on environmental restoration and decommissioning provisions, specifically the timing of future
cash flows, and has concluded that it does not currently represent a key source of estimation uncertainty. Changes to legislation, including in
relation to climate change, are factored into the provisions when the legislation becomes enacted.
Accounting judgements and estimates
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 estimates
Accounting for inventory involves the use of judgements and estimates, particularly in relation 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 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
$89\u00a0million.
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:
\u2013 The contract specifies the use of an identified asset or collection of assets
\u2013 The Group has the right to obtain substantially all of the economic benefits from the use of the identified asset(s)
\u2013 The 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.
\u2013 Many 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.
\u2013 The 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.
\u2013 At some locations, high levels of security restrict the movement of assets to\u00a0alternative locations, limiting the ability to substitute assets.
\u2013 The 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.
Accounting judgements and estimates
Recoverability of pension asset surplus and estimation of retirement benefit obligations
The value of the Group\u2019s obligations for defined benefit schemes and post employment medical plans is dependent on the present value of the
amount of benefits that are expected to be paid. The most significant assumption used in the calculation of this accounting estimate is the
discount rate. The discount rate used 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.
The Group does not believe that a reasonably possible change in the assumptions used to estimate retirement benefit obligations will have a
material impact on the carrying value to the net surplus position within the next year given the hedging arrangements in place. The sensitivity of
the gross liability value to reasonably possible changes in discount rate is presented above.
Management apply judgement in determining how much of any surplus is recoverable considering the arrangements in place for each scheme.
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 it is considered probable that an outflow of resources will be required to settle a present obligation that can be
measured reliably.
Determining the likelihood of a future event is an accounting judgement. These judgements are based on the Group\u2019s legal views and, in some
cases, independent advice.
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
39 I. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-467": { "value": "
6.
Dividends
2023
2022
Proposed final ordinary dividend per share (US cents)
41
74
Proposed final ordinary dividend (US$ million)
500
905
These financial statements do not reflect the proposed fi nal ordinary dividend as it is still subject to shareholder approval.
Dividends paid during the year are as follows:
US$ million
2023
2022
Final ordinary dividend for 2022 \u2013 74 US cents per ordinary share (2021: 118 US cents per ordinary share)
905
1,440
Final special dividend for 2021 \u2013 50 US cents per ordinary share
\u2014
612
Interim ordinary dividend for 2023 \u2013 55 US cents per ordinary share (2022: 124 US cents per ordinary share)
659
1,497
1,564
3,549
As at the dividend record date, there are forecasted to be 1,219,991,762 (2022 : 1,222,809,154) dividend bearing shares in issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-468": { "value": "0.41", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-469": { "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-470": { "value": "500000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-471": { "value": "905000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-472": { "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-473": { "value": "
8.
Impairment and impairment reversals
Overview
The Group has recognised the following impairments as special items in the year ended 31\u00a0December\u00a02023 :
2023
2022
US$ million
Before tax
Tax
Non-
controlling
interests
Net
Before tax
Net
Impairments
De Beers (Diamonds)
(1,601)
12
31
(1,558)
\u2014
\u2014
Barro Alto (Nickel)
(779)
235
\u2014
(544)
\u2014
\u2014
Codemin (Nickel)
(40)
\u2014
\u2014
(40)
\u2014
\u2014
Kolomela (Iron Ore)
\u2014
\u2014
\u2014
\u2014
(313)
(122)
Woodsmith (Crop Nutrients)
\u2014
\u2014
\u2014
\u2014
(1,707)
(1,707)
Impairments recognised as special items
(2,420)
247
31
(2,142)
(2,020)
(1,829)
Impairment reversals
Moranbah-Grosvenor (Steelmaking Coal)
\u2014
\u2014
\u2014
\u2014
211
147
Dawson (Steelmaking Coal)
\u2014
\u2014
\u2014
\u2014
217
152
Impairment reversals recognised as special items
\u2014
\u2014
\u2014
\u2014
428
299
Net impairments recognised as special items
(2,420)
247
31
(2,142)
(1,592)
(1,530)
Further information
Additional information is provided for each of the Group\u2019s assets where an impairment or impairment reversal has been recorded. Additional
sensitivity disclosures are also provided for CGUs or groups of CGUs containing the most significant goodwill balances and for other assets where
the recoverable amount is considered to be a significant estimate (see note 7).
2023
2022
US$ million
Impairments
Impairments
Impairment
reversals
Allocates as:
Intangibles
(1,438)
(40)
\u2014
Property, plant and equipment
(1,044)
(2,025)
438
Other
(10)
(3)
\u2014
Total
(2,492)
(2,068)
438
Recognised before tax:
As special items
(2,420)
(2,020)
428
Within operating costs before special items
(72)
(48)
10
Total
(2,492)
(2,068)
438
Significant items
8. Impairment and impairment reversals continued
Impairments recorded
De Beers
Overview
The recoverable amount of De Beers was assessed as at
31\u00a0December 2023 and an impairment of $1.6 billion ($1.6 billion after
tax and non-controlling interest) was recorded to bring the carrying
value into line with the recoverable amount of $7.6 billion, calculated
using a discount rate of 7.5% (2022: 7.5%). The impairment was
allocated primarily to goodwill ($1.4\u00a0billion), which has been fully
impaired, and property, plant and equipment ($0.2\u00a0billion).
Changes in 2023
The reduction in the recoverable amount is primarily driven by lower
prices than previous forecasts reflecting a reduction in forecast
consumer demand. This reflects macroeconomic uncertainty mainly in
the US and China, as well as a strengthening of the US dollar against
consumer country currencies which has had an adverse impact on
demand in US dollar terms. Management has also updated its best
estimates of the timing of differentiation between lab grown and
natural diamonds, the impact of recycling, the latest Ore Reserves and
Mineral Resources estimates and life of asset plans for the Group\u2019s
mines and, less significantly, the financial impact of revised contractual
terms relating to De Beers\u2019 longstanding mutually beneficial
relationship with the Government of the Republic of Botswana (which
are expected to be finalised during 2024).
Inputs to the valuation
The following are key inputs in the consumer demand forecast which in
turn drives forecast prices:
\u2013 The model assumes real GDP growth, weighted by the markets in
which we operate, of 3.3% (2022: 3.4%) over the next five years and
starting from a lower base in 2023.
\u2013 The external foreign exchange medium term forecast against the US
dollar in our end consumer markets is annual US dollar depreciation
of 2.5% against the Chinese renminbi, 6.2% against the Japanese
yen, 1.7% against the euro and 1.3% against the Indian rupee for the
medium term compared to 2023 actual average rates.
\u2013 It is still assumed that lab grown diamonds will become clearly
established as a product distinct from natural diamonds (as is
increasingly clear in the market today given the significant and clear
price and consumer offering differential). The model forecasts an
imminent bifurcation between lab grown and natural diamond
product offerings with only limited residual impact on the natural
diamond market in the medium to long term.
Forecast producer currencies are also a key input to the model as the
forecasts impact operating costs in US dollar terms. In the medium
term, we assume the Southern African producer currencies exchange
rates depreciate by 0.1% for the Botswana pula and 0.6% for the South
African rand per annum against the US dollar compared to the 2023
actual rates. Thereafter we assume purchasing power parity against
the US dollar.
Sensitivities
The valuation remains sensitive to reasonably possible changes in the
key inputs. Sensitivities are presented below on the basis that all other
assumptions remain constant, although in reality changes may not
occur independently of each other:
\u2013 A 0.5 percentage point increase or decrease in consumer countries
GDP growth rate results in a change in the impairment charge of
$0.6 billion.
\u2013 A 5% appreciation or depreciation of the US dollar against consumer
countries\u2019 currencies results in a change in the impairment charge of
$0.3 billion.
\u2013 A 5% appreciation or depreciation of producer country currencies
against our assumed US dollar results in a change in the impairment
charge of $0.6 billion.
\u2013 An increased level of residual competition from lab grown diamonds
or a 1 year delay in bifurcation of natural diamonds and lab grown
diamonds would result in an increase in the impairment charge of
$0.4 billion and $0.3 billion respectively.
\u2013 A 0.5% change in the discount rate would result in a change in the
impairment charge of $0.2 billion.
Impairments of goodwill are not eligible for reversal in future periods.
The maximum potential reversal within the next twelve months is
therefore $0.2 billion.
Barro Alto
The Barro Alto nickel operations had been previously impaired, of
which $1 billion remained eligible for potential reversal at the start of
the year. The recoverable amount of the CGU was assessed at
30\u00a0June 2023 as changes in the long term cost profile were identified
as an indicator of impairment. This resulted in an impairment of
$0.4\u00a0billion.
At 31 December 2023 the recoverable amount of the CGU was
assessed again principally due to the short and medium term price
outlook changes in the second half of the year, which were considered
to be an indicator of impairment. The valuation, calculated using a
discount rate of 8.3%, resulted in a further impairment of $0.4 billion,
total for the year of $0.8 billion ($0.5 billion after tax), allocated to
property, plant and equipment. The remaining carrying value of the
CGU represents long term ore stockpiles (non-current inventory), which
are required to be blended with future production. The net realisable
value of these stockpiles is assessed under IAS 2 Inventories and
currently exceeds their carrying value of $0.2 billion.
The valuation is inherently sensitive to changes in economic and
operational assumptions. The model prepared at 31 December 2023
uses forecast nickel prices that fell within the analyst range throughout
the model. The long term price from 2028 in the model fell within the
third quartile of the analyst price range of $8.41/lb to $8.83/lb (LME
Nickel, 2023 real basis). The model used a forecast for the average
Brazilian real to US dollar real exchange rate which fell within the range
of 5.0 BRL/$ to 5.3 BRL/$.
Sensitivities were considered to assess the impact of changes in key
assumptions, principally price and foreign exchange forecasts. If the
future nickel prices were increased by 10% throughout the valuation
model with all other valuation assumptions remaining the same, the
valuation would have increased by $0.4 billion. A 10% depreciation of
the Brazilian real compared to the valuation assumptions would have
resulted in an increase to the valuation of $0.3 billion.
Other assets
Minas-Rio
The Minas-Rio CGU includes the Minas-Rio iron ore mine and the
Ferroport joint venture, which provides port services to ship the mine\u2019s
production. The CGU has been previously impaired, of which $5.9
billion remained eligible for potential reversal at the start of the year. At
31 December 2023 the recoverable amount of the CGU was assessed
as changes to the medium and long term price outlook and revisions to
the forecast production and capital expenditure profile indicated that
the recoverable amount may have changed. The valuation, calculated
using a discounted cashflow model and a discount rate of 7.8% was
consistent with the carrying amount of $7.3\u00a0billion.
Significant items
8. Impairment and impairment reversals continued
The valuation is inherently sensitive to changes in economic and
operational assumptions and the recoverable amount is considered to
be a significant accounting estimate. The valuation model uses
forecast iron ore prices that fall within the analyst range throughout the
model. The long term price from 2028 fell within the top quartile of the
analyst price range of $84/tonne to $100/tonne (Platts 62% CFR
Reference basis, 2023 real basis). The model used a forecast for the
average Brazilian real to US dollar real exchange rate which fell within
the range of 5.0 BRL/$ to 5.3 BRL/$.
Sensitivities were considered to assess the impact of changes in key
assumptions, principally price and foreign exchange forecasts. If the
future iron ore prices were increased or decreased by 10% throughout
the valuation model with all other valuation assumptions remaining the
same, the valuation would have changed by $2.0 billion. A 10%
depreciation of the Brazilian real compared to the valuation
assumptions would have resulted in an increase to the valuation of
$0.9\u00a0billion. A 10% appreciation of the Brazilian real compared to the
valuation assumptions would have resulted in a decrease to the
valuation of $1.0 billion.
2022
Impairments/impairment reversals recorded
Kolomela
At 31 December 2022, following revisions to the forecast production
and cost profile in the latest Life of Asset Plan, the valuation of the
Kolomela mine was assessed and an impairment of $0.3 billion
($0.1\u00a0billion after tax and non-controlling interest) was recorded
against property, plant and equipment to bring the carrying value in
line with the recoverable amount of $0.7 billion, calculated using a
discount rate of 8.8%.
Moranbah-Grosvenor
Improvements in the economic environment and the current market
conditions were considered to be a trigger for impairment reversal.
A\u00a0partial impairment reversal of $0.2 billion ($0.1 billion after tax) was
recognised against property, plant and equipment, based on
discounted cashflows using a discount rate of 6.7%, to bring the
carrying value to $2.4 billion.
Dawson
Improvements in the economic environment and the current market
conditions were considered to be a trigger for impairment reversal.
An\u00a0impairment reversal of $0.2 billion ($0.2 billion after tax) was
recognised against property, plant and equipment, based on
discounted cashflows using a discount rate of 6.7%, bringing the
carrying value to $0.3 billion.
Woodsmith
In 2022, project team proposals, endorsed by the Board at the end of
the year, indicated there would be changes to the configuration of the
project that would incur higher future capital expenditure and result in
a longer construction schedule with first product expected to be
brought to market in 2027. These items were identified as an indicator
of impairment and the carrying value of the related assets was
assessed as at 31 December 2022 based on discounted cashflows
using a discount rate of 9.58%. This resulted in an impairment of
$1.7\u00a0billion ($1.7 billion after tax) to bring the carrying value into line
with the recoverable amount of $0.9 billion. The impairment was
allocated primarily to property, plant and equipment.
Accounting judgements
Impairment testing involves a number of significant accounting
judgements and estimates, which are set out in note 7.
CGU assessment
As set out in note 7, the Group regularly assesses each of its cash
generating units (CGUs) for indicators of impairment or impairment
reversal. The Group applies judgement when allocating its assets to
CGUs, which are defined as the smallest group of assets that generate
cash inflows that are largely independent of the cash inflows from
other assets or groups of assets. Where an operation is vertically
integrated so that each activity/process feeds into the next one until
a\u00a0final product is produced, particular judgement may be required to
determine whether there is an active market for any intermediate
product.
The Group\u2019s platinum group metals mining, smelting and processing
business is considered to be a single CGU on the basis that there is
only an active market for the final refined product and hence none of
the preceding stages in the production process would be capable of
generating independent cash inflows.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-474": { "value": "
11.
Intangible assets
Overview
Intangible assets comprise goodwill acquired through business combinations, brands, contracts and other non-mining assets.
2023
2022
US$ million
Brands
Contracts
and other
intangibles
Goodwill
Total
Brands
Contracts
and other
intangibles
Goodwill
Total
Net book value
At 1 January
517
640
1,671
2,828
517
608
1,877
3,002
Acquired through business combinations
\u2014
\u2014
50
50
\u2014
\u2014
\u2014
\u2014
Additions
\u2014
191
\u2014
191
\u2014
153
\u2014
153
Amortisation charge for the year
\u2014
(76)
\u2014
(76)
\u2014
(59)
\u2014
(59)
Impairments
(21)
(27)
(1,390)
(1,438)
\u2014
(40)
\u2014
(40)
Currency movements
\u2014
(15)
(61)
(76)
\u2014
(22)
(206)
(228)
At 31 December
496
713
270
1,479
517
640
1,671
2,828
Cost
517
1,258
1,732
3,507
517
1,183
1,742
3,442
Accumulated amortisation and impairment
(21)
(545)
(1,462)
(2,028)
\u2014
(543)
(71)
(614)
Brands, contracts and other intangibles includes $822 million ( 2022: $889 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\u00a0December\u00a02023, $496 million
(2022:\u00a0$517 million) of intangible assets that are deemed to have indefinite useful lives relating to brands in De Beers.
Further information
Goodwill relates to the following cash generating units (CGUs) or groups of CGUs:
US$ million
2023
2022
Copper Chile
124
124
Platinum Group Metals
96
103
De\u00a0Beers
\u2014
1,434
Other
50
10
270
1,671
Accounting judgements and estimates
Goodwill and brands are tested at least annually for impairment by assessing the recoverable amount of the related CGU or group of CGUs.
Further information in\u00a0relation to De\u00a0Beers is set out in note 8. Management believes that any reasonably possible change in a key assumption, on
which the recoverable amount of goodwill allocated to the Los Bronces - Chagres CGU (Copper Chile) and Platinum Group Metals is based,
would not cause the carrying values to exceed their recoverable amounts. Further details about how the recoverable amounts have been
determined are set out in notes 7 and 8.
Accounting policy
See note 39D for the Group\u2019s accounting policies on intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-475": { "value": "
12.
Property, plant and equipment
Overview
Property, plant and equipment comprises the physical assets that make up the Group\u2019s operations. These include acquired mineral rights,
capitalised waste stripping and mine development costs, processing plants and infrastructure, vehicles and other equipment.
2023
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
10,032
1,655
464
13,999
312
14,663
41,125
Additions
307
12
53
258
536
6,162
7,328
Depreciation charge for the year
(859)
(147)
(52)
(1,437)
(240)
\u2014
(2,735)
Impairments
(283)
(310)
(11)
(268)
(34)
(138)
(1,044)
Revaluation of shipping leases
\u2014
\u2014
\u2014
\u2014
362
\u2014
362
Disposals
(20)
(11)
\u2014
(88)
(1)
(1)
(121)
Reclassifications
2,825
4,453
\u2014
3,689
\u2014
(10,967)
\u2014
Currency movements
(473)
(51)
(11)
(147)
(1)
(283)
(966)
At 31 December
11,529
5,601
443
16,006
934
9,436
43,949
Cost
25,913
7,052
682
35,130
1,840
11,381
81,998
Accumulated depreciation and impairment
(14,384)
(1,451)
(239)
(19,124)
(906)
(1,945)
(38,049)
2022
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
10,119
1,776
454
13,590
312
13,250
39,501
Additions
586
16
76
102
194
5,860
6,834
Depreciation charge for the year
(890)
(81)
(44)
(1,347)
(195)
\u2014
(2,557)
Impairments
(106)
(82)
(32)
(142)
\u2014
(1,663)
(2,025)
Impairments reversed
181
24
\u2014
197
4
24
430
Revaluation of shipping leases
\u2014
\u2014
\u2014
\u2014
8
\u2014
8
Disposals
(12)
(1)
(6)
(35)
(7)
(23)
(84)
Reclassifications
664
50
22
1,827
\u2014
(2,563)
\u2014
Currency movements
(510)
(47)
(6)
(193)
(4)
(222)
(982)
At 31 December
10,032
1,655
464
13,999
312
14,663
41,125
Cost
25,896
2,673
648
32,394
987
16,496
79,094
Accumulated depreciation and impairment
(15,864)
(1,018)
(184)
(18,395)
(675)
(1,833)
(37,969)
Additions include $515 million (2022: $378 million ) of net interest expense incurred on borrowing s 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. The
Quellaveco project achieved commercial production on 1 June 2023, after which interest expense incurred on borrowings was recognised within
finance costs in the Consolidated income statement.
Depreciation includes $2,623 million (2022: $2,401 million) of depreciation within operating profit, $68 million (2022 : $69 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 9), and $44 million (2022:\u00a0$87 million) of pre-commercial production depreciation on assets used in capital projects which has been
capitalised.
The impairment charge for the year relates principally to the Group\u2019s Nickel reportable segment. A charge of $213 million relates to the De Beers
reportable segment and was primarily recorded within the mining properties asset class.
Disposals includes disposals of assets and businesses.
Accounting judgements and estimates
Impairment testing
Impairment testing involves a number of significant accounting judgements and estimates, which are set out in note 7.
Commercial production
The Group applies judgement in determining when a mine reaches commercial production. The Group assesses a number of factors when making
this judgement. Typically, a mine reaches commercial production when mine assets are consistently operating at 80% of nameplate production
capacity. The Group\u2019s Quellaveco copper project is most affected by this judgement in the current year. The Quellaveco project achieved
commercial production on 1 June 2023, after which borrowing costs were recognised within finance costs in the Consolidated income statement
and assets considered ready for use were reclassified from Capital Work in Progress to appropriate asset classes and subsequently depreciated.
Capital base
12. Property, plant and equipment continued
Depreciation
Depreciation is calculated with reference to the Group\u2019s best estimate of useful economic lives of assets. Useful economic lives of mining
properties are generally limited to the expected life of the related orebody. The life of the orebody, in turn, is estimated on the basis of the Life of
Asset Plan. Where an asset is not dependent on the life of a related orebody, management applies judgment in estimating the remaining useful
economic life of the asset. Climate change may impact the useful economic lives of the Group\u2019s mining properties if changing commodity prices
extend or reduce the period in which resources can be extracted from an orebody 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 because stripping activities and production occur simultaneously, the amount to be capitalised
is calculated based on the waste moved in excess of the life of mine average for the component. Determining the average strip ratio for the mine
is an accounting estimate. The identification of components is an area of judgement, reflecting the design of each mine. Both accounting
judgements and estimates are made with reference to the Life of Asset Plan.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-478": { "value": "
14.
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 businesses) 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 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 318.
2023
2022
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
416
640
1,056
388
633
1,021
Net income from associates and joint ventures
248
130
378
452
189
641
Dividends received
(203)
(184)
(387)
(398)
(210)
(608)
Investments in equity and capitalised loans
4
11
15
6
31
37
Impairments
(10)
\u2014
(10)
(3)
\u2014
(3)
Other movements
2
(2)
\u2014
3
(2)
1
Currency movements
(1)
15
14
(32)
(1)
(33)
At 31 December
456
610
1,066
416
640
1,056
Further information
The Group\u2019s total investments in associates and joint ventures include long term loans of $125 million (2022: $137 million), which in substance
form part of the Group\u2019s net investment. These loans are not repayable in the foreseeable future.
The Group\u2019s share of the results of the associates and joint ventures is as follows:
Income statement
US$ million
2023
2022
Group revenue
1,846
2,264
Operating costs (before special items and remeasurements)
(1,234)
(1,225)
Associates\u2019 and joint ventures\u2019 underlying EBIT
612
1,039
Net finance costs
(37)
(16)
Income tax expense
(196)
(379)
Non-controlling interests
(1)
(3)
Net income from associates and joint ventures
378
641
Balance sheet
US$ million
Associates
Joint ventures
Total
Non-current assets
179
1,087
1,266
Current assets
494
416
910
Current liabilities
(155)
(214)
(369)
Non-current liabilities
(62)
(679)
(741)
Net assets as at 31\u00a0December\u00a02023
456
610
1,066
Net assets as at 31\u00a0December 2022
416
640
1,056
Capital base
14. 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:
2023
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Samancor
670
231
145
66
127
Jellinbah
779
373
360
244
198
Ferroport
105
82
74
50
55
Other
292
31
33
18
7
1,846
717
612
378
387
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
Aggregate investment
US$ million
2023
2022
Samancor
147
212
Jellinbah
415
370
Ferroport
290
280
Other
214
194
1,066
1,056
Accounting judgements
Impairment
No indicators of impairment were identified for the Group\u2019s material investments in associates and joint ventures during 2023. The key
assumptions used in determining the recoverable amounts are set out in note 7.
Accounting policy
See note 39I for the Group\u2019s accounting policy on associates and joint arrangements, which includes joint ventures.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-477": { "value": "
14.
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 businesses) 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 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 318.
2023
2022
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
416
640
1,056
388
633
1,021
Net income from associates and joint ventures
248
130
378
452
189
641
Dividends received
(203)
(184)
(387)
(398)
(210)
(608)
Investments in equity and capitalised loans
4
11
15
6
31
37
Impairments
(10)
\u2014
(10)
(3)
\u2014
(3)
Other movements
2
(2)
\u2014
3
(2)
1
Currency movements
(1)
15
14
(32)
(1)
(33)
At 31 December
456
610
1,066
416
640
1,056
Further information
The Group\u2019s total investments in associates and joint ventures include long term loans of $125 million (2022: $137 million), which in substance
form part of the Group\u2019s net investment. These loans are not repayable in the foreseeable future.
The Group\u2019s share of the results of the associates and joint ventures is as follows:
Income statement
US$ million
2023
2022
Group revenue
1,846
2,264
Operating costs (before special items and remeasurements)
(1,234)
(1,225)
Associates\u2019 and joint ventures\u2019 underlying EBIT
612
1,039
Net finance costs
(37)
(16)
Income tax expense
(196)
(379)
Non-controlling interests
(1)
(3)
Net income from associates and joint ventures
378
641
Balance sheet
US$ million
Associates
Joint ventures
Total
Non-current assets
179
1,087
1,266
Current assets
494
416
910
Current liabilities
(155)
(214)
(369)
Non-current liabilities
(62)
(679)
(741)
Net assets as at 31\u00a0December\u00a02023
456
610
1,066
Net assets as at 31\u00a0December 2022
416
640
1,056
Capital base
14. 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:
2023
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Samancor
670
231
145
66
127
Jellinbah
779
373
360
244
198
Ferroport
105
82
74
50
55
Other
292
31
33
18
7
1,846
717
612
378
387
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
Aggregate investment
US$ million
2023
2022
Samancor
147
212
Jellinbah
415
370
Ferroport
290
280
Other
214
194
1,066
1,056
Accounting judgements
Impairment
No indicators of impairment were identified for the Group\u2019s material investments in associates and joint ventures during 2023. The key
assumptions used in determining the recoverable amounts are set out in note 7.
Accounting policy
See note 39I for the Group\u2019s accounting policy on associates and joint arrangements, which includes joint ventures.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-476": { "value": "
14.
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 businesses) 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 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 318.
2023
2022
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
416
640
1,056
388
633
1,021
Net income from associates and joint ventures
248
130
378
452
189
641
Dividends received
(203)
(184)
(387)
(398)
(210)
(608)
Investments in equity and capitalised loans
4
11
15
6
31
37
Impairments
(10)
\u2014
(10)
(3)
\u2014
(3)
Other movements
2
(2)
\u2014
3
(2)
1
Currency movements
(1)
15
14
(32)
(1)
(33)
At 31 December
456
610
1,066
416
640
1,056
Further information
The Group\u2019s total investments in associates and joint ventures include long term loans of $125 million (2022: $137 million), which in substance
form part of the Group\u2019s net investment. These loans are not repayable in the foreseeable future.
The Group\u2019s share of the results of the associates and joint ventures is as follows:
Income statement
US$ million
2023
2022
Group revenue
1,846
2,264
Operating costs (before special items and remeasurements)
(1,234)
(1,225)
Associates\u2019 and joint ventures\u2019 underlying EBIT
612
1,039
Net finance costs
(37)
(16)
Income tax expense
(196)
(379)
Non-controlling interests
(1)
(3)
Net income from associates and joint ventures
378
641
Balance sheet
US$ million
Associates
Joint ventures
Total
Non-current assets
179
1,087
1,266
Current assets
494
416
910
Current liabilities
(155)
(214)
(369)
Non-current liabilities
(62)
(679)
(741)
Net assets as at 31\u00a0December\u00a02023
456
610
1,066
Net assets as at 31\u00a0December 2022
416
640
1,056
Capital base
14. 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:
2023
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Samancor
670
231
145
66
127
Jellinbah
779
373
360
244
198
Ferroport
105
82
74
50
55
Other
292
31
33
18
7
1,846
717
612
378
387
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
Aggregate investment
US$ million
2023
2022
Samancor
147
212
Jellinbah
415
370
Ferroport
290
280
Other
214
194
1,066
1,056
Accounting judgements
Impairment
No indicators of impairment were identified for the Group\u2019s material investments in associates and joint ventures during 2023. The key
assumptions used in determining the recoverable amounts are set out in note 7.
Accounting policy
See note 39I for the Group\u2019s accounting policy on associates and joint arrangements, which includes joint ventures.", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-479": { "value": "
15.
Financial asset investments
Overview
Financial asset investments include three categories. Financial assets at amortised cost principally comprise loans to and deposits with third
parties including the Group\u2019s associates and joint ventures. Assets classified at fair value through other comprehensive income principally
comprise investments in equities of other companies. Financial assets held at fair value through profit and loss comprise financial assets that
do\u00a0not meet the criteria to be classified under either of the other two categories.
2023
2022
US$ million
Financial
assets at
amortised cost
At fair value
through
profit and loss
At fair value
through other
comprehensive
income
Total
Financial
assets at
amortised cost
At fair value
through
profit\u00a0and loss
At fair value
through other
comprehensive
income
Total
At 1 January
226
35
167
428
127
60
182
369
Additions
\u2014
6
50
56
\u2014
7
80
87
Interest receivable
6
2
\u2014
8
2
\u2014
\u2014
2
Net loans (repaid)/advanced
(1)
39
\u2014
38
89
(5)
\u2014
84
Disposals
\u2014
\u2014
(5)
(5)
\u2014
\u2014
(134)
(134)
Impairments
\u2014
\u2014
\u2014
\u2014
(2)
\u2014
\u2014
(2)
Impairment reversals
\u2014
\u2014
\u2014
\u2014
17
\u2014
\u2014
17
Fair value and other movements
\u2014
(9)
(76)
(85)
(12)
(29)
50
9
Currency movements
3
\u2014
(4)
(1)
5
2
(11)
(4)
At 31 December
234
73
132
439
226
35
167
428
Current
17
31
\u2014
48
14
24
\u2014
38
Non-current
217
42
132
391
212
11
167
390
Accounting policy
See note 39D for the Group\u2019s accounting policies on financial asset investments.
24.
Financial instruments and derivatives
Financial instruments overview
For financial assets and liabilities which are traded on an active market, such as listed investments or listed debt instruments, fair value is
determined by reference to\u00a0market value. For non-traded financial assets and liabilities, fair value is calculated using discounted cash flows,
considered to be reasonable and consistent with those that would be used by a market participant, and based on observable market data
where\u00a0available (for example forward exchange rate, interest rate or commodity price curve), unless carrying value is considered to approximate
fair value.
Where discounted cash flow models based on management\u2019s assumptions are used, the resulting fair value measurements are considered to be
at level 3 in the fair value hierarchy, as defined in IFRS 13 Fair Value Measurement, as they depend to a significant extent on unobservable
valuation inputs.
All derivatives that have been designated into hedge relationships have been separately disclosed.
2023
US$ million
At fair value
through profit
and loss
Financial
assets\u00a0at
amortised cost
At fair value
through other
comprehensive
income
Designated
into\u00a0hedges
Financial
liabilities at
amortised cost
Total
Financial assets
Trade and other receivables
2,247
1,082
\u2014
\u2014
\u2014
3,329
Derivative financial assets
241
\u2014
\u2014
115
\u2014
356
Cash and cash equivalents
4,359
1,729
\u2014
\u2014
\u2014
6,088
Financial asset investments
73
234
132
\u2014
\u2014
439
Environmental rehabilitation trusts(1)
103
5
\u2014
\u2014
\u2014
108
7,023
3,050
132
115
\u2014
10,320
Financial liabilities
Trade and other payables
(668)
\u2014
\u2014
\u2014
(5,115)
(5,783)
Derivative financial liabilities
(172)
\u2014
\u2014
(570)
\u2014
(742)
Royalty liability
\u2014
\u2014
\u2014
(91)
(487)
(578)
Borrowings
\u2014
\u2014
\u2014
(11,509)
(5,403)
(16,912)
(840)
\u2014
\u2014
(12,170)
(11,005)
(24,015)
Net financial assets/(liabilities)
6,183
3,050
132
(12,055)
(11,005)
(13,695)
2022
US$ million
At fair value
through profit
and loss
Financial
assets\u00a0at
amortised cost
At fair value
through other
comprehensive
income
Designated
into\u00a0hedges
Financial
liabilities\u00a0at
amortised cost
Total
Financial assets
Trade and other receivables
2,106
1,114
\u2014
\u2014
\u2014
3,220
Derivative financial assets
241
\u2014
\u2014
12
\u2014
253
Cash and cash equivalents
6,447
1,965
\u2014
\u2014
\u2014
8,412
Financial asset investments
35
226
167
\u2014
\u2014
428
Environmental rehabilitation trusts(1)
100
7
\u2014
\u2014
\u2014
107
8,929
3,312
167
12
\u2014
12,420
Financial liabilities
Trade and other payables
(735)
\u2014
\u2014
\u2014
(5,271)
(6,006)
Derivative financial liabilities
(592)
\u2014
\u2014
(737)
\u2014
(1,329)
Royalty liability
\u2014
\u2014
\u2014
(80)
(430)
(510)
Borrowings
\u2014
\u2014
\u2014
(8,681)
(5,684)
(14,365)
(1,327)
\u2014
\u2014
(9,498)
(11,385)
(22,210)
Net financial assets/(liabilities)
7,602
3,312
167
(9,486)
(11,385)
(9,790)
(1)These funds are not available for the general purposes of the Group. All income from these assets is reinvested to meet specific environmental obligations. These obligations are included in
provisions as per note 16.
The Group\u2019s cash and cash equivalents at 31\u00a0December\u00a02023 include $4,359 million (2022: $6,447 million) held in high grade money market
funds. These funds are\u00a0selected to ensure compliance with the minimum credit rating requirements and counterparty exposure limits set out in the
Group\u2019s Treasury policy.
Net debt and financial risk management
24. Financial instruments and derivatives continued
Fair value hierarchy
An analysis of financial assets and liabilities carried at fair value is set out below:
2023
2022
US$ million
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
At fair value through profit and loss
Provisionally priced trade receivables
\u2014
2,113
\u2014
2,113
\u2014
1,799
\u2014
1,799
Other receivables
\u2014
12
122
134
\u2014
\u2014
307
307
Derivatives hedging net debt
\u2014
119
\u2014
119
\u2014
49
\u2014
49
Other derivatives
\u2014
122
\u2014
122
\u2014
192
\u2014
192
Cash and cash equivalents
4,359
\u2014
\u2014
4,359
6,447
\u2014
\u2014
6,447
Financial asset investments
\u2014
68
5
73
\u2014
31
4
35
Environmental rehabilitation trusts(1)
\u2014
103
\u2014
103
\u2014
100
\u2014
100
Designated into hedges
Derivatives hedging net debt
\u2014
115
\u2014
115
\u2014
12
\u2014
12
At fair value through other comprehensive income
Financial asset investments
46
\u2014
86
132
60
\u2014
107
167
4,405
2,652
213
7,270
6,507
2,183
418
9,108
Financial liabilities
At fair value through profit and loss
Provisionally priced trade payables
\u2014
(426)
\u2014
(426)
\u2014
(368)
\u2014
(368)
Other payables
\u2014
\u2014
(242)
(242)
\u2014
\u2014
(367)
(367)
Derivatives hedging net debt
\u2014
(92)
\u2014
(92)
\u2014
(416)
\u2014
(416)
Other derivatives
\u2014
(82)
(1)
(83)
\u2014
(205)
\u2014
(205)
Debit valuation adjustment to derivative liabilities
\u2014
3
\u2014
3
\u2014
29
\u2014
29
Designated into hedges
Derivatives hedging net debt
\u2014
(570)
\u2014
(570)
\u2014
(737)
\u2014
(737)
Royalty liability
\u2014
\u2014
(91)
(91)
\u2014
\u2014
(80)
(80)
\u2014
(1,167)
(334)
(1,501)
\u2014
(1,697)
(447)
(2,144)
Net assets carried at fair value
4,405
1,485
(121)
5,769
6,507
486
(29)
6,964
(1)These funds are not available for the general purposes of the Group. All income from these assets is reinvested to meet specific environmental obligations. These obligations are included in
provisions as per note 16.
Fair value hierarchy
Valuation technique
Level 1
Valued using unadjusted quoted prices in active markets for identical financial instruments. This category includes cash and cash
equivalents held in money market funds, listed equity shares and quoted futures.
Level 2
Instruments in this category are valued using valuation techniques where all of the inputs that have a significant effect on the
valuation are directly or indirectly based on observable market data. This category includes provisionally priced trade receivables
and payables and over-the-counter derivatives.
Level 3
Instruments in this category have been valued using a valuation technique where at least one input (which could have a significant
effect on the instrument\u2019s valuation) is not based on observable market data. Where inputs can be observed from market data
without undue cost and effort, the observed input is used. Otherwise, management determines a reasonable estimate for the input.
This category includes deferred consideration, receivables relating to disposals, unlisted equity investments and the embedded
derivative relating to the Royalty liability.
The movements in the fair value of the level 3 financial assets and liabilities are shown as follows:
Assets
Liabilities
US$ million
2023
2022
2023
2022
At 1 January
418
830
(447)
(464)
Net (loss)/profit recorded in the income statement
(22)
(79)
9
(73)
Net (loss)/profit recorded in the statement of comprehensive income
(12)
53
(11)
(80)
Reclassification (from)/to level 3 financial assets/(liabilities)
(7)
9
(23)
\u2014
Additions
94
22
\u2014
\u2014
Settlements and disposals
(233)
(388)
119
153
Currency movements
(25)
(29)
19
17
At 31 December
213
418
(334)
(447)
Net debt and financial risk management
24. Financial instruments and derivatives continued
Further information on financial instruments
Borrowings designated in fair value hedges represent listed debt which is held at amortised cost, adjusted for the fair value of the hedged interest
rate risk. The fair value of these borrowings is $11,546 million (2022: $8,846 million), which is measured using quoted indicative broker prices and
consequently categorised as level 2 in the fair value hierarchy. The carrying value of the remaining borrowings at amortised cost includes bonds
which are not designated into hedge relationships, bank borrowings and lease liabilities. The carrying value of these bonds is $323 million
(2022:\u00a0$1,608 million) and the fair value is $330 million (2022:\u00a0$1,381 million). The\u00a0carrying value of the remaining borrowings at amortised cost
are considered to approximate the fair 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.
At 31\u00a0December\u00a02023, 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 $9 million
(2022: $7 million) were offset against those in an asset position totalling $281 million (2022: $149 million). The net asset position of $272 million
(2022: $142 million) is presented within derivative assets (2022: 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 $243 million (2022: $78 million) would be offset\u00a0against those in
a liability position totalling $681 million (2022: $1,129 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.
Royalty liability
When the Group acquired the Woodsmith project, the Hancock royalty liability and related embedded derivative were recognised. The royalty
liability and associated derivative does not form part of borrowings on\u00a0the basis that obligations to make cash payments against this liability only
arise when the Woodsmith project generates revenues, and that\u00a0otherwise the Group is not currently contractually liable to make any payments
under this arrangement (other than in the event of Anglo\u00a0American Crop Nutrients Limited\u2019s insolvency).
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\u00a02023, this adjustment was to decrease the carrying value of borrowings by
$508 million (2022: $787 million decrease). 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 loss on fair value hedged items of $279 million (2022:\u00a0$894 million gain), offset by a gain on fair value hedging instruments of $274 million
(2022:\u00a0$906 million loss).
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 $11\u00a0million (2022: loss of $80 million) and a liability of $91\u00a0million (2022: 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\u00a0the Consolidated income statement, as is the case for certain cross currency swaps of non-US dollar debt. A fair value gain of $149 million in
respect of these cross currency swaps has been recognised in the Consolidated income statement (2022: loss of $1 million) and is presented
within financing remeasurements net of foreign exchange losses on the related borrowings of $149 million (2022: gains of $30 million). Fair value
changes on held for trading derivatives are recognised in the Consolidated income statement as remeasurements or within underlying earnings
in accordance with the policy set out in note 9.
Net debt and financial risk management
24. Financial instruments and derivatives continued
Further information on derivatives
Fair value of derivative positions
The fair value of the Group\u2019s open derivative positions at 31 December (excluding normal purchase and sale contracts held off balance sheet)
recorded within \u2018Derivative financial assets\u2019 and \u2018Derivative financial liabilities\u2019, is as follows:
Current
Non-current
2023
2022
2023
2022
US$ million
Asset
Liability
Asset
Liability
Asset
Liability
Asset
Liability
Derivatives hedging net debt
Fair value hedge
Interest rate swaps
\u2014
(11)
12
\u2014
115
(559)
\u2014
(737)
Held for trading
Cross currency swaps
\u2014
\u2014
\u2014
(265)
119
(92)
49
(151)
Debit valuation adjustment to derivative liabilities
\u2014
\u2014
\u2014
29
\u2014
3
\u2014
\u2014
\u2014
(11)
12
(236)
234
(648)
49
(888)
Other derivatives
118
(83)
192
(205)
4
\u2014
\u2014
\u2014
Total derivatives
118
(94)
204
(441)
238
(648)
49
(888)
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 transitioned all remaining trades referenced to the USD LIBOR rate to incorporate alternative risk-free rates with the principal
benchmarks used now being EURIBOR, SOFR and SONIA. 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\u00a02023. Further details
of the Group\u2019s transition is included in note 39F.
Fair value of financial instruments
Certain of the Group\u2019s financial instruments, principally derivatives, are required to be measured on the balance sheet at fair value. Where a
quoted market price for an identical instrument is not available, a valuation model is used to estimate the fair value based on the net present value
of the expected cash flows under the contract. Valuation assumptions are usually based on observable market data (for example forward foreign
exchange rate, interest rate or commodity price curves) where available.
Accounting policies
See notes 39D and 39F for the Group\u2019s accounting policies on financial asset investments, impairment of financial assets, derivative financial
instruments and hedge\u00a0accounting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-480": { "value": "
16.
Provisions for liabilities and charges
Overview
US$ million
Environmental
restoration
Decommissioning
Employee
benefits
Onerous
contracts
Legal
Restructuring
Other
Total
At 1\u00a0January
(1,761)
(906)
(161)
(30)
(250)
(17)
(168)
(3,293)
Additional provisions charged to income
statement
(246)
(29)
(76)
(4)
(34)
(56)
(18)
(463)
Changes in discount rate
38
29
\u2014
\u2014
\u2014
\u2014
\u2014
67
Capitalised
(42)
(121)
\u2014
\u2014
(2)
\u2014
(130)
(295)
Unwinding of discount
(48)
(26)
(3)
(2)
\u2014
\u2014
\u2014
(79)
Amounts applied
97
56
52
4
39
17
14
279
Unused amounts reversed
7
65
7
18
33
1
24
155
Disposals
28
15
\u2014
\u2014
\u2014
\u2014
\u2014
43
Currency movements
39
4
1
(9)
(15)
1
7
28
At 31 December
(1,888)
(913)
(180)
(23)
(229)
(54)
(271)
(3,558)
Current
(148)
(30)
(160)
(23)
(23)
(53)
(247)
(684)
Non-current
(1,740)
(883)
(20)
\u2014
(206)
(1)
(24)
(2,874)
Further information
Environmental restoration
The Group has an obligation to undertake restoration, rehabilitation and environmental work when environmental disturbance is caused by the
development or ongoing production of a mining property. A provision is recognised for the present value of such costs, based on management\u2019s
best estimate of the legal and constructive obligations incurred. Changes in legislation could result in changes in provisions recognised. It is
anticipated that the majority of these costs will be incurred over a period in excess of 20 years.
Decommissioning
Provision is made for the present value of costs relating to the decommissioning of plant or other site restoration work. It is anticipated that the
majority of these costs will be incurred over a period in excess of 20 years.
The pre-tax, real discount rates that have been used in calculating the environmental restoration and decommissioning liabilities as at
31\u00a0December 2023, in\u00a0the principal currencies in which these liabilities are denominated and with matching maturities to the timelines are
as\u00a0follows: US dollar: 1.7%\u20131.9% (2022:\u00a01.7%\u20131.9%); South African rand: 4.9%\u20135.0% (2022: 4.5%\u20135.0%); Australian dollar: 1.5%\u20131.8%
(2022:\u00a01.5%\u20131.8% ); Chilean peso: 2.2%\u20132.6% (2022: 1.7%\u20132.2% ); and Brazilian real: 5.5 %\u20135.9% (2022: 5.6%\u20136.0%).
Movements in environmental restoration and decommissioning provisions resulted in a net charge of $219 million within operating profit
(2022:\u00a0net charge of $324\u00a0million). In addition, the Group is required to provide guarantees in several jurisdictions in respect of environmental
restoration and decommissioning obligations. These have not resulted in the recognition of any additional liabilities.
Capital base
16. Provisions for liabilities and charges continued
Decommissioning and environmental restoration provisions also includes management's best estimates of all material costs of conformance with
Global Industry Standard for Tailing Management (GISTM). For further details see note 33.
Employee benefits
Provision is made for statutory or contractual employee entitlements where there is significant uncertainty over the timing or amount of
settlement. It is anticipated that these costs will be incurred when employees choose to take their benefits.
Onerous contracts
Provision is made for the present value of certain long term contracts where the unavoidable cost of meeting the Group\u2019s obligations is expected
to exceed the benefits to be received.
Other
Other provisions relate to social commitments and other claims and liabilities.
Environmental rehabilitation trusts
The Group makes contributions to controlled funds that were established to meet the cost of some of its restoration and environmental
rehabilitation liabilities in South Africa. The funds comprise the following investments, which with the exception of some cash balances, are held in
unit trusts:
US$ million
2023
2022
Equity
76
74
Bonds
14
13
Cash and cash equivalents
18
20
108
107
These assets are primarily denominated in South African rand. Where not held in a unit trust, cash and cash equivalents are held in short term
fixed deposits or earn interest at floating inter-bank rates. Bonds held in unit trusts earn interest at a weighted average fixed rate of 10.0 %
(2022:\u00a010.0 %) for an average period of eight years (2022: seven years).
These funds are not available for the general purposes of the Group (see note 24). All income from these assets is reinvested to meet specific
environmental obligations. These obligations are included in provisions as stated above.
Accounting judgements and estimates
Environmental restoration and decommissioning provisions
The recognition and measurement of environmental restoration and decommissioning provisions requires judgement and is based on
assumptions and estimates, including the required closure and rehabilitation costs, the timing of future cash flows, and the discount rates applied.
Future cash flows used to determine environmental restoration and decommissioning provisions are risk adjusted to reflect potential changes in
relation to the key assumptions made in the mine closure plan. Discount rates applied to determine environmental restoration and
decommissioning provisions represent a market assessment of the time value of money only i.e. a risk-free rate. These rates are calculated on a
real basis with reference to the yield for government bonds of the appropriate currency and duration. The Group has considered\u00a0reasonably
possible changes to discount rates and if the discount rates at 31 December 2023 were decreased by 1.0% then the total environmental
restoration and decommissioning provisions would increase by $0.5 billion. Increase in discount rates by 1.0% would decrease the total
restoration and decommissioning provisions by $0.4 billion.
The Group considers the impact of climate change on environmental restoration and decommissioning provisions, specifically the timing of future
cash flows, and has concluded that it does not currently represent a key source of estimation uncertainty. Changes to legislation, including in
relation to climate change, are factored into the provisions when the legislation becomes enacted.
Accounting policy
See note 39D for the Group\u2019s accounting policy on environmental restoration and decommissioning obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-481": { "value": "
17.
Deferred tax
Overview
The movement in net deferred tax liabilities during the year is as follows:
US$ million
2023
2022
(restated) (1)
At 1 January
(5,051)
(4,404)
Charged to the income statement
(469)
(852)
Credited to equity
13
77
Currency movements
189
128
At 31 December
(5,318)
(5,051)
(1)Comparative figures are restated for the adoption of the amendment to IAS 12, see note 39A.
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
2023
2022
(restated) (1)
Deferred tax assets before offset
Tax losses
706
875
Depreciation in excess of capital allowances
240
163
Other temporary differences
638
745
1,584
1,783
Deferred tax liabilities before offset
Capital allowances in excess of depreciation
(4,410)
(4,317)
Fair value adjustments
(548)
(645)
Withholding tax
(22)
(20)
Other temporary differences
(1,922)
(1,852)
(6,902)
(6,834)
(1)Comparative figures are restated for the adoption of the amendment to IAS 12, see note 39A.
The closing deferred tax balances after offset are as follows:
US$ million
2023
2022
(restated)(1)
Deferred tax assets
262
198
Deferred tax liabilities
(5,580)
(5,249)
(5,318)
(5,051)
(1)Comparative figures are restated for the adoption of the amendment to IAS 12, see note 39A.
Other temporary differences primarily arise in relation to deferred stripping costs and functional currency differences.
The amount of deferred tax charged to the Consolidated income statement is as follows:
US$ million
2023
2022
Capital allowances in excess of depreciation
(252)
(712)
Fair value adjustments
67
1
Tax losses
(92)
(404)
Provisions
(123)
45
Other temporary differences
(69)
218
(469)
(852)
Deferred tax charged to the income statement includes a credit of $119 million (2022: $72 million) relating to deferred tax remeasurements,
a\u00a0deferred tax on special items and remeasurement credit of $301 million (2022: $27 million) and a\u00a0deferred tax special items charge of
$ 300\u00a0million (2022: credit of $56 million).
Deferred tax assets are recognised to the extent that the business has forecast taxable profits against which the assets can be recovered. While
the Group is in an overall net deferred tax liability (2022: liability) position, some deferred tax assets remain unrecognised in jurisdictions where
no\u00a0taxable profits are forecast and no right of offset against the Group's deferred tax liabilities exists.
Capital base
17. Deferred tax continued
The Group has the following temporary differences for which no deferred tax assets have been recognised:
2023
2022 (restated)(1)
US$ 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
155
\u2014
139
294
126
\u2014
2
128
Greater than five years
864
\u2014
898
1,762
832
\u2014
\u2014
832
No expiry date
9,767
2,394
6,594
18,755
6,239
2,501
5,509
14,249
10,786
2,394
7,631
20,811
7,197
2,501
5,511
15,209
(1)The 2022 comparative figures have been restated to include $1,279 million of revenue tax losses and other 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 $20,969 million (2022:\u00a0$20,620 million).
Accounting judgements and estimates
Recognition of deferred tax asset
In accordance with the requirements of IAS 12 Income Taxes, the Group reassesses the recognition and recoverability of deferred tax assets at
the end of each reporting period.
Accounting policy
See note 39G for the Group\u2019s accounting policy on tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-482": { "value": "
18.
Inventories
Overview
Inventories represent goods held for sale in the ordinary course of business (finished products), ore being processed into a saleable condition
(work in progress) and spares, raw materials and consumables to be used in the production process (raw materials and consumables).
2023
2022
US$ 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, consumables and other
1,100
8
1,108
889
\u2014
889
Work in progress
2,138
822
2,960
2,777
798
3,575
Finished products
3,149
17
3,166
2,932
11
2,943
6,387
847
7,234
6,598
809
7,407
Further information
The cost of inventories recognised as an expense and included in operating costs amounted to $15,457 million ( 2022: $16,983 million). The
write-down of inventories to net realisable value (net of revaluation of provisionally priced purchases) amounted to $357 million
(2022:\u00a0 $106 million).
Accounting estimates
Accounting for inventory involves the use of judgements and estimates, particularly in relation 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 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
$89\u00a0million.
Accounting policy
See note 39E for the Group\u2019s accounting policy on inventories.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-483": { "value": "
19.
Trade and other receivables
Overview
Trade receivables are amounts due from the Group\u2019s customers for commodities and services the Group has provided. Many of the Group\u2019s sales
are provisionally priced, which means that the price is finalised at a date after the sale takes place. When there is uncertainty about the final
amount that will be received, the receivable is marked to market based on the forward price.
Trade and other receivables also includes amounts receivable for VAT and other indirect taxes, prepaid expenses and deferred consideration.
2023
2022
US$ million
Due within
one year
Due after
one year
Total
Due within
one year
Due after
one year
Total
Trade receivables
2,468
43
2,511
2,175
46
2,221
Tax receivables
974
214
1,188
978
120
1,098
Accrued income
182
\u2014
182
254
\u2014
254
Prepayments
391
22
413
530
41
571
Contract assets
67
\u2014
67
46
\u2014
46
Other receivables
434
188
622
500
233
733
4,516
467
4,983
4,483
440
4,923
Further information
The Group applies the simplified expected credit loss model for its trade receivables measured at amortised cost, as permitted by IFRS 9 Financial
Instruments. The\u00a0expected credit losses on trade receivables are estimated using a provision matrix by reference to past default experience,
credit profiles and financial metrics, adjusted as appropriate for current observable data.
As part of its approach to working capital management, the Group uses debtor discounting arrangements. These arrangements are on
a\u00a0non\u2011recourse basis and\u00a0hence the related receivables are derecognised from the Consolidated balance sheet.
Of the year end trade receivables balance $82 million (2022: $76 million) were past due, stated after an associated impairment provision of
$33 million (2022:\u00a0$22 million ). Given the use of payment security instruments and the nature of the related counterparties, these amounts are
considered recoverable. The historical level of customer default is minimal and there is no current observable data to indicate a material future
default. As a result, the credit quality of year end trade receivables is considered to be\u00a0high.
Trade receivables do not incur any interest as they are principally short term in nature and therefore are measured at their nominal value (with the
exception of receivables relating to provisionally priced sales, as set out in the revenue recognition accounting policy, see note 39C), net of
appropriate provisions for estimated irrecoverable amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-484": { "value": "
20.
Trade and other payables
Overview
Trade and other payables include amounts owed to suppliers, tax authorities and other parties that are typically due to be settled within 12
months. The\u00a0total\u00a0also includes contract liabilities, which represents monies received from customers but for which we have not yet delivered the
associated goods or service. These\u00a0amounts are recognised as revenue when the goods are delivered or the service is provided. All revenue
relating to performance obligations which were incomplete as at 31\u00a0December 2022 was recognised during the year. Other payables include
deferred consideration in respect of business combinations and dividends payable\u00a0to non-controlling interests.
US$ million
2023
2022
Trade payables
2,716
2,987
Accruals
2,504
2,399
Contract liabilities and deferred income
719
1,492
Tax and social security
198
131
Other payables
563
620
6,700
7,629
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. $189 million (2022: $249 million) of trade
and other payables are included within non-current liabilities.
Contract liabilities and deferred income include $608 million (2022: $1,358 million) for payments received in advance for metal which is expected
to be delivered within six months and $80 million (2022: $99 million) in respect of freight and performance obligations which are expected to be
completed within 30 to 45\u00a0days. The decrease in contract liabilities and deferred income is primarily driven by a decrease in metal prices.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-485": { "value": "
21.
Net debt
Overview
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 318.
Movement in net debt
US$ 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 2022
(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)
Cash flow
1,538
(1,941)
(403)
(133)
(2,287)
610
(2,213)
Interest accrued on borrowings
(719)
(75)
(794)
12
\u2014
\u2014
(782)
Reclassifications
(847)
847
\u2014
\u2014
\u2014
\u2014
\u2014
Movement in fair value
14
(293)
(279)
\u2014
\u2014
54
(225)
Other movements
(329)
(622)
(951)
631
\u2014
\u2014
(320)
Currency movements
25
(143)
(118)
\u2014
(39)
\u2014
(157)
At 31 December 2023
(1,726)
(15,172)
(16,898)
637
6,074
(428)
(10,615)
Other movements within financing activity liabilities include $576 million relating to leases entered into in the year ended 31 December 2023
(2022: $278\u00a0million) and $362 million (2022: $8 million) relating to shipping lease revaluations, refer to note 23.
Further information
Reconciliation to the Consolidated balance sheet
Cash and cash equivalents
Short term borrowings
Medium and
long term borrowings
US$ million
2023
2022
2023
2022
2023
2022
Balance sheet
6,088
8,412
(1,740)
(1,420)
(15,172)
(12,945)
Bank overdrafts
(14)
(12)
14
12
\u2014
\u2014
Net cash/(debt) classifications
6,074
8,400
(1,726)
(1,408)
(15,172)
(12,945)
Other
Debit valuation adjustments of $3\u00a0million (2022: $29 million) reduce the valuation of derivative liabilities hedging net debt reflecting the impact
of\u00a0the Group\u2019s own credit risk. These adjustments are excluded from the Group\u2019s definition of net debt.
Cash and cash equivalents includes $532 million which is restricted (2022: $513 million). This primarily relates to cash which is held in joint
operations where the timing of dividends is jointly controlled by the joint operators.
Accounting policy
See note 39F for the Group\u2019s accounting policy on cash and debt.
22.
Borrowings
Overview
The Group borrows mostly in the capital markets through bonds issued in the US markets and under the Euro Medium Term Note (EMTN)
programme. The Group uses interest rate and cross currency swaps to ensure that the majority of the Group\u2019s borrowings are exposed to floating
rate US dollar interest rates.
As part of its routine financing activities, in March 2023, the Group issued \u20ac500 million 4.5% Senior Notes due September 2028 and \u20ac500 million
5% Senior Notes due March 2031, and in May 2023, $900 million 5.5% Senior Notes due May 2033.
At 31\u00a0December 2022 , the following bonds were retained as fixed rate exposure: $193 million 5.375% due April 2025, $99 million 5% due May
2027, $500 million 3.95% due September 2050, and $750 million 4.75% due March\u00a02052. During the year ended 31\u00a0December\u00a02023, the Group
converted the following bonds to floating rates of interest for the next ten years by entering into interest rate swaps for a notional amount totalling
$1.25 billion: $500\u00a0million 3.95% due September 2050 and $750 million 4.75% due March 2052. All other bonds at 31\u00a0December\u00a02023 and
31\u00a0December 2022 were swapped to floating rate exposures.
Further information
2023
2022
US$ million
Short term
borrowings
Medium and
long term
borrowings
Total
borrowings
Contractual
repayment at
hedge\u00a0rates
Short term
borrowings
Medium and
long term
borrowings
Total
borrowings
Contractual
repayment at
hedge rates
Secured
Bank loans and overdrafts
43
71
114
114
38
96
134
134
Leases
408
1,107
1,515
1,515
184
676
860
860
451
1,178
1,629
1,629
222
772
994
994
Unsecured
Bank loans and overdrafts
489
503
992
992
253
509
762
762
Bank sustainability linked loans
\u2014
66
66
66
\u2014
40
40
40
Bonds issued under EMTN programme
3.25% \u20ac750m bond due April 2023
\u2014
\u2014
\u2014
\u2014
800
\u2014
800
1,033
1.625% \u20ac600m bond due September 2025
\u2014
637
637
714
\u2014
595
595
714
1.625% \u20ac500m bond due March 2026
\u2014
523
523
566
\u2014
485
485
566
4.5% \u20ac500m bond due September 2028
\u2014
570
570
528
\u2014
\u2014
\u2014
\u2014
3.375% \u00a3300 million bond due March 2029
\u2014
341
341
395
\u2014
306
306
395
5% \u20ac500m bond due March 2031
\u2014
578
578
528
\u2014
\u2014
\u2014
\u2014
4.75% \u20ac745m sustainability linked bond due
September 2032
\u2014
825
825
745
\u2014
749
749
745
US bonds
3.625% $650m bond due September 2024
635
\u2014
635
650
\u2014
620
620
650
5.375% $193m bond due April 2025
\u2014
193
193
193
\u2014
192
192
193
4.875% $339m bond due May 2025
\u2014
326
326
339
\u2014
320
320
339
4.75% $700m bond due April 2027
\u2014
664
664
700
\u2014
651
651
700
5% $99m bond due May 2027(1)
\u2014
128
128
159
\u2014
120
120
159
4% $650m bond due September 2027
\u2014
609
609
650
\u2014
595
595
650
2.25% $500m bond due March 2028
\u2014
448
448
500
\u2014
433
433
500
4.5% $650m bond due March 2028
\u2014
622
622
650
\u2014
612
612
650
3.875% $500m bond due March 2029
\u2014
464
464
500
\u2014
454
454
500
5.625% $750m bond due April 2030
\u2014
753
753
750
\u2014
748
748
750
2.625% $1bn bond due September 2030
\u2014
811
811
1,000
\u2014
780
780
1,000
2.875% $500m bond due March 2031
\u2014
430
430
500
\u2014
419
419
500
5.5% $900m bond due May 2033
\u2014
874
874
900
\u2014
\u2014
\u2014
\u2014
3.95% $500m bond due September 2050
\u2014
499
499
500
\u2014
490
490
500
4.75% $750m bond due March 2052
\u2014
749
749
750
\u2014
732
732
750
Mitsubishi facility
\u2014
2,381
2,381
2,381
\u2014
2,323
2,323
2,323
Interest payable and other loans
165
\u2014
165
165
145
\u2014
145
145
1,289
13,994
15,283
15,821
1,198
12,173
13,371
14,564
Total borrowings
1,740
15,172
16,912
17,450
1,420
12,945
14,365
15,558
(1)Bond acquired as part of the acquisition of Sirius Minerals plc (Crop Nutrients). At maturity the bond will be redeemed at 160% of par value.
Accounting policy
See note 39F for the Group\u2019s accounting policies on bank borrowings and lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-486": { "value": "
23.
Leases
Overview
Leases relate principally to shipping vessels, corporate offices, employee accommodation and diamond jewellery retail out lets. Leases for
shipping vessels typically run for 1 to 10 years and the majority are priced with reference to a freight index and the lease liability is therefore
revalued to the spot freight rate at the end of each period. The leases for office space typically run for 5 to 25 years, employee accommodation
up to 25\u00a0years and leases of retail stores 5 to 25 years. Some longer leases incorporate fixed increases in rentals or provide for annual uplifts
based upon an index, typically a measure of inflation.
Further information
Amounts recognised in the Consolidated balance sheet
Lease agreements give rise to the recognition of a right-of-use asset (see note 12) and a related liability for future lease payments (see note 22).
Lease liabilities balance and maturity analysis:
US$ million
2023
2022
Amount due for repayment within one year
450
204
Greater than one year, less than two years
266
121
Greater than two years, less than three years
176
96
Greater than three years, less than four years
153
80
Greater than four years, less than five years
124
67
Greater than five years
806
579
Total due for repayment after more than one year
1,525
943
Total
1,975
1,147
Effect of discounting
(460)
(287)
Lease liabilities
1,515
860
Amounts recognised in the statement of profit or loss
US$ million
2023
2022
Depreciation of right-of-use assets (see note 12)
292
239
Interest expense for lease liabilities (included in finance costs, see note 4 )
62
42
Expense relating to short term leases less than 12 months, variable leasing costs and leases of low value
145
167
Amounts recognised in the Consolidated cash flow statement
In the Consolidated cash flow statement for the year ended 31\u00a0December\u00a02023, the total amount of cash paid in respect of leases recognised
on\u00a0the Consolidated balance sheet are split between repayments of principal of $309 million (2022: $266 million) and repayments of interest of
$53 million (2022:\u00a0$31 million), both included 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 (APMs). For more information
on the APMs used by the Group, including definitions, please refer to page 318.
Further disclosures
In addition to the lease commitments above, the Group has lease commitments in relation to leases not yet commenced of $204 million.
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:
\u2013 The contract specifies the use of an identified asset or collection of assets
\u2013 The Group has the right to obtain substantially all of the economic benefits from the use of the identified asset(s)
\u2013 The 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.
\u2013 Many 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.
\u2013 The 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.
\u2013 At some locations, high levels of security restrict the movement of assets to\u00a0alternative locations, limiting the ability to substitute assets.
\u2013 The 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.
Accounting policy
Accounting policies applied to lease liabilities and corresponding right-of-use assets are set out respectively in notes 39F and 39D.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-487": { "value": "
Fair value hierarchy
An analysis of financial assets and liabilities carried at fair value is set out below:
2023
2022
US$ million
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Financial assets
At fair value through profit and loss
Provisionally priced trade receivables
\u2014
2,113
\u2014
2,113
\u2014
1,799
\u2014
1,799
Other receivables
\u2014
12
122
134
\u2014
\u2014
307
307
Derivatives hedging net debt
\u2014
119
\u2014
119
\u2014
49
\u2014
49
Other derivatives
\u2014
122
\u2014
122
\u2014
192
\u2014
192
Cash and cash equivalents
4,359
\u2014
\u2014
4,359
6,447
\u2014
\u2014
6,447
Financial asset investments
\u2014
68
5
73
\u2014
31
4
35
Environmental rehabilitation trusts(1)
\u2014
103
\u2014
103
\u2014
100
\u2014
100
Designated into hedges
Derivatives hedging net debt
\u2014
115
\u2014
115
\u2014
12
\u2014
12
At fair value through other comprehensive income
Financial asset investments
46
\u2014
86
132
60
\u2014
107
167
4,405
2,652
213
7,270
6,507
2,183
418
9,108
Financial liabilities
At fair value through profit and loss
Provisionally priced trade payables
\u2014
(426)
\u2014
(426)
\u2014
(368)
\u2014
(368)
Other payables
\u2014
\u2014
(242)
(242)
\u2014
\u2014
(367)
(367)
Derivatives hedging net debt
\u2014
(92)
\u2014
(92)
\u2014
(416)
\u2014
(416)
Other derivatives
\u2014
(82)
(1)
(83)
\u2014
(205)
\u2014
(205)
Debit valuation adjustment to derivative liabilities
\u2014
3
\u2014
3
\u2014
29
\u2014
29
Designated into hedges
Derivatives hedging net debt
\u2014
(570)
\u2014
(570)
\u2014
(737)
\u2014
(737)
Royalty liability
\u2014
\u2014
(91)
(91)
\u2014
\u2014
(80)
(80)
\u2014
(1,167)
(334)
(1,501)
\u2014
(1,697)
(447)
(2,144)
Net assets carried at fair value
4,405
1,485
(121)
5,769
6,507
486
(29)
6,964
(1)These funds are not available for the general purposes of the Group. All income from these assets is reinvested to meet specific environmental obligations. These obligations are included in
provisions as per note 16.
Fair value hierarchy
Valuation technique
Level 1
Valued using unadjusted quoted prices in active markets for identical financial instruments. This category includes cash and cash
equivalents held in money market funds, listed equity shares and quoted futures.
Level 2
Instruments in this category are valued using valuation techniques where all of the inputs that have a significant effect on the
valuation are directly or indirectly based on observable market data. This category includes provisionally priced trade receivables
and payables and over-the-counter derivatives.
Level 3
Instruments in this category have been valued using a valuation technique where at least one input (which could have a significant
effect on the instrument\u2019s valuation) is not based on observable market data. Where inputs can be observed from market data
without undue cost and effort, the observed input is used. Otherwise, management determines a reasonable estimate for the input.
This category includes deferred consideration, receivables relating to disposals, unlisted equity investments and the embedded
derivative relating to the Royalty liability.
The movements in the fair value of the level 3 financial assets and liabilities are shown as follows:
Assets
Liabilities
US$ million
2023
2022
2023
2022
At 1 January
418
830
(447)
(464)
Net (loss)/profit recorded in the income statement
(22)
(79)
9
(73)
Net (loss)/profit recorded in the statement of comprehensive income
(12)
53
(11)
(80)
Reclassification (from)/to level 3 financial assets/(liabilities)
(7)
9
(23)
\u2014
Additions
94
22
\u2014
\u2014
Settlements and disposals
(233)
(388)
119
153
Currency movements
(25)
(29)
19
17
At 31 December
213
418
(334)
(447)
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
2023
2022
2023
2022
US$ million
Asset
Liability
Asset
Liability
Asset
Liability
Asset
Liability
Derivatives hedging net debt
Fair value hedge
Interest rate swaps
\u2014
(11)
12
\u2014
115
(559)
\u2014
(737)
Held for trading
Cross currency swaps
\u2014
\u2014
\u2014
(265)
119
(92)
49
(151)
Debit valuation adjustment to derivative liabilities
\u2014
\u2014
\u2014
29
\u2014
3
\u2014
\u2014
\u2014
(11)
12
(236)
234
(648)
49
(888)
Other derivatives
118
(83)
192
(205)
4
\u2014
\u2014
\u2014
Total derivatives
118
(94)
204
(441)
238
(648)
49
(888)
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.
Fair value of financial instruments
Certain of the Group\u2019s financial instruments, principally derivatives, are required to be measured on the balance sheet at fair value. Where a
quoted market price for an identical instrument is not available, a valuation model is used to estimate the fair value based on the net present value
of the expected cash flows under the contract. Valuation assumptions are usually based on observable market data (for example forward foreign
exchange rate, interest rate or commodity price curves) where available", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-488": { "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.
At 31\u00a0December\u00a02023, 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 $9 million
(2022: $7 million) were offset against those in an asset position totalling $281 million (2022: $149 million). The net asset position of $272 million
(2022: $142 million) is presented within derivative assets (2022: 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 $243 million (2022: $78 million) would be offset\u00a0against those in
a liability position totalling $681 million (2022: $1,129 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-489": { "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\u00a02023, this adjustment was to decrease the carrying value of borrowings by
$508 million (2022: $787 million decrease). 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 loss on fair value hedged items of $279 million (2022:\u00a0$894 million gain), offset by a gain on fair value hedging instruments of $274 million
(2022:\u00a0$906 million loss).
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 $11\u00a0million (2022: loss of $80 million) and a liability of $91\u00a0million (2022: 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\u00a0the Consolidated income statement, as is the case for certain cross currency swaps of non-US dollar debt. A fair value gain of $149 million in
respect of these cross currency swaps has been recognised in the Consolidated income statement (2022: loss of $1 million) and is presented
within financing remeasurements net of foreign exchange losses on the related borrowings of $149 million (2022: gains of $30 million). Fair value
changes on held for trading derivatives are recognised in the Consolidated income statement as remeasurements or within underlying earnings
in accordance with the policy set out in note 9.
Net debt and financial risk management
24. Financial instruments and derivatives continued
Further information on derivatives
Fair value of derivative positions
The fair value of the Group\u2019s open derivative positions at 31 December (excluding normal purchase and sale contracts held off balance sheet)
recorded within \u2018Derivative financial assets\u2019 and \u2018Derivative financial liabilities\u2019, is as follows:
Current
Non-current
2023
2022
2023
2022
US$ million
Asset
Liability
Asset
Liability
Asset
Liability
Asset
Liability
Derivatives hedging net debt
Fair value hedge
Interest rate swaps
\u2014
(11)
12
\u2014
115
(559)
\u2014
(737)
Held for trading
Cross currency swaps
\u2014
\u2014
\u2014
(265)
119
(92)
49
(151)
Debit valuation adjustment to derivative liabilities
\u2014
\u2014
\u2014
29
\u2014
3
\u2014
\u2014
\u2014
(11)
12
(236)
234
(648)
49
(888)
Other derivatives
118
(83)
192
(205)
4
\u2014
\u2014
\u2014
Total derivatives
118
(94)
204
(441)
238
(648)
49
(888)
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:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-490": { "value": "
25.
Financial risk management
Overview
The Board approves and monitors the risk management processes, including documented treasury policies, counterparty limits and controlling
and reporting structures. The risk management processes of the Group\u2019s independently listed subsidiaries are in line with the Group\u2019s own
policies.
The types of risk exposure, the way in which such exposure is managed and quantification of the level of exposure in the Consolidated balance
sheet at 31\u00a0December is as follows:
\u2013 Liquidity risk
\u2013 Credit risk
\u2013 Commodity price risk
\u2013 Foreign exchange risk
\u2013 Interest rate risk.
A. Liquidity risk
The Group ensures that there are sufficient committed loan facilities (including refinancing, where necessary) in order to meet short term business
requirements, after taking into account cash flows from operations and its holding of cash and cash equivalents, as well as any Group distribution
restrictions that exist. In addition, certain projects may be financed by means of limited recourse project finance, if appropriate.
Certain borrowing facilities within the Group are the subject of financial covenants that vary from facility to facility, but which would be considered
normal for such facilities, such as the ratio of debt to tangible net worth. The respective borrowers were not in breach with these financial
covenants as at 31\u00a0December\u00a02023.
The expected undiscounted cash flows of the Group\u2019s financial liabilities, by remaining contractual maturity, based on conditions existing at the
balance sheet date, are as follows:
2023
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
(1,590)
(1,523)
(1,166)
(1,651)
(1,805)
(9,726)
(17,461)
Expected future interest payments
(547)
(491)
(460)
(430)
(359)
(2,140)
(4,427)
Derivatives hedging debt \u2013 net settled
(257)
(122)
(73)
(67)
(45)
(61)
(625)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
496
721
578
20
19
387
2,221
\u2013 gross outflows
(560)
(801)
(595)
(22)
(22)
(400)
(2,400)
Other financial liabilities
(5,651)
\u2014
(11)
(8)
(14)
(445)
(6,129)
Total
(8,109)
(2,216)
(1,727)
(2,158)
(2,226)
(12,385)
(28,821)
2022
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
(1,267)
(773)
(1,340)
(1,056)
(1,568)
(9,077)
(15,081)
Expected future interest payments
(459)
(420)
(379)
(350)
(321)
(2,012)
(3,941)
Derivatives hedging debt \u2013 net settled
(237)
(198)
(127)
(87)
(79)
(115)
(843)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
1,044
80
709
563
22
388
2,806
\u2013 gross outflows
(1,343)
(104)
(796)
(595)
(22)
(423)
(3,283)
Other financial liabilities
(5,963)
(95)
\u2014
(15)
(14)
(358)
(6,445)
Total
(8,225)
(1,510)
(1,933)
(1,540)
(1,982)
(11,597)
(26,787)
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
$250\u00a0million upon its\u00a0request.
Net debt and financial risk management
25. Financial risk management continued
The Group had the following undrawn committed borrowing facilities at 31 December:
US$ million
2023
2022
Expiry date
Within one year
1,383
414
Greater than one year, less than two years
691
1,082
Greater than two years, less than three years
789
5,632
Greater than three years, less than four years
547
\u2014
Greater than four years, less than five years
3,747
587
Greater than five years
1
\u2014
7,158
7,715
In the second half of 2023, the Group refinanced its $4.7 billion revolving credit facility maturing in March 2025, to a one year $1.0 billion facility
maturing in November 2024, and a $3.7 billion five year facility maturing in November 2028.
B. Credit risk
Credit risk is the risk that a counterparty to a financial instrument will cause a loss to the Group by failing to pay its obligation.
The Group\u2019s principal financial assets are cash, trade and other receivables, investments and derivative financial instruments. The Group\u2019s
maximum exposure to credit risk primarily arises from these financial assets and is as follows:
US$ million
2023
2022
Cash and cash equivalents
6,088
8,412
Trade and other receivables
3,329
3,220
Financial asset investments
307
261
Derivative financial assets
356
253
Environmental rehabilitation trust
108
107
10,188
12,253
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 the case of relationship banks) and fund size (in the 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:
2023
2022
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)
1,691
67
(15,067)
(13,309)
1,254
203
(10,171)
(8,714)
Derivatives
42
\u2014
(428)
(386)
(13)
\u2014
(1,063)
(1,076)
1,733
67
(15,495)
(13,695)
1,241
203
(11,234)
(9,790)
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
25. Financial risk management continued
The South African rand, Australian dollar, Chilean peso, and Brazilian real 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 Executive Leadership Team.
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 22.
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 $2,443 million. This includes net assets of $220 million denominated in
US\u00a0dollars, and net liabilities of $506 million denominated in Brazilian real, $413 million denominated in Australian dollars, $343 million
denominated in Chilean pesos and $949 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.
The Group transitioned all derivative instruments referenced to USD LIBOR to alternative risk-free rates during the year. 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
below. 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 $2,443 million (2022: $2,745 million) are primarily non-interest bearing.
The table below reflects the exposure of the Group\u2019s net debt to currency and interest rate risk:
2023
US$ million
Cash
and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging
net debt
Impact of
currency
derivatives
Total
US dollar
5,058
(3,049)
(9,432)
(428)
(3,534)
(11,385)
Euro
22
\u2014
(3,185)
\u2014
3,183
20
South African rand
280
(240)
(150)
\u2014
\u2014
(110)
Brazilian real
16
\u2014
(38)
\u2014
\u2014
(22)
Australian dollar
254
\u2014
(43)
\u2014
\u2014
211
Sterling
95
(7)
(663)
\u2014
351
(224)
Other
349
(3)
(88)
\u2014
\u2014
258
Impact of interest rate derivatives
\u2014
(11,509)
11,509
\u2014
\u2014
\u2014
Total
6,074
(14,808)
(2,090)
(428)
\u2014
(11,252)
Reconciliation:
Variable vessel leases
637
Net debt
(10,615)
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)
Based on the net foreign currency and interest rate risk exposures detailed above, and taking into account the effects of the hedging
arrangements in place, management considers that earnings and equity are not materially sensitive to reasonable foreign exchange or interest
rate movements in respect of the financial instruments held as at 31 December 2023 or 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-491": { "value": "
A. Liquidity risk
The Group ensures that there are sufficient committed loan facilities (including refinancing, where necessary) in order to meet short term business
requirements, after taking into account cash flows from operations and its holding of cash and cash equivalents, as well as any Group distribution
restrictions that exist. In addition, certain projects may be financed by means of limited recourse project finance, if appropriate.
Certain borrowing facilities within the Group are the subject of financial covenants that vary from facility to facility, but which would be considered
normal for such facilities, such as the ratio of debt to tangible net worth. The respective borrowers were not in breach with these financial
covenants as at 31\u00a0December\u00a02023.
The expected undiscounted cash flows of the Group\u2019s financial liabilities, by remaining contractual maturity, based on conditions existing at the
balance sheet date, are as follows:
2023
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
(1,590)
(1,523)
(1,166)
(1,651)
(1,805)
(9,726)
(17,461)
Expected future interest payments
(547)
(491)
(460)
(430)
(359)
(2,140)
(4,427)
Derivatives hedging debt \u2013 net settled
(257)
(122)
(73)
(67)
(45)
(61)
(625)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
496
721
578
20
19
387
2,221
\u2013 gross outflows
(560)
(801)
(595)
(22)
(22)
(400)
(2,400)
Other financial liabilities
(5,651)
\u2014
(11)
(8)
(14)
(445)
(6,129)
Total
(8,109)
(2,216)
(1,727)
(2,158)
(2,226)
(12,385)
(28,821)
2022
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
(1,267)
(773)
(1,340)
(1,056)
(1,568)
(9,077)
(15,081)
Expected future interest payments
(459)
(420)
(379)
(350)
(321)
(2,012)
(3,941)
Derivatives hedging debt \u2013 net settled
(237)
(198)
(127)
(87)
(79)
(115)
(843)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
1,044
80
709
563
22
388
2,806
\u2013 gross outflows
(1,343)
(104)
(796)
(595)
(22)
(423)
(3,283)
Other financial liabilities
(5,963)
(95)
\u2014
(15)
(14)
(358)
(6,445)
Total
(8,225)
(1,510)
(1,933)
(1,540)
(1,982)
(11,597)
(26,787)
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
$250\u00a0million upon its\u00a0request.
Net debt and financial risk management
25. Financial risk management continued
The Group had the following undrawn committed borrowing facilities at 31 December:
US$ million
2023
2022
Expiry date
Within one year
1,383
414
Greater than one year, less than two years
691
1,082
Greater than two years, less than three years
789
5,632
Greater than three years, less than four years
547
\u2014
Greater than four years, less than five years
3,747
587
Greater than five years
1
\u2014
7,158
7,715
In the second half of 2023, the Group refinanced its $4.7 billion revolving credit facility maturing in March 2025, to a one year $1.0 billion facility
maturing in November 2024, and a $3.7 billion five year facility maturing in November 2028.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-492": { "value": "
B. Credit risk
Credit risk is the risk that a counterparty to a financial instrument will cause a loss to the Group by failing to pay its obligation.
The Group\u2019s principal financial assets are cash, trade and other receivables, investments and derivative financial instruments. The Group\u2019s
maximum exposure to credit risk primarily arises from these financial assets and is as follows:
US$ million
2023
2022
Cash and cash equivalents
6,088
8,412
Trade and other receivables
3,329
3,220
Financial asset investments
307
261
Derivative financial assets
356
253
Environmental rehabilitation trust
108
107
10,188
12,253
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 the case of relationship banks) and fund size (in the 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-493": { "value": "
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:
2023
2022
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)
1,691
67
(15,067)
(13,309)
1,254
203
(10,171)
(8,714)
Derivatives
42
\u2014
(428)
(386)
(13)
\u2014
(1,063)
(1,076)
1,733
67
(15,495)
(13,695)
1,241
203
(11,234)
(9,790)
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
25. Financial risk management continued
The South African rand, Australian dollar, Chilean peso, and Brazilian real 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 Executive Leadership Team.
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 22.
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 $2,443 million. This includes net assets of $220 million denominated in
US\u00a0dollars, and net liabilities of $506 million denominated in Brazilian real, $413 million denominated in Australian dollars, $343 million
denominated in Chilean pesos and $949 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.
The Group transitioned all derivative instruments referenced to USD LIBOR to alternative risk-free rates during the year. 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
below. 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 $2,443 million (2022: $2,745 million) are primarily non-interest bearing.
The table below reflects the exposure of the Group\u2019s net debt to currency and interest rate risk:
2023
US$ million
Cash
and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging
net debt
Impact of
currency
derivatives
Total
US dollar
5,058
(3,049)
(9,432)
(428)
(3,534)
(11,385)
Euro
22
\u2014
(3,185)
\u2014
3,183
20
South African rand
280
(240)
(150)
\u2014
\u2014
(110)
Brazilian real
16
\u2014
(38)
\u2014
\u2014
(22)
Australian dollar
254
\u2014
(43)
\u2014
\u2014
211
Sterling
95
(7)
(663)
\u2014
351
(224)
Other
349
(3)
(88)
\u2014
\u2014
258
Impact of interest rate derivatives
\u2014
(11,509)
11,509
\u2014
\u2014
\u2014
Total
6,074
(14,808)
(2,090)
(428)
\u2014
(11,252)
Reconciliation:
Variable vessel leases
637
Net debt
(10,615)
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)
Based on the net foreign currency and interest rate risk exposures detailed above, and taking into account the effects of the hedging
arrangements in place, management considers that earnings and equity are not materially sensitive to reasonable foreign exchange or interest
rate movements in respect of the financial instruments held as at 31 December 2023 or 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-494": { "value": "
26.
Called-up share capital and consolidated equity analysis
Called-up share capital
2023
2022
Number of shares
US$ million
Number of shares
US$ million
Ordinary shares of 54 86 /91 US cents each:
At 1 January
1,337,577,913
734
1,341,651,975
737
Shares cancelled(1)
\u2014
\u2014
(4,074,062)
(3)
At 31 December
1,337,577,913
734
1,337,577,913
734
(1) During the year, no shares were cancelled under the buyback programme. In 2022, 4,074,062 shares were cancelled under the buyback programme.
The number and carrying value of called-up, allotted and fully paid ordinary shares as at 31\u00a0December\u00a02023 (including the shares held by the
Group in other structures, as outlined below) was 1,337,577,913 and $734 million (2022: 1,337,577,913 and $734 million).
At general meetings, every member who is present in person has one vote on a show of hands and, on a poll, every member who is present in
person or by proxy has one vote for every ordinary share held.
Own shares
2023
2022
Number of shares
US$ million
Number of shares
US$ million
Own shares
Own shares held by subsidiaries and employee benefit trusts
125,245,665
6,275
124,618,014
6,272
Total
125,245,665
6,275
124,618,014
6,272
Included in Own shares are 112,300,129 ( 2022: 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 4,561,006 ($115 million) shares held in the Employee Benefit Trust in respect of forfeitable
share awards granted to certain employees. Under the terms of these awards, the shares are beneficially owned by the respective employees,
who are entitled to receive dividends in respect of the shares. The shares are released to the employees on vesting of the\u00a0awards, and any shares
that do not vest are returned to the Company or the Employee Benefit Trust. These shares are recognised on the Consolidated balance sheet
within Own shares and are excluded from the calculation of basic earnings per share. They are included in the calculation of diluted earnings per
share to the extent that the related share awards are dilutive (see note 3).
Equity
26. Called-up share capital and consolidated equity analysis continued
Consolidated equity analysis
Fair value and other reserves comprise:
US$ million
Share-based
payment
reserve
Financial
asset
revaluation
reserve
Other
reserves
Total
fair value
and other
reserves
At 1 January 2022
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
Other comprehensive loss
\u2014
(36)
(11)
(47)
Equity settled share-based payment schemes
25
\u2014
\u2014
25
Other
(3)
4
1
2
At 31 December 2023
479
(2)
92
569
Other reserves comprise a capital redemption reserve of $153 million (2022: $153 million) and other reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-495": { "value": "
Called-up share capital
2023
2022
Number of shares
US$ million
Number of shares
US$ million
Ordinary shares of 54 86 /91 US cents each:
At 1 January
1,337,577,913
734
1,341,651,975
737
Shares cancelled(1)
\u2014
\u2014
(4,074,062)
(3)
At 31 December
1,337,577,913
734
1,337,577,913
734
(1) During the year, no shares were cancelled under the buyback programme. In 2022, 4,074,062 shares were cancelled under the buyback programme.
The number and carrying value of called-up, allotted and fully paid ordinary shares as at 31\u00a0December\u00a02023 (including the shares held by the
Group in other structures, as outlined below) was 1,337,577,913 and $734 million (2022: 1,337,577,913 and $734 million).
At general meetings, every member who is present in person has one vote on a show of hands and, on a poll, every member who is present in
person or by proxy has one vote for every ordinary share held.
Own shares
2023
2022
Number of shares
US$ million
Number of shares
US$ million
Own shares
Own shares held by subsidiaries and employee benefit trusts
125,245,665
6,275
124,618,014
6,272
Total
125,245,665
6,275
124,618,014
6,272
Included in Own shares are 112,300,129 ( 2022: 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 4,561,006 ($115 million) shares held in the Employee Benefit Trust in respect of forfeitable
share awards granted to certain employees. Under the terms of these awards, the shares are beneficially owned by the respective employees,
who are entitled to receive dividends in respect of the shares. The shares are released to the employees on vesting of the\u00a0awards, and any shares
that do not vest are returned to the Company or the Employee Benefit Trust. These shares are recognised on the Consolidated balance sheet
within Own shares and are excluded from the calculation of basic earnings per share. They are included in the calculation of diluted earnings per
share to the extent that the related share awards are dilutive (see note 3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-496": { "value": "
Consolidated equity analysis
Fair value and other reserves comprise:
US$ million
Share-based
payment
reserve
Financial
asset
revaluation
reserve
Other
reserves
Total
fair value
and other
reserves
At 1 January 2022
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
Other comprehensive loss
\u2014
(36)
(11)
(47)
Equity settled share-based payment schemes
25
\u2014
\u2014
25
Other
(3)
4
1
2
At 31 December 2023
479
(2)
92
569
Other reserves comprise a capital redemption reserve of $153 million (2022: $153 million) and other reserves.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-497": { "value": "
27.
Non-controlling interests
Overview
Non-controlling interests that are material to the Group relate to the following subsidiaries:
\u2013 Anglo\u00a0American Sur S.A. (Anglo\u00a0American Sur) is a company incorporated in Chile. Its principal operations are the Los Bronces and El Soldado
copper mines and\u00a0the Chagres smelter, which are located in Chile. Non-controlling interests hold a 49.9% (2022: 49.9%) interest in
Anglo\u00a0American Sur.
\u2013 Anglo American Quellaveco S.A. (Anglo\u00a0American\u00a0Quellaveco) is a company incorporated in Peru. Its\u00a0principal operation is the Quellaveco
copper mine, which is located in Peru. Non\u2011controlling interests hold a\u00a040.0% (2022:\u00a040.0%) interest in Anglo American Quellaveco.
\u2013 Anglo American Platinum Limited (Anglo American Platinum) is a company incorporated in South Africa and listed on the Johannesburg Stock
Exchange (JSE). Its principal mining operations are\u00a0the Mogalakwena and Amandelbult platinum group metals mines, which are located in
South Africa. Non-controlling interests hold an effective 20.8 % (2022:\u00a020.8%) interest in the operations of Anglo American Platinum, which
represents the whole of the Platinum Group Metals reportable segment.
\u2013 De\u00a0Beers\u00a0plc (De\u00a0Beers) is a company incorporated in Jersey. It is one of the world\u2019s leading diamond companies with operations across all key
parts of the diamond value chain. Non-controlling interests hold a 15.0% (2022:\u00a015.0%) interest in De\u00a0Beers, which represents the whole of the
Diamonds reportable segment.
\u2013 Kumba Iron Ore Limited (Kumba Iron Ore) is a company incorporated in South Africa and listed on the JSE. Its principal mining operations are
the Sishen and Kolomela iron ore mines, which are located in South Africa. Non-controlling interests hold an effective 46.6% (2022: 46.6%)
interest in the operations of Kumba Iron Ore, comprising the 30.0% (2022: 30.0%) interest held by other shareholders in Kumba Iron Ore and
the 23.7% (2022: 23.7%) of Kumba Iron Ore\u2019s principal operating subsidiary, Sishen Iron Ore Company Proprietary Limited, that is held by
shareholders outside the Group.
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\u00a0318.
2023
2022
US$ million
Anglo
American
Sur
Quellaveco
Anglo
American
Platinum
De
Beers
Kumba
Iron\u00a0Ore
Other
Total
Anglo
American
Sur
Quellaveco
Anglo
American
Platinum
De
Beers
Kumba
Iron\u00a0Ore
Other
Total
Underlying earnings
attributable to non-
controlling interests
(92)
317
181
(56)
757
2
1,109
88
63
653
105
682
26
1,617
(Loss)/profit attributable to
non-controlling interests
(93)
319
170
(89)
753
1
1,061
88
65
641
103
586
27
1,510
Distributions paid to non-
controlling interests(1)
\u2014
(320)
(149)
(46)
(420)
(43)
(978)
(234)
\u2014
(754)
(21)
(738)
(47)
(1,794)
Balance sheet information:
Equity attributable to non-
controlling interests (2)
1,532
987
1,148
1,210
1,668
15
6,560
1,630
988
1,202
1,378
1,434
3
6,635
(1)Includes payments of $320 million related to share buy-backs at Quellaveco and dividend payments of $658 million.
(2)Comparative figures are restated for the adoption of the amendment to IAS 12, see note 39A.
Equity
27. Non-controlling interests continued
Further information
Summarised financial information on a 100% basis and before inter-company eliminations for Anglo\u00a0American Sur, Quellaveco, Anglo American
Platinum, De Beers and Kumba Iron Ore is as follows:
2023
2022
US$ million
Anglo
American
Sur
Quellaveco
Anglo
American
Platinum
De Beers
Kumba
Iron\u00a0Ore
Anglo
American
Sur
Quellaveco
(restated)(1)
Anglo
American
Platinum
De Beers
Kumba
Iron\u00a0Ore
Non-current assets
5,154
8,831
6,249
6,422
3,229
4,890
8,194
6,125
8,023
3,104
Current assets
891
1,306
3,758
4,585
2,129
1,231
1,188
5,296
5,147
1,818
Current liabilities
(1,003)
(869)
(2,531)
(939)
(798)
(1,036)
(563)
(3,425)
(949)
(915)
Non-current liabilities
(1,968)
(6,800)
(1,416)
(2,808)
(858)
(1,817)
(6,352)
(1,531)
(2,489)
(802)
Net assets (restated)(1)
3,074
2,468
6,060
7,260
3,702
3,268
2,467
6,465
9,732
3,205
Revenue
2,382
2,722
6,734
4,198
4,674
2,758
600
10,096
6,609
4,612
(Loss)/profit for the financial year(2)
(186)
798
692
(1,989)
1,604
177
162
3,053
633
1,247
Total comprehensive (expense)/income
(195)
798
261
(2,328)
1,423
160
162
2,592
57
1,034
Net cash inflow/(outflow) from operating activities
318
1,704
899
(513)
1,584
772
(193)
2,869
1,112
1,746
(1)Comparative figures are restated for the adoption of the amendment to IAS 12, see note 39A.
(2)Stated after special items and remeasurements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-498": { "value": "
28.
Employee numbers and costs
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
2023
2022(1)
Copper
5
5
Nickel
1
1
Platinum Group Metals (1)
27
27
De\u00a0Beers
9
9
Iron Ore
9
9
Steelmaking Coal
3
2
Crop Nutrients
1
1
Corporate and other
3
3
58
57
(1) Platinum Group Metals prior year number of employees was restated to exclude contractors.
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
2023
2022(1)
South Africa (1)
36
36
Other Africa
4
5
South America
10
9
North America
1
1
Australia and Asia
4
3
Europe
3
3
58
57
(1) Prior year number of employees in South Africa was restated to exclude contractors.
Employee costs
Payroll costs in respect of the employees included in the tables above were:
US$ million
2023
2022
Wages and salaries
3,357
3,180
Social security costs
181
193
Post employment benefits
365
258
Share-based payments
193
218
Total payroll costs
4,096
3,849
Reconciliation:
Less: Employee costs capitalised
(160)
(219)
Less: Employee costs included within special items
(97)
\u2014
Employee costs included in operating costs before special items and remeasurements
3,839
3,630
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
28. 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 Executive Leadership Team.
Compensation for key management was as follows:
US$ million
2023
2022
Salaries and short term employee benefits
31
30
Social security costs
10
12
Termination benefits
3
1
Post employment benefits
2
2
Share-based payments
18
20
64
65
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.
29.
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 $171 million (2022: $153 million) and for defined
contribution medical plans (net of amounts capitalised) was $68 million (2022: $61 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 defined benefit pension plan in South Africa is in surplus. It is closed to new members and closed to future benefit accrual except for a small
number of members. As the plan is 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 a number of 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\u00a02023 were $6 million (2022: $4 million). In addition, $17 million (2022: $14 million) of
benefits were paid in relation to unfunded pension plans and $13 million (2022: $14 million) of benefits were paid in relation to post employment
medical plans. The Group expects to contribute $32 million to its pension plans and $14 million to its post employment medical plans in 2024.
Income statement
The amounts recognised in the Consolidated income statement are as follows:
2023
2022
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Charged to operating costs
18
1
19
15
2
17
Net (credit)/charge to net finance costs
(2)
20
18
5
20
25
Total net charge to the income statement
16
21
37
20
22
42
Net (credit)/charge to net finance costs includes interest expense on surplus restriction of $11 million (2022: $15 million).
Employees
29. Retirement benefits continued
Comprehensive income
The pre-tax amounts recognised in the Consolidated statement of comprehensive income are as follows:
2023
2022
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Return on plan assets, excluding interest income
(32)
(2)
(34)
(1,576)
(14)
(1,590)
Actuarial (losses)/gains on plan liabilities
(64)
9
(55)
1,239
26
1,265
Movement in surplus restriction
18
\u2014
18
38
\u2014
38
Remeasurement of net defined benefit obligation
(78)
7
(71)
(299)
12
(287)
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
2023
2022
Net (liability)/asset recognised at 1 January
(56)
284
Net income statement charge before special items
(37)
(42)
Remeasurement of net defined benefit obligation
(71)
(287)
Employer contributions to funded pension plans
6
4
Benefits paid to unfunded plans
30
28
Effects of curtailments/settlements
2
\u2014
Other
(32)
\u2014
Currency movements
32
(43)
Net liability recognised at 31 December
(126)
(56)
Amounts recognised as:
Defined benefit pension plans in surplus
339
381
Retirement benefit obligation \u2013 pension plans
(285)
(243)
Retirement benefit asset \u2013 medical plans
66
73
Retirement benefit obligation \u2013 medical plans
(246)
(267)
(126)
(56)
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:
2023
2022
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
At 1 January
3,315
84
3,399
5,450
102
5,552
Interest income
190
7
197
142
9
151
Return on plan assets, excluding interest income
(32)
(2)
(34)
(1,576)
(14)
(1,590)
Contributions paid by employer to funded pension plans
5
1
6
3
1
4
Benefits paid
(198)
(7)
(205)
(214)
(7)
(221)
Effects of curtailments/settlements
(33)
\u2014
(33)
\u2014
\u2014
\u2014
Other
(19)
\u2014
(19)
7
\u2014
7
Currency movements
104
(8)
96
(497)
(7)
(504)
As at 31 December
3,332
75
3,407
3,315
84
3,399
Employees
29. Retirement benefits continued
The changes in the present value of defined benefit obligations are as follows:
2023
2022
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
At 1 January
(3,068)
(278)
(3,346)
(4,811)
(315)
(5,126)
Current service costs
(18)
(1)
(19)
(15)
(2)
(17)
Interest costs
(177)
(27)
(204)
(132)
(29)
(161)
Actuarial (losses)/gains
(64)
9
(55)
1,239
26
1,265
Benefits paid
215
20
235
228
21
249
Effects of curtailments/settlements
35
\u2014
35
\u2014
\u2014
\u2014
Other
(13)
\u2014
(13)
(7)
\u2014
(7)
Currency movements
(93)
22
(71)
430
21
451
As at 31 December
(3,183)
(255)
(3,438)
(3,068)
(278)
(3,346)
The most significant actuarial loss arose from changing financial assumptions totalling $78 million (2022: $1,353 million actuarial gain).
Pension plan assets and liabilities by geography
The split of the present value of funded and unfunded obligations in defined benefit pension plans and the fair value of pension assets at
31\u00a0December is as\u00a0follows:
2023
2022
US$ million
South
Africa
United
Kingdom
Other
Total
South
Africa
United
Kingdom
Other
Total
Corporate bonds
96
1,427
1
1,524
115
1,621
1
1,737
Government bonds
326
1,313
66
1,705
341
1,566
61
1,968
Debt (Repurchase Agreements)
(39)
(452)
\u2014
(491)
(27)
(844)
(1)
(872)
Equity
77
1
5
83
77
1
6
84
Cash
14
448
\u2014
462
39
301
1
341
Other
12
37
\u2014
49
8
49
\u2014
57
Fair value of pension plan assets
486
2,774
72
3,332
553
2,694
68
3,315
Active members
(3)
\u2014
(6)
(9)
(3)
\u2014
(6)
(9)
Deferred members
(1)
(629)
(3)
(633)
(2)
(576)
(2)
(580)
Pensioners
(387)
(1,832)
(66)
(2,285)
(407)
(1,792)
(57)
(2,256)
Present value of funded obligations
(391)
(2,461)
(75)
(2,927)
(412)
(2,368)
(65)
(2,845)
Present value of unfunded obligations
\u2014
(32)
(224)
(256)
\u2014
(25)
(198)
(223)
Net surplus/(deficit) in pension plans
95
281
(227)
149
141
301
(195)
247
Surplus restriction
(95)
\u2014
\u2014
(95)
(109)
\u2014
\u2014
(109)
Recognised retirement benefit assets/(liabilities)
\u2014
281
(227)
54
32
301
(195)
138
Non-current assets \u2013 pension asset surplus
\u2014
338
1
339
32
349
\u2014
381
Retirement benefit obligation \u2013 pension plans
\u2014
(57)
(228)
(285)
\u2014
(48)
(195)
(243)
Other assets principally comprise debt backed securities, annuities and property.
The fair value of assets is used to determine the funding level of the plans. The fair value of the assets of the funded plans was sufficient to cover
114% (2022:\u00a0117%) of the benefits that had accrued to members after allowing for expected increases in future earnings and pensions. The
present value of unfunded obligations includes $234 million (2022: $203 million) relating to active members. All material investments are quoted.
In South Africa, the asset recognised is restricted to the amount in the Employer Surplus Account. The Employer Surplus Account is the amount
that the Group is entitled to by way of a refund, taking into consideration any contingency reserves as recommended by the funds\u2019 actuaries.
Employees
29. Retirement benefits continued
Actuarial assumptions
The principal assumptions used to determine the actuarial present value of benefit obligations and pension charges and credits are detailed
below (shown as weighted averages):
2023
2022
South
Africa
United
Kingdom
Other
South
Africa
United
Kingdom
Other
Defined benefit pension plans
Average discount rate for plan liabilities
11.4%
4.6%
5.6%
11.4%
4.9%
6.1%
Average rate of inflation
6.4%
3.0%
3.0%
6.6%
3.1%
3.7%
Average rate of increase of pensions in payment
6.4%
3.3%
2.6%
6.6%
3.4%
3.2%
Post employment medical plans
Average discount rate for plan liabilities
11.4%
n/a
11.3%
11.4%
n/a
11.5%
Average rate of inflation
6.4%
n/a
6.9%
6.6%
n/a
7.1%
Expected average increase in healthcare costs
9.1%
n/a
9.4%
8.7%
n/a
9.5%
The weighted average duration of the South African plans is 7 years (2022: 9 years), United Kingdom plans is 13 years (2022: 13 years) and
plans in other regions is 13 years (2022: 13 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
2023
2022
2023
2022
South Africa
18.7
18.8
23.4
23.4
United Kingdom
27.4
27.8
29.2
29.6
Other
26.0
24.2
30.2
28.9
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
2023
2022
2023
2022
South Africa
18.7
18.8
23.4
23.4
United Kingdom
28.1
28.6
30.3
30.8
Other
27.8
25.6
31.7
30.2
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 90-100% (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
29. 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:
2023
US$ million
South
Africa
United
Kingdom
Other
Total
Discount rate \u2013 1% decrease
(47)
(338)
(20)
(405)
Inflation rate \u2013 pension plans \u2013 0.5% increase
(14)
(49)
(10)
(73)
Inflation rate \u2013 medical plans \u2013 0.5% increase
(8)
\u2014
(3)
(11)
Life expectancy \u2013 increase by 1 year
(20)
(97)
(3)
(120)
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\u00a02023. 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 judgements and estimates
Recoverability of pension asset surplus and estimation of retirement benefit obligations
The value of the Group\u2019s obligations for defined benefit schemes and post employment medical plans is dependent on the present value of the
amount of benefits that are expected to be paid. The most significant assumption used in the calculation of this accounting estimate is the
discount rate. The discount rate used 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.
The Group does not believe that a reasonably possible change in the assumptions used to estimate retirement benefit obligations will have a
material impact on the carrying value to the net surplus position within the next year given the hedging arrangements in place. The sensitivity of
the gross liability value to reasonably possible changes in discount rate is presented above.
Management apply judgement in determining how much of any surplus is recoverable considering the arrangements in place for each scheme.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-499": { "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
2023
2022(1)
Copper
5
5
Nickel
1
1
Platinum Group Metals (1)
27
27
De\u00a0Beers
9
9
Iron Ore
9
9
Steelmaking Coal
3
2
Crop Nutrients
1
1
Corporate and other
3
3
58
57
(1) Platinum Group Metals prior year number of employees was restated to exclude contractors.
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
2023
2022(1)
South Africa (1)
36
36
Other Africa
4
5
South America
10
9
North America
1
1
Australia and Asia
4
3
Europe
3
3
58
57
(1) Prior year number of employees in South Africa was restated to exclude contractors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-500": { "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 Executive Leadership Team.
Compensation for key management was as follows:
US$ million
2023
2022
Salaries and short term employee benefits
31
30
Social security costs
10
12
Termination benefits
3
1
Post employment benefits
2
2
Share-based payments
18
20
64
65
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-501": { "value": "
30.
Share-based payments
Overview
During the year ended 31\u00a0December\u00a02023 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,\u00a0MyShare, SIP 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 operational and financial measures.
The total share-based payment charge relating to Anglo\u00a0American\u00a0plc shares for the year is split as follows:
US$ million
2023
2022
BSP
123
99
LTIP
23
82
Other schemes
22
6
Share-based payment charge relating to Anglo\u00a0American\u00a0plc shares
168
187
In addition there are equity settled share-based payment charges of $11 million (2022: $13 million) relating to Kumba Iron Ore Limited shares
and $13 million (2022:\u00a0$14 million) relating to Anglo\u00a0American Platinum Limited shares. Certain entities also operate cash settled employee
share-based payment\u00a0schemes.
Further information
The movements in the number of shares for the more significant share-based payment arrangements are as follows:
Bonus Share Plan
Ordinary shares of 54 86/91 US cents may be awarded under the terms of this scheme for no consideration.
Number of awards
2023
2022
Outstanding at 1 January
8,210,594
8,891,489
Conditionally awarded in year
2,782,466
2,564,499
Vested in year
(4,765,627)
(3,084,708)
Forfeited or expired in year
(218,488)
(160,686)
Outstanding at 31 December
6,008,945
8,210,594
Further information in respect of the BSP, including vesting conditions, is shown in the Remuneration report.
Long Term Incentive Plan
Ordinary shares of 5486/91 US cents may be awarded under the terms of this scheme for no consideration.
Number of awards
2023
2022
Outstanding at 1 January
10,461,665
12,002,419
Conditionally awarded in year
3,880,609
2,734,704
Vested in year
(3,081,508)
(3,465,625)
Forfeited or expired in year
(3,077,814)
(809,833)
Outstanding at 31 December
8,182,952
10,461,665
The early vesting of share awards is permitted at the discretion of the Company upon, inter alia, termination of employment, ill health or death.
Further information in respect of the LTIP, including performance conditions, is shown in the Remuneration report.
Accounting policy
See note 39H for the Group\u2019s accounting policy on share-based payments.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-502": { "value": "
31.
Events occurring after end of year
Iron Ore resource acquisition at Minas-Rio
On 21 February 2024, the Anglo American plc Board approved the acquisition and integration of the contiguous Serra da Serpentina
(\"Serpentina\") high-grade iron ore resource owned by Vale SA (\"Vale\") into Anglo American\u2019s Minas-Rio mine in Brazil. Vale will contribute
Serpentina and $157.5 million in cash to acquire a 15% shareholding in Anglo American Min\u00e9rio De Ferro Brasil S.A, the owner of the Minas-Rio
operation subject to normal completion adjustments. A purchase price adjustment payment will be made depending on average iron ore prices
over a four-year period in line with an agreed formula.
Following completion of the transaction, Vale will receive its pro rata share of Minas-Rio production. Vale will also have an option to acquire an
additional 15% shareholding in the enlarged Minas-Rio operation, for cash subject to certain licensing milestones being achieved, at fair value
calculated at the time of exercise of the option.
Management has considered the potential impact of the transaction on the valuation of the Minas-Rio CGU (see note 8), of which the mine forms
part, and concluded that the valuation supports the carrying value of Minas-Rio at 31 December 2023 with no impairment or impairment reversal
required. The transaction is expected to complete in Q4 2024, subject to regulatory conditions.
With the exception of the proposed final dividend for 2023 (see note 6 ), there have been no further reportable events since 31\u00a0December\u00a02023 .", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-503": { "value": "
32.
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 $3,055 million ( 2022: $4,531 million), of\u00a0which 67% ( 2022: 55 %) relates to expenditure to be incurred within
the next year.
The Group\u2019s outstanding commitments relating to take or pay agreements are $14,320 million (2022: $14,233 million), of which 9 % (2022:\u00a011 %)
relate to expenditure to be incurred within the next year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-504": { "value": "
33.
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.
Contingent assets
Steelmaking Coal
In 2014, the Steelmaking Coal business was granted an arbitration award of $94 million (Group\u2019s share) against MMTC Limited in\u00a0respect 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 $133\u00a0million (Group\u2019s share). The\u00a0precise timing and value of receipt remains uncertain and hence no receivable has been
recognised on the Consolidated balance sheet as at 31 December 2023.
Contingent liabilities
Global Industry Standard for Tailing Management (GISTM)
In 2022 the Group disclosed a contingent liability for costs of conformance with the GISTM for sites where reliable cost estimates were not
available as technical studies and surveys were ongoing. In August 2023, the Group announced its significant progress towards conformance
for\u00a0all tailings dams in the highest priority rankings according to the GISTM. The Group continues to refine designs and all material costs of
conformance with GISTM have been recorded within decommissioning and environmental restoration provisions.
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.
Anglo American South Africa Proprietary Limited (AASA)
In October 2020, an application was initiated against Anglo American South Africa Proprietary Limited (AASA). The application sought 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. The certification hearing was held late in January 2023.
On 15 December 2023, the High Court of South Africa issued a judgment dismissing the claimants\u2019 application for certification and ruled that the
applicants pay the costs incurred by AASA in responding to the application. In its judgment, the Court recognised the multiple legal and factual
flaws in the claims made against AASA and deemed that it is not in the interests of justice for the class action to proceed.
The claimants have filed an application seeking leave to appeal against the December 2023 ruling. In light of the pending appeal lodged by the
claimants, the outcome of this litigation is still subject to significant uncertainty, and no provision is recognised for this matter.
De Beers
Guarantees provided in respect of environmental restoration and decommissioning obligations involve judgements in terms of the outcome of
future events. In one of the territories in which De Beers operates, conditions exist, or are proposed, with respect to backfilling pits on closure. A
formal 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 $217 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 it is considered probable that an outflow of resources will be required to settle a present obligation that can be
measured reliably.
Determining the likelihood of a future event is an accounting judgement. These judgements are based on the Group\u2019s legal views and, in some
cases, independent advice.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-505": { "value": "
Contingent liabilities
Global Industry Standard for Tailing Management (GISTM)
In 2022 the Group disclosed a contingent liability for costs of conformance with the GISTM for sites where reliable cost estimates were not
available as technical studies and surveys were ongoing. In August 2023, the Group announced its significant progress towards conformance
for\u00a0all tailings dams in the highest priority rankings according to the GISTM. The Group continues to refine designs and all material costs of
conformance with GISTM have been recorded within decommissioning and environmental restoration provisions.
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.
Anglo American South Africa Proprietary Limited (AASA)
In October 2020, an application was initiated against Anglo American South Africa Proprietary Limited (AASA). The application sought 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. The certification hearing was held late in January 2023.
On 15 December 2023, the High Court of South Africa issued a judgment dismissing the claimants\u2019 application for certification and ruled that the
applicants pay the costs incurred by AASA in responding to the application. In its judgment, the Court recognised the multiple legal and factual
flaws in the claims made against AASA and deemed that it is not in the interests of justice for the class action to proceed.
The claimants have filed an application seeking leave to appeal against the December 2023 ruling. In light of the pending appeal lodged by the
claimants, the outcome of this litigation is still subject to significant uncertainty, and no provision is recognised for this matter.
De Beers
Guarantees provided in respect of environmental restoration and decommissioning obligations involve judgements in terms of the outcome of
future events. In one of the territories in which De Beers operates, conditions exist, or are proposed, with respect to backfilling pits on closure. A
formal 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 $217 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-506": { "value": "
34.
Disposals
On 1 November 2023, the Platinum Group Metals business completed the disposal of its 50% interest in the Kroondal pool-and-share agreement
(Kroondal PSA) and the Marikana pool-and-share agreement (Marikana PSA) (collectively the PSAs), to Sibanye-Stillwater Limited (Sibanye-
Stillwater), the other 50% owner of the PSAs.
The gross assets and liabilities disposed of amounted to $161 million and $51 million, respectively. Estimated deferred consideration of
$70\u00a0million was recognised within receivables. A loss on disposal of $40 million was recognised as a non-operating special item, refer to note 9.
Cash received of $210 million in respect of disposals principally related to the settlement of deferred consideration balances relating to the sale
of the Rustenburg operations (Platinum Group Metals) completed in November 2016.
2022
Cash received of $564 million in respect of disposals for year ended 31\u00a0December 2022 principally related to the settlement of deferred
consideration balances 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).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-507": { "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-508": { "value": "
35.
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 36.
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2023
2022
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(1)
79%
79%
Mogalakwena Mine
South Africa
Full consolidation
100%
100%
Amandelbult complex(2)
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(3)
South Africa
Joint operation
\u2014
50%
De\u00a0Beers (4)
85%
85%
Debswana (5), comprising:
Botswana
Joint operation
19.2%
19.2%
Jwaneng
Orapa regime
Namdeb Holdings (6), comprising:
Namibia
Joint operation
50%
50%
Namdeb Diamond Corporation
Debmarine Namibia
De\u00a0Beers Consolidated Mines (7) , 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%
See page 278 for footnotes.
Group structure
35. Basis of consolidation continued
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2023
2022
Iron Ore
Kumba Iron Ore
South Africa
Full consolidation
69.7%
69.7%
Sishen (8)
South Africa
Full consolidation
76.3%
76.3%
Kolomela (8)
South Africa
Full consolidation
76.3%
76.3%
Minas-Rio
Brazil
Full consolidation
100%
100%
Ferroport (9)
Brazil
Equity accounted joint venture
50%
50%
Steelmaking Coal
Coal Australia and Canada, comprising:
Moranbah(10)
Australia
Joint operation
88%
88%
Grosvenor(10)
Australia
Joint operation
88%
88%
Capcoal(10)
Australia
Joint operation
70%
70%
Dawson(10)
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
Envusa Energy Proprietary Limited
South Africa
Equity accounted joint venture
50%
50%
(1) The Group\u2019s effective interest in Anglo American Platinum is 79.2% (2022: 79.2%), which
excludes shares issued as part of a community empowerment deal.
(2) Amandelbult complex comprises Tumela mine and Dishaba mine.
(3) On 31 January 2022, Anglo American Platinum agreed to dispose of its 50% interest in the
Kroondal pool-and-share agreement and Marikana pool-and-share agreement to
Sibanye-Stillwater Limited, the other 50% owner. The remaining conditions precedent were
waived and the disposal was effective 1 November 2023.
(4) 85% should be applied to all holdings within De Beers to determine the Group\u2019s attributable
share of the asset.
(5) De Beers owns 50% of equity in Debswana, but consolidates 19.2% of Debswana on a
proportionate basis, reflecting the economic interest. The Group\u2019s effective interest in
Debswana is 16.3% (taking into account the Group\u2019s 85% interest in De Beers Group).
(6) The 50% interest in Namdeb Holdings is held indirectly through De Beers. The Group\u2019s
effective interest in Namdeb Holdings is 42.5%.
(7) De Beers\u2019 legal ownership of De Beers Consolidated Mines (DBCM) and its subsidiaries is
74%. 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%.
(8) Sishen and Kolomela are fully owned by Sishen Iron Ore Company Proprietary Limited
(SIOC). Kumba Iron Ore Limited has a 76.3% interest in SIOC (2022: 76.3%). Including
shares held by Kumba Iron Ore in relation to its own employee share schemes, the Group\u2019s
effective interest in Kumba Iron Ore is 69.97% (2022: 69.97%). Consequently, the Group\u2019s
effective interest in SIOC is 53.4% (2022: 53.4%).
(9) Ferroport owns and operates the iron ore handling and shipping facilities at the port of A\u00e7u.
(10) The wholly owned subsidiary Anglo American Steelmaking Coal Holdings Limited holds the
proportionately consolidated joint operations. These operations are unincorporated and
jointly controlled.
(11) These entities have a 30 June year end.
(12) The Group\u2019s effective interest in the Jellinbah operation is 23.3%.
(13) Samancor is comprised of investments in Groote Eylandt Mining Company Proprietary
Limited, Samancor Marketing Pte. Limited and Samancor Holdings Proprietary Limited.
Samancor Holdings Proprietary Limited is the parent company of Hotazel Manganese
Mines Proprietary Limited (HMM) and the Metalloys Smelter. BEE shareholders hold a 26%
interest in HMM and therefore, the Group\u2019s effective ownership interest in HMM is 29.6%.
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
39 I. 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.
Functional Currency
The Group presents its financial statements in US dollars, the currency in which its business is primarily conducted. The functional currency for
each subsidiary, joint operation, joint venture and associate is the currency of the primary economic environment in which it operates. The Group
applies judgement in determining the functional currency of its operations, particularly where businesses primarily incur costs in local currencies
and earn revenue in US dollars. Where the functional currency is unclear from analysis of the revenue and costs, particular attention is paid to the
currency in which financing activities are conducted. The determination of functional currency affects the measurement of non-current assets
such as property, plant and equipment and intangible assets and therefore the depreciation and amortisation charge for those assets. It also
impacts the presentation of exchange gains and losses included in the income statement and in equity.
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.
Other items
39. Accounting policies continued
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-509": { "value": "
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 36.
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2023
2022
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(1)
79%
79%
Mogalakwena Mine
South Africa
Full consolidation
100%
100%
Amandelbult complex(2)
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(3)
South Africa
Joint operation
\u2014
50%
De\u00a0Beers (4)
85%
85%
Debswana (5), comprising:
Botswana
Joint operation
19.2%
19.2%
Jwaneng
Orapa regime
Namdeb Holdings (6), comprising:
Namibia
Joint operation
50%
50%
Namdeb Diamond Corporation
Debmarine Namibia
De\u00a0Beers Consolidated Mines (7) , 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%
See page 278 for footnotes.
Group structure
35. Basis of consolidation continued
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2023
2022
Iron Ore
Kumba Iron Ore
South Africa
Full consolidation
69.7%
69.7%
Sishen (8)
South Africa
Full consolidation
76.3%
76.3%
Kolomela (8)
South Africa
Full consolidation
76.3%
76.3%
Minas-Rio
Brazil
Full consolidation
100%
100%
Ferroport (9)
Brazil
Equity accounted joint venture
50%
50%
Steelmaking Coal
Coal Australia and Canada, comprising:
Moranbah(10)
Australia
Joint operation
88%
88%
Grosvenor(10)
Australia
Joint operation
88%
88%
Capcoal(10)
Australia
Joint operation
70%
70%
Dawson(10)
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
Envusa Energy Proprietary Limited
South Africa
Equity accounted joint venture
50%
50%
(1) The Group\u2019s effective interest in Anglo American Platinum is 79.2% (2022: 79.2%), which
excludes shares issued as part of a community empowerment deal.
(2) Amandelbult complex comprises Tumela mine and Dishaba mine.
(3) On 31 January 2022, Anglo American Platinum agreed to dispose of its 50% interest in the
Kroondal pool-and-share agreement and Marikana pool-and-share agreement to
Sibanye-Stillwater Limited, the other 50% owner. The remaining conditions precedent were
waived and the disposal was effective 1 November 2023.
(4) 85% should be applied to all holdings within De Beers to determine the Group\u2019s attributable
share of the asset.
(5) De Beers owns 50% of equity in Debswana, but consolidates 19.2% of Debswana on a
proportionate basis, reflecting the economic interest. The Group\u2019s effective interest in
Debswana is 16.3% (taking into account the Group\u2019s 85% interest in De Beers Group).
(6) The 50% interest in Namdeb Holdings is held indirectly through De Beers. The Group\u2019s
effective interest in Namdeb Holdings is 42.5%.
(7) De Beers\u2019 legal ownership of De Beers Consolidated Mines (DBCM) and its subsidiaries is
74%. 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%.
(8) Sishen and Kolomela are fully owned by Sishen Iron Ore Company Proprietary Limited
(SIOC). Kumba Iron Ore Limited has a 76.3% interest in SIOC (2022: 76.3%). Including
shares held by Kumba Iron Ore in relation to its own employee share schemes, the Group\u2019s
effective interest in Kumba Iron Ore is 69.97% (2022: 69.97%). Consequently, the Group\u2019s
effective interest in SIOC is 53.4% (2022: 53.4%).
(9) Ferroport owns and operates the iron ore handling and shipping facilities at the port of A\u00e7u.
(10) The wholly owned subsidiary Anglo American Steelmaking Coal Holdings Limited holds the
proportionately consolidated joint operations. These operations are unincorporated and
jointly controlled.
(11) These entities have a 30 June year end.
(12) The Group\u2019s effective interest in the Jellinbah operation is 23.3%.
(13) Samancor is comprised of investments in Groote Eylandt Mining Company Proprietary
Limited, Samancor Marketing Pte. Limited and Samancor Holdings Proprietary Limited.
Samancor Holdings Proprietary Limited is the parent company of Hotazel Manganese
Mines Proprietary Limited (HMM) and the Metalloys Smelter. BEE shareholders hold a 26%
interest in HMM and therefore, the Group\u2019s effective ownership interest in HMM is 29.6%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-510": { "value": "
Functional Currency
The Group presents its financial statements in US dollars, the currency in which its business is primarily conducted. The functional currency for
each subsidiary, joint operation, joint venture and associate is the currency of the primary economic environment in which it operates. The Group
applies judgement in determining the functional currency of its operations, particularly where businesses primarily incur costs in local currencies
and earn revenue in US dollars. Where the functional currency is unclear from analysis of the revenue and costs, particular attention is paid to the
currency in which financing activities are conducted. The determination of functional currency affects the measurement of non-current assets
such as property, plant and equipment and intangible assets and therefore the depreciation and amortisation charge for those assets. It also
impacts the presentation of exchange gains and losses included in the income statement and in equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-511": { "value": "
36.
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\u00a02023 is disclosed below. Unless otherwise disclosed all entities
with an indirect equity holding of greater than 50% are considered subsidiary undertakings. See note 35 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 293 for footnotes.
Angola
Anglo American Discovery (Moxico) -
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Rua Rainha Ginga, no. 87 - 9th floor, Urban District of
Ingombota, Luanda
Angola
Anglo American Discovery (Cunene) -
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Rua Rainha Ginga, no. 87 - 9th floor, Urban District of
Ingombota, Luanda
Angola
De Beers Angola Holdings SARL
85%
Quota
Rua Rainha Ginga, no. 87 - 9th floor, Urban District of
Ingombota, Luanda
Angola
De Beers Angola Lunda Norte, Limitada
77%
Quota
Rua Rainha Ginga, no. 87 - 9th floor, Urban District of
Ingombota, Luanda
Angola
De Beers Angola Lunda Sul, Limitada
77%
Quota
Rua Rainha Ginga, no. 87 - 9th floor, Urban District of
Ingombota, 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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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
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 20, 66 Eagle 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%
Ordinary
23 North Street, Mount Lawley, WA 6050
Australia
First Mode Pty Ltd
81%
Ordinary
165-169 Aberdeen Street, Northbridge, 6003,
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 East Joint Venture
23%
N/A
N/A
Australia
Jellinbah Group Pty Ltd
33%
Ordinary
A Class Ordinary
E Class Ordinary
F Class Ordinary
Level 20, 66 Eagle Street, Brisbane QLD 4000
Australia
Jellinbah Mining Pty Ltd
33%
Ordinary
Level 20, 66 Eagle Street, Brisbane QLD 4000
Australia
Jellinbah Resources Pty Ltd
33%
Ordinary
Level 20, 66 Eagle 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 20, 66 Eagle Street, Brisbane QLD 4000
Australia
Lake Vermont Joint Venture
23%
N/A
N/A
Australia
Lake Vermont Marketing Pty Ltd
33%
Ordinary
Level 20, 66 Eagle Street, Brisbane QLD 4000
Australia
Lake Vermont Resources Pty Ltd
33%
Ordinary
Level 20, 66 Eagle 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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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 20, 66 Eagle Street, Brisbane QLD 4000
Australia
QCMM Finance Pty Ltd
33%
Ordinary
Level 20, 66 Eagle 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 20, 66 Eagle 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
Wellesley House, 90 Pitts Bay Road, Hamilton
Bermuda
Holdac Insurance Limited
100%
Common
Wellesley House, 90 Pitts Bay 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
85%
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 Comercializadora E
Exportadora Ltda.
100%
Membership
interest
Rua Maria Luiza Santiago, n.,200, 16\u00ba andar, parte,
bairro Santa L\u00facia, CEP 30360-740
Brazil
Anglo American Holding Patrimonial Ltda.
100%
Membership
interest
Rua Maria Luiza Santiago, n.,200, 16\u00ba andar, parte,
bairro Santa L\u00facia, CEP 30360-740
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, sala 1601,
bairro Santa Lucia, 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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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
Brazil
Ventos de Santa Alice Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 236,
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 236,
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 236,
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 236,
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 236,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
British Virgin
Islands
De Beers Centenary Angola Properties Ltd
85%
Ordinary
Craigmuir Chambers, Road Town, Tortola, VG1109
British Virgin
Islands
Delibes Holdings Limited (5)
85%
A 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/- 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
Suite 620 \u2013 650 West Georgia Street, Vancouver, BC,
V6B 4N8
Canada
Auspotash Corporation
100%
N/A
333 Bay Street, Suite 2400, Toronto, ON, M5H2T6
Canada
Central Ecuador Holdings Ltd.
70%
Class A Common
Class B Common
c/o Borden Ladner Gervais, 1200 Waterfront Centre,
200 Burrard Street, Vancouver, BC, 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.
37%
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/- McCarthy Tetrault, Suite 2400, 745 Thurlow Street,
Vancouver, BC, V6E 0C5
Canada
Peregrine Diamonds Ltd
85%
Common
Preference
2400-333 Bay St, Toronto, ON, M5H 2T6
Chile
Anglo American Chile Limitada
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
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
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
Av. Andr\u00e9s Bello 2457 Piso 39 Providencia, Santiago,
Regi\u00f3n Metropolitana
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
Chile
Compa\u00f1\u00eda Minera Westwall S.C.M
50%
Ordinary
Av. Andr\u00e9s Bello 2457 Piso 39 Providencia, Santiago,
Regi\u00f3n Metropolitana
Chile
First Mode Chile SpA
81%
Nominative and
without par value
Alonso De Cordova 4355, Of 1503, Vitacura
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
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
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
China
Platinum Guild International (Shanghai) Co.,
Limited
77%
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
Colombia
Anglo American Colombia Exploration S.A.
100%
Ordinary
Carrera 7 No. 71-52 Torre B, Piso 9, Bogot\u00e1
Democratic
Republic
of\u00a0Congo
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
Alfred-Herrhausen-Allee 3-5, 65760 Eschborn,
Deutschland
Germany
Anglo American Exploration Germany GmbH
100%
Ordinary
Alfred-Herrhausen-Allee 3-5, 65760 Eschborn,
Deutschland
Greenland
NAIP West Exploration A/S
75%
Ordinary
Issortarfimmut 6, 3905 Nuussuaq
Hong Kong
De Beers Auction Sales Holdings Limited
85%
Ordinary
2602-2606, 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)
Limited
77%
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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
77%
Ordinary
Notan Classic, 3rd Floor, 114 Turner Road, Bandra West,
Mumbai 400 050
Indonesia
PT Anglo American Indonesia
100%
Ordinary
Treasury Tower, 11th Floor Unit A & B, District 8, SCBD
Lot. 28 Jl. Jend. Sudirman Kav. 52-53, RT/RW 5/3, Kel.
Senayan, Kec. Kebayoran Baru, South Jakarta 12190
Indonesia
PT Minorco Services Indonesia
100%
Ordinary
Treasury Tower, 11th Floor Unit A & B, District 8, SCBD
Lot. 28 Jl. Jend. Sudirman Kav. 52-53, RT/RW 5/3, Kel.
Senayan, Kec. Kebayoran Baru, South Jakarta 12190
Ireland
Coromin Insurance (Ireland) DAC
100%
Ordinary
Charlotte House, Charlemont Street, Dublin 2, D02 NV26
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 Technologies Limited
85%
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.
43%
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
77%
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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
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
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Jersey
Sirius Minerals Finance No.2 Limited (5)
100%
Ordinary
Preference
3rd Floor, 44 Esplanade, St Helier, JE4 9WG
Luxembourg
Kumba Iron Ore Holdings S.\u00e0 r.l.
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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
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
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
Netherlands
Anglo American Europe B.V. (5)
100%
Ordinary
Kingsfordweg 151, 1043GR, Amsterdam
Netherlands
Anglo American Exploration B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Anglo American Exploration (Philippines) B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Anglo American International B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Anglo American Netherlands B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Anglo Operations (Netherlands) B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Erabas B.V. (5)
77%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Loma de Niquel Holdings B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Minorco Exploration (Indonesia) B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
North
Macedonia
Anglo American Exploration West Tetyan
Skopje
100%
Ordinary
Str. Risto Ravanovski no. 13A, 1000, Skopje, Municipality
of Karpos
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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
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
Sierra Leone
Gemfair (SL) Limited
85%
Ordinary
31 Lightfoot Boston Street, Freetown
Singapore
Anglo American Crop Nutrients (Singapore)
Pte Ltd
100%
Ordinary
9 Raffles Place, #26-01 Republic Plaza, 048619
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 Singapore
068896
South Africa
African Pipe Industries North (Pty) Ltd
40%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Amandelbult Solar Pv (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
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 2196,
Johannesburg
South Africa
Ambase Investment Africa (DRC) (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Ambase Investment Africa (Tanzania) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Ambase Investment Africa (Zambia) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American Corporation of South Africa
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American EMEA Shared Services (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
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 2196,
Johannesburg
South Africa
Anglo American Marketing South Africa (Pty)
Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American Platinum Limited
79%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American Properties Ltd
100%
Ordinary
61 Katherine Street, Sandton, 2196
South Africa
Anglo American Prospecting Services (Pty)
Ltd
100%
Ordinary
55 Marshall Street, Johannesburg, 2001,
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
South Africa
Anglo American SA Finance Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American SEFA Mining Fund (Pty) Ltd
50%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American South Africa Investments
Proprietary Limited
100%
Ordinary
Preference
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American South Africa Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American Zimele (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo American Zimele Loan Fund (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo Coal Investment Africa (Botswana)
(Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo Corporate Enterprises (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo Corporate Services South Africa
Proprietary Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo Platinum Management Services (Pty)
Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo South Africa (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Anglo South Africa Capital (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Atomatic Trading (Pty) Limited
57%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Balgo Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Blinkwater Farms 244KR (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Damelin Emalahleni (Pty) Ltd
20%
Ordinary
Cnr OR 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
Redeemable
Preference
36 Stockdale Street, Kimberley, 8301
South Africa
De Beers Group Services (Pty) Ltd
85%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
De Beers Marine (Pty) Ltd
85%
Ordinary
DMB Gardens Golf Park, 2 Raapenberg Road, Cape
Town, Western Cape, 7405
South Africa
Dido Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Dingleton Home Owners Resettlement Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Element Six (Production) Proprietary Limited
51%
Ordinary
Debid Road, Nuffield, Springs, 1559
South Africa
Envusa Energy Proprietary Limited
50%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
First Mode SA (Pty) Ltd
81%
Ordinary No Par
Value
144 Oxford Road, Rosebank, Johannesburg, Gauteng,
2196
South Africa
First Mode SA Holdings (Pty) Ltd
81%
Ordinary No Par
Value
144 Oxford Road, Rosebank, Johannesburg, Gauteng,
2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
South Africa
HMM Rehabilitation Trust Fund
30%
N/A
6 Hollard Street, Johannesburg, 2001
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 2196,
Johannesburg
South Africa
Kumba BSP Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Kumba Iron One Rehabilitation Trust
70%
N/A
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Kumba Iron Ore Limited
70%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Lexshell 49 General Trading (Pty) Ltd
35%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Longboat (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
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
Matthey Rustenburg Refiners (Pty) Ltd
77%
A Ordinary Shares
B Ordinary Shares
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
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 2196,
Johannesburg
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
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Newshelf 480 (Pty) Ltd
55%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Norsand Holdings (Pty) Ltd
77%
Ordinary
B Ordinary
Non-Cumulative
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Peglerae Hospital (Pty) Ltd
31%
Ordinary
21 Oxford Manor, Rudd & Chaplin Roads, Illovo,
Johannesburg, 2196
South Africa
Platmed (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Platmed Properties (Pty) Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Polokwane Iron Ore Company (Pty) Ltd
27%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Precious Metals Refiners Proprietary Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
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 2196,
Johannesburg
South Africa
Rustenburg Base Metals Refiners Proprietary
Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
South Africa
Rustenburg Platinum Mines Limited
77%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
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
Samancor Manganese Rehabilitation Trust
40%
N/A
6 Hollard Street, Johannesburg, 2001
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 2196,
Johannesburg
South Africa
SIOC Employee Benefit Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
SIOC Employee Share Ownership Plan Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
SIOC Solar SPV (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Sishen Iron Ore Company (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Spectrem Air Pty Ltd
93%
Ordinary and no
par value
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Tenon Investment Holdings (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Terra Nominees Proprietary Limited
40%
Ordinary
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
The Village of Cullinan (Pty) Ltd
63%
Ordinary
36 Stockdale Street, Kimberley, 8301
South Africa
The Work Expert (Pty) Ltd
46%
Ordinary
17 Du Plooy Street, FH Building, Potchefstroom, North
West, 2530
South Africa
Venetia Solar Project Pty Ltd
64%
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
Zero Emissions Hydrogen Solutions (PTY) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196,
Johannesburg
South Africa
Main Street 1252 (Pty) Ltd (RF)
63%
Ordinary
Cornerstone, Corner of Diamond 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
77%
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
United Kingdom
Anglo American Capital plc (9)
100%
Ordinary
3% Cumulative
Preference
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American CMC Holdings Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
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
Preference
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%
N/A
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 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
39%
N/A
16 Littleworth Lane, Esher, Surrey, KT10 9PF
United Kingdom
Birchall Gardens LLP
50%
N/A
Bardon Hall, Copt Oak Road, Markfield, Leicestershire,
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 Corporate Secretary 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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
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, Leicestershire,
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
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
81%
Ordinary
10 Bloomsbury Way, London, WC1A 2SL
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 Ltd
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Sach 2 Ltd
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, Leicestershire,
LE67 9PJ
United Kingdom
Tarvos Limited
30%
N/A
Unit 107, 121 Upper Richmond Road, London, England,
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 Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United States
of\u00a0America
Anglo American Crop Nutrients (USA), LLC
100%
Membership
interest
7700 E Arapahoe Road, Suite 220, Centennial Colorado,
80112
United States
of\u00a0America
Anglo American US Holdings Inc.
100%
Common
c/o Corporation Service Company, 251 Little Falls Drive,
Wilmington Delaware, 19808
United States
of\u00a0America
De Beers Jewellers US, Inc.
85%
Common
300 First Stamford Place, Stamford, CT, 06902
United States
of\u00a0America
Element Six Technologies (OR) Corp.
85%
Ordinary
Cogency Global Inc., 850 New Burton Road, Suite 201,
Dover, DE 19904
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
First Mode Holdings Inc.
81%
Ordinary
1209 Orange Street, City of Wilmington, Delaware,
19801
United States
of\u00a0America
Forevermark US Inc.
85%
Common
300 First Stamford Place, Stamford, CT, 06902
United States
of\u00a0America
Lightbox Jewelry Inc.
85%
Ordinary
Cogency Global Inc., 850 New Burton Road, Suite 201,
Dover, DE 19904
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 293 for footnotes.
United States
of\u00a0America
Platinum Guild International (U.S.A.) Jewelry
Inc.
77%
Ordinary
125 Park Avenue, 25th Floor, New York, New York 10017
United States
of\u00a0America
Synchronous LLC
81%
Membership Units
C/O Corpserve, Inc., 1001 Fourht Avenue, Ste. 4400,
Seattle, WA 98154
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
Zimbabwe
Unki Solar PV (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.
37.
Related party transactions
The Group has related party relationships with its subsidiaries, joint operations, associates and joint ventures (see notes 35 and 36). Members of
the Board and the Executive Leadership Team 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
2023
2022
2023
2022
2023
2022
Transactions with related parties
Sale of goods and services
\u2014
\u2014
3
16
118
181
Purchase of goods and services
\u2014
\u2014
(204)
(190)
(2,980)
(4,253)
Balances with related parties
Trade and other receivables from related parties
\u2014
\u2014
2
7
18
17
Trade and other payables to related parties
\u2014
\u2014
(18)
(18)
(86)
(250)
Loans receivable from related parties
2
2
163
147
1
\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 28. Information relating to pension fund arrangements is disclosed in note 29.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-512": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-513": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-514": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-515": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-516": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-517": { "value": "
38.
Auditors\u2019 remuneration
2023
2022
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)
4.9
2.7
7.6
\u2014
6.0
1.7
7.7
\u2014
Paid to the Company\u2019s auditor for other
services to the Group
Audit of the Company\u2019s subsidiaries
1.6
7.0
8.6
0.4
1.1
7.4
8.5
0.3
Total audit fees
6.5
9.7
16.2
0.4
7.1
9.1
16.2
0.3
Audit related assurance services
1.0
0.7
1.7
\u2014
0.9
0.8
1.7
\u2014
Other assurance services
0.4
0.2
0.6
\u2014
0.4
0.1
0.5
\u2014
Total non-audit fees
1.4
0.9
2.3
\u2014
1.3
0.9
2.2
\u2014
(1)In addition there is $0.6 million of audit fees paid in 2023 related to the audit for the year ended 31 December 2022.
Audit related assurance services includes $1.7 million (2022 : $1.7 million) for the interim review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-518": { "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 Guidance 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 material 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 2022 with the exception of new accounting
pronouncements, which became effective on 1 January 2023 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 except for the adoption of the amendment to IAS 12
Income Taxes below.
IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
An amendment to IAS 12 Income Taxes was published in May 2021
and became effective for the Group from 1\u00a0January 2023. The
amendment narrowed the scope of the deferred tax recognition
exemption so that it no longer applies to transactions that, on initial
recognition, give rise to equal taxable and deductible temporary
differences.
The Group has considered the impact of this amendment, notably in
relation to the accounting for deferred taxes on\u00a0leases and
decommissioning and environmental restoration provisions. The
impact of transitioning to the revised standard was to increase net
deferred tax liabilities and reduce total equity as at 1 January 2022
and 31 December 2022 by $71million ($43 million reducing Retained
earnings and $28 million reducing Non-controlling interests).
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
90\u201393. Further details of our policy on financial risk management are
set out in note\u00a025 to the financial statements on pages 261-263. The
Group\u2019s net debt\u00a0(including related hedges) at 31\u00a0December 2023
was $10.6 billion (2022: $6.9 billion). During the first half of 2023, the
Group issued $2.0 billion of bond debt. In March 2023, the Group
issued \u20ac500 million 4.5% Senior Notes due 2028, \u20ac500 million 5.0%
Senior Notes due 2031 and, in May 2023, $900\u00a0million 5.5% Senior
Notes due 2033. In the second half of 2023, the Group refinanced its
$4.7 billion revolving credit facility maturing in March 2025, to\u00a0a\u00a0one
year $1 billion facility maturing in November 2024, and a $3.7 billion
five year facility maturing in November 2028. The Group\u2019s liquidity
position (defined as cash and undrawn committed facilities) of
$13.2\u00a0billion at 31\u00a0December\u00a02023 remains strong. Further details of
borrowings and facilities are set out in note\u00a022 and note 25 on pages
255 and 261\u2013263 respectively, and net debt is set out in note 21 on
page 254.
The directors have considered the Group\u2019s cash flow forecasts for the
period to the end of December 2025 under base and downside
scenarios, with reference to the Group\u2019s principal risks as set out within
the Group viability statement on pages 79\u201380. In the downside
scenario modelled (including pricing and production downsides,
alongside a significant operational incident), 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:
\u2013 Amendments to IAS 1 Presentation of financial statements: non-
current liabilities with covenants
\u2013 Amendments to IFRS 16 Leases: Lease Liability in a Sale and
Leaseback
\u2013 Amendments to IAS 7 and IFRS 7, Supplier finance-disclosure
requirements
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.
Other items
39. Accounting policies continued
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 at 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 $2.93
per share to Epoch, $4.56 per share to Epoch Two and $3.78 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\u00a0December\u00a02023 the Investment Companies together held
112,300,129 (2022: 112,300,129) Anglo\u00a0American\u00a0plc shares, which
represented 8.4% (2022:\u00a08.4%) of the ordinary shares in issue
(excluding treasury shares) with a market value of $2,818 million
(2022: $4,400 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.
C. Financial performance
Revenue recognition
Revenue from contracts with customers
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
transaction 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 transferred 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
Other items
39. Accounting policies continued
taxes. Some sales 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. For these sales,
revenue from contracts with customers is recognised on the date
control is transferred to the customer using the relevant forward price
at that date. Sales of metal concentrate are stated at their invoiced
amount which is net of treatment and refining charges.
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.
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.
Revenue from other sources
Revenue from other sources principally relates to gains and losses on
financial instruments which are intrinsically linked to the delivery of
commodities to customers or to the Group\u2019s commodity trading
activities.
Sales of commodities which are provisionally priced are marked to
market at\u00a0each reporting date using the forward price for the period
equivalent to that outlined in the contract. Mark-to-market adjustments
arising after control of the goods transfers to the customer are
recognised in revenue from other\u00a0sources.
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.
Revenue from other sources also includes fair value gains and losses
arising from mark-to-market adjustments to inventory purchased from
third parties as part of trading activities and accounted for at fair value less
costs to sell under the broker-trader exemption of IAS 2 Inventories.
Contracts with a right to repurchase
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.
Interest income
Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable.
Dividend income
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.
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.
Other items
39. Accounting policies continued
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\u00a0explained 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\u00a0the income\u00a0statement.
Where an impairment loss is subsequently reversed, 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, timing of cash flows or
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 economic 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.
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.
Other items
39. Accounting policies continued
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.
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.
Other items
39. Accounting policies continued
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.
Carbon credits
Carbon credits held for future sale as part of the Group\u2019s trading
activities, to meet obligations in compliance markets and those
expected to be surrendered for the production of \u2018green\u2019 or \u2018carbon
neutral\u2019 products are accounted for under the Group\u2019s inventory
accounting policy.
Carbon credits used for other purposes such as to satisfy the Group's
voluntary carbon emission targets or for capital appreciation over an
extended period are accounted for under the Group\u2019s accounting
policy for intangible assets.
Where carbon credits are required to meet obligations in compliance
markets, provisions are recognised which reflect the cost of carbon
credits needed to settle the obligation relating to emissions recorded
to date.
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:
\u2013 Raw materials and consumables are measured at cost on a first in,
first out (FIFO) basis or a weighted average cost basis
\u2013 Work in progress and finished products are measured at raw
material cost, labour cost and a proportion of production overhead
expenses
\u2013 Metal 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.
Trade and other payables
The majority of the Group\u2019s trade and other payables are measured at
amortised cost, using the effective interest method.
Payables related to the purchase of provisionally priced third party
PGM concentrate as part of the Group\u2019s processing activities are
recognised at amortised cost on delivery. Any changes in pricing
between the delivery date and the date that prices are confirmed is
recognised as an embedded derivative. Changes in the fair value of
the embedded derivative is capitalised to inventory as it forms part of
the cost directly related to bringing the inventory to its present location
and condition.
Provisionally priced payables arising from the Group\u2019s commodity
trading activities are recognised at fair value and subsequent fair value
movements form part of the net margin reported within revenue from
other sources.
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, discounted 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:
\u2013 Fixed payments, including in-substance fixed payments
\u2013 Payments 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
\u2013 Any amounts expected to be payable under a guarantee of residual
value
\u2013 The 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 24) 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 and SOFR rates respectively. Any non-USD interest rate
derivatives are swapped to SOFR using cross currency interest rate
swaps which are not designated into accounting hedges. The interest
rate derivatives are designated into accounting fair value hedges.
The Group transitioned all remaining trades referenced to the USD
LIBOR rate to incorporate alternative risk-free rates with the principal
benchmarks used now being EURIBOR, SOFR and SONIA. 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\u00a02023.
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,
and does not give rise to equal taxable and deductible temporary
differences.
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.
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.
Other items
39. Accounting policies continued
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, where 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-519": { "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 Guidance 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 material 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-520": { "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 2022 with the exception of new accounting
pronouncements, which became effective on 1 January 2023 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 except for the adoption of the amendment to IAS 12
Income Taxes below.
IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities
arising from a Single Transaction
An amendment to IAS 12 Income Taxes was published in May 2021
and became effective for the Group from 1\u00a0January 2023. The
amendment narrowed the scope of the deferred tax recognition
exemption so that it no longer applies to transactions that, on initial
recognition, give rise to equal taxable and deductible temporary
differences.
The Group has considered the impact of this amendment, notably in
relation to the accounting for deferred taxes on\u00a0leases and
decommissioning and environmental restoration provisions. The
impact of transitioning to the revised standard was to increase net
deferred tax liabilities and reduce total equity as at 1 January 2022
and 31 December 2022 by $71million ($43 million reducing Retained
earnings and $28 million reducing Non-controlling interests).", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-521": { "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
90\u201393. Further details of our policy on financial risk management are
set out in note\u00a025 to the financial statements on pages 261-263. The
Group\u2019s net debt\u00a0(including related hedges) at 31\u00a0December 2023
was $10.6 billion (2022: $6.9 billion). During the first half of 2023, the
Group issued $2.0 billion of bond debt. In March 2023, the Group
issued \u20ac500 million 4.5% Senior Notes due 2028, \u20ac500 million 5.0%
Senior Notes due 2031 and, in May 2023, $900\u00a0million 5.5% Senior
Notes due 2033. In the second half of 2023, the Group refinanced its
$4.7 billion revolving credit facility maturing in March 2025, to\u00a0a\u00a0one
year $1 billion facility maturing in November 2024, and a $3.7 billion
five year facility maturing in November 2028. The Group\u2019s liquidity
position (defined as cash and undrawn committed facilities) of
$13.2\u00a0billion at 31\u00a0December\u00a02023 remains strong. Further details of
borrowings and facilities are set out in note\u00a022 and note 25 on pages
255 and 261\u2013263 respectively, and net debt is set out in note 21 on
page 254.
The directors have considered the Group\u2019s cash flow forecasts for the
period to the end of December 2025 under base and downside
scenarios, with reference to the Group\u2019s principal risks as set out within
the Group viability statement on pages 79\u201380. In the downside
scenario modelled (including pricing and production downsides,
alongside a significant operational incident), 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-522": { "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 at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-523": { "value": "
Revenue recognition
Revenue from contracts with customers
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
transaction 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 transferred 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
Other items
39. Accounting policies continued
taxes. Some sales 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. For these sales,
revenue from contracts with customers is recognised on the date
control is transferred to the customer using the relevant forward price
at that date. Sales of metal concentrate are stated at their invoiced
amount which is net of treatment and refining charges.
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.
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.
Revenue from other sources
Revenue from other sources principally relates to gains and losses on
financial instruments which are intrinsically linked to the delivery of
commodities to customers or to the Group\u2019s commodity trading
activities.
Sales of commodities which are provisionally priced are marked to
market at\u00a0each reporting date using the forward price for the period
equivalent to that outlined in the contract. Mark-to-market adjustments
arising after control of the goods transfers to the customer are
recognised in revenue from other\u00a0sources.
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.
Revenue from other sources also includes fair value gains and losses
arising from mark-to-market adjustments to inventory purchased from
third parties as part of trading activities and accounted for at fair value less
costs to sell under the broker-trader exemption of IAS 2 Inventories.
Contracts with a right to repurchase
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-524": { "value": "
Contracts with a right to repurchase
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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-525": { "value": "
Interest income
Interest income is accrued on a time basis, by reference to the principal
outstanding and at the effective interest rate applicable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-526": { "value": "
Dividend income
Dividend income from investments is recognised when the
shareholders\u2019 rights to receive payment have been established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-527": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-528": { "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, discounted 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:
\u2013 Fixed payments, including in-substance fixed payments
\u2013 Payments 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
\u2013 Any amounts expected to be payable under a guarantee of residual
value
\u2013 The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-529": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-530": { "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.
Other items
39. Accounting policies continued
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-531": { "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\u00a0explained 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\u00a0the income\u00a0statement.
Where an impairment loss is subsequently reversed, 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, timing of cash flows or
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-532": { "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 economic 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-533": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-534": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-535": { "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.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-536": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-537": { "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.
Other items
39. Accounting policies continued
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-538": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-539": { "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:
\u2013 Raw materials and consumables are measured at cost on a first in,
first out (FIFO) basis or a weighted average cost basis
\u2013 Work in progress and finished products are measured at raw
material cost, labour cost and a proportion of production overhead
expenses
\u2013 Metal 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-540": { "value": "
Trade and other payables
The majority of the Group\u2019s trade and other payables are measured at
amortised cost, using the effective interest method.
Payables related to the purchase of provisionally priced third party
PGM concentrate as part of the Group\u2019s processing activities are
recognised at amortised cost on delivery. Any changes in pricing
between the delivery date and the date that prices are confirmed is
recognised as an embedded derivative. Changes in the fair value of
the embedded derivative is capitalised to inventory as it forms part of
the cost directly related to bringing the inventory to its present location
and condition.
Provisionally priced payables arising from the Group\u2019s commodity
trading activities are recognised at fair value and subsequent fair value
movements form part of the net margin reported within revenue from
other sources.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-541": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-542": { "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.
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 and SOFR rates respectively. Any non-USD interest rate
derivatives are swapped to SOFR using cross currency interest rate
swaps which are not designated into accounting hedges. The interest
rate derivatives are designated into accounting fair value hedges.
The Group transitioned all remaining trades referenced to the USD
LIBOR rate to incorporate alternative risk-free rates with the principal
benchmarks used now being EURIBOR, SOFR and SONIA. 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\u00a02023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-543": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-544": { "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 24) 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-546": { "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,
and does not give rise to equal taxable and deductible temporary
differences.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-545": { "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,
and does not give rise to equal taxable and deductible temporary
differences.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-547": { "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.
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.
Other items
39. Accounting policies continued
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-548": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-549": { "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, where 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-550": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-551": { "value": "0.41", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-552": { "value": "0.41", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-553": { "value": "Anglo American plc17 Charterhouse Street London EC1N 6RAEngland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-554": { "value": "England", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }