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"entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-481": { "value": "4869000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-482": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-483": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-484": { "value": "4869000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-485": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-486": { "value": "4869000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherDistributionsToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-487": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-488": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-489": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-490": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-491": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-492": { "value": "5000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-493": { "value": "-2000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-494": { "value": "3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughChangesInOwnershipInterestsInSubsidiariesThatDoNotResultInLossOfControl", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-495": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-496": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-497": { "value": "32000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-498": { "value": "-3000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-499": { "value": "-11000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-500": { "value": "18000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-501": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-502": { "value": "22000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughTransfersAndOtherChangesEquity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-503": { "value": "3292000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "f-504": { "value": "-6031000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember", "unit": "iso4217:USD" } }, "f-505": { "value": "28212000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f-506": { "value": "-8011000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f-507": { "value": "513000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "f-508": { "value": "17975000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:USD" } }, "f-509": { "value": "6142000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:USD" } }, "f-510": { "value": "24117000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-511": { "value": "0.119", "decimals": 3, "dimensions": { "concept": "ams:PercentageSoldOfHolding", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInSubsidiariesAxis": "ams:AngloAmericanPlatinum" } }, "f-512": { "value": "0.15", "decimals": 3, "dimensions": { "concept": "ams:PercentageTransferredOfHolding", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:SignificantInvestmentsInSubsidiariesAxis": "ams:MinasRio" } }, "f-513": { "value": "
1.
Operating profit from subsidiaries and joint operations
Overview
Continuing operations
US$ million
Note
2025
2024
(re-presented)(1)
Revenue before special items and remeasurements
18,533
17,809
Operating costs:
Employee costs
29
(2,288)
(2,387)
Depreciation of property, plant and equipment
(2,159)
(2,074)
Amortisation of intangible assets
(142)
(114)
Third-party commodity purchases(2)
(1,674)
(1,814)
Consumables, maintenance and production input costs
(4,782)
(3,833)
Logistics, marketing and selling costs
(2,159)
(2,291)
Royalties
(208)
(209)
Exploration and evaluation
(235)
(222)
Net foreign exchange losses
(77)
(19)
Other operating income
248
135
Other operating expenses
(1,157)
(1,041)
Operating profit before special items and remeasurements
3,900
3,940
Revenue special items and remeasurements
10
13
(64)
Operating special items and remeasurements
10
(2,561)
(4,851)
Operating profit/(loss) from continuing operations
1,352
(975)
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
(2)Third-party commodity purchases principally relate to purchases from joint operation partners within De\u00a0Beers.
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:
Continuing operations
US$ million
2025
2024
(re-presented)(1)
Exploration expenditure
(93)
(118)
Evaluation expenditure
(173)
(134)
Research and development expenditure
(38)
(76)
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Accounting policy
See note 41C for the Group\u2019s accounting policy on revenue and exploration and evaluation expenditure.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-514": { "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 and Minas-Rio are aggregated into Premium Iron Ore.
\u2013 Copper Chile, Copper Peru and Sakatti are aggregated into Copper.
The Group\u2019s Steelmaking Coal, Nickel and Platinum Group Metals businesses were each classified as held for sale during the year and, in the case
of the Platinum Group Metals business, subsequently demerged (see note 36). These businesses represent separate major lines of business and
have therefore been presented as discontinued operations and are no longer reportable segments of the Group. Comparatives have been re-
presented accordingly.
The expected disposal of the Group\u2019s Nickel operations excludes certain Nickel trading activities that were previously included within the Nickel
reportable segment but are outside the perimeter of the transaction. These activities will continue following completion of the sale and their
presentation has been reclassified within the \u2018Corporate and other\u2019 segment to align with the presentation of the Group\u2019s trading activities for
other ancillary products. Comparatives have been restated to reflect the changes.
During the year, the Iron Ore reportable segment was renamed to Premium Iron Ore to more accurately reflect the composition of our product
which helps our steel customers reduce emissions and meet ever-tighter emissions standards.
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 other ancillary products within the Marketing business is presented within the \u2018Corporate and other\u2019
segment, which also includes unallocated corporate costs, exploration costs and the results of the Group\u2019s captive insurer.
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 377.
Segment results
Continuing operations
2025
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
Copper
8,122
3,983
(1,134)
2,849
(1,135)
(373)
1,341
Premium Iron Ore
6,651
2,873
(694)
2,179
(683)
(560)
936
Manganese
472
127
(73)
54
(45)
1
10
Crop Nutrients
195
(2)
(66)
(1)
(67)
(29)
\u2013
(96)
De\u00a0Beers
3,493
(511)
(276)
(787)
(99)
147
(739)
Corporate and other
392
11
(204)
(193)
(358)
6
(545)
19,325
6,417
(2,382)
4,035
(2,349)
(3)
(779)
907
Less: associates and joint ventures
(792)
(216)
81
(135)
84
\u2013
(51)
Subsidiaries and joint operations
18,533
6,201
(2,301)
3,900
(2,265)
(779)
856
Reconciliation:
Net income from associates and joint ventures
82
82
Special items and remeasurements
13
(2,607)
(2,130)
Revenue
18,546
Profit before net finance costs and tax
1,375
Loss attributable to equity shareholders of\u00a0the Company
from\u00a0continuing operations
(1,192)
Loss attributable to equity shareholders of\u00a0the Company
from\u00a0discontinued operations
(2,549)
Loss attributable to equity shareholders of the Company
(3,741)
See next page for footnotes.
Financial performance
2.\u00a0 \u00a0 Financial performance by segment continued
Continuing operations
2024 (re-presented)(1)
US$ million
Group
revenue
Underlying
EBITDA
Depreciation
and
amortisation
Underlying
EBIT
Net finance
costs and
income tax
expense
Non-
controlling
interests
Underlying
earnings
Copper
7,572
3,805
(1,001)
2,804
(1,261)
(207)
1,336
Premium Iron Ore
6,573
2,655
(520)
2,135
(543)
(482)
1,110
Manganese
359
116
(85)
31
(29)
(2)
\u2013
Crop Nutrients
188
(2)
(34)
(1)
(35)
8
\u2013
(27)
De\u00a0Beers
3,292
(25)
(324)
(349)
5
56
(288)
Corporate and other
499
(195)
(350)
(545)
(269)
25
(789)
18,483
6,322
(2,281)
4,041
(2,089)
(3)
(610)
1,342
Less: associates and joint ventures
(674)
(194)
93
(101)
55
4
(42)
Subsidiaries and joint operations
17,809
6,128
(2,188)
3,940
(2,034)
(606)
1,300
Reconciliation:
Net income from associates and joint ventures
42
42
Special items and remeasurements
(64)
(4,912)
(4,508)
Revenue
17,745
Loss before net finance costs and tax
(930)
Loss attributable to equity shareholders of\u00a0the Company
from\u00a0continuing operations
(3,166)
Profit attributable to equity shareholders of\u00a0the Company
from\u00a0discontinued operations
98
Loss attributable to equity shareholders of the Company
(3,068)
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
(2)Group revenue in respect of Crop Nutrients principally relates to revenue from its associate, the Cibra group, a fertiliser distributor based in Brazil.
(3)Comprises net finance costs of $557 million (2024: $418 million) and income tax expense of $1,792 million (2024: $1,671 million).
The segment results are stated after elimination of dividends, and include an allocation of corporate costs. Inter-segment interest is also
eliminated with the exception of that related to transactions with discontinued operations (see note 41I).
Further information
Group revenue by product
Segments predominantly derive revenue as follows \u2013 Copper: copper concentrate and cathodes; Premium Iron Ore: iron ore; De\u00a0Beers: rough and
polished diamonds; Manganese: manganese ore. Revenue reported within Corporate and other includes net margins from marketing and trading
activities, the provision of the Group\u2019s shipping services to third parties and sale of ancillary products. See\u00a0note 41C for the Group\u2019s accounting
policy on revenue recognition.
Other revenue principally relates to molybdenum, silver and gold. The revenue analysis below includes the Group\u2019s share of revenue in equity
accounted associates and joint ventures excluding special items and remeasurements, see\u00a0note 15.
Continuing operations
2025
2024 (re-presented)(1)
US$ million
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Revenue from
contracts with
customers
Revenue from
other sources
Group
revenue
Copper
6,851
446
7,297
6,848
(60)
6,788
Premium Iron ore
5,556
214
5,770
5,810
(356)
5,454
Diamonds
3,467
26
3,493
3,262
30
3,292
Thermal coal(2)
(9)
4
(5)
(4)
26
22
Manganese ore
\u2013
472
472
\u2013
359
359
Shipping
1,181
\u2013
1,181
1,503
\u2013
1,503
Other
709
408
1,117
737
328
1,065
17,755
1,570
19,325
18,156
327
18,483
Reconciliation:
Less: Revenue from associates and joint ventures
\u2013
(792)
(792)
\u2013
(674)
(674)
Special items and remeasurements
\u2013
13
13
\u2013
(64)
(64)
Revenue
17,755
791
18,546
18,156
(411)
17,745
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
(2)Thermal coal represents purchases from third parties included within the Marketing business\u2019 energy solutions activities and from transitional marketing support provided to Thungela
Resources which ceased in the first half of 2025.
Financial performance
2.\u00a0 \u00a0 Financial performance by segment continued
Revenue from other sources for subsidiaries and joint operations gain of $791 million (2024: loss of $411 million) comprises net fair value gains
relating to\u00a0derivatives of $29\u00a0million (2024: net fair value loss of $174 million), net fair value gains relating to provisionally priced contracts for
commodities produced by the Group of $749\u00a0million and revenue remeasurements gains of\u00a0$13\u00a0million (2024: loss of $173 million and loss of
$64 million respectively). Derivative net losses include both financial derivatives and the net margin arising on contracts for the physical sale and
purchase of third-party material (third-party sales) where these contracts are accounted for as derivatives prior to settlement and are entered
into to generate a trading margin.
Group revenue by destination
The Group\u2019s geographical analysis of segment revenue is allocated based on the customer\u2019s port of destination. Revenue related to financial
derivatives is disclosed against the location of the Group entity party to the transaction.
Continuing operations
2025
2024 (re-presented)(1)
US$ million
%
US$ million
%
China
9,612
50%
8,600
48%
India
845
4%
818
4%
Japan
974
5%
1,054
6%
Other Asia
3,239
17%
3,008
16%
South Africa
104
1%
122
1%
Other Africa
1,219
6%
1,195
6%
Brazil
308
2%
299
2%
Chile
1,147
6%
989
5%
Other South America
25
\u2013
38
\u2013
North America
381
2%
402
2%
United Kingdom(2)
(204)
(1)%
62
\u2013
Other Countries
1,675
8%
1,896
10%
19,325
100%
18,483
100%
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
(2)United Kingdom is Anglo American plc\u2019s country of domicile.
11.
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 377.
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.
Continuing operations
Capital employed
US$ million
2025
2024
(re-presented)(1)
Copper
14,502
13,877
Premium Iron Ore
10,723
9,644
Manganese
226
210
Crop Nutrients
1,459
947
De\u00a0Beers
2,208
4,909
Corporate and other
549
668
Capital employed
29,667
30,255
Reconciliation to Consolidated balance sheet:
Net debt
(8,571)
(10,623)
Capital employed related to disposal groups held for sale
3,123
8,730
Variable vessel leases excluded from net debt (see note 22)
(339)
(179)
Debit valuation adjustment attributable to derivatives hedging net debt
6
22
Financial asset investments
231
328
Net assets
24,117
28,533
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Capital base
11.\u00a0 \u00a0 Capital by segment continued
Non-current assets by location
Intangible assets,
Property, plant and equipment
Total non-current assets
US$ million
2025
2024
2025
2024
South Africa
4,277
10,222
4,965
11,106\u00a0
Botswana
246
867
262
876\u00a0
Other Africa
61
633
66
638\u00a0
Brazil
8,523
8,334
8,984
9,063\u00a0
Chile
9,435
8,834
9,542
8,955\u00a0
Peru
8,781
8,740
8,781
8,742\u00a0
Other South America
\u2013
\u2013
2
1\u00a0
North America
196
263
205
300\u00a0
Australia and Asia
533
1,456
683
1,533\u00a0
United Kingdom (1)
2,609
2,345
2,692
2,465\u00a0
Other Europe
96
90
96
90\u00a0
Non-current assets by location
34,757
41,784
36,278
43,769\u00a0
Unallocated assets
1,605
1,437\u00a0
Total non-current assets
37,883
45,206\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.
14.
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 377.
Capital expenditure by segment
Continuing operations
US$ million
2025
2024
(re-presented)(1)
Copper
1,494
1,598
Premium Iron Ore
1,159
945
Crop Nutrients
312
834
De\u00a0Beers
353
536
Corporate and other
4
22
Capital expenditure
3,322
3,935
Reconciliation to Consolidated cash flow statement:
Cash flows generated from/(used in) derivatives related to capital expenditure
1
(1)
Proceeds from disposal of property, plant and equipment
17
10
Direct funding for capital expenditure received from non-controlling interests
\u2013
30
Expenditure on property, plant and equipment for continuing operations
3,340
3,974
(1)Comparative figures are re-presented to exclude results from discontinued operations. Capital expenditure for discontinued operations in 2025 amounted to $733 million, see note 36.
Capital expenditure by category
Continuing operations
US$ million
2025
2024
(re-presented) (1)
Growth projects
602
1,050
Life-extension projects
161
335
Stay-in-business
1,925
2,048
Development and stripping
651
512
Proceeds from disposal of property, plant and equipment
(17)
(10)
3,322
3,935
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Growth 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. No such funding was received in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-515": { "value": "
Group revenue by product
Segments predominantly derive revenue as follows \u2013 Copper: copper concentrate and cathodes; Premium Iron Ore: iron ore; De\u00a0Beers: rough and
polished diamonds; Manganese: manganese ore. Revenue reported within Corporate and other includes net margins from marketing and trading
activities, the provision of the Group\u2019s shipping services to third parties and sale of ancillary products. See\u00a0note 41C for the Group\u2019s accounting
policy on revenue recognition.
Other revenue principally relates to molybdenum, silver and gold. 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 15.
Continuing operations
2025
2024 (re-presented)(1)
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
6,851
446
7,297
6,848
(60)
6,788
Premium Iron ore
5,556
214
5,770
5,810
(356)
5,454
Diamonds
3,467
26
3,493
3,262
30
3,292
Thermal coal(2)
(9)
4
(5)
(4)
26
22
Manganese ore
\u2013
472
472
\u2013
359
359
Shipping
1,181
\u2013
1,181
1,503
\u2013
1,503
Other
709
408
1,117
737
328
1,065
17,755
1,570
19,325
18,156
327
18,483
Reconciliation:
Less: Revenue from associates and joint ventures
\u2013
(792)
(792)
\u2013
(674)
(674)
Special items and remeasurements
\u2013
13
13
\u2013
(64)
(64)
Revenue
17,755
791
18,546
18,156
(411)
17,745
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
(2)Thermal coal represents purchases from third parties included within the Marketing business\u2019 energy solutions activities and from transitional marketing support provided to Thungela
Resources which ceased in the first half of 2025.
Financial performance
2.\u00a0 \u00a0 Financial performance by segment continued
Revenue from other sources for subsidiaries and joint operations gain of $791 million (2024: loss of $411 million) comprises net fair value gains
relating to\u00a0derivatives of $29\u00a0million (2024: net fair value loss of $174 million), net fair value gains relating to provisionally priced contracts for
commodities produced by the Group of $749\u00a0million and revenue remeasurements gains of\u00a0$13\u00a0million (2024: loss of $173 million and loss of
$64 million respectively). Derivative net losses include both financial derivatives and the net margin arising on contracts for the physical sale and
purchase of third-party material (third-party sales) where these contracts are accounted for as derivatives prior to settlement and are entered
into to generate a trading margin.
Group revenue by destination
The Group\u2019s geographical analysis of segment revenue is allocated based on the customer\u2019s port of destination. Revenue related to financial
derivatives is disclosed against the location of the Group entity party to the transaction.
Continuing operations
2025
2024 (re-presented)(1)
US$ million
%
US$ million
%
China
9,612
50%
8,600
48%
India
845
4%
818
4%
Japan
974
5%
1,054
6%
Other Asia
3,239
17%
3,008
16%
South Africa
104
1%
122
1%
Other Africa
1,219
6%
1,195
6%
Brazil
308
2%
299
2%
Chile
1,147
6%
989
5%
Other South America
25
\u2013
38
\u2013
North America
381
2%
402
2%
United Kingdom(2)
(204)
(1)%
62
\u2013
Other Countries
1,675
8%
1,896
10%
19,325
100%
18,483
100%
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
(2)United Kingdom is Anglo American plc\u2019s country of domicile.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-516": { "value": "United Kingdom(2)", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-517": { "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 377.
US$
2025
2024
(re-presented)(1)
(Loss)/earnings per share
Basic from continuing operations
(1.05)
(2.61)
Basic from discontinued operations
(2.25)
0.08
Basic
(3.30)
(2.53)
Diluted from continuing operations
(1.05)
(2.61)
Diluted from discontinued operations
(2.25)
0.08
Diluted
(3.30)
(2.53)
Underlying earnings/(loss) per share
Basic from continuing operations
0.80
1.11
Basic from discontinued operations
(0.26)
0.49
Basic
0.54
1.60
Diluted from continuing operations
0.80
1.11
Diluted from discontinued operations
(0.26)
0.49
Diluted
0.54
1.60
Headline earnings per share
Basic
0.39
0.72
Diluted
0.39
0.72
(1) Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
Further information
The calculation of basic and diluted earnings per share is based on the following data:
(Loss)/profit attributable to
equity shareholders of the
Company
Underlying earnings
Headline earnings
2025
2024
(re-presented)(1)
2025
2024
(re-presented)(1)
2025
2024
Earnings (US$ million)
Basic and diluted earnings from continuing operations
(1,192)
(3,166)
907
1,342
n/a
n/a
Basic and diluted earnings from discontinued operations
(2,549)
98
(297)
595
n/a
n/a
Basic and diluted earnings
(3,741)
(3,068)
610
1,937
443
875
Weighted average number of shares (million)
Basic number of ordinary shares outstanding
1,131
1,212
1,131
1,212
1,131
1,212
Diluted number of ordinary shares outstanding
1,131
1,212
1,131
1,212
1,131
1,212
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
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.
In conjunction with the demerger of Valterra Platinum via a distribution in specie (see note 36), the Group completed a\u00a0share consolidation
to\u00a0increase the value of each remaining share to provide approximate comparability in the Anglo\u00a0American share price. The effect of the
consolidation resulted in every 109 existing Anglo American ordinary shares being exchanged for 96 new Anglo American ordinary shares.
Since the transaction is linked to the outflow of resources and is therefore akin to a share repurchase at fair value, the weighted average number
of shares used in the EPS calculation has been adjusted prospectively from the effective date for the demerger and declaration of the distribution
in specie.
In the year ended 31\u00a0December\u00a02025 and 2024, basic loss per share is equal to diluted loss per share as all potential ordinary shares are anti-
dilutive. In\u00a0the\u00a0year ended 31\u00a0December\u00a02025, there were 373,901 (2024: 329,554) share options that were potentially dilutive but not included
in\u00a0the calculation of\u00a0diluted earnings because they were anti-dilutive.
Financial performance
3.\u00a0 \u00a0 Earnings per share continued
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:
2025
2024
US$ million
Gross
Net
Gross
Net
Loss attributable to equity shareholders of the Company
(3,741)
(3,068)
Special items and remeasurements
4,351
5,005
Underlying earnings for the financial year
610
1,937
Revenue remeasurements
13
1
(64)
(34)
Operating special items \u2013 restructuring
(153)
(131)
(295)
(227)
Other operating special items
(129)
(100)
(100)
(91)
Operating remeasurements
(18)
(19)
(49)
(40)
Non-operating special items \u2013 remeasurement of deferred consideration
36
22
(21)
(14)
Other non-operating special items
\u2013
\u2013
(7)
97
Financing special items and remeasurements
9
(7)
(41)
(41)
Tax special items and remeasurements
\u2013
42
\u2013
(772)
Other reconciling items
37
25
81
60
Headline earnings for the financial year
443
875
Other reconciling items principally comprise of write-off of assets in Platinum Group Metals and individual asset impairments in De\u00a0Beers
(2024:\u00a0principally comprise of impairments and write-off of assets in De\u00a0Beers and Platinum Group Metals).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-518": { "value": "-1.05", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-519": { "value": "-2.61", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-520": { "value": "-1.05", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-521": { "value": "-2.61", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-522": { "value": "0.80", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:DepartureFromRequirementOfIFRSAxis": "ifrs-full:ReportedIfInComplianceWithRequirementOfIFRSMember", "unit": "iso4217:USD/xbrli:shares" } }, "f-523": { "value": "1.11", "decimals": 2, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:DepartureFromRequirementOfIFRSAxis": "ifrs-full:ReportedIfInComplianceWithRequirementOfIFRSMember", "unit": "iso4217:USD/xbrli:shares" } }, "f-524": { "value": "0.80", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:DepartureFromRequirementOfIFRSAxis": "ifrs-full:ReportedIfInComplianceWithRequirementOfIFRSMember", "unit": "iso4217:USD/xbrli:shares" } }, "f-525": { "value": "1.11", "decimals": 2, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:DepartureFromRequirementOfIFRSAxis": "ifrs-full:ReportedIfInComplianceWithRequirementOfIFRSMember", "unit": "iso4217:USD/xbrli:shares" } }, "f-526": { "value": "
4.
Net finance costs
Overview
Continuing operations
US$ million
2025
2024
(re-presented)(1)
Investment income
Interest income from cash and cash equivalents
279
287
Interest income from associates and joint ventures
2
7
Net interest income on defined benefit arrangements
23
23
Other interest income
88
41
Investment income
392
358
Interest expense
Interest and other finance expense
(1,133)
(1,111)
Lease liability interest expense
(69)
(73)
Net interest cost on defined benefit arrangements
(40)
(40)
Unwinding of discount relating to provisions and other liabilities
(73)
(54)
(1,315)
(1,278)
Less: Interest expense capitalised
453
492
Interest expense
(862)
(786)
Other net financing (losses)/gains
Net foreign exchange (losses)/gains
(2)
57
Other net fair value losses
(37)
(22)
Other net financing (losses)/gains before special items and remeasurements
(39)
35
Financing remeasurements
17
(41)
Other net financing losses
(22)
(6)
Net finance costs
(492)
(434)
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Further information
Interest income recognised on financial assets at amortised cost is $189 million ( 2024 : $186 million) and interest expense recognised on financial
liabilities at amortised cost is $742 million ( 2024:\u00a0$984 million). Of these amounts, $10 million (2024: $13 million) of the interest income and
$9\u00a0million (2024: $27 million) of the interest expense relate to discontinued operations.
Interest expense capitalised predominantly relates to US dollar denominated borrowings which were capitalised at a weighted average interest
rate of 6.4% (2024: 7.3%).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-527": { "value": "
5.
Income tax expense
Overview
Continuing operations
2025
2024
(re-presented) (1)
Profit
before tax
US$ million
Tax charge
US$ million
Effective
tax rate
Effective tax
rate
Calculation of effective tax rate (statutory basis)
883
(1,587)
179.7%
(118.3%)
Adjusted for:
Special items and remeasurements
2,559
(169)
Associates\u2019 and joint ventures\u2019 tax and non-controlling interests
36
(36)
Calculation of effective tax rate (underlying)
3,478
(1,792)
51.5%
46.1%
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
The underlying effective tax rate for continuing operations was 51.5 % for the year ended 31\u00a0December\u00a02025. This is higher than the underlying
effective tax rate for continuing operations (re-presented) of 46.1% for the year ended 31\u00a0December\u00a02024. The underlying effective tax rate in
2025 was mainly impacted by the relative level of profits arising in the Group\u2019s operating jurisdictions and losses in certain businesses for which
no or limited tax benefit can be recognised.
Uncertainty and changes to tax regimes can materialise in any country in which we operate and the Group has no control over political acts,
actions of regulators, or changes in local tax regimes. Global and local economic and social conditions can have a significant influence on
governments\u2019 policy decisions and these have the potential to change tax and other political risks faced by the Group.
In line with our published Tax Strategy, the Group actively monitors tax developments at a national level, as well as global themes and
international policy trends, on a continuous basis, and has active engagement strategies with governments, regulators and other stakeholders
within the countries in which the Group operates, as well as at an international level.
The Group continues to review proposals and announced 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 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 377.
A. Analysis of tax charge for the year
Continuing operations
US$ million
2025
2024
(re-presented)(1)
United Kingdom tax
108
73
South Africa tax
342
364
Chile tax
395
561
Peru tax
283
215
Brazil tax
153
138
Other overseas tax
77
121
Prior year adjustments
(60)
(124)
Current tax
1,298
1,348
Deferred tax
458
293
Income tax expense before special items and remeasurements
1,756
1,641
Special items and remeasurements tax (note 10)
(169)
(29)
Income tax expense
1,587
1,612
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Current tax includes royalties which meet the definition of income tax and are in addition to royalties recorded in operating costs.
Current tax includes Pillar 2 taxes of $2 million (2024: nil).
The Group has applied the mandatory temporary exception under IAS 12 Income Tax in relation to the accounting for deferred taxes related
to\u00a0Pillar 2 income\u00a0taxes.
Financial performance
5.\u00a0 \u00a0 Income tax expense continued
B. Factors affecting the tax charge for the year
The reconciling items between the United Kingdom corporation tax rate and the income tax expense are:
Continuing operations
US$ million
2025
2024
(re-presented)(1)
Profit/(loss) before tax
883
(1,364)
Less: Net income from associates and joint ventures
(82)
(42)
Profit/(loss) before tax (excluding associates and joint ventures)
801
(1,406)
Tax\u00a0calculated\u00a0at United Kingdom corporation tax rate of 25% (2024: 25%)
200
(352)
Tax effects of:
Items non-deductible/taxable for tax purposes
51
61
Temporary difference adjustments
Current year losses and temporary differences not recognised
513
436
Recognition of losses and temporary differences not previously recognised
(56)
(27)
Utilisation of losses and temporary differences not previously recognised
(8)
(9)
Write-off of losses and temporary differences previously recognised
111
21
Other temporary differences
(42)
(15)
Special items and remeasurements
Functional currency remeasurements (note 10)
(206)
191
Other special items and remeasurements
685
1,018
Other adjustments
Withholding taxes
107
86
Effect of differences between local and United Kingdom tax rates
330
444
Prior year adjustments
(68)
(41)
Other adjustments
(30)
(201)
Income tax expense
1,587
1,612
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
The special items and remeasurements reconciling charge of $479 million (2024: $1,209 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.
Associates\u2019 and joint ventures\u2019 tax included within net income from associates and joint ventures for the year ended 31\u00a0December\u00a02025 is
a\u00a0charge of $36\u00a0million (2024: $30\u00a0million). Excluding special items and remeasurements, this remains a charge of $36\u00a0million (2024:\u00a0$30\u00a0million).
C. Tax amounts included in other comprehensive income
The Consolidated statement of comprehensive income principally includes a tax charge of $54 million arising on the gain from the sale of the
Valterra Platinum investment and a credit of $7 million relating to an embedded derivative (2024: charge of $20 million relating to an embedded
derivative).
D. Tax amounts recognised directly in equity
In 2025, deferred tax of $3 million was charged directly to equity (2024: credit of $20 million) principally related to 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. Following
management\u2019s review at the current balance sheet date, there are no material provisions relating to uncertain tax positions included in the
Group\u2019s results.
Accounting policy
See note 41G for the Group\u2019s accounting policy on tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-528": { "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. Following
management\u2019s review at the current balance sheet date, there are no material provisions relating to uncertain tax positions included in the
Group\u2019
8.
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\u00a02025 are set out below. These
relate to: the impairment and impairment reversal of assets and the
classification of disposal groups as held for sale and discontinued
operations. In addition to these items, information about other
judgements and estimates determined by management is provided,
where applicable, in\u00a0the 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\u00a0number 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 reversal 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\u00a0a value close to their recoverable amount at the last assessment
date. 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 based on
discounted cash flow 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\u00a02025, 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:
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 $5.4 billion remains
eligible for potential reversal. The valuation is inherently sensitive to
changes in economic and operational assumptions, particularly the
iron ore price and the BRL/USD exchange rate. The Group has
reviewed operational and macroeconomic developments in the year,
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), or at each
reporting date for assets classified as held for sale, 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, to
signed sales agreements or indicative offers where relevant and
available for CGUs in the process of divestment and discounted cash
flows for other assets. 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, forecast diamond prices,
exchange rates, discount rates and estimates of production costs and
future capital expenditure.
Significant items
8.\u00a0 \u00a0 Significant accounting matters continued
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\u00a013 Fair Value Measurement, as they depend, to a significant
extent, on unobservable valuation inputs.
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 Mineral Resources where
appropriate. For further information, refer to the\u00a0unaudited Ore
Reserves and Mineral Resources Report 2025.
\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).
For CGUs where the Group is pursuing an active divestment plan and
for which at least indicative offers have been received, the Group will
assess the recoverable amount of the asset with reference to the fair
value of the consideration included in either signed sales agreements
or, if relevant, indicative offers received. Part of this assessment will
consider the likelihood of any transaction completing under the terms
and for the value proposed by the respective potential purchaser.
Where such sales agreements 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 estimate \u2013 sensitivity disclosures
The recoverable amounts of the following assets are considered to
be\u00a0significant accounting estimates as a material impairment or an
impairment reversal could arise within the next twelve months due to
a\u00a0realistic change in assumptions:
\u2013 Natural Diamonds (De\u00a0Beers)
\u2013 Woodsmith (Crop Nutrients)
\u2013 Moranbah-Grosvenor (Steelmaking Coal)
Key input and sensitivity information for these assets is provided in note
6 and 9.
Significant accounting judgement \u2013 classification of disposal groups
as held for sale and discontinued operations
The Group\u2019s accounting policy for disposal groups held for sale is
detailed in note 41I.
The Group is currently transforming its portfolio to focus on copper,
premium iron ore and crop nutrients. The following significant
accounting judgements have been made as a result of the portfolio
optimisation:
Steelmaking Coal
The Moranbah-Grosvenor (MG) joint operations were classified as held
for sale in 2024 following the signing of the sales agreement with
Peabody Energy as regulatory approvals and conditions precedent to
the sale were not considered substantive. On 15 March 2025, the
previously announced disposal of the remaining Steelmaking Coal
business also met the criteria following the waiver of certain pre-
emptive rights. On 19 August 2025, Peabody served notices
purporting to terminate the November 2024 agreements, on the basis
that the ignition event at Moranbah North on 31 March 2025
constituted a Material Adverse Change (MAC). The Group does not
consider the incident at Moranbah North to constitute a MAC and has
initiated ICC arbitration proceedings against Peabody. These
proceedings are ongoing (see note 34).
The Group acknowledges that the MG joint operations have already
been, and the rest of the Steelmaking Coal business will likely be,
classified as held for sale for a period greater than one year due to
unforeseen delays in the sales process but remains committed to the
sale of the business for which a new sales process is underway. The
business is available for immediate sale in its current form and based
on the progress of discussions, previous recent track record of relevant
required transaction approvals and initial interest in the assets, the
Group considers it highly probable that either a sale will complete or a
firm purchase commitment with a suitable party will be agreed in 2026.
The Group therefore continues to believe that the Steelmaking Coal
business should be presented as held for sale at 31 December 2025.
Significant items
8.\u00a0 \u00a0 Significant accounting matters continued
Nickel
On 18 February 2025, a sale and purchase agreement was signed for
the sale of the Group\u2019s Nickel business, comprising its two ferronickel
operations in Brazil \u2013 Barro Alto and Codemin, and its two high quality
greenfield growth projects \u2013 Jacar\u00e9 and Morro Sem Bon\u00e9. The
conditions precedent for the sale were not considered substantive and
therefore the business was classified as held for sale following the
signing of the sale agreement. The Group acknowledges the
unforeseen delays but continues to work through the regulatory
approval process and remains committed to the completion of the
sale. The business therefore continues to meet the criteria to be
classified as held for sale at 31 December 2025.
Platinum Group Metals
The Group\u2019s shareholders approved the demerger of the Platinum
Group Metals business on 30 April 2025, to be executed via a
distribution in specie. The business was therefore recorded as held for
distribution from that date. The demerger was completed on 31 May
2025 when each Anglo American shareholder received Valterra
Platinum shares as settlement for the dividend declared by
Anglo\u00a0American plc. The Group retained a 19.9% interest in Valterra
Platinum which was presented as a financial asset investment at fair
value through other comprehensive income until its disposal in
September\u00a02025. Consequently, the gain on disposal was recognised
through other comprehensive income.
De\u00a0Beers
While management remain committed to a divestment or demerger
of\u00a0the business, there remains uncertainty around the terms, legal
structure and regulatory approvals for any such transaction. As a result
the business did not meet the criteria to be classified as held for sale as
at 31 December 2025.
The Group\u2019s Steelmaking Coal, Nickel and Platinum Group Metals
businesses represent separate major lines of business and have
therefore been presented as discontinued operations in the financial
results for 2025, and comparative figures are re-presented.
Climate change
Tackling climate change is a 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 set out in the 2023 Climate Change Report and is
implemented at an asset level through the 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
ambition and targets as the financial impact of these is reflected in
operational decisions and cost structures. For the purposes of this
work, the Group\u2019s existing climate-related targets: a 30% reduction in
Scope 1 & 2 emissions by 2030 (on a 2016 baseline), carbon neutrality
across managed operations by 2040, and a 50% reduction in Scope 3
emissions by 2040, have been used.
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
\u2013
\u21a5
Net realisable value of inventory
\u2013
\u2013
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 cash flow 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. Cash flow 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
cash flow models which are used to calculate the recoverable amount.
The Group\u2019s discounted cash flow 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 tested the strategic and financial resilience of its portfolio
under both 1.5\u00b0C and 2\u00b0C scenario as part of its Task Force on
Climate-Related Financial Disclosures (TCFD) reporting, these
scenarios are 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.
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 iron ore, although we anticipate that 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 energy transition is expected to support long-term copper demand
growth, benefitting from policies aimed at reducing carbon emissions.
Decarbonisation largely involves phasing out primary energy sources
such as oil and gas, and increasing reliance on electricity generated
through low-carbon methods. Copper is used both in power
generation facilities and in the transmission and distribution of
electricity. Consequently, we anticipate higher copper demand in low-
carbon scenarios.
Significant items
8.\u00a0 Significant accounting matters continued
Climate ambition and targets
When preparing valuation models on a fair value less cost of disposal
basis, the Group generally assumes that any purchaser would retain
similar climate ambitions and targets. 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 forecast operating costs and capital
expenditures as outlined above.
Some projects relating to the Group\u2019s climate ambitions and targets
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 cash flow 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 partially offset by the
removal of the cost of the emissions.
Carbon price projections are used to assess how changes to pricing
regimes may influence future economic outcomes, both for commodity
markets more broadly, and specifically for each operation in terms of its
costs. 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\u00a0the 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 $0 and $120 per tonne (2025 real basis) by 2030.
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\u00a0risk
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\u00a0risk
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 Ore Reserves can be extracted from an orebody
economically. This would in turn impact the depreciation charge.
The total group depreciation charge relating to mining properties is
$588 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\u00a0ambition\u00a0and\u00a0targets
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.
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
Premium Iron Ore reportable segment. Premium Iron Ore is a future-
enabling commodity for a more sustainable world and hence the
carrying value of related inventory is less likely to be impacted by
climate change.
Climate\u00a0ambition\u00a0and\u00a0targets
Any impact is not currently expected to be material.
Measurement of rehabilitation and decommissioning provisions
Physical\u00a0risk
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. Cash flow forecasts include the Group\u2019s current best
estimate of the impact of such changes.
Transition\u00a0risk
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 ambition and targets
Any impact is not currently expected to be material.
Accounting judgements
Impairment testing involves a number of significant accounting
judgements and estimates, which are set out in note 8.
CGU assessment
As set out in note 8, 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.
Following a full impairment of the goodwill balance in 2023 the CGUs
in De Beers are no longer aggregated. The De\u00a0Beers business is
separated into the Natural Diamonds CGU and other CGUs, including
Element Six, Forevermark and De\u00a0Beers Jewellers.
10.
Special items and remeasurements
Overview
Continuing operations
2025
2024
(re-presented)(1)
US$ million
Before tax
Tax
Non-
controlling
interests
Net
Net
Revenue remeasurements
13
(5)
(9)
(1)
(34)
Impairments
(2,280)
156
320
(1,804)
(3,791)
Impairment reversals
\u2013
\u2013
\u2013
\u2013
86
Restructuring costs
(115)
2
9
(104)
(169)
Other operating special items
(146)
12
18
(116)
(114)
Operating remeasurements
(20)
1
(2)
(21)
(40)
Operating special items and remeasurements
(2,561)
171
345
(2,045)
(4,028)
Costs associated with investments and portfolio changes
(95)
\u2013
\u2013
(95)
(13)
Adjustments relating to business combinations
105
(33)
(13)
59
(12)
Adjustments relating to former operations
(69)
\u2013
2
(67)
31
Non-operating special items
(59)
(33)
(11)
(103)
6
Financing special items and remeasurements
17
\u2013
(15)
2
(41)
Tax special items and remeasurements
\u2013
36
(19)
17
(411)
Total before joint ventures\u2019 special items and remeasurements
(2,590)
169
291
(2,130)
(4,508)
Joint ventures\u2019 special items and remeasurements
31
\u2013
Total attributable to equity shareholders of the Company
(2,099)
(4,508)
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Special items
Special items are those items of financial performance that, due to their
size and nature, the Group believes should be separately disclosed on
the face of the income statement. The Group classifies subsequent
adjustments to items classified as special items on initial recognition in
subsequent periods as special items. These items, along with related
tax and non-controlling interests, are excluded from underlying
earnings, which is an Alternative Performance Measure (APM). For
more information on the APMs used by the Group, including definitions,
please refer to page 377.
\u2013 Operating special items are those that relate to the operating
performance of the Group and principally include impairment
charges and reversals, and restructuring costs relating to significant
reorganisation programmes.
\u2013 Non-operating special items are those that relate to changes in the
Group\u2019s asset portfolio. This category principally includes profits and
losses on disposals of businesses and investments or closure of
operations, adjustments relating to business combinations, and
adjustments relating to former operations of the Group, such as
changes in the measurement of deferred consideration receivable
or provisions recognised on disposal or closure of operations in prior
periods. This category may also include, where applicable, charges
relating to Black Economic Empowerment (BEE) transactions.
\u2013 Financing special items are those that relate to financing activities
and include realised gains and losses on early repayment of
borrowings, and the unwinding of the discount on material
provisions previously recognised as special items.
\u2013 Tax special items are those that relate to tax charges or credits
where the associated cash outflow or inflow is anticipated to be
significant due to its size and nature, principally including resolution
of tax enquiries.
Remeasurements
Remeasurements are items that are excluded from underlying
earnings in order to reverse timing differences in the recognition of
gains and losses in the income statement in relation to transactions
that, whilst economically linked, are subject to different accounting
measurement or recognition criteria. Remeasurements include mark-
to-market movements on derivatives that are economic hedges of
transactions not yet recorded in the financial statements, in order to
ensure that the overall economic impact of such transactions is
reflected within the Group\u2019s underlying earnings in the period in which
they occur. When the underlying transaction is recorded in the income
statement, the realised gains or losses are recorded in underlying
earnings within either revenue, operating costs or net finance costs,
as\u00a0appropriate. If the underlying transaction is recorded in the balance
sheet, for example capital expenditure, the realised amount remains in
remeasurements on settlement of the derivative.
\u2013 Revenue remeasurements, presented within revenue from other
sources, include gains and losses on unsettled derivatives relating
to\u00a0revenue.
\u2013 Operating remeasurements include unrealised gains and losses
on\u00a0derivatives relating to operating costs or capital expenditure
transactions. They also include the reversal through depreciation
and amortisation of a fair value gain or loss, arising on revaluation
of\u00a0a previously held equity interest in a business combination.
\u2013 Financing remeasurements include unrealised gains and losses
on\u00a0financial assets and liabilities that represent economic hedges,
including accounting hedges, related to financing arrangements.
\u2013 Tax remeasurements include foreign exchange impacts arising in
US\u00a0dollar functional currency entities where tax calculations are
generated based on\u00a0local currency financial information and hence
tax is susceptible to currency\u00a0fluctuations.
Revenue remeasurements
The gain of $13 million ($1 million loss after tax and non-controlling
interests) (2024 re-presented: loss of $34 million) relates to
remeasurements on derivatives presented in revenue from other
sources. For further details see note 2.
Operating special items
Impairments
Impairments of $2,280 million ($1,804 million after tax and non-
controlling interests) recognised for the year ended 31\u00a0December\u00a02025
primarily relates to impairment within Natural Diamonds (De Beers) of
$2,256 million ($1,785\u00a0million after tax and non-controlling interests).
Impairments of $3,791 million recognised for the year ended
31\u00a0December\u00a02024 primarily related to impairments within Natural
Diamonds (De\u00a0Beers) of $2,036 million and Crop Nutrients of
$1,554 million.
Further information on significant accounting matters relating to
impairments is provided in note 9.
Impairment reversals
Impairment reversals of $217 million ($86 million after tax and non-
controlling interests) recognised for the year ended
31\u00a0December\u00a02024 relate to impairment reversals recognised in
Kumba. There were no impairment reversal as at 31 December 2025.
Further information on significant accounting matters relating to
impairment reversals is provided in note 9.
Restructuring costs
Restructuring costs associated with the Group\u2019s strategic change
programme of $115 million ($104 million after tax and non-controlling
interests) have been recognised for the year ended
31\u00a0December\u00a02025 (2024 re-presented: $169 million). The strategic
restructuring programme has now been completed, and no further
material costs are expected.
Other operating special items
Other operating special items of $146 million recognised for the year
ended 31\u00a0December\u00a02025 ($116 million after tax and non\u2011controlling
interests) primarily relate to impairment of receivables balances, and
individual asset write-offs (2024 re-presented: $114 million primarily
relates to individual asset write-offs).
Operating remeasurements
Operating remeasurements reflect a loss of $20 million ($21 million
after tax and non-controlling interests) (2024 re-presented:\u00a0$40
million) which principally relates to a $20 million (2024 re-presented:
$52 million) depreciation and amortisation charge arising due to the
fair value uplift on the Group\u2019s pre-existing 45% shareholding in
De\u00a0Beers, which was required on acquisition of a controlling stake
in\u00a02012.
Non-operating special items
Costs associated with investments and portfolio changes
The $95 million loss ($95 million after tax and non-controlling interests)
relates to transaction costs associated with the disposal of financial
asset investments, costs in respect of the proposed merger and costs
in respect of planned divestments which do not qualify as discontinued
operations.
Cost associated with investments and portfolio changes of $13 million
loss recognised for the year ended 31\u00a0December\u00a02024 relates to
divestment costs incurred across the\u00a0Group.
Adjustments relating to business combinations
The $105 million gain ($59 million after tax and non-controlling
interests) (2024 re-presented: $12 million loss) relates to a fair value
adjustment of a debenture liability recognised as a result of a previous
business combination.
Adjustments relating to former operations
The net loss of $69 million ($67 million after tax and non-controlling
interests) (2024 re-presented: gain of $31 million) principally relates to
settlement of obligations related to former operations (2024 re-
presented: principally related to foreign exchange movements on
balances related to former operations).
Financing special items and remeasurements
Financing special items and remeasurements comprise a\u00a0net fair value
gain of $17 million ($2 million after tax and non-controlling interests)
(2024 re-presented: a net fair value loss of\u00a0$41 million) consisting of
fair value adjustments in relation to swap derivatives hedging net debt,
and costs incurred on buyback and early repayment of bonds during
the year.
Tax associated with special items and remeasurements
Tax associated with special items and remeasurements includes
a\u00a0tax\u00a0remeasurement credit of $206 million (2024 re-presented:
charge of\u00a0$191 million) principally arising on Brazilian\u00a0deferred tax,
a\u00a0tax on special items and remeasurements credit of $133 million
(2024 re-presented:\u00a0credit of $470 million) and a tax special items
charge of $170 million (2024 re-presented:\u00a0charge of $249 million).
Of the total tax credit of $169 million (2024 re-presented: credit of
$30 million), there is a\u00a0net current tax charge of $3 million (2024 re-
presented: charge of $23\u00a0million) and a net deferred tax credit of
$172 million (2024 re-presented: credit of $53 million).
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.
Management believes that any reasonably possible change in a key assumption, on which the recoverable amount of goodwill allocated to the
Los Bronces \u2013 Chagres CGU (Copper Chile) 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 8 and 9.
Accounting judgements and estimates
Impairment testing
Impairment testing involves a number of significant accounting judgements and estimates, which are set out in note 8.
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 judgement 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.
Capital base
13.\u00a0 \u00a0 Property, plant and equipment continued
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 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\u00a0real 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\u00a0December\u00a02025 were decreased by 1.0%, then the total environmental
restoration and decommissioning provisions would increase by $0.5 billion (2024: $0.5 billion). An increase in discount rates by 1.0% would
decrease the total restoration and decommissioning provisions by $0.4 billion (2024: $0.3 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
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. The assessment of deferred tax balances includes giving due consideration to the expected manner of recovery
of the carrying value of assets and liabilities. Consistent with the Group\u2019s impairment testing, the Group uses the latest available forecasts as the
basis for the profits expected to arise in the foreseeable future. These forecasts consider the potential impact of climate change (see note 8 for
further information).
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\u00a0required 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.
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 deficit 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 applies judgement in determining how much of any surplus is recoverable considering the arrangements in place for each scheme.
Accounting judgement
The Group operates in a number of jurisdictions and, from time to time, is subject to commercial disputes, tax matters, litigation and other claims.
The resolution of disputes is inherently unpredictable and the Group may in the future incur judgments or enter into settlements of claims that
could lead to material cash outflows. 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. Where payment is not probable or cannot be reliably estimated, the Group has not
provided for such matters. Based on the information currently available, it is not expected that any of these matters will have a materially adverse
impact on our financial position.
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.
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
41I. 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\u00a0obligations 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-529": { "value": "
6.
Discontinued operations
The Steelmaking Coal, Nickel and Platinum Group Metals reportable segments are now classified as discontinued operations and are therefore
no longer reportable segments of the Group (see note 8 for further information).
Financial information relating to the discontinued operations for the current period (to the date of disposal, where applicable) and prior period
and for subsequent adjustments to contingent consideration is set out below.
2025
US$ million
Steelmaking
Coal
Nickel
Platinum
Group
Metals (1)
Total
Revenue
1,402
551
1,773
3,726
Operating costs before special items
(1,624)
(550)
(1,704)
(3,878)
Operating special items
(479)
(104)
(55)
(638)
Operating (loss)/profit
(701)
(103)
14
(790)
Non-operating special items
338
(11)
(1,793)
(1,466)
Net income/(losses) from associates and joint\u00a0ventures
8
\u2013
(2)
6
Loss before net finance costs and tax
(355)
(114)
(1,781)
(2,250)
Investment income
2
3
5
10
Net financing special items
4
\u2013
\u2013
4
Interest expense
(32)
(40)
(24)
(96)
Other net financing losses
(4)
(3)
(27)
(34)
Financing remeasurements
\u2013
\u2013
(12)
(12)
Net finance costs
(30)
(40)
(58)
(128)
Loss before tax
(385)
(154)
(1,839)
(2,378)
Income tax (charge)/credit on special items
28
\u2013
(93)
(65)
Income tax charge on underlying items
(2)
\u2013
(21)
(23)
Loss for the financial year from discontinued operations
(359)
(154)
(1,953)
(2,466)
Less: Special items for the financial year from discontinued operations
109
115
1,953
2,177
Loss for the financial year from discontinued operations before special items
(250)
(39)
\u2013
(289)
Attributable to:
Non-controlling interests
83
Equity shareholders of the Company
(2,549)
Attributable to (before special items):
Non-controlling interests
8
Equity shareholders of the Company
(297)
(1)The demerger of Valterra Platinum occurred on 31 May 2025 (see note 36). The results presented above in respect of the Platinum Group Metals segment are therefore for the five months
ended 31 May 2025.
Financial performance
6.\u00a0 \u00a0 Discontinued operations continued
2024
US$ million
Steelmaking
Coal
Nickel
Platinum
Group Metals
Total
Revenue
2,966
617
5,962
9,545
Operating costs before special items
(2,728)
(522)
(5,223)
(8,473)
Operating special items
(196)
\u2013
(129)
(325)
Operating profit
42
95
610
747
Non-operating special items
(2)
(3)
(77)
(82)
Net income/(losses) from associates and joint\u00a0ventures
162
1
(71)
92
Profit before net finance costs and tax
202
93
462
757
Investment income
3
4
61
68
Interest expense
(251)
(53)
(82)
(386)
Other net financing gains/(losses)
\u2013
7
(6)
1
Net finance costs
(248)
(42)
(27)
(317)
Profit/(losses)\u00a0 before tax
(46)
51
435
440
Income tax (charge)/credit on special items
188
(57)
(262)
(131)
Income tax (charge)/credit on underlying items
(16)
58
(163)
(121)
Profit for the financial year from discontinued\u00a0operations
126
52
10
188
Less: Special items for the financial year from discontinued operations
10
60
468
538
Profit for the financial year from discontinued\u00a0operations before special items
136
112
478
726
Attributable to:
Non-controlling interests
90
Equity shareholders of the Company
98
Attributable to (before special items):
Non-controlling interests
131
Equity shareholders of the Company
595
Impairments recorded within operating special items
Year ended 31\u00a0December\u00a02025
Moranbah \u2013 Grosvenor (Steelmaking Coal)
Moranbah \u2013 Grosvenor was presented as held for sale at 31 December 2024 following the signing of a sale and purchase agreement and the
absence of any substantive conditions precedent. An impairment charge against the cash generating unit (CGU) of $226 million ($158 million
after tax) was recognised at that date, based on the terms of the signed Share and Asset Purchase Agreement (SAPA). Total consideration in the
SAPA included deferred consideration, including price-linked contingent consideration and consideration linked to the Grosvenor mine restart.
In line with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the valuation was reassessed at 30 June 2025 and 31 December
2025. Despite the termination of the November 2024 agreement, after considering any potential changes in operational and macroeconomic
assumptions, the Group continues to believe the terms of\u00a0the November 2024 agreement represent the best valuation basis for determining the
fair value less costs of disposal for the CGU. Impairment charges of $209 million ($146 million after tax) have been recognised for the year ended
31 December 2025 (consistent with 30 June 2025), principally due to additional capital expenditure during the year that is no longer offset by
depreciation charges since the asset is classified as held for sale. The carrying value of the CGU at 31 December 2025 was $1,974 million, in line
with the recoverable amount. The impairment charge has been allocated against property, plant and equipment within assets held for sale.
Capcoal (Steelmaking Coal)
In March 2025, the remainder of the Group\u2019s Steelmaking Coal business, including the Capcoal CGU, was moved to held for sale following the
waiver of certain pre-emption rights for existing partners under the relevant agreements. A valuation based on the terms of the Share Purchase
Agreement (SPA) signed in November 2024 was prepared on transfer to held for sale.
In line with IFRS 5, the valuation was reassessed at 30 June 2025 and 31 December 2025. At 31 December 2025 the Group has considered the
terms of the November 2024 agreement along with its own discounted cash flow analysis to assess the recoverable amount of the CGU. An
aggregate impairment charge of $255 million ($176 million after tax) has been recognised for the year ended 31 December 2025, principally due
to additional capital expenditure incurred during the year that is no longer offset by depreciation charges since the asset is classified as held for
sale. The carrying value of the CGU at 31 December 2025 was $541 million, in line with the recoverable amount. The impairment charge has
been allocated against property, plant and equipment within assets held for sale.
For the purposes of the impairment valuations of the Steelmaking Coal CGUs, any contingent consideration was discounted at rates between
5.9% and 11.6% depending on the risk profile of the payments. For the valuation of the price-linked consideration, the models use forecast
steelmaking coal prices that fall within the upper quartile of the analyst price range throughout the model. The Grosvenor restart consideration
was valued based on probabilistic outcomes of management\u2019s best estimate of the timing of the mine\u2019s restart.
The valuations of the Moranbah-Grosvenor and Capcoal CGUs are not materially sensitive to reasonably possible changes in key assumptions in\u00a0the
November 2024 agreements but may be impacted by changes in the structure and terms of the relevant future sale and purchase agreements.
Financial performance
6.\u00a0 \u00a0 Discontinued operations continued
Barro Alto and Codemin (Nickel)
The Barro Alto and Codemin CGUs have been classified as held for sale following the signing of a sale and purchase agreement in February
2025. This agreement includes cash consideration and consideration contingent on future nickel prices and project development milestones.
Total consideration under the agreement is considered indicative of the fair value of the disposal groups.
A valuation was prepared when the CGUs became held for sale, and updated at 30 June 2025 and 31\u00a0December\u00a02025 in line with the
requirements of IFRS 5. A net impairment charge of $104\u00a0million ($104 million after tax) has been recognised for the year ended
31\u00a0December\u00a02025. The carrying value of the CGU at 31 December 2025 is $358 million, in line with the recoverable amount. The impairment
charge has principally been allocated against property, plant and equipment.
For the purposes of the impairment valuation at 31\u00a0December\u00a02025, contingent consideration has been discounted at rates between 8.3% and
13.7% depending on the risk profile of the payments. For the valuation of the price-linked consideration at 31 December 2025, the model uses
forecast LME nickel prices that fall within the analyst price range of $6.39/lb to $8.21/lb throughout the model. The consideration linked to project
milestones was valued based on management\u2019s best estimate of the timing of the payment criteria being met.
The valuation is not materially sensitive to reasonably possible changes in key assumptions.
The impairment charges in respect of the Steelmaking Coal and Nickel CGUs detailed above have been recorded within operating special items.
Operating special items within the Platinum Group Metals disposal group relate to the impairment of individual assets.
2024
Operating special items of $325 million recognised in the year ended 31 December 2024 relate to net impairment charges within the
Steelmaking Coal business of $180 million, individual asset impairment charges within the Platinum Group Metals disposal Group of $48 million
and restructuring costs across both businesses of $96 million.
Other special items and remeasurements from discontinued operations
Non-operating special items
The net loss of $1,466\u00a0million (2024: $82\u00a0million) principally relates to the loss from demerger of the Group\u2019s interest in the Platinum Group Metals
business (Valterra Platinum) of $1,803 million ($2,183 million after tax) partially offset by profit from disposal of the Group\u2019s interest in Jellinbah
(an associate previously in the Steelmaking Coal business) of $392 million; for further information please see note 36.
Income tax on special items
The income tax charge on special items of $93\u00a0million (2024: $262\u00a0million) in Platinum Group Metals principally relates to withholding tax and
other transaction taxes on the demerger, net of the release of the associated deferred tax liability recognised in 2024. In Steelmaking Coal, the
income tax credit on special items of $28\u00a0million (2024: credit of $188\u00a0million) principally reflects the tax benefit of impairment and operating
losses of $199 million, largely offset by the utilisation of a deferred tax asset on capital losses of $180 million on the sale of Jellinbah.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-530": { "value": "
7.
Dividends
2025
2024
Proposed final ordinary dividend per share (US cents)
16
22
Proposed final ordinary dividend (US$ million)
172
268
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
2025
2024
Final ordinary dividend for 2024 \u2013 22 US cents per ordinary share (2023: 41 US cents per ordinary share)
269
503
Interim ordinary dividend for 2025 \u2013 7 US cents per ordinary share (2024: 42 US cents per ordinary share)
75
523
344
1,026
As at the dividend record date, there are forecasted to be 1,074,756,827 (2024 : 1,220,323,552) dividend bearing shares in issue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-531": { "value": "0.16", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-532": { "value": "0.22", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-533": { "value": "172000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-534": { "value": "268000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "f-535": { "value": "
9.
Impairment and impairment reversals
Overview
The Group has recognised the following impairments as special items in the year ended 31\u00a0December\u00a02025 :
Continuing operations
2025
2024
(re-presented)(1)
US$ million
Before tax
Tax
Non-
controlling
interests
Net
Before tax
Net
Impairments
Natural Diamonds (De\u00a0Beers)
(2,256)
156
315
(1,785)
(2,882)
(2,036)
Woodsmith (Crop Nutrients)
\u2013
\u2013
\u2013
\u2013
(1,554)
(1,554)
Other(2)
(24)
\u2013
5
(19)
(229)
(201)
Impairments recognised as special items
(2,280)
156
320
(1,804)
(4,665)
(3,791)
Impairment reversals
Kolomela (Kumba)
\u2013
\u2013
\u2013
\u2013
217
86
Impairment reversals recognised as special items
\u2013
\u2013
\u2013
\u2013
217
86
Net impairments recognised as special items
(2,280)
156
320
(1,804)
(4,448)
(3,705)
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
(2)Other includes other assets within De\u00a0Beers and other operations within Corporate (2024: exploration assets within De Beers and other operations within Corporate). These amounts are not
materially sensitive to reasonably possible changes in key assumptions.
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 8).
Continuing operations
2025
2024
(re-presented)(1)
US$ million
Impairments
Impairments
Impairment
reversals
Allocated as:
Intangible assets
(310)
(481)
\u2013
Property, plant and equipment
(2,006)
(4,234)
217
Other
(7)
(9)
\u2013
Total
(2,323)
(4,724)
217
Recognised before tax:
As special items
(2,280)
(4,665)
217
Within operating costs before special items
(43)
(59)
\u2013
Total
(2,323)
(4,724)
217
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Impairments and impairment reversals recorded
Natural Diamonds (De\u00a0Beers)
Overview
The De Beers business is separated into the Natural Diamonds CGU
and other CGUs, including Element Six, De Beers Jewellers, and
Forevermark. The Natural Diamonds CGU contains an indefinite life
brand and therefore an annual impairment assessment is required. The
recoverable amount of De Beers Natural Diamonds CGU was
assessed as at 31 December 2025 and an impairment of $2.3\u00a0billion
($1.8 billion after tax and non-controlling interest) was recorded to
bring the carrying value in line with the recoverable amount of $2.1
billion, calculated using a discount rate of 8% (2024:\u00a08%). The carrying
value of the De Beers business as a whole, including external cash and
debt, at 31 December 2025 was $2.3\u00a0billion. The impairment has been
allocated primarily to property, plant and equipment ($2.0 billion) and
intangible assets ($0.3 billion).
Changes in 2025
The reduction in the recoverable amount in the second half of the year
is primarily driven by lower long and short-term prices than previously
forecast, due to a prolonged shifting of customer preference between
natural diamonds and lab grown diamonds (LGDs), and surplus of
availability of rough relative to prevailing demand. The long term price
Constant Annual Growth Rate (CAGR) has been reduced to reflect the
current uncertainty in the natural diamond industry. The situation is
further impacted by increased macroeconomic uncertainty, including
the implementation of tariffs by the United States on imports and
persistently subdued demand among consumers in China.
Management has updated its best estimates regarding the expected
timing of differentiation between LGDs and natural diamonds to reflect
higher penetration in the short term, although the residual impact on
natural diamonds in the medium to long term remains unchanged.
Inputs to the valuation
The following are key inputs in the consumer demand forecast which
in\u00a0turn drives forecast prices:
\u2013 It is still assumed that natural diamonds will be clearly established as
a product distinct from LGDs. The model forecasts a differentiation
between LGDs and natural diamond product offerings which is now
assumed to have a more significant impact on the short term, with a
residual scarring effect on natural diamonds in the medium to long
term which is consistent with the prior year assumptions.
\u2013 The model assumes real GDP growth, weighted by the markets in
which the business operates, of 3% (2024: 3%) over the next five
years.
\u2013 The external foreign exchange medium term forecast against the US
dollar in our end consumer markets is annual US dollar depreciation
of 0.9% against the Chinese renminbi, 2.5% against the Japanese
yen and 0.5% against the Euro compared to 2025 actual average
rates. The US dollar is forecasted to appreciate by 0.7% against the
Indian rupee.
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, it is assumed that the Southern African producer currencies
exchange rates depreciate by 1.7% for the Botswana pula and 1.5%
for the South African rand per annum against the US dollar compared
to the 2025 actual rates. Thereafter, purchasing power parity is
assumed 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
$0.4 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 $0.5 billion.
\u2013 A 1-year delay in full differentiation of natural diamonds and LGDs
would result in a change in the impairment charge of $0.3\u00a0billion or a
1 percentage point increase in the long term LGD residual impact
would result in an increase in the impairment charge of $0.1 billion.
\u2013 A 0.5% change in the discount rate would result in a change in the
impairment charge of $0.2 billion.
$5.3 billion (2024: $3.1 billion) remains eligible for reversal in future
periods.
Woodsmith (Crop Nutrients)
The Woodsmith project has been previously impaired, of which
$3.3\u00a0billion remains eligible for reversal. The evolution of the Group\u2019s
development plan for the project including its market development
strategy has indicated necessary adjustments to key valuation
assumptions and has been identified as an indicator for valuation
assessment. Changes to key value drivers including an improved
market outlook and favourable changes to the mine development
plan\u00a0have been offset by increases to operating cost, initial and stay
in\u00a0business capital estimates along with a slower ramp-up to full
production. The carrying value of the related assets was therefore
assessed as at 31 December 2025 and found to be approximately
equal to its recoverable amount of $2.0 billion.
The valuation is inherently sensitive to changes in economic and
operational assumptions and there is a wide range of potential
outcomes given the early stage of project development:
\u2013 The model uses a long term forecast price for polyhalite of $250/
tonne (2026 real basis) (2024 model: $199/tonne), which is derived
from an analysis of various pricing methodologies, including full
nutrient valuation, various versions of blend/nutrient substitution
analysis as well as econometric models based on observed pricing
for similar products. This is supplemented by data from Crop
Nutrients pilot sales programme which provides real world
indications of customer willingness to pay. If prices were increased
or decreased by $10/tonne throughout the model, the valuation
would change by $0.5 billion.
\u2013 The model uses a discount rate of 9.58% (2024 model: 9.58%),
which includes a development stage premium. If the discount rate
were reduced by 0.5 percentage points, the valuation would
increase by $0.6 billion.
\u2013 The model assumes first saleable production occurs in 2032 (2024
model: 2030) with a measured future ramp-up to 13 Mt p.a. If first
production were delayed by six months with no changes to the
ramp-up profile or other assumptions, the valuation would decrease
by $0.2 billion.
Expenditure is expected to be $0.3 billion per annum in 2026 and
2027. The forecast for subsequent years is based on the latest internal
estimates. Any changes to forecast capital expenditure have a direct
impact on the recoverable amount of the asset (assuming all other
inputs remain the same) given the nearer term nature of
the\u00a0expenditure.
2024
Impairments and impairment reversals recorded
Natural Diamonds (De\u00a0Beers)
At 31 December 2024, following revisions to price forecasts driven
by\u00a0lower forecast customer demand and lower diamond content
assumptions due to forecast changes in consumer trends, the
valuation of the Natural Diamonds CGU was assessed and an
impairment of $2.9 billion ($2.0\u00a0billion after tax and non-controlling
interest) was recorded against property, plant and equipment
($2.5\u00a0billion) and intangible assets ($0.4 billion) to bring the carrying
value in line with the recoverable amount of $4.1 billion for the CGU,
calculated using a discount rate of 8%.
Woodsmith (Crop Nutrients)
At 30 June 2024, following the Group\u2019s announced slowdown in the
development of the Woodsmith project and resultant impact on the
production schedule and capital expenditure, the valuation of the CGU
was assessed and an impairment of $1.6 billion ($1.6 billion after tax)
was recorded primarily against property, plant and equipment to bring
the carrying value in line with the recoverable amount of $0.9 billion for
the CGU, calculated using a discount rate of 9.58%.
Kolomela (Kumba)
At 31 December 2024, following revisions to the forecast production
profile in the latest Life of Asset Plan, an impairment reversal of
$0.2\u00a0billion ($0.1 billion after tax and non-controlling interest) was
recorded against property, plant and equipment, calculated using
a\u00a0discount rate of 9.3%.
Accounting judgements
Impairment testing involves a number of significant accounting
judgements and estimates, which are set out in note 8.
CGU assessment
As set out in note 8, the Group regularly assesses each of its cash
generating units (CGUs) for indicators of impairment or impairment
reversal. The Group applies judgement when allocating its assets to
CGUs, which are defined as the smallest group of assets that generate
cash inflows that are largely independent of the cash inflows from
other assets or groups of assets. Where an operation is vertically
integrated so that each activity/process feeds into the next one until
a\u00a0final product is produced, particular judgement may be required to
determine whether there is an active market for any intermediate
product.
Following a full impairment of the goodwill balance in 2023 the CGUs
in De Beers are no longer aggregated. The De\u00a0Beers business is
separated into the Natural Diamonds CGU and other CGUs, including
Element Six, Forevermark and De\u00a0Beers Jewellers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-536": { "value": "
12.
Intangible assets
Overview
Intangible assets comprise goodwill acquired through business combinations, brands, contracts and other non-mining assets.
2025
2024
US$ million
Brands
Contracts
and other
intangibles
Goodwill
Total
Brands
Contracts
and other
intangibles
Goodwill
Total
Net book value
At 1 January
240
481
219
940
496
713
270
1,479
Additions
\u2013
119
\u2013
119
\u2013
79
\u2013
79
Amortisation charge for the year
\u2013
(148)
\u2013
(148)
\u2013
(131)
\u2013
(131)
Impairments
(159)
(151)
\u2013
(310)
(256)
(175)
(50)
(481)
Transfer to assets held for sale
\u2013
(9)
(95)
(104)
\u2013
(3)
\u2013
(3)
Currency movements
\u2013
7
\u2013
7
\u2013
(2)
(1)
(3)
At 31 December
81
299
124
504
240
481
219
940
Cost
517
1,479
1,594
3,590
517
1,384
1,689
3,590
Accumulated amortisation and impairment
(436)
(1,180)
(1,470)
(3,086)
(277)
(903)
(1,470)
(2,650)
Brands, contracts and other intangibles include $176 million ( 2024: $404 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\u00a02025, $81 million
(2024:\u00a0$240 million) of intangible assets that are deemed to have indefinite useful lives relate to the De\u00a0Beers brand.
Further information
Goodwill relates to the following cash generating units (CGUs) or groups of CGUs:
US$ million
2025
2024
Copper Chile
124
124
Platinum Group Metals
\u2013
95
124
219
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.
Management believes that any reasonably possible change in a key assumption, on which the recoverable amount of goodwill allocated to the
Los Bronces \u2013 Chagres CGU (Copper Chile) 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 8 and 9.
Accounting policy
See note 41D for the Group\u2019s accounting policies on intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-537": { "value": "
13.
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.
2025
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
10,517
5,602
421
15,731
590
7,983
40,844
Additions
590
\u2013
53
249
185
3,471
4,548
Depreciation charge for the year
(588)
(196)
(45)
(1,349)
(254)
\u2013
(2,432)
Impairments(1)
(1,057)
(2)
(6)
(87)
(4)
(976)
(2,132)
Impairments reversed
7
5
1
\u2013
\u2013
\u2013
13
Revaluation of shipping leases
\u2013
\u2013
\u2013
\u2013
259
\u2013
259
Disposals
(2)
(18)
(8)
(12)
\u2013
(9)
(49)
Transfer to assets held for sale
(3,260)
(305)
(22)
(2,081)
(82)
(1,694)
(7,444)
Reclassifications
487
391
\u2013
2,611
\u2013
(3,489)
\u2013
Currency movements
249
59
11
114
3
210
646
At 31 December
6,943
5,536
405
15,176
697
5,496
34,253
Cost
20,761
6,533
722
30,214
1,264
10,860
70,354
Accumulated depreciation and impairment
(13,818)
(997)
(317)
(15,038)
(567)
(5,364)
(36,101)
(1)Impairments include $2,006 million which relate to continuing operations.
2024
Owned and leased assets
US$ 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
11,529
5,601
443
16,006
934
9,436
43,949
Additions
1,460
98
67
17
367
5,313
7,322
Depreciation charge for the year
(867)
(202)
(55)
(1,576)
(327)
\u2013
(3,027)
Impairments
(1,614)
(31)
(38)
(213)
(1)
(2,799)
(4,696)
Impairments reversed
99
41
\u2013
93
\u2013
88
321
Revaluation of shipping leases
\u2013
\u2013
\u2013
\u2013
(355)
\u2013
(355)
Disposals
(3)
(2)
(4)
(17)
\u2013
(40)
(66)
Transfer to assets held for sale
(952)
(52)
(11)
(570)
(2)
(490)
(2,077)
Reclassifications
1,096
170
22
2,120
(22)
(3,386)
\u2013
Currency movements
(231)
(21)
(3)
(129)
(4)
(139)
(527)
At 31 December
10,517
5,602
421
15,731
590
7,983
40,844
Cost
24,688
7,107
709
34,667
1,299
12,454
80,924
Accumulated depreciation and impairment
(14,171)
(1,505)
(288)
(18,936)
(709)
(4,471)
(40,080)
Additions include $453 million (2024: $492 million ) of net interest expense incurred on borrowing s which fund the construction of qualifying
assets that have been capitalised during the year, all related to continuing operations and principally for the Woodsmith project in the UK
(2024:\u00a0principally for the Woodsmith project in the\u00a0UK).
Depreciation includes $2,371 million (2024: $2,954 million) of depreciation within operating profit of which $2,159 million (2024: $2,074 million)
relates to continuing operations, $15 million (2024 : $39 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 10), and $46 million (2024:\u00a0$34 million) of
depreciation on assets used in capital projects which has been capitalised.
The impairment charge for the year relates principally to the De\u00a0Beers (2024: De Beers and Crop Nutrients) reportable segment, see note 9.
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 8.
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 judgement 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.
Capital base
13.\u00a0 \u00a0 Property, plant and equipment continued
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 41D for the Group\u2019s accounting policies on property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-540": { "value": "
15.
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 joint ventures Samancor (manganese mining in the Manganese segment) and
Ferroport (port operations in the Premium Iron Ore segment). The Group\u2019s other investments in associates and joint ventures arise primarily in the
Crop Nutrients and Corporate and Other segments.
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 377.
On 29 January 2025, the Group completed the sale of its 33.3% minority interest Jellinbah Group Pty Ltd (Jellinbah), an associate that owns a
70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Limited (Zashvin). The Jellinbah associate
met the criteria to be classified as held for sale on signing the sales agreement in November 2024. In accordance with the requirements of the
accounting standard, the investment value of $298 million was transferred to assets held for sale and the Group ceased recognition of its share
of income from the associate from the date of the agreement until date of sales completion. The Group\u2019s share of income in 2024 up to the date
the business was transferred to held for sale are included within profit from discontinued operations. See notes 6 and 36 for further details.
2025
2024
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
40
547
587
456
610
1,066
Net income/(losses) from associates and joint ventures (1)
(5)
87
82
165
(31)
134
Dividends received (2)
\u2013
(46)
(46)
(253)
(62)
(315)
Net investment in equity and capitalised loans
15
(20)
(5)
\u2013
62
62
Disposals
(2)
(5)
(7)
\u2013
\u2013
\u2013
Transfer to assets held for sale
(3)
(61)
(64)
(298)
\u2013
(298)
Other movements
\u2013
(3)
(3)
\u2013
(33)
(33)
Currency movements
\u2013
21
21
(30)
1
(29)
At 31 December
45
520
565
40
547
587
(1)For the year ended 31 December 2025, net income/(losses) from associates and joint ventures of $82 million (2024: $42 million) relate to continuing operations.
(2)For the year ended 31 December 2025, no dividends were received (2024: $253 million) from discontinued operations.
Further information
The Group\u2019s share of the results of associates and joint ventures is as follows:
Income statement
Continuing operations
US$ million
2025
2024
(re-presented)(1)
Group revenue
792
674
Operating costs (before special items and remeasurements)
(657)
(573)
Associates\u2019 and joint ventures\u2019 underlying EBIT
135
101
Net finance costs
(48)
(25)
Income tax expense
(36)
(30)
Non-controlling interests
\u2013
(4)
Special items and remeasurements
31
\u2013
Net income from associates and joint ventures for continuing operations
82
42
Net income from associates and joint ventures for discontinued operations
\u2013
92
Total net income from associates and joint ventures
82
134
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
The Group\u2019s interest in the Jellinbah associate was presented as held for sale as at 31 December 2024 and the sale completed on 29 January
2025. Dividends received from Jellinbah during 2024 totalled $247 million.
Capital base
15.\u00a0 \u00a0 Investments in associates and joint ventures continued
Balance sheet
US$ million
Associates
Joint ventures
Total
Non-current assets
71
1,284
1,355
Current assets
111
465
576
Current liabilities
(84)
(188)
(272)
Non-current liabilities
(53)
(1,114)
(1,167)
Net assets as at 31\u00a0December\u00a02025 \u2013 Group\u2019s share
45
447
492
Unrecognised losses
\u2013
73
73
Carrying value of investments as at 31\u00a0December\u00a02025
45
520
565
Net assets as at 31\u00a0December 2024
40
547
587
Further information
The Group\u2019s share of the results of associates and joint ventures is as follows:
Continuing operations
2025
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Ferroport
107
83
75
52
46
Samancor
472
127
54
37
\u2013
Other
213
6
6
(7)
\u2013
Total from continuing operations
792
216
135
82
46
2024
(re-presented) (1)
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Ferroport
103
72
64
44
48
Samancor
359
116
31
\u2013
10
Other
212
6
6
(2)
4
Total from continuing operations
674
194
101
42
62
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Continuing operations
Aggregate investment
US$ million
2025
2024
Ferroport
269
244
Samancor
227
215
Other
69
128
565
587
Accounting judgements
Impairment
No indicators of impairment were identified for the Group\u2019s material investments in associates and joint ventures during 2025.
Accounting policy
See note 41I 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-539": { "value": "
15.
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 joint ventures Samancor (manganese mining in the Manganese segment) and
Ferroport (port operations in the Premium Iron Ore segment). The Group\u2019s other investments in associates and joint ventures arise primarily in the
Crop Nutrients and Corporate and Other segments.
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 377.
On 29 January 2025, the Group completed the sale of its 33.3% minority interest Jellinbah Group Pty Ltd (Jellinbah), an associate that owns a
70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Limited (Zashvin). The Jellinbah associate
met the criteria to be classified as held for sale on signing the sales agreement in November 2024. In accordance with the requirements of the
accounting standard, the investment value of $298 million was transferred to assets held for sale and the Group ceased recognition of its share
of income from the associate from the date of the agreement until date of sales completion. The Group\u2019s share of income in 2024 up to the date
the business was transferred to held for sale are included within profit from discontinued operations. See notes 6 and 36 for further details.
2025
2024
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
40
547
587
456
610
1,066
Net income/(losses) from associates and joint ventures (1)
(5)
87
82
165
(31)
134
Dividends received (2)
\u2013
(46)
(46)
(253)
(62)
(315)
Net investment in equity and capitalised loans
15
(20)
(5)
\u2013
62
62
Disposals
(2)
(5)
(7)
\u2013
\u2013
\u2013
Transfer to assets held for sale
(3)
(61)
(64)
(298)
\u2013
(298)
Other movements
\u2013
(3)
(3)
\u2013
(33)
(33)
Currency movements
\u2013
21
21
(30)
1
(29)
At 31 December
45
520
565
40
547
587
(1)For the year ended 31 December 2025, net income/(losses) from associates and joint ventures of $82 million (2024: $42 million) relate to continuing operations.
(2)For the year ended 31 December 2025, no dividends were received (2024: $253 million) from discontinued operations.
Further information
The Group\u2019s share of the results of associates and joint ventures is as follows:
Income statement
Continuing operations
US$ million
2025
2024
(re-presented)(1)
Group revenue
792
674
Operating costs (before special items and remeasurements)
(657)
(573)
Associates\u2019 and joint ventures\u2019 underlying EBIT
135
101
Net finance costs
(48)
(25)
Income tax expense
(36)
(30)
Non-controlling interests
\u2013
(4)
Special items and remeasurements
31
\u2013
Net income from associates and joint ventures for continuing operations
82
42
Net income from associates and joint ventures for discontinued operations
\u2013
92
Total net income from associates and joint ventures
82
134
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
The Group\u2019s interest in the Jellinbah associate was presented as held for sale as at 31 December 2024 and the sale completed on 29 January
2025. Dividends received from Jellinbah during 2024 totalled $247 million.
Capital base
15.\u00a0 \u00a0 Investments in associates and joint ventures continued
Balance sheet
US$ million
Associates
Joint ventures
Total
Non-current assets
71
1,284
1,355
Current assets
111
465
576
Current liabilities
(84)
(188)
(272)
Non-current liabilities
(53)
(1,114)
(1,167)
Net assets as at 31\u00a0December\u00a02025 \u2013 Group\u2019s share
45
447
492
Unrecognised losses
\u2013
73
73
Carrying value of investments as at 31\u00a0December\u00a02025
45
520
565
Net assets as at 31\u00a0December 2024
40
547
587
Further information
The Group\u2019s share of the results of associates and joint ventures is as follows:
Continuing operations
2025
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Ferroport
107
83
75
52
46
Samancor
472
127
54
37
\u2013
Other
213
6
6
(7)
\u2013
Total from continuing operations
792
216
135
82
46
2024
(re-presented) (1)
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Ferroport
103
72
64
44
48
Samancor
359
116
31
\u2013
10
Other
212
6
6
(2)
4
Total from continuing operations
674
194
101
42
62
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Continuing operations
Aggregate investment
US$ million
2025
2024
Ferroport
269
244
Samancor
227
215
Other
69
128
565
587
Accounting judgements
Impairment
No indicators of impairment were identified for the Group\u2019s material investments in associates and joint ventures during 2025.
Accounting policy
See note 41I 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-538": { "value": "
15.
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 joint ventures Samancor (manganese mining in the Manganese segment) and
Ferroport (port operations in the Premium Iron Ore segment). The Group\u2019s other investments in associates and joint ventures arise primarily in the
Crop Nutrients and Corporate and Other segments.
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 377.
On 29 January 2025, the Group completed the sale of its 33.3% minority interest Jellinbah Group Pty Ltd (Jellinbah), an associate that owns a
70% interest in the Jellinbah East and Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Limited (Zashvin). The Jellinbah associate
met the criteria to be classified as held for sale on signing the sales agreement in November 2024. In accordance with the requirements of the
accounting standard, the investment value of $298 million was transferred to assets held for sale and the Group ceased recognition of its share
of income from the associate from the date of the agreement until date of sales completion. The Group\u2019s share of income in 2024 up to the date
the business was transferred to held for sale are included within profit from discontinued operations. See notes 6 and 36 for further details.
2025
2024
US$ million
Associates
Joint ventures
Total
Associates
Joint ventures
Total
At 1 January
40
547
587
456
610
1,066
Net income/(losses) from associates and joint ventures (1)
(5)
87
82
165
(31)
134
Dividends received (2)
\u2013
(46)
(46)
(253)
(62)
(315)
Net investment in equity and capitalised loans
15
(20)
(5)
\u2013
62
62
Disposals
(2)
(5)
(7)
\u2013
\u2013
\u2013
Transfer to assets held for sale
(3)
(61)
(64)
(298)
\u2013
(298)
Other movements
\u2013
(3)
(3)
\u2013
(33)
(33)
Currency movements
\u2013
21
21
(30)
1
(29)
At 31 December
45
520
565
40
547
587
(1)For the year ended 31 December 2025, net income/(losses) from associates and joint ventures of $82 million (2024: $42 million) relate to continuing operations.
(2)For the year ended 31 December 2025, no dividends were received (2024: $253 million) from discontinued operations.
Further information
The Group\u2019s share of the results of associates and joint ventures is as follows:
Income statement
Continuing operations
US$ million
2025
2024
(re-presented)(1)
Group revenue
792
674
Operating costs (before special items and remeasurements)
(657)
(573)
Associates\u2019 and joint ventures\u2019 underlying EBIT
135
101
Net finance costs
(48)
(25)
Income tax expense
(36)
(30)
Non-controlling interests
\u2013
(4)
Special items and remeasurements
31
\u2013
Net income from associates and joint ventures for continuing operations
82
42
Net income from associates and joint ventures for discontinued operations
\u2013
92
Total net income from associates and joint ventures
82
134
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
The Group\u2019s interest in the Jellinbah associate was presented as held for sale as at 31 December 2024 and the sale completed on 29 January
2025. Dividends received from Jellinbah during 2024 totalled $247 million.
Capital base
15.\u00a0 \u00a0 Investments in associates and joint ventures continued
Balance sheet
US$ million
Associates
Joint ventures
Total
Non-current assets
71
1,284
1,355
Current assets
111
465
576
Current liabilities
(84)
(188)
(272)
Non-current liabilities
(53)
(1,114)
(1,167)
Net assets as at 31\u00a0December\u00a02025 \u2013 Group\u2019s share
45
447
492
Unrecognised losses
\u2013
73
73
Carrying value of investments as at 31\u00a0December\u00a02025
45
520
565
Net assets as at 31\u00a0December 2024
40
547
587
Further information
The Group\u2019s share of the results of associates and joint ventures is as follows:
Continuing operations
2025
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Ferroport
107
83
75
52
46
Samancor
472
127
54
37
\u2013
Other
213
6
6
(7)
\u2013
Total from continuing operations
792
216
135
82
46
2024
(re-presented) (1)
US$ million
Group
revenue
Underlying
EBITDA
Underlying
EBIT
Share of net
income
Dividends
received
Ferroport
103
72
64
44
48
Samancor
359
116
31
\u2013
10
Other
212
6
6
(2)
4
Total from continuing operations
674
194
101
42
62
(1)Comparative figures are re-presented to exclude results from discontinued operations, see note 6.
Continuing operations
Aggregate investment
US$ million
2025
2024
Ferroport
269
244
Samancor
227
215
Other
69
128
565
587
Accounting judgements
Impairment
No indicators of impairment were identified for the Group\u2019s material investments in associates and joint ventures during 2025.
Accounting policy
See note 41I 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-541": { "value": "
16.
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 or loss comprise financial assets that do\u00a0not
meet the criteria to be classified under either of the other two categories.
2025
2024
US$ million
Financial
assets at
amortised cost
At fair value
through
profit or loss
At fair value
through other
comprehensive
income
Total
Financial
assets at
amortised cost
At fair value
through
profit\u00a0or loss
At fair value
through other
comprehensive
income
Total
At 1 January
172
45
111
328
234
73
132
439
Additions
\u2013
1
2,038
2,039
\u2013
1
4
5
Interest receivable
3
4
\u2013
7
4
4
\u2013
8
Net loans advanced/(repaid)
25
(3)
\u2013
22
(17)
(21)
\u2013
(38)
Disposals
\u2013
(2)
(2,532)
(2,534)
\u2013
(3)
(6)
(9)
Transfers to assets held for sale
(4)
(1)
(86)
(91)
\u2013
\u2013
\u2013
\u2013
Fair value and other movements
(3)
(33)
467
431
(47)
(9)
(19)
(75)
Currency movements
4
1
24
29
(2)
\u2013
\u2013
(2)
At 31 December
197
12
22
231
172
45
111
328
Current
2
\u2013
\u2013
2
\u2013
36
\u2013
36
Non-current
195
12
22
229
172
9
111
292
On 31 May 2025, the Group completed the demerger of its controlling interest in the Platinum Group Metals business, Valterra Platinum Limited
(formerly named Anglo American Platinum Limited) (Valterra Platinum). On completion of the demerger, the Group retained a residual 19.9%
interest in Valterra Platinum. A financial asset at fair value through other comprehensive income of $2,038 million was recognised on the Group\u2019s
Consolidated balance sheet in respect of this combined interest. Subsequently, on 4 September 2025, the remaining interest which had a fair
value of $2,522 million was disposed, with a gain of $467 million ($413 million net of tax) relating to the change in fair value since initial
recognition recorded within other comprehensive income.
Accounting policy
See note 41D for the Group\u2019s accounting policies on financial asset investments.
25.
Financial instruments and derivatives
Financial instruments overview
For financial assets and liabilities which are traded on an active market, such as listed investments or listed debt instruments, fair value is
determined by reference to\u00a0market value. For non-traded financial assets and liabilities, fair value is calculated using discounted cash flows,
considered to be reasonable and consistent with those that would be used by a market participant, and based on observable market data
where\u00a0available (for example forward exchange rate, interest rate or commodity price curve), unless carrying value is considered to approximate
fair value.
Where discounted cash flow models based on management\u2019s assumptions are used, the resulting fair value measurements are considered to be
at level 3 in the fair value hierarchy, as defined in IFRS 13 Fair Value Measurement, as they depend to a significant extent on unobservable
valuation inputs.
All derivatives that have been designated into hedge relationships have been separately disclosed.
2025
US$ 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
2,132
735
\u2013
\u2013
\u2013
2,867
Derivative financial assets
378
\u2013
\u2013
232
\u2013
610
Cash and cash equivalents
4,028
2,408
\u2013
\u2013
\u2013
6,436
Financial asset investments
12
197
22
\u2013
\u2013
231
Environmental rehabilitation trusts(1)
109
8
\u2013
\u2013
\u2013
117
6,659
3,348
22
232
\u2013
10,261
Financial liabilities
Trade and other payables
(878)
\u2013
\u2013
\u2013
(3,733)
(4,611)
Derivative financial liabilities
(264)
\u2013
\u2013
(311)
\u2013
(575)
Royalty liability
\u2013
\u2013
\u2013
29
(605)
(576)
Borrowings
\u2013
\u2013
\u2013
(11,643)
(3,838)
(15,481)
(1,142)
\u2013
\u2013
(11,925)
(8,176)
(21,243)
Net financial assets/(liabilities)
5,517
3,348
22
(11,693)
(8,176)
(10,982)
2024
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
1,291
1,020
\u2013
\u2013
\u2013
2,311
Derivative financial assets
208
\u2013
\u2013
94
\u2013
302
Cash and cash equivalents
5,163
3,004
\u2013
\u2013
\u2013
8,167
Financial asset investments
45
172
111
\u2013
\u2013
328
Environmental rehabilitation trusts(1)
143
8
\u2013
\u2013
\u2013
151
6,850
4,204
111
94
\u2013
11,259
Financial liabilities
Trade and other payables
(657)
\u2013
\u2013
\u2013
(4,555)
(5,212)
Derivative financial liabilities
(288)
\u2013
\u2013
(643)
\u2013
(931)
Royalty liability
\u2013
\u2013
\u2013
69
(547)
(478)
Borrowings
\u2013
\u2013
\u2013
(13,471)
(4,739)
(18,210)
(945)
\u2013
\u2013
(14,045)
(9,841)
(24,831)
Net financial assets/(liabilities)
5,905
4,204
111
(13,951)
(9,841)
(13,572)
(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 17.
The Group\u2019s cash and cash equivalents at 31\u00a0December\u00a02025 include $4,028 million (2024: $5,163 million) held in high grade money market
funds. These funds are\u00a0selected to ensure compliance with the minimum credit rating requirements and counterparty exposure limits set out in the
Group\u2019s Treasury policy.
Net debt and financial risk management
25.\u00a0 \u00a0 Financial instruments and derivatives continued
Fair value hierarchy
An analysis of financial assets and liabilities carried at fair value is set out below:
2025
2024
US$ 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
\u2013
2,027
\u2013
2,027
\u2013
1,180
\u2013
1,180
Other receivables
\u2013
105
\u2013
105
\u2013
67
44
111
Derivatives hedging net debt
\u2013
220
\u2013
220
\u2013
14
\u2013
14
Other derivatives
\u2013
158
\u2013
158
\u2013
194
\u2013
194
Cash and cash equivalents
4,028
\u2013
\u2013
4,028
5,163
\u2013
\u2013
5,163
Financial asset investments
\u2013
3
9
12
\u2013
41
4
45
Environmental rehabilitation trusts(1)
\u2013
109
\u2013
109
\u2013
143
\u2013
143
Designated into hedges
Derivatives hedging net debt
\u2013
232
\u2013
232
\u2013
94
\u2013
94
At fair value through other comprehensive income
Financial asset investments
15
\u2013
7
22
30
\u2013
81
111
4,043
2,854
16
6,913
5,193
1,733
129
7,055
Financial liabilities
At fair value through profit and loss
Provisionally priced trade payables
\u2013
(591)
\u2013
(591)
\u2013
(365)
\u2013
(365)
Other payables
(183)
(12)
(92)
(287)
\u2013
(95)
(197)
(292)
Derivatives hedging net debt
\u2013
\u2013
\u2013
\u2013
\u2013
(224)
\u2013
(224)
Other derivatives
\u2013
(264)
\u2013
(264)
\u2013
(85)
(1)
(86)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
22
\u2013
22
Designated into hedges
Derivatives hedging net debt
\u2013
(317)
\u2013
(317)
\u2013
(643)
\u2013
(643)
Royalty liability
\u2013
\u2013
29
29
\u2013
\u2013
69
69
Debit valuation adjustment to derivative liabilities
\u2013
6
\u2013
6
\u2013
\u2013
\u2013
\u2013
(183)
(1,178)
(63)
(1,424)
\u2013
(1,390)
(129)
(1,519)
Net assets/(liabilities) carried at fair value
3,860
1,676
(47)
5,489
5,193
343
\u2013
5,536
(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 17.
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
2025
2024
2025
2024
At 1 January
129
213
(129)
(334)
Net (loss)/profit recorded in the income statement
(28)
(15)
105
(25)
Net (loss)/profit recorded in the statement of comprehensive income
(11)
(9)
(40)
161
Reclassification from level 3 financial assets
(7)
\u2013
\u2013
\u2013
Additions
3
6
\u2013
\u2013
Settlements and disposals
(77)
(66)
\u2013
70
Currency movements
7
\u2013
1
(1)
At 31 December
16
129
(63)
(129)
Net debt and financial risk management
25.\u00a0 \u00a0 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 and foreign currency risk. The fair value of these borrowings is $11,680 million (2024: $13,459 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 $162 million (2024:\u00a0$331 million) and the fair value is $134 million (2024:\u00a0$330 million). The\u00a0carrying value of the remaining
borrowings at amortised cost is 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\u00a02025, 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 $157 million
(2024: $32 million) were offset against those in an asset position totalling $748 million (2024: $306 million). The net asset position of $591 million
(2024: $274 million) is presented within derivative assets (2024: 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.
Derivative instruments (including interest rate, currency and commodity derivatives) in an asset position totalling $286 million (2024: $152 million)
would be offset\u00a0against those in a liability position totalling $567 million (2024: $900 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). The related embedded derivative which
forms part of the total royalty liability was an asset as at 31\u00a0December\u00a02025 (31\u00a0December 2024: asset) and is designated as a cash flow hedge
of future revenue from the Woodsmith project as described further below.
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.
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. For certain
non-USD denominated bonds, cross currency interest rate swaps are taken out to mitigate exposure both to interest rate and foreign currency
risk. 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 and currency movement. At 31\u00a0December\u00a02025, this adjustment was to decrease
the carrying value of borrowings by $273 million (2024: $550 million). Changes in the fair value of the hedged debt are offset against fair value
changes in the swap instrument and recognised in the Consolidated income statement as financing remeasurements. The following table
summarises the impacts in the Consolidated income statement:
2025
2024
US$ million
Change in fair value
of hedged item used
to calculate
ineffectiveness
(losses)
Change in fair value
of hedging
instrument used to
calculate
ineffectiveness
gains
Hedge
ineffectiveness
gains
Change in fair value
of hedged item used
to calculate
ineffectiveness
gains
Change in fair value
of hedging
instrument used to
calculate
ineffectiveness
(losses)
Hedge
ineffectiveness
gains/(losses)
Interest rate risk
(296)
309
13
68
(63)
5
Interest rate and foreign currency risk
(146)
160
14
37
(53)
(16)
Cash flow hedges
Cash flow hedges primarily relate to the royalty liability, which 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 $40\u00a0million (2024: gain of $160 million) and an asset of $29\u00a0million
(2024: $69 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 $416 million in
respect of these cross currency swaps has been recognised in the Consolidated income statement (2024: loss of $223 million) and is presented
within financing remeasurements net of foreign exchange loss on the related borrowings of $376 million (2024: gain of $192 million). Fair value
changes on held for trading derivatives are recognised in the Consolidated income statement as remeasurements or within underlying earnings
in accordance with the policy set out in note 10.
Net debt and financial risk management
25.\u00a0 \u00a0 Financial instruments and derivatives continued
Further information on derivatives
Fair value of derivative positions
The fair value of the Group\u2019s open derivative positions at 31 December (excluding normal purchase and sale contracts held off balance sheet)
recorded within \u2018Derivative financial assets\u2019 and \u2018Derivative financial liabilities\u2019, is as follows:
Current
Non-current
2025
2024
2025
2024
US$ million
Asset
Liability
Asset
Liability
Asset
Liability
Asset
Liability
Derivatives hedging net debt
Fair value hedge
Interest rate swaps
\u2013
\u2013
\u2013
(11)
93
(317)
94
(606)
Cross currency interest rate swaps
\u2013
\u2013
\u2013
\u2013
139
\u2013
\u2013
(26)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
6
\u2013
\u2013
Held for trading
Cross currency swaps
\u2013
\u2013
\u2013
(94)
220
\u2013
14
(130)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
22
\u2013
\u2013
\u2013
(105)
452
(311)
108
(740)
Other derivatives
153
(264)
186
(86)
5
\u2013
8
\u2013
Total derivatives
153
(264)
186
(191)
457
(311)
116
(740)
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 financial instruments of the Group, 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 41D and 41F 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-542": { "value": "
17.
Provisions for liabilities and charges
Overview
US$ million
Environmental
restoration
Decommissioning
Employee
benefits
Onerous
contracts
Legal
Restructuring
Other
Total
At 1\u00a0January 2025
(1,744)
(793)
(138)
(21)
(152)
(125)
(341)
(3,314)
Additional provisions charged
to\u00a0income\u00a0statement
(254)
(3)
(10)
(3)
(17)
(105)
(365)
(757)
Changes in discount rate
70
54
\u2013
\u2013
\u2013
\u2013
\u2013
124
Capitalised
\u2013
(252)
\u2013
\u2013
\u2013
\u2013
(72)
(324)
Unwinding of discount
(49)
(20)
\u2013
\u2013
\u2013
\u2013
(4)
(73)
Amounts applied
29
11
12
\u2013
54
125
232
463
Unused amounts reversed
52
20
20
8
11
53
15
179
Transfer to liabilities held for sale
291
227
86
2
2
28
1
637
Currency movements
(114)
(58)
(4)
\u2013
(25)
(5)
(25)
(231)
At 31 December 2025
(1,719)
(814)
(34)
(14)
(127)
(29)
(559)
(3,296)
Current
(62)
(6)
(26)
(7)
(16)
(28)
(301)
(446)
Non-current
(1,657)
(808)
(8)
(7)
(111)
(1)
(258)
(2,850)
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.
Capital base
17.\u00a0 \u00a0 Provisions for liabilities and charges continued
The pre-tax, real discount rates that have been used in calculating the environmental restoration and decommissioning liabilities as at
31\u00a0December\u00a02025, in\u00a0the principal currencies in which these liabilities are denominated and with matching maturities to the timelines are
as\u00a0follows: US dollar: 2.0%\u20132.7% (2024:\u00a02.0%\u20132.2%); South African rand: 4.2%\u20134.3% (2024: 4.9%\u20135.0%); Australian dollar: 2.4%\u20133.0%
(2024:\u00a01.9%\u20132.4%); Chilean peso: 2.4%\u20132.7% (2024: 2.0%\u20132.9%); and Brazilian real: 7.0%\u20137.5% (2024: 7.0%\u20137.1%).
Movements in environmental restoration and decommissioning provisions resulted in a net charge of $257 million (2024:\u00a0net credit of $77 million)
within operating profit of which $193 million (2024: net credit of $104 million) relates to continuing operations. 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.
At 31 December 2025, deferred tax assets (before offsetting) of $516 million (2024: $541 million) have been recognised within the financial
statements in respect of environmental restoration and decommissioning liabilities.
Decommissioning and environmental restoration provisions also include management\u2019s best estimates of all material costs of conformance with
Global Industry Standard for Tailing Management (GISTM). Although the Group targets conformance with Anglo American equivalent standards
for independently managed operations, there is no constructive obligation in respect of GISTM where the partner is not an International Council
on Mining and Metals (ICMM) member, unless a public commitment has been made by that partner.
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 relates to social commitments, insurance provisions, and other claims and liabilities. Included within additional provisions
charged to the income statement during the year is $255 million relating to an insurance claim provided for by the Group\u2019s captive insurance
entity in respect of a former operation. $147 million of this claim had been paid by 31 December 2025.
Environmental rehabilitation trusts
The Group makes contributions to controlled funds that were established to meet the cost of some of its restoration and environmental
rehabilitation liabilities in South Africa. The funds comprise the following investments, which with the exception of some cash balances, are held in
unit trusts:
US$ million
2025
2024
Equity
40
88
Bonds
60
44
Cash and cash equivalents
17
19
117
151
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 4.6 %
(2024:\u00a04.3 %) for an average period of four years (2024: four years).
These funds are not available for the general purposes of the Group (see note 25). 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\u00a0real 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\u00a0December\u00a02025 were decreased by 1.0%, then the total environmental
restoration and decommissioning provisions would increase by $0.5 billion (2024: $0.5 billion). An increase in discount rates by 1.0% would
decrease the total restoration and decommissioning provisions by $0.4 billion (2024: $0.3 billion).
The Group considers the impact of climate change on environmental restoration and decommissioning provisions, specifically the timing of future
cash flows, and has concluded that it does not currently represent a key source of estimation uncertainty. Changes to legislation, including in
relation to climate change, are factored into the provisions when the legislation becomes enacted.
Accounting policy
See note 41D for the Group\u2019s accounting policy on environmental restoration and decommissioning obligations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-543": { "value": "
18.
Deferred tax
Overview
The movement in net deferred tax liabilities during the year is as follows:
US$ million
2025
2024
At 1 January
(5,767)
(5,318)
Credited/(charged) to the income statement
37
(494)
Credited/(charged) to statement of comprehensive income
7
(19)
(Charged)/credited to equity
(3)
20
Transfer to assets and liabilities held for sale
1,259
\u2013
Currency movements
(86)
44
At 31 December
(4,553)
(5,767)
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
2025
2024
Deferred tax assets before offset
Tax losses
501
786
Post employment benefits
\u2013
22
Depreciation in excess of capital allowances
\u2013
178
Other temporary differences(1)
570
681
1,071
1,667
Deferred tax liabilities before offset
Capital allowances in excess of depreciation
(3,080)
(4,176)
Fair value adjustments
(142)
(339)
Withholding tax
(61)
(340)
Other temporary differences(2)
(2,341)
(2,579)
(5,624)
(7,434)
(1) Other temporary differences include $516 million (2024: $541 million) of deferred tax assets related to environmental restoration and decommissioning provisions.
(2) Other temporary differences primarily arise in relation to functional currency differences and deferred stripping costs.
The closing deferred tax balances after offset are as follows:
US$ million
2025
2024
Deferred tax assets
291
294
Deferred tax liabilities
(4,844)
(6,061)
(4,553)
(5,767)
The amount of deferred tax credited/(charged) to the Consolidated income statement is as follows:
2025
2024
Capital allowances in excess of depreciation
(36)
177
Fair value adjustments
(25)
159
Tax losses
(299)
61
Provisions
34
36
Other temporary differences
363
(927)
37
(494)
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 (2024: liability) position, some deferred tax assets remain unrecognised in jurisdictions where
insufficient\u00a0taxable profits are forecast and no right of offset against the Group\u2019s deferred tax liabilities exists.
Capital base
18.\u00a0 \u00a0 Deferred tax continued
The Group has the following temporary differences for which no deferred tax assets have been recognised:
2025
2024
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
1,093
\u2013
219
1,312
175
\u2013
190
365
Greater than five years
587
\u2013
\u2013
587
621
\u2013
839
1,460
No expiry date
12,721
1,682
9,197
23,600
12,634
2,056
9,929
24,619
14,401
1,682
9,416
25,499
13,430
2,056
10,958
26,444
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. 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 $20,165 million (2024 (restated(1)):\u00a0$18,880 million).
(1)The 2024 temporary differences have been restated to include an additional $5,868 million of retained earnings.
Accounting judgements and estimates
Recognition of deferred tax
In accordance with the requirements of IAS 12 Income Taxes, the Group reassesses the recognition and recoverability of deferred tax assets at
the end of each reporting period. The assessment of deferred tax balances includes giving due consideration to the expected manner of recovery
of the carrying value of assets and liabilities. Consistent with the Group\u2019s impairment testing, the Group uses the latest available forecasts as the
basis for the profits expected to arise in the foreseeable future. These forecasts consider the potential impact of climate change (see note 8 for
further information).
Accounting policy
See note 41G for the Group\u2019s accounting policy on tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-544": { "value": "
19.
Inventories
Overview
Inventories represent goods held for sale in the ordinary course of business (finished products), ore being processed into a saleable condition
(work in progress) and spares, raw materials and consumables to be used in the production process (raw materials and consumables).
2025
2024
US$ 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
756
\u2013
756
1,024
7
1,031
Work in progress
474
779
1,253
1,312
1,165
2,477
Finished products
1,783
27
1,810
2,911
20
2,931
3,013
806
3,819
5,247
1,192
6,439
Further information
The cost of inventories recognised as an expense and included in operating costs amounted to $11,279 million (2024: $14,254 million), of
which $7,859 million (2024: $7,099 million) relates to continuing operations. The\u00a0write-down of inventories to net realisable value (net of
revaluation of provisionally priced purchases) amounted to $264 million (2024:\u00a0$331 million).
Inventory held at fair value less cost to sell included in the closing balance amounted to $385 million (2024: $100 million).
In 2025, the Group\u2019s Steelmaking Coal and Nickel businesses are classified as held for sale. Inventories included in assets classified as held for
sale are $667 million (2024: $36 million) at the year end date.
Accounting estimates
Accounting for inventory involves the use of judgements and estimates, particularly in relation to the measurement and valuation of work in
progress inventory within the production process. Certain estimates, including expected metal recoveries and work in progress volumes, are
calculated by engineers using available industry, engineering and scientific data. Estimates used are periodically reassessed taking into
account technical analysis, historical performance and physical counts.
Accounting policy
See note 41E for the Group\u2019s accounting policy on inventories.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-545": { "value": "
20.
Trade and other receivables
Overview
Trade receivables are amounts due from the Group\u2019s customers for commodities and services the Group has provided. Many of the Group\u2019s sales
are provisionally priced, which means that the price is finalised at a date after the sale takes place. When there is uncertainty about the final
amount that will be received, the receivable is marked to market based on the forward price.
Trade and other receivables also includes amounts receivable for VAT and other indirect taxes, prepaid expenses and deferred consideration.
2025
2024
US$ million
Due within
one year
Due after
one year
Total
Due within
one year
Due after
one year
Total
Trade receivables
2,367
23
2,390
1,719
54
1,773
Tax receivables
814
136
950
816
190
1,006
Prepayments
209
6
215
268
17
285
Contract assets
25
\u2013
25
76
\u2013
76
Other receivables
333
144
477
349
171
520
3,748
309
4,057
3,228
432
3,660
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 $36 million (2024: $51 million) were past due, stated after an associated impairment provision of
$112 million (2024:\u00a0$28 million ). Given the use of payment security instruments and the nature of the related counterparties, these amounts are
considered recoverable. The historical level of customer default is minimal and there is no current observable data to indicate a material future
default. As a result, the credit quality of year end trade receivables is considered to be\u00a0high.
Trade receivables do not incur any interest as they are principally short term in nature and therefore are measured at their nominal value (with the
exception of receivables relating to provisionally priced sales, as set out in the revenue recognition accounting policy, see note 41C), net of
appropriate provisions for estimated irrecoverable amounts.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-546": { "value": "
21.
Trade and other payables
Overview
Trade and other payables include amounts owed to suppliers, tax authorities and other parties that are typically due to be settled within 12
months. The\u00a0total\u00a0also includes contract liabilities, which represents monies received from customers but for which the associated goods or
service had not been fully delivered at the year end. These\u00a0amounts are recognised as revenue when the goods are delivered or the service is
provided. All revenue relating to performance obligations which were incomplete as at 31\u00a0December 2024 was recognised during the year. Other
payables include deferred consideration in respect of business combinations and dividends payable\u00a0to non-controlling interests.
US$ million
2025
2024
Trade payables
2,479
2,523
Accruals
1,534
2,127
Contract liabilities and deferred income
186
901
Tax and social security
159
169
Other payables
598
562
4,956
6,282
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. $77 million (2024: $190 million) of trade and
other payables are included within non-current liabilities.
Contract liabilities and deferred income include $29 million (2024: $743 million) for payments received in advance that mainly relate to metal
expected to be delivered within six months and $78 million (2024: $93 million) in respect of freight and performance obligations which are
expected to be completed within 30 to 45\u00a0days.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-547": { "value": "
22.
Net debt
Overview
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page 377.
Movement in net debt
US$ million
Short term
borrowings
Medium and
long term
borrowings
Total
financing
activity
liabilities
Removal of
variable
vessel leases
Cash
and cash
equivalents (1)
Derivatives
hedging
net debt
Net debt
including
derivatives
At 1 January 2024
(1,726)
(15,172)
(16,898)
637
6,074
(428)
(10,615)
Cash flow
2,036
(2,605)
(569)
(211)
2,128
463
1,811
Interest accrued on borrowings
(847)
(37)
(884)
17
\u2013
\u2013
(867)
Reclassifications
(1,454)
1,454
\u2013
\u2013
\u2013
\u2013
\u2013
Movement in fair value
(4)
45
41
\u2013
\u2013
(794)
(753)
Other movements
12
(85)
(73)
(264)
\u2013
\u2013
(337)
Currency movements
(3)
209
206
\u2013
(68)
\u2013
138
At 31 December 2024
(1,986)
(16,191)
(18,177)
179
8,134
(759)
(10,623)
Cash flow
2,769
1,572
4,341
(155)
(1,635)
304
2,855
Interest accrued on borrowings
(742)
(31)
(773)
12
\u2013
\u2013
(761)
Reclassifications
(1,142)
1,142
\u2013
\u2013
\u2013
\u2013
\u2013
Movement in fair value
(11)
(216)
(227)
\u2013
\u2013
590
363
Other movements
(230)
(281)
(511)
303
\u2013
\u2013
(208)
Currency movements
(115)
(496)
(611)
\u2013
172
\u2013
(439)
Transfer to assets and liabilities held for sale
400
95
495
\u2013
(253)
\u2013
242
At 31 December 2025
(1,057)
(14,406)
(15,463)
339
6,418
135
(8,571)
(1)Cash flow movements in the Consolidated cash flow statement include the rows for \u2018Cash flow\u2019 and \u2018Transfer to held for sale\u2019.
Other movements within financing activity liabilities include $200 million relating to leases entered into in the year ended 31\u00a0December\u00a02025
(2024: $454 million) and an upward revaluation of $265 million (2024: downward revaluation of $331 million) relating to variable vessel leases,
refer to note 24.
Short term borrowings and Medium and long term borrowings include shareholder loan balances of $59 million (2024: $55 million) and
$1,742\u00a0million (2024: $2,201 million) respectively. These balances are included in the Group\u2019s definition of net debt.
Net debt and financial risk management
22.\u00a0 Net debt continued
Further information
Reconciliation to the Consolidated balance sheet
Cash and cash equivalents
Short term borrowings
Medium and
long term borrowings
US$ million
2025
2024
2025
2024
2025
2024
Balance sheet
6,436
8,167
(1,075)
(2,019)
(14,406)
(16,191)
Bank overdrafts
(18)
(33)
18
33
\u2013
\u2013
Net cash/(debt) classifications
6,418
8,134
(1,057)
(1,986)
(14,406)
(16,191)
Other
In 2025, the debit valuation adjustment was $6 million (2024: $22 million) which reduces the valuation of derivative liabilities hedging net debt
and reflects 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 $292 million which is restricted (2024: $598 million). This primarily relates to cash which is held in joint
operations where the timing of dividends is jointly controlled by the joint operator s.
Accounting policy
See note 41F for the Group\u2019s accounting policy on cash and debt.
23.
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
US dollar interest rates.
In March 2025, the Group used $1.0 billion of\u00a0cash to execute a liability management transaction, retiring $1.0 billion of contractual repayment
obligations (including derivatives hedging the bonds). In December 2025, the Group used $0.6 billion of cash to redeem $0.6 billion of Euro
denominated bonds originally due to mature in March 2026.
At 31\u00a0December\u00a02025 and 31\u00a0December 2024 , the $99 million 5% bond due May 2027 was retained as fixed rate exposure, and the following
bonds had been swapped into floating rates until March 2033: $500 million 3.95% due September 2050 and $750 million 4.75% due March
2052. In addition, at 31 December 2024, the $193 million 5.375% bond due April 2025 was retained as fixed rate exposure. All other bonds as at
31\u00a0December\u00a02025 and 31\u00a0December 2024 were swapped to floating rate exposures for the entirety of their remaining term.
2025
2024
US$ 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
45
14
59
59
48
44
92
92
Leases
264
984
1,248
1,248
237
924
1,161
1,161
309
998
1,307
1,307
285
968
1,253
1,253
Unsecured
Bank loans and overdrafts
444
62
506
506
128
498
626
626
Bank sustainability linked loans
\u2013
\u2013
\u2013
\u2013
\u2013
66
66
66
Bonds issued under EMTN programme
1.625% \u20ac600m bond due September 2025
\u2013
\u2013
\u2013
\u2013
616
\u2013
616
714
1.625% \u20ac500m bond due March 2026
\u2013
\u2013
\u2013
\u2013
\u2013
508
508
566
4.5% \u20ac374m bond due September 2028 (1)
\u2013
447
447
395
\u2013
537
537
528
3.375% \u00a3300m bond due March 2029
\u2013
373
373
395
\u2013
333
333
395
3.75% \u20ac500m bond due June 2029
\u2013
591
591
546
\u2013
530
530
546
5% \u20ac500m bond due March 2031
\u2013
601
601
528
\u2013
545
545
528
4.125% \u20ac750m bond due March 2032
\u2013
879
879
819
\u2013
796
796
819
4.75% \u20ac745m sustainability linked bond due
September 2032
\u2013
861
861
745
\u2013
784
784
745
US bonds
5.375% $193m bond due April 2025
\u2013
\u2013
\u2013
\u2013
193
\u2013
193
193
4.875% $339m bond due May 2025
\u2013
\u2013
\u2013
\u2013
336
\u2013
336
339
4.75% $589m bond due April 2027(1)
\u2013
578
578
589
\u2013
669
669
700
5% $99m bond due May 2027(2)
\u2013
145
145
168
\u2013
136
136
159
4% $256m bond due September 2027(1)
\u2013
250
250
256
\u2013
613
613
650
2.25% $120m bond due March 2028(1)
\u2013
114
114
120
\u2013
453
453
500
4.5% $650m bond due March 2028
\u2013
639
639
650
\u2013
620
620
650
3.875% $500m bond due March 2029
\u2013
479
479
500
\u2013
461
461
500
5.625% $750m bond due April 2030
\u2013
755
755
750
\u2013
734
734
750
2.625% $1bn bond due September 2030
\u2013
864
864
1,000
\u2013
811
811
1,000
2.875% $500m bond due March 2031
\u2013
448
448
500
\u2013
425
425
500
5.5% $900m bond due May 2033
\u2013
871
871
900
\u2013
841
841
900
5.75% $1bn bond due April 2034
\u2013
1,015
1,015
1,000
\u2013
987
987
1,000
3.95% $500m bond due September 2050
\u2013
493
493
500
\u2013
478
478
500
4.75% $750m bond due March 2052
\u2013
740
740
750
\u2013
718
718
750
6% $500m bond due April 2054
\u2013
461
461
500
\u2013
479
479
500
Mitsubishi facility
\u2013
1,552
1,552
1,552
\u2013
2,106
2,106
2,106
Vale facility
59
190
249
249
55
95
150
150
Anglo American Sur bank facilities
75
\u2013
75
75
200
\u2013
200
200
Interest payable and other loans
188
\u2013
188
188
206
\u2013
206
206
766
13,408
14,174
14,181
1,734
15,223
16,957
17,786
Total borrowings
1,075
14,406
15,481
15,488
2,019
16,191
18,210
19,039
(1)Outstanding value of bond shown subsequent to a liability management transaction completed in March 2025.
(2)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.
Net debt and financial risk management
23.\u00a0 \u00a0 Borrowings continued
Covenants
Medium and long term borrowings, as detailed in the above table, are governed by various financial and procedural covenants, in line with the
standard terms of such agreements. If these covenants are not met, this may result in the borrowings becoming repayable on demand. For all
outstanding drawn loan balances, the Group has complied with all covenants that were required to be met on, or before, 31\u00a0December\u00a02025,
and\u00a0has the right to defer settlement for a\u00a0period of at least twelve months.
Drawn facilities presented within unsecured bank loans and overdrafts included in short term borrowings include a syndicated term loan at
Collahuasi with a carrying value of $440 million. Collahuasi is required to comply with financial covenants typical of such arrangements, including
maintaining a Consolidated Net Worth greater than $1 billion, and not exceeding an Indebtedness to Net Worth ratio of 1.25. These covenants
have been met as at 31 December 2025, and there are no indications that there would be any difficulties in complying with these covenants
through 2026.
Accounting policy
See note 41F for the Group\u2019s accounting policies on bank borrowings and lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-548": { "value": "
24.
Leases
Overview
Leases relate principally to shipping vessels, corporate offices, employee accommodation and diamond jewellery retail out lets. Leases for shipping
vessels typically run for 1 to 10 years and the majority are priced with reference to a freight index, and the lease liability is therefore revalued to the
spot freight rate at the end of each period. These leases are tradeable in nature, representing a lower risk profile due to their inherent liquidity. The
leases for office space typically run for 5 to 25 years, employee accommodation up to 25\u00a0years and leases of retail stores for 5\u00a0to 25 years. Some
longer leases incorporate fixed increases in rentals or provide for annual uplifts based upon an index, typically a measure of\u00a0inflation.
Further information
Amounts recognised in the Consolidated balance sheet
Lease agreements give rise to the recognition of a right-of-use asset (see note 13) and a related liability for future lease payments (see note 23).
Lease liabilities balance and maturity analysis:
US$ million
2025
2024
Amount due for repayment within one year
301
273
Greater than one year, less than two years
209
193
Greater than two years, less than three years
165
174
Greater than three years, less than four years
144
126
Greater than four years, less than five years
130
104
Greater than five years
700
737
Total due for repayment after more than one year
1,348
1,334
Total
1,649
1,607
Effect of discounting
(401)
(446)
Lease liabilities
1,248
1,161
Amounts recognised in the statement of profit or loss
US$ million
2025
2024
Depreciation of right-of-use assets (1)
299
382
Interest expense for lease liabilities (included in finance costs, see note 4 )(1)
79
83
Expense relating to short term leases less than 12 months, variable leasing costs and leases of low value (1)
87
87
(1)Depreciation of right-of-use assets included $286 million (2024: $338 million) relating to continuing operations. Interest expense for lease liabilities included $69 million (2024: $73 million)
relating to continuing operations. Expenses relating to short\u2011term leases included $52 million (2024: $48 million) relating to continuing operations.
Amounts recognised in the Consolidated cash flow statement
In the Consolidated cash flow statement for the year ended 31\u00a0December\u00a02025, the total amount of cash paid in respect of leases
recognised\u00a0on\u00a0the Consolidated balance sheet relating to continuing operations are split between repayments of principal of $287 million
(2024\u00a0re-presented: $340 million) and repayments of interest of $58 million (2024 re-presented:\u00a0$62 million), both included within cash flows
from financing activities. The repayment of principal forms part of the Operating free cash flow Alternative Performance Measure (APM), and
the\u00a0repayment of both principal and interest forms part of the Attributable free cash flow and Sustaining attributable free cash flow Alternative
Performance Measures. For more information on the APMs used by the Group, including definitions, please refer to page 377.
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\u00a0required 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.
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 41F and 41D.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-549": { "value": "
Fair value hierarchy
An analysis of financial assets and liabilities carried at fair value is set out below:
2025
2024
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
\u2013
2,027
\u2013
2,027
\u2013
1,180
\u2013
1,180
Other receivables
\u2013
105
\u2013
105
\u2013
67
44
111
Derivatives hedging net debt
\u2013
220
\u2013
220
\u2013
14
\u2013
14
Other derivatives
\u2013
158
\u2013
158
\u2013
194
\u2013
194
Cash and cash equivalents
4,028
\u2013
\u2013
4,028
5,163
\u2013
\u2013
5,163
Financial asset investments
\u2013
3
9
12
\u2013
41
4
45
Environmental rehabilitation trusts(1)
\u2013
109
\u2013
109
\u2013
143
\u2013
143
Designated into hedges
Derivatives hedging net debt
\u2013
232
\u2013
232
\u2013
94
\u2013
94
At fair value through other comprehensive income
Financial asset investments
15
\u2013
7
22
30
\u2013
81
111
4,043
2,854
16
6,913
5,193
1,733
129
7,055
Financial liabilities
At fair value through profit and loss
Provisionally priced trade payables
\u2013
(591)
\u2013
(591)
\u2013
(365)
\u2013
(365)
Other payables
(183)
(12)
(92)
(287)
\u2013
(95)
(197)
(292)
Derivatives hedging net debt
\u2013
\u2013
\u2013
\u2013
\u2013
(224)
\u2013
(224)
Other derivatives
\u2013
(264)
\u2013
(264)
\u2013
(85)
(1)
(86)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
22
\u2013
22
Designated into hedges
Derivatives hedging net debt
\u2013
(317)
\u2013
(317)
\u2013
(643)
\u2013
(643)
Royalty liability
\u2013
\u2013
29
29
\u2013
\u2013
69
69
Debit valuation adjustment to derivative liabilities
\u2013
6
\u2013
6
\u2013
\u2013
\u2013
\u2013
(183)
(1,178)
(63)
(1,424)
\u2013
(1,390)
(129)
(1,519)
Net assets/(liabilities) carried at fair value
3,860
1,676
(47)
5,489
5,193
343
\u2013
5,536
(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 17.
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
2025
2024
2025
2024
At 1 January
129
213
(129)
(334)
Net (loss)/profit recorded in the income statement
(28)
(15)
105
(25)
Net (loss)/profit recorded in the statement of comprehensive income
(11)
(9)
(40)
161
Reclassification from level 3 financial assets
(7)
\u2013
\u2013
\u2013
Additions
3
6
\u2013
\u2013
Settlements and disposals
(77)
(66)
\u2013
70
Currency movements
7
\u2013
1
(1)
At 31 December
16
129
(63)
(129)
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
2025
2024
2025
2024
US$ million
Asset
Liability
Asset
Liability
Asset
Liability
Asset
Liability
Derivatives hedging net debt
Fair value hedge
Interest rate swaps
\u2013
\u2013
\u2013
(11)
93
(317)
94
(606)
Cross currency interest rate swaps
\u2013
\u2013
\u2013
\u2013
139
\u2013
\u2013
(26)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
6
\u2013
\u2013
Held for trading
Cross currency swaps
\u2013
\u2013
\u2013
(94)
220
\u2013
14
(130)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
22
\u2013
\u2013
\u2013
(105)
452
(311)
108
(740)
Other derivatives
153
(264)
186
(86)
5
\u2013
8
\u2013
Total derivatives
153
(264)
186
(191)
457
(311)
116
(740)
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 financial instruments of the Group, 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-550": { "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\u00a02025, 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 $157 million
(2024: $32 million) were offset against those in an asset position totalling $748 million (2024: $306 million). The net asset position of $591 million
(2024: $274 million) is presented within derivative assets (2024: 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.
Derivative instruments (including interest rate, currency and commodity derivatives) in an asset position totalling $286 million (2024: $152 million)
would be offset\u00a0against those in a liability position totalling $567 million (2024: $900 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-551": { "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.
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. For certain
non-USD denominated bonds, cross currency interest rate swaps are taken out to mitigate exposure both to interest rate and foreign currency
risk. 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 and currency movement. At 31\u00a0December\u00a02025, this adjustment was to decrease
the carrying value of borrowings by $273 million (2024: $550 million). Changes in the fair value of the hedged debt are offset against fair value
changes in the swap instrument and recognised in the Consolidated income statement as financing remeasurements. The following table
summarises the impacts in the Consolidated income statement:
2025
2024
US$ million
Change in fair value
of hedged item used
to calculate
ineffectiveness
(losses)
Change in fair value
of hedging
instrument used to
calculate
ineffectiveness
gains
Hedge
ineffectiveness
gains
Change in fair value
of hedged item used
to calculate
ineffectiveness
gains
Change in fair value
of hedging
instrument used to
calculate
ineffectiveness
(losses)
Hedge
ineffectiveness
gains/(losses)
Interest rate risk
(296)
309
13
68
(63)
5
Interest rate and foreign currency risk
(146)
160
14
37
(53)
(16)
Cash flow hedges
Cash flow hedges primarily relate to the royalty liability, which 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 $40\u00a0million (2024: gain of $160 million) and an asset of $29\u00a0million
(2024: $69 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 $416 million in
respect of these cross currency swaps has been recognised in the Consolidated income statement (2024: loss of $223 million) and is presented
within financing remeasurements net of foreign exchange loss on the related borrowings of $376 million (2024: gain of $192 million). Fair value
changes on held for trading derivatives are recognised in the Consolidated income statement as remeasurements or within underlying earnings
in accordance with the policy set out in note 10.
Net debt and financial risk management
25.\u00a0 \u00a0 Financial instruments and derivatives continued
Further information on derivatives
Fair value of derivative positions
The fair value of the Group\u2019s open derivative positions at 31 December (excluding normal purchase and sale contracts held off balance sheet)
recorded within \u2018Derivative financial assets\u2019 and \u2018Derivative financial liabilities\u2019, is as follows:
Current
Non-current
2025
2024
2025
2024
US$ million
Asset
Liability
Asset
Liability
Asset
Liability
Asset
Liability
Derivatives hedging net debt
Fair value hedge
Interest rate swaps
\u2013
\u2013
\u2013
(11)
93
(317)
94
(606)
Cross currency interest rate swaps
\u2013
\u2013
\u2013
\u2013
139
\u2013
\u2013
(26)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
6
\u2013
\u2013
Held for trading
Cross currency swaps
\u2013
\u2013
\u2013
(94)
220
\u2013
14
(130)
Debit valuation adjustment to derivative liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
22
\u2013
\u2013
\u2013
(105)
452
(311)
108
(740)
Other derivatives
153
(264)
186
(86)
5
\u2013
8
\u2013
Total derivatives
153
(264)
186
(191)
457
(311)
116
(740)
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-552": { "value": "
26.
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 subsidiary 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 existing facilities 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\u00a0any Group distribution restrictions that exist. In addition, certain projects may be financed by means of limited recourse project finance,
if\u00a0appropriate.
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. Where facilities have been drawn, the respective borrowers were not in
breach with these financial covenants as at 31\u00a0December\u00a02025.
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:
2025
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
(895)
(1,243)
(2,961)
(1,752)
(1,883)
(7,099)
(15,833)
Expected future interest payments
(576)
(545)
(497)
(447)
(376)
(2,473)
(4,914)
Derivatives hedging debt \u2013 net settled
(92)
(67)
(57)
(38)
(39)
(42)
(335)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
121
\u2013
\u2013
\u2013
\u2013
\u2013
121
\u2013 gross outflows
(122)
\u2013
\u2013
\u2013
\u2013
\u2013
(122)
Other financial liabilities
(4,817)
(8)
(17)
(17)
(7)
(76)
(4,942)
Total
(6,381)
(1,863)
(3,532)
(2,254)
(2,305)
(9,690)
(26,025)
2024
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
(1,826)
(1,207)
(1,701)
(3,908)
(1,547)
(8,545)
(18,734)
Expected future interest payments
(622)
(605)
(565)
(498)
(435)
(2,959)
(5,684)
Derivatives hedging debt \u2013 net settled
(197)
(138)
(125)
(87)
(59)
(95)
(701)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
1,100
637
113
630
975
1,425
4,880
\u2013 gross outflows
(1,283)
(743)
(170)
(712)
(1,044)
(1,500)
(5,452)
Other financial liabilities
(5,068)
(11)
(11)
(12)
(13)
(424)
(5,539)
Total
(7,896)
(2,067)
(2,459)
(4,587)
(2,123)
(12,098)
(31,230)
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
$250\u00a0million upon its\u00a0request.
Net debt and financial risk management
26.\u00a0 \u00a0 Financial risk management continued
The Group had the following undrawn committed borrowing facilities at 31\u00a0December\u00a02025:
US$ million
2025
2024
Expiry date
Within one year
1,213
1,261
Greater than one year, less than two years
139
243
Greater than two years, less than three years
346
1,522
Greater than three years, less than four years
553
44
Greater than four years, less than five years
3,700
4,094
Greater than five years
\u2013
\u2013
5,951
7,164
During the year, the Group extended its $3.7 billion facility now maturing in November 2030 and $1 billion facility now maturing in November
2026. Both facilities were undrawn as at 31\u00a0December\u00a02025.
B. Credit risk
Credit risk is the risk that a counterparty to a financial instrument will cause a loss to the Group by failing to pay its obligation.
The Group\u2019s principal financial assets are cash, trade and other receivables, investments and derivative financial instruments. The Group\u2019s
maximum exposure to credit risk primarily arises from these financial assets and is as follows:
US$ million
2025
2024
Cash and cash equivalents
6,436
8,167
Trade and other receivables
2,867
2,311
Financial asset investments
209
217
Derivative financial assets
610
302
Environmental rehabilitation trust
117
151
10,239
11,148
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 between 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:
2025
2024
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)
1,189
(13)
(12,193)
(11,017)
327
127
(13,397)
(12,943)
Derivatives
(120)
\u2013
155
35
83
\u2013
(712)
(629)
1,069
(13)
(12,038)
(10,982)
410
127
(14,109)
(13,572)
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
26.\u00a0 \u00a0 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.
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 23.
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) of $2,072 million (2024: $2,770 million) are primarily non-interest bearing. This
includes net liabilities of $848 million denominated in US\u00a0dollars, $419 million denominated in Brazilian real, $18 million denominated in Australian
dollars, $49 million denominated in Chilean peso and $202 million denominated in South African rand.
E. Interest rate risk
Interest rate risk arises due to fluctuations in interest rates which impact the value of short term investments and financing activities. The Group
is\u00a0principally exposed to US and South African interest rates.
The Group uses interest rate derivatives to convert the majority of its fixed rate borrowings to floating rates of interest.
In respect of financial assets, the Group\u2019s policy is to invest cash at floating rates of interest and to maintain cash reserves in short term
investments (less than one year) in order to maintain liquidity.
Analysis of interest rate risk associated with net debt balances and the impact of derivatives to hedge against this risk is included within the
table\u00a0below.
The table below reflects the exposure of the Group\u2019s net debt to currency and interest rate risk:
2025
US$ million
Cash and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging net debt
Impact of currency
derivatives
Total
US dollar
4,419
(2,174)
(8,621)
135
(3,846)
(10,087)
Euro
33
\u2013
(3,482)
\u2013
3,462
13
South African rand
1,370
(5)
(122)
\u2013
\u2013
1,243
Brazilian real
207
\u2013
(287)
\u2013
\u2013
(80)
Australian dollar
89
\u2013
\u2013
\u2013
\u2013
89
Sterling
19
\u2013
(692)
\u2013
384
(289)
Other
281
(13)
(67)
\u2013
\u2013
201
Impact of interest rate derivatives
\u2013
(11,646)
11,646
\u2013
\u2013
\u2013
Total
6,418
(13,838)
(1,625)
135
\u2013
(8,910)
Reconciliation:
Variable vessel leases
339
Net debt
(8,571)
2024
US$ million
Cash and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging\u00a0net debt
Impact of currency
derivatives
Total
US dollar
5,942
(2,867)
(9,626)
(759)
(4,744)
(12,054)
Euro
27
\u2013
(4,417)
\u2013
4,401
11
South African rand
1,554
(113)
(154)
\u2013
\u2013
1,287
Brazilian real
167
\u2013
(187)
\u2013
\u2013
(20)
Australian dollar
80
\u2013
(83)
\u2013
\u2013
(3)
Sterling
47
\u2013
(642)
\u2013
343
(252)
Other
317
(4)
(84)
\u2013
\u2013
229
Impact of interest rate derivatives
\u2013
(13,471)
13,471
\u2013
\u2013
\u2013
Total
8,134
(16,455)
(1,722)
(759)
\u2013
(10,802)
Reconciliation:
Variable vessel leases
179
Net debt
(10,623)
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\u00a0December\u00a02025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-553": { "value": "
A. Liquidity risk
The Group ensures that there are sufficient committed loan facilities, including refinancing existing facilities 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\u00a0any Group distribution restrictions that exist. In addition, certain projects may be financed by means of limited recourse project finance,
if\u00a0appropriate.
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. Where facilities have been drawn, the respective borrowers were not in
breach with these financial covenants as at 31\u00a0December\u00a02025.
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:
2025
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
(895)
(1,243)
(2,961)
(1,752)
(1,883)
(7,099)
(15,833)
Expected future interest payments
(576)
(545)
(497)
(447)
(376)
(2,473)
(4,914)
Derivatives hedging debt \u2013 net settled
(92)
(67)
(57)
(38)
(39)
(42)
(335)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
121
\u2013
\u2013
\u2013
\u2013
\u2013
121
\u2013 gross outflows
(122)
\u2013
\u2013
\u2013
\u2013
\u2013
(122)
Other financial liabilities
(4,817)
(8)
(17)
(17)
(7)
(76)
(4,942)
Total
(6,381)
(1,863)
(3,532)
(2,254)
(2,305)
(9,690)
(26,025)
2024
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
(1,826)
(1,207)
(1,701)
(3,908)
(1,547)
(8,545)
(18,734)
Expected future interest payments
(622)
(605)
(565)
(498)
(435)
(2,959)
(5,684)
Derivatives hedging debt \u2013 net settled
(197)
(138)
(125)
(87)
(59)
(95)
(701)
Derivatives hedging debt \u2013 gross settled:
\u2013 gross inflows
1,100
637
113
630
975
1,425
4,880
\u2013 gross outflows
(1,283)
(743)
(170)
(712)
(1,044)
(1,500)
(5,452)
Other financial liabilities
(5,068)
(11)
(11)
(12)
(13)
(424)
(5,539)
Total
(7,896)
(2,067)
(2,459)
(4,587)
(2,123)
(12,098)
(31,230)
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
$250\u00a0million upon its\u00a0request.
Net debt and financial risk management
26.\u00a0 \u00a0 Financial risk management continued
The Group had the following undrawn committed borrowing facilities at 31\u00a0December\u00a02025:
US$ million
2025
2024
Expiry date
Within one year
1,213
1,261
Greater than one year, less than two years
139
243
Greater than two years, less than three years
346
1,522
Greater than three years, less than four years
553
44
Greater than four years, less than five years
3,700
4,094
Greater than five years
\u2013
\u2013
5,951
7,164
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-554": { "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
2025
2024
Cash and cash equivalents
6,436
8,167
Trade and other receivables
2,867
2,311
Financial asset investments
209
217
Derivative financial assets
610
302
Environmental rehabilitation trust
117
151
10,239
11,148
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-555": { "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 between 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:
2025
2024
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)
1,189
(13)
(12,193)
(11,017)
327
127
(13,397)
(12,943)
Derivatives
(120)
\u2013
155
35
83
\u2013
(712)
(629)
1,069
(13)
(12,038)
(10,982)
410
127
(14,109)
(13,572)
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
26.\u00a0 \u00a0 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.
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 23.
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) of $2,072 million (2024: $2,770 million) are primarily non-interest bearing. This
includes net liabilities of $848 million denominated in US\u00a0dollars, $419 million denominated in Brazilian real, $18 million denominated in Australian
dollars, $49 million denominated in Chilean peso and $202 million denominated in South African rand.
E. Interest rate risk
Interest rate risk arises due to fluctuations in interest rates which impact the value of short term investments and financing activities. The Group
is\u00a0principally exposed to US and South African interest rates.
The Group uses interest rate derivatives to convert the majority of its fixed rate borrowings to floating rates of interest.
In respect of financial assets, the Group\u2019s policy is to invest cash at floating rates of interest and to maintain cash reserves in short term
investments (less than one year) in order to maintain liquidity.
Analysis of interest rate risk associated with net debt balances and the impact of derivatives to hedge against this risk is included within the
table\u00a0below.
The table below reflects the exposure of the Group\u2019s net debt to currency and interest rate risk:
2025
US$ million
Cash and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging net debt
Impact of currency
derivatives
Total
US dollar
4,419
(2,174)
(8,621)
135
(3,846)
(10,087)
Euro
33
\u2013
(3,482)
\u2013
3,462
13
South African rand
1,370
(5)
(122)
\u2013
\u2013
1,243
Brazilian real
207
\u2013
(287)
\u2013
\u2013
(80)
Australian dollar
89
\u2013
\u2013
\u2013
\u2013
89
Sterling
19
\u2013
(692)
\u2013
384
(289)
Other
281
(13)
(67)
\u2013
\u2013
201
Impact of interest rate derivatives
\u2013
(11,646)
11,646
\u2013
\u2013
\u2013
Total
6,418
(13,838)
(1,625)
135
\u2013
(8,910)
Reconciliation:
Variable vessel leases
339
Net debt
(8,571)
2024
US$ million
Cash and cash
equivalents
Floating rate
borrowings
Fixed rate
borrowings
Derivatives
hedging\u00a0net debt
Impact of currency
derivatives
Total
US dollar
5,942
(2,867)
(9,626)
(759)
(4,744)
(12,054)
Euro
27
\u2013
(4,417)
\u2013
4,401
11
South African rand
1,554
(113)
(154)
\u2013
\u2013
1,287
Brazilian real
167
\u2013
(187)
\u2013
\u2013
(20)
Australian dollar
80
\u2013
(83)
\u2013
\u2013
(3)
Sterling
47
\u2013
(642)
\u2013
343
(252)
Other
317
(4)
(84)
\u2013
\u2013
229
Impact of interest rate derivatives
\u2013
(13,471)
13,471
\u2013
\u2013
\u2013
Total
8,134
(16,455)
(1,722)
(759)
\u2013
(10,802)
Reconciliation:
Variable vessel leases
179
Net debt
(10,623)
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\u00a0December\u00a02025 or 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-556": { "value": "
27.
Called-up share capital and consolidated equity analysis
Called-up share capital
2025
2024
Number of shares
US$ million
Number of shares
US$ million
At 1 January
1,337,577,913
734
1,337,577,913
734
Share consolidation
(159,527,641)
\u2013
\u2013
\u2013
At 31 December
1,178,050,272
734
1,337,577,913
734
Following the demerger of Valterra Platinum, on 1 June 2025 a share consolidation became effective with the result that each shareholder
received 96 new shares for every 109 existing Anglo\u00a0American shares held, the number of ordinary shares held reduced by 159,527,641 shares
and the nominal value increased from 54.95 US cents to 62.39 US cents per share (rounded to 2 decimal places).
The number and carrying value of called-up, allotted and fully paid ordinary shares as at 31\u00a0December\u00a02025 (including the shares held by the
Group in other structures, as outlined below) was 1,178,050,272 and $734 million (2024: 1,337,577,913 and $734 million).
At general meetings, every member who is present in person has one vote on a show of hands and, on a poll, every member who is present in
person or by proxy has one vote for every ordinary share held.
Own shares
2025
2024
Number of shares
US$ million
Number of shares
US$ million
Own shares
Own shares held by subsidiaries and employee benefit trusts
106,562,325
6,031
124,185,005
6,188
Total
106,562,325
6,031
124,185,005
6,188
Included in Own shares are 98,906,534 (2024: 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 41B.
Included in the calculation of the dividend payable are 2,744,770 ($114 million) shares held in the Employee Benefit Trust in respect of forfeitable
share awards granted to certain employees. Under the terms of these awards, the shares are beneficially owned by the respective employees,
who are entitled to receive dividends in respect of the shares. The shares are released to the employees on vesting of the\u00a0awards, and any shares
that do not vest are returned to the Company or the Employee Benefit Trust. These shares are recognised on the Consolidated balance sheet
within Own shares and are excluded from the calculation of basic earnings per share. They are included in the calculation of diluted earnings per
share to the extent that the related share awards are dilutive (see note 3).
Equity
27.\u00a0 \u00a0 Called-up share capital and consolidated equity analysis continued
Consolidated equity analysis
Other reserves comprise:
US$ million
Share-based
payment
reserve
Financial
asset
revaluation
reserve
Other
reserves(1)
Total
fair value
and other
reserves
At 1 January 2024
479
(2)
92
569
Other comprehensive income/(loss)
\u2013
(12)
133
121
Equity settled share-based payment schemes
(37)
\u2013
\u2013
(37)
Cancellation of treasury shares
(14)
\u2013
\u2013
(14)
Other
(1)
26
19
44
At 31 December 2024
427
12
244
683
Other comprehensive income/(loss)
\u2013
415
(45)
370
Equity settled share-based payment schemes
(43)
\u2013
\u2013
(43)
Disposals
(73)
\u2013
\u2013
(73)
Transfer to retained earnings
\u2013
(413)
\u2013
(413)
Other
20
(33)
2
(11)
At 31 December 2025
331
(19)
201
513
(1)Includes capital redemption reserve, legal reserve, cash flow hedge reserve and other reserves.
The transfer to retained earnings is related to the gain recognised in other comprehensive income (net of tax) on the disposal of the Valterra
Platinum investment in September 2025. Other reserves includes a capital redemption reserve of $153 million (2024: $153 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-557": { "value": "
Called-up share capital
2025
2024
Number of shares
US$ million
Number of shares
US$ million
At 1 January
1,337,577,913
734
1,337,577,913
734
Share consolidation
(159,527,641)
\u2013
\u2013
\u2013
At 31 December
1,178,050,272
734
1,337,577,913
734
Following the demerger of Valterra Platinum, on 1 June 2025 a share consolidation became effective with the result that each shareholder
received 96 new shares for every 109 existing Anglo\u00a0American shares held, the number of ordinary shares held reduced by 159,527,641 shares
and the nominal value increased from 54.95 US cents to 62.39 US cents per share (rounded to 2 decimal places).
The number and carrying value of called-up, allotted and fully paid ordinary shares as at 31\u00a0December\u00a02025 (including the shares held by the
Group in other structures, as outlined below) was 1,178,050,272 and $734 million (2024: 1,337,577,913 and $734 million).
At general meetings, every member who is present in person has one vote on a show of hands and, on a poll, every member who is present in
person or by proxy has one vote for every ordinary share held.
Own shares
2025
2024
Number of shares
US$ million
Number of shares
US$ million
Own shares
Own shares held by subsidiaries and employee benefit trusts
106,562,325
6,031
124,185,005
6,188
Total
106,562,325
6,031
124,185,005
6,188
Included in Own shares are 98,906,534 (2024: 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 41B.
Included in the calculation of the dividend payable are 2,744,770 ($114 million) shares held in the Employee Benefit Trust in respect of forfeitable
share awards granted to certain employees. Under the terms of these awards, the shares are beneficially owned by the respective employees,
who are entitled to receive dividends in respect of the shares. The shares are released to the employees on vesting of the\u00a0awards, and any shares
that do not vest are returned to the Company or the Employee Benefit Trust. These shares are recognised on the Consolidated balance sheet
within Own shares and are excluded from the calculation of basic earnings per share. They are included in the calculation of diluted earnings per
share to the extent that the related share awards are dilutive (see note 3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-558": { "value": "
Consolidated equity analysis
Other reserves comprise:
US$ million
Share-based
payment
reserve
Financial
asset
revaluation
reserve
Other
reserves(1)
Total
fair value
and other
reserves
At 1 January 2024
479
(2)
92
569
Other comprehensive income/(loss)
\u2013
(12)
133
121
Equity settled share-based payment schemes
(37)
\u2013
\u2013
(37)
Cancellation of treasury shares
(14)
\u2013
\u2013
(14)
Other
(1)
26
19
44
At 31 December 2024
427
12
244
683
Other comprehensive income/(loss)
\u2013
415
(45)
370
Equity settled share-based payment schemes
(43)
\u2013
\u2013
(43)
Disposals
(73)
\u2013
\u2013
(73)
Transfer to retained earnings
\u2013
(413)
\u2013
(413)
Other
20
(33)
2
(11)
At 31 December 2025
331
(19)
201
513
(1)Includes capital redemption reserve, legal reserve, cash flow hedge reserve and other reserves.
The transfer to retained earnings is related to the gain recognised in other comprehensive income (net of tax) on the disposal of the Valterra
Platinum investment in September 2025. Other reserves includes a capital redemption reserve of $153 million (2024: $153 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-559": { "value": "
28.
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\u2011controlling interests hold a 49.9% (2024: 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% (2024:\u00a040.0%) interest in Anglo American Quellaveco.
\u2013 Anglo American Min\u00e9rio de Ferro Brasil S.A. is a company incorporated in Brazil. Its principal operation is the Minas-Rio premium iron ore mine,
which is located in Brazil. Non-controlling interests hold a 15.0% (2024: 15.0%) interest in Minas-Rio. In the prior year, the Group announced an
agreement to acquire and integrate the Serpentina higher-grade iron ore Mineral Resource owned by Vale into the Minas-Rio operation. In
exchange for the Serpentina asset and $30 million of cash, the Group transferred 15% of its existing holding in Minas-Rio to Vale. As control is
retained by the Group, the ownership change was accounted for as an equity transaction with $853 million of non-controlling interest
recognised at the end of 2024 and a $73 million loss from the sale recognised directly through equity.
\u2013 Kumba Iron Ore Limited (Kumba) is a company incorporated in South Africa and listed on the Johannesburg Stock Exchange (JSE). Its\u00a0principal
mining operations are the Sishen and Kolomela iron ore mines, which are located in South Africa. Non\u2011controlling interests hold an effective
46.5% (2024: 46.6%) interest in the operations of Kumba, comprising the 29.9% (2024: 30.0%) interest held by other shareholders in Kumba
Iron Ore and the 23.7% (2024: 23.7%) of Kumba Iron Ore\u2019s principal operating subsidiary, Sishen Iron Ore Company Proprietary Limited, that is
held by shareholders outside the Group.
\u2013 De\u00a0Beers\u00a0plc (De\u00a0Beers) is a company incorporated in Jersey. It is a global diamond company with operations across all key parts of the
diamond value chain. Non-controlling interests hold a 15.0% (2024:\u00a015.0%) interest in De\u00a0Beers, which represents the whole of the Diamonds
reportable segment.
\u2013 Valterra Platinum Limited (formerly Anglo American Platinum Limited) (Valterra Platinum), is a company incorporated in South Africa and listed
on the London Stock Exchange (LSE) and JSE. Its principal mining operations are the Mogalakwena and Amandelbult platinum group metals
mines which are located in South Africa. On 31 May 2025 the Group completed the demerger of its controlling interest in Valterra Platinum
(see\u00a0note 36). At 31 December 2024, non-controlling interests held an effective 32.7% interest in the operations of Valterra Platinum. During
2024, the Group disposed of approximately 11.9% of its total holding in Anglo American Platinum as part of an \u2018accelerated bookbuild offering\u2019
to institutional investors driven by its revised strategic plan. Total cash consideration received was $935 million. Following demerger on 31 May
2025 (see note 36), the business is no longer a subsidiary of the Group.
The disclosures in this note include certain Alternative Performance Measures (APMs). For more information on the APMs used by the Group,
including definitions, please refer to page\u00a0377.
Equity
28.\u00a0 \u00a0 Non-controlling interests continued
2025
US$ million
Anglo
American
Sur
Anglo
American
Quellaveco
Minas-Rio
Kumba
De\u00a0Beers
Other
Total
Continuing
Operations
Valterra
Platinum(1)
Total
Group
Underlying earnings attributable to non-controlling
interests
(4)
376
67
490
(150)
\u2013
779
8
787
(Loss)/profit attributable to non-controlling interests
(4)
388
107
498
(517)
16
488
83
571
Distributions paid to non-controlling interests (2)
\u2013
\u2013
(134)
(405)
(1)
(2)
(542)
(297)
(839)
Balance sheet information:
Equity attributable to non-controlling interests
1,559
1,546
827
1,967
242
1
6,142
\u2013
6,142
2024
US$ million
Anglo
American
Sur
Anglo
American
Quellaveco
Minas-Rio
Kumba
De\u00a0Beers
Other
Total
Continuing
Operations
Valterra
Platinum(1)
Total
Group
Underlying earnings attributable to non-controlling
interests
34
173
27
448
(60)
(16)
606
131
737
Profit/(loss) attributable to non-controlling interests
16
171
13
489
(468)
(31)
190
90
280
Distributions paid to non-controlling interests(2)
\u2013
\u2013
(4)
(457)
(2)
(7)
(470)
(80)
(550)
Balance sheet information:
Equity attributable to non-controlling interests
1,549
1,158
880
1,676
715
(39)
5,939
1,834
7,773
(1)Non-controlling interest under \u2018Valterra Platinum\u2019 relates to Anglo American Platinum Limited in the period up to its demerger.
(2)The distributions paid to non-controlling interests in relation to Valterra Platinum Limited are included within net cash used in financing activities from discontinued operations within the
Consolidated cash flow statement.
Further information
Summarised financial information on a 100% basis and before inter-company eliminations for Anglo\u00a0American Sur, Anglo American Quellaveco,
Minas-Rio, Kumba, Valterra Platinum (for the period up to its demerger) and De\u00a0Beers is as follows:
2025
US$ million
Anglo
American
Sur
Anglo
American
Quellaveco
Minas-Rio
Kumba
De\u00a0Beers
Valterra
Platinum(1)
Non-current assets
5,196
8,916
8,733
4,339
1,788
\u2013
Current assets
1,090
1,056
459
1,891
2,581
\u2013
Current liabilities
(791)
(746)
(877)
(755)
(1,235)
\u2013
Non-current liabilities
(2,372)
(5,361)
(2,802)
(1,132)
(2,098)
\u2013
Net assets
3,123
3,865
5,513
4,343
1,036
\u2013
Revenue
2,551
3,290
2,066
3,924
3,467
1,773
(Loss)/profit for the financial year(2)(3)
(8)
971
713
1,065
(3,431)
(1,878)
Total comprehensive income/(loss)
1
971
(712)
1,454
(3,194)
(566)
Net cash inflow from operating activities
613
2,086
955
1,471
193
72
(1)Non-controlling interest under \u2018Valterra Platinum\u2019 relates to Anglo American Platinum Limited in the period up to its demerger.
(2)The distributions paid to non-controlling interests in relation to Valterra Platinum Limited are included within net cash used in financing activities from discontinued operations within the
Consolidated cash flow statement.
(3)Stated after special items and remeasurements.
2024
US$ million
Anglo
American
Sur
Anglo
American
Quellaveco
Minas-Rio
Kumba
De\u00a0Beers
Valterra
Platinum(2)
Non-current assets
5,077
8,874
8,306
3,540
3,619
6,838
Current assets
884
1,077
374
1,755
3,345
3,119
Current liabilities
(885)
(693)
(893)
(649)
(951)
(2,404)
Non-current liabilities
(1,954)
(6,364)
(2,045)
(933)
(1,915)
(1,478)
Net assets
3,122
2,894
5,742
3,713
4,098
6,075
Revenue
2,293
2,797
2,156
3,737
3,262
5,962
Profit/(loss) for the financial year (1)
49
426
419
1,044
(3,122)
398
Total comprehensive income/(loss)
48
426
(420)
1,004
(3,287)
334
Net cash inflow/(outflow) from operating activities
479
1,583
1,144
1,592
(198)
1,533
(1)Stated after special items and remeasurements.
(2)The profit for the financial year figures for Valterra Platinum presented here are on a standalone entity basis. The difference between the results here and those presented in the Discontinued
operations note relate to costs incurred by Corporate on behalf of the Valterra Platinum disposal.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-560": { "value": "
29.
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:
Continuing operations
Thousand
2025
2024
(re-presented)(1)
Copper
5
5
Premium Iron Ore
10
9
Crop Nutrients
1
1
De\u00a0Beers
8
9
Corporate and other
2
3
26
27
Discontinued operations
Thousand
2025
2024
(re-presented) (1)
Platinum Group Metals(2)
13
23
Steelmaking Coal
2
3
Nickel
2
1
17
27
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
(2)Platinum Group Metals demerged from the Group on 31 May 2025. The employee figure presented reflects the average number of employees in the Group for the five\u2011month period to the
date of demerger, annualised to represent a full\u2011year equivalent.
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
2025
2024
South Africa(3)
22
32
Other Africa(3)
4
5
South America
10
9
North America
1
1
Australia and Asia
3
4
Europe
3
3
43
54
Attributable to:
Continuing operations
26
27
Discontinued operations
17
27
(3)Platinum Group Metals demerged from the Group on 31 May 2025. The employee figure presented reflects the average number of employees in the Group for the five\u2011month period to the
date of demerger, annualised to represent a full\u2011year equivalent.
Employees
29.\u00a0 \u00a0 Employee numbers and costs continued
Employee costs
Payroll costs in respect of the employees included in the tables above were:
US$ million
2025
2024
Wages and salaries
2,669
3,259
Social security costs
204
188
Post employment benefits
265
360
Share-based payments
184
191
Total payroll costs
3,322
3,998
Reconciliation:
Less: Employee costs capitalised
(86)
(139)
Less: Employee costs included within special items
(147)
(112)
Employee costs included in operating costs before special items and remeasurements
3,089
3,747
Attributable to:(1)
Continuing operations
2,288
2,387
Discontinued operations
801
1,360
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
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.
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
2025
2024
Salaries and short term employee benefits
23
23
Social security costs
4
4
Termination benefits
2
5
Post employment benefits
2
3
Share-based payments
13
17
44
52
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 Directors\u2019 Remuneration Report.
30.
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 dependents.
During the year, the Group purchased insurance policies to settle the defined benefit pension liabilities related to the Tarmac B scheme and the
Anglo UK scheme (on 13 January 2025), and the Tarmac UK scheme (\u2018the schemes\u2019) (on 14 January 2025) (a \u2018buy-in\u2019). This resulted in the
reduction of corporate and government bonds and the inclusion of the insurance policy in the fair value of the plan assets. At the date of the
insurance policy purchase, the\u00a0respective schemes had plan assets valued at $1.3 billion and benefit obligations of $1.0 billion, which closely
matched the purchase price of\u00a0the\u00a0insurance policies.
Defined contribution plans
The charge for the year for defined contribution pension plans (net of amounts capitalised) in the Consolidated income statement was $122 million
(2024: $161 million), of this amount $91 million (2024: $89 million) related to continuing operations. For defined contribution medical plans (net of
amounts capitalised) was $48 million (2024: $65 million), of this amount $31 million (2024: $27 million) related to continuing operations.
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\u00a0governance 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\u00a0funded pension plans in the year ended 31\u00a0December\u00a02025 were $4 million (2024: $5 million), of which $3 million (2024: $4 million) related
to\u00a0continuing operations. In addition, $15 million (2024: $25 million) of benefits were paid in relation to unfunded pension plans, $14 million
(2024:\u00a0$13 million) of benefits were paid in relation to post employment medical plans, of which all amounts related to continuing operations.
The\u00a0Group expects to contribute $24 million to its pension plans and $16 million to its post employment medical plans in 2026, of which all
amounts relate to continuing operations.
Income statement
The amounts recognised in the Consolidated income statement are as follows:
Continuing operations
2025
2024(1)
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Charged to operating costs
29
1
30
18
1
19
Net (credit)/charge to net finance costs
(2)
19
17
(3)
20
17
Total net charge to the income statement
27
20
47
15
21
36
(1)Presented on a total Group basis, with all amounts relating to continuing operations.
Net charge to net finance costs includes interest expense on surplus restriction of $12 million (2024: $9 million), of which all amounts related to
continuing operations.
Employees
30.\u00a0 \u00a0 Retirement benefits continued
Comprehensive income
The pre-tax amounts recognised in the Consolidated statement of comprehensive income are as follows:
Continuing operations
2025
2024(1)
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
Return on plan assets, excluding interest income
(46)
(2)
(48)
(355)
(2)
(357)
Actuarial gains on plan liabilities
\u2013
2
2
283
11
294
Movement in surplus restriction
7
\u2013
7
(3)
\u2013
(3)
Remeasurement of net defined benefit obligation
(39)
\u2013
(39)
(75)
9
(66)
(1)Presented on a total Group basis, with all amounts relating to continuing operations.
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
2025
2024
Net liability recognised at 1 January
(149)
(126)
Net income statement charge before special items
(47)
(36)
Remeasurement of net defined benefit obligation
(39)
(66)
Employer contributions to funded pension plans
4
5
Benefits paid to unfunded plans
28
37
Effects of curtailments/settlements
2
1
Transfer to held for sale
1
\u2013
Other
4
9
Currency movements
(20)
27
Net liability recognised at 31 December
(216)
(149)
Amounts recognised as:
Defined benefit pension plans in surplus
266
291
Retirement benefit obligation \u2013 pension plans
(291)
(267)
Retirement benefit asset \u2013 medical plans
78
63
Retirement benefit obligation \u2013 medical plans
(269)
(236)
(216)
(149)
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 the pension asset surplus and other non-current assets on the
Consolidated balance sheet.
Employees
30.\u00a0 \u00a0 Retirement benefits continued
Further information
Movement analysis
The changes in the fair value of plan assets are as follows:
2025
2024
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
At 1 January
2,927
74
3,001
3,332
75
3,407
Interest income
187
6
193
183
7
190
Return on plan assets, excluding interest income(1)
(46)
(2)
(48)
(355)
(2)
(357)
Contributions paid by employer to funded pension plans
3
1
4
4
1
5
Benefits paid
(213)
(8)
(221)
(201)
(8)
(209)
Effects of curtailments/settlements
(16)
\u2013
(16)
\u2013
\u2013
\u2013
Transfer to held for sale
(26)
\u2013
(26)
\u2013
\u2013
\u2013
Other
16
(3)
13
15
\u2013
15
Currency movements
235
10
245
(51)
1
(50)
As at 31 December
3,067
78
3,145
2,927
74
3,001
(1)Includes revaluation of qualifying insurance assets.
The changes in the present value of defined benefit obligations are as follows:
2025
2024
US$ million
Pension
plans
Post
employment
medical plans
Total
Pension
plans
Post
employment
medical plans
Total
At 1 January
(2,797)
(247)
(3,044)
(3,183)
(255)
(3,438)
Current service costs
(29)
(1)
(30)
(18)
(1)
(19)
Interest costs
(173)
(25)
(198)
(171)
(27)
(198)
Net actuarial gains
\u2013
2
2
283
11
294
Benefits paid
227
22
249
225
21
246
Effects of curtailments/settlements
18
\u2013
18
\u2013
1
1
Transfer to held for sale
27
\u2013
27
\u2013
\u2013
\u2013
Other
(20)
11
(9)
(6)
\u2013
(6)
Currency movements
(221)
(31)
(252)
73
3
76
As at 31 December
(2,968)
(269)
(3,237)
(2,797)
(247)
(3,044)
In 2025, net actuarial gains include offsetting gains and losses arising from changes in financial assumptions, actuarial experience and
demographic assumptions. In 2024, the most significant actuarial gain arose from changes in financial assumptions totalling $245 million.
Pension plan assets and liabilities by geography
The split of the present value of funded and unfunded obligations in defined benefit pension plans and the fair value of pension assets at
31\u00a0December is as\u00a0follows:
2025
2024
US$ million
South
Africa
United
Kingdom
Other
Total
South
Africa
United
Kingdom
Other
Total
Corporate bonds
95
98
1
194
93
839
4
936
Government bonds
414
40
24
478
321
485
46
852
Debt (Repurchase Agreements)
(28)
\u2013
\u2013
(28)
(28)
(14)
\u2013
(42)
Equity
89
\u2013
2
91
64
\u2013
5
69
Cash
2
340
5
347
29
157
\u2013
186
Qualifying Insurance Assets
\u2013
1,949
\u2013
1,949
\u2013
885
\u2013
885
Other
12
23
1
36
11
30
\u2013
41
Fair value of pension plan assets
584
2,450
33
3,067
490
2,382
55
2,927
Active members
(1)
\u2013
(5)
(6)
(2)
\u2013
(5)
(7)
Deferred members
(2)
(481)
(3)
(486)
(1)
(461)
(3)
(465)
Pensioners
(459)
(1,725)
(24)
(2,208)
(381)
(1,657)
(48)
(2,086)
Present value of funded obligations
(462)
(2,206)
(32)
(2,700)
(384)
(2,118)
(56)
(2,558)
Present value of unfunded obligations
\u2013
(15)
(253)
(268)
\u2013
(23)
(216)
(239)
Net surplus/(deficit) in pension plans
122
229
(252)
99
106
241
(217)
130
Surplus restriction
(122)
\u2013
(2)
(124)
(106)
\u2013
\u2013
(106)
Recognised retirement benefit assets/(liabilities)
\u2013
229
(254)
(25)
\u2013
241
(217)
24
Non-current assets \u2013 pension asset surplus
\u2013
264
2
266
\u2013
287
4
291
Retirement benefit obligation \u2013 pension plans
\u2013
(35)
(256)
(291)
\u2013
(46)
(221)
(267)
Other assets principally comprise debt backed securities 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% (2024:\u00a0114%) 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 $251 million (2024: $221 million) relating to active members, of which all amounts relate to
continuing operations. With the exception of insurance assets, 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
30.\u00a0 \u00a0 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):
2025
2024
South
Africa
United
Kingdom
Other
South
Africa
United
Kingdom
Other
Defined benefit pension plans
Average discount rate for plan liabilities
8.4%
5.6%
5.3%
10.4%
5.5%
5.8%
Average rate of inflation
3.7%
2.8%
3.0%
5.1%
3.1%
3.1%
Average rate of increase of pensions in payment
3.7%
3.1%
2.5%
5.1%
3.3%
2.8%
Post employment medical plans
Average discount rate for plan liabilities
8.4%
n/a
9.9%
10.4%
n/a
11.4%
Average rate of inflation
3.7%
n/a
5.3%
5.1%
n/a
6.3%
Expected average increase in healthcare costs
6.2%
n/a
5.6%
7.8%
n/a
8.5%
The weighted average duration of the South African plans is 8 years (2024: 7 years), United Kingdom plans is 11 years (2024: 12 years) and
plans in other regions is 13 years (2024: 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
2025
2024
2025
2024
South Africa
18.7
18.7
23.4
23.4
United Kingdom
27.6
27.4
29.5
29.4
Other
25.2
25.3
29.5
29.3
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
2025
2024
2025
2024
South Africa
18.7
18.7
23.4
23.4
United Kingdom
28.4
28.7
30.7
29.7
Other
26.4
26.8
30.6
30.7
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. Buy-in strategies also hedge
interest rate risk for the schemes by passing this onto the insurance company.
All of the UK pension scheme liabilities are currently hedged against movements in real
and nominal interest rates on the respective ongoing Trustees\u2019 funding basis.
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
30.\u00a0 \u00a0 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:
2025
US$ million
South
Africa
United
Kingdom
Other
Total
Discount rate \u2013 1% decrease
(56)
(268)
(19)
(343)
Inflation rate \u2013 pension plans \u2013 0.5% increase
(17)
(45)
(12)
(74)
Inflation rate \u2013 medical plans \u2013 0.5% increase
(4)
\u2013
(5)
(9)
Life expectancy \u2013 increase by 1 year
(20)
(74)
(2)
(96)
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\u00a02025. 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 deficit 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 applies judgement in determining how much of any surplus is recoverable considering the arrangements in place for each scheme.
Accounting policy
See note 41H for the Group\u2019s accounting policy on retirement benefits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-561": { "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:
Continuing operations
Thousand
2025
2024
(re-presented)(1)
Copper
5
5
Premium Iron Ore
10
9
Crop Nutrients
1
1
De\u00a0Beers
8
9
Corporate and other
2
3
26
27
Discontinued operations
Thousand
2025
2024
(re-presented) (1)
Platinum Group Metals(2)
13
23
Steelmaking Coal
2
3
Nickel
2
1
17
27
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
(2)Platinum Group Metals demerged from the Group on 31 May 2025. The employee figure presented reflects the average number of employees in the Group for the five\u2011month period to the
date of demerger, annualised to represent a full\u2011year equivalent.
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
2025
2024
South Africa(3)
22
32
Other Africa(3)
4
5
South America
10
9
North America
1
1
Australia and Asia
3
4
Europe
3
3
43
54
Attributable to:
Continuing operations
26
27
Discontinued operations
17
27
(3)Platinum Group Metals demerged from the Group on 31 May 2025. The employee figure presented reflects the average number of employees in the Group for the five\u2011month period to the
date of demerger, annualised to represent a full\u2011year equivalent.
Employees
29.\u00a0 \u00a0 Employee numbers and costs continued
Employee costs
Payroll costs in respect of the employees included in the tables above were:
US$ million
2025
2024
Wages and salaries
2,669
3,259
Social security costs
204
188
Post employment benefits
265
360
Share-based payments
184
191
Total payroll costs
3,322
3,998
Reconciliation:
Less: Employee costs capitalised
(86)
(139)
Less: Employee costs included within special items
(147)
(112)
Employee costs included in operating costs before special items and remeasurements
3,089
3,747
Attributable to:(1)
Continuing operations
2,288
2,387
Discontinued operations
801
1,360
(1)Comparative figures are re-presented to show separately results from discontinued operations, see note 6.
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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-562": { "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
2025
2024
Salaries and short term employee benefits
23
23
Social security costs
4
4
Termination benefits
2
5
Post employment benefits
2
3
Share-based payments
13
17
44
52
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 Directors\u2019 Remuneration Report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-563": { "value": "
31.
Share-based payments
Overview
During the year ended 31\u00a0December\u00a02025, 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,
MyShare, 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
2025
2024
BSP
107
90
LTIP
8
30
Other schemes
49
42
Share-based payment charge relating to Anglo American plc shares
164
162
In addition there are equity settled share-based payment charges of $12 million (2024: $7 million) relating to Kumba Iron Ore Limited shares and
$8 million (2024:\u00a0$19 million) relating to Anglo\u00a0American Platinum Limited shares (prior to demerger). 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 62.39 US cents may be awarded under the terms of this scheme for no consideration.
Number of awards
2025
2024
Outstanding at 1 January
6,864,589
6,008,945
Conditionally awarded in year
3,138,069
4,224,409
Vested in year
(3,335,941)
(3,038,660)
Forfeited or expired in year
(661,074)
(330,105)
Outstanding at 31 December
6,005,643
6,864,589
Further information in respect of the BSP, including vesting conditions, is shown in the Remuneration report.
Long Term Incentive Plan
Ordinary shares of 62.39 US cents may be awarded under the terms of this scheme for no consideration.
Number of awards
2025
2024
Outstanding at 1 January
10,271,727
8,182,952
Conditionally awarded in year
3,545,951
5,888,740
Vested in year
(787,830)
(1,210,572)
Forfeited or expired in year
(3,727,172)
(2,589,393)
Outstanding at 31 December
9,302,676
10,271,727
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 41H for the Group\u2019s accounting policy on share-based payments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-564": { "value": "
32.
Events occurring after end of year
The Group has proposed a final dividend for 2025 (see note 7).", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-565": { "value": "
33.
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.
As of 31\u00a0December\u00a02025, the Group\u2019s capital commitments increased by $467 million in relation to the extension of mining licences based on the
updated agreements between De Beers Group and the Government of the Republic of Botswana.
Capital commitments (including cancellable and non-cancellable contracts) for subsidiaries and joint operations relating to the acquisition of
property, plant and equipment are $2,512 million (2024: $2,565 million), of\u00a0which 45% ( 2024: 56 %) relates to expenditure to be incurred within
the next year.
The Group\u2019s outstanding commitments relating to take or pay agreements are $12,000 million (2024: $11,692 million), of which 10% (2024:\u00a09%)
relates to expenditure to be incurred within the next year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-566": { "value": "
34.
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
MMTC contractual dispute
In 2014, the Steelmaking Coal business was granted an arbitration award of $107 million (100% basis) against MMTC Limited in\u00a0respect of
a\u00a0contractual dispute. The award was then challenged in the Indian courts, during which time interest continued to accrue. On 17\u00a0December
2020, the Indian Supreme Court found in favour of the Steelmaking Coal business. During 2025, $90 million (Group\u2019s share) was received. The
Group remains in\u00a0dispute with MMTC regarding interest charges.
ICC arbitration proceedings
On 19 August 2025, Peabody Energy served notices purporting to terminate the November 2024 agreements to acquire our Steelmaking Coal
business in Australia, on the basis that the ignition event at Moranbah North on 31 March 2025 constituted a Material Adverse Change (MAC). The
Group does not consider the incident at Moranbah North to constitute a MAC and has initiated ICC arbitration proceedings against Peabody. The
Group seeks monetary damages, which have not been fully quantified. These proceedings are ongoing.
Unrecognised items and uncertain events
34.\u00a0 \u00a0 Contingent assets and liabilities continued
Contingent liabilities
De\u00a0Beers
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. An
appeal has been submitted following the rejection of an amendment application to remove these conditions, with no provision raised on the basis
that it is not probable that this condition will be enforced. Should efforts to remove these conditions ultimately be unsuccessful, the estimated cost
of backfilling is $291 million.
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 filed an appeal against the December 2023 ruling which was heard by the Supreme Court of Appeal on 3 November 2025, the
outcome of which is still pending. The outcome of this litigation is still subject to significant uncertainty, and no provision is recognised for this
matter. It is not possible to reliably estimate the quantum relating to the claim.
Accounting judgement
The Group operates in a number of jurisdictions and, from time to time, is subject to commercial disputes, tax matters, litigation and other claims.
The resolution of disputes is inherently unpredictable and the Group may in the future incur judgments or enter into settlements of claims that
could lead to material cash outflows. 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. Where payment is not probable or cannot be reliably estimated, the Group has not
provided for such matters. Based on the information currently available, it is not expected that any of these matters will have a materially adverse
impact on our financial position.
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.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-567": { "value": "
Contingent liabilities
De\u00a0Beers
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. An
appeal has been submitted following the rejection of an amendment application to remove these conditions, with no provision raised on the basis
that it is not probable that this condition will be enforced. Should efforts to remove these conditions ultimately be unsuccessful, the estimated cost
of backfilling is $291 million.
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 filed an appeal against the December 2023 ruling which was heard by the Supreme Court of Appeal on 3 November 2025, the
outcome of which is still pending. The outcome of this litigation is still subject to significant uncertainty, and no provision is recognised for this
matter. It is not possible to reliably estimate the quantum relating to the claim.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-568": { "value": "
35.
Assets and liabilities held for sale
2025
Assets and liabilities held for sale relate to the Steelmaking Coal and Nickel businesses which are being sold as part of the Group\u2019s portfolio
optimisation (see note 8). Net assets held for sale of $3,177 million relate principally to the net assets of the Steelmaking Coal business
($2,819\u00a0million) proposed for sale and the sale of Nickel business to MMG Resources ($358 million).
Steelmaking Coal assets held for sale include Moranbah-Grosvenor (which was held for sale as at 31 December 2024) as well as the Capcoal
and Dawson joint operations, which were considered to meet the criteria to be held for sale following the expiry of pre-emption rights on 15\u00a0March
2025.
The Nickel business includes two ferronickel operations in Brazil (Barro Alto and Codemin) and two high quality greenfield growth projects (Jacar\u00e9
and Morro Sem Bon\u00e9). The business was classified as held for sale on 18\u00a0February 2025 following the announcement of the signed sale and
purchase agreement.
The Group\u2019s shareholders approved the demerger of the Platinum Group Metals business on 30 April 2025, to be executed via a distribution in
specie. The business was therefore recorded as held for distribution from that date. The demerger was completed on 31 May 2025 when each
Anglo American shareholder received Valterra Platinum shares as settlement for the dividend declared by Anglo American plc (see note 36).
2024
Assets and liabilities held for sale principally related to the Moranbah-Grosvenor joint operations and the\u00a0Group\u2019s 33.3% interest in the Jellinbah
associate, both of which are within the Group\u2019s Steelmaking Coal business. The sale of Jellinbah completed on 29\u00a0January 2025 (see note 36).
US$ million
2025
2024
ASSETS
Intangible assets
16
3
Property, plant and equipment
3,421
2,128
Investments in associates and joint ventures
13
295
Financial asset investments
4
1
Inventories
667
36
Trade and other receivables
411
67
Deferred tax assets
58
\u2013
Assets held for sale
4,590
2,530
LIABILITIES
Trade and other payables
(419)
(170)
Borrowings
(230)
(15)
Provisions for liabilities and charges
(764)
(178)
Liabilities held for sale
(1,413)
(363)
Net assets directly associated with disposal groups
3,177
2,167
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-569": { "value": "
36.
Acquisitions and disposals
Acquisitions
There have been no material acquisitions in 2024 or 2025.
Disposals
Platinum Group Metals
On 31 May 2025, the Group completed the demerger of its controlling interest in the Platinum Group Metals business, Valterra Platinum Limited
(formerly named Anglo American Platinum Limited) (Valterra Platinum), which on 2 June 2025 was admitted to trading as an international
commercial companies secondary listing on the London Stock Exchange (LSE) in addition to its existing primary listing on the Johannesburg
Stock Exchange (JSE).
The demerger was executed by means of a distribution in specie valued at an amount equal to the fair value of the disposed share of operations.
The fair value of the distribution in specie at the date of the demerger and residual financial asset investment was a level 1 fair value
measurement based on the closing price of the Valterra Platinum shares as\u00a0quoted on the JSE on the close of trade on 30 May 2025, being the
last day of trading prior to the demerger.
Details of the net loss on demerger of Valterra Platinum is shown below:
US$ million
31 May 2025
Intangible assets
92
Property, plant and equipment
6,656
Environmental rehabilitation trusts
70
Other non-current assets
467
Inventories
1,509
Trade and other receivables
661
Other current assets
939
Trade and other payables
(2,081)
Short term borrowings
(1,058)
Other current liabilities
(62)
Deferred tax liabilities
(1,382)
Other non-current liabilities
(168)
Platinum Group Metals net assets
5,643
Non-controlling interest
(1,673)
Net assets demerged
3,970
Net cash and cash equivalents demerged
825
Net cash outflow from demerger of Platinum Group Metals
(825)
US$ million
31 May 2025
Distribution in specie relating to Platinum Group Metals demerger
5,317
Distribution in specie distributed to Group companies (see further information below)
(448)
Fair value of distribution to external shareholders
4,869
Net assets demerged
(3,970)
Residual financial asset investments (see further information below)
2,038
Gain on demerger before tax, transaction costs and reclassification of foreign currency translation reserve
2,937
Transaction costs
(155)
Withholding taxes
(307)
Other related taxes
(73)
Reclassification of foreign currency translation reserve
(4,585)
Loss on demerger of Platinum Group Metals net of tax and transaction costs
(2,183)
Group structure
36.\u00a0 \u00a0 Acquisitions and disposals continued
Further information
On completion of the demerger, the Group retained a residual 19.9% interest in Valterra Platinum. 4.4% of the residual interest resulted from the
distribution in specie being distributed to Group companies and was held through Tenon and its related investment companies (see note 41B for
further information about the Tenon structure). The remaining 15.5% holding was held by a Group subsidiary. A financial asset at fair value
through other comprehensive income of $2,038 million was recognised on the Group\u2019s Consolidated balance sheet in respect of this combined
interest, with a revaluation gain of $914 million, representing the difference between the previous carrying value of the 19.9% interest in the net
assets and their fair value, also recognised within discontinued special items in the Consolidated income statement. The retained investment in
Valterra Platinum was accounted for as a level 1 financial instrument.
Subsequently, on 4 September 2025, the remaining interest which had a fair value of $2,522 million was disposed, with a gain of $467 million
($413 million net of tax) relating to the change in fair value since initial recognition recorded within other comprehensive income.
Jellinbah
On 29 January 2025, the Group completed the sale of its interest in Jellinbah. In line with the agreement, the initial cash consideration of
$1,019\u00a0million was reduced by $149 million of cash dividends received in 2024 following the agreement of the sale. The cash inflow on disposal
was therefore $870 million.
The carrying value of the investment in the associate was $298 million. The transaction resulted in a net gain on disposal of $392 million after
the\u00a0recycling of cumulative foreign currency translation differences of $180 million, which was presented as a non-operating special item within
discontinued operations. Transaction costs related to the sale were immaterial.
2024
Cash received of $177 million in respect of disposals principally relates to proceeds of a non-diamond royalty right at De\u00a0Beers and the receipt
of\u00a0deferred consideration receivable at Platinum Group Metals.
Reconciliation of cash flows on disposal to Net cash used in investing activities from discontinued operations
US$ million
2025
Cash inflow on disposal of Jellinbah
870
Cash outflow on demerger of Valterra Platinum
(825)
Transaction costs, withholding taxes and other taxes paid
(550)
Expenditure on property, plant and equipment by discontinued operations
(733)
Other investing cash flows relating to discontinued operations
8
Net cash used in investing activities from discontinued operations
(1,230)
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-570": { "value": "
37.
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 38.
Continuing operations
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2025
2024
Copper
Copper Chile, comprising:
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, comprising:
Quellaveco
Peru
Full consolidation
60%
60%
Premium Iron Ore
Kumba Iron Ore, comprising:
South Africa
Full consolidation
69.7%
69.7%
Sishen(1)
South Africa
Full consolidation
75.4%
76.3%
Kolomela(1)
South Africa
Full consolidation
75.4%
76.3%
Minas-Rio, comprising:
Brazil
Full consolidation
85%
85%
Ferroport(2)
Brazil
Equity accounted joint venture
50%
50%
Manganese
Samancor(3)(4)
South Africa and Australia
Equity accounted joint venture
40%
40%
Crop Nutrients
Woodsmith
United Kingdom
Full consolidation
100%
100%
De\u00a0Beers(5)
85%
85%
Debswana(6), comprising:
Botswana
Joint operation
19.2%
19.2%
Jwaneng
Orapa regime
Namdeb Holdings(7), comprising:
Namibia
Joint operation
50%
50%
Namdeb Diamond Corporation
Debmarine Namibia
De\u00a0Beers Consolidated Mines (8), 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
Botswana
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 337 for footnotes.
Group structure
37.\u00a0 \u00a0 Basis of consolidation continued
Discontinued operations
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2025
2024
Platinum Group Metals (9)
\u2013%
67%
Mogalakwena Mine
South Africa
Full consolidation
\u2013%
100%
Amandelbult complex
South Africa
Full consolidation
\u2013%
100%
Twickenham Mine
South Africa
Full consolidation
\u2013%
100%
Unki Mine
Zimbabwe
Full consolidation
\u2013%
100%
Platinum Refining
South Africa
Full consolidation
\u2013%
100%
Modikwa Platinum Joint Operation
South Africa
Joint operation
\u2013%
50%
Mototolo
South Africa
Full consolidation
\u2013%
100%
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(4)(11)
Australia
Equity accounted associate
\u2013%
33.3%
Dalrymple Bay Coal Terminal Pty Ltd
Australia
Equity accounted associate
24%
24%
Peace River Coal
Canada
Full consolidation
\u2013%
100%
Nickel
Barro Alto
Brazil
Full consolidation
100%
100%
(1)Sishen and Kolomela are divisions fully owned by Sishen Iron Ore Company Proprietary
Limited (SIOC). Kumba Iron Ore Limited has a 75.4% interest in SIOC (2024: 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 69.7% (2024: 70.0%). Consequently, the
Group\u2019s effective interest in SIOC is 52.3% (2024: 53.4%).
(2)Ferroport owns and operates the iron ore handling and shipping facilities at the port of A\u00e7u.
(3)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%.
(4)These entities have a 30 June year end.
(5)85% should be applied to all holdings within De Beers to determine the Group\u2019s attributable
share of the asset.
(6)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).
(7)The 50% interest in Namdeb Holdings is held indirectly through De Beers. The Group\u2019s
effective interest in Namdeb Holdings is 42.5%.
(8)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%.
(9)On 31 May 2025, Anglo American completed the demerger of its controlling interest in the
PGMs business, Valterra Platinum Limited (formerly named Anglo American Platinum
Limited). On 4 September 2025 Anglo American completed the sell down of its 19.9%
residual interest in Valterra Platinum.
(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)On 29 January\u00a0 2025, the Group completed the sale of its 33.3% minority interest Jellinbah
Group Pty Ltd (Jellinbah), an associate that owns a 70% interest in the Jellinbah East and
Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Limited (Zashvin).
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
41I. 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\u00a0obligations 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 in
line with those used by the Group. Intra-group transactions, balances,
income and expenses are eliminated on consolidation, where
appropriate.
For non-wholly owned subsidiaries, non-controlling interests are
presented in\u00a0equity separately from the equity attributable to
shareholders of the Company. Profit or loss and other comprehensive
income are attributed to the shareholders of the Company and to
non\u2011controlling 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-571": { "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 38.
Continuing operations
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2025
2024
Copper
Copper Chile, comprising:
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, comprising:
Quellaveco
Peru
Full consolidation
60%
60%
Premium Iron Ore
Kumba Iron Ore, comprising:
South Africa
Full consolidation
69.7%
69.7%
Sishen(1)
South Africa
Full consolidation
75.4%
76.3%
Kolomela(1)
South Africa
Full consolidation
75.4%
76.3%
Minas-Rio, comprising:
Brazil
Full consolidation
85%
85%
Ferroport(2)
Brazil
Equity accounted joint venture
50%
50%
Manganese
Samancor(3)(4)
South Africa and Australia
Equity accounted joint venture
40%
40%
Crop Nutrients
Woodsmith
United Kingdom
Full consolidation
100%
100%
De\u00a0Beers(5)
85%
85%
Debswana(6), comprising:
Botswana
Joint operation
19.2%
19.2%
Jwaneng
Orapa regime
Namdeb Holdings(7), comprising:
Namibia
Joint operation
50%
50%
Namdeb Diamond Corporation
Debmarine Namibia
De\u00a0Beers Consolidated Mines (8), 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
Botswana
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 337 for footnotes.
Group structure
37.\u00a0 \u00a0 Basis of consolidation continued
Discontinued operations
Percentage of equity owned
Segment and asset
Location
Accounting treatment
2025
2024
Platinum Group Metals (9)
\u2013%
67%
Mogalakwena Mine
South Africa
Full consolidation
\u2013%
100%
Amandelbult complex
South Africa
Full consolidation
\u2013%
100%
Twickenham Mine
South Africa
Full consolidation
\u2013%
100%
Unki Mine
Zimbabwe
Full consolidation
\u2013%
100%
Platinum Refining
South Africa
Full consolidation
\u2013%
100%
Modikwa Platinum Joint Operation
South Africa
Joint operation
\u2013%
50%
Mototolo
South Africa
Full consolidation
\u2013%
100%
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(4)(11)
Australia
Equity accounted associate
\u2013%
33.3%
Dalrymple Bay Coal Terminal Pty Ltd
Australia
Equity accounted associate
24%
24%
Peace River Coal
Canada
Full consolidation
\u2013%
100%
Nickel
Barro Alto
Brazil
Full consolidation
100%
100%
(1)Sishen and Kolomela are divisions fully owned by Sishen Iron Ore Company Proprietary
Limited (SIOC). Kumba Iron Ore Limited has a 75.4% interest in SIOC (2024: 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 69.7% (2024: 70.0%). Consequently, the
Group\u2019s effective interest in SIOC is 52.3% (2024: 53.4%).
(2)Ferroport owns and operates the iron ore handling and shipping facilities at the port of A\u00e7u.
(3)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%.
(4)These entities have a 30 June year end.
(5)85% should be applied to all holdings within De Beers to determine the Group\u2019s attributable
share of the asset.
(6)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).
(7)The 50% interest in Namdeb Holdings is held indirectly through De Beers. The Group\u2019s
effective interest in Namdeb Holdings is 42.5%.
(8)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%.
(9)On 31 May 2025, Anglo American completed the demerger of its controlling interest in the
PGMs business, Valterra Platinum Limited (formerly named Anglo American Platinum
Limited). On 4 September 2025 Anglo American completed the sell down of its 19.9%
residual interest in Valterra Platinum.
(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)On 29 January\u00a0 2025, the Group completed the sale of its 33.3% minority interest Jellinbah
Group Pty Ltd (Jellinbah), an associate that owns a 70% interest in the Jellinbah East and
Lake Vermont steelmaking coal mines in Australia, to Zashvin Pty Limited (Zashvin).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-572": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-573": { "value": "
38.
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\u00a02025 is disclosed below. Unless otherwise disclosed, all entities
with an indirect equity holding of greater than 50% are considered subsidiary undertakings. See note 37 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 350 for footnotes.
Angola
Anglo American Discovery (Cunene) \u2013
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Edif\u00edcio One Metropolis, 3rd Floor, N03.3 Avenida
Luanda Sul, Talatona, Luanda
Angola
Anglo American Discovery (Moxico) \u2013
Prospeccao E Exploracao Mineira (SU),
LDA
100%
Quota
Edif\u00edcio One Metropolis, 3rd Floor, N03.3 Avenida
Luanda Sul, Talatona, Luanda
Angola
De Beers Angola Holdings LDA
85%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Angola
De Beers Angola Lunda Norte, Limitada
77%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Angola
De Beers Angola Lunda Sul, Limitada
77%
Quota
Rua Rainha Ginga 87, 9th Floor, Luanda
Argentina
Minera Anglo American Argentina S.A.U
100%
Ordinary
Nominative
Non-Endorsable
Esteban Echeverr\u00eda 1776, Piso 2, Godoy Cruz, Mendoza
Australia
Anglo American Australia Finance Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Australia Holdings Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Australia Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Energy Solutions (Australia)
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Exploration (Australia) Pty
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Assets
Eastern Australia Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Assets
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Finance
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Holdings
Limited
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo American Steelmaking Coal Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Capcoal Management) Pty
Limited
100%
A Class Ordinary
B Class Ordinary
C Class Ordinary
D Class Ordinary
E Class Ordinary
F Class Ordinary
G Class Ordinary
H Class Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson Management) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson Services) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Anglo Coal (Dawson South Management)
Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
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%
N/A - 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
Capricorn Coal Developments Joint Venture
70%
N/A
N/A
Australia
Dalrymple Bay Coal Terminal Pty. Ltd.
24%
Ordinary
Martin Armstrong Drive, Hay Point via Mackay QLD 4741
Australia
Dawson Coal Processing 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
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
Redeemable
Preference Shares
Level 2, 100 St Georges Terrace, Perth WA 6000
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
Moranbah North Coal (No2) Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal (Sales) Pty Ltd
88%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah North Coal Joint Venture
88%
N/A
N/A
Australia
Moranbah North Coal Pty Ltd
100%
Ordinary
Level 11, 201 Charlotte Street, Brisbane QLD 4000
Australia
Moranbah South Exploration Joint Venture
50%
N/A
N/A
Australia
Roper Creek Joint Venture
86%
N/A
N/A
Australia
Theodore South Joint Venture
51%
N/A
N/A
Belgium
De Beers Auction Sales 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
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 Auctions Botswana Proprietary
Limited
85%
Ordinary
DTCB Building, Plot 63016, Airport Road, Gaborone
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
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
Plot 64288, Airport Road, Block 8,\u00a0PO Box 329,
Gaborone
Botswana
Debswana Mine Rehabilitation Trust\u00a0
43%
N/A
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
(Proprietary) Limited
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, Belo Horizonte,
Minas Gerais
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, Belo Horizonte,
Minas Gerais
Brazil
Anglo American Investimentos - Min\u00e9rio de
Ferro Ltda.
100%
Membership
interest
Rua Maria Luiza Santiago, n. 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
85%
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. 200, 8\u00ba andar, parte, bairro
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. 200, 16\u00ba andar, Sala 1603,
bairro Santa L\u00facia, CEP 30360-740, Belo Horizonte,
Minas Gerais
Brazil
Ferroport Log\u00edstica Comercial Exportadora
S.A.
50%
Ordinary
Rua da Passagem, n\u00ba 123, 11\u00ba andar, sala 1101,
Botafogo, CEP 22290-030, Rio de Janeiro/RJ
Brazil
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, 8\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 241,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de Santa Sara Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 226,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de Santa Sara Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 246,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Brazil
Ventos de S\u00e3o Felipe Energias Renov\u00e1veis
S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 290,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
Brazil
Ventos de S\u00e3o Felipe Holding S/A
98%
Ordinary
Rodovia Doutor Mendel Steinbruch, n\u00ba 10.800, sala 244,
Distrito Industrial, Maracana\u00fa/CE, CEP 61939-906
British Virgin
Islands
De Beers Centenary Angola Properties Ltd (5)
85%
Ordinary
Craigmuir Chambers, Road Town, Tortola, VG1110
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
Sea Meadow House, P.O. Box 116, Road Town, Tortola
Canada
17417381 CANADA INC.
100%
Common Shares
Suite 620 \u2013 650 West Georgia Street, Vancouver, BC,
V6B 4N8
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%
Class 'A' Common
shares
Class 'B' Common
shares
Class 'C' Common
Shares
Class 'D'
preference shares
Class 'E'
Preference shares
Class 'F'
Preference Shares
Class 'G'
Preference Shares
333 Bay Street, Suite 2400, Toronto, ON, M5H2T6
Canada
De Beers Canada Holdings Inc.
85%
A Ordinary
B Ordinary\u00a0
2400-333 Bay St, Toronto, ON, M5H2T6
Canada
De Beers Canada Inc.
85%
Preference
2400-333 Bay St, Toronto, ON, M5H2T6
Canada
Peregrine Diamonds Ltd
85%
Common
Preference\u00a0
2400-333 Bay St, Toronto, ON, M5H2T6
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
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
Chile
Compa\u00f1\u00eda Minera Westwall S.C.M
50%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Anglo American Norte SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Anglo American Sur SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
Chile
Inversiones Minorco Chile SpA
100%
Ordinary
Isidora Goyenechea 2800, piso 46, Las Condes,
Santiago\u00a0
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
China
De Beers Jewellers Commercial (Shanghai)
Co., Ltd
85%
Equity interest
Suite 1706, Lee Garden, No.668 Xinzha 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 (Haikou) Co. Ltd
85%
Equity interest
Room 303-7, International Commercial Centre, Cross-
Border E-Commerce Industrial Park, Haikou
Comprehensive Free Trade Zone, Haikou, Haina
China
Forevermark Marketing (Shanghai)
Company Limited
85%
Equity interest
Suite 1706, Lee Garden, No.668 Xinzha Road, Shanghai
Colombia
Anglo American Colombia Exploration S.A.
100%
Ordinary
Carrera 7 No. 71-52 Torre B, Piso 9, Bogot\u00e1
Democratic
Republic of
Congo
Ambase Exploration Africa (DRC) SPRL
100%
Ordinary
c/o KPMG, 500b. Av. Mpala/Quartier Golf, Lubumbashi
Ecuador
Anglo American Ecuador S.A.
100%
Ordinary
Avda. 6 de Diciembre 32-312 y Boussingault, Edif.T6
oficina 803, Quito. EC 170517
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
Bosch Quantum Sensing GmbH
21%
Ordinary
Gr\u00f6nerstra\u00dfe 9, 71636, Ludwigsburg
Germany
Element Six GmbH
51%
Ordinary
Staedeweg 18, 36151, Burghaun
Germany
Anglo American Exploration Germany GmbH
100%
Ordinary
Alfred-Herrhausen-Allee 3-5, 65760 Eschborn
Germany
Kupfer Copper Germany GmbH
80%
Ordinary
3200-733 Seymour Street, Vancouver, BC, V6B 0S6
Greenland
NAIP West Exploration A/S
75%
Ordinary
Qullilerfik 2, 6., Postboks 59, Nuuk, 3900
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
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, Janak Puri, New Delhi - 110058
India
De Beers India Private Ltd
85%
Ordinary Equity
Preference Equity
601, 6th floor, TCG Financial Centre, C -53, G Block,
Bandra Kurla Complex, Bandrar (East), Mumbai - 400
058
India
Hindustan Diamond Company Private
Limited
43%
Ordinary equity
Office No. 12, 14th Floor, Navjivan Society Building, No.3,
Lamington Road, Mumbai - 400 008
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
Ireland
Element Six Treasury Limited
85%
Ordinary
Shannon Airport, Shannon, Co.Clare
Isle of Man
Element Six (Legacy Pensions) Limited
85%
Ordinary
A Ordinary
3rd Floor, 10 Finch Road, Douglas, IM1 2PT
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
Forevermark KK
85%
Common stock
New Otani Garden Court, 7th Floor, 4-1 Kioi-cho,
Chiyoda-ku, Tokyo
Jersey
A.R.H. Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
A.R.H. Limited (5)
100%
Class A
Class B
Class C
6, Esplanade, St Helier, JE1 1BX
Jersey
Ambras Holdings Limited (5) (6)
100%
Repurchaseable
Class A Ordinary
Repurchaseable
Class B Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Ammin Coal Holdings Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo African Exploration Holdings Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Amcoll UK Ltd (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Buttercup Company
Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Chile Investments UK Ltd (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Clarent UK Ltd (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Corporation de Chile
Holdings Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Exploration Colombia\u00a0
Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Exploration Overseas
Holdings Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Finland Holdings 2 Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Midway Investment Limited (5)
100%
A Shares
B Shares
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo American Overseas Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo Australia Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo Diamond Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo Iron Ore Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo Operations (International) Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo Peru Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo Quellaveco Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo South American Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Anglo Venezuela Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Aval Holdings Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
Jersey
Highbirch Limited (5)
100%
Class A
Class B
6, Esplanade, St Helier, JE1 1BX
Jersey
Kumba International Trading Limited (5)
53%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Minorco Overseas Holdings Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Minorco Peru Holdings Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
Jersey
Minpress Investments Limited (5)
100%
Ordinary
6, Esplanade, St Helier, JE1 1BX
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
6, Esplanade, St Helier, JE1 1BX
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
Repurchaseable
Class A Ordinary
C/o Accuvise Administrators Limited, 7A Mayer Street,
Port Louis
Mexico
Anglo American Mexico S.A. de C.V.
100%
Common
c/o Sanchez Mejorada, Velasco y Ribe, S.C., Bosque de
los Ciruelos 186, Oficina 201, Colonia Bosque de las
Lomas, Ciudad de Mexico, 11700
Mexico
Servicios Anglo American Mexico S.A. de C.V.
100%
Common
c/o Sanchez Mejorada, Velasco y Ribe, S.C., Bosque de
los Ciruelos 186, Oficina 201, Colonia Bosque de las
Lomas, Ciudad de Mexico, 11700
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
Kerbehuk Ridge Wind Energy Facility (Pty)
Ltd
N/A
Ordinary
7th Floor Namdeb Centre, 10 Frans Indongo Street, CBD,
Windhoek, 0000
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
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.
100%
Ordinary
151, Kingsfordweg, Amsterdam, 1043GR
Netherlands
Anglo American Exploration (Philippines)
B.V. (5)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
Netherlands
Anglo American Exploration 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 Marketing B.V.
100%
Ordinary
151 Kingsfordweg, Amsterdam, 1043GR
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
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\u00a0
Anglo American Exploration West Tethyan
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 Guinn Accountants, Section 15 Lot 15, Bernal Street,
PO Box 569 Port Moresby, NCD 121
Papua New
Guinea
Anglo American Exploration (PNG) Limited
100%
Ordinary
c/o BDO Accountants, Section 15 Lot 15, Bernal Street,
PO Box 569 Port Moresby, NCD 121
Peru
Anglo American Marketing Peru S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Peru S.A.
100%
Ordinary
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Quellaveco S.A.
60%
Class A Ordinary
Class B Non-
Voting
Calle Esquilache 371 Piso 10 San Isidro, Lima 27
Peru
Anglo American Servicios Per\u00fa S.A.
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
Serbia
Anglo American Exploration doo Beograd
100%
Ownership Interest
Vladimira Popovi\u0107a 8a, Beograd 11070
Sierra Leone
Gemfair (SL) Limited
85%
Ordinary
31 Lightfoot Boston Street, Freetown
Singapore
Anglo American Crop Nutrients (Singapore)
Pte. Ltd.
100%
Ordinary
6 Shenton Way, #33-00 Que Downtown, 068809
Singapore
Anglo American Shipping Pte. Limited
100%
Ordinary
10 Collyer Quay, #38-00\u00a0 Ocean Financial Centre,
049315
Singapore
De Beers Auction Sales Singapore Pte. Ltd.
85%
Ordinary
10 Collyer Quay, #03-04\u00a0 Ocean Financial Centre,
049315
Singapore
Kumba Singapore Pte. Ltd.
53%
Ordinary
10 Collyer Quay, #38-00\u00a0 Ocean Financial Centre,
049315
Singapore
MR Iron Ore Marketing Services Pte. Ltd.
50%
Ordinary
10 Collyer Quay, #38-00\u00a0 Ocean Financial Centre,
049315
Singapore
Samancor Marketing Pte.Ltd.
40%
Ordinary
16 Collyer Quay #18-00 Collyer Quay Centre, 049318
Singapore
Sulista Forte Pte. Ltd.
100%
Ordinary
77 Robinson Road, #13-00 Robinson, 77, 068896
South Africa
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
South Africa
Ambase Investment Africa (DRC) (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
South Africa
Ambase Investment Africa (Tanzania) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Ambase Investment Africa (Zambia) (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American EMEA Shared Services (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American Farms (Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Anglo American Farms Investment Holdings
(Pty) Ltd
100%
Ordinary
Vergelegen Wine Farm, Lourensford Road, Somerset
West, 7130
South Africa
Anglo American Group Employee
Shareholder Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose 2196
South Africa
Anglo American Marketing South Africa (Pty)
Ltd
77%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American Properties Ltd
100%
Ordinary
61 Katherine Street, Sandton, 2196
South Africa
Anglo American Prospecting Services (Pty)
Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American SA Finance Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American SEFA Mining Fund (Pty) Ltd
50%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American South Africa Investments
Proprietary Limited
100%
Ordinary
Preference
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American South Africa Proprietary
Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American Zimele (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo American Zimele Loan Fund (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo Corporate Enterprises (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo Corporate Services South Africa
Proprietary Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo South Africa (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Anglo South Africa Capital (Pty) Ltd
100%
Ordinary
Redeemable
Preference
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Balgo Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
DBCM Holdings Proprietary Limited
85%
Ordinary
Redeemable
Preference
36 Stockdale Street, Kimberley, 8301
South Africa
De Beers Consolidated Mines (Pty) Ltd (7)
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
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
South Africa
Dingleton Home-Owners Resettlement Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Element Six (Production) Proprietary Limited
51%
Ordinary
Debid Road, Nuffield, Springs, 1559
South Africa
Envusa Development Company Proprietary
Limited
50%
Ordinary
144 Oxford Road, Rosebank, Melrose, Gauteng, 2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
South Africa
Envusa Energy Capital (RF)\u00a0 Proprietary
Limited
50%
Ordinary
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
South Africa
Envusa Energy Proprietary Limited
50%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Envusa Holdings Proprietary Limited
50%
No par value
144 Oxford Road, Rosebank, Melrose, Gauteng, 2196
South Africa
First Mode SA (Pty) Ltd
81%
Ordinary No Par
Value
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
First Mode SA Holdings (Pty) Ltd
81%
Ordinary No Par
Value
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Great Kei Wind Power Proprietary Limited
50%
No par value
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
South Africa
Hartebeesthoek Midco Proprietary Limited
50%
Ordinary
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
South Africa
Hartebeesthoek Wind Power (RF)
Proprietary Limited
39%
Ordinary
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
South Africa
HMM Rehabilitation Trust Fund
N/A
N/A
\u00a06 Hollard Street, Marshalltown, 2107
South Africa
Hotazel Manganese Mines Proprietary
Limited
30%
Ordinary
Preference
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
KIO Investments Holdings (Pty) Ltd
70%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Kumba BSP Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Kumba Iron One Rehabilitation Trust
70%
N/A
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Kumba Iron Ore Limited
70%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Longboat (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Main Place Holdings Limited
39%
Ordinary
Suite 801, 76 Regent Road, Sea Point, Western Cape
8005
South Africa
Marikana Ferrochrome Limited
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg,
2196
South Africa
Marikana Minerals (Pty) Ltd
100%
Ordinary
44 Main Street, Johannesburg, 2000
South Africa
Metalloys Manganese Smelter Proprietary
Limited
40%
Ordinary NPV
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Mooi Plaats Midco Proprietary Limited
50%
Ordinary
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
South Africa
Mooi Plaats Solar Power (Rf) Proprietary
Limited
39%
Ordinary
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
South Africa
Newshelf 480 (Pty) Ltd
55%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
OUF (RF) (Pty) Ltd
45%
A\u00a0 Ordinary Shares
B Ordinary Shares
Suite 10, 1st Floor, 114 West Street, Sandton, 2191
South Africa
Polokwane Iron Ore Company (Pty) Ltd
27%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Resident Nominees (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Samancor Holdings Proprietary Limited
40%
Ordinary
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Samancor Manganese Proprietary Limited
40%
Ordinary NPV
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
Samancor Manganese Rehabilitation Trust
N/A
N/A
\u00a06 Hollard Street, Marshalltown, 2107
South Africa
Semela Employee Share Ownership Plan
Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Sibelo Resource Development (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
SIOC Employee Benefit Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
SIOC Employee Share Ownership Plan Trust
53%
N/A
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Sioc Solar Spv Proprietary Limited
50%
No par value
144 Oxford Road, Rosebank, Melrose, Gauteng, 2196
South Africa
Sioc SPV Midco Proprietary Limited
50%
No par value
144 Oxford Road, Rosebank, Melrose, Gauteng, 2196
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
South Africa
Sishen Iron Ore Company (Pty) Ltd
53%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Spectrem Air Pty Ltd
93%
Ordinary
No Par Value
144 Oxford Road, Rosebank, Melrose 2196
South Africa
Tenon Investment Holdings (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
Terra Nominees Proprietary Limited
40%
Ordinary
39 Melrose Boulevard, Melrose Arch, Johannesburg,
2076
South Africa
The De Beers South African Distribution
Access Share Trust
85%
N/A
144 Oxford Road, Rosebank, Melrose, 2196
South Africa
The Village of Cullinan (Pty) Ltd
63%
Ordinary
36 Stockdale Street, Kimberley, 8301
South Africa
Umsobomvu Midco Proprietary Limited
50%
Ordinary
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
South Africa
Umsobomvu Wind Power (RF) Proprietary
Limited
39%
Ordinary
The Oval, Fernhood House 1, Oakdale Road, Newlands,
Western Cape, 7700
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
44 Main Property Holdings (Pty) Ltd
100%
Ordinary
144 Oxford Road, Rosebank, Melrose, Johannesburg
South Africa
Main Street 1252 (Pty) Ltd (RF)
63%
Ordinary
De Beers House, Corner 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
Synova S.A.
28%
Ordinary
13 Route de Genolier; 1266 Duillier
Tanzania
Ambase Prospecting (Tanzania) Limited
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 (8)
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Capital Australia Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Capital plc (8)
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 Holdings
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%
8.3% Preference
B shares
Ordinary
8% Preference
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
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
United Kingdom
Anglo American Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Medical Plan Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Medical Plan Trust
100%
N/A
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo American Prefco Limited (8)
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. (8)
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 American Woodsmith MTS Limited
100%`
N/A
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo Base Metals Marketing Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo Teck Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Anglo UK Pension Trustee Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Birchall Gardens LLP
50%
N/A
Bardon Hall, Bardon Road, Coalville, Leicestershire, LE67
1TL
United Kingdom
Charterhouse CAP Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
De Beers Capital Limited
85%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
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
United Kingdom
Debcore Limited
43%
Ordinary-A
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Ebbsfleet Property Limited
50%
Ordinary
Bardon Hall, Bardon Road, Coalville, Leicestershire, LE67
1TL
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
12 New Fetter Lane, London, EC4A 1JP
Country of
incorporation(1)(2)
Name of undertaking
Percentage
of equity
owned (3)
Share class
Registered address
See page 350 for footnotes.
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 (9)
N/A
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United Kingdom
Security Nominees Limited (9)
N/A
Ordinary
17 Charterhouse Street, London, EC1N 6RA
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
YPF Limited
100%
Ordinary
17 Charterhouse Street, London, EC1N 6RA
United States of
America
Anglo American Crop Nutrients (USA), LLC
100%
Membership
interest
7700 E Arapahoe Road, Suite 220, Centennial Colorado,
80112
United States of
America
Anglo American US Holdings Inc.
100%
Common shares
c/o Corporation Service Company, 112 S. French Street,
Suite 105A, Wilmington, Delaware, 19801
United States of
America
De Beers Jewellers US, Inc.
85%
Common shares
300 First Stamford place, Stamford, CT 06902
United States of
America
Element Six Technologies US Corporation
85%
Ordinary
Incorporating Services Limited, 3500 South Dupont
Highway, Dover, County of Kent, Delaware, 19901
United States of
America
Element Six US Corporation
51%
Common stock
24900 Pitkin Road, Suite 250, Spring TX 77386
United States of
America
First Mode Holdings Inc.
81%
Ordinary
1209 Orange Street, City of Wilmington, Delaware,
19801
United States of
America
Forevermark US Inc.
85%
Common
300 First Stamford Place, Stamford, CT, 06902
United States of
America
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\u00a0
Torre Humboldt, floor 9, office 09-07, Rio Caura Street,\u00a0
Prados del Este.\u00a0 Caracas 1080.
Zambia
Anglo Exploration (Zambia) Limited
100%
Ordinary
The Gallery Office park, May building, Stand 4105A,
Rhodespark, Lusaka
39.
Related party transactions
The Group has related party relationships with its subsidiaries, joint operations, associates and joint ventures (see notes 37 and 38). 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 more
or less favourable to the Group than those arranged with third parties.
Associates
Joint ventures
Joint operations
US$ million
2025
2024
2025
2024
2025
2024
Transactions with related parties
Sale of goods and services
\u2013
\u2013
\u2013
\u2013
92
152
Purchase of goods and services
\u2013
\u2013
(198)
(198)
(1,471)
(1,712)
Balances with related parties
Trade and other receivables from related parties
\u2013
\u2013
15
19
17
38
Trade and other payables to related parties
\u2013
\u2013
(36)
(34)
(9)
(46)
Loans receivable from related parties
2
2
168
156
1
\u2013
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 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 Directors\u2019 Remuneration Report. Remuneration and benefits of key
management personnel, including directors, are disclosed in note 29. Information relating to pension fund arrangements is disclosed in note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-574": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-575": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-576": { "value": "Anglo\u00a0American\u00a0plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-577": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-578": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-579": { "value": "
40.
Auditors\u2019 remuneration
2025
2024
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)
5.0
3.1
8.1
\u2013
4.9
3.5
8.4
\u2013
Paid to the Company\u2019s auditor for other
services to the Group
Audit of the Company\u2019s subsidiaries
2.5
5.1
7.6
0.3
2.5
4.9
7.4
0.3
Total audit fees
7.5
8.2
15.7
0.3
7.4
8.4
15.8
0.3
Audit related assurance services
1.0
0.3
1.3
\u2013
0.9
0.7
1.6
\u2013
Other assurance services(2)
2.1
1.9
4.0
\u2013
0.7
0.4
1.1
\u2013
Total non-audit fees
3.1
2.2
5.3
\u2013
1.6
1.1
2.7
\u2013
(1)Includes audit fees of $1.4 million relating to prior periods (2024: $0.6 million).
(2)Other assurance services expenditure with PwC has increased from the prior year principally due to services relating to the divestment activity for Steelmaking Coal and Platinum.
Audit related assurance services include $1.3 million (2024 : $1.6 million) for the interim review.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-580": { "value": "
41.
Accounting policies
A. Basis of preparation
Basis of preparation
The Group\u2019s 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\u00a0periodic 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 2024 with the exception of new accounting
pronouncements, which became effective on 1 January 2025 and
have been adopted by the Group.
\u2013 Amendments to IAS 21 Lack of Exchangeability
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.
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
125-129. Further details of our policy on financial risk management
are set out in note\u00a026 to the financial statements on pages 317\u2013319.
The Group\u2019s net debt\u00a0(including related hedges) at 31\u00a0December 2025
was $8.6 billion (2024: $10.6 billion). The Group\u2019s liquidity position
(defined as cash and undrawn committed facilities) of $12.4 billion at
31\u00a0December\u00a02025 remains strong. Further details of borrowings and
facilities are set out in note\u00a023 and note 26, and net debt is set out in
note 22.
The Group\u2019s cash flow forecasts have been prepared based on the
existing Group, taking into consideration any planned sales,
divestments or demergers. The directors have considered the Group\u2019s
cash flow forecasts for the period to the end of December 2027 under
base and downside scenarios, with reference to the Group\u2019s principal
risks as set out within the Group viability statement on pages 113\u2013114.
On 9 December 2025, the Company\u2019s shareholders approved
resolutions in connection with the implementation of the proposed
merger of Anglo American and Teck. The directors have considered
the potential impact of effecting the merger on the going concern
scenarios modelled. In the downside scenarios modelled (including
pricing and production downsides, alongside a significant operational
incident and considering variation in timing of the Group divestments
and the impact of the merger completion including the payment of a
special dividend), 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 into account reasonably possible changes in trading
performance, show that the Group will be able to operate within the
level of its current facilities for a period of at least 12 months from
the\u00a0date 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 effective in the next 24 months, not
yet adopted are not expected to have a significant impact on the
Group:
\u2013 Amendments to IFRS 7 Financial Instruments: Disclosures (effective
1 January 2026)
\u2013 Amendments to IFRS 9 Financial Instruments (effective 1 January
2026)
\u2013 IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective 1 January 2027)
\u2013 Annual improvements to IFRS Accounting standards (2024 cycle
effective 1 January 2026)
\u2013 Amendment to IAS 21 Translation to a Hyperinflationary
Presentation Currency (effective 1 January 2027)
The following new IFRS accounting standards issued but not yet
effective are expected to have a significant impact on the Group:
\u2013 IFRS 18 Presentation and Disclosure in Financial Statements
(effective 1 January 2027)
The Group has begun its impact assessment on the implementation of
IFRS 18 Presentation and Disclosure in Financial Statements (effective
1 January 2027). The most significant impact on the Group financial
statements is\u00a0expected to be on the presentation of the Consolidated
income statement, and disclosure of Management Performance
Measures (MPMs). The Group is assessing the impact of the changes
and considering implications for the future presentation of the income
statement in particular. Under IFRS\u202f18, operating foreign exchange will
continue to be presented within operating profit, while new accounts
will be established to separately present foreign exchange arising from
financing and investing activities that may impact current presentation.
The Group will apply the standard from its mandatory effective date of
1 January 2027. Retrospective application is required, and so
comparative information for the financial year ending 31\u00a0December
2026 will be restated.
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 in
line with those used by the Group. Intra-group transactions, balances,
income and expenses are eliminated on consolidation, where
appropriate.
For non-wholly owned subsidiaries, non-controlling interests are
presented in\u00a0equity separately from the equity attributable to
shareholders of the Company. Profit or loss and other comprehensive
income are attributed to the shareholders of the Company and to
non\u2011controlling 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 2050 against payment of an average amount of $3.32
per share to Epoch, $4.99 per share to Epoch Two and $4.29 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. With
effect from 1 January 2026, the participation right for Epoch will be 5%.
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\u00a02025 the Investment Companies together held
98,906,534 (31\u00a0December 2024: 112,300,129) Anglo\u00a0American\u00a0plc
shares, which represented 8.4% (31\u00a0December 2024:\u00a08.4%) of the
ordinary shares in issue (excluding treasury shares) with a market
value of $4,099 million (31\u00a0December 2024: $3,330 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\u00a0any 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
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\u00a0fulfilled. 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\u00a0right 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 at inception 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.
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\u00a0equipment
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 8. 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.
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\u00a0equipment.
The effects of changes to the Life of Asset Plan on the expected cost
of\u00a0waste 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\u00a0management 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\u00a0the 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\u00a0the 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\u00a0owned 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\u00a0fair value gains and losses to profit or loss.
The Group has elected to recognise fair value gains and losses on the
derecognition of these equity instruments on the settlement date of the
transaction rather than the agreement date.
Impairment of financial assets
A financial asset not measured at fair value through profit or loss is
assessed at each reporting date to determine whether there is any
objective evidence that it is impaired. The Group assesses on a
forward-looking basis the expected credit losses, defined as the
difference between the contractual cash flows and the cash flows
that\u00a0are expected to be received, associated with its assets carried
at\u00a0amortised cost and fair value through OCI. The impairment
methodology applied depends on whether there has been a
significant increase in credit risk. For trade receivables only, the
simplified approach permitted by IFRS 9 is applied, which requires
expected lifetime losses to be recognised from initial recognition of
the\u00a0receivables.
Losses are recognised in the income statement. When a subsequent
event causes the amount of impairment loss to decrease, the
decrease in impairment loss is reversed through the income statement.
Impairment losses relating to equity instruments at fair value through
OCI are not reported separately from other changes in fair\u00a0value.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when the right to receive cash flows
from the\u00a0asset has expired, the right to receive cash flows has been
retained but an obligation to on-pay them in full without material delay
has been assumed or the\u00a0right to receive cash flows has been
transferred together with substantially all the risks and rewards of
ownership.
Financial liabilities are derecognised when the associated obligation
has been discharged, cancelled or has expired.
Environmental restoration and decommissioning obligations
An obligation to incur environmental restoration, rehabilitation and
decommissioning costs arises when disturbance is caused by the
development or ongoing production of a mining asset. Costs for
restoration of site damage, rehabilitation and environmental costs are
estimated using either the work of external consultants or internal
experts. Such costs arising from the decommissioning of plant and
other site preparation work, discounted to their net present value, are
provided for and capitalised at the start of each project, as soon as the
obligation to incur such costs arises.
These costs are recognised in the income statement over the life of the
operation, through the depreciation of the asset and the unwinding of
the discount on the provision. Costs for restoration of subsequent site
damage which is created on an ongoing basis during production are
provided for at their\u00a0net present values and recognised in the income
statement as ore extraction\u00a0progresses.
The amount recognised as a provision represents management\u2019s best
estimate of the consideration required to complete the restoration and
rehabilitation activity, the application of the relevant regulatory
framework and timing of expenditure. These estimates are inherently
uncertain and could materially change over time. Changes in the
measurement of a liability relating to the decommissioning of plant or
other site preparation work (that result from changes in the estimated
timing or amount of the cash flow or a change in the discount rate), are
added to or deducted from the cost of the related asset in the current
period. If a decrease in the liability exceeds the carrying amount of the
asset, the excess is recognised immediately in the income statement.
If\u00a0the asset value is increased and there is an indication that the revised
carrying value is not recoverable, an impairment test is performed in
accordance with the accounting policy set out above.
For some South African operations, annual contributions are made to
dedicated environmental rehabilitation trusts to fund the estimated
cost of rehabilitation during and at the end of the life of the relevant
mine. The Group exercises full control of these trusts and therefore the
trusts are consolidated. The trusts\u2019 assets are disclosed separately on
the balance sheet as non-current assets.
The trusts\u2019 assets are measured based on the nature of the underlying
assets in\u00a0accordance with accounting policies for similar assets.
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\u2019s
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\u00a0amortised 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.
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\u00a0an insignificant risk of changes in value. Initial margin relating to
the\u00a0Group\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\u00a0current 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\u00a0adjustment 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 25) 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.
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.
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.
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.
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. Furthermore,
actions required to complete the sale should indicate that it is unlikely
that significant changes to the sale will be made or that the decision to
sell will be withdrawn.
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. Costs to sell
are the incremental costs directly attributable to the disposal of an
asset (disposal group), excluding finance costs and income tax
expense.
On classification as held for sale the assets are no longer depreciated.
Comparative amounts are not adjusted.
A component of the Group classified as held for sale or disposed of in
the period is presented as discontinued operations where it either
represents a separate major line of business or geographical area of
operations or is part of a single co-ordinated plan to dispose of a
separate major line of business or geographical area of operations. A
discontinued operation is presented as a single amount in the income
statement and as a single amount in each category of cash flows in
the statement of cash flows. Comparative amounts are re-presented.
Intra-group transactions such as inter-segment trading, insurance
claims and recharge arrangements occur between the Group\u2019s
continuing and discontinued operations. Where the income and
expense relating to these transactions are recorded within the same
financial statement line item they continue to be included within the
results of both continuing and discontinued operations without
adjustment. For transactions recorded across multiple financial
statements line items, the Group has recorded appropriate elimination
adjustments.
Non-cash distribution to owners
Non-cash distributions to owners occur when a distribution of assets is
made to owners rather than cash.
The Group recognises a liability for dividends declared in the form of
non-cash assets when the distribution is appropriately authorised and
is no longer at the discretion of the entity. The liability is measured at
the fair value of the assets to be distributed at that date. Movements in
fair value between the date of declaration and the date of settlement
are recognised within equity (see note 36).
On the date of distribution, the carrying amount of the liability is settled,
and the non-cash assets are derecognised from the Group\u2019s financial
statements. Any difference between the carrying amount of the
distributed assets and the carrying amount of the dividend payable is
recognised in profit or loss.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-581": { "value": "
A. Basis of preparation
Basis of preparation
The Group\u2019s 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\u00a0periodic 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-582": { "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 2024 with the exception of new accounting
pronouncements, which became effective on 1 January 2025 and
have been adopted by the Group.
\u2013 Amendments to IAS 21 Lack of Exchangeability
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-583": { "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
125-129. Further details of our policy on financial risk management
are set out in note\u00a026 to the financial statements on pages 317\u2013319.
The Group\u2019s net debt\u00a0(including related hedges) at 31\u00a0December 2025
was $8.6 billion (2024: $10.6 billion). The Group\u2019s liquidity position
(defined as cash and undrawn committed facilities) of $12.4 billion at
31\u00a0December\u00a02025 remains strong. Further details of borrowings and
facilities are set out in note\u00a023 and note 26, and net debt is set out in
note 22.
The Group\u2019s cash flow forecasts have been prepared based on the
existing Group, taking into consideration any planned sales,
divestments or demergers. The directors have considered the Group\u2019s
cash flow forecasts for the period to the end of December 2027 under
base and downside scenarios, with reference to the Group\u2019s principal
risks as set out within the Group viability statement on pages 113\u2013114.
On 9 December 2025, the Company\u2019s shareholders approved
resolutions in connection with the implementation of the proposed
merger of Anglo American and Teck. The directors have considered
the potential impact of effecting the merger on the going concern
scenarios modelled. In the downside scenarios modelled (including
pricing and production downsides, alongside a significant operational
incident and considering variation in timing of the Group divestments
and the impact of the merger completion including the payment of a
special dividend), 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 into account reasonably possible changes in trading
performance, show that the Group will be able to operate within the
level of its current facilities for a period of at least 12 months from
the\u00a0date 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-584": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-585": { "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
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\u00a0fulfilled. 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\u00a0right 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-586": { "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\u00a0right 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-587": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-588": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-589": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-590": { "value": "
Short term and low value leases
Leases with a term of less than 12 months at inception 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\u00a0adjustment is made to the corresponding right-of-use asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-591": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-592": { "value": "
Business combinations and goodwill arising thereon
The identifiable assets, liabilities and contingent liabilities of a
subsidiary, a\u00a0joint arrangement or an associate, which can be
measured reliably, are recorded at their provisional fair values at the
date of acquisition. The estimation of the fair value of identifiable
assets and liabilities is subjective and the use of different valuation
assumptions could have a significant impact on financial results.
Goodwill is the fair value of the consideration transferred (including
contingent consideration and previously held non-controlling interests)
less the fair value of the Group\u2019s share of identifiable net assets on
acquisition.
Where a business combination is achieved in stages, the Group\u2019s
previously held interests in the acquiree are remeasured to fair value at
the acquisition date and the resulting gain or loss is recognised in the
income statement.
Amounts arising from interests in the acquiree prior to the acquisition
date that have previously been recognised in other comprehensive
income are reclassified to the income statement, where such
treatment would be appropriate if that interest were disposed of.
Transaction costs incurred in connection with the business
combination are expensed. Provisional fair values are finalised within
12 months of the acquisition date.
Goodwill in respect of subsidiaries and joint operations is included
within intangible assets. Goodwill relating to associates and joint
ventures is included within the carrying value of the investment.
Where the fair value of the identifiable net assets acquired exceeds the
cost of the acquisition, the surplus, which represents the discount on
the acquisition, is\u00a0recognised directly in the income statement in the
period of acquisition.
For non-wholly owned subsidiaries, non-controlling interests are
initially recorded at the non-controlling interests\u2019 proportion of the fair
values of net assets recognised at acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-593": { "value": "
Impairment of goodwill, intangible assets and property, plant
and\u00a0equipment
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 8. 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-594": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-595": { "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\u00a0management 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\u00a0the 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\u00a0the 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\u00a0owned property, plant and\u00a0equipment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-596": { "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\u00a0the 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\u00a0the 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-597": { "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\u00a0fair value gains and losses to profit or loss.
The Group has elected to recognise fair value gains and losses on the
derecognition of these equity instruments on the settlement date of the
transaction rather than the agreement date.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-598": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-599": { "value": "
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when the right to receive cash flows
from the\u00a0asset has expired, the right to receive cash flows has been
retained but an obligation to on-pay them in full without material delay
has been assumed or the\u00a0right to receive cash flows has been
transferred together with substantially all the risks and rewards of
ownership.
Financial liabilities are derecognised when the associated obligation
has been discharged, cancelled or has expired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-600": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-601": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-602": { "value": "
Trade and other payables
The majority of the Group\u2019s trade and other payables are measured
at\u00a0amortised 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-603": { "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\u00a0an insignificant risk of changes in value. Initial margin relating to
the\u00a0Group\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\u00a0current 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-604": { "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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-605": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-606": { "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 25) 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.
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.
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-608": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-607": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-609": { "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.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-610": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-611": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-612": { "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. Furthermore,
actions required to complete the sale should indicate that it is unlikely
that significant changes to the sale will be made or that the decision to
sell will be withdrawn.
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. Costs to sell
are the incremental costs directly attributable to the disposal of an
asset (disposal group), excluding finance costs and income tax
expense.
On classification as held for sale the assets are no longer depreciated.
Comparative amounts are not adjusted.
A component of the Group classified as held for sale or disposed of in
the period is presented as discontinued operations where it either
represents a separate major line of business or geographical area of
operations or is part of a single co-ordinated plan to dispose of a
separate major line of business or geographical area of operations. A
discontinued operation is presented as a single amount in the income
statement and as a single amount in each category of cash flows in
the statement of cash flows. Comparative amounts are re-presented.
Intra-group transactions such as inter-segment trading, insurance
claims and recharge arrangements occur between the Group\u2019s
continuing and discontinued operations. Where the income and
expense relating to these transactions are recorded within the same
financial statement line item they continue to be included within the
results of both continuing and discontinued operations without
adjustment. For transactions recorded across multiple financial
statements line items, the Group has recorded appropriate elimination
adjustments.
Non-cash distribution to owners
Non-cash distributions to owners occur when a distribution of assets is
made to owners rather than cash.
The Group recognises a liability for dividends declared in the form of
non-cash assets when the distribution is appropriately authorised and
is no longer at the discretion of the entity. The liability is measured at
the fair value of the assets to be distributed at that date. Movements in
fair value between the date of declaration and the date of settlement
are recognised within equity (see note 36).
On the date of distribution, the carrying amount of the liability is settled,
and the non-cash assets are derecognised from the Group\u2019s financial
statements. Any difference between the carrying amount of the
distributed assets and the carrying amount of the dividend payable is
recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-613": { "value": "0.16", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-614": { "value": "0.16", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD/xbrli:shares" } }, "f-615": { "value": "Anglo American plc17 Charterhouse Street London EC1N 6RAEngland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-616": { "value": "England", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300S9XF92D1X8ME43", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }