Business combinations (Tables)

12 Months Ended

Jun. 30, 2023

The provisional fair values of the identifiable assets and liabilities acquired as of the date of acquisition were:


	2023
	US$M
Assets
Cash and cash equivalents		104
Trade and other receivables 1		77
Other financial assets		7
Inventories		329
Property, plant and equipment		7,676
Intangible assets - goodwill		192
Current tax receivable		36
Other assets		25

Total assets		8,446

Liabilities
Trade and other payables		242
Interest bearing liabilities		1,111
Deferred tax liabilities 2		867
Provisions		254

Total liabilities		2,474

Identifiable net assets acquired		5,972

Total consideration paid 3,4		5,972
Cash and cash equivalents acquired		(104	)

Net cash consideration paid		5,868

1	This represents the gross contractual amount for trade and other receivables all of which is expected to be collected.

2	This primarily represents the difference between the provisional fair value of the mineral rights acquired and the corresponding tax base.

3	The Group executed a forward exchange contract to hedge the foreign exchange exposure on the consideration made in AUD. On maturity of the hedging instrument, a hedge loss of US$35 million was capitalised to the cost of the acquisition.

4	The consideration paid by the Group was A$26.50 (at the average hedged exchange rate of AUD/USD 0.6681) per OZL share over 337,314,920 shares and excluded a special dividend of A$1.75 per OZL share which was paid by OZL to its shareholders immediately prior to acquisition.