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Intangible assets (Tables) | 12 Months Ended
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Dec. 31, 2024
Intangible Assets [Abstract] |
Summary of intangible assets |
| 2024
| Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets(a) US$m | Total US$m
Net book value |  |  |  |  |
At 1 January 2024 | 1,979 | 9 | 1,953 | 448 | 4,389
Adjustment on currency translation | (44) | (1) | (159) | (39) | (243)
Additions(b) | 416 | – | – | 116 | 532
Amortisation for the year | – | (4) | (7) | (127) | (138)
Disposals, transfers and other movements(c) | (1,789) | – | – | 53 | (1,736)
At 31 December 2024 | 562 | 4 | 1,787 | 451 | 2,804
–cost | 564 | 207 | 2,758 | 1,922 | 5,451
–accumulated amortisation and impairment | (2) | (203) | (971) | (1,471) | (2,647)
Total | 562 | 4 | 1,787 | 451 | 2,804
| 2023
| Exploration and evaluation US$m | Trademarks, patented and non-patented technology US$m | Contract-based intangible assets US$m | Other intangible assets (a) US$m | Total US$m
Net book value |  |  |  |  |
At 1 January 2023 | 1,368 | 12 | 1,875 | 390 | 3,645
Adjustment on currency translation | – | 1 | 52 | 8 | 61
Additions(d) | 471 | – | – | 121 | 592
Amortisation for the year | – | (4) | (7) | (113) | (124)
Impairment reversal(d) | 231 | – | – | – | 231
Newly consolidated operations(e) | 85 | – | – | – | 85
Disposals, transfers and other movements | (176) | – | 33 | 42 | (101)
At 31 December 2023 | 1,979 | 9 | 1,953 | 448 | 4,389
–cost | 1,989 | 222 | 2,996 | 1,926 | 7,133
–accumulated amortisation and impairment(d) | (10) | (213) | (1,043) | (1,478) | (2,744)
Total | 1,979 | 9 | 1,953 | 448 | 4,389
(a)Other intangible assets include US$50 million (2023: US$61 million) of carbon abatement spend. This relates to procurement of carbon units and RECs, from which we will get future economic benefit. (b)In 2024, additions primarily relate to project costs incurred at Simandou prior to Board approval of “notice to proceed” in February 2024 and at Rincon from July 2024 following approval by the Argentine Congress of the new “RIGI” legislation, which underpinned the economic business case, until Board notice to proceed in December 2024. (c)“Transfers and other movements” includes reclassification between categories. In 2024, following approvals by the Board of notice to proceed, exploration and evaluation assets relating to Simandou (US$732 million) and Rincon (US$1,013 million), were transferred in full to Property, plant and equipment after being assessed for indicators of impairment. (d)In 2023, we commenced capitalisation of exploration and evaluation costs at the Simandou project based on our confidence in the project progressing, this also resulted in an impairment reversal, refer to note 4 for details. (e)In 2023, newly consolidated operations relate to our purchase of Meridian Minera Limitada’s 57.74% share in Agua de la Falda. Refer to note 5 for details. 12 Intangible assets continued Where amortisation is calculated on a straight line basis, the following useful lives have been determined:
| Trademarks, patented and non-patented technology | Contract-based intangible assets | Other intangible assets
Type of intangible | Trademarks | Patented and non-patented technology | Power contracts/ water rights | Other purchase and customer contracts | Internally generated intangible assets and computer software | Other intangible assets
Amortisation profile | 14 to 20 years | 10 to 20 years | 2 to 45 years | 5 to 15 years | 2 to 5 years | 2 to 20 years

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