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Financial instruments and risk management - Summary of techniques to value significant fair value assets/(liabilities) categorised under level 2 and 3 (Details) - USD ($) $ in Millions | Dec. 31, 2024 | Dec. 31, 2023
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Level 2 | Discounted cash flows | Applicable market quoted swap yield curves Credit default spread | Interest rate swaps |  |
Disclosure of detailed information about financial instruments [line items] |  |
Financial liabilities, fair value | $ (156) | $ (163)
Level 2 | Discounted cash flows | Applicable market quoted swap yield curves Credit default spread Market quoted FX rate | Cross-currency interest rate swaps |  |
Disclosure of detailed information about financial instruments [line items] |  |
Financial liabilities, fair value | (187) | (266)
Level 2 | Closely related listed product | Applicable forward quoted metal price | Provisionally priced receivables |  |
Disclosure of detailed information about financial instruments [line items] |  |
Financial assets, fair value | 1,374 | 1,362
Level 3 | Discounted cash flows | Forward electricity price Energy volume | Renewable power purchase agreements |  |
Disclosure of detailed information about financial instruments [line items] |  |
Financial liabilities, fair value | (111) | 0
Level 3 | Discounted cash flows | Forward commodity price Mine production | Royalty receivables |  |
Disclosure of detailed information about financial instruments [line items] |  |
Financial assets, fair value | 252 | 214
Level 3 | Option pricing model | LME forward aluminium price Midwest premium and billet premium | Derivatives embedded in electricity contracts |  |
Disclosure of detailed information about financial instruments [line items] |  |
Financial liabilities, fair value | $ (132) | $ (186)

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