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Net debt
 12 Months Ended
Dec. 31, 2024
Disclosure Of Net Debt [Abstract]  
Net debt 19 Net debt
Analysis of changes in net debt
2024
Financial liabilities
Borrowings
excluding overdrafts
(note 20)(a)
US$m
Lease liabilities
(note 21)(b)
US$m
Derivatives related
to net debt
(note 23)(c)
US$m
Cash and cash
equivalents
including overdrafts
(note 22)(a)
US$m
Other
investments
(note 23)(d)
US$m
Net debt
US$m
At 1 January
(13,000)
(1,351)
(429)
9,672
877
(4,231)
Foreign exchange adjustment
57
69
(30)
(99)
(1)
(4)
Cash movements excluding exchange movements
494
455
104
(1,089)
(675)
(711)
Other non-cash movements
18
(586)
12
–
11
(545)
At 31 December
(12,431)
(1,413)
(343)
8,484
212
(5,491)
2023
Financial liabilities
Other assets
Borrowings
excluding overdrafts
(note 20)(a)
US$m
Lease liabilities
(note 21)(b)
US$m
Derivatives related
to net debt
(note 23)(c)
US$m
Cash and cash
equivalents including
overdrafts
(note 22)(a)
US$m
Other investments
(note 23)(d)
US$m
Net debt
US$m
At 1 January
(11,070)
(1,200)
(690)
6,774
1,998
(4,188)
Foreign exchange adjustment
(87)
(21)
62
(23)
–
(69)
Cash movements excluding exchange movements
(1,523)
426
(4)
2,921
(1,157)
663
Other non-cash movements
(320)
(556)
203
–
36
(637)
At 31 December
(13,000)
(1,351)
(429)
9,672
877
(4,231)
(a)Borrowings excluding overdrafts of US$12,431 million (2023:US$13,000 million) differs from Borrowings on the balance sheet as it excludes bank overdrafts of US$11 million
(2023: US$1 million) which has been included in cash and cash equivalents for the net debt reconciliation.
(b)Other non-cash movements in lease liabilities include the net impact of additions, modifications and terminations during the period.
(c)Included within “Derivatives related to net debt” are interest rate and cross-currency interest rate swaps that are in hedge relationships with the Group's debt.
(d)Other investments includes US$212 million (2023: US$877 million) of highly liquid financial assets held in a separately managed portfolio of fixed income instruments classified as held for
trading.
The table below summarises, by currency, our net debt, after taking into account relevant cross-currency interest rate swaps and foreign
exchange contracts:
2024
2023
Net debt by currency
Borrowings
excluding
overdrafts
US$m
Lease liabilities
US$m
Derivatives
related to net
debt
US$m
Cash and
cash
equivalents
US$m
Other
investments
US$m
Net debt
US$m
Net debt
US$m
US dollar
(12,181)
(539)
(343)
7,108
212
(5,743)
(4,033)
Australian dollar
(92)
(501)
–
721
–
128
(186)
Canadian dollar
(158)
(158)
–
81
–
(235)
(247)
South African rand
–
(2)
–
167
–
165
130
Other
–
(213)
–
407
–
194
105
Total
(12,431)
(1,413)
(343)
8,484
212
(5,491)
(4,231)