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Intangible assets (Tables)
 12 Months Ended
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