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Property, plant and equipment (Tables)
 12 Months Ended
Dec. 31, 2024
Property, plant and equipment [abstract]  
Summary of property, plant and equipment Assets within operations for which production is not expected to fluctuate significantly from one year to another or which have a physical life
shorter than the related mine are depreciated on a straight line basis as follows.
Type of Property, plant and equipment
Land and buildings
Plant and equipment
Land
Buildings
Power-generating assets
Other plant and equipment
Depreciation profile
Not depreciated
5 to 50 years
See Power note below on
page 189
3 to 50 years
Property, plant and equipment – owned
2024
Note
Mining
properties
and leases(a)
US$m
Land
and
buildings
US$m
Plant
and
equipment
US$m
Capital
works in
progress
US$m
Total
US$m
Net book value
At 1 January 2024
13,555
8,022
36,345
7,368
65,290
Adjustment on currency translation(b)
(500)
(548)
(2,634)
(396)
(4,078)
Adjustments to capitalised closure costs
14
64
–
–
–
64
Interest capitalised(c)
9
–
–
–
424
424
Additions(d)
350
246
1,226
7,551
9,373
Depreciation for the year(a)
(1,217)
(531)
(3,554)
–
(5,302)
Impairment charges net of reversals(e)
(38)
(39)
(457)
(9)
(543)
Disposals
(1)
(5)
(75)
(17)
(98)
Acquisitions, including fair value adjustment for contributed assets(f)
150
64
429
7
650
Operations divested(g)
–
(2)
(34)
–
(36)
Transfers and other movements(h)
1,833
1,013
3,127
(4,372)
1,601
At 31 December 2024
14,196
8,220
34,373
10,556
67,345
Comprising:
– cost
30,762
14,822
78,295
10,925
134,804
– accumulated depreciation and impairment
(16,566)
(6,602)
(43,922)
(369)
(67,459)
Total
14,196
8,220
34,373
10,556
67,345
Non-current assets pledged as security(i)
5,676
2,257
7,058
3,397
18,388
2023
Note
Mining
properties
and leases(a)
US$m
Land
and
buildings
US$m
Plant
and
equipment
US$m
Capital
works in
progress
US$m
Total
US$m
Net book value
At 1 January 2023
10,529
6,699
34,407
12,096
63,731
Adjustment on currency translation(b)
14
116
495
54
679
Adjustments to capitalised closure costs
14
(292)
–
–
–
(292)
Interest capitalised(c)
9
–
–
–
275
275
Additions(d)
222
207
1,381
5,110
6,920
Depreciation for the year(a)
(802)
(504)
(3,511)
–
(4,817)
Impairment charges net of reversals(e)
(92)
(58)
(922)
(87)
(1,159)
Disposals
–
(28)
(73)
(27)
(128)
Transfers and other movements(h)
3,976
1,590
4,568
(10,053)
81
At 31 December 2023
13,555
8,022
36,345
7,368
65,290
Comprising
–cost
29,731
14,737
80,993
7,728
133,189
–accumulated depreciation and impairment
(16,176)
(6,715)
(44,648)
(360)
(67,899)
Total
13,555
8,022
36,345
7,368
65,290
Non-current assets pledged as security(i)
5,307
1,477
6,980
3,715
17,479
(a)At 31 December 2024, the net book value of capitalised production phase stripping costs totalled US$2,326 million, with US$1,947 million within “Property, plant and equipment” and a
further US$379 million within “Investments in equity accounted units” (2023: total of US$2,505 million, with US$2,069 million in “Property, plant and equipment” and a further US$436 million
within “Investments in equity accounted units”). During the year, capitalisation of US$423 million was offset by depreciation of US$580 million, inclusive of amounts recorded within equity
accounted units (2023: US$325 million offset by depreciation of US$324 million). Depreciation of deferred stripping costs in respect of subsidiaries of US$411 million (2023: US$216 million;
2022: US$246 million) is included within “Depreciation for the year”.
(b)Adjustment on currency translation represents the impact of exchange differences arising on the translation of the assets of entities with functional currencies other than the US dollar,
recognised directly in the currency translation reserve. The adjustment in 2024 arose primarily from the weakening of the Australian and Canadian dollars against the US dollar.
(c)Our average borrowing rate, excluding any project finance, used for capitalisation of interest is 7.20% (2023: 7.50%).
(d)Additions to “Property, plant and equipment” includes US$144 million of spend on carbon abatement (2023: US$94 million).
(e)Refer to note 4 for details.
(f)Primarily relates to the acquisition of the remaining 20.64% interest in New Zealand Aluminium Smelters (NZAS). The transaction has been accounted for as a business combination
achieved in stages, with our previous 79.36% interest in the NZAS joint operation deemed to have been disposed of. Refer to note 5 for details.
(g)Relates to our sale of the Lake MacLeod salt and gypsum operations. Refer to note 5 for details.
(h)“Transfers and other movements” includes reclassification between categories. In 2024, this included amounts reclassified from Intangible Assets relating to exploration and evaluation at
Simandou (US$732 million) and Rincon (US$1,013 million) following Board approval of “notice to proceed” in February 2024 and December 2024, respectively.
(i)Excludes assets held under capitalised lease arrangements. Non-current assets pledged as security represent amounts pledged as collateral against US$4,011 million (2023: US$3,994
million) of loans, which are included in note 20.
Schedule of property, plant and equipment, owned and leased assets Property, plant and equipment - owned and leased assets
2024
US$m
2023
US$m
Property, plant and equipment – owned
67,345
65,290
Right-of-use assets – leased
1,228
1,178
Net book value
68,573
66,468
Schedule of property, plant and equipment, right-of-use assets Right-of-use assets – leased
2024
2023
Land and buildings
US$m
Plant and equipment
US$m
Total
US$m
Land and buildings
US$m
Plant and equipment
US$m
Total
US$m
Net book value
At 1 January
543
635
1,178
515
488
1,003
Adjustment on currency translation
(37)
(24)
(61)
11
4
15
Additions
150
420
570
96
420
516
Depreciation for the year
(125)
(353)
(478)
(88)
(305)
(393)
Net impairment reversal/(charges)(a)
–
5
5
(1)
(7)
(8)
Disposals
–
–
–
–
(1)
(1)
Transfers and other movements
(7)
21
14
10
36
46
At 31 December
524
704
1,228
543
635
1,178
(a)Refer to note 4 for details.