v3.24.2.u1
Leases (Tables)
 12 Months Ended
Jun. 30, 2024
Text block 1 [Abstract]  
Summary of Movements in Lease Liabilities
Movements in the Group’s lease liabilities during the year are as follows:
 
    
2024
     2023  
    
US$M
     US$M  
At the beginning of the financial year
   
 
3,019
  
     2,576  
Additions
   
 
593
 
     542  
Acquisition of subsidiaries and operations
1
   
 
–
 
     423  
Remeasurements of index-linked freight contracts
   
 
230
 
     53  
Lease payments
   
 
(837
) 
     (706 ) 
Foreign exchange movement
   
 
(16
) 
     12  
Amortisation of discounting
   
 
181
 
     130  
Divestment of subsidiaries and operations
2
   
 
(60
) 
     –  
Transfers and other movements
   
 
6
 
     (11 ) 
  
 
 
    
 
 
  
At the end of the financial year
   
 
3,116
 
     3,019  
  
 
 
    
 
 
  
Comprising:
     
Current liabilities
   
 
686
 
     521  
Non-current
liabilities
   
 
2,430
 
     2,498  
  
 
 
    
 
 
  
 
1
 
Relates to the acquisition of OZL on 2 May 2023. Refer to note 29 ‘Business combinations’ for more information.
2
 
Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information.
Summary of Maturity Profile of Lease Liabilities
The maturity profile of lease liabilities based on the undiscounted contractual amounts is as follows:
 
Lease liability
   
2024
     2023  
    
US$M
     US$M  
Due for payment:
     
In one year or less or on demand
   
 
836
 
     658  
In more than one year but not more than two years
   
 
591
 
     538  
In more than two years but not more than five years
   
 
1,012
 
     1,031  
In more than five years
1
   
 
1,761
 
     1,846  
  
 
 
    
 
 
  
Total
   
 
4,200
 
     4,073  
  
 
 
    
 
 
  
Carrying amount
   
 
3,116
 
     3,019  
  
 
 
    
 
 
  
 
1
 
Includes US$738 million (2023: US$808 million) due for payment in more than ten years.
Summary of Movements in Right of Use Assets
Movements in the Group’s
right-of-use
assets during the year are as follows:
 
    
2024
     2023  
    
Land and
buildings
    
Plant and
equipment
    
Total
     Land and
buildings		     Plant and
equipment		     Total  
    
US$M
    
US$M
    
US$M
     US$M     US$M     US$M  
Net book value
             
At the beginning of the financial year
   
 
573
 
  
 
2,236
 
  
 
2,809
 
     452       1,909       2,361  
Additions
   
 
26
 
  
 
567
 
  
 
593
 
     192       350       542  
Acquisition of subsidiaries and operations
   
 
–
 
  
 
–
 
  
 
–
 
     –       423       423  
Remeasurements of index-linked freight contracts
   
 
–
 
  
 
230
 
  
 
230
 
     –       53       53  
Depreciation expensed during the period
   
 
(79
) 
  
 
(638
) 
  
 
(717
) 
     (71 )      (462 )      (533 ) 
Impairments for the year
   
 
–
 
  
 
(140
) 
  
 
(140
) 
     –       –       –  
Divestment of subsidiaries and operations
1
   
 
(30
) 
  
 
(40
) 
  
 
(70
) 
     –       –       –  
Transfers and other movements
   
 
–
 
  
 
3
 
  
 
3
 
     –       (37 )      (37 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
At the end of the financial year
   
 
490
 
  
 
2,218
 
  
 
2,708
 
     573       2,236       2,809  
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
– Cost
   
 
742
 
  
 
4,479
 
  
 
5,221
 
     758       4,088       4,846  
– Accumulated depreciation and impairments
   
 
(252
) 
  
 
(2,261
) 
  
 
(2,513
) 
     (185 )      (1,852 )      (2,037 ) 
  
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
1
 
Relates to the divestment of the Blackwater and Daunia mines completed on 2 April 2024. Refer to note 3 ‘Exceptional items’ for more information.
Summary of Amounts Recorded in Income Statement and Cash Flow Statements
Amounts recorded in the income statement and the cash flow statement for the year were:
 
    
2024
      2023      2022     
Included within
    
US$M
      US$M      US$M       
Income statement
            
Depreciation of
right-of-use
assets
   
 
717
 
      533        964      Profit from operations
Short-term,
low-value
and variable lease costs
1
   
 
916
 
      795        847      Profit from operations
Interest on lease liabilities
   
 
181
 
      130        119      Financial expenses
Cash flow statement
            
Principal lease payments
   
 
656
 
      576        1,130      Cash flows from financing activities
Lease interest payments
   
 
181
 
      130        119      Cash flows from operating activities
 
1
 
Relates to US$792 million of variable lease costs (2023: US$714 million; 2022: US$585 million), US$96 million of short-term lease costs (2023: US$47 million; 2022: US$222 million) and US$28 million of
low-value
lease costs (2023: US$34 million; 2022: US$40 million). Variable lease costs include contracts for hire of mining service equipment, drill rigs and transportation services. These contracts contain variable lease payments based on usage and asset performance.