| Expenses and other income |
5 Expenses and other income
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| |
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2024 |
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2023 |
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US$M |
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|
US$M |
|
Employee benefits expense: |
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Wages and salaries |
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4,633 |
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4,539 |
|
Employee share awards |
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112 |
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|
97 |
|
Social security costs |
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5 |
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4 |
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Pension and other post-retirement obligations |
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374 |
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|
339 |
|
Less employee benefits expense classified as exploration and evaluation expenditure |
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(49 |
) |
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(35 |
) |
Changes in inventories of finished goods and work in progress |
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(289 |
) |
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|
301 |
|
Raw materials and consumables used |
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6,536 |
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6,710 |
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Freight and transportation |
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2,270 |
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2,299 |
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External services |
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5,795 |
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|
4,768 |
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Third-party commodity purchases |
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1,977 |
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|
1,878 |
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Net foreign exchange losses/(gains) |
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23 |
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(197 |
) |
Fair value change on derivatives 1 |
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|
84 |
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|
135 |
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Government royalties paid and payable |
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3,571 |
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3,841 |
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Exploration and evaluation expenditure incurred and expensed in the current period |
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|
399 |
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|
294 |
|
Depreciation and amortisation expense |
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5,295 |
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5,061 |
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Impairment net of reversals: |
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Property, plant and equipment |
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3,833 |
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73 |
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Goodwill and other intangible assets |
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57 |
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2 |
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All other operating expenses |
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2,124 |
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1,764 |
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Total expenses |
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36,750 |
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31,873 |
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Loss/(gain) on disposal of subsidiaries and operations 2 |
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(915 |
) |
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(8 |
) |
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(370 |
) |
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(386 |
) |
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Total other income |
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(1,285 |
) |
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(394 |
) |
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1 |
Fair value change on derivatives is principally related to commodity price contracts, foreign exchange contracts and embedded derivatives used in the ordinary course of business as well as derivatives used as part of the funding of dividends. |
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Includes impact of fair value remeasurement of Blackwater and Daunia divestment related contingent consideration. FY24 mainly relates to the gain on divestment of Blackwater and Daunia mines. Refer to note 3 ‘Exceptional items’ for further information. |
3 |
Other income is generally income earned from transactions outside the course of the Group’s ordinary activities and may include certain management fees from non-controlling interests and joint arrangements, royalties and commission income. | Recognition and measurement Other income is recognised when it is probable that the economic benefits associated with a transaction will flow to the Group and can be reliably measured. Dividend income is recognised upon declaration.
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