Interests in joint operations

12 Months Ended

Jun. 30, 2023

Investments accounted for using equity method [abstract]

Interests in joint operations

32    Interests in joint operations

Significant joint operations of the Group are those with the most significant contributions to the Group’s net profit or net assets. The Group’s interest in the joint operations results are listed in the table below. For a list of the Group’s investments in joint operations, refer to Exhibit 8.1 – List of Subsidiaries.

			Group’s interest
Significant joint operations	Country of operation	Principal activity	2023 %		2022 %
Mt Goldsworthy1	Australia	Iron ore mining		85		85
Mt Newman1	Australia	Iron ore mining		85		85
Yandi1	Australia	Iron ore mining		85		85
Central Queensland Coal Associates	Australia	Coal mining		50		50

1  These contractual arrangements are controlled by the Group and do not meet the definition of joint operations. However, as they are formed by contractual arrangement and are not entities, the Group recognises its share of assets, liabilities, revenue and expenses arising from these arrangements.

Assets held in joint operations subject to significant restrictions are as follows:

	Group’s share
	2023		2022
	US$M		US$M
Current assets		1,561		1,928
Non-current assets		26,370		26,256
Total assets1		27,931		28,184

1  While the Group is unrestricted in its ability to sell a share of its interest in these joint operations, it does not have the right to sell individual assets that are used in these joint operations without the unanimous consent of the other participants. The assets in these joint operations are also restricted to the extent that they are only available to be used by the joint operation itself and not by other operations of the Group.