Annual Report 2007 - Antofagasta plc

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Corporate Social ResponsibilityCSR REPORTOpen pit at Los Pelambres.The Esperanza project will cover various areasof social activity.The Esperanza project intends to ensure that at least 30% of the staffcome from the Antofagasta region.36Antofagasta plc Annual Report and Financial Statements 2007
ContentsDescription of Group’s Activities 38Governance and Ethics 39Systems and Risk Management 39Communication 42Working in Partnership with Other Organisations 42Human Resources 44IntroductionThe Group aims to discover world class mineraldeposits and develop and operate its assets safely,responsibly and efficiently, in order to provide goodreturns to shareholders and benefit stakeholdersthroughout economic cycles. Sustainable developmentconsiderations are an integral part of the Group’sdecision-making process and it adopts a long-termview in formulating strategy, company policy andeveryday business procedures.Mining companies can be instrumental in thedevelopment of economies and communities.The Group recognises both its global and localresponsibilities and seeks to contribute to the socioeconomicdevelopment of communities located aroundits operations and projects principally through formingmutually beneficial local partnerships.Some of the Group’s operations have sustainabledevelopment policies in place, which are implementedin day-to-day business in a number of ways. TheGroup places the adoption of safe work practicesat the centre of operational activity. It exercisesstewardship of natural resources to manage socialand environmental risk and to minimise pollution andenvironmental footprint; this includes an integratedapproach to the conservation of biodiversity andland and water management. It seeks to minimisestoppages in its mining and processing operations,minimise costs and maximise the benefit gained froma motivated workforce. These policies and practicesare underlined by a culture of strong managementcombined with a focus on innovation, explorationand investment.Occupational Health 46Safety 48Environment 49Community Relations 55Awards and Recognition 59As explained in the Chairman’s Review on pages5 to 21, the Group has recently acquired a numberof growth opportunities in Chile and abroad, andcontinues to seek opportunities to secure world-classmining assets. At the same time, the mining industryin Chile has been confronted by new issues in areassuch as energy and water usage, labour markets,increased competition for resources and increasedscrutiny from its different stakeholders. Thesedevelopments provide new challenges andopportunities which need to be addressed inan effective and timely manner while taking thesustainable development considerations outlinedabove into account.Accordingly, during 2007 the Board decided to developand implement a Sustainable Development Policy toprovide a structured framework through which itsstrategy and growth plans could be achieved;formulation of this is now in progress. Thisprocess, which is being led by the mining division’senvironmental and external affairs departments, hasinvolved Board members, senior management atcorporate and operational level and the sustainabilityteams of each mining operation. The processwill result in specific policies for environment andcommunity relations which are currently under reviewand are intended to be applied across the Group.The Group has also placed greater emphasison its accountability for reporting on sustainabledevelopment matters beyond the informationcontained in this Annual Report. During 2007,Los Pelambres published its first annual sustainabilityreport (relating to the 2006 calendar year) as well asCSR REPORTAntofagasta plc Annual Report and Financial Statements 2007 37
Page 1: ANTOFAGASTAAnnual Report and Financ
Page 4 and 5: Highlights• Net earnings up 2.1%
Page 6 and 7: Highlights continued471.8 498.4 467
Page 8 and 9: CHAIRMAN’S REVIEWChairman’s Rev
Page 12 and 13: A R G E N T I N ACHAIRMAN’S REVIE
Page 24 and 25: Financial ReviewFINANCIAL REVIEWBas
Page 26 and 27: Financial Review continuedFINANCIAL
Page 41 and 42: TransportationThe Antofagasta Railw
Page 43 and 44: Other international and national st
Page 45 and 46: Organisations of which Group compan
Page 47 and 48: Compensation, recruitment and reten
Page 49 and 50: CSR REPORTEl Tesoro promotes a cult
Page 51 and 52: • health and safety issues are mo
Page 53 and 54: Native vegetation at the Choapa Val
Page 55 and 56: existing naturally in the Andean re
Page 57 and 58: saponaria), Espino (Acacia caven),
Page 59 and 60: • The “Together We Can Grow Mor
Page 61 and 62: Awards and RecognitionDuring the ye
Page 63 and 64: special dividend. The total cost of
Page 65 and 66: EnvironmentThe Group seeks to ensur
Page 67 and 68: Antofagasta Railway Company plc (ra
Page 69 and 70: Information and professional develo
Page 71 and 72: Company, for safeguarding the asset
Page 73 and 74: Statement of Compliance withthe Det
Page 75 and 76: Non-Executive Directors’ feesThe
Page 77 and 78: Audited InformationDirectors’ rem
Page 79 and 80: Basis of audit opinionWe conducted
Page 81 and 82: Consolidated Balance SheetAt 31 Dec
Page 83 and 84: Consolidated Statement of Changes i
Page 85 and 86: 2 Principal Accounting Policiesa) A
Page 87 and 88: 2 Principal Accounting Policies con
Page 89 and 90:
2 Principal Accounting Policies con
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
4 Revenue and Total Profit from Ope
Page 97 and 98:
5 Segment Information continueda) P
Page 99 and 100:
5 Segment Information continueda) P
Page 101 and 102:
6 Profit for the YearProfit for the
Page 103 and 104:
8 Net Finance IncomeNet finance inc
Page 105 and 106:
11 DividendsAmounts recognised as d
Page 107 and 108:
13 Property, Plant and EquipmentLan
Page 109 and 110:
16 Investment in Associate2007 2006
Page 111 and 112:
19 Inventories2007 2006US$m US$mRaw
Page 113 and 114:
22 Borrowings continued(ii)Other lo
Page 115 and 116:
22 Borrowings continuedd) Maturity
Page 117 and 118:
24 Financial Instruments and Financ
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
26 Deferred Tax continuedAt 31 Dece
Page 129 and 130:
29 Minority InterestsThe minority i
Page 131 and 132:
33 Notes to the Consolidated Cash F
Page 133 and 134:
37 Related Party Transactions conti
Page 135 and 136:
38 Contingent Assets and Contingent
Page 137 and 138:
40A Basis of Preparation of the Bal
Page 139 and 140:
40D Subsidiaries continueda) Invest
Page 141 and 142:
40G Independent Auditors’ Report
Page 143 and 144:
Dividends to Ordinary ShareholdersD
Page 145 and 146:
Mining Production and Sales, Transp
Page 147 and 148:
A ‘Measured Mineral Resource’ i
Page 149 and 150:
Notes to Ore Reserve and Mineral Re
Page 151 and 152:
GDPGross Domestic Product.Governmen
Page 153 and 154:
TC/RCTreatment and refining charges
Page 155 and 156:
Directors and AdvisorsDirectorsJ-P
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