Annual Report 2007 - Antofagasta plc

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Corporate Social Responsibility continuedCSR REPORTCommunicationThe Group recognises the importance of timelyand accurate information flows, both within theGroup’s companies and with external stakeholders.Communication channels include websites, intranets,publications, consultation procedures and face-to-facemeetings with internal and external parties. The Groupis committed to maximising transparency within theparameters of good business sense and commercialconfidentiality. The Board expects its Directors,senior management and other staff to behave withintegrity and comply with the ethical standards ofthe Group and their own professions in preparing andpublishing information, for example financial reportsand press updates.External communication is achieved at Group andbusiness unit level through the publication of financial,operational and social and environmental data. Thisincludes production reports, financial reports (includingthe Annual Report, preliminary, interim and quarterlyfigures) and press releases through the RegulatoryNews Service of the London Stock Exchange for anymaterial developments. Spanish language releasesare also published contemporaneously in Santiago.At the business unit level, information aboutoperational activities is also made available tolocal stakeholders through community consultationprogrammes, open meetings and memos. Grievanceprocedures allow interested parties to lodge complaintsand request information. Recently, the Group hasplaced greater emphasis on communications withcommunities in the areas around which its operationsand projects are located; for example in the Esperanzaproject, which was approved during 2007, dialoguewith local communities has been encouraged anddeveloped from the start.As explained in the Introduction to this report,Los Pelambres published a sustainability report in2007 as well as a separate report on its integral healthsystem model; AMSA has also issued a publication toshow different initiatives the mining division has takenon environmental and community issues. This formspart of an overall effort to enhance communicationsincluding the development of a communications planfor each operation and project and the introductionof measureable action plans and training.Internal communication within the Group isachieved through regular staff meetings with seniormanagement. The principal business units publishregular magazines and use intranets to communicateGroup principles and ethics as well as to facilitate theflow of information throughout the Group.Working in Partnership withOther OrganisationsThe Group believes that communication andconsultation with governments, non-governmentalorganisations and labour and financial institutionsis crucial for the development of economies andcommunities. Partnerships facilitate the developmentof sound technologies to improve operationalprocesses, products, and protection of theenvironment. The Group also considers that its owndecision-making processes benefit from consultationwith relevant stakeholders. Accordingly, it seeks towork closely with host countries and communitiesand communicates its views to governmental agencieseither directly or through industry associations andrepresentative bodies at both national andinternational levels.During 2007, AMSA together with other miningcompanies and institutions approached the Ministryof Mining with a proposal: “Education and Mining:the Streak of Development”. This proposal is aimedat enhancing students’ knowledge and understandingof mining activities by including mining education inthe school curriculum in Chile.AMSA was one of the main sponsors of thefirst “Mining Course for Journalists” organisedby SONAMI (the National Mining Society), toencourage the development of closer relationshipsbetween mining companies, SONAMI and themedia. Over 50 journalists participated in thetraining course.Exponor is an international bi-annual event organisedby the Antofagasta Association of Industrialists.It took place most recently in July 2007 in theAntofagasta Region where mining accounts for42Antofagasta plc Annual Report and Financial Statements 2007
Organisations of which Group companies are membersOrganisation Description Group MembershipSociedad Nacional deMinería de Chile (SONAMI)Consejo Minero de Chile(Consejo Minero)An industry body that is an association groupingprivate entrepreneurs of small, medium andlarge size mining companies. It represents,leads and looks after the interests of the privatemining sector in relation to public and privateinstitutions, authorities, and the local andinternational communitiesAn association of 17 large size Chilean miningcompanies founded in 1998 for the purpose ofprotecting, promoting and supporting theChilean mining sectorLos Pelambres and MichillaLos PelambresCSR REPORTInternational CopperAssociation (ICA)An international organisation for promoting theuse of copper worldwide and co-ordinating andimproving the effectiveness of internationalmarket development, research, and technologyactivities of the industryAMSA (through one of its subsidiaries)International MolybdenumAssociation (IMOA)An international organisation which aims topromote the use of molybdenum, gathertechnical literature and scientific data onenvironmental issues, prepare industryguidelines and collect historical statisticson global demand and supplyAMSA (through one of its subsidiaries)Antofagasta Associationof IndustrialistsAn organisation which aims to foster theconcept of sustainable development andpromote policies and ideas to the communityand other businessesEl TesoroMichillaADASAFCABAccionRSEAn organisation developed as a result of aprivate initiative, to promote good corporatesocial responsibility practicesAMSALos Pelambresapproximately 90% of regional exports. Exponoris one of the largest mining conferences in LatinAmerica with a focus on promoting mining in theAntofagasta region and was attended by some 400companies and 25,000 people including suppliers,technicians and professionals working in the miningindustry. The event aims to promote mining,encourage relationships between the private andpublic sectors, promote development and encouragebusiness and the sharing of technology betweenproducers. At this year’s event, commercial activitygenerated business to the value of US$180 million andcontributed to local commerce. AMSA participated asan exhibitor for the first time and presented an updateon the Esperanza project which will be an importantlocal employer in the future.Antofagasta plc Annual Report and Financial Statements 2007 43
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 38 and 39: Corporate Social ResponsibilityCSR
Page 41 and 42: TransportationThe Antofagasta Railw
Page 43: Other international and national st
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 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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Annual Report 2007 - Antofagasta plc

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