Annual Report 2007 - Antofagasta plc

Independent Auditors’ Report on theGroup Financial Statements to the Membersof Antofagasta plcWe have audited the Group financial statements ofAntofagasta plc for the year ended 31 December 2007which comprise the consolidated income statement,the consolidated balance sheet, the consolidated cashflow statement, the consolidated statement ofchanges in equity and the related notes 1 to 39. TheseGroup financial statements have been prepared underthe accounting policies set out therein. We have alsoaudited the information in the Remuneration Reportthat is described as having been audited.We have reported separately on the parent companyfinancial statements of Antofagasta plc for the yearended 31 December 2007.This report is made solely to the Company’s members,as a body, in accordance with section 235 of theCompanies Act 1985. Our audit work has beenundertaken so that we might state to the Company’smembers those matters we are required to state tothem in an auditors’ report and for no other purpose. Tothe fullest extent permitted by law, we do not accept orassume responsibility to anyone other than the Companyand the Company’s members as a body, for our auditwork, for this report, or for the opinions we have formed.Respective responsibilities of Directorsand AuditorsThe Directors’ responsibilities for preparing the AnnualReport, the Remuneration Report and the Groupfinancial statements in accordance with applicable lawand International Financial Reporting Standards(“IFRS”) as adopted by the European Union are set outin the statement of Directors’ responsibilities onpages 68 and 69.Our responsibility is to audit the Group financialstatements and the part of the Remuneration Reportdescribed as having been audited in accordance withrelevant legal and regulatory requirements andInternational Standards on Auditing (UK and Ireland).We report to you our opinion as to whether the Groupfinancial statements give a true and fair view, whetherthe Group financial statements have been properlyprepared in accordance with the Companies Act1985 and Article 4 of the IAS Regulation and whetherthe part of the Remuneration Report described ashaving been audited has been properly prepared inaccordance with the Companies Act 1985. We alsoreport to you whether in our opinion the informationgiven in the Directors’ Report is consistent with theGroup financial statements.In addition we report to you if, in our opinion, we havenot received all the information and explanations werequire for our audit, or if information specified by lawregarding Director’s remuneration and othertransactions is not disclosed.We review whether the Corporate Governance Reportreflects the Company’s compliance with the nineprovisions of the 2006 Combined Code specifiedfor our review by the Listing Rules of the FinancialServices Authority, and we report if it does not.We are not required to consider whether the Board’sstatements on internal control cover all risks andcontrols, or form an opinion on the effectiveness ofthe Group’s corporate governance procedures or itsrisk and control procedures.We read the other information contained in theAnnual Report as described in the contents sectionincluding the unaudited part of the RemunerationReport and consider whether it is consistent withthe audited Group financial statements. Weconsider the implications for our report if webecome aware of any apparent misstatementsor material inconsistencies with the Groupfinancial statements. Our responsibilities donot extend to any further information outsidethe Annual Report.76Antofagasta plc Annual Report and Financial Statements 2007