Annual Report 2003 - Antofagasta plc

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Chairman’s ReviewExplorationANTOFAGASTA PLC Annual Report and Financial Statements 2003ChileThe focus of the Group’s 2003 developmentprogramme was the exploration for both oxideand sulphide ores in the Sierra Gorda districtin order to complete the resource base for theEsperanza Project. The project has strongpotential for development as a future openpit operation. Esperanza is now at the scopingstage and is expected to be advanced to prefeasibilitystage within two years. This willrequire the construction of a 2 km longexploration decline in order to obtain bulksamples for metallurgical test work. In-filldrilling will be carried out in order to establishmineable reserves as well as to explore thecontinuity of the high grade porphyry in depth.Current drill inferred geological resourcesat Esperanza are 443 million tonnes of 0.63per cent copper and 0.26 g/t gold at a cut-offgrade of 0.3 per cent copper.An extensive drilling programme totalling42,000 metres will be carried out, at the Conchiand Brujulinas projects located in the El Abradistrict, with the object of exploring the Conchideposit in depth and also increasing the oxideresource base in the area.Peru – Anaconda PerúJoint Venture with CVRD (50 per cent)Anaconda Perú drilled seven prospectsfor further reconnaissance andcompleted the second year of its threeyear exploration joint venture. The 2004exploration programme will includegeochemistry, geophysics and a 6,000metre drilling campaign on the mostadvanced prospects in the jointventure zone.Magistral Copper Project (51 per cent)Antofagasta announced on 10 February2004, that Anaconda Perú had concludedthe sale of its 51 per cent interestin Magistral to Inca Pacific S.A. for US$2.1million. Antofagasta took the decisionto sell its 51 per cent interest in Magistralas early as 2001, after a Phase 3 drillingprogramme showed that a post-mineralintrusion in the orebody had reducedthe resource base figure to belowAntofagasta’s minimum size criteria.Consequently, Antofagasta decided notto complete a bankable feasibility studynor to increase its interest in the project.10
Exploration Projects – 2004KEYMINING RIGHTS EXPLORATION SITESGROUP MINE TOWNADVANCED EXPLORATION SITES0 510KilometresMiles0 5 10SIERRA GORDATESORO NEOXIDOS LLANOEL TESOROOXIDOSPALEOCANALCOPUCHASESPERANZATELÉGRAFO NORTETELÉGRAFO SURC H I L ECENTINELAPILARNPOLO SURBOLIVIAANTOFAGASTAMEJILLONESCHILEARGENTINAANTOFAGASTA PLC Annual Report and Financial Statements 200311
Page 1 and 2: Copper 1 a malleable ductile reddis
Page 3 and 4: Highlights 2003Total copper product
Page 5 and 6: Selected Financial and Operating Da
Page 7 and 8: consumption and low interest rates
Page 9 and 10: y an amount equivalent to 16.3 cent
Page 11: Selected Data for Mining Operations
Page 15 and 16: FCAB Rail NetworkKEY85-90 POUND RAI
Page 17 and 18: Demerger of Quiñenco S.A.Following
Page 19 and 20: Cash Costs and Realised Copper Pric
Page 21 and 22: In 2003, sales of copper concentrat
Page 23 and 24: The Group’s borrowings relate mai
Page 25 and 26: Acquisition of Water ConcessionIn N
Page 27 and 28: Balance SheetThe Group’s balance
Page 29 and 30: As explained in the Chairman’s Re
Page 31 and 32: The Group also commenced a process
Page 33 and 34: Mining Reserves and ResourcesAt 31
Page 35 and 36: DirectorsThe Directors who served d
Page 37 and 38: Special Business at the Annual Gene
Page 39 and 40: Corporate GovernanceThe Board of Di
Page 41 and 42: c) Relations with ShareholdersThe E
Page 43 and 44: Report on Remuneration and Related
Page 45 and 46: Between 8 March 2004 and 30 April 2
Page 47 and 48: In addition, the Group paid Jara de
Page 49 and 50: Basis of Audit OpinionWe conducted
Page 51 and 52: Consolidated Statement of Total Rec
Page 53 and 54: Parent Company Balance SheetAt 31 D
Page 55 and 56: Notes to the Financial Statements1
Page 57 and 58: 1 Accounting Policies (continued)De
Page 59 and 60: 1 Accounting Policies (continued)s)
Page 61 and 62: 2 Segmental Information (continued)
Page 63 and 64:
2 Segmental Information (continued)
Page 65 and 66:
5 Directors’ Remuneration2003 200
Page 67 and 68:
7 Dividends 2003 2003 2002 2002cent
Page 69 and 70:
11 Tangible Fixed AssetsLand Buildi
Page 71 and 72:
12 Investment in Subsidiaries (cont
Page 73 and 74:
14 StocksGroup Group2003 2002US$m U
Page 75 and 76:
17 Loans (continued)b) (continued)U
Page 77 and 78:
18 Financial Instruments and Risk M
Page 79 and 80:
18 Financial Instruments and Risk M
Page 81 and 82:
20 Called Up Share Capital (continu
Page 83 and 84:
22 Notes to the Consolidated Cash F
Page 85 and 86:
23 Acquisition (continued)The asset
Page 87 and 88:
24 Demerger of Andsberg Limited (co
Page 89 and 90:
28 Ultimate Parent CompanyAt 31 Dec
Page 91 and 92:
2003 2002 2001 2000 1999Consolidate
Page 93 and 94:
a) will expire 15 months after the
Page 95 and 96:
f) Article 83 be amended by inserti
Page 97 and 98:
A notice given under this Article 1
Page 99 and 100:
Produced by Royle Financial Print L
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Annual Report 2003 - Antofagasta plc

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