Annual Report 2003 - Antofagasta plc

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Chairman’s ReviewTransportationANTOFAGASTA PLC Annual Report and Financial Statements 200312Railway OperationsAntofagasta Railway Company plc – FCAB(100 per cent)Overall rail and road tonnages increased bynearly 6 per cent from 4.1 million tons in 2002to 4.4 million tons in 2003, continuing a decadeof steady growth. Once again, the main cargoeswere copper cathodes destined for export andsulphuric acid for the various mines using theheap-leach SX-EW process. The Railway hasnow begun transporting cathodes from Codelco’sChuquicamata mine to the Port of Mejillones,which started operations in November. Storagefacilities, which the railway maintains forCodelco at Prat Station, have been completedenabling cathode shipments from the stockpileto the ports to begin.The FCAB is following the progress of the SanCristobal mining project, which could becomean important new customer for its road and railservices. San Cristobal, which is a 100 per centsubsidiary of Apex Silver Mines Ltd (SIL), is apolymetallic ore body located near Uyuni inthe Potosi District of Bolivia. The San CristobalMine is planning to transport up to 650,000tonnes of silver, zinc and lead concentratesannually for a period of seventeen years, tobe transported by the FCAB from the mine tothe Port of Mejillones. The railway signed aLetter of Intent in 2003 to provide transportationservices and Apex Silver Mines raised capital forthis project earlier in 2004.The main line between Antofagasta, Mejillones andCalama has now been up-graded with 90 poundper yard rail. Track and rail up-grade will now beconcentrated on selected sections of the branch lines.During the year, another batch of General MotorsG.R.22 locomotives was up-graded to replaceolder locomotives in the fleet and the FCAB isnow equipped with adequate locomotive powerand rolling stock for the foreseeable future.Railway Operations – BoliviaAndino Network (50 per cent)Despite some political turmoil in Bolivia, the Andinorailway increased its tonnage by 17 per cent. Sinceits privatisation the Andino which forms part of theBolivian rail network and links directly into the FCABnetwork in Chile, has modernised its rolling stockand communications and under FCAB managementis providing a more reliable service to its customers.Road TransportTrain Ltda (100 per cent)Train Ltda continued to expand its door-to-doordelivery services to other towns and cities innorthern Chile. Its fleet of 130 freightliner trucksnow delivers products such as bulk cement, beerand soft drinks throughout the region.
FCAB Rail NetworkKEY85-90 POUND RAIL65-75 POUND RAIL50 POUND RAILFERRONOR RAILWAYGROUP MINESOTHER MINESNORANDA SMELTERCITIES / TOWNS3.93.94.14.40 50 100Kilometres2.52.83.10 50 100 Miles1.31.72.0UJINAAMINCHAOLLAGUESALAR DE CARCOLE1994 1995 1996 1997 1998 1999 2000 2001 2002 2003Total rail tonnage carried – millions of tonsSALAR DE ASCOTANB O L I V I AEL ABRACONCHICHUQUICAMATASAN SALVADORCALAMAMICHILLASIERRA GORDAMEJILLONESINTERACID TERMINALEL TESOROMANTOSBLANCOSBAQUEDANOC H I L EANTOFAGASTALA NEGRAMINPORTINACESALATORREPRATO'HIGGINSLOMASBAYASNALTO NORTEAUGUSTAVICTORIAZALDIVARESCONDIDASOCOMPAARGENTINAANTOFAGASTA PLC Annual Report and Financial Statements 200313
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 and 12: Selected Data for Mining Operations
Page 13: Exploration Projects - 2004KEYMININ
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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