Annual Report 2003 - Antofagasta plc

More documents

Recommendations

Info

Contents1Highlights 200348Consolidated Profit and Loss Account416263031323741Chairman’s ReviewFinancial ReviewCorporate Social ResponsibilityProduction and Transport StatisticsMining Reserves and ResourcesReport of the DirectorsCorporate GovernanceReport on Remuneration and Related Matters49505152538890Consolidated Statement of TotalRecognised Gains and LossesConsolidated Balance SheetParent Company Balance SheetConsolidated Cash Flow StatementNotes to the Financial StatementsFive Year SummaryNotice of Meeting46Independent Auditors’ Report to the MembersDirectors and AdvisorsDirectorsA A Luksic ChairmanJ-P Luksic Deputy ChairmanP J Adeane Managing DirectorC H Bailey Non-ExecutiveG S Menendez Non-ExecutiveR F Jara Non-Executive (appointed 11.3.2003)D E Yarur Non-Executive (appointed 31.3.2004)Company SecretaryPetershill Secretaries LtdPlumtree Court, London EC4A 4HTAuditorsDeloitte & Touche LLPSolicitorsClifford Chance LLPFinancial AdvisorHSBC Investment BankStockbrokersMerrill Lynch InternationalCazenove & Co. LtdBankersThe Royal Bank of Scotland plcRegistrars and Transfer OfficeComputershare Investor Services plcPO Box 82, The Pavilions,Bridgwater Road, Bristol BS99 7NHRegistered Office5 Princes Gate, London SW7 1QJRegistered Number1627889Websitewww.antofagasta.co.uk
Highlights 2003Total copper production of 471,800 tonnes(2002 – 460,700 tonnes)Group average cash costs* of 36.4 centsper pound (2002 – 38.9 cents)Los Pelambres cash costs* at record lowof 29.3 cents per poundRail volumes up 6% to a record level of4.4 million tonsDemerger of Quiñenco by dividend inspecie in October 2003, with a redemptionvalue of US$1.11 per ordinary shareAcquisition of water concession in Chile’smain copper mining district in December2003 for US$193.8 millionEnvironmental approval obtained inMarch 2004 for potential expansions ofLos Pelambres* Cash costs are a measure of the cost of operational production expressed in terms of cents per poundof payable copper produced. Cash costs include by-product credits and exclude depreciation, financialincome and expenses, exchange gains and losses and corporation tax.ANTOFAGASTA PLC Annual Report and Financial Statements 20031
Page 1: Copper 1 a malleable ductile reddis
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 and 14: Exploration Projects - 2004KEYMININ
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
show all

Annual Report 2003 - Antofagasta plc

Create successful ePaper yourself

Delete template?

Save as template?