Annual Report 2003 - Antofagasta plc

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Production and Transport StatisticsFor the year ended 31 December 20032003 2002Q1 Q2 Q3 Q4 Year YearGroup totalTotal copper production (‘000 tonnes) 105.8 119.4 124.3 122.4 471.8 460.7Total molybdenum production (‘000 tonnes) 1.8 1.9 2.2 2.7 8.7 7.8Weighted average cash costs (cents per pound) 39.8 35.6 34.6 36.1 36.4 38.9Los Pelambres (60% owned)Daily average ore treated (‘000 tonnes) 107.1 115.4 105.0 125.5 113.3 110.5Average ore grade (%) 0.88 0.93 1.00 0.85 0.91 0.91Average recovery (%) 90.1 89.3 90.9 89.3 89.9 91.1Concentrate produced (‘000 tonnes) 172.7 219.2 217.2 217.3 826.5 811.8Average concentrate grade (%) 42.8 39.5 41.1 40.6 40.9 41.3Fine copper in concentrate (‘000 tonnes) 73.9 86.6 89.2 88.1 337.8 335.5Payable copper in concentrate (‘000 tonnes) 71.5 83.7 86.3 85.2 326.7 324.6Payable moly in concentrate (‘000 tonnes) 1.8 1.9 2.2 2.7 8.7 7.8Cash costs (cents per pound) 34.4 29.0 27.5 27.3 29.3 34.9El Tesoro (61% owned)Daily average ore treated (‘000 tonnes) 22.7 19.7 22.0 24.0 22.1 20.5Average ore grade (%) 1.48 1.60 1.43 1.34 1.46 1.50Average recovery (%) 77.0 77.5 80.3 78.3 78.2 74.4Copper cathodes (‘000 tonnes) 23.4 22.1 24.0 22.9 92.4 84.3Cash costs (cents per pound) 40.6 41.3 41.1 46.6 42.4 40.8Michilla (74.2% owned)Daily average ore treated (‘000 tonnes) 12.4 16.4 16.7 16.7 15.6 13.4Average ore grade (%) 1.35 1.24 1.21 1.21 1.25 1.39Average recovery (%) 75.1 74.7 74.9 75.4 75.0 75.6Copper cathodes (‘000 tonnes) 10.9 13.5 14.0 14.3 52.7 51.8Cash costs (cents per pound) 73.1 67.4 67.3 72.0 69.8 61.4TransportRail tonnage transported 946 1,131 1,118 1,193 4,388 4,142ANTOFAGASTA PLC Annual Report and Financial Statements 2003Notes to Production and Transport Statisticsa) The production figures represent the total amounts produced for each mine, not the Group’s attributable share for each mine.b) Los Pelambres produces copper concentrate, and the figures for Los Pelambres are expressed in terms of payable copper containedin concentrate. El Tesoro and Michilla produce copper cathodes.c) Cash costs are a measure of the cost of operational production expressed in terms of cents per pound of payable copper produced.Cash costs include by-product credits and exclude depreciation, financial income and expenses, exchange gains and losses andcorporation tax.d) The individual figures are sometimes more specific than the rounded numbers shown; hence small differences may appear inthe totals.30
Mining Reserves and ResourcesAt 31 December 2003Tonnage Copper Molybdenum Gold Silvermillions of tonnes (%) (%) (g/tonne) (g/tonne)2003 2002 2003 2002 2003 2002 2003 2002 2003 2002Ore reservesLos Pelambres (60% owned) – cut off grade 0.4% – see note (e)Proved 871.4 973.0 0.70 0.74 0.0193 0.0187 0.033 0.033 1.20 1.21Probable 567.3 334.1 0.63 0.62 0.0174 0.0170 0.034 0.034 0.93 0.88Possible 635.3 99.8 0.59 0.59 0.0143 0.0156 0.032 0.032 0.57 0.62Total 2,074.0 1,406.9 0.65 0.70 0.0173 0.0181 0.033 0.033 0.93 1.09El Tesoro (61% owned) – cut off grade 0.37%Proved 171.9 166.1 0.78 0.82 – – – – – –Probable 11.0 11.9 0.74 0.70 – – – – – –Possible 0.4 0.2 0.67 1.49 – – – – – –Total 183.3 178.2 0.78 0.81 – – – – – –Michilla (74.2% owned) – cut off grade – see note (c)Proved 7.4 10.4 1.51 1.69 – – – – – –Probable 13.7 14.5 1.35 1.23 – – – – – –Possible 0.7 0.7 1.25 1.97 – – – – – –Total 21.8 25.6 1.40 1.41 – – – – – –Group total 2,279.1 1,610.6 0.67 0.72 – – – – – –Ore resources (including reserves)Los Pelambres (60% owned) – cut off grade 0.4%Measured 1,064.2 1,399.7 0.69 0.70 0.0188 0.0174 0.033 0.032 1.20 1.14Indicated 776.1 911.7 0.62 0.59 0.0165 0.0148 0.032 0.034 0.90 0.80Inferred 1,353.0 926.7 0.58 0.57 0.0140 0.0160 0.033 0.032 0.50 0.41Total 3,193.3 3,238.0 0.63 0.63 0.0162 0.0163 0.033 0.033 0.83 0.83El Tesoro (61% owned) – cut off grade 0.37%Measured 193.4 186.6 0.76 0.80 – – – – – –Indicated 24.8 36.4 0.64 0.62 – – – – – –Inferred 1.8 1.8 0.58 0.49 – – – – – –Total 220.0 224.7 0.74 0.77 – – – – – –Michilla (74.2% owned) – cut off grade – see note (c)Measured 19.7 16.5 1.54 1.64 – – – – – –Indicated 37.1 30.3 1.57 1.64 – – – – – –Inferred 17.9 6.8 1.57 1.41 – – – – – –Total 74.7 53.6 1.56 1.61 – – – – – –Group total 3,488.0 3,516.3 0.65 0.65 – – – – – –Notes to Mining Reserves and Resourcesa) The reserves and resources figures represent full reserves and resources, not the Group’s attributable share for each mine.b) Ore resources refer to material of intrinsic economic interest occurring in such form and quantity that there are reasonable prospects foreventual economic extraction. Ore reserves refer to that part of a resource for which appropriate assessments have been carried out todemonstrate at a given date that extraction could be reasonably justified and which include consideration of and modification by realisticallyassumed mining, metallurgical, economic, marketing, legal, environmental, social and governmental factors. Resources are stated inclusiveof reserves.c) The operations at Michilla comprise an open pit mine, an underground mine and other workings. A cut off grade of 0.5% was applied to theopen pit mine, a cut off grade of 1.5% to the underground mine and a cut off grade of 1.0% to the other workings to determine the reserveand resource calculations.d) The individual reserves and resources figures are sometimes more specific than the rounded numbers shown; hence small differencesmay appear in totals.e) Los Pelambres presented an environmental impact assessment during 2003, which was approved in March 2004. This has increasedLos Pelambres’ ore reserves from 1.4 billion tonnes to 2.1 billion tonnes.ANTOFAGASTA PLC Annual Report and Financial Statements 200331
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 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: The Group also commenced a process
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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