Annual Report 2003 - Antofagasta plc

Notes to the Financial Statements17 Loans (continued)Borrowing facilitiesThe undrawn committed facilities available at 31 December 2003 in respect of which all conditions precedent had beenmet at that date, were as follows:2003 2002US$m US$ma) Expiring in one year or less 143.9 99.2b) Expiring in more than one but not more than two years 20.9 –c) Expiring in more than two years 6.0 –170.8 99.2The available borrowing facilities comprise general working capital facilities at the Group’s operating subsidiaries allof which were undrawn at 31 December 2003. Of these facilities, US$148.2 million is denominated in US dollars,US$20.8 million in Unidades de Fomentos (i.e. inflation-linked Chilean pesos) and US$1.8 million in Chilean pesos.18 Financial Instruments and Risk ManagementThe Group purchases or issues financial instruments in order to finance its operations and to manage the interest rate,foreign currency and liquidity risks that arise from operations and from its sources of finance. In addition, variousfinancial balances, such as trade debtors and creditors arise directly from the Group’s operations. An explanation of theGroup’s treasury and risk management policies is provided in the Financial Review on page 25.The disclosures (except for the disclosures in (f) relating to foreign currency exposures) below exclude short-term debtorsand creditors other than short-term borrowings.The Board believes that the year-end figures shown in the following disclosures reflect the objectives, policies andstrategies on the use of financial instruments.ANTOFAGASTA PLC Annual Report and Financial Statements 2003a) Financial assets2003 2002US$m US$mUS dollar 176.6 426.8Chilean peso 44.2 13.7Sterling 0.5 0.4Bolivianos 3.8 1.6Euros – 2.1225.1 444.674