Annual Report 2003 - Antofagasta plc

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Notes to the Financial Statements25 Related Party Transactions (continued)b) Compania de Inversiones Adriatico S.A.In 2003, the Group leased office space on normal commercial terms from Compania de Inversiones Adriatico S.A.,a company connected with the Chairman, Mr. A A Luksic, at a cost of US$0.4 million (2002 – US$0.3 million).c) DirectorsInformation relating to Directors’ remuneration and interests are given in the Report on Remuneration and RelatedMatters on pages 41 to 45.26 Financial CommitmentsCapital commitments contracted but not provided at 31 December 2003 amounted to US$9.2 million (2002 – US$20.2 million).Annual commitments under non-cancellable operating leases are as follows:Land andLand andbuildings Other buildings Other2003 2003 2002 2002Group US$m US$m US$m US$mExpiry dateWithin one year 0.3 19.6 – 1.0Between two and five years – 5.2 0.4 24.8After five years 0.2 2.6 – 2.60.5 27.4 0.4 28.427 Post Balance Sheet EventIn February 2004, the Group sold its 51% interest in the Magistral mining project in Peru, held through Minera AnacondaPeru S.A., to Inca Pacific S.A. for US$2.1 million in cash. The consolidated book value of this project was nil.ANTOFAGASTA PLC Annual Report and Financial Statements 200386
28 Ultimate Parent CompanyAt 31 December 2003, the ultimate parent company was Dolberg Finance Corporation, a company controlled by theChairman, Mr. A A Luksic, and his family. The company, which is incorporated in Liechtenstein, does not produce groupaccounts.On 8 March, 2004, Dolberg Finance Corporation transferred its holding in Antofagasta plc to Metalinvest Establishment,a company controlled by the E. Abaroa Foundation which is also controlled by Mr. A A Luksic and his family. NeitherMetalinvest Establishment nor the E. Abaroa Foundation, which are incorporated in Liechtenstein, produce group accounts.Information relating to the interests of Mr. A A Luksic and his family are given in the Report on Remuneration and RelatedMatters on pages 42 and 43.ANTOFAGASTA PLC Annual Report and Financial Statements 200387
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Copper 1 a malleable ductile reddis
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Highlights 2003Total copper product
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Selected Financial and Operating Da
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consumption and low interest rates
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y an amount equivalent to 16.3 cent
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Selected Data for Mining Operations
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Exploration Projects - 2004KEYMININ
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FCAB Rail NetworkKEY85-90 POUND RAI
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Demerger of Quiñenco S.A.Following
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Cash Costs and Realised Copper Pric
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In 2003, sales of copper concentrat
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The Group’s borrowings relate mai
Page 25 and 26:
Acquisition of Water ConcessionIn N
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Balance SheetThe Group’s balance
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As explained in the Chairman’s Re
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The Group also commenced a process
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Mining Reserves and ResourcesAt 31
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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: 24 Demerger of Andsberg Limited (co
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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