Annual Report 2000 in PDF - Antofagasta plc

11 Tangible Fixed Assets (continued)Freehold Permanent Rolling stock,land and way and plant, andbuildings works machinery Mining Total£m £m £m £m £mCost or valuation1 January 2000 20.0 24.2 36.2 1,061.4 1,141.8Acquisition – 6.9 16.5 – 23.4Additions (including interest capitalised) 0.1 2.0 2.7 242.2 247.0Closure provision capitalised – – – 0.6 0.6Reclassified to stocks – – – (2.0) (2.0)Disposals – – (1.0) (2.8) (3.8)Exchange 0.8 0.3 0.8 84.3 86.231 December 2000 20.9 33.4 55.2 1,383.7 1,493.2Depreciation1 January 2000 0.8 2.7 12.1 109.6 125.2Acquisition – 0.7 3.3 – 4.0Charge for the year 0.1 1.1 3.1 65.4 69.7Disposals – – (0.9) (0.4) (1.3)Exchange (0.3) (0.5) (1.2) 10.8 8.831 December 2000 0.6 4.0 16.4 185.4 206.4Net book value31 December 2000 20.3 29.4 38.8 1,198.3 1,286.831 December 1999 19.2 21.5 24.1 951.8 1,016.6Additions in the year include net interest capitalised. During the year, capitalised interest receivable amounted toUS$4.6 million (£3.0 million; 1999 – US$4.2 million; £2.6 million) and capitalised interest payable amounted toUS$15.3 million (£10.1 million; 1999 – US$39.5 million; £24.4 million). In 2000, interest relating to the El Tesorodevelopment was capitalised. In 1999, interest relating to both the Los Pelambres and El Tesoro developmentswere capitalised.The railway track (excluding lineside equipment) and the freehold land in Antofagasta were both revalued by GammaIngenieros Ltda. in December 1985. The residual value of the track was valued at US$12.7 million; (£8.8 million) whichwas the resale value of the materials involved. The freehold land in Antofagasta was valued at its market value ofUS$4.9 million (£3.3 million) at the same date. If the land and track in Antofagasta were sold at their revalued amount,additional tax of US$2.9 million; (£1.8 million) could become payable. On the implementation of FRS 15 “Tangible FixedAssets” in 1999, the Group elected to retain the book amounts of this previous revaluation without adopting a policyof regular revaluation going forward.ANTOFAGASTA PLC Annual Report 200055