Annual Report 2000 in PDF - Antofagasta plc

12 Investment in Subsidiaries (continued)Principal subsidiaries (included in consolidation)EffectiveCountry of Country of Nature of share- Votingincorporation operations business holdings rightsDirect subsidiary undertakings of parent companyAntofagasta Railway Company plc Great Britain Chile Railway 100% 100%Minera Anaconda Perú S.A. Peru Peru Mining 100% 100%Chilean Northern Mines Limited Great Britain Chile Investment 100% 100%Indirect subsidiariesAntofagasta Minerals S.A. Chile Chile Mining 100% 100%Minera Michilla S.A. Chile Chile Mining 74.2% 74.2%Minera El Tesoro Chile Chile Mining 52.6% 61%Minera Los Pelambres Chile Chile Mining 60% 60%Train Limitada Chile Chile Road 100% 100%TransportMinera Tamaya S.A. Chile Chile Mining 78.2% 78.1%Forestal S.A. Chile Chile Forestry 100% 100%13 Investment in AssociatesUS DollarsSterlingUS$m £m1 January 2000 20.6 13.2Transferred to investments in subsidiaries and consolidated (20.6) (13.2)31 December 2000 – –At 31 December 1999, the Group held a 36.5% interest in Empresa Ferrocarril Andina S.A. (“the Andino”) and a 12%interest in Empresa Ferrocarril Oriental S.A. (“the Oriental”), rail networks operating in Bolivia. These investments werejointly controlled by the Group and its strategic partner, the Cruz Blanca group based in Chile, which held 13.5% of theAndino and 38% of the Oriental. At the beginning of 2000, the Group exchanged its interest in the Oriental for CruzBlanca’s interest in the Andino. The Group now holds 50% of the Andino. It exercises management control and has theright to appoint the majority of the company’s board. Accordingly this investment has been treated as a subsidiary andconsolidated from 1 January 2000. Turnover and operating profit for the Andino have been disclosed as acquisitions inthe profit and loss account. Further details of the assets and liabilities acquired are given in Note 24.ANTOFAGASTA PLC Annual Report 200057