Annual Report 2000 in PDF - Antofagasta plc

Notes to the Financial Statements14 Other InvestmentsThe carrying value of other investments may be analysed as follows:US DollarsSterlingGroup Company Group CompanyUS$m US$m £m £m1 January 2000 185.8 5.4 108.3 2.8Disposals (0.3) (0.4) (0.1) (0.2)31 December 2000 185.5 5.0 108.2 2.6Other investments held by the Group are listed on recognised stock exchanges as follows:US DollarsSterlingGroup 2000 1999 2000 1999Cost US$m US$m £m £mListed – in UK 0.4 0.4 0.2 0.2Listed – overseas 185.1 185.1 108.0 107.9185.5 185.5 108.2 108.1Unlisted – 0.3 – 0.2185.5 185.8 108.2 108.3US DollarsSterlingGroup 2000 1999 2000 1999Market value US$m US$m £m £mListed – in UK 0.3 0.3 0.2 0.2Listed – overseas 256.6 411.7 172.2 255.7256.9 412.0 172.4 255.9ANTOFAGASTA PLC Annual Report 200058Other investments held by the Company at 31 December 2000 of US$5.0 million (£2.6 million) are all listed on recognisedoverseas stock exchanges with a market value of US$4.8 million (£3.2 million). Other investments held by the Companyat 31 December 1999 of US$5.4 million (£2.8 million) included US$5.0 million (£2.6 million) listed overseas with a marketvalue of US$5.8 million (£3.6 million) and US$0.4 million (£0.2 million) which was unlisted.Other investments held by the Group include 362.9 million shares in Quiñenco S.A., representing 33.61% of thatcompany’s issued share capital. Notwithstanding its substantial investment, the Group is not directly involved in theoperating and financial policies of and does not exercise significant influence over Quiñenco. The relationship betweenthe Group and Quiñenco is that both are under the common control of their majority shareholder. Quiñenco is listedon the Santiago Stock Exchange and in ADR form on the New York Stock Exchange. At 31 December 2000, its marketprice was US$6.94 per ADR (1999 – US$11.19), valuing the Group’s investment at US$251.5 million (£168.9 million;1999 – US$406.0 million; £252.1 million). Quiñenco’s loss for the financial year (after tax and minority interests) wasCh$5.6 billion (1999 – profit of Ch$160.3 billion) shareholders’ funds at 31 December 2000 amounted to Ch$637.0 billion(1999 – Ch$661.4 billion). Exchange rates between the US Dollar and Chilean Peso are given on page 42.