Annual Report 2000 in PDF - Antofagasta plc

18 Loans (continued)SterlingFloating Fixed Interest Total Totalrate rate free 2000 1999Currency £m £m £m £m £ma) Los PelambresLoans US$ 588.2 – – 588.2 560.7Subordinated debt US$ – – – – 21.5b) El TesoroLoans US$ 100.0 – – 100.0 15.7Subordinated debt US$ 24.2 – – 24.2 58.9Finance leases US$ 0.3 9.8 – 10.1 –c) MichillaFinance leases US$ 0.7 0.7 – 1.4 0.7Loans US$ 0.1 – – 0.1 0.1d) FCAB RailwayLoans US$ 3.1 1.1 3.0 7.2 7.5e) Andino RailwayLoans DM – 2.3 – 2.3 –716.6 13.9 3.0 733.5 665.1The total loans in 1999 of US$1,071.1 million (£665.1 million) comprised floating rate loans of US$784.0 million (£487.0million), fixed rate loans of US$270.3 million (£167.7 million) and interest free loans of US$16.8 million (£10.4 million).a) Loans are secured on the assets of Los Pelambres. These borrowings are repayable over 9 to 11 years and carryinterest at the Libor six month rate plus approximately 1%. Minority shareholder funding to Los Pelambres byway of subordinated debt of US$34.7 million on which interest of Libor plus 3% was payable was repaid on27 December 2000. Funding provided by the Group by way of subordinated debt to Los Pelambres (which iseliminated on consolidation) was also repaid on the same date.b) Loans are secured on the assets of El Tesoro and are guaranteed by Minera Michilla S.A., a subsidiary ofAntofagasta plc. These borrowings are repayable over 8 years after the project achieves completion and carryinterest at the Libor six month rate plus approximately 2.5%.Subordinated debt represents funding by minority shareholders and includes US$36.2 million (£24.2 million) onwhich an interest rate of Libor plus 3.25% is payable. Amounts are repayable during the two years followingcompletion of the project. Funding provided by the Group by way of subordinated debt to El Tesoro has beeneliminated on consolidation.Finance leases of US$14.6 million (£9.8 million) have a fixed interest rate of 9% and are repayable over 11 yearsand other finance leases of US$0.4 million (£0.3 million) have a variable interest rate of the Libor 3 month rateplus 6.6% and are repayable over five years.ANTOFAGASTA PLC Annual Report 200061