Annual Report 2000 in PDF - Antofagasta plc

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Notes to the Financial Statements18 Loans (continued)c) Finance leases of US$1.1 million (£0.7 million) have a fixed interest rate of 7.8% and other finance leases ofUS$1.0 million (£0.7 million) carry interest at Libor plus 1.5% and are repayable over 5 years.d) Loans include advances from FCAB customers of US$9.1 million (£6.1 million) for capital expenditure. An interestrate of Libor plus 1.5% is payable on US$4.6 million (£3.1 million) of the loans and the remaining advances are freeof interest. In addition there are other loans totalling US$1.6 million (£1.1 million) on which a fixed interest rate of11.5% is payable.e) Loans of US$3.4 million (£2.3 million) have a fixed interest rate of 2% and are repayable over 5 years.Maturity of borrowingsUS DollarsSterling2000 1999 2000 1999US$m US$m £m £mRepayableIn less than one year – loans 90.7 64.7 60.7 40.0– finance leases 1.5 0.1 1.0 0.1Loans due within one year 92.2 64.8 61.7 40.1Between one and two years – loans 105.2 150.0 70.4 93.3– finance leases 3.0 0.2 2.0 0.1Between two and five years – loans 337.9 345.2 226.2 214.4– finance leases 4.9 0.4 3.3 0.2Over five years – loans 544.6 509.9 364.6 316.7– finance leases 7.9 0.6 5.3 0.3Loans due after more than one year 1,003.5 1,006.3 671.8 625.0Total loans 1,095.7 1,071.1 733.5 665.1ANTOFAGASTA PLC Annual Report 200062
18 Loans (continued)Borrowing facilitiesThe undrawn committed facilities available at 31 December 2000 in respect of which all conditions precedent had beenmet at that date, were as follows:US DollarsSterling2000 1999 2000 1999US$m US$m £m £ma) Expiring in one year or less 94.2 91.2 63.1 56.3b) Expiring in more than one but not more than two years – 180.0 – 111.1c) Expiring in more than two years – 30.0 – 18.594.2 301.2 63.1 185.9The available borrowing facilities of US$94.2 million (£63.1 million) comprise:i) US$55.5 million (£37.2 million) under the financing agreements for the El Tesoro project which remain available fordraw-down until the project is completed.ii)iii)US$10.0 million (£6.7 million) at Michilla to finance any unexpected cost overruns or delay in the El Tesoro project.US$28.7 million (£19.2 million) facility for general corporate purposes in the Railway subsidiary which is availableon demand.19 Financial Instruments and Risk ManagementThe Group purchases or issues financial instruments in order to finance its operations and to manage the interest rate,currency and liquidity risks that arise from operations and from its sources of finance. In addition, various financialbalances, such as trade debtors and creditors arise directly from the Group’s operations.With the exception of a five year zero cost collar agreement for loans totalling US$90 million (£60.2 million) undertakenat Los Pelambres there has been no significant change in the risk profile between the year end and the date of thesefinancial statements.The notional amounts of derivatives summarised below do not necessarily represent amounts exchanged by the partiesand as a result are not a measure of the exposure of the Group through the use of derivatives. The amounts exchangedare calculated on the notional amounts and other terms of the derivatives which related to copper prices, interest andexchange rates.The disclosures below exclude short-term debtors and creditors with the exception of short-term borrowings.The Board believes that the year end figures shown in the following disclosures reflect the objectives, policies andstrategies on the use of financial instruments.ANTOFAGASTA PLC Annual Report 200063
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ANNUAL REPORT 2000
Page 3:
Directors and AdvisorsDirectorsA A
Page 8:
Chairman’s ReviewMININGMinera Los
Page 11 and 12:
View of crushing facilitiesDome ove
Page 13: Harvesting cathodes from electrowin
Page 16 and 17: Chairman’s ReviewTRANSPORT ANDREA
Page 18 and 19: Chairman’s ReviewANTOFAGASTA PLC
Page 20 and 21: Financial ReviewBasis of Financial
Page 22 and 23: Financial ReviewIncome from Other F
Page 24 and 25: Financial ReviewCash Flows and Fina
Page 26 and 27: Production StatisticsFor the year e
Page 28 and 29: Report of the DirectorsThe Director
Page 30 and 31: Report of the DirectorsSpecial Busi
Page 32 and 33: Corporate GovernanceGiven its small
Page 34 and 35: Report on Remuneration and Related
Page 36 and 37: Auditors’ Report to the Members o
Page 38 and 39: Consolidated Profit and Loss Accoun
Page 40 and 41: Consolidated Statement of Total Rec
Page 42 and 43: Parent Company Balance SheetAt 31 D
Page 44 and 45: Notes to the Financial Statements1
Page 78 and 79: Five Year Summary - US DollarsConso
Page 80 and 81: Notice of MeetingAntofagasta plcNot
Page 82: Designed by RDA. Printed by Royle F
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Annual Report 2000 in PDF - Antofagasta plc

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