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"value": "Notes to the financial statements 1 Basis of preparation The consolidated financial statements of the Antofagasta plc Group have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the going concern basis. Going concern The Directors have assessed the going concern status of the Group, considering the period to 31 December 2024. The Group\u2019s business activities, together with those factors likely to affect its future performance, are set out in the Strategic Report, and in particular within the Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period- end, are set out in the Financial Review. The consolidated financial statements include details of the Group\u2019s cash, cash equivalents and liquid investment balances in Note 22, and details of borrowings are set out in Note 23. When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 31 December 2022, with combined cash, cash equivalents and liquid investments of $2,391.2 million. Total borrowings were $3,277.0 million, resulting in a net debt position of $885.8 million. Of the total borrowings, only 13% is repayable within one year, and 17% repayable between one and two years. When assessing the prospects of the Group, the Directors have considered the Group\u2019s copper price forecasts, the Group\u2019s expected production levels, operating cost profile and capital expenditure. These forecasts are based on the Group\u2019s budgets and life-of-mine models, which are also used when assessing relevant accounting estimates, including depreciation, deferred stripping and closure provisions. This analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group\u2019s ability to manage the impact of a depressed economic environment. The analysis has only included the draw-down of existing committed borrowing facilities, and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Robust down-side sensitivity analyses have been performed, assessing the standalone impact of each of: \u2022 A significant deterioration in the future copper price forecasts by 20% throughout the going concern period. \u2022 A n even more pronounced short-term reduction of 50 c/lb in the copper price for a period of three months, in addition to the above deterioration of 20% in the copper price throughout the review period. \u2022 Th e potential impact of the Group\u2019s most significant individual operational risks. \u2022 A shut-down of any one of the Group\u2019s operations for a period of three months . \u2022 Potential changes to the Chilean mining royalty, taking into account the Group\u2019s existing tax stability agreements. The stability of tailings storage facilities represents a potentially significant operational risk for mining operations globally. The Group\u2019s tailings storage facilities are designed to international standards, constructed using downstream methods, subject to rigorous monitoring and reporting, and reviewed regularly by an international panel of independent experts. Given these standards of design, development, operations and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis. The above downside sensitivity analyses indicated results which could be managed in the normal course of business, including the aggregate impact of a number of the above sensitivities occurring at the same time. The analysis indicated that the Group is expected to remain in compliance with all of the covenant requirements of its borrowings throughout the review period and retain sufficient liquidity. Based on their assessment of the Group\u2019s prospects and viability, the Directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that the Directors are aware of that cast doubt on the Group\u2019s going concern status and that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 31 December 2024. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Company structure Antofagasta plc is a company limited by shares, incorporated and domiciled in the United Kingdom at 103 Mount Street, London W1K 2TJ.The immediate parent of the Group is Metalinvest Establishment, which is controlled by the E. Abaroa Foundation, in which members of the Luksic family are interested. The nature of the Group\u2019s operations is mining and exploration activities and the transport of rail and road cargo. A) Adoption of new accounting standards The following accounting standards, amendments and interpretations became effective in the current reporting period: \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16) \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2022 Annual Improvements to IFRS Standards 2018\u20132020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41) \u2022 Reference to the Conceptual Framework (Amendments to IFRS 3) The application of these standards and interpretations effective for the first time in the current year has had no significant impact on the amounts reported in these financial statements. The amendment to IAS 16 Property, Plant and Equipment \u2013 Proceeds before intended use may have significant impacts for the Group in future periods. Previously, the Group has deducted amounts received from the sale of products during the initial ramp-up of new projects, before commercial production is achieved, from the capital cost of the project. Under the amendment to IAS 16, such amounts will now instead be recognised as revenue in the income statement along with a corresponding allocation of related operating expenses, which is likely to result in increased revenue and operating expenses and a higher initial capitalised amount. There were no relevant projects impacted by the amendment during 2022. The amendment would apply retrospectively only to relevant projects in progress at 1 January 2021 which were generating proceeds, and there were no such projects at 1 January 2021 . / Notes to the financial statements continued 1 Basis of preparation continued B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date (after 1 January, 2023). None of these standards are expected to have a significant impact on the Group. \u2022 IFRS 17, Insurance Contracts \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 The following standards are effective after 1 January, 2024 (and subject to UK endorsement): \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) 2 Principal accounting policies A) Accounting convention These financial statements have been prepared under the historical cost convention as modified by the use of fair values to measure certain financial instruments, principally provisionally priced sales as explained in Note 2(F) and financial derivative contracts as explained in Note 2(W). B) Basis of consolidation The financial statements comprise the consolidated financial statements of Antofagasta plc (\u201cthe Company\u201d or \u201cthe Parent\u201d or \u201cthe Parent Company\u201d) and its subsidiaries (collectively \u201cthe Group\u201d). Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non-controlling shareholders are presented as \u201cNon-controlling interests\u201d in the consolidated balance sheet and consolidated income statement. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Other types of non- controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group\u2019s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non- controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (ie reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. Acquisitions and disposals are treated as explained in Note 2(G) relating to business combinations and goodwill. C) Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through the power to participate in the financial and operating policy decisions of that entity. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. This requires recording the investment initially at cost to the Group and then, in subsequent periods, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the associate\u2019s results less any impairment and any other changes to the associate\u2019s net assets such as dividends. When the Group loses control of a former subsidiary but retains an investment in associate in that entity, the initial carrying value of the investment in associate is recorded at its fair value at that point. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. i) Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28 Investment in Associates and Joint Ventures as described in Note 18. ii) Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. E) Currency translation The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at year end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items. The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken to equity and recorded in a separate currency translation reserve. Cumulative translation differences arising after the transition date to IFRS are recognised as income or as expenses in the income statement in the period in which an operation is disposed of. On consolidation, exchange gains and losses which arise on balances between Group entities are taken to reserves where that balance is, in substance, part of the net investment in a foreign operation, ie where settlement is neither planned nor likely to occur in the foreseeable future. All other exchange gains and losses on Group balances are recognised in the income statement within other finance items. Fair value adjustments and any goodwill arising on the acquisition of a foreign entity are treated as assets of the foreign entity and translated at the period-end rate. F) Revenue recognition and other income Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of consideration received or receivable, and excludes any applicable sales tax. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to a customer. An asset is transferred when (or as) the customer obtains control of that asset. For the Group\u2019s mining products, the customer generally gains control over the material when it has been loaded at the port of loading, and so this is the point of revenue recognition. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. In these cases the customer still gains control over the material when it has been loaded at the port of loading, and so that remains the point of revenue recognition for the sale of material; however, the shipping service represents a separate performance obligation, and revenue in relation to such services is recognised separately from the sale of the material over time as the shipping service is provided, along with the associated costs. Shipment revenue is recognised at the contracted price to the Group as this reflects the standalone selling price. Revenue from mining activities is recorded at the invoiced amounts with an adjustment for provisional pricing at each reporting date, as explained below. For copper and molybdenum concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Revenue includes amounts from the sale of by-products such as gold and silver. Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional pricing of sales at the time of shipment, with final pricing based on the monthly average London Metal Exchange (\u201cLME\u201d) copper price or the monthly average market molybdenum price for specified future periods. This normally ranges from one to four months after delivery to the customer. For sales contracts which contain provisional pricing mechanisms, the initial invoice typically reflects the month-average market price for the metal in the month of shipment, with the associated receivable balance subsequently measured at fair value through profit or loss. Gains and losses from the marking-to market of the receivable balance in relation t open sales are recognised through adjustments to other income presented within revenue in the income statement and to trade receivables in the balance sheet. The fair value calculations are based on forward prices at the period end for copper concentrate and cathode sales, and period-end average prices for molybdenum concentrate sales due to the absence of a futures market for this product. For the Transport division, revenue in respect of its transportation and ancillary services are recognised over time in line with the performance of those services. Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For associates and joint ventures, it is recorded as a decrease of the investment. G) Business combinations and goodwill Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition- date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The results of businesses acquired during the year are brought into the consolidated financial statements from the effective date of acquisition. The identifiable assets, liabilities and contingent liabilities of a business, which can be measured reliably, are recorded at their provisional fair values at the date of acquisition. Provisional fair values are finalised within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. / Notes to the financial statements continued 2 Principal accounting policies continued The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as \u201cmeasurement period\u201d adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9. When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (ie the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances which existed at the acquisition date that, if known, would have affected the amounts recognised at that date. Goodwill arising in a business combination is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. Any goodwill on the acquisition of subsidiaries is separately disclosed, while any goodwill on the acquisition of associates and joint ventures is included within investments in equity accounted entities. Internally generated goodwill is not recognised. Where the fair values of the identifiable net assets acquired exceed the sum of the consideration transferred, the surplus is credited to the profit or loss in the period of acquisition as a bargain purchase gain. The Group sometimes enters into earn-in arrangements whereby the Group acquires an interest in a project company in exchange for funding exploration and evaluation expenditure up to a specified level of expenditure or a specified stage in the life of the project. Funding is usually conditional on the achievement of key milestones by the partner. Typically there is no consideration transferred or funding liability on the effective date of acquisition of the interest in the project company and no goodwill is recognised on this type of transaction. The results of businesses sold during the year are included in the consolidated financial statements for the period up to the effective date of disposal. Gains or losses on disposal are calculated as the difference between the sales\u00b4 proceeds (net of expenses) and the net assets attributable to the interest which has been sold. Where a disposal represents a separate major line of business or geographical area of operations, the net results attributable to the disposed entity are shown separately in the income statement as a discontinued operation. H) Exploration and evaluation expenditure Exploration and evaluation costs, other than those incurred in acquiring exploration licences, are expensed in the year in which they are incurred. When a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved) all further directly attributable pre- production expenditure is capitalised. Capitalisation of pre-production expenditure ceases when commercial levels of production are achieved. Costs incurred in acquiring exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. I ) Stripping costs Pre-stripping and operating stripping costs are incurred in the course of the development and operation of open-pit mining operations. Pre-stripping costs relate to the removal of waste material as part of the initial development of an open-pit, in order to allow access to the ore body. The capitalised costs are depreciated once production commences on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves for that pit at the beginning of the year. Operating stripping costs relate to the costs of extracting waste material as part of the ongoing mining process. The ongoing mining and development of the Group\u2019s open-pit mines is generally performed via a succession of individual phases. The costs of extracting material from an open-pit mine are generally allocated between ore and waste stripping in proportion to the tonnes of material extracted. The waste stripping costs are generally absorbed into inventory and expensed as that inventory is processed and sold. Where the stripping costs relate to a significant stripping campaign which is expected to provide improved access to an identifiable component of the ore body (typically an individual phase within the overall mine plan), the costs of removing waste in order to improve access to that part of the ore body will be capitalised within property, plant and equipment. The capitalised costs will then be amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates. J) Intangible assets Exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences, the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. K) Property, plant and equipment The costs of mining properties and leases, which include the costs of acquiring and developing mining properties and mineral rights, are capitalised as property, plant and equipment in the year in which they are incurred, when a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved). The cost of property, plant and equipment comprises the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. Once a project has been established as commercially viable, related development expenditure is capitalised. This includes costs incurred in preparing the site for mining operations, including pre-stripping costs. Capitalisation ceases when the mine is capable of commercial production, with the exception of development costs which give rise to a future benefit. Interest on borrowings related to the construction or development of projects is capitalised as part of the cost of the asset. To the extent that borrowings have been put in place specifically to fund the construction of the asset, the capitalised amount will reflect the actual interest costs incurred on that borrowing. If the construction is funded out of general borrowings, the capitalised interest expense will be calculated based on the entity\u2019s weighted average interest rate, applied to the expenditure on the asset (with the capitalised interest amount not exceeding the entity\u2019s total borrowing cost for the period). The interest costs are capitalised, until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. L) Depreciation of property, plant and equipment Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended. Property, plant and equipment is depreciated over its useful life, or over the remaining life of the operation if shorter, to residual value. The major categories of property, plant and equipment are depreciated as follows: (i) Land \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. (ii) Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. (iii) Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. (v) Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. (vii) Assets under construction \u2013 no depreciation until asset is available for use. (viii) Lease right-of-use assets \u2013 depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. (ix) Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 15). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively. M) Impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets relating to exploration and mining licences are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. In respect of historical impairments recognised in prior years, the Group assesses whether there is any indication that impairment may no longer exist or may have decreased. If any such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment or reversal (if any). Where the asset does not generate cash flows that are largely independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. The estimates used in determining the present value of those cash flows are those that an independent market participant would consider appropriate. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation, as realisation of the full potential of the Group\u2019s mining operations typically requires further capital expenditure and ongoing mine development, and accordingly the Group typically applies this valuation estimate in its impairment assessments, unless indicated otherwise. Details of the valuations and sensitivities of the Group\u2019s minin operations considered as part of the impairment trigger assessment are included in Note 5. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount. An impairment charge is recognised in the income statement immediately. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount, but so that the increased carrying amount does not exceed the carrying value that would have been determined if no impairment had previously been recognised after taking into account the depreciation and/or amortisation that would otherwise have been recorded in the intervening period. A reversal is recognised in the income statement immediately. N) Inventory Inventory consists of raw materials and consumables, work-in-progress and finished goods. Work-in-progress represents material that is in the process of being converted into finished goods. The conversion process for mining operations depends on the nature of the copper ore. For sulphide ores, processing typically includes milling and concentrating, resulting in the production of copper concentrate. For oxide ores, processing includes leaching of stockpiles, solvent extraction and electrowinning and results in the production of copper cathodes. Finished goods consist of copper concentrate containing gold and silver at Los Pelambres and Centinela and copper cathodes at Centinela and Antucoya. Los Pelambres and Centinela also produce molybdenum as a by-product. Inventory is valued at the lower of cost, on a weighted average basis, and net realisable value. Net realisable value represents estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Cost of finished goods and work-in- progress is production cost and for raw materials and consumables it is purchase price. Production cost includes: \u2022 labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore, \u2022 depreciation of plant, equipment and mining properties directly involved in the production process, and \u2022 an appropriate allocation of production overheads. Stockpiles represent ore that is extracted and is available for further processing. Costs directly attributable to the extraction of ore are generally allocated as part of production costs in proportion to the tonnes of material extracted. Operating stripping costs are generally absorbed into inventory, and therefore expensed as that inventory is processed and sold. If ore is not expected to be processed within 12 months of the balance sheet date it is included within non-current assets. If there is significant uncertainty as to when any stockpiled ore will be processed it is expensed as incurred. / Notes to the financial statements continued 2 Principal accounting policies continued O) Taxation Tax expense comprises the charges or credits for the year relating to both current and deferred tax. Current tax is based on taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement because it excludes items of income or expense that are taxable and deductible in different years and also excludes items that are not taxable or deductible. The liability for current tax is calculated using tax rates for each entity in the consolidated financial statements which have been enacted or substantively enacted at the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences (ie differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit). Deferred tax is accounted for using the balance sheet liability method and is provided on all temporary differences with certain limited exceptions as follows: (i) tax payable on undistributed earnings of subsidiaries, associates and joint ventures is provided except where the Group is able to control the remittance of profits and it is probable that there will be no remittance of past profits earned in the foreseeable future, (ii) deferred tax is not provided on the initial recognition of an asset or liability in a transaction that does not affect accounting profit or taxable profit and is not a business combination; nor is deferred tax provided on subsequent changes in the carrying value of such assets and liabilities, for example where they are depreciated, and (iii) the initial recognition of any goodwill. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. P) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably . Q) Provisions for decommissioning and restoration costs Obligations to incur decommissioning and restoration costs can arise as a result of the development or ongoing operation of a mining property. Costs are estimated on the basis of a formal closure plan and are subjec to regular formal review. Decommissioning obligations arising from the construction of property, plant and equipment (including installation of plant and site preparation work) are provided for at their net present value as the construction of the asset gives rise to the obligation, and included within the property, plant and equipment cost. These decommissioning costs are charged against profit or loss over the life of the mine, through depreciation of th property, plant and equipment balance (recorded within operating expenses). The unwinding of the discount on the provision is recorded within other finance items. Changes in the measurement of a decommissioning provision are added to, or deducted from, the property, plant and equipment balance in the current year. Restoration obligations, arising from ongoing operating activities, are provided for at their net present values and charged against operating expenses as the obligation arises. Changes in the measurement of a restoration provision which, relate to a change in the estimate of the closure costs or a change in the discount rate, are charged against operating expenses, and changes relating to foreign exchange are recorded within other finance items. R) Share-based payments For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, an at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year. The Group currently does not have any equity settled share-based payments to employees or third parties. S) Post-employment benefits The Group operates defined contribution schemes for a limited number of employees. For such schemes, the amount charged to the income statement is the contributions paid or payable in the year. Employment terms may also provide for payment of a severance indemnity when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on final salary level. The severance indemnity obligation is treated as an unfunded defined benefit plan, and the calculation is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated. The obligation recognised in the balance sheet represents the present value of the severance indemnity obligation. Actuarial gains and losses are immediately recognised in other comprehensive income. T) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible into known amounts of cash, are subject to insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. The cash balance is presented net of bank overdrafts which are repayable on demand. Cash and cash equivalents have a maturity period of 90 days or less. U) Liquid investments Liquid investments represent highly liquid current asset investments such as term deposits and managed funds invested in high quality fixed income instruments. They do not meet the IAS 7 definition of cash and cash equivalents, normally because even if readily accessible, the underlying investments have an average maturity profile greater than 90 days from the date first entered into, or because they are held primarily for investment purposes rather than meeting short-term cash commitments. These assets are designated as fair value through profit or loss, with the fair value movements recorded within investment income. V) Leases Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of the lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. W) Other financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has transferred the asset to another party. Financial liabilities are removed from the Group\u2019s balance sheet when they are extinguished \u2013 ie when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Dividends from equity investments are recognised in the income statement when the right to receive payment is established. (ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are recognised at amortised cost. (iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. (iv) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recorded at fair value which i typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(K). Finance charges are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Interest paid is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. (v) Equity instruments \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. (vi) Derivative financial instruments \u2013 As explained in Note 25(D), th Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in profit or loss in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in profit or loss. Realised gains and losses on commodity derivatives recognised in profit or loss are recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining the appropriate classification and measurement. The treatment of embedded derivatives arising from provisionally priced commodity sales contracts is set out in further detail in Note 2(F) relating to revenue. Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not measured at fair value. Changes in fair value are reported in profit or loss for the year. / Notes to the financial statements continued 2 Principal accounting policies continued (vii) Impairment of financial assets \u2013 The Group applies the forward- looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables, measuring the loss allowance at the lifetime expected credit loss. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12 month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. X) Exceptional items Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The tax effect of items presented as exceptional is also classified as exceptional, as are material deferred tax adjustments that relate to more than one reporting period. Y) Rounding All amounts disclosed in the financial statements and notes have been rounded to the nearest million dollars unless otherwise stated. These policies have been consistently applied to all the years presented, unless otherwise stated. 3 Critical accounting judgements and key sources of estimation uncertainty Determining many of the amounts included in the financial statements involves the use of judgement and/or estimation. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimates is included in the principal accounting policies in Note 2 or the other notes to the financial statements, and the key areas are set out below. A) Judgements The following are the critical judgements, apart from those involving estimations (which are dealt with separately), that have been made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. (i) Non-financial assets impairment As explained in Note 2(M), the Group reviews the carrying value of its intangible assets and property, plant and equipment to determine whether there is any indication that those assets are impaired. In performing assessments for impairment triggers, assets that do not generate largely independent cash inflows are allocated to an appropriate cash generating unit (\u201cCGU\u201d). Details of the valuations and sensitivities of the Group\u2019s mining operations considered as part of the impairment trigger assessment are included in Note 5, including quantitative sensitivity analyses. Details of the value of assets and liabilities for each of the mining operations are set out in Note 6. When an impairment trigger is identified, an impairment test is performed, wherein the recoverable amount of those assets, or the CGU, is measured at the higher of their fair value less costs of disposal and value in use. When an impairment test is performed, management necessarily applies its judgement in allocating assets to CGUs, in estimating the probability, timing and value of underlying cash flows and in selecting appropriate discount rates to be applied within the fair value less costs of disposal calculation. The key assumptions are se out in Note 2(M). Subsequent changes to CGU allocation, licensing status, reserves and resources, price assumptions or other estimates and assumptions in the fair value less costs of disposal calculation could impact the carrying value of the respective assets. As explained in Note 5, based on an assessment of both qualitative and quantitative factors, there were no indicators of potential impairment, or reversal of previous impairments, for the Group\u2019s non-current assets associated with its mining operations at the 2022 year-end, and accordingly no impairment tests have been performed. However, whether or not an impairment indicator exists is a critical judgement, in particular as at 31 December 2022 for Zald\u00edvar (given the ongoing permitting process and the other factors set out in note 5) and at Antucoya (given the impairments recognised in 2012 and 2016 and, therefore, the sensitivity of the asset\u2019s value to movements in macroeconomic assumptions and other developments) (ii) Capitalisation of project costs within property, plant and equipment As explained in Note 2(K) the costs of developing mining properties are capitalised as property, plant and equipment when the mining project is considered to be commercially viable. Commercial viability is normally considered to be demonstrable when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved. Management reviews amounts capitalised to ensure that the treatment of that expenditure as capital rather than operating expenditure is reasonable, in particular in respect of the commercial viability of the project. As at 31 December 2022, $231 million (2021 \u2013 $180 million) of feasibility study costs relating to the Centinela Second Concentrator project, which is still under evaluation and has not yet received final Board approval, were capitalised within property, plant and equipment. Should the Group ultimately take the decision not to proceed with the development of this project, then it is likely that the corresponding element of the capitalised feasibility study costs would need to be impaired. B) Estimates The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Deferred tax liabilities in respect of undistributed earnings of subsidiaries No deferred tax liability is recognised in respect of the undistributed earnings of subsidiaries where it is not likely that those profits will be distributed in the foreseeable future. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level. As set out in Note 28, at 31 December 2022 deferred withholding tax liabilities of $71.6 million have been recognised, which relate to undistributed earnings of subsidiaries where it is considered likely that the corresponding profits will be distributed in the foreseeable future. The value of the remaining undistributed earnings of subsidiaries, for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of the distributions and it is likely that distributions will not be made in the foreseeable future, was $6,430.4 million (31 December 2021 \u2013 $6,483.3 million). If deferred withholding tax liabilities were recognised in respect of all of these remaining undistributed earnings of subsidiaries this would result in an additional deferred tax liability and expense of approximately $1,076.5 million (31 December 2021 \u2013 $1,232.1 million), depending on the application of tax credits which may be available in particular circumstances. (ii) Disposal of investment in Tethyan joint venture On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture. As a result of those agreements: \u2022 the Reko Diq project in Pakistan (the \u201cProject\u201d) was reconstituted in Reko Diq Mining Company (Private Limited) (\"RDMC\"). RDMC is the Pakistani registered subsidiary of Tethyan Copper Company Pty Limited (\"TCC\"), which is itself the Australian registered subsidiary of Atacama Copper Pty Limited (\u201cAtacama\u201d), the joint venture company registered in Australia and owned equally by the Company and Barrick Gold Corporation (\"Barrick\"); \u2022 a consortium of various Pakistani state-owned enterprises acquired shares in RDMC which holds the Project (the \"Sale\"); and \u2022 as the International Centre for Settlement of Investment Disputes (\"ICSID\") award (to TCC) was resolved by reconstituting the Project, TCC no longer has any rights or claims against the Governments of Pakistan and Balochistan arising from the suspension of the Project in 2011. The proceeds of the Sale which, together with accrued interest up to 15 December 2022 totalled US$946.0 million, are currently held by Atacama in a segregated interest-bearing account. Antofagasta and Barrick have agreed that the proceeds of this account, including all further interest received, less any Australian tax arising, will be distributed to the Antofagasta Group during 2023, on a date to be determined by Antofagasta. Atacama is seeking a binding private ruling to confirm that the Sale proceeds and their distribution to the Antofagasta Group will not be subject to Australian tax. The Australian corporate tax rate is 30%. Although Antofagasta will retain its shareholding in Atacama until the proceeds have been distributed, it no longer has any appointees on the board of the joint venture, is not entitled to exercise voting rights in Atacama, and is not required to provide any funding to, or permitted to receive any distributions from, Atacama other than the Sale proceeds. Antofagasta has therefore ceased to have an economic interest in Atacama and its subsidiaries as of 15 December 2022 other than being entitled from that date to receive an amount equal to the Sale proceeds and related interest less any Australian tax arising (whether before or after the distribution). Accordingly, Antofagasta has recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million, reflecting the estimate of the Sale proceeds and related interest, working capital and other adjustments and the carrying value of the investment at that date. A receivable balance of $943.3 million in respect of the estimated proceeds due to Antofagasta has been recognised within Trade and other receivables in the balance sheet. In addition to the above estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, we have also set out the following additional estimates and assumptions which have a significant impact on the financial statements, but which are not considered to be key sources of estimation uncertainty as defined in IAS 1. (i) Inventory valuation The valuation of work in progress inventories involves a number of estimates, including the average ore grade, volume and density of ore stockpiles, and the recoveries in respect of material on the leach piles. Evaluating the net realisable value of the inventories also requires an estimate of the likely future copper price for the periods when it is expected that the inventories will be completed and sold. As set out in Note 20, the value of work in progress inventories at 31 December 2022 was $751.9 million. If the copper spot price at 31 December 2022 (used for forecasting the likely sales price of short-term inventories) had been 10% lower, this would not have resulted in any net realisable value provision. The valuation of leachpile inventories can be particularly complex, given the required estimates including in respect of the total recoveries and the speed of recovery in relation to the material on the piles. This is particularly the case with leachpiles with a long leaching cycle, where material may remain on the pile for several years before it has been fully leached. The operation with the most significant long-term leachpile inventory is Zald\u00edvar, with a long- term leachpile with a value of approximately $130 million (on a 50% attributable basis) at 31 December 2022. This balance is forecast to be consumed over the operation's remaining 14 year mine life and its recoverability is based on the same assumptions about future operational considerations as detailed in note 5. As a simple, high- level sensitivity if this balance were reduced by 10% (due to changes in recovery estimates for example), this would result in a reduction in Zald\u00edvar\u2019s inventory balance of approximately $13 million (on a 50% attributable basis). (ii) Useful economic lives of property, plant and equipment and ore reserves estimates As explained in Note 2(L), mining properties, including capitalised financing costs, are depreciated in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. There are numerous uncertainties inherent in estimating ore reserves, and assumptions that were valid at the time of estimation may change when new information becomes available. These include assumptions as to grade estimates and cut-off grades, recovery rates, commodity prices, exchange rates, production costs, capital costs, processing and reclamation costs and discount rates. The actual volume of ore extracted and any changes in these assumptions could affect prospective depreciation rates and carrying values. / Notes to the financial statements continued 194 Antofagasta Annual Report 2022 3 Critical accounting judgements and key sources of estimation uncertainty continued Other items of property, plant and equipment are depreciated over their useful economic lives, on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis. Management reviews the appropriateness of useful economic lives at least annually and, again, any changes could affect prospective depreciation rates and asset carrying values. The operation with the most significant depreciation expense is Centinela, with a depreciation expense of $710 million in 2022, representing approximately 60% of the total Group depreciation charge. As a simple high-level sensitivity, a 10% adjustment to the useful economic lives of Centinela\u2019s property, plant and equipment would result in an impact of approximately $71 million on the annual depreciation charge. (iii) Provisions for decommissioning and site restoration costs As explained in Note 2(Q), provision is made, based on net present values, for decommissioning and site rehabilitation costs as soon as the obligation arises following the development or ongoing production of a mining property. The provision is based on a closure plan prepared with the assistance of external consultants. Management uses its judgement and experience to provide for and (in the case of capitalised decommissioning costs) amortise these estimated costs over the life of the mine. The ultimate cost of decommissioning and site rehabilitation is uncertain and cost estimates can vary in response to many factors including changes to relevant legal requirements, the emergence of new restoration techniques or experience at other mine sites. The expected timing and extent of expenditure can also change, for example in response to changes in ore reserves or processing levels. As a result, there could be significant adjustments to the provisions established which would affect future financial results. Details of the decommissioning and restoration provisions are set out in Note 29. The total value of these provisions as at 31 December 2022 was $488.2 million. As a simple high-level sensitivity, a 10% increase in the forecast closure costs would increase the provision balance by approximately $49 million, the capitalised decommissioning costs asset within property, plant and equipment by approximately $17 million and the ongoing annual operating expenses by approximately $2 million. (iv) Deferred tax assets in respect of tax losses As explained in Note 2(O), deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profits. When assessing the probable future taxable profits, the Group considers whether the relevant Group entity has sufficient taxable temporary differences which will result in taxable amounts against which the unused tax losses can be utilised. Generally under Chilean tax law most tax losses can be carried forward indefinitely, and so the expiry of tax losses is not typically an issue. The key assumptions to which the forecasts of the probable level of future taxable profits are most sensitive are future commodity prices, production levels and operating costs. As set out in Note 28, the Group has recognised $78.5 million of net deferred tax assets as at 31 December 2022, relating to tax losses, provisions and short-term timing differences. The deferred tax position includes $79.7 million (2021 \u2013 $90.6 million) of deferred tax assets in respect of tax losses available for offset against future profits. These losses may be carried forward indefinitely. 4 Exceptional items Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The tax effect of items presented as exceptional is also classified as exceptional, as are material deferred tax adjustments that relate to more than one reporting period. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group. 2022 \u2013 Disposal of investment in Tethyan joint venture On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture. As a result, Antofagasta has recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million. Full details of the agreements and gain on disposal are set out in Note 17. 2021 \u2013 Impairment of Twin Metals\u2019 assets Twin Metals Minnesota (\u201cTwin Metals\u201d) is a wholly owned copper,\u202fnickel and platinum group metals (PGM) underground mining project, which holds copper, nickel, cobalt-PGM deposits in north-eastern Minnesota, US. In recent years, Twin Metals has been progressing its Mine Plan of Operations (MPO) and Scoping Environmental Assessment Worksheet Data Submittal, submitted in December 2019 to the US Bureau of Land Management (BLM) and Minnesota Department of Natural Resources (DNR), respectively. However, while the Twin Metals project was advancing through environmental review, several actions were taken by the federal government that have changed the potential scenarios for the project. In September 2021, the United States Forest Service (USFS) submitted an application to withdraw approximately 225,000 acres of land in the Superior National Forest from the scope of federal mineral leasing laws, subject to valid existing rights. In October 2021, the United States Bureau of Land Management (BLM) rejected Twin Metals\u2019 Preference Right Lease Applications (PRLAs) and Prospecting Permit Applications (PPAs). In January 2022, the United States Department of the Interior cancelled Twin Metals\u2019 MNES-1352 and MNES-1353 federal mineral leases. The PRLAs and federal mineral leases form a significant proportion of the mineral resources contained within Twin Metals\u2019 current project plan and, accordingly, it was determined that these events collectively represented an impairment trigger as at the 2021 balance sheet date. Prior to the resulting impairment assessment being performed, as at 31 December 2021, the Group had recognised an intangible asset of $150.1 million and property, plant and equipment of $27.5 million relating to the Twin Metals project. The intangible asset arose upon the acquisition in 2015 of Duluth Metals, which owned a 60% stake in the Twin Metals project, with the carrying value of the intangible asset reflecting the consideration paid for that acquisition. The property, plant and equipment balances reflected the historical cost of acquiring those assets. These carrying values prior to the impairment did not, therefore, reflect an estimate of the commercial potential of the project as at 31 December 2021. The Group believes that Twin Metals has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group intends to pursue validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, an impairment was recognised as at 31 December 2021 in respect of the $177.6 million of intangible assets and property, plant and equipment relating to the Twin Metals project. 2021 \u2013 Recognition of previously unrecognised deferred tax assets At 31 December 2021, the Group recognised $90.6 million of previously unrecognised deferred tax assets relating to tax losses available for offset against future profits, reflecting the improved actual and forecast profitability of the relevant Group entity (Antucoya). antofagasta.co.uk 195 5 Asset sensitivities There were no indicators of potential impairment, or reversal of previous impairments, for the Group\u2019s non-current assets associated with its mining operations at the 2022 year-end, and accordingly no impairment tests have been performed. The impairment indicator assessment included consideration of the potential indicators set out in IAS 36, \u2018Impairment of Assets\u2019, which included quantitative analysis based on the operations\u2019 life-of-mine models as adjusted for certain assumptions (including potential future development opportunities) (\u201cthe models\u201d). These models provide indicative valuations and do not represent, or comply with, a formal impairment assessment prepared in accordance with IAS 36. Sensitivity analyses have been performed on the models to quantify the impact of changes in assumptions to which the models are most sensitive and to support the overall impairment indicator assessment. As noted above, no qualitative indicators of potential impairment or potential reversal of impairment were identified. Similarly, no quantitative indicators of impairment were identified, with the models used within the impairment indicator assessment continuing to indicate positive headroom for all of the Group\u2019s mining operations, including the Zaldivar joint venture, with the indicated value of the assets in excess of their carrying value. Relevant aspects of this process are detailed below: Copper price outlook The assumption to which the value of the assets is most sensitive is the future long-term copper price. The copper price forecasts (representing the Group\u2019s estimates of the assumptions that would be used by independent market participants in valuing the assets) are based on the forward curve for the short term and consensus analyst forecasts for the longer term. A long-term copper price of $3.50/lb (reflecting 2022 real terms) has been used in the models used in the impairment indicator assessment, which has increased from $3.30/lb (reflecting 2021 real terms) at the prior year-end. As an additional down-side sensitivity an indicative valuation (based on the models) was performed with a long- term copper price of $3.15/lb, reflecting a 10% reduction in the long-term price forecast. Los Pelambres and Centinela still showed positive headroom in their models in this alternative down-side scenario. However, the Antucoya valuation indicated a potential deficit of $400 million and the Zald\u00edvar valuation indicated a potential deficit of $170 million (on a 50% basis). This was a simple sensitivity exercise, looking at an illustrative change in the forecast long-term copper price in isolation. In reality, a deterioration in the long-term copper price environment is likely to result in corresponding improvements in a range of input cost factors. In particular, given that copper exports account for over 50% of Chile\u2019s exports, historically there has often been a correlation between movements in the copper price and the US dollar/Chilean peso exchange rate, and a decrease in the copper price may therefore result in a weakening of the Chilean peso, with a resulting reduction in the Group\u2019s operating costs and capital expenditure in US$ terms. These likely cost reductions, as well as potential operational changes which could be made in a weaker copper price environment, could partly mitigate the impact of the lower copper price modelled in these estimated potential sensitivities. The US dollar/Chilean peso exchange rate The value of the assets is also sensitive to movements in the US dollar/Chilean peso exchange rate. A long-term exchange rate of Ch$850/$1 has been used in the models considered as part of the impairment indicator assessment. This compares with the long-term exchange rate of CH$770/$1 used in 2021. As an additional down-side sensitivity an indicative valuation was prepared with a 10% stronger long-term Chilean peso exchange rate assumption. Los Pelambres and Centinela still showed positive headroom in this alternative down-side scenario. However, the Antucoya valuation indicated a potential deficit of $140 million and the Zald\u00edvar valuation indicated a potential deficit of $100 million (on a 50% basis). As noted above, historically there has often been a correlation between movements in the copper price and the US dollar/Chilean peso exchange rate, and so a strengthening of the Chilean peso may often reflect a stronger copper price environment, which could mitigate the impact of a stronger exchange rate. Climate risks The models incorporate estimates of the potential future costs relating to climate risks. The Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (\u201cTCFD\u201d). This process includes scenario analyses assessing the potential future impact of transition and physical risks. The combined estimate of the potential costs of the transition risk and physical risk scenarios, have been incorporated into the models. Chilean mining royalty We have considered potential changes to the Chilean mining royalty (taking into account the Group\u2019s existing tax stability agreements) as part of the impairment indicator assessment. Other relevant assumptions In addition to the impact of the future copper price the US dollar/Chilean peso exchange rate, climate risks and the potential changes in the Chilean royalty regime, the models used in the impairment indicator assessment are sensitive to the assumptions in respect of future production levels, operating costs, sustaining and development capital expenditure, and the discount rate used to determine the present value of the future cash flows. A real post-tax discount rate of 8% (calculated using relevant market data) has been used in determining the present value of the changes in forecast future cash flows from the assets as part of the quantitative analysis performed as part of the overall impairment indicator assessment. / Notes to the financial statements continued 196 Antofagasta Annual Report 2022 5 Asset sensitivities continued In the case of Zald\u00edvar, in addition to the assumptions made in respect of the factors outlined above, the conclusion that there are no impairment indicators reflects certain assumptions about future operational considerations to which the model considered as part of the impairment indicator assessment is sensitive, in particular the following: \u2022 Zald\u00edvar submitted an Environmental Impact Assessment (EIA) in 2018 which included an application to extend its water extraction and mining permits to 2029 (with decreasing activity levels in 2030-2031). Currently, Zald\u00edvar is permitted to extract water and mine into 2025 and 2024, respectively. To ensure the continuity of the operation, in March 2023 Zald\u00edvar submitted a DIA (Declaration of Environmental Impact), a more limited scope and simplified procedure than an EIA, requesting that the mining permit be extended from 2024 to 2025 so as to expire at the same date as the current water permit. At the same time Zald\u00edvar withdrew the 2018 EIA application. It is expected that an alternative and updated EIA application to extend the water and mining permits beyond 2025 will be submitted which will also include a plan for a transition from the current continental water source on completion of the extended water permit, to either procuring water from a third party or using raw sea water. The impairment indicator assessment assumes that the mining permit will be extended to cover the full period of the model, and the water permit can be extended, or reasonable alternative arrangements for securing water to enable the continued operation of the mine without interruption can be implemented. However, if this is not the case, this is likely to be considered an indicator of a potential impairment, requiring an IAS 36 impairment assessment at that point. \u2022 Zald\u00edvar\u2019s final pit phase, which represents approximately 20% of current ore reserves, impacts a portion of Minera Escondida\u2019s mine property, as well as infrastructure owned by third parties (a road, railway, power line and pipelines). The impairment indicator assessment assumes that mining of the final pit phase, which is subject to agreements or easements to access these areas and relocate this infrastructure, will be possible. The carrying value of the Group\u2019s investment in joint venture balance in respect of Zald\u00edvar as at 31 December 2022 was $897.3 million. Fair value less costs of disposal and value in use valuations If a full IAS 36 impairment test were to be prepared, which was not the case as at 31 December 2022, the recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation for mining companies, and accordingly the Group typically applies this valuation estimate in its impairment or valuation assessments. Indicators of potential reversal of previous impairments Antucoya recognised impairments totalling $716 million in 2012 and 2016. Of the original impairment amounts, approximately $434 million remains in effect unamortised as at 31 December 2022. Based on an assessment of both qualitative and quantitative factors, there were no indicators of a potential reversal of these previous impairments at the 2022 year-end. As noted above, the indicative valuation exercise for Antucoya at the 2022 year-end indicated positive headroom for Antucoya. However, the headroom position is relatively marginal \u2013 the down-side sensitivity reflecting a 10% reduction in the long-term copper price resulted in a potential deficit of $400 million; the sensitivity using a 10% stronger long-term Chilean peso exchange rate assumption indicated a potential deficit of $140 million. Given this marginal headroom position, reasonably possible changes in the general market environment or the regulatory and taxation environment in Chile could result in a potential deficit position for Antucoya and hence it was concluded that there was no impairment reversal trigger as at 31 December 2022. 6 Segment information The Group\u2019s reportable segments, which are the same as its operating segments, are as follows: \u2022 Los Pelambres \u2022 Centinela \u2022 Antucoya \u2022 Zald\u00edvar \u2022 Exploration and evaluation \u2022 Corporate and other items \u2022 Transport division For management purposes, the Group is organised into two business divisions based on their products \u2013 Mining and Transport. The Mining division is split further for management reporting purposes to show results by mine and exploration activity. Los Pelambres produces primarily copper concentrate containing gold and silver as a by-product, and molybdenum concentrate. Centinela produces copper concentrate containing gold and silver as a by-product, molybdenum concentrates and copper cathodes. Antucoya and Zald\u00edvar produce copper cathodes. The Transport division provides rail cargo and road cargo transport together with a number of ancillary services. All the operations are based in Chile. The Exploration and evaluation segment incurs exploration and evaluation expenses. \u201cCorporate and other items\u201d comprises costs incurred by the Company, Antofagasta Minerals SA, the Group\u2019s mining corporate centre and other entities, that are not allocated to any individual business segment. Consistent with its internal management reporting, the Group\u2019s corporate and other items are included within the Mining division. The chief operating decision-maker (the Group\u2019s Chief Executive Officer) monitors the operating results of the business segments separately for the purpose of making decisions about resources to be allocated and assessing performance. Segment performance is evaluated based on the operating profit of each of the segments. antofagasta.co.uk 197 A) Segment revenues and results For the year ended 31 December 2022 Los Pelambres $m Centinela $m Antucoya $m Zald\u00edvar $m Exploration and evaluation 2 $m Corporate and other items $m Mining $m Transport division $m Total $m Revenue 2,558.9 2,406.2 703.5 \u2013 \u2013 \u2013 5,668.6 193.4 5,862.0 Operating cost excluding depreciation and loss on disposals (1,086.1) (1,249.0) (442.3) \u2013 (113.0) (75.0) (2,965.4) (119.1) (3,084.5) Depreciation (276.1) (710.2) (105.6) \u2013 \u2013 (18.7) (1,110.6) (30.5) (1,141.1) Loss on disposals (0.5) (1.0) \u2013 \u2013 \u2013 (0.6) (2.1) \u2013 (2.1) Operating profit/(loss) 1,196.2 446.0 155.6 \u2013 (113.0) (94.3) 1,590.5 43.8 1,634.3 Net share of results from associates and joint ventures \u2013 \u2013 \u2013 47.3 \u2013 (0.7) 46.6 1.5 48.1 Gain on disposal of investment in joint ventures 3 \u2013 \u2013 \u2013 \u2013 \u2013 944.7 944.7 \u2013 944.7 Total profit from operations, associates and j oint ventures 1,196.2 446.0 155.6 47.3 (113.0) 849.7 2,581.8 45.3 2,627.1 Investment income 10.7 6.6 2.4 \u2013 \u2013 19.8 39.5 0.7 40.2 Interest expense (3.3) (10.6) (19.9) \u2013 \u2013 (44.2) (78.0) (0.6) (78.6) Other finance items (5.2) (11.3) (6.6) \u2013 \u2013 (5.0) (28.1) (1.7) (29.8) Profit/(loss) before tax 1,198.4 430.7 131.5 47.3 (113.0) 820.3 2,515.2 43.7 2,558.9 Tax (371.8) (130.8) (34.9) \u2013 \u2013 (50.8) (588.3) (15.3) (603.6) Profit/(loss) for the year 826.6 299.9 96.6 47.3 (113.0) 769.5 1,926.9 28.4 1,955.3 Non-controlling interests 319.3 82.9 21.2 \u2013 \u2013 (1,1) 422.3 \u2013 422.3 Profit/(losses) attributable to the owners of the parent 507.3 217.0 75.4 47.3 (113.0) 770.6 1,504.6 28.4 1,533.0 EBITDA 1 1,472.8 1,157.2 261.2 147.2 (113.0) (75.7) 2,849.7 80.0 2,929.7 Additions to non-current assets Additions to property, plant and equipment 965.2 889.0 75.1 \u2013 0.5 16.4 1,946.2 55.8 2,002.0 Segment assets and liabilities Segment assets 6,786.6 5,922.8 1,708.0 \u2013 \u2013 2,504.1 16,921.5 412.2 17,333.7 Investment in associates and joint ventures \u2013 \u2013 \u2013 897.3 \u2013 \u2013 897.3 7.3 904.6 Segment liabilities (3,155.0) (1,565.1) (558.1) \u2013 \u2013 (1,225.8) (6,504.0) (89.9) (6,593.9) 1. EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the EBITDA of its associates and joint ventures (Refer to the Alternative Performance Measures section on page 238). 2. Operating cash outflow in the exploration and evaluation segment was $98.3 million. 3. An exceptional gain of $944.7 million has been recognised in respect of the Group\u2019s disposal of its investment in the Tethyan joint venture (see notes 3, 4 and 17) / Notes to the Financial statements continued 198 Antofagasta Annual Report 2022 6 Segment information continued For the year ended 31 December 2021 Los Pelambres $m Centinela $m Antucoya $m Zald\u00edvar $m Exploration and evaluation 2 $m Corporate and other items $m Mining $m Transport division $m Total $m Revenue 3,621.0 2,981.3 697.8 \u2013 \u2013 \u2013 7,300.1 170.0 7,470.1 Operating cost excluding depreciation and loss on disposals (1,095.0) (1,062.0) (360.7) \u2013 (103.2) (76.0) (2,696.9) (106.3) (2,803.2) Depreciation (281.8) (654.7) (98.3) \u2013 \u2013 (13.0) (1,047.8) (30.9) (1,078.7) Loss on disposals (3.7) (4.0) (0.5) \u2013 \u2013 \u2013 (8.2) (1.0) (9.2) Provision against the carrying value of assets 4 \u2013 \u2013 \u2013 \u2013 (177.6) \u2013 (177.6) \u2013 (177.6) Operating profit/(loss) 2,240.5 1,260.6 238.3 \u2013 (280.8) (89.0) 3,369.6 31.8 3,401.4 Net share of results from associates and joint ventures \u2013 \u2013 \u2013 68.5 \u2013 (9.0) 59.5 0.2 59.7 Investment income 1.4 1.5 0.3 \u2013 \u2013 1.7 4.9 0.1 5.0 Interest expense (3.5) (16.4) (15.5) \u2013 \u2013 (27.2) (62.6) (0.8) (63.4) Other finance items 41.1 26.1 4.9 \u2013 \u2013 5.1 77.2 (2.8) 74.4 Profit/(loss) before tax 2,279.5 1,271.8 228.0 68.5 (280.8) (118.4) 3,448.6 28.5 3,477.1 Tax (743.7) (382.0) (7.1) \u2013 \u2013 (188.3) (1,321.1) (11.8) (1,332.9) Tax-exceptional items 3 \u2013 \u2013 90.6 \u2013 \u2013 \u2013 90.6 \u2013 90.6 Profit/(loss) for the year 1,535.8 889.8 311.5 68.5 (280.8) (306.7) 2,218.1 16.7 2,234.8 Non-controlling interests 607.5 252.2 84.4 \u2013 \u2013 0.5 944.6 \u2013 944.6 Profit/(losses) attributable to the owners of the parent 928.3 637.6 227.1 68.5 (280.8) (307.2) 1,273.5 16.7 1,290.2 EBITDA 1 2,526.0 1,919.3 337.1 172.8 (103.2) (84.0) 4,768.0 68.2 4,836.2 Additions to non-current assets Additions to property, plant and equipment 903.1 826.4 62.7 \u2013 0.6 30.4 1,823.2 32.7 1,855.9 Segment assets and liabilities Segment assets 5,667.1 5,924.2 1,735.9 \u2013 \u2013 2,661.1 15,988.3 384.3 16,372.6 Investment in associates and joint ventures \u2013 \u2013 \u2013 900.0 \u2013 \u2013 900.0 5.8 905.8 Segment liabilities (2,642.0) (1,797.0) (548.7) \u2013 \u2013 (1,174.5) (6,162.2) (87.2) (6,249.4) 1. EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the EBITDA of its associates and joint ventures (Refer to the Alternative Performance Measures section on page 238). 2. Operating cash outflow in the exploration and evaluation segment was $98.0 million. 3. During 2021, there was an exceptional item of $90.6 million which reflects the recognition of a deferred tax asset at Antucoya (see note 4). 4. An impairment has been recognised as at 31 December 2021 in respect of the $177.6 million of intangible assets and property, plant and equipment relating to the Twin Metals project, presented as an exceptional item. Notes to segment revenues and results (i) Inter-segment revenues are eliminated on consolidation. The only inter-segment revenue related to sales from the Transport division to the mining division of $9.8 million (year ended 31 December 2021 \u2013 $8.2 million), has been eliminated and is therefore not reflected in the above figures. (ii) Revenue includes provisionally priced sales of copper, gold and molybdenum concentrates and copper cathodes. Further details of such adjustments are given in Note 7. (iii) For sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Treatment and refining charges for copper and molybdenum concentrates are detailed in Note 7. (iv) The effects of tax and non-controlling interests on the expenses within the Exploration and evaluation segment are allocated to the mine that the exploration work relates to. (v) The assets of the Transport division segment include $7.3 million (31 December 2021 \u2013 $5.8 million) relating to the Group\u2019s 30% interest in Antofagasta Terminal International SA (\u201cATI\u201d), which operates a concession to manage installations in the port of Antofagasta. Further details of these investments are set out in Note 16. antofagasta.co.uk 199 B) Entity-wide disclosures Revenue by product 2022 $m 2021 $m Copper \u2022 Los Pelambres 2,107.7 3,097.0 \u2022 Centinela concentrate 1,132.7 1,735.4 \u2022 Centinela cathodes 844.4 774.1 \u2022 Antucoya 697.5 693.3 Provision of shipping services \u2022 Los Pelambres 51.9 57.8 \u2022 Centinela concentrate 58.5 46.8 \u2022 Centinela cathodes 6.7 4.3 \u2022 Antucoya 6.0 4.5 Gold \u2022 Los Pelambres 75.4 91.0 \u2022 Centinela concentrate 238.4 345.4 Molybdenum \u2022 Los Pelambres 291.4 329.2 \u2022 Centinela concentrate 100.8 37.2 Silver \u2022 Los Pelambres 32.5 46.0 \u2022 Centinela concentrate 24.7 38.1 Total 5,668.6 7,300.1 Transport division 193.4 170.0 5,862.0 7,470.1 Revenue by location of customer 2022 $m 2021 $m Europe \u2022 United Kingdom 71.0 54.4 \u2022 Switzerland 753.6 1,303.7 \u2022 Spain 1.0 67.6 \u2022 Germany 140.0 121.5 \u2022 Rest of Europe 96.5 177.4 Latin America \u2022 Chile 369.1 282.0 \u2022 Rest of Latin America 179.7 214.7 North America \u2022 United States 312.3 666.5 Asia \u2022 Japan 1,668.6 1,842.3 \u2022 China 1,072.0 1,236.9 \u2022 Singapore 423.8 726.1 \u2022 South Korea 332.2 322.6 \u2022 Hong Kong 178.2 217.1 \u2022 Rest of Asia 264.0 237.3 5,862.0 7,470.1 Information about major customers In the year ended 31 December 2022, the Group\u2019s mining revenue included $785.5 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2021 \u2013 one large customer representing $1,015.1 million). / Notes to the Financial statements continued 200 Antofagasta Annual Report 2022 6 Segment information continued Non-current assets by location of assets 2022 $m 2021 $m Restated Chile 12,786.1 11,705.1 Other 1 10.1 10.9 12,796.2 11,716.0 1. The comparatives have been restated to show a reclassification of $9.9 million from the \u201cChile\u201d category to the \u201cOther\u201d category. 2022 $m 2021 $m Non-current assets per the balance sheet 13,016.2 11,872.7 The above amounts by location reflect non-current assets per the balance sheet excluding: \u2022 Deferred tax assets (78.5) (96.8) \u2022 Account receivables (51.0) (51.2) \u2022 Equity investments (90.5) (8.7) Total of non-current assets above (220.0) (156.7) Non-current assets by location of asset 12,796.2 11,716.0 7 Group Revenue Copper and molybdenum concentrate sale contracts and copper cathode sale contracts generally provide for provisional pricing of sales at the time of shipment, with final pricing being based on the monthly average London Metal Exchange copper price or monthly average molybdenum price for specified future periods. This normally ranges from one to four months after shipment to the customer. For sales contracts which contain provisional pricing mechanisms, the total receivable balance is measured at fair value through profit or loss. Gains and losses from the mark-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The Group determines mark-to-market prices using forward prices at each period-end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the absence of a futures market in the market price references for that commodity in the majority of the Group\u2019s contracts. With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. The shipping service represents a separate performance obligation, and is recognised separately from the sale of the material over time as the shipping service is provided. The total revenue from contracts with customers and the impact of provisional pricing adjustments in respect of concentrate and cathode sales is as follows: 2022 $m 2021 $m Revenue from contracts with customers Sale of products 5,671.2 6,809.0 Provision of shipping services associated with the sale of products 1 123.1 113.4 Transport division 2 193.4 170.0 Provisional pricing adjustments in respect of copper, gold and molybdenum (125.7) 377.7 Total revenue 5,862.0 7,470.1 1. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. 2. The transport division provides rail and road cargo transport together with a number of ancillary services. antofagasta.co.uk 201 The categories of revenue which are principally affected by different economic factors are the individual product types. A summary of revenue by product is set out in Note 6. The following tables set out the impact of provisional pricing adjustments, derivative commodity instruments and treatment and refining charges for the more significant products. The revenue from these products, along with the revenue from other products and services, is reconciled to total revenue in Note 6. For the year ended 31 December 2022 Los Pelambres Copper concentrate $m Centinela Copper concentrate $m Centinela Copper cathodes $m Antucoya Copper cathodes $m Los Pelambres Gold in concentrate $m Centinela Gold in concentrate $m Los Pelambres Molybdenum concentrate $m Centinela Molybdenum concentrate $m Provisionally priced sales of products 2,313.7 1,231.8 851.8 710.6 75.1 235.9 281.3 98.5 Revenue from freight services 51.9 58.5 6.7 6.0 \u2013 \u2013 \u2013 \u2013 2,365.6 1,290.3 858.5 716.6 75.1 235.9 281.3 98.5 Effects of pricing adjustments to previous year invoices Reversal of mark-to-market adjustments at the end of the previous year (12.0) (5.2) (0.3) (0.8) \u2013 (0.3) 5.6 0.7 Settlement of sales invoiced in the previous year 10.7 23.3 0.5 1.0 \u2013 3.6 (4.1) (0.6) Total effect of adjustments to previous year invoices in the current year (1.3) 18.1 0.2 0.2 \u2013 3.3 1.5 0.1 Effects of pricing adjustments to current year invoices Settlement of sales invoiced in the current year (155.3) (68.7) (8.4) (14.1) 0.4 (2.9) 16.5 4.0 Mark-to-market adjustments at the end of the current year 38.0 19.9 0.8 0.8 \u2013 2.7 12.6 7.6 Total effect of adjustments to current year invoices (117.3) (48.8) (7.6) (13.3) 0.4 (0.2) 29.1 11.6 Total pricing adjustments (118.6) (30.7) (7.4) (13.1) 0.4 3.1 30.6 11.7 Realised losses on commodity derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Revenues before deducting treatment and refining charges 2,247.0 1,259.6 851.1 703.5 75.5 239.0 311.9 110.2 Treatment and refining charges (87.4) (68.4) \u2013 \u2013 (0.1) (0.6) (20.5) (9.4) Revenue net of tolling charges 2,159.6 1,191.2 851.1 703.5 75.4 238.4 291.4 100.8 The revenue from the individual products shown in the above table excludes revenue from sales of silver and the transport division, which are presented in the revenue by product table in note 6 to reconcile to Group Revenue. With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure. / Notes to the Financial statements continued 202 Antofagasta Annual Report 2022 7 Group Revenue continued For the year ended 31 December 2021 Los Pelambres Copper concentrate $m Centinela Copper concentrate $m Centinela Copper cathodes $m Antucoya Copper cathodes $m Los Pelambres Gold in concentrate $m Centinela Gold in concentrate $m Los Pelambres Molybdenum concentrate $m Centinela Molybdenum concentrate $m Provisionally priced sales of products 2,966.6 1,685.3 824.3 749.7 93.3 354.8 322.1 38.4 Revenue from freight services 57.8 46.8 4.3 4.5 \u2013 \u2013 \u2013 \u2013 3,024.4 1,732.1 828.6 754.2 93.3 354.8 322.1 38.4 Effects of pricing adjustments to previous year invoices Reversal of mark-to-market adjustments at the end of the previous year (58.7) (26.8) 0.1 (0.5) \u2013 (0.9) 0.2 (0.3) Settlement of sales invoiced in the previous year 175.1 74.7 1.8 1.5 (1.0) (4.0) 6.4 1.2 Total effect of adjustments to previous year invoices in the current year 116.4 47.9 1.9 1.0 (1.0) (4.9) 6.6 0.9 Effects of pricing adjustments to current year invoices Settlement of sales invoiced in the current year 92.2 58.8 10.2 6.0 (1.1) (4.1) 30.6 5.8 Mark-to-market adjustments at the end of the current year 12.0 5.2 0.3 0.8 \u2013 0.4 (5.7) (0.7) Total effect of adjustments to current year invoices 104.2 64.0 10.5 6.8 (1.1) (3.7) 24.9 5.1 Total pricing adjustments 220.6 111.9 12.4 7.8 (2.1) (8.6) 31.5 6.0 Realised losses on commodity derivatives \u2013 \u2013 (62.6) (64.2) \u2013 \u2013 \u2013 \u2013 Revenues before deducting treatment and refining charges 3,245.0 1,844.0 778.4 697.8 91.2 346.2 353.6 44.4 Treatment and refining charges (90.2) (61.8) \u2013 \u2013 (0.2) (0.8) (24.4) (7.2) Revenue net of tolling charges 3,154.8 1,782.2 778.4 697.8 91.0 345.4 329.2 37.2 The revenue from the individual products shown in the above table excludes revenue from sales of silver and the transport division, which are presented in the revenue by product table in note 6 to reconcile to Group Revenue. With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure. antofagasta.co.uk 203 (I) Copper concentrate The typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Tonnes 179,000 177,900 Average mark-to-market price $/lb 3.80 4.41 Average provisional invoice price $/lb 3.65 4.37 (II) Copper cathodes The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Tonnes 22,700 15,000 Average mark-to-market price $/lb 3.80 4.42 Average provisional invoice price $/lb 3.77 4.39 (III) Gold in concentrate The typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Ounces 31,000 32,300 Average mark-to-market price $/oz 1,828 1,801 Average provisional invoice price $/oz 1,742 1,791 (IV) Molybdenum concentrate The typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Tonnes 2,500 2,400 Average mark-to-market price $/lb 26.10 18.60 Average provisional invoice price $/lb 22.20 19.65 As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade debtors in the balance sheet. The effect of mark-to-market adjustments on the balance sheet at the end of each period are as follows: Effect on debtors of year end mark- to-market adjustments 2022 $m 2021 $m Los Pelambres \u2013 copper concentrate 38.0 12.0 Los Pelambres \u2013 molybdenum concentrate 12.6 (5.7) Centinela \u2013 copper concentrate 19.9 5.2 Centinela \u2013 molybdenum concentrate 7.6 (0.7) Centinela \u2013 gold in concentrate 2.7 0.4 Centinela \u2013 copper cathodes 0.8 0.3 Antucoya \u2013 copper cathodes 0.8 0.8 82.4 12.3 / Notes to the Financial statements continued 204 Antofagasta Annual Report 2022 8 Operating Profit From Subsidiaries, and Total Profit From Associates And Joint Ventures Operating profit from subsidiaries and total profit from operations and associates and joint ventures is derived from Group revenue by deducting operating costs as follows: 2022 $m 2021 $m Group revenue 5,862.0 7,470.1 Cost of sales (3,432.7) (3,120.2) Gross profit 2,429.3 4,349.9 Administrative and distribution expenses (558.9) (550.4) Other operating income 37.9 31.8 Other operating expenses 1 (274.0) (429.9) Operating profit from subsidiaries 1,634.3 3,401.4 Net share of profit of associates and joint ventures 48.1 59.7 Gain on disposal of investment in joint ventures 944.7 \u2013 Total profit from operations, associates and joint ventures 2,627.1 3,461.1 1. Other operating expenses comprise $113.0 million of exploration and evaluation expenditure (2021 \u2013 $103.2 million), $19.1 million in respect of the employee severance provision (2021 \u2013 $19.8 million), $16.9 million in respect of the closure provision (2021 \u2013 $11.3 million), nil in respect of the provision against the carrying value of assets relating to the Twin Metals project (2021 \u2013 $177.6 million) and $125.0 million of other expenses (2021 \u2013 $118.0 million). Profit before tax is stated after (charging)/crediting: 2022 $m 2021 $m Foreign exchange (losses)/gains \u2022 included in net finance costs (12.8) 49.9 Depreciation of property, plant and equipment \u2022 owned assets (1,047.2) (997.1) \u2022 leased assets (93.9) (81.6) Loss on disposal of property, plant and equipment (2.1) (9.2) Cost of inventories recognised as an expense (2,381.6) (2,033.0) Employee benefit expense (476.6) (498.0) Decommissioning and restoration (operating expenses) (16.9) (11.3) Severance charges (19.1) (19.8) Exploration and evaluation expense (113.0) (103.2) Provision against carrying value of assets1 \u2013 (177.6) Auditors\u00b4 remuneration (2.2) (1.9) 1. In 2021 impairment provision recognised in respect of $27.5 million of property, plant and equipment (note 15) and $150.1 million of intangible assets (note 14) relating to the Twin Metals project. A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below: Group 2022 $000 2021 $000 Fees payable to the Company\u00b4s auditors and its associates for the audit of the Parent Company and consolidated financial statements 1,312.5 1,242.0 Fees payable to the Company\u00b4s auditors and its associates for other services: \u2022 The audit of the Company\u2019s subsidiaries 549.6 415.0 \u2022 Audit-related assurance services 1 98.0 200.0 \u2022 Other assurance services 2 241.0 \u2013 2,201.1 1,857.0 1. The audit-related assurance services relate to the half-year review performed by the auditors. 2. The other assurance services in 2022 related to the bond issue in that year, which required the Group to engage PwC to act as the reporting accountant for that transaction, work which is in effect required to be performed by the Group\u2019s auditors. Details of the Company\u2019s policy on the use of auditors for non-audit services: the reason why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit and Risk Committee report on page 130. No services were provided pursuant to contingent fee arrangements. antofagasta.co.uk 205 9 Employees A) Average monthly number of employees 2022 Number 2021 Number Los Pelambres 1,069 959 Centinela 2,408 2,226 Antucoya 852 817 Exploration and evaluation 60 71 Corporate and other employees \u2022 Chile 582 566 \u2022 United Kingdom 4 4 \u2022 Other 1 4 Mining and Corporate 4,976 4,647 Transport division 1,383 1,336 6,359 5,983 (i) The average number of employees for the year includes all the employees of subsidiaries. The average number of employees does not include contractors who are not directly employed by the Group. (ii) The average number of employees does not include employees from associates and joint ventures. B) Aggregate remuneration The aggregate remuneration of the employees included in the table above was as follows: 2022 $m 2021 $m Wages and salaries (448.5) (469.9) Social security costs (28.1) (28.1) (476.6) (498.0) C) Key management personnel In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any Directors (Executive and Non-Executive) of the Company. Key management personnel who are not Directors have been identified as responsible senior management at the Corporate Centre and those responsible for the running of the key business divisions of the Group. Compensation for key management personnel (including Directors) was as follows: 2022 $m 2021 $m Salaries and short-term employee benefits (25.0) (40.1) (25.0) (40.1) Disclosures on Directors\u2019 remuneration required by Schedule 8 of the Large and Medium-sized Companies and Group (Financial Statement) Regulations 2008, including those specified for audit by that Schedule, are included in the Remuneration report on pages 155 to 162. / Notes to the Financial statements continued 206 Antofagasta Annual Report 2022 10 Net finance (Expense)/Income 2022 $m 2021 $m Investment income Interest income 19.8 3.4 Gains on liquid investments held at fair value through profit or loss 20.4 1.6 40.2 5.0 Interest expense Interest expense (78.6) (63.4) (78.6) (63.4) Other finance items Unwinding of discount on provisions (16.9) (6.2) Adjustment to provision discount rates \u2013 30.8 Effects of changes in foreign exchange rates (12.8) 49.9 Preference dividends (0.1) (0.1) (29.8) 74.4 Net finance (expense)/income (68.2) 16.0 During 2022, amounts capitalised and consequently not included within the above table were as follows: $47.0 million at Los Pelambres (year ended 31 December 2021 \u2013 $12.1 million) and $2.0 million at Centinela (year ended 31 December 2021 \u2013 $2.1 million). The interest expense shown above includes $7.1 million in respect of leases (2021 \u2013 $7.9 million). The interest paid in respect of leases $6.0 million (2021 \u2013 $6.5 million). 11 Income tax expense The tax charge for the year comprised the following: 2022 $m 2021 $m Current tax charge \u2022 Corporate tax (principally first category tax in Chile) (340.4) (560.8) \u2022 Mining tax (royalty) (83.9) (250.0) \u2022 Withholding tax (24.5) (224.7) (448.8) (1,035.5) Deferred tax charge \u2022 Corporate tax (principally first category tax in Chile) (96.5) (237.4) \u2022 Mining tax (royalty) (9.8) 0.9 \u2022 Withholding tax (48.5) 29.7 (154.8) (206.8) Total tax charge (603.6) (1,242.3) The rate of first category (ie corporate) tax in Chile is 27.0% (2021 \u2013 27.0%). In addition to first category tax and the mining tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding tax is levied on remittances of profits from Chile at 35% less first category (ie corporate) tax already paid in respect of the profits to which the remittances relate. The Group\u2019s mining operations are also subject to a mining tax (royalty). Production from Los Pelambres, Antucoya, Encuentro (oxides), the Tesoro North East pit and the Run-of-Mine processing at Centinela Cathodes is subject to a rate of between 5\u201314%, depending on the level of operating profit margin, and production from Centinela Concentrates and the Tesoro Central and Mirador pits at Centinela Cathodes is subject to a rate of 5% of taxable operating profit. The following table provides a numerical reconciliation between the accounting profit before tax multiplied by the applicable statutory tax rate and the total tax expense (including both current and deferred tax). antofagasta.co.uk 207 Year ended 31 December 2022 Excluding exceptional items Year ended 31 December 2022 Including exceptional items Year ended 31 December 2021 Excluding exceptional items Year ended 31 December 2021 Including exceptional items $m % $m % $m %% $m % Profit before tax 1,614.2 2,558.9 3,654.7 3,477.1 Profit before tax multiplied by Chilean corporate tax rate of 27% (435.9) 27.0 (691.0) 27.0 (986.8) 27.0 (938.8) 27.0 Mining tax (royalty) (94.5) 5.8 (94.5) 3.7 (243.8) 6.7 (243.8) 7.0 Deduction of mining tax (royalty) as an allowable expense in determination of first category tax 23.1 (1.4) 23.1 (0.9) 67.8 (1.9) 67.8 (1.9) Items not deductible from first category tax (33.9) 2.1 (33.9) 1.3 (31.6) 0.9 (31.6) 0.9 Adjustment in respect of prior years (2.6) 0.1 (2.6) 0.1 (12.1) 0.3 (12.1) 0.3 Withholding tax (73.0) 4.6 (73.0) 2.9 (195.0) 5.3 (195.0) 5.6 Tax effect of share of profit of associates and joint ventures 13.0 (0.8) 13.0 (0.5) 16.1 (0.4) 16.1 (0.5) Impact of previously unrecognised tax losses on current tax 0.2 \u2013 0.2 \u2013 52.5 (1.4) 52.5 (1.5) Impact of recognition of previously unrecognised tax losses on deferred tax \u2013 \u2013 \u2013\u2013 \u2013 \u2013 90.6 (2.6) Provision against carrying value of assets \u2013 \u2013 \u2013\u2013 \u2013 \u2013 (48.0) 1.4 Gain on disposal of investment in joint venture \u2013 \u2013 255.1 (10.0) \u2013 \u2013 \u2013 \u2013 Tax expense and effective tax rate for the year (603.6) 37.4 (603.6) 23.6 (1,332.9) 36.5 (1,242.3) 35.7 The effective tax rate excluding exceptional items of 37.4% varied from the statutory rate principally due to the mining tax (royalty) (net impact of $71.4 million/4.4% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax), the withholding tax relating to the remittance of profits from Chile (impact of $73.0 million/4.6%), items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $33.9 million/2.1%), adjustments in respect of prior years (impact of $2.6 million/0.1%) and the impact of previously unrecognised tax losses (impact of $0.2 million/0%), partly offset by the impact of the recognition of the Group\u2019s share of profit from associates and joint ventures, which are included in the Group\u2019s profit before tax net of their respective tax charges (impact of $13.0 million/0.8%). The impact of the exceptional items on the effective tax rate including exceptional items was $255.1 million/10.0%. Further details of the exceptional gain on the disposal of the Group\u2019s investment in the Tethyan joint venture, including relevant tax aspects, are set out in Note 17. The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are: \u2022 In October 2022, the Chilean government announced its updated proposals for a comprehensive reform of the tax system, including proposed changes to the mining royalty. These proposals are subject to review and approval by the Chilean Congress, and so there is no certainty as to the exact nature of changes which may finally be enacted into law. \u2022 The level of future distributions made by the Group\u2019s Chilean subsidiaries out of Chile, which could result in increased withholding tax charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level. \u2022 The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative impact of these expenses on the Group\u2019s effective tax rate will vary depending on the Group\u2019s total profit before tax in a particular year. The implementation of the OECD BEPS Pillar 2, which would introduce a minimum effective tax rate of 15% for multinational companies, will be applicable to the Group when brought into relevant legislation. The Group\u2019s operations are based in Chile and therefore currently subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any remittance of profits from Chile. The Group has been assessing the potential impact of the draft UK legislation, and will complete that assessment when the legislation has been finalised. There are no significant tax uncertainties which would require critical judgements, estimates or potential provisions other than deferred tax judgements and estimates as explained in Note 3B. / Notes to the Financial statements continued 208 Antofagasta Annual Report 2022 12 Earnings per share 2022 $m 2021 $m Profit for the period attributable to owners of the parent (excluding exceptional items) 588.3 1,404.4 Exceptional Items 944.7 (114.2) Profit for the period attributable to owners of the parent (including exceptional items) from operations 1,533.0 1,290.2 2022 Number 2021 Number Ordinary shares in issue throughout each year 985,856,695 985,856,695 2022 cents 2021 cents Basic earnings per share (excluding exceptional items) from operations 59.7 142.5 Basic earnings per share (exceptional items) from operations 95.8 (11.6) Basic earnings per share (including exceptional items) from operations 155.5 130.9 Basic earnings per share are calculated as profit after tax and non-controlling interests, based on 985,856,695 (2021: 985,856,695) ordinary shares. There was no potential dilution of earnings per share in either year set out above, and therefore diluted earnings per share did not differ from basic earnings per share as disclosed above. Reconciliation of basic earnings per share from continuing operations: 2022 2021 Profit for the year attributable to owners of the parent $m 1,533.0 1,290.2 Profit from continuing operations attributable to owners of the parent $m 1,533.0 1,290.2 Ordinary shares Number 985,856,695 985,856,695 Basic earnings per share from continuing operations cents 155.5 130.9 13 Dividends Amounts recognised as distributions to equity holders in the year: 22002222 $$mm 2021 $m 2022 cents per share 2021 cents per share Final dividend paid in June (proposed in relation to the previous year) \u2022 Ordinary 1,172.2 478.1 118.9 48.5 Interim dividend paid in September \u2022 Ordinary 90.7 232.7 9.2 23.6 1,262.9 710.8 128.1 72.1 The recommended final dividend for each year, which is subject to approval by shareholders at the Annual General Meeting and has therefore not been included as a liability in these financial statements, is as follows: 22002222 $$mm 2021 $m 2022 cents per share 2021 cents per share Final dividend proposed in relation to the year \u2022 Ordinary 497.6 1,172.1 50.5 118.9 Total dividends proposed in relation to 2022 (including the interim dividend) are 59.7 cents per share or $588.3 million (2021 \u2013 142.5 cents per share or $1,404.8 million). In accordance with IAS 32, preference dividends have been included within net finance expense (see Note 10) and amounted to $0.1 million (2021 \u2013 $0.1 million). Further details of the currency election timing and process (including the default currency of payment) are available on the Antofagasta plc website (www.antofagasta.co.uk) or from the Company\u2019s registrar, Computershare Investor Services PLC on +44 370 702 0159. Further details relating to dividends for each year are given in the Directors\u2019 Report on page 168. antofagasta.co.uk 209 14 Intangible assets Cost $m Accumulated depreciation and impairment $m Net book value $m At 1 January 2021 150.1 \u2013 150.1 Provision against carrying value \u2013 (150.1) (150.1) At 31 December 2021 150.1 (150.1) \u2013 At 31 December 2022 150.1 (150.1) \u2013 The intangible asset relates to Twin Metals\u2019 mining licences assets (included within the corporate segment). As explained in note 3, a full impairment provision was recognised in respect of the $150.1 million cost of this asset as at 31 December 2021, as a result of the US federal government\u2019s cancellation of certain of Twin Metals\u2019 mining leases. Twin Metals believes it has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group is pursuing validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, a full impairment provision has been recognised in respect of the carrying value of the asset. / Notes to the Financial statements continued 210 Antofagasta Annual Report 2022 15 Property, plant and equipment Land $m Mining properties $m Stripping costs $m Buildings and infrastructure $m Railway track $m Wagons and rolling stock $m Machinery, equipment and others $m Assets under construction $m Right-of- use assets $m Total $m Cost At 1 January 2021 61.9 667.5 2,305.0 5,928.1 108.3 208.0 7,266.9 1,666.6 458.9 18,671.2 Additions \u2013 4.5 502.5 \u2013 \u2013 \u2013 3.9 1,283.2 61.8 1,855.9 Additions \u2013 capitalised depreciation \u2013 \u2013 72.0 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 72.0 Adjustment to capitalised decommissioning provisions \u2013 \u2013 \u2013 (119.9) \u2013 \u2013 \u2013 \u2013 \u2013 (119.9) Capitalisation of interest \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 14.2 \u2013 14.2 Capitalisation of critical spare parts \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 \u2013 \u2013 0.9 Reclassifications \u2013 \u2013 \u2013 1.4 14.5 5.8 4.7 (26.6) (2.8) (3.0) Asset disposals \u2013 \u2013 \u2013 (5.7) \u2013 (7.3) (32.0) (8.2) (17.6) (70.8) At 31 December 2021 61.9 672.0 2,879.5 5,803.9 122.8 206.5 7,244.4 2,929.2 500.3 20,420.5 At 1 January 2022 61.9 672.0 2,879.5 5,803.9 122.8 206.5 7,244.4 2,929.2 500.3 20,420.5 Additions \u2013 \u2013 582.5 \u2013 \u2013 \u2013 2.0 1,366.2 51.3 2,002.0 Additions \u2013 capitalised depreciation \u2013 \u2013 73.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 73.3 Adjustment to capitalised decommissioning provisions \u2013 \u2013 \u2013 173.8 \u2013 \u2013 \u2013 \u2013 \u2013 173.8 Capitalisation of interest \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 49.0 \u2013 49.0 Reclassifications \u2013 \u2013 \u2013 1.4 11.9 1.5 4.1 (15.8) (3.1) \u2013 Asset disposals \u2013 \u2013 \u2013 (0.2) \u2013 (0.6) (9.2) (5.9) (17.4) (33.3) At 31 December 2022 61.9 672.0 3,535.3 5,978.9 134.7 207.4 7,241.3 4,322.7 531.1 22,685.3 Accumulated depreciation and impairment At 1 January 2021 \u2013 (562.1) (1,117.1) (2,613.6) (38.5) (100.8) (4,139.8) \u2013 (247.4) (8,819.3) Charge for the year \u2013 (26.0) (255.3) (274.1) (5.9) (17.1) (418.7) \u2013 (81.6) (1,078.7) Depreciation capitalised in inventories \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 54.1 \u2013 \u2013 54.1 Depreciation capitalised in property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (72.0) \u2013 \u2013 (72.0) Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.4 1.4 Impairment (25.0) \u2013 \u2013 (2.2) \u2013 \u2013 (0.3) \u2013 \u2013 (27.5) Asset disposals \u2013 \u2013 \u2013 \u2013 \u2013 6.4 36.0 \u2013 17.6 60.0 At 31 December 2021 (25.0) (588.1) (1,372.4) (2,889.9) (44.4) (111.5) (4,540.7) \u2013 (310.0) (9,882.0) At 1 January 2022 (25.0) (588.1) (1,372.4) (2,889.9) (44.4) (111.5) (4,540.7) \u2013 (310.0) (9,882.0) Charge for the year \u2013 (60.1) (352.8) (319.3) (7.8) (14.0) (293.2) \u2013 (93.9) (1,141.1) Depreciation capitalised in inventories \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (71.1) \u2013 \u2013 (71.1) Depreciation capitalised in property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (73.3) \u2013 \u2013 (73.3) Asset disposals \u2013 \u2013 \u2013 0.1 \u2013 0.6 7.6 \u2013 17.4 25.7 At 31 December 2022 (25.0) (648.2) (1,725.2) (3,209.1) (52.2) (124.9) (4,970.7) \u2013 (386.5) (11,141.8) Net book value At 31 December 2022 36.9 23.8 1,810.1 2,769.8 82.5 82.5 2,270.6 4,322.7 144.6 11,543.5 At 31 December 2021 36.9 83.9 1,507.1 2,914.0 78.4 95.0 2,703.7 2,929.2 190.3 10,538.5 The Group has no (2021 \u2013 nil) assets pledged as security against bank loans provided to the Group. At 31 December 2022, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to $845.1 million (2021 \u2013 $599.3 million) of which $445.4 million was related to Los Pelambres and $326.1 million to Centinela. The average interest rate for the amounts capitalised was 2.8% (2021 \u2013 1.9%). At 31 December 2022, the net book value of assets capitalised relating to the decommissioning provision was $212.1 million (2021 \u2013 $49.7 million). Depreciation capitalised in property, plant and equipment of $73.3 million related to the depreciation of assets used in mine development (operating stripping) at Centinela, Los Pelambres and Antucoya (2021 \u2013 $72.0 million). The Right-of-use assets includes office lease, vehicles, machinery and equipment. Expenses related to leases of low-value assets not shown as leases (included in operating costs) are $25.1 million for 2022 (2021 \u2013 $17.8 million). As explained in note 4, an impairment provision was recognised in 2021 for $27.5 million of property, plant and equipment relating to the Twin Metals project. antofagasta.co.uk 211 16 Investments in subsidiaries The subsidiaries of the Group, the percentage of equity owned and the main country of operation are set out below. These interests are consolidated within these financial statements. Country of incorporation Country of operations Registered office Nature of business Economic interest at 2022 Economic interest at 2021 Direct subsidiaries of the Parent Company Antofagasta Railway Company plc UK Chile 1 Railway 100% 100% The Andes Trust Limited UK UK 1 Investment 100% 100% Andean LFMA Investment Limited (i) UK Chile 1 Investment 100% 100% Andes Re Limited Bermuda Bermuda 4 Insurance 100% 100% Alfa Estates Limited Jersey Jersey 3 Investment 100% 100% Indirect subsidiaries of the Parent Company Minera Los Pelambres SCM Chile Chile 2 Mining 60% 60% Minera Centinela SCM Chile Chile 2 Mining 70% 70% Minera Antucoya SCM Chile Chile 2 Mining 70% 70% Antofagasta Minerals SA Chile Chile 2 Mining 100% 100% Energ\u00eda Andina Geothermal SpA Chile Chile 2 Energy 100% 100% MLP Transmisi\u00f3n SA Chile Chile 2 Energy 100% 100% Sociedad Contractual Minera El Encierro (ii) Chile Chile 2 Mining 56.54% \u2013 Northern Minerals Investment (Jersey) Limited Jersey Jersey 3 Investment 100% 100% Northern Metals (UK) Limited UK UK 1 Investment 100% 100% Northern Minerals Holding Co USA USA 5 Investment 100% 100% Duluth Metals Limited Canada Canada 7 Investment 100% 100% Twin Metals (UK) Limited UK UK 1 Investment 100% 100% Twin Metals (USA) Inc USA USA 6 Investment 100% 100% Twin Metals Minnesota LLC USA USA 6 Mining 100% 100% Franconia Minerals (US) LLC USA USA 6 Mining 100% 100% Duluth Metals Holdings (USA) Inc USA USA 12 Investment 100% 100% Duluth Exploration (USA) Inc USA USA 13 Investment 100% 100% DMC LLC (Minnesota) USA USA 12 Investment 100% 100% DMC (USA) LLC (Delaware) USA USA 12 Investment 100% 100% DMC (USA) Corporation USA USA 12 Investment 100% 100% Antofagasta Investment Company Limited UK UK 1 Investment 100% 100% Minprop Limited Jersey Jersey 3 Mining 100% 100% Antomin 2 Limited BVI BVI 8 Mining 51% 51% Antomin Investors Limited BVI BVI 8 Mining 51% 51% Antofagasta Minerals Australia Pty Limited Australia Australia 9 Mining 100% 100% Minera Anaconda Peru SA Peru Peru 10 Mining 100% 100% Los Pelambres Holding Company Limited UK UK 1 Investment 100% 100% Los Pelambres Investment Company Limited UK UK 1 Investment 100% 100% Lamborn Land Co USA USA 5 Investment 100% 100% Anaconda South America Inc USA USA 14 Investment 100% 100% El Tesoro (SPV Bermuda) Limited Bermuda Bermuda 4 Investment 100% 100% Antofagasta Minerals Canada Canada Canada 9 Agency 100% 100% Antofagasta Minerals (Shanghai) Co. Limited China China 15 Agency 100% 100% Andes Investments Company (Jersey) Limited Jersey Jersey 3 Investment 100% 100% Bolivian Rail Investors Co Inc USA USA 5 Investment 100% 100% Inversiones Los Pelambres Chile Limitada Chile Chile 2 Investment 100% 100% Equatorial Resources SpA Chile Chile 2 Investment 100% 100% Minera Santa Margarita de Astillas SCM Chile Chile 2 Mining 82.0% 82.0% / Notes to the Financial statements continued 212 Antofagasta Annual Report 2022 Country of incorporation Country of operations Registered office Nature of business Economic interest at 2022 Economic interest at 2021 Minera Penacho Blanco SA Chile Chile 2 Mining 66.6% 66.6% Michilla Costa SpA Chile Chile 2 Logistics 99.9% 99.9% Minera Pampa Fenix SCM Chile Chile 2 Investment 90.0% 90.0% Minera Mulpun Limitada Chile Chile 2 Mining 100% 100% Fundaci\u00f3n Minera Los Pelambres Chile Chile 2 Community development 100% 100% Inversiones Punta de Rieles Limitada Chile Chile 11 Investment 100% 100% Ferrocarril Antofagasta a Bolivia Chile Chile 11 Railway 100% 100% Inversiones Chilean Northern Mines Limitada Chile Chile 11 Investment 100% 100% The Andes Trust Chile SA Chile Chile 11 Investment 100% 100% Forestal SA Chile Chile 11 Forestry 100% 100% Servicios de Transportes Integrados Limitada Chile Chile 11 Road transport 100% 100% Inversiones Train Limitada Chile Chile 11 Investment 100% 100% Servicios Logisticos Capricornio Limitada Chile Chile 11 Transport 100% 100% Embarcadores Limitada Chile Chile 11 Transport 100% 100% FCAB Ingenieria y Servicios DosLimitada Chile Chile 11 Transport 100% 100% Inmobiliaria Parque Estaci\u00f3n S.A. Chile Chile 11 Real Estates 100% 100% Emisa Antofagasta SA Chile Chile 11 Transport 100% 100% (i) Name change from Chilean Northern Mines Limited to Andean LFMA Investment Limited (ii) Sociedad Contractual Minera El Encierro is a newly incorporated Group entity Registered offices: 1 103 Mount Street, London, W1K 2TJ, UK 2 Avenida Apoquindo N\u00b0 4001, Piso 18, Las Condes, Santiago, Chile 3 22 Grenville Street, St Helier, Jersey, JE4 8PX3, Channel Islands 4 Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda 5 1209 Orange Street, Wilmington, DE 19801, USA 6 6040 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 7 161 Bay Street, Suite 4320, Toronto, Ontario, M5J 2S1, Canada 8 PO Box 958, Road Town, Tortola VG1110, British Virgin Islands 9 Riparian Plaza, Level 28, 71 Eagle Street, Brisbane, Qld 4001, Australia 10 Avenida Paseo de la Republica N\u00ba 3245 Piso 3, Lima, Peru 11 Simon Bolivar 255, Antofagasta, Chile 12 6041 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 13 1010 Dale Street N, St Paul, MN 55117-5603, USA 14 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA 15 Unit 3309, IFC 2, 8 Century Avenue, Shanghai, China With the exception of the Antofagasta Railway Company plc, all of the above Group companies have only one class of ordinary share capital in issue. The Antofagasta Railway Company plc has ordinary and preference share capital in issue, with the ordinary share capital representing 76% of the Company\u2019s total share capital, and the preference share capital representing 24%. Antofagasta plc holds 100% of both the ordinary and preference shares. The proportion of voting rights is proportional to the economic interest for the companies listed above. antofagasta.co.uk 213 17 Disposal of investment in Tethyan joint venture On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture. As a result of those agreements: \u2022 the Reko Diq project in Pakistan (the \u201cProject\u201d) was reconstituted in Reko Diq Mining Company (Private Limited) (\"RDMC\"). RDMC is the Pakistani registered subsidiary of Tethyan Copper Company Pty Limited (\"TCC\"), which is itself the Australian registered subsidiary of Atacama Copper Pty Limited (\u201cAtacama\u201d), the joint venture company registered in Australia and owned equally by the Company and Barrick Gold Corporation (\"Barrick\"); \u2022 a consortium of various Pakistani state-owned enterprises acquired shares in RDMC which holds the Project (the \"Sale\"); and \u2022 as the International Centre for Settlement of Investment Disputes (\"ICSID\") award (to TCC) was resolved by reconstituting the Project, TCC no longer has any rights or claims against the Governments of Pakistan and Balochistan arising from the suspension of the Project in 2011. The proceeds of the Sale which, together with accrued interest up to 15 December 2022 totalled US$946.0 million, are currently held by Atacama in a segregated interest-bearing account. Antofagasta and Barrick have agreed that the proceeds of this account, including all further interest received, less any Australian tax arising, will be distributed to the Antofagasta Group during 2023, on a date to be determined by Antofagasta. Atacama is seeking a binding private ruling to confirm that the Sale proceeds and their distribution to the Antofagasta Group will not be subject to Australian tax. The Australian corporate tax rate is 30%. Although Antofagasta will retain its shareholding in Atacama until the proceeds have been distributed, it no longer has any appointees on the board of the joint venture, is not entitled to exercise voting rights in Atacama, and is not required to provide any funding to, or permitted to receive any distributions from, Atacama other than the Sale proceeds. Antofagasta has therefore ceased to have an economic interest in Atacama and its subsidiaries as of 15 December 2022 other than being entitled from that date to receive an amount equal to the Sale proceeds and related interest less any Australian tax arising (whether before or after the distribution). Accordingly, Antofagasta has recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million, reflecting the Sale proceeds and related interest, working capital and other adjustments and the carrying value of the investment at that date. A receivable balance of $943.3 million in respect of the estimated proceeds due to Antofagasta has been recognised within Trade and other receivables in the balance sheet. 18 Investment in associates and joint ventures ATI (i) 2022 $m Minera Zald\u00edvar (ii) 2022 $m Tethyan Copper (iii) 2022 $m Total 2022 $m Balance at the beginning of the year 5.8 900.0 \u2013 905.8 Obligations on behalf of JV and associates at the beginning of the year \u2013 \u2013 (0.6) (0.6) Share of profit/(loss) before tax 2.0 69.3 (0.7) 70.6 Share of tax (0.5) (22.0) \u2013 (22.5) Share of profit/(loss) from JV and associates 1.5 47.3 (0.7) 48.1 Dividends receivable \u2013 (50.0) \u2013 (50.0) Disposal of investment in JV \u2013 \u2013 1.3 1.3 Balance at the end of the year 7.3 897.3 \u2013 904.6 Obligations on behalf of JV and associates at the end of the year \u2013 \u2013 \u2013 \u2013 ATI (i) 2021 $m Minera Zald\u00edvar (ii) 2021 $m Tethyan Copper (iii) 2021 $m Total 2021 $m Balance at the beginning of the year 5.6 909.0 \u2013 914.6 Obligations on behalf of JV and associates at the beginning of the year \u2013 \u2013 (1.1) (1.1) Capital contribution \u2013 \u2013 9.5 9.5 Share of profit/(loss) before tax 0.2 99.0 (9.0) 90.2 Share of tax \u2013 (30.5) \u2013 (30.5) Share of profit/(loss) from JV and associates 0.2 68.5 (9.0) 59.7 Dividends receivable \u2013 (77.5) \u2013 (77.5) Balance at the end of the year 5.8 900.0 \u2013 905.8 Obligations on behalf of JV and associates at the end of the year \u2013 \u2013 (0.6) (0.6) The investments, which are included in the $904.6 million balances at 31 December 2022, are set out below: Investment in associates (i) The Group\u2019s 30% interest in Antofagasta Terminal Internacional (\u201cATI\u201d), which operates a concession to manage installations in the port of Antofagasta. Investment in joint ventures (ii) The Group\u2019s 50% interest in Minera Zald\u00edvar SpA (\u201cZald\u00edvar\u201d). (iii) The Group had a 50% interest in Tethyan Copper Company Limited (\u201cTethyan\u201d), which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in the Islamic Republic of Pakistan (\u201cPakistan\u201d). As explained in Note 17, on 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture and is therefore no longer recognised as a joint venture by the Group. / Notes to the Financial statements continued 214 Antofagasta Annual Report 2022 18 Investment in associates and joint ventures continued As the net carrying value of the interest in Tethyan was negative, it was included within non-current liabilities, as the Group was liable for its share of the joint venture\u2019s obligations. Summarised financial information for the associates is as follows: ATI 2022 $m ATI 2021 $m Cash and cash equivalents 0.4 1.2 Current assets 18.2 13.7 Non-current assets 91.8 99.3 Current liabilities (19.3) (22.5) Non-current liabilities (69.5) (75.0) Revenue 55.2 47.2 Profit from continuing operations 5.1 1.3 Total comprehensive income 5.1 1.3 Summarised financial information for the joint ventures is as follows: Minera Zald\u00edvar 2022 $m Total 2022 $m Cash and cash equivalents 70.1 70.1 Current assets 1 661.8 661.8 Non-current assets 1,658.6 1,658.6 Current financial liabilities (excluding trade, other payables and provisions) (53.2) (53.2) Current liabilities (159.3) (159.3) Non-current financial liabilities (excluding trade, other payables and provisions) (68.3) (68.3) Non-current liabilities (203.3) (203.3) Revenue 783.4 783.4 Depreciation and amortisation (149.2) (149.2) Interest income 1.5 1.5 Interest expense (0.8) (0.8) Income tax expense (43.9) (43.9) Profit/(loss) after tax from continuing operations 94.6 94.6 Total comprehensive income/(expense) 94.6 94.6 1. The current assets include cash and cash equivalents antofagasta.co.uk 215 Tethyan Copper 2021 $m Minera Zald\u00edvar 2021 $m Total 2021 $m Cash and cash equivalents 3.6 46.4 50.0 Current assets 1 3.6 664.0 667.6 Non-current assets \u2013 1,675.1 1,675.1 Current financial liabilities (excluding trade, other payables and provisions) \u2013 (54.3) (54.3) Current liabilities (5.1) (170.2) (175.3) Non-current financial liabilities (excluding trade, other payables and provisions) \u2013 (124.4) (124.4) Non-current liabilities (0.1) (155.1) (155.2) Revenue \u2013 849.2 849.2 Depreciation and amortisation (3.0) (160.4) (163.4) Interest income 2.0 0.3 2.3 Interest expense \u2013 (0.5) (0.5) Income tax expense \u2013 (62.1) (62.1) Loss/(profit) after tax from continuing operations (18.0) 137.1 119.1 Total comprehensive (expense)/income (18.0) 137.1 119.1 1. The current assets include cash and cash equivalents The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies . 19 Equity investments 2022 $m 2021 $m Balance at the beginning of the year 8.7 11.1 Acquisition 66.5 \u2013 Movement in fair value 15.8 (2.1) Foreign currency exchange differences (0.5) (0.3) Balance at the end of the year 90.5 8.7 Equity investments represent those investments which are not subsidiaries, associates or joint ventures and are not held for trading purposes. The fair value of all equity investments are based on quoted market prices. 20 Inventories 2022 $m 2021 $m Current Raw materials and consumables 221.4 155.6 Work-in-progress 404.9 316.5 Finished goods 81.8 60.7 708.1 532.8 Non-current Work-in-progress 347.0 270.4 Total 1,055.1 803.2 During 2022, no net realisable value (\u201cNRV\u201d) adjustment has been recognised (2021 \u2013 nil). Non-current work-in-progress represents inventory expected to be processed more than 12 months after the balance sheet date. / Notes to the Financial statements continued 216 Antofagasta Annual Report 2022 21 Trade and other receivables Trade and other receivables do not generally carry any interest, are principally short term in nature and are normally stated at their nominal value less any impairment. Due in one year Due after one year Total 2022 $m 2021 $m 2022 $m 2021 $m 2022 $m 2021 $m Trade receivables 997.1 1,040.0 \u2013 \u2013 997.1 1,040.0 Other receivables 1 1,090.1 106.1 51.0 51.2 1,141.1 157.3 2,087.2 1,146.1 51.0 51.2 2,138.2 1,197.3 1. At 31 December 2022, the Other receivables balance includes the proceeds receivable in respect of the Group\u2019s disposal of its investment in the Tethyan joint venture. As detailed in Note 17, the proceeds are currently held by Atacama in a segregated interest-bearing account with an A+ rated bank. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. There is no material element which is interest-bearing, other than the Tethyan receivable noted above. Trade receivables include mark-to-market adjustments in respect of provisionally priced sales of copper and molybdenum concentrates which remain open as to final pricing. Further details of such adjustments are given in Note 7. Other receivables include employee loans of $49.3 million (31 December 2021 \u2013 $42.9 million). Movements in the expected credit loss provision were as follows: 2022 $m 2021 $m Balance at the beginning of the year (1.2) (1.5) Utilised in year 0.2 0.1 Foreign currency exchange difference \u2013 0.2 Balance at the end of the year (1.0) (1.2) The ageing analysis of the trade and other receivables balance is as follows: Up to date $m Up to 3 months past due $m 3-6 months past due $m More than 6 months past due $m Total excluding expected credit loss provision $m Expected credit loss provision $m Total $m 2022 2,098.8 36.8 1.2 2.4 2,139.2 (1.0) 2,138.2 2021 1,187.1 8.4 0.3 2.7 1,198.5 (1.2) 1,197.3 With respect to the trade receivables that are neither past due nor impaired, there are no indications that the debtors will not meet their payment obligations. The carrying value of the trade receivables recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. antofagasta.co.uk 217 22 Cash and cash equivalents, and liquid investments The fair value of cash and cash equivalents, and liquid investments is not materially different from the carrying values presented. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Cash and cash equivalents, and liquid investments comprised: 2022 $m 2021 $m Cash and cash equivalents 810.4 743.4 Liquid investments 1,580.8 2,969.7 2,391.2 3,713.1 At 31 December 2022 and 2021 there is no cash which is subject to restriction. The denomination of cash, cash equivalents and liquid investments was as follows: 2022 $m 2021 $m US dollars 2,371.1 3,673.8 Chilean pesos 18.8 37.8 Sterling 1.0 1.2 Other 0.3 0.3 2,391.2 3,713.1 The credit quality of cash, cash equivalents and liquid investments are as follow: 2022 $m 2021 $m AAA 1,476.7 1,772.4 AA+ \u2013 2.2 AA \u2013 54.4 AA- 36.5 121.1 A+ 303.0 799.5 A 484.1 904.0 Subtotal 2,300.3 3,653.6 Cash at bank 1 90.9 59.5 Total cash, cash equivalents and liquid investments 2,391.2 3,713.1 1. Cash at bank is held with investment grade financial institutions. There have been no impairments recognised in respect of cash or cash equivalents in the year ended 31 December 2022 (31 December 2021 \u2013 nil). / Notes to the Financial statements continued 218 Antofagasta Annual Report 2022 23 Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows: Note 2022 $m 2021 $m Los Pelambres \u2022 Senior loan (i) (1,470.5) (1,188.3) \u2022 Leases (55.3) (54.8) Centinela \u2022 Senior loan (ii) (276.7) (386.8) \u2022 Leases (35.2) (59.8) Antucoya \u2022 Senior loan (iii) (223.5) (196.3) \u2022 Subordinated debt (iv) (171.5) (184.5) \u2022 Short-term loan \u2013 (35.0) \u2022 Leases (v) (16.5) (23.4) Corporate and other items \u2022 Senior loan (vi) \u2013 (497.3) \u2022 Bond (vii) (985.3) (496.1) \u2022 Leases (viii) (23.1) (20.4) Transport division \u2022 Senior loan (ix) (15.3) (25.8) \u2022 Leases (1.6) (1.4) Preference shares (ix) (2.5) (2.7) Total (3,277.0) (3,172.6) (i) The senior loan at Los Pelambres represents a $1,491 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 3 years and an interest rate of US LIBOR six-month rate plus 1.05%. The second tranche has a remaining duration of 6 years and an interest rate of US LIBOR six-month rate plus 0.85%. The third tranche has a remaining duration of 5.5 years and an interest rate of US LIBOR six-month rate plus 1.10%. The loans are subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (ii) The senior loan at Centinela represents a US dollar denominated syndicated loan with an amount outstanding of $278 million with a duration of 3 years and an interest rate of US LIBOR six-month rate plus 0.95%. The loan is subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $225 million. This loan has a remaining duration of 4 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (iv) The subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporate with a remaining duration of 4 years and an interest rate of US LIBOR six-month rate plus 3.65%. Subordinated debt provided by Group companies to Antucoya has been eliminated on consolidation. (v) The finance leases at Antucoya are denominated in US dollars with an average interest rate of US LIBOR six-month rate plus 2.0% and a remaining duration of 1.5 years. (vi) During the year ended 31 December 2022, Antofagasta plc made a $500 million repayment of the senior loan. (vii) The bonds at Corporate reflect two corporate bonds \u2013 a $500 million 2.375% corporate bond due in 2030 and a $500 million 5.625% corporate bond due in 2032. (viii) Finance leases at Corporate and other items are denominated in Unidades de Fomento (ie inflation-linked Chilean pesos) and have a remaining duration of 4 years and are at fixed rates with an average interest rate of 5.2%. (ix) The long-term loans at the Transport division are US dollar denominated, with an outstanding amount of $15 million and a remaining duration of 1 year and an interest rate of US LIBOR six-month rate plus 1.06%. (x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders, but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company. antofagasta.co.uk 219 B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right of use assets relating to the leases \u2022 Note 32 B) \u2013 repayments of the lease balances and new lease liabilities arising during the period \u2022 Note 10 \u2013 interest expense in respect of the lease balances \u2022 Note 10 \u2013 cash paid relating to interest on lease C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows: At 31 December 2022 Chilean pesos $m Sterling $m US dollars $m 2022 Total $m Corporate loans (0.3) \u2013 (1,985.7) (1,986.0) Bond \u2013 \u2013 (985.3) (985.3) Other loans (including short-term loans) \u2013 \u2013 (171.5) (171.5) Leases (115.1) (3.9) (12.7) (131.7) Preference shares \u2013 (2.5) \u2013 (2.5) (115.4) (6.4) (3,155.2) (3,277.0) At 31 December 2021 Chilean pesos $m Sterling $m US dollars $m 2021 Total $m Corporate loans - - (2,294.5) (2,294.5) Bond - - (496.1) (496.1) Other loans (including short-term loans) - - (219.5) (219.5) Leases (113.5) (4.3) (42.0) (159.8) Preference shares - (2.7) - (2.7) (113.5) (7.0) (3,052.1) (3,172.6) D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows: At 31 December 2022 Fixed $m Floating $m 2022 Total $m Corporate loans (15.5) (1,970.5) (1,986.0) Bond (985.3) \u2013 (985.3) Other loans (including short-term loans) \u2013 (171.5) (171.5) Leases (125.7) (6.0) (131.7) Preference shares (2.5) \u2013 (2.5) (1,129.0) (2,148.0) (3,277.0) At 31 December 2021 Fixed $m Floating $m 2021 Total $m Corporate loans \u2013 (2,294.5) (2,294.5) Bond (496.1) \u2013 (496.1) Other loans (including short-term loans) \u2013 (219.5) (219.5) Leases (143.9) (15.9) (159.8) Preference shares (2.7) \u2013 (2.7) (642.7) (2,529.9) (3,172.6) / Notes to the Financial statements continued 220 Antofagasta Annual Report 2022 23 Borrowings and other financial liabilities continued E) Maturity profile The maturity profile of the Group\u2019s borrowings is as follows: At 31 December 2022 Within 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2022 Total $m Corporate loans (377.4) (531.7) (927.7) (149.2) (1986.0) Bond \u2013 \u2013 \u2013 (985.3) (985.3) Other loans \u2013 \u2013 (171.5) \u2013 (171.5) Leases (55.1) (39.5) (35.9) (1.2) (131.7) Preference shares \u2013 \u2013 \u2013 (2.5) (2.5) (432.5) (571.2) (1,135.1) (1,138.2) (3.277.0) At 31 December 2021 Within 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2021 Total $m Corporate loans (233.0) (367.0) (1,526.7) (167.8) (2,294.5) Bond \u2013 \u2013 \u2013 (496.1) (496.1) Other loans (35.0) \u2013 (184.5) \u2013 (219.5) Leases (69.9) (38.2) (51.7) \u2013 (159.8) Preference shares \u2013 \u2013 \u2013 (2.7) (2.7) (337.9) (405.2) (1,762.9) (666.6) (3,172.6) The amounts included above for leases are based on the present value of minimum lease payments. The total minimum lease payments for these leases may be analysed as follows: 2022 $m 2021 $m Within 1 year (62.1) (74.7) Between 1 \u2013 2 years (40.1) (40.5) Between 2 \u2013 5 years (37.6) (54.8) After 5 years (1.3) - Total minimum lease payments (141.1) (170.0) Less amounts representing finance charges 9.4 10.2 Present value of minimum lease payments (131.7) (159.8) All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. F) Financing Facilities On 30 December, 2022, Antofagasta plc agreed a revolving credit facility \u201cRCF\u201d of $500 million. This revolving credit facility has a term of three years, which expires on 30 December, 2025. The facility remained undrawn throughout 2022. Facility available Drawn Undrawn 2022 $m 2021 $m 2022 $m 2021 $m 2022 $m 2021 $m Revolving credit facility (500.0) \u2013 \u2013 \u2013 (500.0) \u2013 (500.0) \u2013 \u2013 \u2013 (500.0) \u2013 24 Trade and other payables Due in one year Due after one year Total 2022 $m 2021 $m 2022 $m 2021 $m 2022 $m 2021 $m Trade creditors (751.5) (579.5) \u2013 \u2013 (751.5) (579.5) Other creditors and accruals (328.2) (249.6) (8.0) (16.8) (336.2) (266.4) (1,079.7) (829.1) (8.0) (16.8) (1,087.7) (845.9) Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Other creditors are mainly related to property plant and equipment payables, finance interest and employee retentions. The average credit period taken for trade purchases is 18 days (2021 \u2013 20 days). antofagasta.co.uk 221 25 Financial instruments and financial risk management A) Categories of financial instruments The carrying value of financial assets and financial liabilities is shown below: 2022 $m At fair value through profit and loss At fair value through other comprehensive income Held at amortised cost Total Financial assets Equity investments \u2013 90.5 \u2013 90.5 Trade and other receivables 897.2 \u2013 1,047.5 1,944.7 Cash and cash equivalents 8.5 \u2013 801.9 810.4 Liquid investments 1,580.8 \u2013 \u2013 1,580.8 2,486.5 90.5 1,849.4 4,426.4 Financial liabilities Borrowings and leases \u2013 \u2013 (3,277.0) (3,277.0) Trade and other payables \u2013 \u2013 (1,067.3) (1,067.3) \u2013 \u2013 (4,344.3) (4,344.3) 2021 $m At fair value through profit and loss At fair value through other comprehensive income Held at amortised cost Total Financial assets Equity investments \u2013 8.7 \u2013 8.7 Trade and other receivables 1,011.7 \u2013 83.3 1,095.0 Cash and cash equivalents \u2013 \u2013 743.4 743.4 Liquid investments 2,969.7 \u2013 \u2013 2,969.7 3,981.4 8.7 826.7 4,816.8 Financial liabilities Trade and other payables \u2013 \u2013 (835.6) (835.6) Borrowings and leases \u2013 \u2013 (3,172.6) (3,172.6) \u2013 \u2013 (4,008.2) (4,008.2) The fair value of the fixed rate bonds included within the \u201cBorrowings and leases\u201d category was $899.4 million at 31 December 2022 compared with its carrying value of $985.3 million. The fair value of all other financial assets and financial liabilities carried at amortised cost approximates the carrying value presented above. The Group has the following financial instruments: 2022 $m 2021 $m Financial assets Trade and other receivables (non-current) per balance sheet 51.0 51.2 Trade and other receivables (current) per balance sheet 2,087.2 1,146.1 Total trade and other receivables per balance sheet 2,138.2 1,197.3 Less: non-financial assets (including prepayments and VAT receivables) (193.5) (102.3) Total trade and other receivables (financial assets) 1,944.7 1,095.0 Financial liabilities Trade and other payables (current) per balance sheet (1,079.7) (829.1) Trade and other payables (non-current) per balance sheet (8.0) (16.8) Total trade and other payables per balance sheet (1,087.7) (845.9) Less: non-financial liabilities (including VAT payables) 20.4 10.3 Total trade and other payables (financial liabilities) (1,067.3) (835.6) / Notes to the Financial statements continued 222 Antofagasta Annual Report 2022 25 Financial instruments and financial risk management continued B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below: Level 1 $m Level 2 $m Level 3 $m Total 2022 $m Financial assets Equity investments (a) 90.5 \u2013 \u2013 90.5 Trade and other receivables (b) \u2013 897.2 \u2013 897.2 Cash and cash equivalents (c) 8.5 8.5 Liquid investment (d) \u2013 1,580.8 \u2013 1,580.8 99.0 2,478.0 \u2013 2,577.0 Level 1 $m Level 2 $m Level 3 $m Total 2021 $m Financial assets Equity investments (a) 8.7 \u2013 \u2013 8.7 Trade and other receivables (b) \u2013 1,011.7 \u2013 1,011.7 Liquid investment (d) \u2013 2,969.7 \u2013 2,969.7 8.7 3,981.4 \u2013 3,990.1 Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while period-end average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below. d) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2022, there were no transfers between levels in the hierarchy. C) Financial risk management The Group\u2019s activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Group periodically uses derivative financial instruments, to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Board of Directors is responsible for overseeing the Group\u2019s risk management framework. The Audit and Risk Committee assists the Board with its review of the effectiveness of the risk management process, and monitoring of key risks and mitigations. The Internal Audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. (I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales, which remain open as to final pricing. In 2022, sales of copper and molybdenum concentrate and copper cathodes represented 90.4% of Group revenue and therefore revenues and earnings depend significantly on LME and realised copper prices. The Group periodically uses futures and min-max options to manage its exposure to copper prices. These instruments may give rise to accounting volatility due to fluctuations in their fair value prior to the maturity of the instruments. Details of those copper and molybdenum concentrate sales and copper cathode sales, which remain open as to final pricing, are given in Note 7. Commodity price sensitivity The sensitivity analysis below shows the impact of a movement in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of antofagasta.co.uk 223 commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $19.8 million (2021 \u2013 increase by $18.4 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $19.8 million (2021 \u2013 decrease by $18.4 million). In addition, a movement in the average copper price during the year would impact revenue and earnings. A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $58.7 million (2021 \u2013 $64.8 million) and earnings per share by 6.0 cents (2021 \u2013 6.6 cents), based on production volumes in 2022, without taking into account the effects of provisional pricing. A $1 /lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $9.5 million (2021 \u2013 $9.2 million), and earnings per share by 1.0 cents (2021 \u2013 0.9 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by $11.6 million (2021 \u2013 $11.5 million), and earnings per share by 1.2 cents (2021 \u2013 1.2 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. (II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally in Chile) as well as those currencies in which the costs of imported goods and services are determined. After the US dollar, the Chilean peso is the most important currency influencing costs and to a lesser extent sales. Given the significance of the US dollar to the Group\u2019s operations, this is the presentational currency of the Group for internal and external reporting. The US dollar is also the currency for borrowing and holding surplus cash, although a portion of this may be held in other currencies, notably Chilean pesos and Sterling, to meet short-term operating and capital commitments and dividend payments. When considered appropriate, the Group uses forward exchange contracts and currency swaps to limit the effects of movements in exchange rates in foreign currency denominated assets and liabilities. The Group may also use these instruments to reduce currency exposure on future transactions and cash flows. Details of any exchange rate derivatives entered by the Group in the year are given in Note 25(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 22, and the currency exposure of the Group\u2019s borrowings is given in Note 23(C). The effects of exchange gains and losses included in the income statement are given in Note 10. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity on page 182. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of monetary financial instruments (including cash, cash equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments. The calculation assumes that all other variables, such as interest rates, remain constant. If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $19.1 million (2021 \u2013 increase of $6.1 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have decreased by $23.3 million (2021 \u2013 decrease of $7.4 million). (III) Interest rate risk The Group\u2019s policy is generally to borrow and invest cash at floating rates. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. Details of any interest rate derivatives entered into by the Group are given in Note 23(D). The Interest rate exposure of the Group\u2019s borrowings is given in Note 23. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the financial instruments held as at the reporting date, profit attributable to the owners of the parent would have decreased by $3.3 million (2021 \u2013 decrease of $6.4 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. (IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $9.1 million (2021 \u2013 increase of $0.9 million). There would have been no impact on the income statement. / Notes to the Financial statements continued 224 Antofagasta Annual Report 2022 25 Financial instruments and financial risk management continued (V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. Further information on production and sales levels and operating costs are given in the Operating review on pages 76 to 93. (VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. Outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 21). The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. (VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours. At the end of 2022, the Group was in a net debt position (2021 \u2013 net cash position), as disclosed in Note 32(C). Details of cash, cash equivalents and liquid investments are given in Note 22, while details of borrowings including the maturity profile are given in Note 23(E). Details of undrawn committed borrowing facilities are also given in Note 23. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. At 31 December 2022 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2022 Total $m Corporate loans (475.7) (609.4) (1,017.8) (163.3) (2,266.2) Other loans (including short-term loans and bond) (60.5) (40.0) (290.8) (1,176.3) (1,567.6) Leases (62.1) (40.4) (37.9) (1.3) (141.7) Preference shares* (0.1) (0.1) (0.3) (2.5) (3.0) Trade and other payables (1,079.8) (4.0) (3.9) \u2013 (1,087.7) (1,678.2) (693.9) (1,350.7) (1,343.4) (5,066.2) At 31 December 2021 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2021 Total $m Corporate loans (267.1) (398.5) (1,574.8) (170.6) (2,411.0) Other loans (including short-term loans and bond) (47.0) (11.9) (242.7) (555.5) (857.1) Leases (74.7) (40.5) (54.5) \u2013 (169.7) Preference shares* (0.1) (0.1) (0.3) (2.7) (3.2) Trade and other payables (829.1) (16.8) \u2013 \u2013 (845.9) (1,218.0) (467.8) (1,872.3) (728.8) (4,286.9) * The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. antofagasta.co.uk 225 (VIII) Capital risk management The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy remains unchanged. The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings) which was net debt of $885.8 million at 31 December 2022 (2021 \u2013 net cash $540.5 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $2,391.2 million at 31 December 2022 (2021 \u2013 $3,713.1 million). The Group\u2019s total cash is held in a combination of on demand and term deposits and managed funds investing in high quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however they are included in net cash for monitoring and decision-making purposes. The Group has a risk averse investment strategy. The Group\u2019s borrowings are detailed in Note 23. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants: 1) Net Financial Debt/EBITDA 2) EBITDA/Interest Expense 3) Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) The Group has complied with these covenants throughout the reporting period. D) Derivative financial instruments The Group periodically uses derivative financial instruments, to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 \u201cFinancial Instruments\u201d. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in the income statement in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in the income statement. Realised gains and losses on commodity derivatives recognised in the income statement have been recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Realised gains and losses and changes in the fair value of exchange and interest derivatives are recognised within other finance items for those derivatives where hedge accounting has not been applied. When hedge accounting has been applied, the realised gains and losses on exchange and interest derivatives are recognised within other finance items and interest expense respectively. All derivatives were closed in 2021 and there are none entered into in 2022. 26 Long-term incentive plan The long-term incentive plan (the \u201cPlan\u201d) forms part of the remuneration of senior managers in the Group. Directors are not eligible to participate in the Plan. Details of the Awards Under the Plan, the Group may grant awards based on the price of ordinary shares in the Company and cannot grant awards over actual shares. \u2022 Restricted Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company\u2019s ordinary shares, subject to the relevant employee remaining employed by the Group when the Restricted Award vests, and \u2022 Performance Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company\u2019s ordinary shares subject to both the satisfaction of a performance condition and the relevant employee remaining employed by the Group when the Performance Award vests. When awards vest under the Plan, participants become entitled to receive a cash payment by reference to the number and portion of awards that have vested and the market value of the Company\u2019s ordinary shares on the date of vesting. There is no exercise price payable by participants in respect of the awards. Restricted Awards can only vest in full if participants remain employed by the Group for three years from the date that Restricted Awards are granted. In ordinary circumstances, the first one-third of a Restricted Award will vest after one year, the second one-third will vest after two years and the remaining one-third will vest after three years. There are no performance criteria attached to Restricted Awards. The fair value of Restricted Awards granted under the Plan is recorded as a compensation expense over the vesting periods, with a corresponding liability recognised for the fair value of the liability at the end of each period until settled. Performance Awards only vest if certain performance criteria are met. The performance criteria reflect a number of factors including total shareholder return, earnings levels, growth in the Group\u2019s reserves and resources and project delivery targets. The fair value of Performance Awards under the Plan is recorded as a compensation expense over the vesting period, with a corresponding liability at the end of each period until settled. / Notes to the Financial statements continued 226 Antofagasta Annual Report 2022 26 Long-term incentive plan continued Valuation process and accounting for the awards The fair value of the awards is determined using a Monte Carlo simulation model. The inputs into the Monte Carlo simulation model are as follows: 2022 2021 Weighted average forecast share price at vesting date $18.5 $18.0 Expected volatility 50.90% 39.23% Expected life of awards 3 years 3 years Expected dividend yields 6.77% 3.94% Discount rate 4.33% 0.08% Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous five years. The expected life of awards used in the model has been adjusted based on management\u2019s best estimate for the effects of non-transferability and compliance of the objectives determined according to the characteristic of each plan. The number of awards outstanding at the end of the year is as follows: Restricted Awards Performance Awards Outstanding at 1 January 2022 544,143 1,385,475 Granted during the year 214,812 336,206 Cancelled during the year (38,330) (128,513) Payments during the year (282,106) (416,221) Outstanding at 31 December 2022 438,519 1,176,947 Number of awards that have vested 213,594 \u2013 The Group has recorded a liability of $17.2 million at 31 December 2022, of which $4.7 million is due after more than one year (31 December 2022 \u2013 $18.9 million of which $9.2 million was due after more than one year) and total expenses of $13.1 million for the year (2021 \u2013 expense of $9.0 million). 27 Post-employment benefit obligations A) Defined contribution schemes The Group operates defined contribution schemes for a limited number of employees. The amount charged to the income statement in 2022 was $0.1 million (2021 \u2013 $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain payable at the end of either year. B) Severance provisions Employment terms at some of the Group\u2019s operations provide for payment of a severance payment when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on final salary level. The severance payment obligation is treated as an unfunded defined benefit plan, and the obligation recognised is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated. The obligation recognised in the balance sheet represents the present value of the severance payment obligation. Actuarial gains and losses are immediately recognised in other comprehensive income. The most recent valuation was carried out in 2022 by Ernst & Young, a qualified actuary in Santiago, Chile who is not connected with the Group. The main assumptions used to determine the actuarial present value of benefit obligations were as follows: 2022 % 2021 % Average nominal discount rate 5.3% 6.3% Average rate of increase in salaries 2.2% 2.3% Average staff turnover 3.5% 4.9% Amounts included in the income statement in respect of severance provisions are as follows: 2022 $m 2021 $m Current service cost (charge to operating profit) (19.1) (19.8) Interest cost (charge to other finance items) (6.8) (3.6) Foreign exchange credit/(charge) to other finance items 1.5 19.6 Total charge to income statement (24.4) (3.8) antofagasta.co.uk 227 Movements in the present value of severance provisions were as follows: 2022 $m 2021 $m Balance at the beginning of the year (107.5) (123.2) Current service cost (19.1) (19.8) Actuarial (losses)/gains (18.1) 3.1 Unwinding of discount on provisions (6.8) (3.6) Paid in the year 12.7 16.4 Foreign currency exchange difference 1.5 19.6 Balance at the end of the year (137.3) (107.5) Assumptions description Discount rate 31 December 2022 31 December 2021 Nominal discount rate 5.34% 6.50% Reference rate name 20 year Chilean Central Bank Bonds 20 year Chilean Central Bank Bonds Governmental or corporate rate Governmental Governmental Reference rating AA\u2013/AA+ AA\u2013/AA+ Corresponds to an Issuance market (primary) or secondary market Secondary Secondary Issuance currency associated to the reference rate Chilean peso Chilean peso Date of determination of the reference interest rate 28 November 2022 31 October 2021 Source of the reference interest rate Bloomberg Bloomberg The discount rate is the interest rate used to discount the estimated future severance payments to their present value. The table above shows the principal instruments and assumptions utilised in determining the discount rate. Rate of increase in salaries This represents the estimated average rates of future salary increases, reflecting likely future promotions and other changes. This has been based on historical information for the Group for the period from 2018 to 2022. Turnover rate This represents the estimated average level of future employee turnover. This has been based on historical information for the Group for the period from 2018 to 2022. Sensitivity analysis Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and staff turnover. The sensitivity analysis below has been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. \u2022 If the discount rate is 100 basis points higher, the defined benefit obligation would decrease by $10.2 million. If the discount rate is 100 basis points lower, the defined benefit obligation would increase by $11.7 million. \u2022 If the expected salary growth increases by 1%, the defined benefit obligation would increase by $10.5 million. If the expected salary growth decreases by 1%, the defined benefit obligation would decrease by $9.6 million. \u2022 If the staff turnover increases by 1%, the defined benefit obligation would decrease by $2.5 million. If the staff turnover decreases by 1%, the defined benefit obligation would increase by $2.5 million. / Notes to the Financial statements continued 228 Antofagasta Annual Report 2022 28 Deferred tax assets and liabilities Accelerated capital allowances $m Temporary differences on provisions $m Withholding tax $m Short-term differences $m Mining tax (Royalty) $m Tax losses $m Disposal $m Total $m At 1 January 2021 (1,122.1) 124.6 (52.8) 42.0 (103.5) 5.3 0.1 (1,106.4) (Charge)/credit to income (248.9) (7.5) 29.7 (103.3) 1.0 31.7 (0.1) (297.4) Exceptional items \u2013 \u2013 \u2013 \u2013 \u2013 90.6 \u2013 90.6 Charge deferred in equity \u2013 (2.1) \u2013 \u2013 (0.4) \u2013 \u2013 (2.5) At 31 December 2021 and 1 January 2022 (1,371.0) 115.0 (23.1) (61.3) (102.9) 127.6 \u2013 (1,315.7) (Charge)/credit to income (79.2) 1.4 (48.5) (15.6) (9.8) (3.1) \u2013 (154.8) Reclassification (16.9) 7.8 \u2013 9.1 \u2013 \u2013 \u2013 \u2013 Charge deferred in equity \u2013 4.9 \u2013 \u2013 0.8 \u2013 \u2013 5.7 At 31 December 2022 (1,467.1) 129.1 (71.6) (67.8) (111.9) 124.5 \u2013 (1,464.8) The charge to the income statement of $154.8 million (2021 \u2013 $206.8 million) included an impact from foreign exchange differences of nil (2021 \u2013 nil). Certain deferred tax assets and liabilities have been offset. Deferred tax assets and liabilities are offset where there is a legally enforceable right to do so, which under Chilean tax regulations is only possible within individual legal entities. The following is the analysis of the deferred tax balance (after offset): 2022 $m 2021 $m Net deferred tax assets 78.5 96.8 Net deferred tax liabilities (1,543.3) (1,412.5) Net deferred tax balances (1,464.8) (1,315.7) At 31 December 2022, the Group had unused tax losses associated with Chilean entities (predominantly Antucoya) of $460.3 million (2021 \u2013 $472.5 million) available for offset against future profits. Generally under Chilean tax law most tax losses can be carried forward indefinitely. A deferred tax asset of $124.5 million has been recognised in respect of 100% of these losses as at 31 December 2022 (31 December 2021 \u2013 $127.6 million). In addition, at 31 December 2022, the Group had unused tax losses associated with entities outside of Chile (predominantly in respect of the Twin Metals project) of $427.0 million (2021 \u2013 $428.0 million). A portion of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carried forward indefinitely. Deferred tax assets have not been recognised in respect of these tax losses, reflecting the fact that the relevant entities have generated taxable losses in recent years. At 31 December 2021, the Group recognised $90.6 million of previously unrecognised deferred tax assets relating to tax losses available for offset against future profits, reflecting the improved actual and forecast profitability of the relevant Group entity (Antucoya). That entity has continued to generate taxable profits during 2022, utilising $10.9 million of the deferred tax asset during the year. At 31 December 2022, deferred withholding tax liabilities of $71.6 million have been recognised (31 December 2021 \u2013 $23.1 million) which relate to undistributed earnings of subsidiaries where it is considered likely that the corresponding profits will be distributed in the foreseeable future. The value of the remaining undistributed earnings of subsidiaries, for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of the distributions and it is likely that distributions will not be made in the foreseeable future, was $6,430.4 million (31 December 2021 \u2013 $6,483.3 million). If deferred withholding tax liabilities were recognised in respect of all of these remaining undistributed earnings of subsidiaries this would result in an additional deferred tax liability and expense of approximately $1,076.5 million (31 December 2021 \u2013 $1,232.1 million), depending on the application of tax credits which may be available in particular circumstances. Temporary differences arising in connection with interests in associates are insignificant. The deferred tax balance of $1,464.8 million (2021 \u2013 $1,315.7 million) includes $1,404.7 million (2021 \u2013 $1,272.6 million) due in more than one year. All amounts are shown as non-current on the face of the balance sheet as required by IAS 12 Income Taxes. antofagasta.co.uk 229 29 Decommissioning and restoration provisions 2022 $m 2021 $m Balance at the beginning of the year (336.1) (520.2) Charge to operating profit in the year (15.4) (11.3) Unwind of discount to net interest in the year (10.1) (2.6) Adjustment to provision discount rates (1.6) 30.8 Capitalised adjustment to provision (173.8) 119.9 Utilised in year 49.7 33.8 Foreign currency exchange difference (0.9) 13.5 Balance at the end of the year (488.2) (336.1) Short-term provisions (33.2) (33.8) Long-term provisions (455.0) (302.3) Total (488.2) (336.1) Decommissioning and restoration costs relate to the Group\u2019s mining operations. Costs are estimated on the basis of a formal closure plan and are subject to regular independent formal review by Sernageomin, the Chilean government agency which regulates the mining industry in Chile. During 2022, the Centinela and Antucoya provisions were updated to reflect new plans approved by Sernageomin during the year. The provision balance reflects the present value of the forecast future cash flows expected to be incurred in line with the closure plans, discounted using Chilean real interest rates with durations corresponding with the timings of the closure activities. At 31 December 2022, the real discount rates ranged from 1.67% to 1.73% (31 December 2021: 2.3% to 2.5%). It is estimated that the provision will be utilised from 2023 until 2066 based on current mine plans, with approximately 15% of the total provision balance expected to be utilised between 2023 and 2031, approximately 49% between 2032 and 2041, approximately 10% between 2042 and 2051 and approximately 26% between 2052 and 2066. Given the long-term nature of these balances, it is possible that future climate risks could impact the appropriate amount of these provisions, both in terms of the nature of the decommissioning and site rehabilitation activities that are required, or the costs of undertaking those activities. The Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (\u201cTCFD\u201d). This process included scenario analyses assessing the impact of transition and physical risks. As a simple high-level sensitivity, we have considered whether the level of estimated costs relating to the potential future risks identified under the scenario analysis could indicate a general level of future cost increases as a consequence of climate risks which could indicate a significant potential impact on these provision balances. This analysis did not indicate a significant potential impact on the decommissioning and restoration provision balances. However, more detailed specific analysis of the potential impacts of climate risks in future periods could result in adjustments to these provision balances. When future updates to the closure plans are prepared and submitted to Sernageomin for review and approval, it is possible that additional consideration of potential climate risk impacts may need to be incorporated into the plan assumptions. In addition, Sernageomin may introduce new regulations or guidance in respect of climate risks which may need to be addressed in future updates to the Group\u2019s closure plans. 30 Share capital and other reserves (I) Share capital The ordinary share capital of the Company is as follows: 2022 Number 2021 Number 2022 $m 2021 $m Authorised Ordinary shares of 5p each 1,300,000,000 1,300,000,000 118.9 118.9 2022 Number 2021 Number 2022 $m 2021 $m Issued and fully paid Ordinary shares of 5p each 985,856,695 985,856,695 89.8 89.8 The Company has one class of ordinary shares which carry no right to fixed income. Each ordinary share carries one vote at any general meeting. There were no changes in the authorised or issued share capital of the Company in either 2022 or 2021. Details of the Company\u2019s preference share capital, which is included within borrowings in accordance with IAS 32 Financial Instruments, are given in Note 23A(x). / Notes to the Financial statements continued 230 Antofagasta Annual Report 2022 30 Share capital and other reserves continued (II) Other reserves and retained earnings Details of the share premium account, hedging, fair value and translation reserves and retained earnings for both 2022 and 2021 are included within the consolidated statement of changes in equity on page 182. 2022 $m 2021 $m Share premium At 1 January and 31 December 199.2 199.2 Hedging reserves 1 At 1 January \u2013 (23.9) Parent and subsidiaries net cash flow hedge fair value losses \u2013 (100.4) Parent and subsidiaries net cash flow hedge losses transferred to the income statement \u2013 126.8 Tax on the above \u2013 (2.5) At 31 December \u2013 \u2013 Equity investment revaluation reserve 2 At 1 January (7.4) (5.3) Gains/(losses) on equity investment 15.8 (2.1) At 31 December 8.4 (7.4) Foreign currency translation reserves 3 At 1 January (3.0) (1.4) Currency translation adjustment (0.4) (1.6) At 31 December (3.4) (3.0) Total other reserves per balance sheet 5.0 (10.4) Retained earnings At 1 January 8,071.6 7,492.2 Parent and subsidiaries\u2019 profit for the period 1,484.9 1,230.5 Equity accounted units\u2019 profit after tax for the period 48.1 59.7 Actuarial (losses)/gains 4 (8.2) \u2013 Total comprehensive income for the year 1,524.8 1,290.2 Dividends paid (1,262.9) (710.8) At 31 December 8,333.5 8,071.6 1. The hedging reserve records gains or losses on cash flow hedges that are recognised initially in equity (through other comprehensive income), as described in Note 25. 2. The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 19. 3. Exchange differences arising on the translation of the Group\u2019s net investment in foreign-controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. 4. Actuarial gains or losses relating to long-term employee benefits, as described in Note 26. antofagasta.co.uk 231 31 Non-controlling interests The non-controlling interests of the Group during 2022 and 2021 are as follows: Non- controlling Interest % Country At 1 January 2022 $m Share of profit for the financial year $m Capital Increase $m Share of dividends $m Hedging and actuarial gains $m At 31 December 2022 $m Los Pelambres 40.0 Chile 1,204.5 320.4 \u2013 (80.0) (1.9) 1,443.0 Centinela 30.0 Chile 1,275.9 82.9 \u2013 \u2013 (2.0) 1,356.8 Antucoya 30.0 Chile 198.4 21.2 \u2013 \u2013 (0.3) 219.3 Encierro 43.5 Chile \u2013 (2.2) \u2013 \u2013 \u2013 (2.2) Total 2,678.8 422.3 \u2013 (80.0) (4.2) 3,016.9 Non- controlling Interest % Country At 1 January 2021 $m Share of profit/(losses) for the financial year $m Capital Increase $m Share of dividends $m Hedging and actuarial gains/(losses) $m At 31 December 2021 $m Los Pelambres 40.0 Chile 1,107.3 608.0 \u2013 (512.0) 1.2 1,204.5 Centinela 30.0 Chile 1,113.7 252.2 \u2013 (92.5) 2.5 1,275.9 Antucoya 30.0 Chile 109.5 84.4 \u2013 \u2013 4.5 198.4 Total 2,330.5 944.6 \u2013 (604.5) 8.2 2,678.8 The proportion of the voting rights is proportional with the economic interest for each of the companies listed above. Summarised financial position and cash flow information for the years ended 2022 and 2021 is set out below: Los Pelambres 2022 $m Centinela 2022 $m Antucoya 2022 $m Non-controlling interest (%) 40.0% 30.0% 30.0% Cash and cash equivalents 249.3 134.9 46.1 Current assets 1,373.2 1,170.7 340.6 Non-current assets 5,413.3 4,752.3 1,367.2 Current liabilities (725.8) (553.3) (153.1) Non-current liabilities (2,408.8) (1,011.8) (405.0) Net cash from operating activities 1,060.9 762.2 162.1 Net cash used in investing activities (881.0) (879.8) (65.1) Net cash from/(used in) financing activities 44.8 (163.2) (174.3) Los Pelambres 2021 $m Centinela 2021 $m Antucoya 2021 $m Non-controlling interest (%) 40.0% 30.0% 30.0% Cash and cash equivalents 14.2 122.7 48.4 Current assets 1,073.3 1,358.0 381.4 Non-current assets 4,593.8 4,561.2 1,354.6 Current liabilities (519.1) (714.5) (183.8) Non-current liabilities (2,123.0) (1,082.6) (364.9) Net cash from operating activities 1,816.8 1,885.5 295.3 Net cash used in investing activities (878.6) (837.6) (49.3) Net cash used in financing activities (1,408.4) (1,152.6) (206.9) Notes to the summarised financial position and cash flow (i) The amounts disclosed for each subsidiary are based on the amounts included in the consolidated financial statements (100% of the results and balances of the subsidiary rather than the non-controlling interest proportionate share) before inter-company eliminations. (ii) Summarised income statement information is shown in the segment information in Note 6. (iii) There are some subsidiaries including Encierro with a non controlling interest portion not included in this note where those portions are not material to the Group. / Notes to the Financial statements continued 232 Antofagasta Annual Report 2022 32 Notes to the consolidated cash flow statement A) Reconciliation of profit before tax to cash flow from operations 2022 $m 2021 $m Profit before tax 2,558.9 3,477.1 Depreciation 1,141.1 1,078.7 Net loss on disposals 2.1 9.2 Net finance expense/(income) 68.2 (16.0) Net share of results of associates and joint ventures (48.1) (59.7) Gain on disposal of investment in joint venture (944.7) \u2013 Provision against carrying value of assets \u2013 177.6 (Increase)/decrease in inventories (180.7) 10.9 Decrease/(increase) in debtors 27.0 (206.8) Increase in creditors 141.0 55.7 Decrease in provisions (26.5) (19.0) Cash flow generated from operations 2,738.3 4,507.7 B) Analysis of changes in net debt At 1 January 2022 $m Cash flow $m New leases $m Amortisation of finance costs $m Capitalisation of interest $m Movement between maturity categories $m Other $m Exchange $m At 31 December 2022 $m Cash and cash equivalents 743.4 65.6 \u2013 \u2013 \u2013 \u2013 \u2013 1.4 810.4 Liquid investments 2,969.7 (1,388.9) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,580.8 Total cash and cash equivalents and liquid investments 3,713.1 (1,323.3) \u2013 \u2013 \u2013 \u2013 \u2013 1.4 2,391.2 Borrowings due within one year (268.0) 373.9 \u2013 \u2013 \u2013 (483.3) \u2013 \u2013 (377.4) Borrowings due after one year (2,742.1) (488.5) \u2013 (11.7) (6.3) 483.3 (0.1) \u2013 (2,765.4) Leases due within one year (69.1) 105.4 \u2013 \u2013 \u2013 (80.7) \u2013 (10.7) (55.1) Leases due after one year (90.7) \u2013 (51.3) \u2013 \u2013 80.7 (1.0) (14.3) (76.6) Preference shares (2.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 (2.5) Total borrowings (3,172.6) (9.2) (51.3) (11.7) (6.3) \u2013 (1.1) (24.8) (3,277.0) Net cash/(debt) 540.5 (1,332.5) (51.3) (11.7) (6.3) \u2013 (1.1) (23.4) (885.8) At 1 January 2021 $m Cash flow $m New leases $m Amortisation of finance costs $m Capitalisation of interest $m Movement between maturity categories $m Other $m Exchange $m At 31 December 2021 $m Cash and cash equivalents 1,246.8 (483.1) \u2013 \u2013 \u2013 \u2013 \u2013 (20.3) 743.4 Liquid investments 2,426.0 543.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,969.7 Total cash and cash equivalents and liquid investments 3,672.8 60.6 \u2013 \u2013 \u2013 \u2013 \u2013 (20.3) 3,713.1 Borrowings due within one year (529.8) 545.6 \u2013 \u2013 \u2013 (294.2) 10.4 \u2013 (268.0) Borrowings due after one year (3,013.8) \u2013 \u2013 (5.7) (16.6) 294.2 \u2013 (0.2) (2,742.1) Leases due within one year (73.6) 88.9 \u2013 \u2013 \u2013 (84.4) \u2013 \u2013 (69.1) Leases due after one year (134.9) \u2013 (61.8) \u2013 \u2013 84.4 \u2013 21.6 (90.7) Preference shares (2.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2.7) Total borrowings (3,754.8) 634.5 (61.8) (5.7) (16.6) \u2013 10.4 21.4 (3,172.6) Net debt (82.0) 695.1 (61.8) (5.7) (16.6) \u2013 10.4 1.1 540.5 C) Net (debt)/cash 2022 $m 2021 $m Cash, cash equivalents and liquid investments 2,391.2 3,713.1 Total borrowings and other financial liabilities (3,277.0) (3,172.6) Net (debt)/cash (885.8) 540.5 33 Exchange rates Assets and liabilities denominated in foreign currencies are translated into US dollars and Sterling at the period-end rates of exchange. Results denominated in foreign currencies have been translated into US dollars at the average rate for each period. 2022 2021 Year-end rates $1.2080=\u00a31; $1 = Ch$855.86 $1.3490=\u00a31; $1 = Ch$844.69 Average rates $1.2340=\u00a31; $1 = Ch$872.38 $1.3750=\u00a31; $1 = Ch$759.81 34 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below. The transactions which Group companies entered into with related parties who are not members of the Group are set out below. There are no guarantees given or received and no provisions for doubtful debts related to the amount of outstanding balances. A) Qui\u00f1enco SA Qui\u00f1enco SA (\u201cQui\u00f1enco\u201d) is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock Exchange, and in which members of the Luksic family are interested. Two Directors of the Company, Jean-Paul Luksic and Andronico Luksic, are also directors of Qui\u00f1enco. The following transactions took place between the Group and the Qui\u00f1enco group of companies, all of which were on normal commercial terms at market rates: \u2022 the Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $309.9 million (2021 \u2013 $263.9 million). The balance due to ENEX SA at the end of the year was $28.6 million (2021 \u2013 $20.4 million), \u2022 the Group earned interest income of $0.8 million (2021 \u2013 $0.1 million) during the year on investments with BanChile Administradora General de Fondos SA, a subsidiary of Qui\u00f1enco. Investment balances at the end of the year were nil (2021 \u2013 $2.2 million), \u2022 the Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $12.7 million (2021 \u2013 $8.9 million). The balance due to Hapag Lloyd at the end of the year was $0.3 million (2021 \u2013 $0.4 million), \u2022 the Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Qui\u00f1enco, of $0.2 million (2021 \u2013 $0.2 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2021 \u2013 nil). B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA In 2022, the Group leased office space on normal commercial terms from Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA, a company in which members of the Luksic family are interested, at a cost of $0.4 million (2021 \u2013$0.8 million). C) Antomin 2 Limited and Antomin Investors Limited The Group holds a 51% interest in Antomin 2 Limited (\u201cAntomin 2\u201d) and Antomin Investors Limited (\u201cAntomin Investors\u201d), which own a number of copper exploration properties. The Group originally acquired its 51% interest in these properties for a nominal consideration from Mineralinvest Establishment, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. Mineralinvest is owned by the E. Abaroa Foundation, in which members of the Luksic family are interested. During the year ended 31 December 2022, the Group incurred $0.1 million (year ended 31 December 2021 \u2013 $0.1 million) of exploration expense at these properties. D) Tethyan Copper Company Limited On 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture, which is therefore no longer recognised as a joint venture by the Group. The group contributed nil (2021 - $9.5 million) to Tethyan during 2022. E) Compa\u00f1ia Minera Zald\u00edvar SpA The Group has a 50% interest in Zald\u00edvar (see Note 18), which is a joint venture with Barrick Gold Corporation. Antofagasta is the operator of Zald\u00edvar. The balance due from Zald\u00edvar to Group companies at the end of the year was $6.7 million (2021 \u2013 $2.5 million). During 2022, Zald\u00edvar declared dividends of $50.0 million to the Group (2021 \u2013 $77.5 million). F) Directors and other key management personnel Information relating to Directors\u2019 remuneration and interests is given in the Remuneration Report on page 159. Information relating to the remuneration of key management personnel including the Directors is given in Note 9. 35 Litigation and contingent liabilities The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. The Group cannot predict the outcome of individual legal actions or claims or complaints or investigations. As a result, the Group may become subject to liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may incur, in the future, judgements or enter into settlements of claims that could lead to material cash outflows. The Group considers that no material loss to the Group is expected to result from the legal proceedings, claims, complaints and investigations that the Group is currently subject to. Provisions are recognised when it is probable that the Group will be required to settle an obligation arising as a result of a legal claim against the Group. 36 Ultimate Parent Company The immediate parent of the Group is Metalinvest Establishment, which is controlled by the E. Abaroa Foundation, in which members of the Luksic family are interested. Both Metalinvest Establishment and the E. Abaroa Foundation are domiciled in Liechtenstein. Information relating to the interest of Metalinvest Establishment and the E. Abaroa Foundation is given in the Directors\u2019 Report.",
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"fact-346": {
"value": "1 Basis of preparation The consolidated financial statements of the Antofagasta plc Group have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on the going concern basis. Going concern The Directors have assessed the going concern status of the Group, considering the period to 31 December 2024. The Group\u2019s business activities, together with those factors likely to affect its future performance, are set out in the Strategic Report, and in particular within the Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period- end, are set out in the Financial Review. The consolidated financial statements include details of the Group\u2019s cash, cash equivalents and liquid investment balances in Note 22, and details of borrowings are set out in Note 23. When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 31 December 2022, with combined cash, cash equivalents and liquid investments of $2,391.2 million. Total borrowings were $3,277.0 million, resulting in a net debt position of $885.8 million. Of the total borrowings, only 13% is repayable within one year, and 17% repayable between one and two years. When assessing the prospects of the Group, the Directors have considered the Group\u2019s copper price forecasts, the Group\u2019s expected production levels, operating cost profile and capital expenditure. These forecasts are based on the Group\u2019s budgets and life-of-mine models, which are also used when assessing relevant accounting estimates, including depreciation, deferred stripping and closure provisions. This analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group\u2019s ability to manage the impact of a depressed economic environment. The analysis has only included the draw-down of existing committed borrowing facilities, and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Robust down-side sensitivity analyses have been performed, assessing the standalone impact of each of: \u2022 A significant deterioration in the future copper price forecasts by 20% throughout the going concern period. \u2022 A n even more pronounced short-term reduction of 50 c/lb in the copper price for a period of three months, in addition to the above deterioration of 20% in the copper price throughout the review period. \u2022 Th e potential impact of the Group\u2019s most significant individual operational risks. \u2022 A shut-down of any one of the Group\u2019s operations for a period of three months . \u2022 Potential changes to the Chilean mining royalty, taking into account the Group\u2019s existing tax stability agreements. The stability of tailings storage facilities represents a potentially significant operational risk for mining operations globally. The Group\u2019s tailings storage facilities are designed to international standards, constructed using downstream methods, subject to rigorous monitoring and reporting, and reviewed regularly by an international panel of independent experts. Given these standards of design, development, operations and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis. The above downside sensitivity analyses indicated results which could be managed in the normal course of business, including the aggregate impact of a number of the above sensitivities occurring at the same time. The analysis indicated that the Group is expected to remain in compliance with all of the covenant requirements of its borrowings throughout the review period and retain sufficient liquidity. Based on their assessment of the Group\u2019s prospects and viability, the Directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that the Directors are aware of that cast doubt on the Group\u2019s going concern status and that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 31 December 2024. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. Company structure Antofagasta plc is a company limited by shares, incorporated and domiciled in the United Kingdom at 103 Mount Street, London W1K 2TJ.The immediate parent of the Group is Metalinvest Establishment, which is controlled by the E. Abaroa Foundation, in which members of the Luksic family are interested. The nature of the Group\u2019s operations is mining and exploration activities and the transport of rail and road cargo. A) Adoption of new accounting standards The following accounting standards, amendments and interpretations became effective in the current reporting period: \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16) \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2022 Annual Improvements to IFRS Standards 2018\u20132020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41) \u2022 Reference to the Conceptual Framework (Amendments to IFRS 3) The application of these standards and interpretations effective for the first time in the current year has had no significant impact on the amounts reported in these financial statements. The amendment to IAS 16 Property, Plant and Equipment \u2013 Proceeds before intended use may have significant impacts for the Group in future periods. Previously, the Group has deducted amounts received from the sale of products during the initial ramp-up of new projects, before commercial production is achieved, from the capital cost of the project. Under the amendment to IAS 16, such amounts will now instead be recognised as revenue in the income statement along with a corresponding allocation of related operating expenses, which is likely to result in increased revenue and operating expenses and a higher initial capitalised amount. There were no relevant projects impacted by the amendment during 2022. The amendment would apply retrospectively only to relevant projects in progress at 1 January 2021 which were generating proceeds, and there were no such projects at 1 January 2021 . 1 Basis of preparation continued B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date (after 1 January, 2023). None of these standards are expected to have a significant impact on the Group. \u2022 IFRS 17, Insurance Contracts \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 The following standards are effective after 1 January, 2024 (and subject to UK endorsement): \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "Going concern The Directors have assessed the going concern status of the Group, considering the period to 31 December 2024. The Group\u2019s business activities, together with those factors likely to affect its future performance, are set out in the Strategic Report, and in particular within the Operating Review. Details of the cash flows of the Group during the period, along with its financial position at the period- end, are set out in the Financial Review. The consolidated financial statements include details of the Group\u2019s cash, cash equivalents and liquid investment balances in Note 22, and details of borrowings are set out in Note 23. When assessing the going concern status of the Group, the Directors have considered in particular its financial position, including its significant balance of cash, cash equivalents and liquid investments and the terms and remaining durations of the borrowing facilities in place. The Group had a strong financial position as at 31 December 2022, with combined cash, cash equivalents and liquid investments of $2,391.2 million. Total borrowings were $3,277.0 million, resulting in a net debt position of $885.8 million. Of the total borrowings, only 13% is repayable within one year, and 17% repayable between one and two years. When assessing the prospects of the Group, the Directors have considered the Group\u2019s copper price forecasts, the Group\u2019s expected production levels, operating cost profile and capital expenditure. These forecasts are based on the Group\u2019s budgets and life-of-mine models, which are also used when assessing relevant accounting estimates, including depreciation, deferred stripping and closure provisions. This analysis has focused on the existing asset base of the Group, without factoring in potential development projects, which is considered appropriate for an assessment of the Group\u2019s ability to manage the impact of a depressed economic environment. The analysis has only included the draw-down of existing committed borrowing facilities, and has not assumed that any new borrowing facilities will be put in place. The Directors have assessed the key risks which could impact the prospects of the Group over the going concern period and consider the most relevant to be risks to the copper price outlook, as this is the factor most likely to result in significant volatility in earnings and cash generation. Robust down-side sensitivity analyses have been performed, assessing the standalone impact of each of: \u2022 A significant deterioration in the future copper price forecasts by 20% throughout the going concern period. \u2022 A n even more pronounced short-term reduction of 50 c/lb in the copper price for a period of three months, in addition to the above deterioration of 20% in the copper price throughout the review period. \u2022 Th e potential impact of the Group\u2019s most significant individual operational risks. \u2022 A shut-down of any one of the Group\u2019s operations for a period of three months . \u2022 Potential changes to the Chilean mining royalty, taking into account the Group\u2019s existing tax stability agreements. The stability of tailings storage facilities represents a potentially significant operational risk for mining operations globally. The Group\u2019s tailings storage facilities are designed to international standards, constructed using downstream methods, subject to rigorous monitoring and reporting, and reviewed regularly by an international panel of independent experts. Given these standards of design, development, operations and review, the impact of a potential tailings dam failure has not been included in the sensitivity analysis. The above downside sensitivity analyses indicated results which could be managed in the normal course of business, including the aggregate impact of a number of the above sensitivities occurring at the same time. The analysis indicated that the Group is expected to remain in compliance with all of the covenant requirements of its borrowings throughout the review period and retain sufficient liquidity. Based on their assessment of the Group\u2019s prospects and viability, the Directors have formed a judgement, at the time of approving the financial statements, that there are no material uncertainties that the Directors are aware of that cast doubt on the Group\u2019s going concern status and that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the period to 31 December 2024. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-1": {
"value": "Antofagasta plc",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-342": {
"value": "plc ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-343": {
"value": "domiciled in the United Kingdom at 103 Mount Street, London W1K ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-2": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "Metalinvest Establishment",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "E. Abaroa Foundation",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "The nature of the Group\u2019s operations is mining and exploration activities and the transport of rail and road cargo. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "A) Adoption of new accounting standards The following accounting standards, amendments and interpretations became effective in the current reporting period: \u2022 Property, Plant and Equipment \u2013 Proceeds before Intended Use (Amendments to IAS 16) \u2022 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2022 Annual Improvements to IFRS Standards 2018\u20132020 (Amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41) \u2022 Reference to the Conceptual Framework (Amendments to IFRS 3) The application of these standards and interpretations effective for the first time in the current year has had no significant impact on the amounts reported in these financial statements. The amendment to IAS 16 Property, Plant and Equipment \u2013 Proceeds before intended use may have significant impacts for the Group in future periods. Previously, the Group has deducted amounts received from the sale of products during the initial ramp-up of new projects, before commercial production is achieved, from the capital cost of the project. Under the amendment to IAS 16, such amounts will now instead be recognised as revenue in the income statement along with a corresponding allocation of related operating expenses, which is likely to result in increased revenue and operating expenses and a higher initial capitalised amount. There were no relevant projects impacted by the amendment during 2022. The amendment would apply retrospectively only to relevant projects in progress at 1 January 2021 which were generating proceeds, and there were no such projects at 1 January 2021 ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "B) Accounting standards issued but not yet effective At the date of authorisation of these financial statements, the following standards and interpretations, which have not been applied in these financial statements, were in issue but not yet effective. It is expected that where applicable, these standards and amendments will be adopted on each respective effective date (after 1 January, 2023). None of these standards are expected to have a significant impact on the Group. \u2022 IFRS 17, Insurance Contracts \u2022 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12) \u2022 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2022 Definition of Accounting Estimates \u2013 Amendments to IAS 8 The following standards are effective after 1 January, 2024 (and subject to UK endorsement): \u2022 Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) \u2022 Lease Liability in a Sale and Leaseback (Amendments to IFRS16) \u2022 Non-current Liabilities with Covenants (Amendments to IAS 1) ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-345": {
"value": "2 Principal accounting policies
A) Accounting convention
These financial statements have been prepared under the historical cost
convention as modified by the use of fair values to measure certain
financial instruments, principally provisionally priced sales as explained in
Note 2(F) and financial derivative contracts as explained in Note 2(W).
B) Basis of consolidation
The financial statements comprise the consolidated financial statements
of Antofagasta plc (\u201cthe Company\u201d or \u201cthe Parent\u201d or \u201cthe Parent
Company\u201d) and its subsidiaries (collectively \u201cthe Group\u201d).
Subsidiaries \u2013 A subsidiary is an entity over which the Group has
control, which is the case when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to
affect those returns through its power over the entity. The consolidated
financial statements include all the assets, liabilities, revenues, expenses
and cash flows of the Company and its subsidiaries after eliminating
intercompany balances and transactions. For partly-owned subsidiaries,
the net assets and profit attributable to non-controlling shareholders are
presented as \u201cNon-controlling interests\u201d in the consolidated balance
sheet and consolidated income statement.
Non-controlling interests that are present ownership interests and entitle
their holders to a proportionate share of the entity\u2019s net assets in the
event of liquidation may be initially measured either at fair value or at the
non-controlling interests\u2019 proportionate share of the recognised amounts
of the acquiree\u2019s identifiable net assets. The choice of measurement
basis is made on an acquisition-by-acquisition basis. Other types of non-
controlling interests are measured at fair value or, when applicable, on
the basis specified in another IFRS. Subsequent to acquisition, the
carrying amount of non-controlling interests is the amount of those
interests at initial recognition plus the non-controlling interests\u2019 share of
subsequent changes in equity. Total comprehensive income is attributed
to non-controlling interests even if this results in the non-controlling
interests having a deficit balance.
Changes in the Group\u2019s ownership interests in subsidiaries that do not
result in the Group losing control over the subsidiaries are accounted for
as equity transactions. The carrying amounts of the Group\u2019s interests
and the non-controlling interests are adjusted to reflect the changes in
their relative interests in the subsidiaries. Any difference between the
amount by which the non-controlling interests are adjusted and the fair
value of the consideration paid or received is recognised directly in equity
and attributed to owners of the Company.
When the Group loses control of a subsidiary, a gain or loss is recognised
in profit or loss and is calculated as the difference between (i) the
aggregate of the fair value of the consideration received and the fair
value of any retained interest and (ii) the previous carrying amount of the
assets (including goodwill), and liabilities of the subsidiary and any non-
controlling interests. When assets of the subsidiary are carried at
revalued amounts or fair values and the related cumulative gain or loss
has been recognised in other comprehensive income and accumulated in
equity, the amounts previously recognised in other comprehensive
income and accumulated in equity are accounted for as if the Group had
directly disposed of the relevant assets (ie reclassified to profit or loss or
transferred directly to retained earnings as specified by applicable
IFRSs). The fair value of any investment retained in the former subsidiary
at the date when control is lost is regarded as the fair value on initial
recognition for subsequent accounting under IFRS 9 Financial
Instruments: Recognition and Measurement or, when applicable, the cost
on initial recognition of an investment in an associate or a joint venture.
Acquisitions and disposals are treated as explained in Note 2(G) relating
to business combinations and goodwill.
C) Investments in associates
An associate is an entity over which the Group is in a position to
exercise significant influence, but not control or joint control, through
the power to participate in the financial and operating policy decisions of
that entity. The results and assets and liabilities of associates are
incorporated in these consolidated financial statements using the equity
method of accounting.
This requires recording the investment initially at cost to the Group and
then, in subsequent periods, adjusting the carrying amount of the
investment to reflect the Group\u2019s share of the associate\u2019s results less any
impairment and any other changes to the associate\u2019s net assets such as
dividends. When the Group loses control of a former subsidiary but
retains an investment in associate in that entity, the initial carrying value
of the investment in associate is recorded at its fair value at that point.
When the Group\u2019s share of losses of an associate exceeds the Group\u2019s
interest in that associate, the Group discontinues recognising its share of
further losses. Additional losses are recognised only to the extent that the
Group has incurred legal or constructive obligations or made payments
on behalf of the associate.
D) Joint arrangements
A joint arrangement is an arrangement of which two or more parties
have joint control. Joint arrangements are accounted for depending on
the nature of the arrangement.
i) Joint ventures \u2013 are accounted for using the equity method in
accordance with IAS 28 Investment in Associates and Joint Ventures
as described in Note 18.
ii) Joint operations \u2013 are accounted for recognising directly the assets,
obligations, revenues and expenses of the joint operator in the joint
arrangement. The assets, liabilities, revenues and expenses are
accounted for in accordance with the relevant IFRS.
When a Group entity transacts with its joint arrangements, profits and
losses resulting from the transactions with the joint arrangements are
recognised in the Group\u2019s consolidated financial statements only to the
extent of interests in the joint arrangements that are not related to
the Group.
E) Currency translation The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at year end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items. The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken to equity and recorded in a separate currency translation reserve. Cumulative translation differences arising after the transition date to IFRS are recognised as income or as expenses in the income statement in the period in which an operation is disposed of. On consolidation, exchange gains and losses which arise on balances between Group entities are taken to reserves where that balance is, in substance, part of the net investment in a foreign operation, ie where settlement is neither planned nor likely to occur in the foreseeable future. All other exchange gains and losses on Group balances are recognised in the income statement within other finance items. Fair value adjustments and any goodwill arising on the acquisition of a foreign entity are treated as assets of the foreign entity and translated at the period-end rate. F) Revenue recognition and other income Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of consideration received or receivable, and excludes any applicable sales tax. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to a customer. An asset is transferred when (or as) the customer obtains control of that asset. For the Group\u2019s mining products, the customer generally gains control over the material when it has been loaded at the port of loading, and so this is the point of revenue recognition. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. In these cases the customer still gains control over the material when it has been loaded at the port of loading, and so that remains the point of revenue recognition for the sale of material; however, the shipping service represents a separate performance obligation, and revenue in relation to such services is recognised separately from the sale of the material over time as the shipping service is provided, along with the associated costs. Shipment revenue is recognised at the contracted price to the Group as this reflects the standalone selling price. Revenue from mining activities is recorded at the invoiced amounts with an adjustment for provisional pricing at each reporting date, as explained below. For copper and molybdenum concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Revenue includes amounts from the sale of by-products such as gold and silver. Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional pricing of sales at the time of shipment, with final pricing based on the monthly average London Metal Exchange (\u201cLME\u201d) copper price or the monthly average market molybdenum price for specified future periods. This normally ranges from one to four months after delivery to the customer. For sales contracts which contain provisional pricing mechanisms, the initial invoice typically reflects the month-average market price for the metal in the month of shipment, with the associated receivable balance subsequently measured at fair value through profit or loss. Gains and losses from the marking-to market of the receivable balance in relation t o open sales are recognised through adjustments to other income presented within revenue in the income statement and to trade receivables in the balance sheet. The fair value calculations are based on forward prices at the period end for copper concentrate and cathode sales, and period-end average prices for molybdenum concentrate sales due to the absence of a futures market for this product. For the Transport division, revenue in respect of its transportation and ancillary services are recognised over time in line with the performance of those services. Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For associates and joint ventures, it is recorded as a decrease of the investment. G) Business combinations and goodwill Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition- date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The results of businesses acquired during the year are brought into the consolidated financial statements from the effective date of acquisition. The identifiable assets, liabilities and contingent liabilities of a business, which can be measured reliably, are recorded at their provisional fair values at the date of acquisition. Provisional fair values are finalised within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. 2 Principal accounting policies continued The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as \u201cmeasurement period\u201d adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9. When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (ie the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances which existed at the acquisition date that, if known, would have affected the amounts recognised at that date. Goodwill arising in a business combination is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. Any goodwill on the acquisition of subsidiaries is separately disclosed, while any goodwill on the acquisition of associates and joint ventures is included within investments in equity accounted entities. Internally generated goodwill is not recognised. Where the fair values of the identifiable net assets acquired exceed the sum of the consideration transferred, the surplus is credited to the profit or loss in the period of acquisition as a bargain purchase gain. The Group sometimes enters into earn-in arrangements whereby the Group acquires an interest in a project company in exchange for funding exploration and evaluation expenditure up to a specified level of expenditure or a specified stage in the life of the project. Funding is usually conditional on the achievement of key milestones by the partner. Typically there is no consideration transferred or funding liability on the effective date of acquisition of the interest in the project company and no goodwill is recognised on this type of transaction. The results of businesses sold during the year are included in the consolidated financial statements for the period up to the effective date of disposal. Gains or losses on disposal are calculated as the difference between the sales\u00b4 proceeds (net of expenses) and the net assets attributable to the interest which has been sold. Where a disposal represents a separate major line of business or geographical area of operations, the net results attributable to the disposed entity are shown separately in the income statement as a discontinued operation. H) Exploration and evaluation expenditure Exploration and evaluation costs, other than those incurred in acquiring exploration licences, are expensed in the year in which they are incurred. When a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved) all further directly attributable pre- production expenditure is capitalised. Capitalisation of pre-production expenditure ceases when commercial levels of production are achieved. Costs incurred in acquiring exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. I ) Stripping costs Pre-stripping and operating stripping costs are incurred in the course of the development and operation of open-pit mining operations. Pre-stripping costs relate to the removal of waste material as part of the initial development of an open-pit, in order to allow access to the ore body. The capitalised costs are depreciated once production commences on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves for that pit at the beginning of the year. Operating stripping costs relate to the costs of extracting waste material as part of the ongoing mining process. The ongoing mining and development of the Group\u2019s open-pit mines is generally performed via a succession of individual phases. The costs of extracting material from an open-pit mine are generally allocated between ore and waste stripping in proportion to the tonnes of material extracted. The waste stripping costs are generally absorbed into inventory and expensed as that inventory is processed and sold. Where the stripping costs relate to a significant stripping campaign which is expected to provide improved access to an identifiable component of the ore body (typically an individual phase within the overall mine plan), the costs of removing waste in order to improve access to that part of the ore body will be capitalised within property, plant and equipment. The capitalised costs will then be amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates. J) Intangible assets Exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences, the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. K) Property, plant and equipment The costs of mining properties and leases, which include the costs of acquiring and developing mining properties and mineral rights, are capitalised as property, plant and equipment in the year in which they are incurred, when a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved). The cost of property, plant and equipment comprises the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. Once a project has been established as commercially viable, related development expenditure is capitalised. This includes costs incurred in preparing the site for mining operations, including pre-stripping costs. Capitalisation ceases when the mine is capable of commercial production, with the exception of development costs which give rise to a future benefit. Interest on borrowings related to the construction or development of projects is capitalised as part of the cost of the asset. To the extent that borrowings have been put in place specifically to fund the construction of the asset, the capitalised amount will reflect the actual interest costs incurred on that borrowing. If the construction is funded out of general borrowings, the capitalised interest expense will be calculated based on the entity\u2019s weighted average interest rate, applied to the expenditure on the asset (with the capitalised interest amount not exceeding the entity\u2019s total borrowing cost for the period). The interest costs are capitalised, until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. L) Depreciation of property, plant and equipment Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended. Property, plant and equipment is depreciated over its useful life, or over the remaining life of the operation if shorter, to residual value. The major categories of property, plant and equipment are depreciated as follows: (i) Land \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. (ii) Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. (iii) Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. (v) Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. (vii) Assets under construction \u2013 no depreciation until asset is available for use. (viii) Lease right-of-use assets \u2013 depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. (ix) Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 15). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively. M) Impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets relating to exploration and mining licences are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. In respect of historical impairments recognised in prior years, the Group assesses whether there is any indication that impairment may no longer exist or may have decreased. If any such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment or reversal (if any). Where the asset does not generate cash flows that are largely independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. The estimates used in determining the present value of those cash flows are those that an independent market participant would consider appropriate. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation, as realisation of the full potential of the Group\u2019s mining operations typically requires further capital expenditure and ongoing mine development, and accordingly the Group typically applies this valuation estimate in its impairment assessments, unless indicated otherwise. Details of the valuations and sensitivities of the Group\u2019s minin g operations considered as part of the impairment trigger assessment are included in Note 5. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount. An impairment charge is recognised in the income statement immediately. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount, but so that the increased carrying amount does not exceed the carrying value that would have been determined if no impairment had previously been recognised after taking into account the depreciation and/or amortisation that would otherwise have been recorded in the intervening period. A reversal is recognised in the income statement immediately. N) Inventory Inventory consists of raw materials and consumables, work-in-progress and finished goods. Work-in-progress represents material that is in the process of being converted into finished goods. The conversion process for mining operations depends on the nature of the copper ore. For sulphide ores, processing typically includes milling and concentrating, resulting in the production of copper concentrate. For oxide ores, processing includes leaching of stockpiles, solvent extraction and electrowinning and results in the production of copper cathodes. Finished goods consist of copper concentrate containing gold and silver at Los Pelambres and Centinela and copper cathodes at Centinela and Antucoya. Los Pelambres and Centinela also produce molybdenum as a by-product. Inventory is valued at the lower of cost, on a weighted average basis, and net realisable value. Net realisable value represents estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Cost of finished goods and work-in- progress is production cost and for raw materials and consumables it is purchase price. Production cost includes: \u2022 labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore, \u2022 depreciation of plant, equipment and mining properties directly involved in the production process, and \u2022 an appropriate allocation of production overheads. Stockpiles represent ore that is extracted and is available for further processing. Costs directly attributable to the extraction of ore are generally allocated as part of production costs in proportion to the tonnes of material extracted. Operating stripping costs are generally absorbed into inventory, and therefore expensed as that inventory is processed and sold. If ore is not expected to be processed within 12 months of the balance sheet date it is included within non-current assets. If there is significant uncertainty as to when any stockpiled ore will be processed it is expensed as incurred. 2 Principal accounting policies continued O) Taxation Tax expense comprises the charges or credits for the year relating to both current and deferred tax. Current tax is based on taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement because it excludes items of income or expense that are taxable and deductible in different years and also excludes items that are not taxable or deductible. The liability for current tax is calculated using tax rates for each entity in the consolidated financial statements which have been enacted or substantively enacted at the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences (ie differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit). Deferred tax is accounted for using the balance sheet liability method and is provided on all temporary differences with certain limited exceptions as follows: (i) tax payable on undistributed earnings of subsidiaries, associates and joint ventures is provided except where the Group is able to control the remittance of profits and it is probable that there will be no remittance of past profits earned in the foreseeable future, (ii) deferred tax is not provided on the initial recognition of an asset or liability in a transaction that does not affect accounting profit or taxable profit and is not a business combination; nor is deferred tax provided on subsequent changes in the carrying value of such assets and liabilities, for example where they are depreciated, and (iii) the initial recognition of any goodwill. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. P) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably . Q) Provisions for decommissioning and restoration costs Obligations to incur decommissioning and restoration costs can arise as a result of the development or ongoing operation of a mining property. Costs are estimated on the basis of a formal closure plan and are subjec t to regular formal review. Decommissioning obligations arising from the construction of property, plant and equipment (including installation of plant and site preparation work) are provided for at their net present value as the construction of the asset gives rise to the obligation, and included within the property, plant and equipment cost. These decommissioning costs are charged against profit or loss over the life of the mine, through depreciation of th e property, plant and equipment balance (recorded within operating expenses). The unwinding of the discount on the provision is recorded within other finance items. Changes in the measurement of a decommissioning provision are added to, or deducted from, the property, plant and equipment balance in the current year. Restoration obligations, arising from ongoing operating activities, are provided for at their net present values and charged against operating expenses as the obligation arises. Changes in the measurement of a restoration provision which, relate to a change in the estimate of the closure costs or a change in the discount rate, are charged against operating expenses, and changes relating to foreign exchange are recorded within other finance items. R) Share-based payments For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, an d at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year. The Group currently does not have any equity settled share-based payments to employees or third parties. S) Post-employment benefits The Group operates defined contribution schemes for a limited number of employees. For such schemes, the amount charged to the income statement is the contributions paid or payable in the year. Employment terms may also provide for payment of a severance indemnity when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on final salary level. The severance indemnity obligation is treated as an unfunded defined benefit plan, and the calculation is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated. The obligation recognised in the balance sheet represents the present value of the severance indemnity obligation. Actuarial gains and losses are immediately recognised in other comprehensive income. T) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible into known amounts of cash, are subject to insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. The cash balance is presented net of bank overdrafts which are repayable on demand. Cash and cash equivalents have a maturity period of 90 days or less. U) Liquid investments Liquid investments represent highly liquid current asset investments such as term deposits and managed funds invested in high quality fixed income instruments. They do not meet the IAS 7 definition of cash and cash equivalents, normally because even if readily accessible, the underlying investments have an average maturity profile greater than 90 days from the date first entered into, or because they are held primarily for investment purposes rather than meeting short-term cash commitments. These assets are designated as fair value through profit or loss, with the fair value movements recorded within investment income. V) Leases Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of the lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. W) Other financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has transferred the asset to another party. Financial liabilities are removed from the Group\u2019s balance sheet when they are extinguished \u2013 ie when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Dividends from equity investments are recognised in the income statement when the right to receive payment is established. (ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are recognised at amortised cost. (iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. (iv) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recorded at fair value which i s typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(K). Finance charges are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Interest paid is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. (v) Equity instruments \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. (vi) Derivative financial instruments \u2013 As explained in Note 25(D), th e Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in profit or loss in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in profit or loss. Realised gains and losses on commodity derivatives recognised in profit or loss are recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining the appropriate classification and measurement. The treatment of embedded derivatives arising from provisionally priced commodity sales contracts is set out in further detail in Note 2(F) relating to revenue. Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not measured at fair value. Changes in fair value are reported in profit or loss for the year. 2 Principal accounting policies continued
(vii) Impairment of financial assets \u2013 The Group applies the forward-
looking expected credit loss model to its financial assets, other than
those measured at fair value through profit or loss. The Group
applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables,
measuring the loss allowance at the lifetime expected credit loss.
For other financial assets, where the credit risk has not increased
significantly since initial recognition, the loss allowance is measured
at the 12 month expected credit loss. If there has been a significant
increase in credit risk, the loss allowance is measured at the lifetime
expected credit loss. Increases or decreases to the credit loss
allowance are recognised immediately in profit or loss.
X) Exceptional items
Exceptional items are material items of income and expense which are
non-regular or non-operating and typically non-cash, including
impairments and profits or losses on disposals. The tax effect of items
presented as exceptional is also classified as exceptional, as are material
deferred tax adjustments that relate to more than one reporting period.
Y) Rounding
All amounts disclosed in the financial statements and notes have been
rounded to the nearest million dollars unless otherwise stated.
These policies have been consistently applied to all the years presented,
unless otherwise stated.
",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-347": {
"value": "A) Accounting convention These financial statements have been prepared under the historical cost convention as modified by the use of fair values to measure certain financial instruments, principally provisionally priced sales as explained in Note 2(F) and financial derivative contracts as explained in Note 2(W). ",
"dimensions": {
"concept": "antofagastaplc:DescriptionOfAccountingPolicyForAccountingConvention",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-348": {
"value": "B) Basis of consolidation The financial statements comprise the consolidated financial statements of Antofagasta plc (\u201cthe Company\u201d or \u201cthe Parent\u201d or \u201cthe Parent Company\u201d) and its subsidiaries (collectively \u201cthe Group\u201d). Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non-controlling shareholders are presented as \u201cNon-controlling interests\u201d in the consolidated balance sheet and consolidated income statement. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Other types of non- controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group\u2019s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non- controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (ie reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. Acquisitions and disposals are treated as explained in Note 2(G) relating to business combinations and goodwill. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "Subsidiaries \u2013 A subsidiary is an entity over which the Group has control, which is the case when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating intercompany balances and transactions. For partly-owned subsidiaries, the net assets and profit attributable to non-controlling shareholders are presented as \u201cNon-controlling interests\u201d in the consolidated balance sheet and consolidated income statement. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity\u2019s net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests\u2019 proportionate share of the recognised amounts of the acquiree\u2019s identifiable net assets. The choice of measurement basis is made on an acquisition-by-acquisition basis. Other types of non- controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS. Subsequent to acquisition, the carrying amount of non-controlling interests is the amount of those interests at initial recognition plus the non-controlling interests\u2019 share of subsequent changes in equity. Total comprehensive income is attributed to non-controlling interests even if this results in the non-controlling interests having a deficit balance. Changes in the Group\u2019s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group\u2019s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to owners of the Company. When the Group loses control of a subsidiary, a gain or loss is recognised in profit or loss and is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non- controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognised in other comprehensive income and accumulated in equity, the amounts previously recognised in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (ie reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a joint venture. Acquisitions and disposals are treated as explained in Note 2(G) relating to business combinations and goodwill. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-407": {
"value": "C) Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through the power to participate in the financial and operating policy decisions of that entity. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. This requires recording the investment initially at cost to the Group and then, in subsequent periods, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the associate\u2019s results less any impairment and any other changes to the associate\u2019s net assets such as dividends. When the Group loses control of a former subsidiary but retains an investment in associate in that entity, the initial carrying value of the investment in associate is recorded at its fair value at that point. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "C) Investments in associates An associate is an entity over which the Group is in a position to exercise significant influence, but not control or joint control, through the power to participate in the financial and operating policy decisions of that entity. The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. This requires recording the investment initially at cost to the Group and then, in subsequent periods, adjusting the carrying amount of the investment to reflect the Group\u2019s share of the associate\u2019s results less any impairment and any other changes to the associate\u2019s net assets such as dividends. When the Group loses control of a former subsidiary but retains an investment in associate in that entity, the initial carrying value of the investment in associate is recorded at its fair value at that point. When the Group\u2019s share of losses of an associate exceeds the Group\u2019s interest in that associate, the Group discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate. D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. i) Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28 Investment in Associates and Joint Ventures as described in Note 18. ii) Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "D) Joint arrangements A joint arrangement is an arrangement of which two or more parties have joint control. Joint arrangements are accounted for depending on the nature of the arrangement. i) Joint ventures \u2013 are accounted for using the equity method in accordance with IAS 28 Investment in Associates and Joint Ventures as described in Note 18. ii) Joint operations \u2013 are accounted for recognising directly the assets, obligations, revenues and expenses of the joint operator in the joint arrangement. The assets, liabilities, revenues and expenses are accounted for in accordance with the relevant IFRS. When a Group entity transacts with its joint arrangements, profits and losses resulting from the transactions with the joint arrangements are recognised in the Group\u2019s consolidated financial statements only to the extent of interests in the joint arrangements that are not related to the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "E) Currency translation The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at year end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items. The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken to equity and recorded in a separate currency translation reserve. Cumulative translation differences arising after the transition date to IFRS are recognised as income or as expenses in the income statement in the period in which an operation is disposed of. On consolidation, exchange gains and losses which arise on balances between Group entities are taken to reserves where that balance is, in substance, part of the net investment in a foreign operation, ie where settlement is neither planned nor likely to occur in the foreseeable future. All other exchange gains and losses on Group balances are recognised in the income statement within other finance items. Fair value adjustments and any goodwill arising on the acquisition of a foreign entity are treated as assets of the foreign entity and translated at the period-end rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "E) Currency translation The functional currency for each entity in the Group is determined as the currency of the primary economic environment in which it operates. Transactions in currencies other than the functional currency of the entity are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are retranslated at year end exchange rates. Gains and losses on retranslation are included in net profit or loss for the period within other finance items. The presentational currency of the Group and the functional currency of the Company is the US dollar. On consolidation, income statement items for entities with a functional currency other than the US dollar are translated into US dollars at average rates of exchange. Balance sheet items are translated at period-end exchange rates. Exchange differences on translation of the net assets of such entities are taken to equity and recorded in a separate currency translation reserve. Cumulative translation differences arising after the transition date to IFRS are recognised as income or as expenses in the income statement in the period in which an operation is disposed of. On consolidation, exchange gains and losses which arise on balances between Group entities are taken to reserves where that balance is, in substance, part of the net investment in a foreign operation, ie where settlement is neither planned nor likely to occur in the foreseeable future. All other exchange gains and losses on Group balances are recognised in the income statement within other finance items. Fair value adjustments and any goodwill arising on the acquisition of a foreign entity are treated as assets of the foreign entity and translated at the period-end rate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "F) Revenue recognition and other income Revenue represents the value of goods and services supplied to third parties during the year. Revenue is measured at the fair value of consideration received or receivable, and excludes any applicable sales tax. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to a customer. An asset is transferred when (or as) the customer obtains control of that asset. For the Group\u2019s mining products, the customer generally gains control over the material when it has been loaded at the port of loading, and so this is the point of revenue recognition. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. In these cases the customer still gains control over the material when it has been loaded at the port of loading, and so that remains the point of revenue recognition for the sale of material; however, the shipping service represents a separate performance obligation, and revenue in relation to such services is recognised separately from the sale of the material over time as the shipping service is provided, along with the associated costs. Shipment revenue is recognised at the contracted price to the Group as this reflects the standalone selling price. Revenue from mining activities is recorded at the invoiced amounts with an adjustment for provisional pricing at each reporting date, as explained below. For copper and molybdenum concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Revenue includes amounts from the sale of by-products such as gold and silver. Copper and molybdenum concentrate sale agreements and copper cathode sale agreements generally provide for provisional pricing of sales at the time of shipment, with final pricing based on the monthly average London Metal Exchange (\u201cLME\u201d) copper price or the monthly average market molybdenum price for specified future periods. This normally ranges from one to four months after delivery to the customer. For sales contracts which contain provisional pricing mechanisms, the initial invoice typically reflects the month-average market price for the metal in the month of shipment, with the associated receivable balance subsequently measured at fair value through profit or loss. Gains and losses from the marking-to market of the receivable balance in relation t o open sales are recognised through adjustments to other income presented within revenue in the income statement and to trade receivables in the balance sheet. The fair value calculations are based on forward prices at the period end for copper concentrate and cathode sales, and period-end average prices for molybdenum concentrate sales due to the absence of a futures market for this product. For the Transport division, revenue in respect of its transportation and ancillary services are recognised over time in line with the performance of those services. Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For associates and joint ventures, it is recorded as a decrease of the investment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "Interest income Interest income is accrued on a time basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Interest received is recognised within investing activities in the consolidated cash flow statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-412": {
"value": "Dividend income Dividend income from equity investments, associates and joint ventures is recognised when the shareholders\u2019 right to receive payment has been established. For associates and joint ventures, it is recorded as a decrease of the investment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "G) Business combinations and goodwill Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition- date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The results of businesses acquired during the year are brought into the consolidated financial statements from the effective date of acquisition. The identifiable assets, liabilities and contingent liabilities of a business, which can be measured reliably, are recorded at their provisional fair values at the date of acquisition. Provisional fair values are finalised within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. 2 Principal accounting policies continued The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as \u201cmeasurement period\u201d adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9. When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (ie the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances which existed at the acquisition date that, if known, would have affected the amounts recognised at that date. Goodwill arising in a business combination is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. Any goodwill on the acquisition of subsidiaries is separately disclosed, while any goodwill on the acquisition of associates and joint ventures is included within investments in equity accounted entities. Internally generated goodwill is not recognised. Where the fair values of the identifiable net assets acquired exceed the sum of the consideration transferred, the surplus is credited to the profit or loss in the period of acquisition as a bargain purchase gain. The Group sometimes enters into earn-in arrangements whereby the Group acquires an interest in a project company in exchange for funding exploration and evaluation expenditure up to a specified level of expenditure or a specified stage in the life of the project. Funding is usually conditional on the achievement of key milestones by the partner. Typically there is no consideration transferred or funding liability on the effective date of acquisition of the interest in the project company and no goodwill is recognised on this type of transaction. The results of businesses sold during the year are included in the consolidated financial statements for the period up to the effective date of disposal. Gains or losses on disposal are calculated as the difference between the sales\u00b4 proceeds (net of expenses) and the net assets attributable to the interest which has been sold. Where a disposal represents a separate major line of business or geographical area of operations, the net results attributable to the disposed entity are shown separately in the income statement as a discontinued operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "G) Business combinations and goodwill Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition- date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The results of businesses acquired during the year are brought into the consolidated financial statements from the effective date of acquisition. The identifiable assets, liabilities and contingent liabilities of a business, which can be measured reliably, are recorded at their provisional fair values at the date of acquisition. Provisional fair values are finalised within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. 2 Principal accounting policies continued The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as \u201cmeasurement period\u201d adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9. When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (ie the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances which existed at the acquisition date that, if known, would have affected the amounts recognised at that date. Goodwill arising in a business combination is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. Any goodwill on the acquisition of subsidiaries is separately disclosed, while any goodwill on the acquisition of associates and joint ventures is included within investments in equity accounted entities. Internally generated goodwill is not recognised. Where the fair values of the identifiable net assets acquired exceed the sum of the consideration transferred, the surplus is credited to the profit or loss in the period of acquisition as a bargain purchase gain. The Group sometimes enters into earn-in arrangements whereby the Group acquires an interest in a project company in exchange for funding exploration and evaluation expenditure up to a specified level of expenditure or a specified stage in the life of the project. Funding is usually conditional on the achievement of key milestones by the partner. Typically there is no consideration transferred or funding liability on the effective date of acquisition of the interest in the project company and no goodwill is recognised on this type of transaction. The results of businesses sold during the year are included in the consolidated financial statements for the period up to the effective date of disposal. Gains or losses on disposal are calculated as the difference between the sales\u00b4 proceeds (net of expenses) and the net assets attributable to the interest which has been sold. Where a disposal represents a separate major line of business or geographical area of operations, the net results attributable to the disposed entity are shown separately in the income statement as a discontinued operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "G) Business combinations and goodwill Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition- date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. The results of businesses acquired during the year are brought into the consolidated financial statements from the effective date of acquisition. The identifiable assets, liabilities and contingent liabilities of a business, which can be measured reliably, are recorded at their provisional fair values at the date of acquisition. Provisional fair values are finalised within 12 months of the acquisition date. Acquisition-related costs are expensed as incurred. When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the \u201cmeasurement period\u201d (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. 2 Principal accounting policies continued The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as \u201cmeasurement period\u201d adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IFRS 9. When a business combination is achieved in stages, the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (ie the date when the Group obtains control) and the resulting gain or loss, if any, is recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognised, to reflect new information obtained about facts and circumstances which existed at the acquisition date that, if known, would have affected the amounts recognised at that date. Goodwill arising in a business combination is measured as the excess of the sum of the consideration transferred, the amount of any non- controlling interest in the acquiree and the fair value of the acquirer\u2019s previously held equity interest in the acquiree (if any) over the net identifiable assets acquired and liabilities assumed. Any goodwill on the acquisition of subsidiaries is separately disclosed, while any goodwill on the acquisition of associates and joint ventures is included within investments in equity accounted entities. Internally generated goodwill is not recognised. Where the fair values of the identifiable net assets acquired exceed the sum of the consideration transferred, the surplus is credited to the profit or loss in the period of acquisition as a bargain purchase gain. The Group sometimes enters into earn-in arrangements whereby the Group acquires an interest in a project company in exchange for funding exploration and evaluation expenditure up to a specified level of expenditure or a specified stage in the life of the project. Funding is usually conditional on the achievement of key milestones by the partner. Typically there is no consideration transferred or funding liability on the effective date of acquisition of the interest in the project company and no goodwill is recognised on this type of transaction. The results of businesses sold during the year are included in the consolidated financial statements for the period up to the effective date of disposal. Gains or losses on disposal are calculated as the difference between the sales\u00b4 proceeds (net of expenses) and the net assets attributable to the interest which has been sold. Where a disposal represents a separate major line of business or geographical area of operations, the net results attributable to the disposed entity are shown separately in the income statement as a discontinued operation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "H) Exploration and evaluation expenditure Exploration and evaluation costs, other than those incurred in acquiring exploration licences, are expensed in the year in which they are incurred. When a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved) all further directly attributable pre- production expenditure is capitalised. Capitalisation of pre-production expenditure ceases when commercial levels of production are achieved. Costs incurred in acquiring exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExplorationAndEvaluationExpenditures",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": ") Stripping costs Pre-stripping and operating stripping costs are incurred in the course of the development and operation of open-pit mining operations. Pre-stripping costs relate to the removal of waste material as part of the initial development of an open-pit, in order to allow access to the ore body. The capitalised costs are depreciated once production commences on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves for that pit at the beginning of the year. Operating stripping costs relate to the costs of extracting waste material as part of the ongoing mining process. The ongoing mining and development of the Group\u2019s open-pit mines is generally performed via a succession of individual phases. The costs of extracting material from an open-pit mine are generally allocated between ore and waste stripping in proportion to the tonnes of material extracted. The waste stripping costs are generally absorbed into inventory and expensed as that inventory is processed and sold. Where the stripping costs relate to a significant stripping campaign which is expected to provide improved access to an identifiable component of the ore body (typically an individual phase within the overall mine plan), the costs of removing waste in order to improve access to that part of the ore body will be capitalised within property, plant and equipment. The capitalised costs will then be amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates. ",
"dimensions": {
"concept": "antofagastaplc:DescriptionOfAccountingPolicyForStrippingCosts",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "J) Intangible assets Exploration and mining licences are classified as intangible assets when construction of the related mining operation has not yet commenced. When construction commences, the licences are transferred from intangible assets to the mining properties category within property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "K) Property, plant and equipment The costs of mining properties and leases, which include the costs of acquiring and developing mining properties and mineral rights, are capitalised as property, plant and equipment in the year in which they are incurred, when a mining project is considered to be commercially viable (normally when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved). The cost of property, plant and equipment comprises the purchase price and any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended. Once a project has been established as commercially viable, related development expenditure is capitalised. This includes costs incurred in preparing the site for mining operations, including pre-stripping costs. Capitalisation ceases when the mine is capable of commercial production, with the exception of development costs which give rise to a future benefit. Interest on borrowings related to the construction or development of projects is capitalised as part of the cost of the asset. To the extent that borrowings have been put in place specifically to fund the construction of the asset, the capitalised amount will reflect the actual interest costs incurred on that borrowing. If the construction is funded out of general borrowings, the capitalised interest expense will be calculated based on the entity\u2019s weighted average interest rate, applied to the expenditure on the asset (with the capitalised interest amount not exceeding the entity\u2019s total borrowing cost for the period). The interest costs are capitalised, until such time as the assets are substantially ready for their intended use or sale which, in the case of mining properties, is when they are capable of commercial production. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "L) Depreciation of property, plant and equipment Depreciation of an asset begins when it is available for use, ie when it is in the location and condition necessary for it to be capable of operating in the manner intended. Property, plant and equipment is depreciated over its useful life, or over the remaining life of the operation if shorter, to residual value. The major categories of property, plant and equipment are depreciated as follows: (i) Land \u2013 freehold land is not depreciated unless the value of the land is considered to relate directly to a particular mining operation, in which case the land is depreciated on a straight-line basis over the expected mine life. (ii) Mining properties \u2013 mining properties, including capitalised financing costs, are depreciated on a unit of production basis, in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. (iii) Buildings and infrastructure \u2013 straight-line basis over 10 to 25 years. (iv) Railway track (including trackside equipment) \u2013 straight-line basis over 20 to 25 years. (v) Wagons and rolling stock \u2013 straight-line basis over 10 to 20 years. (vi) Machinery, equipment and other assets \u2013 are depreciated on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis over 5 to 20 years. (vii) Assets under construction \u2013 no depreciation until asset is available for use. (viii) Lease right-of-use assets \u2013 depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. (ix) Stripping cost \u2013 capitalised costs are amortised on a unit of production basis, in proportion to the volume of ore extracted compared with the total ore contained in the component of the pit to which the stripping campaign relates (Note 15). Residual values and useful lives are reviewed, and adjusted if appropriate, at least annually, and changes to residual values and useful lives are accounted for prospectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "M) Impairment of property, plant and equipment and intangible assets Property, plant and equipment and intangible assets relating to exploration and mining licences are reviewed for impairment if there is any indication that the carrying amount may not be recoverable. In respect of historical impairments recognised in prior years, the Group assesses whether there is any indication that impairment may no longer exist or may have decreased. If any such indications exist, the recoverable amount of the asset is estimated in order to determine the extent of the impairment or reversal (if any). Where the asset does not generate cash flows that are largely independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. The estimates used in determining the present value of those cash flows are those that an independent market participant would consider appropriate. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation, as realisation of the full potential of the Group\u2019s mining operations typically requires further capital expenditure and ongoing mine development, and accordingly the Group typically applies this valuation estimate in its impairment assessments, unless indicated otherwise. Details of the valuations and sensitivities of the Group\u2019s minin g operations considered as part of the impairment trigger assessment are included in Note 5. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount. An impairment charge is recognised in the income statement immediately. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount, but so that the increased carrying amount does not exceed the carrying value that would have been determined if no impairment had previously been recognised after taking into account the depreciation and/or amortisation that would otherwise have been recorded in the intervening period. A reversal is recognised in the income statement immediately. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "N) Inventory Inventory consists of raw materials and consumables, work-in-progress and finished goods. Work-in-progress represents material that is in the process of being converted into finished goods. The conversion process for mining operations depends on the nature of the copper ore. For sulphide ores, processing typically includes milling and concentrating, resulting in the production of copper concentrate. For oxide ores, processing includes leaching of stockpiles, solvent extraction and electrowinning and results in the production of copper cathodes. Finished goods consist of copper concentrate containing gold and silver at Los Pelambres and Centinela and copper cathodes at Centinela and Antucoya. Los Pelambres and Centinela also produce molybdenum as a by-product. Inventory is valued at the lower of cost, on a weighted average basis, and net realisable value. Net realisable value represents estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Cost of finished goods and work-in- progress is production cost and for raw materials and consumables it is purchase price. Production cost includes: \u2022 labour costs, raw material costs and other costs directly attributable to the extraction and processing of ore, \u2022 depreciation of plant, equipment and mining properties directly involved in the production process, and \u2022 an appropriate allocation of production overheads. Stockpiles represent ore that is extracted and is available for further processing. Costs directly attributable to the extraction of ore are generally allocated as part of production costs in proportion to the tonnes of material extracted. Operating stripping costs are generally absorbed into inventory, and therefore expensed as that inventory is processed and sold. If ore is not expected to be processed within 12 months of the balance sheet date it is included within non-current assets. If there is significant uncertainty as to when any stockpiled ore will be processed it is expensed as incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "O) Taxation Tax expense comprises the charges or credits for the year relating to both current and deferred tax. Current tax is based on taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement because it excludes items of income or expense that are taxable and deductible in different years and also excludes items that are not taxable or deductible. The liability for current tax is calculated using tax rates for each entity in the consolidated financial statements which have been enacted or substantively enacted at the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences (ie differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit). Deferred tax is accounted for using the balance sheet liability method and is provided on all temporary differences with certain limited exceptions as follows: (i) tax payable on undistributed earnings of subsidiaries, associates and joint ventures is provided except where the Group is able to control the remittance of profits and it is probable that there will be no remittance of past profits earned in the foreseeable future, (ii) deferred tax is not provided on the initial recognition of an asset or liability in a transaction that does not affect accounting profit or taxable profit and is not a business combination; nor is deferred tax provided on subsequent changes in the carrying value of such assets and liabilities, for example where they are depreciated, and (iii) the initial recognition of any goodwill. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "O) Taxation Tax expense comprises the charges or credits for the year relating to both current and deferred tax. Current tax is based on taxable profit for the year. Taxable profit may differ from net profit as reported in the income statement because it excludes items of income or expense that are taxable and deductible in different years and also excludes items that are not taxable or deductible. The liability for current tax is calculated using tax rates for each entity in the consolidated financial statements which have been enacted or substantively enacted at the balance sheet date. Deferred tax is the tax expected to be payable or recoverable on temporary differences (ie differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax basis used in the computation of taxable profit). Deferred tax is accounted for using the balance sheet liability method and is provided on all temporary differences with certain limited exceptions as follows: (i) tax payable on undistributed earnings of subsidiaries, associates and joint ventures is provided except where the Group is able to control the remittance of profits and it is probable that there will be no remittance of past profits earned in the foreseeable future, (ii) deferred tax is not provided on the initial recognition of an asset or liability in a transaction that does not affect accounting profit or taxable profit and is not a business combination; nor is deferred tax provided on subsequent changes in the carrying value of such assets and liabilities, for example where they are depreciated, and (iii) the initial recognition of any goodwill. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profit. The carrying amount of deferred tax assets is reviewed at each balance sheet date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also taken directly to equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "P) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably . Q) Provisions for decommissioning and restoration costs Obligations to incur decommissioning and restoration costs can arise as a result of the development or ongoing operation of a mining property. Costs are estimated on the basis of a formal closure plan and are subjec t to regular formal review. Decommissioning obligations arising from the construction of property, plant and equipment (including installation of plant and site preparation work) are provided for at their net present value as the construction of the asset gives rise to the obligation, and included within the property, plant and equipment cost. These decommissioning costs are charged against profit or loss over the life of the mine, through depreciation of th e property, plant and equipment balance (recorded within operating expenses). The unwinding of the discount on the provision is recorded within other finance items. Changes in the measurement of a decommissioning provision are added to, or deducted from, the property, plant and equipment balance in the current year. Restoration obligations, arising from ongoing operating activities, are provided for at their net present values and charged against operating expenses as the obligation arises. Changes in the measurement of a restoration provision which, relate to a change in the estimate of the closure costs or a change in the discount rate, are charged against operating expenses, and changes relating to foreign exchange are recorded within other finance items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "P) Provisions Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that the Group will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material). When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably Q) Provisions for decommissioning and restoration costs Obligations to incur decommissioning and restoration costs can arise as a result of the development or ongoing operation of a mining property. Costs are estimated on the basis of a formal closure plan and are subjec t to regular formal review. Decommissioning obligations arising from the construction of property, plant and equipment (including installation of plant and site preparation work) are provided for at their net present value as the construction of the asset gives rise to the obligation, and included within the property, plant and equipment cost. These decommissioning costs are charged against profit or loss over the life of the mine, through depreciation of th e property, plant and equipment balance (recorded within operating expenses). The unwinding of the discount on the provision is recorded within other finance items. Changes in the measurement of a decommissioning provision are added to, or deducted from, the property, plant and equipment balance in the current year. Restoration obligations, arising from ongoing operating activities, are provided for at their net present values and charged against operating expenses as the obligation arises. Changes in the measurement of a restoration provision which, relate to a change in the estimate of the closure costs or a change in the discount rate, are charged against operating expenses, and changes relating to foreign exchange are recorded within other finance items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "R) Share-based payments For cash-settled share-based payments, a liability is recognised for the goods or services acquired, measured initially at the fair value of the liability. At the end of each reporting period until the liability is settled, an d at the date of settlement, the fair value of the liability is remeasured, with any changes in fair value recognised in profit or loss for the year. The Group currently does not have any equity settled share-based payments to employees or third parties. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "S) Post-employment benefits The Group operates defined contribution schemes for a limited number of employees. For such schemes, the amount charged to the income statement is the contributions paid or payable in the year. Employment terms may also provide for payment of a severance indemnity when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on final salary level. The severance indemnity obligation is treated as an unfunded defined benefit plan, and the calculation is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated. The obligation recognised in the balance sheet represents the present value of the severance indemnity obligation. Actuarial gains and losses are immediately recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "T) Cash and cash equivalents Cash and cash equivalents comprise cash on hand, deposits held on call with banks, highly liquid investments that are readily convertible into known amounts of cash, are subject to insignificant risk of changes in value and are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. The cash balance is presented net of bank overdrafts which are repayable on demand. Cash and cash equivalents have a maturity period of 90 days or less. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "U) Liquid investments Liquid investments represent highly liquid current asset investments such as term deposits and managed funds invested in high quality fixed income instruments. They do not meet the IAS 7 definition of cash and cash equivalents, normally because even if readily accessible, the underlying investments have an average maturity profile greater than 90 days from the date first entered into, or because they are held primarily for investment purposes rather than meeting short-term cash commitments. These assets are designated as fair value through profit or loss, with the fair value movements recorded within investment income. ",
"dimensions": {
"concept": "antofagastaplc:DescriptionOfAccountingPolicyForLiquidInvestment",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "V) Leases Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payments that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising the following: \u2022 the amount of the initial measurement of the lease liability \u2022 any lease payments made at or before the commencement date less any lease incentives received \u2022 any initial direct costs, and \u2022 restoration costs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "W) Other financial instruments Financial assets and financial liabilities are recognised on the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. Financial assets are derecognised when the contractual rights to the cash flows from the financial asset expire or the Group has transferred the asset to another party. Financial liabilities are removed from the Group\u2019s balance sheet when they are extinguished \u2013 ie when the obligation specified in the contract has been discharged, cancelled or expired. (i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Dividends from equity investments are recognised in the income statement when the right to receive payment is established. (ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are recognised at amortised cost. (iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. (iv) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recorded at fair value which i s typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(K). Finance charges are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Interest paid is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. (v) Equity instruments \u2013 Equity instruments issued are recorded at the proceeds received, net of direct issue costs. Equity instruments of the Company comprise its Sterling-denominated issued ordinary share capital and related share premium. As explained in Note 2(E), the presentational currency of the Group and the functional currency of the Company is US dollars, and ordinary share capital and share premium are translated into US dollars at historical rates of exchange based on dates of issue. (vi) Derivative financial instruments \u2013 As explained in Note 25(D), th e Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in profit or loss in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in profit or loss. Realised gains and losses on commodity derivatives recognised in profit or loss are recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining the appropriate classification and measurement. The treatment of embedded derivatives arising from provisionally priced commodity sales contracts is set out in further detail in Note 2(F) relating to revenue. Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not measured at fair value. Changes in fair value are reported in profit or loss for the year. 2 Principal accounting policies continued (vii) Impairment of financial assets \u2013 The Group applies the forward- looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables, measuring the loss allowance at the lifetime expected credit loss. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12 month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "(i) Investments \u2013 Equity investments which are not subsidiaries, associates or joint ventures are recognised at fair value. The Group generally applies an irrevocable election for each equity investment to designate them as Fair Value through Other Comprehensive Income (FVOCI). Dividends from equity investments are recognised in the income statement when the right to receive payment is established. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "(ii) Trade and other receivables \u2013 As explained above, for sales contracts which contain provisional pricing mechanisms the total receivable balance is measured at fair value through profit or loss. Other receivable balances are recognised at amortised cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "(iii) Trade and other payables \u2013 Trade and other payables are generally not interest-bearing and are normally stated at their nominal value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "(iv) Borrowings (loans and preference shares) \u2013 Interest-bearing loans and bank overdrafts are initially recorded at fair value which i s typically equal to the proceeds received, net of direct issue costs. They are subsequently measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or, where appropriate, a shorter period. Finance charges, including premiums payable on settlement or redemption and direct issue costs, are accounted for on an accruals basis using the effective interest rate method. Amounts are either recorded as financing costs in profit or loss or capitalised in accordance with the accounting policy set out in Note 2(K). Finance charges are added to the carrying amount of the instrument to the extent that they are not settled in the period in which they arise. Interest paid is recognised within operating activities in the consolidated cash flow statement. The Sterling-denominated preference shares issued by the Company carry a fixed rate of return without the right to participate in any surplus. They are accordingly classified within borrowings and translated into US dollars at period-end rates of exchange. Preference share dividends are included within other finance items within net finance expense in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "(vi) Derivative financial instruments \u2013 As explained in Note 25(D), th e Group periodically uses derivative financial instruments to reduce exposure to foreign exchange, interest rate and commodity price movements. The Group does not use such derivative instruments for trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 Financial Instruments. The effective portion of changes in the fair value of derivative financial instruments that are designated and qualify as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in profit or loss in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in profit or loss. Realised gains and losses on commodity derivatives recognised in profit or loss are recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Financial assets with embedded derivatives are considered in their entirety when determining the appropriate classification and measurement. The treatment of embedded derivatives arising from provisionally priced commodity sales contracts is set out in further detail in Note 2(F) relating to revenue. Derivatives embedded in financial liabilities are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not measured at fair value. Changes in fair value are reported in profit or loss for the year. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-421": {
"value": "(vii) Impairment of financial assets \u2013 The Group applies the forward- looking expected credit loss model to its financial assets, other than those measured at fair value through profit or loss. The Group applies the IFRS 9 \u201csimplified approach\u201d to its trade receivables, measuring the loss allowance at the lifetime expected credit loss. For other financial assets, where the credit risk has not increased significantly since initial recognition, the loss allowance is measured at the 12 month expected credit loss. If there has been a significant increase in credit risk, the loss allowance is measured at the lifetime expected credit loss. Increases or decreases to the credit loss allowance are recognised immediately in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "X) Exceptional items Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The tax effect of items presented as exceptional is also classified as exceptional, as are material deferred tax adjustments that relate to more than one reporting period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "Y) Rounding All amounts disclosed in the financial statements and notes have been rounded to the nearest million dollars unless otherwise stated. These policies have been consistently applied to all the years presented, unless otherwise stated. ",
"dimensions": {
"concept": "antofagastaplc:DescriptionOfAccountingPolicyForRounding",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "3 Critical accounting judgements and key sources of estimation uncertainty Determining many of the amounts included in the financial statements involves the use of judgement and/or estimation. These judgements and estimates are based on management\u2019s best knowledge of the relevant facts and circumstances having regard to prior experience, but actual results may differ from the amounts included in the financial statements. Information about such judgements and estimates is included in the principal accounting policies in Note 2 or the other notes to the financial statements, and the key areas are set out below. A) Judgements The following are the critical judgements, apart from those involving estimations (which are dealt with separately), that have been made in the process of applying the Group\u2019s accounting policies and that have the most significant effect on the amounts recognised in the financial statements. (i) Non-financial assets impairment As explained in Note 2(M), the Group reviews the carrying value of its intangible assets and property, plant and equipment to determine whether there is any indication that those assets are impaired. In performing assessments for impairment triggers, assets that do not generate largely independent cash inflows are allocated to an appropriate cash generating unit (\u201cCGU\u201d). Details of the valuations and sensitivities of the Group\u2019s mining operations considered as part of the impairment trigger assessment are included in Note 5, including quantitative sensitivity analyses. Details of the value of assets and liabilities for each of the mining operations are set out in Note 6. When an impairment trigger is identified, an impairment test is performed, wherein the recoverable amount of those assets, or the CGU, is measured at the higher of their fair value less costs of disposal and value in use. When an impairment test is performed, management necessarily applies its judgement in allocating assets to CGUs, in estimating the probability, timing and value of underlying cash flows and in selecting appropriate discount rates to be applied within the fair value less costs of disposal calculation. The key assumptions are se t out in Note 2(M). Subsequent changes to CGU allocation, licensing status, reserves and resources, price assumptions or other estimates and assumptions in the fair value less costs of disposal calculation could impact the carrying value of the respective assets. As explained in Note 5, based on an assessment of both qualitative and quantitative factors, there were no indicators of potential impairment, or reversal of previous impairments, for the Group\u2019s non-current assets associated with its mining operations at the 2022 year-end, and accordingly no impairment tests have been performed. However, whether or not an impairment indicator exists is a critical judgement, in particular as at 31 December 2022 for Zald\u00edvar (given the ongoing permitting process and the other factors set out in note 5) and at Antucoya (given the impairments recognised in 2012 and 2016 and, therefore, the sensitivity of the asset\u2019s value to movements in macroeconomic assumptions and other developments) (ii) Capitalisation of project costs within property, plant and equipment As explained in Note 2(K) the costs of developing mining properties are capitalised as property, plant and equipment when the mining project is considered to be commercially viable. Commercial viability is normally considered to be demonstrable when the project has completed a pre-feasibility study, and the start of a feasibility study has been approved. Management reviews amounts capitalised to ensure that the treatment of that expenditure as capital rather than operating expenditure is reasonable, in particular in respect of the commercial viability of the project. As at 31 December 2022, $231 million (2021 \u2013 $180 million) of feasibility study costs relating to the Centinela Second Concentrator project, which is still under evaluation and has not yet received final Board approval, were capitalised within property, plant and equipment. Should the Group ultimately take the decision not to proceed with the development of this project, then it is likely that the corresponding element of the capitalised feasibility study costs would need to be impaired. B) Estimates The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Deferred tax liabilities in respect of undistributed earnings of subsidiaries No deferred tax liability is recognised in respect of the undistributed earnings of subsidiaries where it is not likely that those profits will be distributed in the foreseeable future. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level. As set out in Note 28, at 31 December 2022 deferred withholding tax liabilities of $71.6 million have been recognised, which relate to undistributed earnings of subsidiaries where it is considered likely that the corresponding profits will be distributed in the foreseeable future. The value of the remaining undistributed earnings of subsidiaries, for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of the distributions and it is likely that distributions will not be made in the foreseeable future, was $6,430.4 million (31 December 2021 \u2013 $6,483.3 million). If deferred withholding tax liabilities were recognised in respect of all of these remaining undistributed earnings of subsidiaries this would result in an additional deferred tax liability and expense of approximately $1,076.5 million (31 December 2021 \u2013 $1,232.1 million), depending on the application of tax credits which may be available in particular circumstances. (ii) Disposal of investment in Tethyan joint venture On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture. As a result of those agreements: \u2022 the Reko Diq project in Pakistan (the \u201cProject\u201d) was reconstituted in Reko Diq Mining Company (Private Limited) (\"RDMC\"). RDMC is the Pakistani registered subsidiary of Tethyan Copper Company Pty Limited (\"TCC\"), which is itself the Australian registered subsidiary of Atacama Copper Pty Limited (\u201cAtacama\u201d), the joint venture company registered in Australia and owned equally by the Company and Barrick Gold Corporation (\"Barrick\"); \u2022 a consortium of various Pakistani state-owned enterprises acquired shares in RDMC which holds the Project (the \"Sale\"); and \u2022 as the International Centre for Settlement of Investment Disputes (\"ICSID\") award (to TCC) was resolved by reconstituting the Project, TCC no longer has any rights or claims against the Governments of Pakistan and Balochistan arising from the suspension of the Project in 2011. The proceeds of the Sale which, together with accrued interest up to 15 December 2022 totalled US$946.0 million, are currently held by Atacama in a segregated interest-bearing account. Antofagasta and Barrick have agreed that the proceeds of this account, including all further interest received, less any Australian tax arising, will be distributed to the Antofagasta Group during 2023, on a date to be determined by Antofagasta. Atacama is seeking a binding private ruling to confirm that the Sale proceeds and their distribution to the Antofagasta Group will not be subject to Australian tax. The Australian corporate tax rate is 30%. Although Antofagasta will retain its shareholding in Atacama until the proceeds have been distributed, it no longer has any appointees on the board of the joint venture, is not entitled to exercise voting rights in Atacama, and is not required to provide any funding to, or permitted to receive any distributions from, Atacama other than the Sale proceeds. Antofagasta has therefore ceased to have an economic interest in Atacama and its subsidiaries as of 15 December 2022 other than being entitled from that date to receive an amount equal to the Sale proceeds and related interest less any Australian tax arising (whether before or after the distribution). Accordingly, Antofagasta has recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million, reflecting the estimate of the Sale proceeds and related interest, working capital and other adjustments and the carrying value of the investment at that date. A receivable balance of $943.3 million in respect of the estimated proceeds due to Antofagasta has been recognised within Trade and other receivables in the balance sheet. In addition to the above estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities, we have also set out the following additional estimates and assumptions which have a significant impact on the financial statements, but which are not considered to be key sources of estimation uncertainty as defined in IAS 1. (i) Inventory valuation The valuation of work in progress inventories involves a number of estimates, including the average ore grade, volume and density of ore stockpiles, and the recoveries in respect of material on the leach piles. Evaluating the net realisable value of the inventories also requires an estimate of the likely future copper price for the periods when it is expected that the inventories will be completed and sold. As set out in Note 20, the value of work in progress inventories at 31 December 2022 was $751.9 million. If the copper spot price at 31 December 2022 (used for forecasting the likely sales price of short-term inventories) had been 10% lower, this would not have resulted in any net realisable value provision. The valuation of leachpile inventories can be particularly complex, given the required estimates including in respect of the total recoveries and the speed of recovery in relation to the material on the piles. This is particularly the case with leachpiles with a long leaching cycle, where material may remain on the pile for several years before it has been fully leached. The operation with the most significant long-term leachpile inventory is Zald\u00edvar, with a long- term leachpile with a value of approximately $130 million (on a 50% attributable basis) at 31 December 2022. This balance is forecast to be consumed over the operation's remaining 14 year mine life and its recoverability is based on the same assumptions about future operational considerations as detailed in note 5. As a simple, high- level sensitivity if this balance were reduced by 10% (due to changes in recovery estimates for example), this would result in a reduction in Zald\u00edvar\u2019s inventory balance of approximately $13 million (on a 50% attributable basis). (ii) Useful economic lives of property, plant and equipment and ore reserves estimates As explained in Note 2(L), mining properties, including capitalised financing costs, are depreciated in proportion to the volume of ore extracted in the year compared with total proven and probable reserves at the beginning of the year. There are numerous uncertainties inherent in estimating ore reserves, and assumptions that were valid at the time of estimation may change when new information becomes available. These include assumptions as to grade estimates and cut-off grades, recovery rates, commodity prices, exchange rates, production costs, capital costs, processing and reclamation costs and discount rates. The actual volume of ore extracted and any changes in these assumptions could affect prospective depreciation rates and carrying values. 3 Critical accounting judgements and key sources of estimation uncertainty continued Other items of property, plant and equipment are depreciated over their useful economic lives, on a unit of production basis, in proportion to the volume of ore/material processed or hours of equipment usage, or on a straight-line basis. Management reviews the appropriateness of useful economic lives at least annually and, again, any changes could affect prospective depreciation rates and asset carrying values. The operation with the most significant depreciation expense is Centinela, with a depreciation expense of $710 million in 2022, representing approximately 60% of the total Group depreciation charge. As a simple high-level sensitivity, a 10% adjustment to the useful economic lives of Centinela\u2019s property, plant and equipment would result in an impact of approximately $71 million on the annual depreciation charge. (iii) Provisions for decommissioning and site restoration costs As explained in Note 2(Q), provision is made, based on net present values, for decommissioning and site rehabilitation costs as soon as the obligation arises following the development or ongoing production of a mining property. The provision is based on a closure plan prepared with the assistance of external consultants. Management uses its judgement and experience to provide for and (in the case of capitalised decommissioning costs) amortise these estimated costs over the life of the mine. The ultimate cost of decommissioning and site rehabilitation is uncertain and cost estimates can vary in response to many factors including changes to relevant legal requirements, the emergence of new restoration techniques or experience at other mine sites. The expected timing and extent of expenditure can also change, for example in response to changes in ore reserves or processing levels. As a result, there could be significant adjustments to the provisions established which would affect future financial results. Details of the decommissioning and restoration provisions are set out in Note 29. The total value of these provisions as at 31 December 2022 was $488.2 million. As a simple high-level sensitivity, a 10% increase in the forecast closure costs would increase the provision balance by approximately $49 million, the capitalised decommissioning costs asset within property, plant and equipment by approximately $17 million and the ongoing annual operating expenses by approximately $2 million. (iv) Deferred tax assets in respect of tax losses As explained in Note 2(O), deferred tax assets are recognised only to the extent that it is probable that they will be recovered through sufficient future taxable profits. When assessing the probable future taxable profits, the Group considers whether the relevant Group entity has sufficient taxable temporary differences which will result in taxable amounts against which the unused tax losses can be utilised. Generally under Chilean tax law most tax losses can be carried forward indefinitely, and so the expiry of tax losses is not typically an issue. The key assumptions to which the forecasts of the probable level of future taxable profits are most sensitive are future commodity prices, production levels and operating costs. As set out in Note 28, the Group has recognised $78.5 million of net deferred tax assets as at 31 December 2022, relating to tax losses, provisions and short-term timing differences. The deferred tax position includes $79.7 million (2021 \u2013 $90.6 million) of deferred tax assets in respect of tax losses available for offset against future profits. These losses may be carried forward indefinitely. ",
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"value": "4 Exceptional items Exceptional items are material items of income and expense which are non-regular or non-operating and typically non-cash, including impairments and profits or losses on disposals. The tax effect of items presented as exceptional is also classified as exceptional, as are material deferred tax adjustments that relate to more than one reporting period. The classification of these types of items as exceptional is considered to be useful as it provides an indication of the earnings generated by the ongoing businesses of the Group. 2022 \u2013 Disposal of investment in Tethyan joint venture On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture. As a result, Antofagasta has recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million. Full details of the agreements and gain on disposal are set out in Note 17. 2021 \u2013 Impairment of Twin Metals\u2019 assets Twin Metals Minnesota (\u201cTwin Metals\u201d) is a wholly owned copper,\u202fnickel and platinum group metals (PGM) underground mining project, which holds copper, nickel, cobalt-PGM deposits in north-eastern Minnesota, US. In recent years, Twin Metals has been progressing its Mine Plan of Operations (MPO) and Scoping Environmental Assessment Worksheet Data Submittal, submitted in December 2019 to the US Bureau of Land Management (BLM) and Minnesota Department of Natural Resources (DNR), respectively. However, while the Twin Metals project was advancing through environmental review, several actions were taken by the federal government that have changed the potential scenarios for the project. In September 2021, the United States Forest Service (USFS) submitted an application to withdraw approximately 225,000 acres of land in the Superior National Forest from the scope of federal mineral leasing laws, subject to valid existing rights. In October 2021, the United States Bureau of Land Management (BLM) rejected Twin Metals\u2019 Preference Right Lease Applications (PRLAs) and Prospecting Permit Applications (PPAs). In January 2022, the United States Department of the Interior cancelled Twin Metals\u2019 MNES-1352 and MNES-1353 federal mineral leases. The PRLAs and federal mineral leases form a significant proportion of the mineral resources contained within Twin Metals\u2019 current project plan and, accordingly, it was determined that these events collectively represented an impairment trigger as at the 2021 balance sheet date. Prior to the resulting impairment assessment being performed, as at 31 December 2021, the Group had recognised an intangible asset of $150.1 million and property, plant and equipment of $27.5 million relating to the Twin Metals project. The intangible asset arose upon the acquisition in 2015 of Duluth Metals, which owned a 60% stake in the Twin Metals project, with the carrying value of the intangible asset reflecting the consideration paid for that acquisition. The property, plant and equipment balances reflected the historical cost of acquiring those assets. These carrying values prior to the impairment did not, therefore, reflect an estimate of the commercial potential of the project as at 31 December 2021. The Group believes that Twin Metals has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group intends to pursue validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, an impairment was recognised as at 31 December 2021 in respect of the $177.6 million of intangible assets and property, plant and equipment relating to the Twin Metals project. 2021 \u2013 Recognition of previously unrecognised deferred tax assets At 31 December 2021, the Group recognised $90.6 million of previously unrecognised deferred tax assets relating to tax losses available for offset against future profits, reflecting the improved actual and forecast profitability of the relevant Group entity (Antucoya). ",
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"fact-372": {
"value": "5 Asset sensitivities There were no indicators of potential impairment, or reversal of previous impairments, for the Group\u2019s non-current assets associated with its mining operations at the 2022 year-end, and accordingly no impairment tests have been performed. The impairment indicator assessment included consideration of the potential indicators set out in IAS 36, \u2018Impairment of Assets\u2019, which included quantitative analysis based on the operations\u2019 life-of-mine models as adjusted for certain assumptions (including potential future development opportunities) (\u201cthe models\u201d). These models provide indicative valuations and do not represent, or comply with, a formal impairment assessment prepared in accordance with IAS 36. Sensitivity analyses have been performed on the models to quantify the impact of changes in assumptions to which the models are most sensitive and to support the overall impairment indicator assessment. As noted above, no qualitative indicators of potential impairment or potential reversal of impairment were identified. Similarly, no quantitative indicators of impairment were identified, with the models used within the impairment indicator assessment continuing to indicate positive headroom for all of the Group\u2019s mining operations, including the Zaldivar joint venture, with the indicated value of the assets in excess of their carrying value. Relevant aspects of this process are detailed below: Copper price outlook The assumption to which the value of the assets is most sensitive is the future long-term copper price. The copper price forecasts (representing the Group\u2019s estimates of the assumptions that would be used by independent market participants in valuing the assets) are based on the forward curve for the short term and consensus analyst forecasts for the longer term. A long-term copper price of $3.50/lb (reflecting 2022 real terms) has been used in the models used in the impairment indicator assessment, which has increased from $3.30/lb (reflecting 2021 real terms) at the prior year-end. As an additional down-side sensitivity an indicative valuation (based on the models) was performed with a long- term copper price of $3.15/lb, reflecting a 10% reduction in the long-term price forecast. Los Pelambres and Centinela still showed positive headroom in their models in this alternative down-side scenario. However, the Antucoya valuation indicated a potential deficit of $400 million and the Zald\u00edvar valuation indicated a potential deficit of $170 million (on a 50% basis). This was a simple sensitivity exercise, looking at an illustrative change in the forecast long-term copper price in isolation. In reality, a deterioration in the long-term copper price environment is likely to result in corresponding improvements in a range of input cost factors. In particular, given that copper exports account for over 50% of Chile\u2019s exports, historically there has often been a correlation between movements in the copper price and the US dollar/Chilean peso exchange rate, and a decrease in the copper price may therefore result in a weakening of the Chilean peso, with a resulting reduction in the Group\u2019s operating costs and capital expenditure in US$ terms. These likely cost reductions, as well as potential operational changes which could be made in a weaker copper price environment, could partly mitigate the impact of the lower copper price modelled in these estimated potential sensitivities. The US dollar/Chilean peso exchange rate The value of the assets is also sensitive to movements in the US dollar/Chilean peso exchange rate. A long-term exchange rate of Ch$850/$1 has been used in the models considered as part of the impairment indicator assessment. This compares with the long-term exchange rate of CH$770/$1 used in 2021. As an additional down-side sensitivity an indicative valuation was prepared with a 10% stronger long-term Chilean peso exchange rate assumption. Los Pelambres and Centinela still showed positive headroom in this alternative down-side scenario. However, the Antucoya valuation indicated a potential deficit of $140 million and the Zald\u00edvar valuation indicated a potential deficit of $100 million (on a 50% basis). As noted above, historically there has often been a correlation between movements in the copper price and the US dollar/Chilean peso exchange rate, and so a strengthening of the Chilean peso may often reflect a stronger copper price environment, which could mitigate the impact of a stronger exchange rate. Climate risks The models incorporate estimates of the potential future costs relating to climate risks. The Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (\u201cTCFD\u201d). This process includes scenario analyses assessing the potential future impact of transition and physical risks. The combined estimate of the potential costs of the transition risk and physical risk scenarios, have been incorporated into the models. Chilean mining royalty We have considered potential changes to the Chilean mining royalty (taking into account the Group\u2019s existing tax stability agreements) as part of the impairment indicator assessment. Other relevant assumptions In addition to the impact of the future copper price the US dollar/Chilean peso exchange rate, climate risks and the potential changes in the Chilean royalty regime, the models used in the impairment indicator assessment are sensitive to the assumptions in respect of future production levels, operating costs, sustaining and development capital expenditure, and the discount rate used to determine the present value of the future cash flows. A real post-tax discount rate of 8% (calculated using relevant market data) has been used in determining the present value of the changes in forecast future cash flows from the assets as part of the quantitative analysis performed as part of the overall impairment indicator assessment. 5 Asset sensitivities continued In the case of Zald\u00edvar, in addition to the assumptions made in respect of the factors outlined above, the conclusion that there are no impairment indicators reflects certain assumptions about future operational considerations to which the model considered as part of the impairment indicator assessment is sensitive, in particular the following: \u2022 Zald\u00edvar submitted an Environmental Impact Assessment (EIA) in 2018 which included an application to extend its water extraction and mining permits to 2029 (with decreasing activity levels in 2030-2031). Currently, Zald\u00edvar is permitted to extract water and mine into 2025 and 2024, respectively. To ensure the continuity of the operation, in March 2023 Zald\u00edvar submitted a DIA (Declaration of Environmental Impact), a more limited scope and simplified procedure than an EIA, requesting that the mining permit be extended from 2024 to 2025 so as to expire at the same date as the current water permit. At the same time Zald\u00edvar withdrew the 2018 EIA application. It is expected that an alternative and updated EIA application to extend the water and mining permits beyond 2025 will be submitted which will also include a plan for a transition from the current continental water source on completion of the extended water permit, to either procuring water from a third party or using raw sea water. The impairment indicator assessment assumes that the mining permit will be extended to cover the full period of the model, and the water permit can be extended, or reasonable alternative arrangements for securing water to enable the continued operation of the mine without interruption can be implemented. However, if this is not the case, this is likely to be considered an indicator of a potential impairment, requiring an IAS 36 impairment assessment at that point. \u2022 Zald\u00edvar\u2019s final pit phase, which represents approximately 20% of current ore reserves, impacts a portion of Minera Escondida\u2019s mine property, as well as infrastructure owned by third parties (a road, railway, power line and pipelines). The impairment indicator assessment assumes that mining of the final pit phase, which is subject to agreements or easements to access these areas and relocate this infrastructure, will be possible. The carrying value of the Group\u2019s investment in joint venture balance in respect of Zald\u00edvar as at 31 December 2022 was $897.3 million. Fair value less costs of disposal and value in use valuations If a full IAS 36 impairment test were to be prepared, which was not the case as at 31 December 2022, the recoverable amount is the higher of fair value less costs of disposal and value in use. Fair value less costs of disposal reflects the net amount the Group would receive from the sale of the asset in an orderly transaction between market participants. For mining assets, this would generally be determined based on the present value of the estimated future cash flows arising from the continued use, further development or eventual disposal of the asset. Value in use reflects the expected present value of the future cash flows which the Group would generate through the operation of the asset in its current condition, without taking into account potential enhancements or further development of the asset. The fair value less costs of disposal valuation will normally be higher than the value in use valuation for mining companies, and accordingly the Group typically applies this valuation estimate in its impairment or valuation assessments. Indicators of potential reversal of previous impairments Antucoya recognised impairments totalling $716 million in 2012 and 2016. Of the original impairment amounts, approximately $434 million remains in effect unamortised as at 31 December 2022. Based on an assessment of both qualitative and quantitative factors, there were no indicators of a potential reversal of these previous impairments at the 2022 year-end. As noted above, the indicative valuation exercise for Antucoya at the 2022 year-end indicated positive headroom for Antucoya. However, the headroom position is relatively marginal \u2013 the down-side sensitivity reflecting a 10% reduction in the long-term copper price resulted in a potential deficit of $400 million; the sensitivity using a 10% stronger long-term Chilean peso exchange rate assumption indicated a potential deficit of $140 million. Given this marginal headroom position, reasonably possible changes in the general market environment or the regulatory and taxation environment in Chile could result in a potential deficit position for Antucoya and hence it was concluded that there was no impairment reversal trigger as at 31 December 2022. ",
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"fact-373": {
"value": "6 Segment information The Group\u2019s reportable segments, which are the same as its operating segments, are as follows: \u2022 Los Pelambres \u2022 Centinela \u2022 Antucoya \u2022 Zald\u00edvar \u2022 Exploration and evaluation \u2022 Corporate and other items \u2022 Transport division For management purposes, the Group is organised into two business divisions based on their products \u2013 Mining and Transport. The Mining division is split further for management reporting purposes to show results by mine and exploration activity. Los Pelambres produces primarily copper concentrate containing gold and silver as a by-product, and molybdenum concentrate. Centinela produces copper concentrate containing gold and silver as a by-product, molybdenum concentrates and copper cathodes. Antucoya and Zald\u00edvar produce copper cathodes. The Transport division provides rail cargo and road cargo transport together with a number of ancillary services. All the operations are based in Chile. The Exploration and evaluation segment incurs exploration and evaluation expenses. \u201cCorporate and other items\u201d comprises costs incurred by the Company, Antofagasta Minerals SA, the Group\u2019s mining corporate centre and other entities, that are not allocated to any individual business segment. Consistent with its internal management reporting, the Group\u2019s corporate and other items are included within the Mining division. The chief operating decision-maker (the Group\u2019s Chief Executive Officer) monitors the operating results of the business segments separately for the purpose of making decisions about resources to be allocated and assessing performance. Segment performance is evaluated based on the operating profit of each of the segments. A) Segment revenues and results For the year ended 31 December 2022 Los Pelambres $m Centinela $m Antucoya $m Zald\u00edvar $m Exploration and evaluation 2 $m Corporate and other items $m Mining $m Transport division $m Total $m Revenue 2,558.9 2,406.2 703.5 \u2013 \u2013 \u2013 5,668.6 193.4 5,862.0 Operating cost excluding depreciation and loss on disposals (1,086.1) (1,249.0) (442.3) \u2013 (113.0) (75.0) (2,965.4) (119.1) (3,084.5) Depreciation (276.1) (710.2) (105.6) \u2013 \u2013 (18.7) (1,110.6) (30.5) (1,141.1) Loss on disposals (0.5) (1.0) \u2013 \u2013 \u2013 (0.6) (2.1) \u2013 (2.1) Operating profit/(loss) 1,196.2 446.0 155.6 \u2013 (113.0) (94.3) 1,590.5 43.8 1,634.3 Net share of results from associates and joint ventures \u2013 \u2013 \u2013 47.3 \u2013 (0.7) 46.6 1.5 48.1 Gain on disposal of investment in joint ventures 3 \u2013 \u2013 \u2013 \u2013 \u2013 944.7 944.7 \u2013 944.7 Total profit from operations, associates and j oint ventures 1,196.2 446.0 155.6 47.3 (113.0) 849.7 2,581.8 45.3 2,627.1 Investment income 10.7 6.6 2.4 \u2013 \u2013 19.8 39.5 0.7 40.2 Interest expense (3.3) (10.6) (19.9) \u2013 \u2013 (44.2) (78.0) (0.6) (78.6) Other finance items (5.2) (11.3) (6.6) \u2013 \u2013 (5.0) (28.1) (1.7) (29.8) Profit/(loss) before tax 1,198.4 430.7 131.5 47.3 (113.0) 820.3 2,515.2 43.7 2,558.9 Tax (371.8) (130.8) (34.9) \u2013 \u2013 (50.8) (588.3) (15.3) (603.6) Profit/(loss) for the year 826.6 299.9 96.6 47.3 (113.0) 769.5 1,926.9 28.4 1,955.3 Non-controlling interests 319.3 82.9 21.2 \u2013 \u2013 (1,1) 422.3 \u2013 422.3 Profit/(losses) attributable to the owners of the parent 507.3 217.0 75.4 47.3 (113.0) 770.6 1,504.6 28.4 1,533.0 EBITDA 1 1,472.8 1,157.2 261.2 147.2 (113.0) (75.7) 2,849.7 80.0 2,929.7 Additions to non-current assets Additions to property, plant and equipment 965.2 889.0 75.1 \u2013 0.5 16.4 1,946.2 55.8 2,002.0 Segment assets and liabilities Segment assets 6,786.6 5,922.8 1,708.0 \u2013 \u2013 2,504.1 16,921.5 412.2 17,333.7 Investment in associates and joint ventures \u2013 \u2013 \u2013 897.3 \u2013 \u2013 897.3 7.3 904.6 Segment liabilities (3,155.0) (1,565.1) (558.1) \u2013 \u2013 (1,225.8) (6,504.0) (89.9) (6,593.9) 1. EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the EBITDA of its associates and joint ventures (Refer to the Alternative Performance Measures section on page 238). 2. Operating cash outflow in the exploration and evaluation segment was $98.3 million. 3. An exceptional gain of $944.7 million has been recognised in respect of the Group\u2019s disposal of its investment in the Tethyan joint venture (see notes 3, 4 and 17) 6 Segment information continued For the year ended 31 December 2021 Los Pelambres $m Centinela $m Antucoya $m Zald\u00edvar $m Exploration and evaluation 2 $m Corporate and other items $m Mining $m Transport division $m Total $m Revenue 3,621.0 2,981.3 697.8 \u2013 \u2013 \u2013 7,300.1 170.0 7,470.1 Operating cost excluding depreciation and loss on disposals (1,095.0) (1,062.0) (360.7) \u2013 (103.2) (76.0) (2,696.9) (106.3) (2,803.2) Depreciation (281.8) (654.7) (98.3) \u2013 \u2013 (13.0) (1,047.8) (30.9) (1,078.7) Loss on disposals (3.7) (4.0) (0.5) \u2013 \u2013 \u2013 (8.2) (1.0) (9.2) Provision against the carrying value of assets 4 \u2013 \u2013 \u2013 \u2013 (177.6) \u2013 (177.6) \u2013 (177.6) Operating profit/(loss) 2,240.5 1,260.6 238.3 \u2013 (280.8) (89.0) 3,369.6 31.8 3,401.4 Net share of results from associates and joint ventures \u2013 \u2013 \u2013 68.5 \u2013 (9.0) 59.5 0.2 59.7 Investment income 1.4 1.5 0.3 \u2013 \u2013 1.7 4.9 0.1 5.0 Interest expense (3.5) (16.4) (15.5) \u2013 \u2013 (27.2) (62.6) (0.8) (63.4) Other finance items 41.1 26.1 4.9 \u2013 \u2013 5.1 77.2 (2.8) 74.4 Profit/(loss) before tax 2,279.5 1,271.8 228.0 68.5 (280.8) (118.4) 3,448.6 28.5 3,477.1 Tax (743.7) (382.0) (7.1) \u2013 \u2013 (188.3) (1,321.1) (11.8) (1,332.9) Tax-exceptional items 3 \u2013 \u2013 90.6 \u2013 \u2013 \u2013 90.6 \u2013 90.6 Profit/(loss) for the year 1,535.8 889.8 311.5 68.5 (280.8) (306.7) 2,218.1 16.7 2,234.8 Non-controlling interests 607.5 252.2 84.4 \u2013 \u2013 0.5 944.6 \u2013 944.6 Profit/(losses) attributable to the owners of the parent 928.3 637.6 227.1 68.5 (280.8) (307.2) 1,273.5 16.7 1,290.2 EBITDA 1 2,526.0 1,919.3 337.1 172.8 (103.2) (84.0) 4,768.0 68.2 4,836.2 Additions to non-current assets Additions to property, plant and equipment 903.1 826.4 62.7 \u2013 0.6 30.4 1,823.2 32.7 1,855.9 Segment assets and liabilities Segment assets 5,667.1 5,924.2 1,735.9 \u2013 \u2013 2,661.1 15,988.3 384.3 16,372.6 Investment in associates and joint ventures \u2013 \u2013 \u2013 900.0 \u2013 \u2013 900.0 5.8 905.8 Segment liabilities (2,642.0) (1,797.0) (548.7) \u2013 \u2013 (1,174.5) (6,162.2) (87.2) (6,249.4) 1. EBITDA refers to Earnings Before Interest, Tax, Depreciation and Amortisation. EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposals and impairment charges to operating profit. This comprises 100% of the EBITDA from the Group\u00b4s subsidiaries, and the Group\u00b4s proportional share of the EBITDA of its associates and joint ventures (Refer to the Alternative Performance Measures section on page 238). 2. Operating cash outflow in the exploration and evaluation segment was $98.0 million. 3. During 2021, there was an exceptional item of $90.6 million which reflects the recognition of a deferred tax asset at Antucoya (see note 4). 4. An impairment has been recognised as at 31 December 2021 in respect of the $177.6 million of intangible assets and property, plant and equipment relating to the Twin Metals project, presented as an exceptional item. Notes to segment revenues and results (i) Inter-segment revenues are eliminated on consolidation. The only inter-segment revenue related to sales from the Transport division to the mining division of $9.8 million (year ended 31 December 2021 \u2013 $8.2 million), has been eliminated and is therefore not reflected in the above figures. (ii) Revenue includes provisionally priced sales of copper, gold and molybdenum concentrates and copper cathodes. Further details of such adjustments are given in Note 7. (iii) For sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. Treatment and refining charges for copper and molybdenum concentrates are detailed in Note 7. (iv) The effects of tax and non-controlling interests on the expenses within the Exploration and evaluation segment are allocated to the mine that the exploration work relates to. (v) The assets of the Transport division segment include $7.3 million (31 December 2021 \u2013 $5.8 million) relating to the Group\u2019s 30% interest in Antofagasta Terminal International SA (\u201cATI\u201d), which operates a concession to manage installations in the port of Antofagasta. Further details of these investments are set out in Note 16. B) Entity-wide disclosures Revenue by product 2022 $m 2021 $m Copper \u2022 Los Pelambres 2,107.7 3,097.0 \u2022 Centinela concentrate 1,132.7 1,735.4 \u2022 Centinela cathodes 844.4 774.1 \u2022 Antucoya 697.5 693.3 Provision of shipping services \u2022 Los Pelambres 51.9 57.8 \u2022 Centinela concentrate 58.5 46.8 \u2022 Centinela cathodes 6.7 4.3 \u2022 Antucoya 6.0 4.5 Gold \u2022 Los Pelambres 75.4 91.0 \u2022 Centinela concentrate 238.4 345.4 Molybdenum \u2022 Los Pelambres 291.4 329.2 \u2022 Centinela concentrate 100.8 37.2 Silver \u2022 Los Pelambres 32.5 46.0 \u2022 Centinela concentrate 24.7 38.1 Total 5,668.6 7,300.1 Transport division 193.4 170.0 5,862.0 7,470.1 Revenue by location of customer 2022 $m 2021 $m Europe \u2022 United Kingdom 71.0 54.4 \u2022 Switzerland 753.6 1,303.7 \u2022 Spain 1.0 67.6 \u2022 Germany 140.0 121.5 \u2022 Rest of Europe 96.5 177.4 Latin America \u2022 Chile 369.1 282.0 \u2022 Rest of Latin America 179.7 214.7 North America \u2022 United States 312.3 666.5 Asia \u2022 Japan 1,668.6 1,842.3 \u2022 China 1,072.0 1,236.9 \u2022 Singapore 423.8 726.1 \u2022 South Korea 332.2 322.6 \u2022 Hong Kong 178.2 217.1 \u2022 Rest of Asia 264.0 237.3 5,862.0 7,470.1 Information about major customers In the year ended 31 December 2022, the Group\u2019s mining revenue included $785.5 million related to one large customer that individually accounted for more than 10% of the Group\u2019s revenue (year ended 31 December 2021 \u2013 one large customer representing $1,015.1 million). 6 Segment information continued Non-current assets by location of assets 2022 $m 2021 $m Restated Chile 12,786.1 11,705.1 Other 1 10.1 10.9 12,796.2 11,716.0 1. The comparatives have been restated to show a reclassification of $9.9 million from the \u201cChile\u201d category to the \u201cOther\u201d category. 2022 $m 2021 $m Non-current assets per the balance sheet 13,016.2 11,872.7 The above amounts by location reflect non-current assets per the balance sheet excluding: \u2022 Deferred tax assets (78.5) (96.8) \u2022 Account receivables (51.0) (51.2) \u2022 Equity investments (90.5) (8.7) Total of non-current assets above (220.0) (156.7) Non-current assets by location of asset 12,796.2 11,716.0 ",
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"value": "7 Group Revenue Copper and molybdenum concentrate sale contracts and copper cathode sale contracts generally provide for provisional pricing of sales at the time of shipment, with final pricing being based on the monthly average London Metal Exchange copper price or monthly average molybdenum price for specified future periods. This normally ranges from one to four months after shipment to the customer. For sales contracts which contain provisional pricing mechanisms, the total receivable balance is measured at fair value through profit or loss. Gains and losses from the mark-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade receivables in the balance sheet. The Group determines mark-to-market prices using forward prices at each period-end for copper concentrate and cathode sales, and period-end month average prices for molybdenum concentrate sales due to the absence of a futures market in the market price references for that commodity in the majority of the Group\u2019s contracts. With sales of concentrates, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate (which is the amount recorded as revenue) reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. The shipping service represents a separate performance obligation, and is recognised separately from the sale of the material over time as the shipping service is provided. The total revenue from contracts with customers and the impact of provisional pricing adjustments in respect of concentrate and cathode sales is as follows: 2022 $m 2021 $m Revenue from contracts with customers Sale of products 5,671.2 6,809.0 Provision of shipping services associated with the sale of products 1 123.1 113.4 Transport division 2 193.4 170.0 Provisional pricing adjustments in respect of copper, gold and molybdenum (125.7) 377.7 Total revenue 5,862.0 7,470.1 1. The Group sells a significant proportion of its products on Cost, Insurance & Freight (CIF) Incoterms, which means that the Group is responsible for shipping the product to a destination port specified by the customer. 2. The transport division provides rail and road cargo transport together with a number of ancillary services. The categories of revenue which are principally affected by different economic factors are the individual product types. A summary of revenue by product is set out in Note 6. The following tables set out the impact of provisional pricing adjustments, derivative commodity instruments and treatment and refining charges for the more significant products. The revenue from these products, along with the revenue from other products and services, is reconciled to total revenue in Note 6. For the year ended 31 December 2022 Los Pelambres Copper concentrate $m Centinela Copper concentrate $m Centinela Copper cathodes $m Antucoya Copper cathodes $m Los Pelambres Gold in concentrate $m Centinela Gold in concentrate $m Los Pelambres Molybdenum concentrate $m Centinela Molybdenum concentrate $m Provisionally priced sales of products 2,313.7 1,231.8 851.8 710.6 75.1 235.9 281.3 98.5 Revenue from freight services 51.9 58.5 6.7 6.0 \u2013 \u2013 \u2013 \u2013 2,365.6 1,290.3 858.5 716.6 75.1 235.9 281.3 98.5 Effects of pricing adjustments to previous year invoices Reversal of mark-to-market adjustments at the end of the previous year (12.0) (5.2) (0.3) (0.8) \u2013 (0.3) 5.6 0.7 Settlement of sales invoiced in the previous year 10.7 23.3 0.5 1.0 \u2013 3.6 (4.1) (0.6) Total effect of adjustments to previous year invoices in the current year (1.3) 18.1 0.2 0.2 \u2013 3.3 1.5 0.1 Effects of pricing adjustments to current year invoices Settlement of sales invoiced in the current year (155.3) (68.7) (8.4) (14.1) 0.4 (2.9) 16.5 4.0 Mark-to-market adjustments at the end of the current year 38.0 19.9 0.8 0.8 \u2013 2.7 12.6 7.6 Total effect of adjustments to current year invoices (117.3) (48.8) (7.6) (13.3) 0.4 (0.2) 29.1 11.6 Total pricing adjustments (118.6) (30.7) (7.4) (13.1) 0.4 3.1 30.6 11.7 Realised losses on commodity derivatives \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Revenues before deducting treatment and refining charges 2,247.0 1,259.6 851.1 703.5 75.5 239.0 311.9 110.2 Treatment and refining charges (87.4) (68.4) \u2013 \u2013 (0.1) (0.6) (20.5) (9.4) Revenue net of tolling charges 2,159.6 1,191.2 851.1 703.5 75.4 238.4 291.4 100.8 The revenue from the individual products shown in the above table excludes revenue from sales of silver and the transport division, which are presented in the revenue by product table in note 6 to reconcile to Group Revenue. With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure. 7 Group Revenue continued For the year ended 31 December 2021 Los Pelambres Copper concentrate $m Centinela Copper concentrate $m Centinela Copper cathodes $m Antucoya Copper cathodes $m Los Pelambres Gold in concentrate $m Centinela Gold in concentrate $m Los Pelambres Molybdenum concentrate $m Centinela Molybdenum concentrate $m Provisionally priced sales of products 2,966.6 1,685.3 824.3 749.7 93.3 354.8 322.1 38.4 Revenue from freight services 57.8 46.8 4.3 4.5 \u2013 \u2013 \u2013 \u2013 3,024.4 1,732.1 828.6 754.2 93.3 354.8 322.1 38.4 Effects of pricing adjustments to previous year invoices Reversal of mark-to-market adjustments at the end of the previous year (58.7) (26.8) 0.1 (0.5) \u2013 (0.9) 0.2 (0.3) Settlement of sales invoiced in the previous year 175.1 74.7 1.8 1.5 (1.0) (4.0) 6.4 1.2 Total effect of adjustments to previous year invoices in the current year 116.4 47.9 1.9 1.0 (1.0) (4.9) 6.6 0.9 Effects of pricing adjustments to current year invoices Settlement of sales invoiced in the current year 92.2 58.8 10.2 6.0 (1.1) (4.1) 30.6 5.8 Mark-to-market adjustments at the end of the current year 12.0 5.2 0.3 0.8 \u2013 0.4 (5.7) (0.7) Total effect of adjustments to current year invoices 104.2 64.0 10.5 6.8 (1.1) (3.7) 24.9 5.1 Total pricing adjustments 220.6 111.9 12.4 7.8 (2.1) (8.6) 31.5 6.0 Realised losses on commodity derivatives \u2013 \u2013 (62.6) (64.2) \u2013 \u2013 \u2013 \u2013 Revenues before deducting treatment and refining charges 3,245.0 1,844.0 778.4 697.8 91.2 346.2 353.6 44.4 Treatment and refining charges (90.2) (61.8) \u2013 \u2013 (0.2) (0.8) (24.4) (7.2) Revenue net of tolling charges 3,154.8 1,782.2 778.4 697.8 91.0 345.4 329.2 37.2 The revenue from the individual products shown in the above table excludes revenue from sales of silver and the transport division, which are presented in the revenue by product table in note 6 to reconcile to Group Revenue. With sales of concentrates at Los Pelambres and Centinela, which are sold to smelters and roasting plants for further processing into fully refined metal, the price of the concentrate invoiced to the customer reflects the market value of the fully refined metal less a \u201ctreatment and refining charge\u201d deduction, to reflect the lower value of this partially processed material compared with the fully refined metal. For accounting purposes, the revenue amount is the net of the market value of fully refined metal less the treatment and refining charges. Under the standard industry definition of cash costs, treatment and refining charges are regarded as an expense and part of the total cash cost figure. (I) Copper concentrate The typical period for which sales of copper concentrate remain open until settlement occurs is a range of approximately three to four months from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Tonnes 179,000 177,900 Average mark-to-market price $/lb 3.80 4.41 Average provisional invoice price $/lb 3.65 4.37 (II) Copper cathodes The typical period for which sales of copper cathodes remain open until settlement occurs is approximately one month from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Tonnes 22,700 15,000 Average mark-to-market price $/lb 3.80 4.42 Average provisional invoice price $/lb 3.77 4.39 (III) Gold in concentrate The typical period for which sales of gold in concentrate remain open until settlement occurs is approximately one month from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Ounces 31,000 32,300 Average mark-to-market price $/oz 1,828 1,801 Average provisional invoice price $/oz 1,742 1,791 (IV) Molybdenum concentrate The typical period for which sales of molybdenum remain open until settlement occurs is approximately two months from shipment date. 2022 2021 Sales provisionally priced at the balance sheet date Tonnes 2,500 2,400 Average mark-to-market price $/lb 26.10 18.60 Average provisional invoice price $/lb 22.20 19.65 As detailed above, the effects of gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and to trade debtors in the balance sheet. The effect of mark-to-market adjustments on the balance sheet at the end of each period are as follows: Effect on debtors of year end mark- to-market adjustments 2022 $m 2021 $m Los Pelambres \u2013 copper concentrate 38.0 12.0 Los Pelambres \u2013 molybdenum concentrate 12.6 (5.7) Centinela \u2013 copper concentrate 19.9 5.2 Centinela \u2013 molybdenum concentrate 7.6 (0.7) Centinela \u2013 gold in concentrate 2.7 0.4 Centinela \u2013 copper cathodes 0.8 0.3 Antucoya \u2013 copper cathodes 0.8 0.8 82.4 12.3 ",
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"fact-375": {
"value": "8 Operating Profit From Subsidiaries, and Total Profit From Associates And Joint Ventures Operating profit from subsidiaries and total profit from operations and associates and joint ventures is derived from Group revenue by deducting operating costs as follows: 2022 $m 2021 $m Group revenue 5,862.0 7,470.1 Cost of sales (3,432.7) (3,120.2) Gross profit 2,429.3 4,349.9 Administrative and distribution expenses (558.9) (550.4) Other operating income 37.9 31.8 Other operating expenses 1 (274.0) (429.9) Operating profit from subsidiaries 1,634.3 3,401.4 Net share of profit of associates and joint ventures 48.1 59.7 Gain on disposal of investment in joint ventures 944.7 \u2013 Total profit from operations, associates and joint ventures 2,627.1 3,461.1 1. Other operating expenses comprise $113.0 million of exploration and evaluation expenditure (2021 \u2013 $103.2 million), $19.1 million in respect of the employee severance provision (2021 \u2013 $19.8 million), $16.9 million in respect of the closure provision (2021 \u2013 $11.3 million), nil in respect of the provision against the carrying value of assets relating to the Twin Metals project (2021 \u2013 $177.6 million) and $125.0 million of other expenses (2021 \u2013 $118.0 million). Profit before tax is stated after (charging)/crediting: 2022 $m 2021 $m Foreign exchange (losses)/gains \u2022 included in net finance costs (12.8) 49.9 Depreciation of property, plant and equipment \u2022 owned assets (1,047.2) (997.1) \u2022 leased assets (93.9) (81.6) Loss on disposal of property, plant and equipment (2.1) (9.2) Cost of inventories recognised as an expense (2,381.6) (2,033.0) Employee benefit expense (476.6) (498.0) Decommissioning and restoration (operating expenses) (16.9) (11.3) Severance charges (19.1) (19.8) Exploration and evaluation expense (113.0) (103.2) Provision against carrying value of assets1 \u2013 (177.6) Auditors\u00b4 remuneration (2.2) (1.9) 1. In 2021 impairment provision recognised in respect of $27.5 million of property, plant and equipment (note 15) and $150.1 million of intangible assets (note 14) relating to the Twin Metals project. A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below: Group 2022 $000 2021 $000 Fees payable to the Company\u00b4s auditors and its associates for the audit of the Parent Company and consolidated financial statements 1,312.5 1,242.0 Fees payable to the Company\u00b4s auditors and its associates for other services: \u2022 The audit of the Company\u2019s subsidiaries 549.6 415.0 \u2022 Audit-related assurance services 1 98.0 200.0 \u2022 Other assurance services 2 241.0 \u2013 2,201.1 1,857.0 1. The audit-related assurance services relate to the half-year review performed by the auditors. 2. The other assurance services in 2022 related to the bond issue in that year, which required the Group to engage PwC to act as the reporting accountant for that transaction, work which is in effect required to be performed by the Group\u2019s auditors. Details of the Company\u2019s policy on the use of auditors for non-audit services: the reason why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit and Risk Committee report on page 130. No services were provided pursuant to contingent fee arrangements.",
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"fact-422": {
"value": "Profit before tax is stated after (charging)/crediting: 2022 $m 2021 $m Foreign exchange (losses)/gains \u2022 included in net finance costs (12.8) 49.9 Depreciation of property, plant and equipment \u2022 owned assets (1,047.2) (997.1) \u2022 leased assets (93.9) (81.6) Loss on disposal of property, plant and equipment (2.1) (9.2) Cost of inventories recognised as an expense (2,381.6) (2,033.0) Employee benefit expense (476.6) (498.0) Decommissioning and restoration (operating expenses) (16.9) (11.3) Severance charges (19.1) (19.8) Exploration and evaluation expense (113.0) (103.2) Provision against carrying value of assets1 \u2013 (177.6) Auditors\u00b4 remuneration (2.2) (1.9) 1. In 2021 impairment provision recognised in respect of $27.5 million of property, plant and equipment (note 15) and $150.1 million of intangible assets (note 14) relating to the Twin Metals project. A more detailed analysis of auditors\u00b4 remuneration on a worldwide basis is provided below: Group 2022 $000 2021 $000 Fees payable to the Company\u00b4s auditors and its associates for the audit of the Parent Company and consolidated financial statements 1,312.5 1,242.0 Fees payable to the Company\u00b4s auditors and its associates for other services: \u2022 The audit of the Company\u2019s subsidiaries 549.6 415.0 \u2022 Audit-related assurance services 1 98.0 200.0 \u2022 Other assurance services 2 241.0 \u2013 2,201.1 1,857.0 1. The audit-related assurance services relate to the half-year review performed by the auditors. 2. The other assurance services in 2022 related to the bond issue in that year, which required the Group to engage PwC to act as the reporting accountant for that transaction, work which is in effect required to be performed by the Group\u2019s auditors. Details of the Company\u2019s policy on the use of auditors for non-audit services: the reason why the auditor was used rather than another supplier and how the auditor\u2019s independence and objectivity was safeguarded are set out in the Audit and Risk Committee report on page 130. No services were provided pursuant to contingent fee arrangements",
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},
"fact-376": {
"value": "9 Employees A) Average monthly number of employees 2022 Number 2021 Number Los Pelambres 1,069 959 Centinela 2,408 2,226 Antucoya 852 817 Exploration and evaluation 60 71 Corporate and other employees \u2022 Chile 582 566 \u2022 United Kingdom 4 4 \u2022 Other 1 4 Mining and Corporate 4,976 4,647 Transport division 1,383 1,336 6,359 5,983 (i) The average number of employees for the year includes all the employees of subsidiaries. The average number of employees does not include contractors who are not directly employed by the Group. (ii) The average number of employees does not include employees from associates and joint ventures. B) Aggregate remuneration The aggregate remuneration of the employees included in the table above was as follows: 2022 $m 2021 $m Wages and salaries (448.5) (469.9) Social security costs (28.1) (28.1) (476.6) (498.0) C) Key management personnel In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any Directors (Executive and Non-Executive) of the Company. Key management personnel who are not Directors have been identified as responsible senior management at the Corporate Centre and those responsible for the running of the key business divisions of the Group. Compensation for key management personnel (including Directors) was as follows: 2022 $m 2021 $m Salaries and short-term employee benefits (25.0) (40.1) (25.0) (40.1) Disclosures on Directors\u2019 remuneration required by Schedule 8 of the Large and Medium-sized Companies and Group (Financial Statement) Regulations 2008, including those specified for audit by that Schedule, are included in the Remuneration report on pages 155 to 162. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-423": {
"value": "C) Key management personnel In accordance with IAS 24, key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any Directors (Executive and Non-Executive) of the Company. Key management personnel who are not Directors have been identified as responsible senior management at the Corporate Centre and those responsible for the running of the key business divisions of the Group. Compensation for key management personnel (including Directors) was as follows: 2022 $m 2021 $m Salaries and short-term employee benefits (25.0) (40.1) (25.0) (40.1) Disclosures on Directors\u2019 remuneration required by Schedule 8 of the Large and Medium-sized Companies and Group (Financial Statement) Regulations 2008, including those specified for audit by that Schedule, are included in the Remuneration report on pages 155 to 162. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "10 Net finance (Expense)/Income 2022 $m 2021 $m Investment income Interest income 19.8 3.4 Gains on liquid investments held at fair value through profit or loss 20.4 1.6 40.2 5.0 Interest expense Interest expense (78.6) (63.4) (78.6) (63.4) Other finance items Unwinding of discount on provisions (16.9) (6.2) Adjustment to provision discount rates \u2013 30.8 Effects of changes in foreign exchange rates (12.8) 49.9 Preference dividends (0.1) (0.1) (29.8) 74.4 Net finance (expense)/income (68.2) 16.0 During 2022, amounts capitalised and consequently not included within the above table were as follows: $47.0 million at Los Pelambres (year ended 31 December 2021 \u2013 $12.1 million) and $2.0 million at Centinela (year ended 31 December 2021 \u2013 $2.1 million). The interest expense shown above includes $7.1 million in respect of leases (2021 \u2013 $7.9 million). The interest paid in respect of leases $6.0 million (2021 \u2013 $6.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "10 Net finance (Expense)/Income 2022 $m 2021 $m Investment income Interest income 19.8 3.4 Gains on liquid investments held at fair value through profit or loss 20.4 1.6 40.2 5.0 Interest expense Interest expense (78.6) (63.4) (78.6) (63.4) Other finance items Unwinding of discount on provisions (16.9) (6.2) Adjustment to provision discount rates \u2013 30.8 Effects of changes in foreign exchange rates (12.8) 49.9 Preference dividends (0.1) (0.1) (29.8) 74.4 Net finance (expense)/income (68.2) 16.0 During 2022, amounts capitalised and consequently not included within the above table were as follows: $47.0 million at Los Pelambres (year ended 31 December 2021 \u2013 $12.1 million) and $2.0 million at Centinela (year ended 31 December 2021 \u2013 $2.1 million). The interest expense shown above includes $7.1 million in respect of leases (2021 \u2013 $7.9 million). The interest paid in respect of leases $6.0 million (2021 \u2013 $6.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-377": {
"value": "10 Net finance (Expense)/Income 2022 $m 2021 $m Investment income Interest income 19.8 3.4 Gains on liquid investments held at fair value through profit or loss 20.4 1.6 40.2 5.0 Interest expense Interest expense (78.6) (63.4) (78.6) (63.4) Other finance items Unwinding of discount on provisions (16.9) (6.2) Adjustment to provision discount rates \u2013 30.8 Effects of changes in foreign exchange rates (12.8) 49.9 Preference dividends (0.1) (0.1) (29.8) 74.4 Net finance (expense)/income (68.2) 16.0 During 2022, amounts capitalised and consequently not included within the above table were as follows: $47.0 million at Los Pelambres (year ended 31 December 2021 \u2013 $12.1 million) and $2.0 million at Centinela (year ended 31 December 2021 \u2013 $2.1 million). The interest expense shown above includes $7.1 million in respect of leases (2021 \u2013 $7.9 million). The interest paid in respect of leases $6.0 million (2021 \u2013 $6.5 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-378": {
"value": "11 Income tax expense The tax charge for the year comprised the following: 2022 $m 2021 $m Current tax charge \u2022 Corporate tax (principally first category tax in Chile) (340.4) (560.8) \u2022 Mining tax (royalty) (83.9) (250.0) \u2022 Withholding tax (24.5) (224.7) (448.8) (1,035.5) Deferred tax charge \u2022 Corporate tax (principally first category tax in Chile) (96.5) (237.4) \u2022 Mining tax (royalty) (9.8) 0.9 \u2022 Withholding tax (48.5) 29.7 (154.8) (206.8) Total tax charge (603.6) (1,242.3) The rate of first category (ie corporate) tax in Chile is 27.0% (2021 \u2013 27.0%). In addition to first category tax and the mining tax, the Group incurs withholding taxes on any remittance of profits from Chile. Withholding tax is levied on remittances of profits from Chile at 35% less first category (ie corporate) tax already paid in respect of the profits to which the remittances relate. The Group\u2019s mining operations are also subject to a mining tax (royalty). Production from Los Pelambres, Antucoya, Encuentro (oxides), the Tesoro North East pit and the Run-of-Mine processing at Centinela Cathodes is subject to a rate of between 5\u201314%, depending on the level of operating profit margin, and production from Centinela Concentrates and the Tesoro Central and Mirador pits at Centinela Cathodes is subject to a rate of 5% of taxable operating profit. The following table provides a numerical reconciliation between the accounting profit before tax multiplied by the applicable statutory tax rate and the total tax expense (including both current and deferred tax). Year ended 31 December 2022 Excluding exceptional items Year ended 31 December 2022 Including exceptional items Year ended 31 December 2021 Excluding exceptional items Year ended 31 December 2021 Including exceptional items $m % $m % $m %% $m % Profit before tax 1,614.2 2,558.9 3,654.7 3,477.1 Profit before tax multiplied by Chilean corporate tax rate of 27% (435.9) 27.0 (691.0) 27.0 (986.8) 27.0 (938.8) 27.0 Mining tax (royalty) (94.5) 5.8 (94.5) 3.7 (243.8) 6.7 (243.8) 7.0 Deduction of mining tax (royalty) as an allowable expense in determination of first category tax 23.1 (1.4) 23.1 (0.9) 67.8 (1.9) 67.8 (1.9) Items not deductible from first category tax (33.9) 2.1 (33.9) 1.3 (31.6) 0.9 (31.6) 0.9 Adjustment in respect of prior years (2.6) 0.1 (2.6) 0.1 (12.1) 0.3 (12.1) 0.3 Withholding tax (73.0) 4.6 (73.0) 2.9 (195.0) 5.3 (195.0) 5.6 Tax effect of share of profit of associates and joint ventures 13.0 (0.8) 13.0 (0.5) 16.1 (0.4) 16.1 (0.5) Impact of previously unrecognised tax losses on current tax 0.2 \u2013 0.2 \u2013 52.5 (1.4) 52.5 (1.5) Impact of recognition of previously unrecognised tax losses on deferred tax \u2013 \u2013 \u2013\u2013 \u2013 \u2013 90.6 (2.6) Provision against carrying value of assets \u2013 \u2013 \u2013\u2013 \u2013 \u2013 (48.0) 1.4 Gain on disposal of investment in joint venture \u2013 \u2013 255.1 (10.0) \u2013 \u2013 \u2013 \u2013 Tax expense and effective tax rate for the year (603.6) 37.4 (603.6) 23.6 (1,332.9) 36.5 (1,242.3) 35.7 The effective tax rate excluding exceptional items of 37.4% varied from the statutory rate principally due to the mining tax (royalty) (net impact of $71.4 million/4.4% including the deduction of the mining tax (royalty) as an allowable expense in the determination of first category tax), the withholding tax relating to the remittance of profits from Chile (impact of $73.0 million/4.6%), items not deductible for Chilean corporate tax purposes, principally the funding of expenses outside of Chile (impact of $33.9 million/2.1%), adjustments in respect of prior years (impact of $2.6 million/0.1%) and the impact of previously unrecognised tax losses (impact of $0.2 million/0%), partly offset by the impact of the recognition of the Group\u2019s share of profit from associates and joint ventures, which are included in the Group\u2019s profit before tax net of their respective tax charges (impact of $13.0 million/0.8%). The impact of the exceptional items on the effective tax rate including exceptional items was $255.1 million/10.0%. Further details of the exceptional gain on the disposal of the Group\u2019s investment in the Tethyan joint venture, including relevant tax aspects, are set out in Note 17. The main factors which could impact the sustainability of the Group\u2019s existing effective tax rate are: \u2022 In October 2022, the Chilean government announced its updated proposals for a comprehensive reform of the tax system, including proposed changes to the mining royalty. These proposals are subject to review and approval by the Chilean Congress, and so there is no certainty as to the exact nature of changes which may finally be enacted into law. \u2022 The level of future distributions made by the Group\u2019s Chilean subsidiaries out of Chile, which could result in increased withholding tax charges. When determining whether it is likely that distributions will be made in the foreseeable future, and what is the appropriate foreseeable future period for this purpose, the Group considers factors such as the predictability of the likely future Group dividends, taking into account the Group\u2019s dividend policy and the level of potential volatility of the Group\u2019s future earnings, as well as the current level of distributable reserves at the Antofagasta plc entity level. \u2022 The impact of expenses which are not deductible for Chilean first category tax. Some of these expenses are fixed costs, and so the relative impact of these expenses on the Group\u2019s effective tax rate will vary depending on the Group\u2019s total profit before tax in a particular year. The implementation of the OECD BEPS Pillar 2, which would introduce a minimum effective tax rate of 15% for multinational companies, will be applicable to the Group when brought into relevant legislation. The Group\u2019s operations are based in Chile and therefore currently subject to the Chilean first category (corporate) tax rate of 27%, plus withholding taxes on any remittance of profits from Chile. The Group has been assessing the potential impact of the draft UK legislation, and will complete that assessment when the legislation has been finalised. There are no significant tax uncertainties which would require critical judgements, estimates or potential provisions other than deferred tax judgements and estimates as explained in Note 3B. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-379": {
"value": "12 Earnings per share 2022 $m 2021 $m Profit for the period attributable to owners of the parent (excluding exceptional items) 588.3 1,404.4 Exceptional Items 944.7 (114.2) Profit for the period attributable to owners of the parent (including exceptional items) from operations 1,533.0 1,290.2 2022 Number 2021 Number Ordinary shares in issue throughout each year 985,856,695 985,856,695 2022 cents 2021 cents Basic earnings per share (excluding exceptional items) from operations 59.7 142.5 Basic earnings per share (exceptional items) from operations 95.8 (11.6) Basic earnings per share (including exceptional items) from operations 155.5 130.9 Basic earnings per share are calculated as profit after tax and non-controlling interests, based on 985,856,695 (2021: 985,856,695) ordinary shares. There was no potential dilution of earnings per share in either year set out above, and therefore diluted earnings per share did not differ from basic earnings per share as disclosed above. Reconciliation of basic earnings per share from continuing operations: 2022 2021 Profit for the year attributable to owners of the parent $m 1,533.0 1,290.2 Profit from continuing operations attributable to owners of the parent $m 1,533.0 1,290.2 Ordinary shares Number 985,856,695 985,856,695 Basic earnings per share from continuing operations cents 155.5 130.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-380": {
"value": "13 Dividends Amounts recognised as distributions to equity holders in the year: 22002222 $$mm 2021 $m 2022 cents per share 2021 cents per share Final dividend paid in June (proposed in relation to the previous year) \u2022 Ordinary 1,172.2 478.1 118.9 48.5 Interim dividend paid in September \u2022 Ordinary 90.7 232.7 9.2 23.6 1,262.9 710.8 128.1 72.1 The recommended final dividend for each year, which is subject to approval by shareholders at the Annual General Meeting and has therefore not been included as a liability in these financial statements, is as follows: 22002222 $$mm 2021 $m 2022 cents per share 2021 cents per share Final dividend proposed in relation to the year \u2022 Ordinary 497.6 1,172.1 50.5 118.9 Total dividends proposed in relation to 2022 (including the interim dividend) are 59.7 cents per share or $588.3 million (2021 \u2013 142.5 cents per share or $1,404.8 million). In accordance with IAS 32, preference dividends have been included within net finance expense (see Note 10) and amounted to $0.1 million (2021 \u2013 $0.1 million). Further details of the currency election timing and process (including the default currency of payment) are available on the Antofagasta plc website (www.antofagasta.co.uk) or from the Company\u2019s registrar, Computershare Investor Services PLC on +44 370 702 0159. Further details relating to dividends for each year are given in the Directors\u2019 Report on page 168. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "14 Intangible assets Cost $m Accumulated depreciation and impairment $m Net book value $m At 1 January 2021 150.1 \u2013 150.1 Provision against carrying value \u2013 (150.1) (150.1) At 31 December 2021 150.1 (150.1) \u2013 At 31 December 2022 150.1 (150.1) \u2013 The intangible asset relates to Twin Metals\u2019 mining licences assets (included within the corporate segment). As explained in note 3, a full impairment provision was recognised in respect of the $150.1 million cost of this asset as at 31 December 2021, as a result of the US federal government\u2019s cancellation of certain of Twin Metals\u2019 mining leases. Twin Metals believes it has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group is pursuing validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, a full impairment provision has been recognised in respect of the carrying value of the asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "14 Intangible assets Cost $m Accumulated depreciation and impairment $m Net book value $m At 1 January 2021 150.1 \u2013 150.1 Provision against carrying value \u2013 (150.1) (150.1) At 31 December 2021 150.1 (150.1) \u2013 At 31 December 2022 150.1 (150.1) \u2013 The intangible asset relates to Twin Metals\u2019 mining licences assets (included within the corporate segment). As explained in note 3, a full impairment provision was recognised in respect of the $150.1 million cost of this asset as at 31 December 2021, as a result of the US federal government\u2019s cancellation of certain of Twin Metals\u2019 mining leases. Twin Metals believes it has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group is pursuing validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, a full impairment provision has been recognised in respect of the carrying value of the asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "14 Intangible assets Cost $m Accumulated depreciation and impairment $m Net book value $m At 1 January 2021 150.1 \u2013 150.1 Provision against carrying value \u2013 (150.1) (150.1) At 31 December 2021 150.1 (150.1) \u2013 At 31 December 2022 150.1 (150.1) \u2013 The intangible asset relates to Twin Metals\u2019 mining licences assets (included within the corporate segment). As explained in note 3, a full impairment provision was recognised in respect of the $150.1 million cost of this asset as at 31 December 2021, as a result of the US federal government\u2019s cancellation of certain of Twin Metals\u2019 mining leases. Twin Metals believes it has a valid legal right to the mining leases and a strong case to defend its legal rights. Although the Group is pursuing validation of those rights, considering the time and uncertainty related to any legal action to challenge the government decisions, a full impairment provision has been recognised in respect of the carrying value of the asset. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "15 Property, plant and equipment Land $m Mining properties $m Stripping costs $m Buildings and infrastructure $m Railway track $m Wagons and rolling stock $m Machinery, equipment and others $m Assets under construction $m Right-of- use assets $m Total $m Cost At 1 January 2021 61.9 667.5 2,305.0 5,928.1 108.3 208.0 7,266.9 1,666.6 458.9 18,671.2 Additions \u2013 4.5 502.5 \u2013 \u2013 \u2013 3.9 1,283.2 61.8 1,855.9 Additions \u2013 capitalised depreciation \u2013 \u2013 72.0 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 72.0 Adjustment to capitalised decommissioning provisions \u2013 \u2013 \u2013 (119.9) \u2013 \u2013 \u2013 \u2013 \u2013 (119.9) Capitalisation of interest \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 14.2 \u2013 14.2 Capitalisation of critical spare parts \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.9 \u2013 \u2013 0.9 Reclassifications \u2013 \u2013 \u2013 1.4 14.5 5.8 4.7 (26.6) (2.8) (3.0) Asset disposals \u2013 \u2013 \u2013 (5.7) \u2013 (7.3) (32.0) (8.2) (17.6) (70.8) At 31 December 2021 61.9 672.0 2,879.5 5,803.9 122.8 206.5 7,244.4 2,929.2 500.3 20,420.5 At 1 January 2022 61.9 672.0 2,879.5 5,803.9 122.8 206.5 7,244.4 2,929.2 500.3 20,420.5 Additions \u2013 \u2013 582.5 \u2013 \u2013 \u2013 2.0 1,366.2 51.3 2,002.0 Additions \u2013 capitalised depreciation \u2013 \u2013 73.3 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 73.3 Adjustment to capitalised decommissioning provisions \u2013 \u2013 \u2013 173.8 \u2013 \u2013 \u2013 \u2013 \u2013 173.8 Capitalisation of interest \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 49.0 \u2013 49.0 Reclassifications \u2013 \u2013 \u2013 1.4 11.9 1.5 4.1 (15.8) (3.1) \u2013 Asset disposals \u2013 \u2013 \u2013 (0.2) \u2013 (0.6) (9.2) (5.9) (17.4) (33.3) At 31 December 2022 61.9 672.0 3,535.3 5,978.9 134.7 207.4 7,241.3 4,322.7 531.1 22,685.3 Accumulated depreciation and impairment At 1 January 2021 \u2013 (562.1) (1,117.1) (2,613.6) (38.5) (100.8) (4,139.8) \u2013 (247.4) (8,819.3) Charge for the year \u2013 (26.0) (255.3) (274.1) (5.9) (17.1) (418.7) \u2013 (81.6) (1,078.7) Depreciation capitalised in inventories \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 54.1 \u2013 \u2013 54.1 Depreciation capitalised in property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (72.0) \u2013 \u2013 (72.0) Reclassifications \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1.4 1.4 Impairment (25.0) \u2013 \u2013 (2.2) \u2013 \u2013 (0.3) \u2013 \u2013 (27.5) Asset disposals \u2013 \u2013 \u2013 \u2013 \u2013 6.4 36.0 \u2013 17.6 60.0 At 31 December 2021 (25.0) (588.1) (1,372.4) (2,889.9) (44.4) (111.5) (4,540.7) \u2013 (310.0) (9,882.0) At 1 January 2022 (25.0) (588.1) (1,372.4) (2,889.9) (44.4) (111.5) (4,540.7) \u2013 (310.0) (9,882.0) Charge for the year \u2013 (60.1) (352.8) (319.3) (7.8) (14.0) (293.2) \u2013 (93.9) (1,141.1) Depreciation capitalised in inventories \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (71.1) \u2013 \u2013 (71.1) Depreciation capitalised in property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (73.3) \u2013 \u2013 (73.3) Asset disposals \u2013 \u2013 \u2013 0.1 \u2013 0.6 7.6 \u2013 17.4 25.7 At 31 December 2022 (25.0) (648.2) (1,725.2) (3,209.1) (52.2) (124.9) (4,970.7) \u2013 (386.5) (11,141.8) Net book value At 31 December 2022 36.9 23.8 1,810.1 2,769.8 82.5 82.5 2,270.6 4,322.7 144.6 11,543.5 At 31 December 2021 36.9 83.9 1,507.1 2,914.0 78.4 95.0 2,703.7 2,929.2 190.3 10,538.5 The Group has no (2021 \u2013 nil) assets pledged as security against bank loans provided to the Group. At 31 December 2022, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to $845.1 million (2021 \u2013 $599.3 million) of which $445.4 million was related to Los Pelambres and $326.1 million to Centinela. The average interest rate for the amounts capitalised was 2.8% (2021 \u2013 1.9%). At 31 December 2022, the net book value of assets capitalised relating to the decommissioning provision was $212.1 million (2021 \u2013 $49.7 million). Depreciation capitalised in property, plant and equipment of $73.3 million related to the depreciation of assets used in mine development (operating stripping) at Centinela, Los Pelambres and Antucoya (2021 \u2013 $72.0 million). The Right-of-use assets includes office lease, vehicles, machinery and equipment. Expenses related to leases of low-value assets not shown as leases (included in operating costs) are $25.1 million for 2022 (2021 \u2013 $17.8 million). As explained in note 4, an impairment provision was recognised in 2021 for $27.5 million of property, plant and equipment relating to the Twin Metals project. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "16 Investments in subsidiaries The subsidiaries of the Group, the percentage of equity owned and the main country of operation are set out below. These interests are consolidated within these financial statements. Country of incorporation Country of operations Registered office Nature of business Economic interest at 2022 Economic interest at 2021 Direct subsidiaries of the Parent Company Antofagasta Railway Company plc UK Chile 1 Railway 100% 100% The Andes Trust Limited UK UK 1 Investment 100% 100% Andean LFMA Investment Limited (i) UK Chile 1 Investment 100% 100% Andes Re Limited Bermuda Bermuda 4 Insurance 100% 100% Alfa Estates Limited Jersey Jersey 3 Investment 100% 100% Indirect subsidiaries of the Parent Company Minera Los Pelambres SCM Chile Chile 2 Mining 60% 60% Minera Centinela SCM Chile Chile 2 Mining 70% 70% Minera Antucoya SCM Chile Chile 2 Mining 70% 70% Antofagasta Minerals SA Chile Chile 2 Mining 100% 100% Energ\u00eda Andina Geothermal SpA Chile Chile 2 Energy 100% 100% MLP Transmisi\u00f3n SA Chile Chile 2 Energy 100% 100% Sociedad Contractual Minera El Encierro (ii) Chile Chile 2 Mining 56.54% \u2013 Northern Minerals Investment (Jersey) Limited Jersey Jersey 3 Investment 100% 100% Northern Metals (UK) Limited UK UK 1 Investment 100% 100% Northern Minerals Holding Co USA USA 5 Investment 100% 100% Duluth Metals Limited Canada Canada 7 Investment 100% 100% Twin Metals (UK) Limited UK UK 1 Investment 100% 100% Twin Metals (USA) Inc USA USA 6 Investment 100% 100% Twin Metals Minnesota LLC USA USA 6 Mining 100% 100% Franconia Minerals (US) LLC USA USA 6 Mining 100% 100% Duluth Metals Holdings (USA) Inc USA USA 12 Investment 100% 100% Duluth Exploration (USA) Inc USA USA 13 Investment 100% 100% DMC LLC (Minnesota) USA USA 12 Investment 100% 100% DMC (USA) LLC (Delaware) USA USA 12 Investment 100% 100% DMC (USA) Corporation USA USA 12 Investment 100% 100% Antofagasta Investment Company Limited UK UK 1 Investment 100% 100% Minprop Limited Jersey Jersey 3 Mining 100% 100% Antomin 2 Limited BVI BVI 8 Mining 51% 51% Antomin Investors Limited BVI BVI 8 Mining 51% 51% Antofagasta Minerals Australia Pty Limited Australia Australia 9 Mining 100% 100% Minera Anaconda Peru SA Peru Peru 10 Mining 100% 100% Los Pelambres Holding Company Limited UK UK 1 Investment 100% 100% Los Pelambres Investment Company Limited UK UK 1 Investment 100% 100% Lamborn Land Co USA USA 5 Investment 100% 100% Anaconda South America Inc USA USA 14 Investment 100% 100% El Tesoro (SPV Bermuda) Limited Bermuda Bermuda 4 Investment 100% 100% Antofagasta Minerals Canada Canada Canada 9 Agency 100% 100% Antofagasta Minerals (Shanghai) Co. Limited China China 15 Agency 100% 100% Andes Investments Company (Jersey) Limited Jersey Jersey 3 Investment 100% 100% Bolivian Rail Investors Co Inc USA USA 5 Investment 100% 100% Inversiones Los Pelambres Chile Limitada Chile Chile 2 Investment 100% 100% Equatorial Resources SpA Chile Chile 2 Investment 100% 100% Minera Santa Margarita de Astillas SCM Chile Chile 2 Mining 82.0% 82.0% Country of incorporation Country of operations Registered office Nature of business Economic interest at 2022 Economic interest at 2021 Minera Penacho Blanco SA Chile Chile 2 Mining 66.6% 66.6% Michilla Costa SpA Chile Chile 2 Logistics 99.9% 99.9% Minera Pampa Fenix SCM Chile Chile 2 Investment 90.0% 90.0% Minera Mulpun Limitada Chile Chile 2 Mining 100% 100% Fundaci\u00f3n Minera Los Pelambres Chile Chile 2 Community development 100% 100% Inversiones Punta de Rieles Limitada Chile Chile 11 Investment 100% 100% Ferrocarril Antofagasta a Bolivia Chile Chile 11 Railway 100% 100% Inversiones Chilean Northern Mines Limitada Chile Chile 11 Investment 100% 100% The Andes Trust Chile SA Chile Chile 11 Investment 100% 100% Forestal SA Chile Chile 11 Forestry 100% 100% Servicios de Transportes Integrados Limitada Chile Chile 11 Road transport 100% 100% Inversiones Train Limitada Chile Chile 11 Investment 100% 100% Servicios Logisticos Capricornio Limitada Chile Chile 11 Transport 100% 100% Embarcadores Limitada Chile Chile 11 Transport 100% 100% FCAB Ingenieria y Servicios DosLimitada Chile Chile 11 Transport 100% 100% Inmobiliaria Parque Estaci\u00f3n S.A. Chile Chile 11 Real Estates 100% 100% Emisa Antofagasta SA Chile Chile 11 Transport 100% 100% (i) Name change from Chilean Northern Mines Limited to Andean LFMA Investment Limited (ii) Sociedad Contractual Minera El Encierro is a newly incorporated Group entity Registered offices: 1 103 Mount Street, London, W1K 2TJ, UK 2 Avenida Apoquindo N\u00b0 4001, Piso 18, Las Condes, Santiago, Chile 3 22 Grenville Street, St Helier, Jersey, JE4 8PX3, Channel Islands 4 Crawford House, 50 Cedar Avenue, Hamilton HM 11, Bermuda 5 1209 Orange Street, Wilmington, DE 19801, USA 6 6040 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 7 161 Bay Street, Suite 4320, Toronto, Ontario, M5J 2S1, Canada 8 PO Box 958, Road Town, Tortola VG1110, British Virgin Islands 9 Riparian Plaza, Level 28, 71 Eagle Street, Brisbane, Qld 4001, Australia 10 Avenida Paseo de la Republica N\u00ba 3245 Piso 3, Lima, Peru 11 Simon Bolivar 255, Antofagasta, Chile 12 6041 Earle Brown Drive, 480 Brooklyn Center, MN 55430, USA 13 1010 Dale Street N, St Paul, MN 55117-5603, USA 14 2711 Centerville Road, Suite 400, Wilmington, DE 19808, USA 15 Unit 3309, IFC 2, 8 Century Avenue, Shanghai, China With the exception of the Antofagasta Railway Company plc, all of the above Group companies have only one class of ordinary share capital in issue. The Antofagasta Railway Company plc has ordinary and preference share capital in issue, with the ordinary share capital representing 76% of the Company\u2019s total share capital, and the preference share capital representing 24%. Antofagasta plc holds 100% of both the ordinary and preference shares. The proportion of voting rights is proportional to the economic interest for the companies listed above. ",
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"fact-384": {
"value": "17 Disposal of investment in Tethyan joint venture On 15 December 2022, Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture. As a result of those agreements: \u2022 the Reko Diq project in Pakistan (the \u201cProject\u201d) was reconstituted in Reko Diq Mining Company (Private Limited) (\"RDMC\"). RDMC is the Pakistani registered subsidiary of Tethyan Copper Company Pty Limited (\"TCC\"), which is itself the Australian registered subsidiary of Atacama Copper Pty Limited (\u201cAtacama\u201d), the joint venture company registered in Australia and owned equally by the Company and Barrick Gold Corporation (\"Barrick\"); \u2022 a consortium of various Pakistani state-owned enterprises acquired shares in RDMC which holds the Project (the \"Sale\"); and \u2022 as the International Centre for Settlement of Investment Disputes (\"ICSID\") award (to TCC) was resolved by reconstituting the Project, TCC no longer has any rights or claims against the Governments of Pakistan and Balochistan arising from the suspension of the Project in 2011. The proceeds of the Sale which, together with accrued interest up to 15 December 2022 totalled US$946.0 million, are currently held by Atacama in a segregated interest-bearing account. Antofagasta and Barrick have agreed that the proceeds of this account, including all further interest received, less any Australian tax arising, will be distributed to the Antofagasta Group during 2023, on a date to be determined by Antofagasta. Atacama is seeking a binding private ruling to confirm that the Sale proceeds and their distribution to the Antofagasta Group will not be subject to Australian tax. The Australian corporate tax rate is 30%. Although Antofagasta will retain its shareholding in Atacama until the proceeds have been distributed, it no longer has any appointees on the board of the joint venture, is not entitled to exercise voting rights in Atacama, and is not required to provide any funding to, or permitted to receive any distributions from, Atacama other than the Sale proceeds. Antofagasta has therefore ceased to have an economic interest in Atacama and its subsidiaries as of 15 December 2022 other than being entitled from that date to receive an amount equal to the Sale proceeds and related interest less any Australian tax arising (whether before or after the distribution). Accordingly, Antofagasta has recognised a gain on disposal of its investment in the joint venture as at 15 December 2022 of $944.7 million, reflecting the Sale proceeds and related interest, working capital and other adjustments and the carrying value of the investment at that date. A receivable balance of $943.3 million in respect of the estimated proceeds due to Antofagasta has been recognised within Trade and other receivables in the balance sheet. ",
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"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "18 Investment in associates and joint ventures ATI (i) 2022 $m Minera Zald\u00edvar (ii) 2022 $m Tethyan Copper (iii) 2022 $m Total 2022 $m Balance at the beginning of the year 5.8 900.0 \u2013 905.8 Obligations on behalf of JV and associates at the beginning of the year \u2013 \u2013 (0.6) (0.6) Share of profit/(loss) before tax 2.0 69.3 (0.7) 70.6 Share of tax (0.5) (22.0) \u2013 (22.5) Share of profit/(loss) from JV and associates 1.5 47.3 (0.7) 48.1 Dividends receivable \u2013 (50.0) \u2013 (50.0) Disposal of investment in JV \u2013 \u2013 1.3 1.3 Balance at the end of the year 7.3 897.3 \u2013 904.6 Obligations on behalf of JV and associates at the end of the year \u2013 \u2013 \u2013 \u2013 ATI (i) 2021 $m Minera Zald\u00edvar (ii) 2021 $m Tethyan Copper (iii) 2021 $m Total 2021 $m Balance at the beginning of the year 5.6 909.0 \u2013 914.6 Obligations on behalf of JV and associates at the beginning of the year \u2013 \u2013 (1.1) (1.1) Capital contribution \u2013 \u2013 9.5 9.5 Share of profit/(loss) before tax 0.2 99.0 (9.0) 90.2 Share of tax \u2013 (30.5) \u2013 (30.5) Share of profit/(loss) from JV and associates 0.2 68.5 (9.0) 59.7 Dividends receivable \u2013 (77.5) \u2013 (77.5) Balance at the end of the year 5.8 900.0 \u2013 905.8 Obligations on behalf of JV and associates at the end of the year \u2013 \u2013 (0.6) (0.6) The investments, which are included in the $904.6 million balances at 31 December 2022, are set out below: Investment in associates (i) The Group\u2019s 30% interest in Antofagasta Terminal Internacional (\u201cATI\u201d), which operates a concession to manage installations in the port of Antofagasta. Investment in joint ventures (ii) The Group\u2019s 50% interest in Minera Zald\u00edvar SpA (\u201cZald\u00edvar\u201d). (iii) The Group had a 50% interest in Tethyan Copper Company Limited (\u201cTethyan\u201d), which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in the Islamic Republic of Pakistan (\u201cPakistan\u201d). As explained in Note 17, on 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture and is therefore no longer recognised as a joint venture by the Group. 18 Investment in associates and joint ventures continued As the net carrying value of the interest in Tethyan was negative, it was included within non-current liabilities, as the Group was liable for its share of the joint venture\u2019s obligations. Summarised financial information for the associates is as follows: ATI 2022 $m ATI 2021 $m Cash and cash equivalents 0.4 1.2 Current assets 18.2 13.7 Non-current assets 91.8 99.3 Current liabilities (19.3) (22.5) Non-current liabilities (69.5) (75.0) Revenue 55.2 47.2 Profit from continuing operations 5.1 1.3 Total comprehensive income 5.1 1.3 Summarised financial information for the joint ventures is as follows: Minera Zald\u00edvar 2022 $m Total 2022 $m Cash and cash equivalents 70.1 70.1 Current assets 1 661.8 661.8 Non-current assets 1,658.6 1,658.6 Current financial liabilities (excluding trade, other payables and provisions) (53.2) (53.2) Current liabilities (159.3) (159.3) Non-current financial liabilities (excluding trade, other payables and provisions) (68.3) (68.3) Non-current liabilities (203.3) (203.3) Revenue 783.4 783.4 Depreciation and amortisation (149.2) (149.2) Interest income 1.5 1.5 Interest expense (0.8) (0.8) Income tax expense (43.9) (43.9) Profit/(loss) after tax from continuing operations 94.6 94.6 Total comprehensive income/(expense) 94.6 94.6 1. The current assets include cash and cash equivalents Tethyan Copper 2021 $m Minera Zald\u00edvar 2021 $m Total 2021 $m Cash and cash equivalents 3.6 46.4 50.0 Current assets 1 3.6 664.0 667.6 Non-current assets \u2013 1,675.1 1,675.1 Current financial liabilities (excluding trade, other payables and provisions) \u2013 (54.3) (54.3) Current liabilities (5.1) (170.2) (175.3) Non-current financial liabilities (excluding trade, other payables and provisions) \u2013 (124.4) (124.4) Non-current liabilities (0.1) (155.1) (155.2) Revenue \u2013 849.2 849.2 Depreciation and amortisation (3.0) (160.4) (163.4) Interest income 2.0 0.3 2.3 Interest expense \u2013 (0.5) (0.5) Income tax expense \u2013 (62.1) (62.1) Loss/(profit) after tax from continuing operations (18.0) 137.1 119.1 Total comprehensive (expense)/income (18.0) 137.1 119.1 1. The current assets include cash and cash equivalents The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "18 Investment in associates and joint ventures ATI (i) 2022 $m Minera Zald\u00edvar (ii) 2022 $m Tethyan Copper (iii) 2022 $m Total 2022 $m Balance at the beginning of the year 5.8 900.0 \u2013 905.8 Obligations on behalf of JV and associates at the beginning of the year \u2013 \u2013 (0.6) (0.6) Share of profit/(loss) before tax 2.0 69.3 (0.7) 70.6 Share of tax (0.5) (22.0) \u2013 (22.5) Share of profit/(loss) from JV and associates 1.5 47.3 (0.7) 48.1 Dividends receivable \u2013 (50.0) \u2013 (50.0) Disposal of investment in JV \u2013 \u2013 1.3 1.3 Balance at the end of the year 7.3 897.3 \u2013 904.6 Obligations on behalf of JV and associates at the end of the year \u2013 \u2013 \u2013 \u2013 ATI (i) 2021 $m Minera Zald\u00edvar (ii) 2021 $m Tethyan Copper (iii) 2021 $m Total 2021 $m Balance at the beginning of the year 5.6 909.0 \u2013 914.6 Obligations on behalf of JV and associates at the beginning of the year \u2013 \u2013 (1.1) (1.1) Capital contribution \u2013 \u2013 9.5 9.5 Share of profit/(loss) before tax 0.2 99.0 (9.0) 90.2 Share of tax \u2013 (30.5) \u2013 (30.5) Share of profit/(loss) from JV and associates 0.2 68.5 (9.0) 59.7 Dividends receivable \u2013 (77.5) \u2013 (77.5) Balance at the end of the year 5.8 900.0 \u2013 905.8 Obligations on behalf of JV and associates at the end of the year \u2013 \u2013 (0.6) (0.6) The investments, which are included in the $904.6 million balances at 31 December 2022, are set out below: Investment in associates (i) The Group\u2019s 30% interest in Antofagasta Terminal Internacional (\u201cATI\u201d), which operates a concession to manage installations in the port of Antofagasta. Investment in joint ventures (ii) The Group\u2019s 50% interest in Minera Zald\u00edvar SpA (\u201cZald\u00edvar\u201d). (iii) The Group had a 50% interest in Tethyan Copper Company Limited (\u201cTethyan\u201d), which was a joint venture with Barrick Gold Corporation in respect of the Reko Diq project in the Islamic Republic of Pakistan (\u201cPakistan\u201d). As explained in Note 17, on 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture and is therefore no longer recognised as a joint venture by the Group. 18 Investment in associates and joint ventures continued As the net carrying value of the interest in Tethyan was negative, it was included within non-current liabilities, as the Group was liable for its share of the joint venture\u2019s obligations. Summarised financial information for the associates is as follows: ATI 2022 $m ATI 2021 $m Cash and cash equivalents 0.4 1.2 Current assets 18.2 13.7 Non-current assets 91.8 99.3 Current liabilities (19.3) (22.5) Non-current liabilities (69.5) (75.0) Revenue 55.2 47.2 Profit from continuing operations 5.1 1.3 Total comprehensive income 5.1 1.3 Summarised financial information for the joint ventures is as follows: Minera Zald\u00edvar 2022 $m Total 2022 $m Cash and cash equivalents 70.1 70.1 Current assets 1 661.8 661.8 Non-current assets 1,658.6 1,658.6 Current financial liabilities (excluding trade, other payables and provisions) (53.2) (53.2) Current liabilities (159.3) (159.3) Non-current financial liabilities (excluding trade, other payables and provisions) (68.3) (68.3) Non-current liabilities (203.3) (203.3) Revenue 783.4 783.4 Depreciation and amortisation (149.2) (149.2) Interest income 1.5 1.5 Interest expense (0.8) (0.8) Income tax expense (43.9) (43.9) Profit/(loss) after tax from continuing operations 94.6 94.6 Total comprehensive income/(expense) 94.6 94.6 1. The current assets include cash and cash equivalents Tethyan Copper 2021 $m Minera Zald\u00edvar 2021 $m Total 2021 $m Cash and cash equivalents 3.6 46.4 50.0 Current assets 1 3.6 664.0 667.6 Non-current assets \u2013 1,675.1 1,675.1 Current financial liabilities (excluding trade, other payables and provisions) \u2013 (54.3) (54.3) Current liabilities (5.1) (170.2) (175.3) Non-current financial liabilities (excluding trade, other payables and provisions) \u2013 (124.4) (124.4) Non-current liabilities (0.1) (155.1) (155.2) Revenue \u2013 849.2 849.2 Depreciation and amortisation (3.0) (160.4) (163.4) Interest income 2.0 0.3 2.3 Interest expense \u2013 (0.5) (0.5) Income tax expense \u2013 (62.1) (62.1) Loss/(profit) after tax from continuing operations (18.0) 137.1 119.1 Total comprehensive (expense)/income (18.0) 137.1 119.1 1. The current assets include cash and cash equivalents The above summarised financial information is based on the amounts included in the IFRS financial statements of the associate or joint venture (100% of the results or balances of the associate or joint venture, rather than the Group\u2019s proportionate share), after the Group\u2019s fair value adjustments and applying the Group\u2019s accounting policies . ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "19 Equity investments 2022 $m 2021 $m Balance at the beginning of the year 8.7 11.1 Acquisition 66.5 \u2013 Movement in fair value 15.8 (2.1) Foreign currency exchange differences (0.5) (0.3) Balance at the end of the year 90.5 8.7 Equity investments represent those investments which are not subsidiaries, associates or joint ventures and are not held for trading purposes. The fair value of all equity investments are based on quoted market prices. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "20 Inventories 2022 $m 2021 $m Current Raw materials and consumables 221.4 155.6 Work-in-progress 404.9 316.5 Finished goods 81.8 60.7 708.1 532.8 Non-current Work-in-progress 347.0 270.4 Total 1,055.1 803.2 During 2022, no net realisable value (\u201cNRV\u201d) adjustment has been recognised (2021 \u2013 nil). Non-current work-in-progress represents inventory expected to be processed more than 12 months after the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "21 Trade and other receivables Trade and other receivables do not generally carry any interest, are principally short term in nature and are normally stated at their nominal value less any impairment. Due in one year Due after one year Total 2022 $m 2021 $m 2022 $m 2021 $m 2022 $m 2021 $m Trade receivables 997.1 1,040.0 \u2013 \u2013 997.1 1,040.0 Other receivables 1 1,090.1 106.1 51.0 51.2 1,141.1 157.3 2,087.2 1,146.1 51.0 51.2 2,138.2 1,197.3 1. At 31 December 2022, the Other receivables balance includes the proceeds receivable in respect of the Group\u2019s disposal of its investment in the Tethyan joint venture. As detailed in Note 17, the proceeds are currently held by Atacama in a segregated interest-bearing account with an A+ rated bank. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. There is no material element which is interest-bearing, other than the Tethyan receivable noted above. Trade receivables include mark-to-market adjustments in respect of provisionally priced sales of copper and molybdenum concentrates which remain open as to final pricing. Further details of such adjustments are given in Note 7. Other receivables include employee loans of $49.3 million (31 December 2021 \u2013 $42.9 million). Movements in the expected credit loss provision were as follows: 2022 $m 2021 $m Balance at the beginning of the year (1.2) (1.5) Utilised in year 0.2 0.1 Foreign currency exchange difference \u2013 0.2 Balance at the end of the year (1.0) (1.2) The ageing analysis of the trade and other receivables balance is as follows: Up to date $m Up to 3 months past due $m 3-6 months past due $m More than 6 months past due $m Total excluding expected credit loss provision $m Expected credit loss provision $m Total $m 2022 2,098.8 36.8 1.2 2.4 2,139.2 (1.0) 2,138.2 2021 1,187.1 8.4 0.3 2.7 1,198.5 (1.2) 1,197.3 With respect to the trade receivables that are neither past due nor impaired, there are no indications that the debtors will not meet their payment obligations. The carrying value of the trade receivables recorded in the financial statements represents the Group\u2019s maximum exposure to credit risk. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "22 Cash and cash equivalents, and liquid investments The fair value of cash and cash equivalents, and liquid investments is not materially different from the carrying values presented. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Cash and cash equivalents, and liquid investments comprised: 2022 $m 2021 $m Cash and cash equivalents 810.4 743.4 Liquid investments 1,580.8 2,969.7 2,391.2 3,713.1 At 31 December 2022 and 2021 there is no cash which is subject to restriction. The denomination of cash, cash equivalents and liquid investments was as follows: 2022 $m 2021 $m US dollars 2,371.1 3,673.8 Chilean pesos 18.8 37.8 Sterling 1.0 1.2 Other 0.3 0.3 2,391.2 3,713.1 The credit quality of cash, cash equivalents and liquid investments are as follow: 2022 $m 2021 $m AAA 1,476.7 1,772.4 AA+ \u2013 2.2 AA \u2013 54.4 AA- 36.5 121.1 A+ 303.0 799.5 A 484.1 904.0 Subtotal 2,300.3 3,653.6 Cash at bank 1 90.9 59.5 Total cash, cash equivalents and liquid investments 2,391.2 3,713.1 1. Cash at bank is held with investment grade financial institutions. There have been no impairments recognised in respect of cash or cash equivalents in the year ended 31 December 2022 (31 December 2021 \u2013 nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "22 Cash and cash equivalents, and liquid investments The fair value of cash and cash equivalents, and liquid investments is not materially different from the carrying values presented. The credit risk on cash and cash equivalents is limited because the counterparties are banks with high credit ratings assigned by international credit rating agencies. Cash and cash equivalents, and liquid investments comprised: 2022 $m 2021 $m Cash and cash equivalents 810.4 743.4 Liquid investments 1,580.8 2,969.7 2,391.2 3,713.1 At 31 December 2022 and 2021 there is no cash which is subject to restriction. The denomination of cash, cash equivalents and liquid investments was as follows: 2022 $m 2021 $m US dollars 2,371.1 3,673.8 Chilean pesos 18.8 37.8 Sterling 1.0 1.2 Other 0.3 0.3 2,391.2 3,713.1 The credit quality of cash, cash equivalents and liquid investments are as follow: 2022 $m 2021 $m AAA 1,476.7 1,772.4 AA+ \u2013 2.2 AA \u2013 54.4 AA- 36.5 121.1 A+ 303.0 799.5 A 484.1 904.0 Subtotal 2,300.3 3,653.6 Cash at bank 1 90.9 59.5 Total cash, cash equivalents and liquid investments 2,391.2 3,713.1 1. Cash at bank is held with investment grade financial institutions. There have been no impairments recognised in respect of cash or cash equivalents in the year ended 31 December 2022 (31 December 2021 \u2013 nil). ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "23 Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows: Note 2022 $m 2021 $m Los Pelambres \u2022 Senior loan (i) (1,470.5) (1,188.3) \u2022 Leases (55.3) (54.8) Centinela \u2022 Senior loan (ii) (276.7) (386.8) \u2022 Leases (35.2) (59.8) Antucoya \u2022 Senior loan (iii) (223.5) (196.3) \u2022 Subordinated debt (iv) (171.5) (184.5) \u2022 Short-term loan \u2013 (35.0) \u2022 Leases (v) (16.5) (23.4) Corporate and other items \u2022 Senior loan (vi) \u2013 (497.3) \u2022 Bond (vii) (985.3) (496.1) \u2022 Leases (viii) (23.1) (20.4) Transport division \u2022 Senior loan (ix) (15.3) (25.8) \u2022 Leases (1.6) (1.4) Preference shares (ix) (2.5) (2.7) Total (3,277.0) (3,172.6) (i) The senior loan at Los Pelambres represents a $1,491 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 3 years and an interest rate of US LIBOR six-month rate plus 1.05%. The second tranche has a remaining duration of 6 years and an interest rate of US LIBOR six-month rate plus 0.85%. The third tranche has a remaining duration of 5.5 years and an interest rate of US LIBOR six-month rate plus 1.10%. The loans are subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (ii) The senior loan at Centinela represents a US dollar denominated syndicated loan with an amount outstanding of $278 million with a duration of 3 years and an interest rate of US LIBOR six-month rate plus 0.95%. The loan is subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $225 million. This loan has a remaining duration of 4 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (iv) The subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporate with a remaining duration of 4 years and an interest rate of US LIBOR six-month rate plus 3.65%. Subordinated debt provided by Group companies to Antucoya has been eliminated on consolidation. (v) The finance leases at Antucoya are denominated in US dollars with an average interest rate of US LIBOR six-month rate plus 2.0% and a remaining duration of 1.5 years. (vi) During the year ended 31 December 2022, Antofagasta plc made a $500 million repayment of the senior loan. (vii) The bonds at Corporate reflect two corporate bonds \u2013 a $500 million 2.375% corporate bond due in 2030 and a $500 million 5.625% corporate bond due in 2032. (viii) Finance leases at Corporate and other items are denominated in Unidades de Fomento (ie inflation-linked Chilean pesos) and have a remaining duration of 4 years and are at fixed rates with an average interest rate of 5.2%. (ix) The long-term loans at the Transport division are US dollar denominated, with an outstanding amount of $15 million and a remaining duration of 1 year and an interest rate of US LIBOR six-month rate plus 1.06%. (x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders, but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company. B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right of use assets relating to the leases \u2022 Note 32 B) \u2013 repayments of the lease balances and new lease liabilities arising during the period \u2022 Note 10 \u2013 interest expense in respect of the lease balances \u2022 Note 10 \u2013 cash paid relating to interest on lease C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows: At 31 December 2022 Chilean pesos $m Sterling $m US dollars $m 2022 Total $m Corporate loans (0.3) \u2013 (1,985.7) (1,986.0) Bond \u2013 \u2013 (985.3) (985.3) Other loans (including short-term loans) \u2013 \u2013 (171.5) (171.5) Leases (115.1) (3.9) (12.7) (131.7) Preference shares \u2013 (2.5) \u2013 (2.5) (115.4) (6.4) (3,155.2) (3,277.0) At 31 December 2021 Chilean pesos $m Sterling $m US dollars $m 2021 Total $m Corporate loans - - (2,294.5) (2,294.5) Bond - - (496.1) (496.1) Other loans (including short-term loans) - - (219.5) (219.5) Leases (113.5) (4.3) (42.0) (159.8) Preference shares - (2.7) - (2.7) (113.5) (7.0) (3,052.1) (3,172.6) D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows: At 31 December 2022 Fixed $m Floating $m 2022 Total $m Corporate loans (15.5) (1,970.5) (1,986.0) Bond (985.3) \u2013 (985.3) Other loans (including short-term loans) \u2013 (171.5) (171.5) Leases (125.7) (6.0) (131.7) Preference shares (2.5) \u2013 (2.5) (1,129.0) (2,148.0) (3,277.0) At 31 December 2021 Fixed $m Floating $m 2021 Total $m Corporate loans \u2013 (2,294.5) (2,294.5) Bond (496.1) \u2013 (496.1) Other loans (including short-term loans) \u2013 (219.5) (219.5) Leases (143.9) (15.9) (159.8) Preference shares (2.7) \u2013 (2.7) (642.7) (2,529.9) (3,172.6) 23 Borrowings and other financial liabilities continued E) Maturity profile The maturity profile of the Group\u2019s borrowings is as follows: At 31 December 2022 Within 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2022 Total $m Corporate loans (377.4) (531.7) (927.7) (149.2) (1986.0) Bond \u2013 \u2013 \u2013 (985.3) (985.3) Other loans \u2013 \u2013 (171.5) \u2013 (171.5) Leases (55.1) (39.5) (35.9) (1.2) (131.7) Preference shares \u2013 \u2013 \u2013 (2.5) (2.5) (432.5) (571.2) (1,135.1) (1,138.2) (3.277.0) At 31 December 2021 Within 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2021 Total $m Corporate loans (233.0) (367.0) (1,526.7) (167.8) (2,294.5) Bond \u2013 \u2013 \u2013 (496.1) (496.1) Other loans (35.0) \u2013 (184.5) \u2013 (219.5) Leases (69.9) (38.2) (51.7) \u2013 (159.8) Preference shares \u2013 \u2013 \u2013 (2.7) (2.7) (337.9) (405.2) (1,762.9) (666.6) (3,172.6) The amounts included above for leases are based on the present value of minimum lease payments. The total minimum lease payments for these leases may be analysed as follows: 2022 $m 2021 $m Within 1 year (62.1) (74.7) Between 1 \u2013 2 years (40.1) (40.5) Between 2 \u2013 5 years (37.6) (54.8) After 5 years (1.3) - Total minimum lease payments (141.1) (170.0) Less amounts representing finance charges 9.4 10.2 Present value of minimum lease payments (131.7) (159.8) All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. F) Financing Facilities On 30 December, 2022, Antofagasta plc agreed a revolving credit facility \u201cRCF\u201d of $500 million. This revolving credit facility has a term of three years, which expires on 30 December, 2025. The facility remained undrawn throughout 2022. Facility available Drawn Undrawn 2022 $m 2021 $m 2022 $m 2021 $m 2022 $m 2021 $m Revolving credit facility (500.0) \u2013 \u2013 \u2013 (500.0) \u2013 (500.0) \u2013 \u2013 \u2013 (500.0) \u2013 ",
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"fact-390": {
"value": "23 Borrowings and other financial liabilities A) Analysis by type of borrowing and other financial liabilities Borrowings and other financial liabilities may be analysed by business segment and type as follows: Note 2022 $m 2021 $m Los Pelambres \u2022 Senior loan (i) (1,470.5) (1,188.3) \u2022 Leases (55.3) (54.8) Centinela \u2022 Senior loan (ii) (276.7) (386.8) \u2022 Leases (35.2) (59.8) Antucoya \u2022 Senior loan (iii) (223.5) (196.3) \u2022 Subordinated debt (iv) (171.5) (184.5) \u2022 Short-term loan \u2013 (35.0) \u2022 Leases (v) (16.5) (23.4) Corporate and other items \u2022 Senior loan (vi) \u2013 (497.3) \u2022 Bond (vii) (985.3) (496.1) \u2022 Leases (viii) (23.1) (20.4) Transport division \u2022 Senior loan (ix) (15.3) (25.8) \u2022 Leases (1.6) (1.4) Preference shares (ix) (2.5) (2.7) Total (3,277.0) (3,172.6) (i) The senior loan at Los Pelambres represents a $1,491 million US dollar denominated syndicated loan divided in three tranches. The first tranche has a remaining duration of 3 years and an interest rate of US LIBOR six-month rate plus 1.05%. The second tranche has a remaining duration of 6 years and an interest rate of US LIBOR six-month rate plus 0.85%. The third tranche has a remaining duration of 5.5 years and an interest rate of US LIBOR six-month rate plus 1.10%. The loans are subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (ii) The senior loan at Centinela represents a US dollar denominated syndicated loan with an amount outstanding of $278 million with a duration of 3 years and an interest rate of US LIBOR six-month rate plus 0.95%. The loan is subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (iii) The senior loan at Antucoya represents a US dollar denominated syndicated loan with an amount outstanding of $225 million. This loan has a remaining duration of 4 years and has an interest rate of Term SOFR six-month rate plus 1.40%. The loan is subject to financial covenants which require that specified net debt to EBITDA and EBITDA to finance expense ratios are maintained. (iv) The subordinated debt at Antucoya is US dollar denominated, provided to Antucoya by Marubeni Corporate with a remaining duration of 4 years and an interest rate of US LIBOR six-month rate plus 3.65%. Subordinated debt provided by Group companies to Antucoya has been eliminated on consolidation. (v) The finance leases at Antucoya are denominated in US dollars with an average interest rate of US LIBOR six-month rate plus 2.0% and a remaining duration of 1.5 years. (vi) During the year ended 31 December 2022, Antofagasta plc made a $500 million repayment of the senior loan. (vii) The bonds at Corporate reflect two corporate bonds \u2013 a $500 million 2.375% corporate bond due in 2030 and a $500 million 5.625% corporate bond due in 2032. (viii) Finance leases at Corporate and other items are denominated in Unidades de Fomento (ie inflation-linked Chilean pesos) and have a remaining duration of 4 years and are at fixed rates with an average interest rate of 5.2%. (ix) The long-term loans at the Transport division are US dollar denominated, with an outstanding amount of $15 million and a remaining duration of 1 year and an interest rate of US LIBOR six-month rate plus 1.06%. (x) The preference shares are Sterling-denominated and issued by Antofagasta plc. There are 2 million shares of \u00a31 each authorised, issued and fully paid. The preference shares are non-redeemable and are entitled to a fixed cumulative dividend of 5% per annum. On winding up they are entitled to repayment and any arrears of dividend in priority to ordinary shareholders, but are not entitled to participate further in any surplus. Each preference share carries 100 votes in any general meeting of the Company. B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right of use assets relating to the leases \u2022 Note 32 B) \u2013 repayments of the lease balances and new lease liabilities arising during the period \u2022 Note 10 \u2013 interest expense in respect of the lease balances \u2022 Note 10 \u2013 cash paid relating to interest on lease C) Analysis of borrowings and other financial liabilities by currency The exposure of the Group\u2019s borrowings to currency risk is as follows: At 31 December 2022 Chilean pesos $m Sterling $m US dollars $m 2022 Total $m Corporate loans (0.3) \u2013 (1,985.7) (1,986.0) Bond \u2013 \u2013 (985.3) (985.3) Other loans (including short-term loans) \u2013 \u2013 (171.5) (171.5) Leases (115.1) (3.9) (12.7) (131.7) Preference shares \u2013 (2.5) \u2013 (2.5) (115.4) (6.4) (3,155.2) (3,277.0) At 31 December 2021 Chilean pesos $m Sterling $m US dollars $m 2021 Total $m Corporate loans - - (2,294.5) (2,294.5) Bond - - (496.1) (496.1) Other loans (including short-term loans) - - (219.5) (219.5) Leases (113.5) (4.3) (42.0) (159.8) Preference shares - (2.7) - (2.7) (113.5) (7.0) (3,052.1) (3,172.6) D) Analysis of borrowings and other financial liabilities by type of interest rate The exposure of the Group\u2019s borrowings to interest rate risk is as follows: At 31 December 2022 Fixed $m Floating $m 2022 Total $m Corporate loans (15.5) (1,970.5) (1,986.0) Bond (985.3) \u2013 (985.3) Other loans (including short-term loans) \u2013 (171.5) (171.5) Leases (125.7) (6.0) (131.7) Preference shares (2.5) \u2013 (2.5) (1,129.0) (2,148.0) (3,277.0) At 31 December 2021 Fixed $m Floating $m 2021 Total $m Corporate loans \u2013 (2,294.5) (2,294.5) Bond (496.1) \u2013 (496.1) Other loans (including short-term loans) \u2013 (219.5) (219.5) Leases (143.9) (15.9) (159.8) Preference shares (2.7) \u2013 (2.7) (642.7) (2,529.9) (3,172.6) 23 Borrowings and other financial liabilities continued E) Maturity profile The maturity profile of the Group\u2019s borrowings is as follows: At 31 December 2022 Within 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2022 Total $m Corporate loans (377.4) (531.7) (927.7) (149.2) (1986.0) Bond \u2013 \u2013 \u2013 (985.3) (985.3) Other loans \u2013 \u2013 (171.5) \u2013 (171.5) Leases (55.1) (39.5) (35.9) (1.2) (131.7) Preference shares \u2013 \u2013 \u2013 (2.5) (2.5) (432.5) (571.2) (1,135.1) (1,138.2) (3.277.0) At 31 December 2021 Within 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2021 Total $m Corporate loans (233.0) (367.0) (1,526.7) (167.8) (2,294.5) Bond \u2013 \u2013 \u2013 (496.1) (496.1) Other loans (35.0) \u2013 (184.5) \u2013 (219.5) Leases (69.9) (38.2) (51.7) \u2013 (159.8) Preference shares \u2013 \u2013 \u2013 (2.7) (2.7) (337.9) (405.2) (1,762.9) (666.6) (3,172.6) The amounts included above for leases are based on the present value of minimum lease payments. The total minimum lease payments for these leases may be analysed as follows: 2022 $m 2021 $m Within 1 year (62.1) (74.7) Between 1 \u2013 2 years (40.1) (40.5) Between 2 \u2013 5 years (37.6) (54.8) After 5 years (1.3) - Total minimum lease payments (141.1) (170.0) Less amounts representing finance charges 9.4 10.2 Present value of minimum lease payments (131.7) (159.8) All leases are on a fixed payment basis and no arrangements have been entered into for contingent rental payments. F) Financing Facilities On 30 December, 2022, Antofagasta plc agreed a revolving credit facility \u201cRCF\u201d of $500 million. This revolving credit facility has a term of three years, which expires on 30 December, 2025. The facility remained undrawn throughout 2022. Facility available Drawn Undrawn 2022 $m 2021 $m 2022 $m 2021 $m 2022 $m 2021 $m Revolving credit facility (500.0) \u2013 \u2013 \u2013 (500.0) \u2013 (500.0) \u2013 \u2013 \u2013 (500.0) \u2013 ",
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"fact-437": {
"value": "B) Leases Information in respect of the Group\u2019s leases is contained in the following notes: \u2022 Note 15 \u2013 depreciation charges, additions and disposals in respect of the right of use assets relating to the leases \u2022 Note 32 B) \u2013 repayments of the lease balances and new lease liabilities arising during the period \u2022 Note 10 \u2013 interest expense in respect of the lease balances \u2022 Note 10 \u2013 cash paid relating to interest on lease ",
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"fact-391": {
"value": "24 Trade and other payables Due in one year Due after one year Total 2022 $m 2021 $m 2022 $m 2021 $m 2022 $m 2021 $m Trade creditors (751.5) (579.5) \u2013 \u2013 (751.5) (579.5) Other creditors and accruals (328.2) (249.6) (8.0) (16.8) (336.2) (266.4) (1,079.7) (829.1) (8.0) (16.8) (1,087.7) (845.9) Trade creditors and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. Other creditors are mainly related to property plant and equipment payables, finance interest and employee retentions. The average credit period taken for trade purchases is 18 days (2021 \u2013 20 days). ",
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"fact-392": {
"value": "25 Financial instruments and financial risk management A) Categories of financial instruments The carrying value of financial assets and financial liabilities is shown below: 2022 $m At fair value through profit and loss At fair value through other comprehensive income Held at amortised cost Total Financial assets Equity investments \u2013 90.5 \u2013 90.5 Trade and other receivables 897.2 \u2013 1,047.5 1,944.7 Cash and cash equivalents 8.5 \u2013 801.9 810.4 Liquid investments 1,580.8 \u2013 \u2013 1,580.8 2,486.5 90.5 1,849.4 4,426.4 Financial liabilities Borrowings and leases \u2013 \u2013 (3,277.0) (3,277.0) Trade and other payables \u2013 \u2013 (1,067.3) (1,067.3) \u2013 \u2013 (4,344.3) (4,344.3) 2021 $m At fair value through profit and loss At fair value through other comprehensive income Held at amortised cost Total Financial assets Equity investments \u2013 8.7 \u2013 8.7 Trade and other receivables 1,011.7 \u2013 83.3 1,095.0 Cash and cash equivalents \u2013 \u2013 743.4 743.4 Liquid investments 2,969.7 \u2013 \u2013 2,969.7 3,981.4 8.7 826.7 4,816.8 Financial liabilities Trade and other payables \u2013 \u2013 (835.6) (835.6) Borrowings and leases \u2013 \u2013 (3,172.6) (3,172.6) \u2013 \u2013 (4,008.2) (4,008.2) The fair value of the fixed rate bonds included within the \u201cBorrowings and leases\u201d category was $899.4 million at 31 December 2022 compared with its carrying value of $985.3 million. The fair value of all other financial assets and financial liabilities carried at amortised cost approximates the carrying value presented above. The Group has the following financial instruments: 2022 $m 2021 $m Financial assets Trade and other receivables (non-current) per balance sheet 51.0 51.2 Trade and other receivables (current) per balance sheet 2,087.2 1,146.1 Total trade and other receivables per balance sheet 2,138.2 1,197.3 Less: non-financial assets (including prepayments and VAT receivables) (193.5) (102.3) Total trade and other receivables (financial assets) 1,944.7 1,095.0 Financial liabilities Trade and other payables (current) per balance sheet (1,079.7) (829.1) Trade and other payables (non-current) per balance sheet (8.0) (16.8) Total trade and other payables per balance sheet (1,087.7) (845.9) Less: non-financial liabilities (including VAT payables) 20.4 10.3 Total trade and other payables (financial liabilities) (1,067.3) (835.6) 25 Financial instruments and financial risk management continued B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below: Level 1 $m Level 2 $m Level 3 $m Total 2022 $m Financial assets Equity investments (a) 90.5 \u2013 \u2013 90.5 Trade and other receivables (b) \u2013 897.2 \u2013 897.2 Cash and cash equivalents (c) 8.5 8.5 Liquid investment (d) \u2013 1,580.8 \u2013 1,580.8 99.0 2,478.0 \u2013 2,577.0 Level 1 $m Level 2 $m Level 3 $m Total 2021 $m Financial assets Equity investments (a) 8.7 \u2013 \u2013 8.7 Trade and other receivables (b) \u2013 1,011.7 \u2013 1,011.7 Liquid investment (d) \u2013 2,969.7 \u2013 2,969.7 8.7 3,981.4 \u2013 3,990.1 Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while period-end average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below. d) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2022, there were no transfers between levels in the hierarchy. C) Financial risk management The Group\u2019s activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Group periodically uses derivative financial instruments, to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Board of Directors is responsible for overseeing the Group\u2019s risk management framework. The Audit and Risk Committee assists the Board with its review of the effectiveness of the risk management process, and monitoring of key risks and mitigations. The Internal Audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. (I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales, which remain open as to final pricing. In 2022, sales of copper and molybdenum concentrate and copper cathodes represented 90.4% of Group revenue and therefore revenues and earnings depend significantly on LME and realised copper prices. The Group periodically uses futures and min-max options to manage its exposure to copper prices. These instruments may give rise to accounting volatility due to fluctuations in their fair value prior to the maturity of the instruments. Details of those copper and molybdenum concentrate sales and copper cathode sales, which remain open as to final pricing, are given in Note 7. Commodity price sensitivity The sensitivity analysis below shows the impact of a movement in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $19.8 million (2021 \u2013 increase by $18.4 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $19.8 million (2021 \u2013 decrease by $18.4 million). In addition, a movement in the average copper price during the year would impact revenue and earnings. A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $58.7 million (2021 \u2013 $64.8 million) and earnings per share by 6.0 cents (2021 \u2013 6.6 cents), based on production volumes in 2022, without taking into account the effects of provisional pricing. A $1 /lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $9.5 million (2021 \u2013 $9.2 million), and earnings per share by 1.0 cents (2021 \u2013 0.9 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by $11.6 million (2021 \u2013 $11.5 million), and earnings per share by 1.2 cents (2021 \u2013 1.2 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. (II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally in Chile) as well as those currencies in which the costs of imported goods and services are determined. After the US dollar, the Chilean peso is the most important currency influencing costs and to a lesser extent sales. Given the significance of the US dollar to the Group\u2019s operations, this is the presentational currency of the Group for internal and external reporting. The US dollar is also the currency for borrowing and holding surplus cash, although a portion of this may be held in other currencies, notably Chilean pesos and Sterling, to meet short-term operating and capital commitments and dividend payments. When considered appropriate, the Group uses forward exchange contracts and currency swaps to limit the effects of movements in exchange rates in foreign currency denominated assets and liabilities. The Group may also use these instruments to reduce currency exposure on future transactions and cash flows. Details of any exchange rate derivatives entered by the Group in the year are given in Note 25(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 22, and the currency exposure of the Group\u2019s borrowings is given in Note 23(C). The effects of exchange gains and losses included in the income statement are given in Note 10. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity on page 182. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of monetary financial instruments (including cash, cash equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments. The calculation assumes that all other variables, such as interest rates, remain constant. If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $19.1 million (2021 \u2013 increase of $6.1 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have decreased by $23.3 million (2021 \u2013 decrease of $7.4 million). (III) Interest rate risk The Group\u2019s policy is generally to borrow and invest cash at floating rates. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. Details of any interest rate derivatives entered into by the Group are given in Note 23(D). The Interest rate exposure of the Group\u2019s borrowings is given in Note 23. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the financial instruments held as at the reporting date, profit attributable to the owners of the parent would have decreased by $3.3 million (2021 \u2013 decrease of $6.4 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. (IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $9.1 million (2021 \u2013 increase of $0.9 million). There would have been no impact on the income statement. 25 Financial instruments and financial risk management continued (V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. Further information on production and sales levels and operating costs are given in the Operating review on pages 76 to 93. (VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. Outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 21). The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. (VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours. At the end of 2022, the Group was in a net debt position (2021 \u2013 net cash position), as disclosed in Note 32(C). Details of cash, cash equivalents and liquid investments are given in Note 22, while details of borrowings including the maturity profile are given in Note 23(E). Details of undrawn committed borrowing facilities are also given in Note 23. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. At 31 December 2022 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2022 Total $m Corporate loans (475.7) (609.4) (1,017.8) (163.3) (2,266.2) Other loans (including short-term loans and bond) (60.5) (40.0) (290.8) (1,176.3) (1,567.6) Leases (62.1) (40.4) (37.9) (1.3) (141.7) Preference shares* (0.1) (0.1) (0.3) (2.5) (3.0) Trade and other payables (1,079.8) (4.0) (3.9) \u2013 (1,087.7) (1,678.2) (693.9) (1,350.7) (1,343.4) (5,066.2) At 31 December 2021 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2021 Total $m Corporate loans (267.1) (398.5) (1,574.8) (170.6) (2,411.0) Other loans (including short-term loans and bond) (47.0) (11.9) (242.7) (555.5) (857.1) Leases (74.7) (40.5) (54.5) \u2013 (169.7) Preference shares* (0.1) (0.1) (0.3) (2.7) (3.2) Trade and other payables (829.1) (16.8) \u2013 \u2013 (845.9) (1,218.0) (467.8) (1,872.3) (728.8) (4,286.9) * The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. (VIII) Capital risk management The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy remains unchanged. The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings) which was net debt of $885.8 million at 31 December 2022 (2021 \u2013 net cash $540.5 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $2,391.2 million at 31 December 2022 (2021 \u2013 $3,713.1 million). The Group\u2019s total cash is held in a combination of on demand and term deposits and managed funds investing in high quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however they are included in net cash for monitoring and decision-making purposes. The Group has a risk averse investment strategy. The Group\u2019s borrowings are detailed in Note 23. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants: 1) Net Financial Debt/EBITDA 2) EBITDA/Interest Expense 3) Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) The Group has complied with these covenants throughout the reporting period. D) Derivative financial instruments The Group periodically uses derivative financial instruments, to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 \u201cFinancial Instruments\u201d. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in the income statement in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in the income statement. Realised gains and losses on commodity derivatives recognised in the income statement have been recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Realised gains and losses and changes in the fair value of exchange and interest derivatives are recognised within other finance items for those derivatives where hedge accounting has not been applied. When hedge accounting has been applied, the realised gains and losses on exchange and interest derivatives are recognised within other finance items and interest expense respectively. All derivatives were closed in 2021 and there are none entered into in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "25 Financial instruments and financial risk management A) Categories of financial instruments The carrying value of financial assets and financial liabilities is shown below: 2022 $m At fair value through profit and loss At fair value through other comprehensive income Held at amortised cost Total Financial assets Equity investments \u2013 90.5 \u2013 90.5 Trade and other receivables 897.2 \u2013 1,047.5 1,944.7 Cash and cash equivalents 8.5 \u2013 801.9 810.4 Liquid investments 1,580.8 \u2013 \u2013 1,580.8 2,486.5 90.5 1,849.4 4,426.4 Financial liabilities Borrowings and leases \u2013 \u2013 (3,277.0) (3,277.0) Trade and other payables \u2013 \u2013 (1,067.3) (1,067.3) \u2013 \u2013 (4,344.3) (4,344.3) 2021 $m At fair value through profit and loss At fair value through other comprehensive income Held at amortised cost Total Financial assets Equity investments \u2013 8.7 \u2013 8.7 Trade and other receivables 1,011.7 \u2013 83.3 1,095.0 Cash and cash equivalents \u2013 \u2013 743.4 743.4 Liquid investments 2,969.7 \u2013 \u2013 2,969.7 3,981.4 8.7 826.7 4,816.8 Financial liabilities Trade and other payables \u2013 \u2013 (835.6) (835.6) Borrowings and leases \u2013 \u2013 (3,172.6) (3,172.6) \u2013 \u2013 (4,008.2) (4,008.2) The fair value of the fixed rate bonds included within the \u201cBorrowings and leases\u201d category was $899.4 million at 31 December 2022 compared with its carrying value of $985.3 million. The fair value of all other financial assets and financial liabilities carried at amortised cost approximates the carrying value presented above. The Group has the following financial instruments: 2022 $m 2021 $m Financial assets Trade and other receivables (non-current) per balance sheet 51.0 51.2 Trade and other receivables (current) per balance sheet 2,087.2 1,146.1 Total trade and other receivables per balance sheet 2,138.2 1,197.3 Less: non-financial assets (including prepayments and VAT receivables) (193.5) (102.3) Total trade and other receivables (financial assets) 1,944.7 1,095.0 Financial liabilities Trade and other payables (current) per balance sheet (1,079.7) (829.1) Trade and other payables (non-current) per balance sheet (8.0) (16.8) Total trade and other payables per balance sheet (1,087.7) (845.9) Less: non-financial liabilities (including VAT payables) 20.4 10.3 Total trade and other payables (financial liabilities) (1,067.3) (835.6) 25 Financial instruments and financial risk management continued B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below: Level 1 $m Level 2 $m Level 3 $m Total 2022 $m Financial assets Equity investments (a) 90.5 \u2013 \u2013 90.5 Trade and other receivables (b) \u2013 897.2 \u2013 897.2 Cash and cash equivalents (c) 8.5 8.5 Liquid investment (d) \u2013 1,580.8 \u2013 1,580.8 99.0 2,478.0 \u2013 2,577.0 Level 1 $m Level 2 $m Level 3 $m Total 2021 $m Financial assets Equity investments (a) 8.7 \u2013 \u2013 8.7 Trade and other receivables (b) \u2013 1,011.7 \u2013 1,011.7 Liquid investment (d) \u2013 2,969.7 \u2013 2,969.7 8.7 3,981.4 \u2013 3,990.1 Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while period-end average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below. d) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2022, there were no transfers between levels in the hierarchy. C) Financial risk management The Group\u2019s activities expose it to a variety of financial risks: market risk (including commodity price risk, currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Group periodically uses derivative financial instruments, to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Board of Directors is responsible for overseeing the Group\u2019s risk management framework. The Audit and Risk Committee assists the Board with its review of the effectiveness of the risk management process, and monitoring of key risks and mitigations. The Internal Audit department undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit and Risk Committee. (I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales, which remain open as to final pricing. In 2022, sales of copper and molybdenum concentrate and copper cathodes represented 90.4% of Group revenue and therefore revenues and earnings depend significantly on LME and realised copper prices. The Group periodically uses futures and min-max options to manage its exposure to copper prices. These instruments may give rise to accounting volatility due to fluctuations in their fair value prior to the maturity of the instruments. Details of those copper and molybdenum concentrate sales and copper cathode sales, which remain open as to final pricing, are given in Note 7. Commodity price sensitivity The sensitivity analysis below shows the impact of a movement in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $19.8 million (2021 \u2013 increase by $18.4 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $19.8 million (2021 \u2013 decrease by $18.4 million). In addition, a movement in the average copper price during the year would impact revenue and earnings. A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $58.7 million (2021 \u2013 $64.8 million) and earnings per share by 6.0 cents (2021 \u2013 6.6 cents), based on production volumes in 2022, without taking into account the effects of provisional pricing. A $1 /lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $9.5 million (2021 \u2013 $9.2 million), and earnings per share by 1.0 cents (2021 \u2013 0.9 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by $11.6 million (2021 \u2013 $11.5 million), and earnings per share by 1.2 cents (2021 \u2013 1.2 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. (II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally in Chile) as well as those currencies in which the costs of imported goods and services are determined. After the US dollar, the Chilean peso is the most important currency influencing costs and to a lesser extent sales. Given the significance of the US dollar to the Group\u2019s operations, this is the presentational currency of the Group for internal and external reporting. The US dollar is also the currency for borrowing and holding surplus cash, although a portion of this may be held in other currencies, notably Chilean pesos and Sterling, to meet short-term operating and capital commitments and dividend payments. When considered appropriate, the Group uses forward exchange contracts and currency swaps to limit the effects of movements in exchange rates in foreign currency denominated assets and liabilities. The Group may also use these instruments to reduce currency exposure on future transactions and cash flows. Details of any exchange rate derivatives entered by the Group in the year are given in Note 25(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 22, and the currency exposure of the Group\u2019s borrowings is given in Note 23(C). The effects of exchange gains and losses included in the income statement are given in Note 10. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity on page 182. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of monetary financial instruments (including cash, cash equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments. The calculation assumes that all other variables, such as interest rates, remain constant. If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $19.1 million (2021 \u2013 increase of $6.1 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have decreased by $23.3 million (2021 \u2013 decrease of $7.4 million). (III) Interest rate risk The Group\u2019s policy is generally to borrow and invest cash at floating rates. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. Details of any interest rate derivatives entered into by the Group are given in Note 23(D). The Interest rate exposure of the Group\u2019s borrowings is given in Note 23. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the financial instruments held as at the reporting date, profit attributable to the owners of the parent would have decreased by $3.3 million (2021 \u2013 decrease of $6.4 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. (IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $9.1 million (2021 \u2013 increase of $0.9 million). There would have been no impact on the income statement. 25 Financial instruments and financial risk management continued (V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. Further information on production and sales levels and operating costs are given in the Operating review on pages 76 to 93. (VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. Outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 21). The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. (VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours. At the end of 2022, the Group was in a net debt position (2021 \u2013 net cash position), as disclosed in Note 32(C). Details of cash, cash equivalents and liquid investments are given in Note 22, while details of borrowings including the maturity profile are given in Note 23(E). Details of undrawn committed borrowing facilities are also given in Note 23. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. At 31 December 2022 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2022 Total $m Corporate loans (475.7) (609.4) (1,017.8) (163.3) (2,266.2) Other loans (including short-term loans and bond) (60.5) (40.0) (290.8) (1,176.3) (1,567.6) Leases (62.1) (40.4) (37.9) (1.3) (141.7) Preference shares* (0.1) (0.1) (0.3) (2.5) (3.0) Trade and other payables (1,079.8) (4.0) (3.9) \u2013 (1,087.7) (1,678.2) (693.9) (1,350.7) (1,343.4) (5,066.2) At 31 December 2021 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2021 Total $m Corporate loans (267.1) (398.5) (1,574.8) (170.6) (2,411.0) Other loans (including short-term loans and bond) (47.0) (11.9) (242.7) (555.5) (857.1) Leases (74.7) (40.5) (54.5) \u2013 (169.7) Preference shares* (0.1) (0.1) (0.3) (2.7) (3.2) Trade and other payables (829.1) (16.8) \u2013 \u2013 (845.9) (1,218.0) (467.8) (1,872.3) (728.8) (4,286.9) * The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. (VIII) Capital risk management The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy remains unchanged. The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings) which was net debt of $885.8 million at 31 December 2022 (2021 \u2013 net cash $540.5 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $2,391.2 million at 31 December 2022 (2021 \u2013 $3,713.1 million). The Group\u2019s total cash is held in a combination of on demand and term deposits and managed funds investing in high quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however they are included in net cash for monitoring and decision-making purposes. The Group has a risk averse investment strategy. The Group\u2019s borrowings are detailed in Note 23. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants: 1) Net Financial Debt/EBITDA 2) EBITDA/Interest Expense 3) Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) The Group has complied with these covenants throughout the reporting period. D) Derivative financial instruments The Group periodically uses derivative financial instruments, to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 \u201cFinancial Instruments\u201d. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in the income statement in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in the income statement. Realised gains and losses on commodity derivatives recognised in the income statement have been recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Realised gains and losses and changes in the fair value of exchange and interest derivatives are recognised within other finance items for those derivatives where hedge accounting has not been applied. When hedge accounting has been applied, the realised gains and losses on exchange and interest derivatives are recognised within other finance items and interest expense respectively. All derivatives were closed in 2021 and there are none entered into in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "B) Fair value of financial instruments An analysis of financial assets and financial liabilities measured at fair value is presented below: Level 1 $m Level 2 $m Level 3 $m Total 2022 $m Financial assets Equity investments (a) 90.5 \u2013 \u2013 90.5 Trade and other receivables (b) \u2013 897.2 \u2013 897.2 Cash and cash equivalents (c) 8.5 8.5 Liquid investment (d) \u2013 1,580.8 \u2013 1,580.8 99.0 2,478.0 \u2013 2,577.0 Level 1 $m Level 2 $m Level 3 $m Total 2021 $m Financial assets Equity investments (a) 8.7 \u2013 \u2013 8.7 Trade and other receivables (b) \u2013 1,011.7 \u2013 1,011.7 Liquid investment (d) \u2013 2,969.7 \u2013 2,969.7 8.7 3,981.4 \u2013 3,990.1 Recurring fair value measurements are those that are required in the balance sheet at the end of each reporting year. a) Equity investments are investments in shares on active markets and are valued using unadjusted quoted market values of the shares at the financial reporting date. These are level 1 inputs as described below. b) Provisionally priced metal sales for the period are marked-to-market at the end of the period. Gains and losses from the marking-to-market of open sales are recognised through adjustments to revenue in the income statement and trade receivables in the balance sheet. Forward prices at the end of the period are used for copper sales while period-end average prices are used for molybdenum concentrate sales. These are level 2 inputs as described below. c) The element of cash and cash equivalents measured at fair value relates to money market funds, which are valued reflecting market prices at the period end. These are level 1 inputs as described below. d) Liquid investments are highly liquid current asset investments that are valued reflecting market prices at the period end. These are level 2 inputs as described below. The inputs to the valuation techniques described above are categorised into three levels, giving the highest priority to unadjusted quoted prices in active markets (level 1) and the lowest priority to unobservable inputs (level 3 inputs): \u2022 Level 1 fair value measurement inputs are unadjusted quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 fair value measurement inputs are derived from inputs other than quoted market prices included in level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3 fair value measurement inputs are unobservable inputs for the asset or liability. The degree to which inputs into the valuation techniques used to measure the financial assets and liabilities are observable and the significance of these inputs in the valuation are considered in determining whether any transfers between levels have occurred. In the year ended 31 December 2022, there were no transfers between levels in the hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "(I) Commodity price risk The Group generally sells its copper and molybdenum concentrate and copper cathode output at prevailing market prices, subject to final pricing adjustments which normally range from one to four months after delivery to the customer, and it is therefore exposed to changes in market prices for copper and molybdenum both in respect of future sales and previous sales, which remain open as to final pricing. In 2022, sales of copper and molybdenum concentrate and copper cathodes represented 90.4% of Group revenue and therefore revenues and earnings depend significantly on LME and realised copper prices. The Group periodically uses futures and min-max options to manage its exposure to copper prices. These instruments may give rise to accounting volatility due to fluctuations in their fair value prior to the maturity of the instruments. Details of those copper and molybdenum concentrate sales and copper cathode sales, which remain open as to final pricing, are given in Note 7. Commodity price sensitivity The sensitivity analysis below shows the impact of a movement in the copper price on the financial instruments held as at the reporting date. A movement in the copper market price as at the reporting date will affect the final pricing adjustment to sales that remain open at that date, impacting the trade receivables balance and consequently the income statement. A movement in the copper market price will also affect the valuation of commodity derivatives, impacting the hedging reserve in equity if the fair value movement relates to an effective designated cash flow hedge, and impacting the income statement if it does not. The calculation assumes that all other variables, such as currency rates, remain constant. \u2022 If the copper market price as at the reporting date had increased by 10 c/lb, profit attributable to the owners of the parent would have increased by $19.8 million (2021 \u2013 increase by $18.4 million). \u2022 If the copper market price as at the reporting date had decreased by 10 c/lb, profit attributable to the owners of the parent would have decreased by $19.8 million (2021 \u2013 decrease by $18.4 million). In addition, a movement in the average copper price during the year would impact revenue and earnings. A 10 c/lb change in the average copper price during the year would have affected profit attributable to the owners of the parent by $58.7 million (2021 \u2013 $64.8 million) and earnings per share by 6.0 cents (2021 \u2013 6.6 cents), based on production volumes in 2022, without taking into account the effects of provisional pricing. A $1 /lb change in the average molybdenum price for the year would have affected profit attributable to the owners of the parent by $9.5 million (2021 \u2013 $9.2 million), and earnings per share by 1.0 cents (2021 \u2013 0.9 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. A $100 /oz change in the average gold price for the year would have affected profit attributable to the owners of the parent by $11.6 million (2021 \u2013 $11.5 million), and earnings per share by 1.2 cents (2021 \u2013 1.2 cents), based on production volumes in 2022, and without taking into account the effects of provisional pricing. (II) Currency risk The Group is exposed to a variety of currencies. The US dollar, however, is the currency in which the majority of the Group\u2019s sales are denominated. Operating costs are influenced by the countries in which the Group\u2019s operations are based (principally in Chile) as well as those currencies in which the costs of imported goods and services are determined. After the US dollar, the Chilean peso is the most important currency influencing costs and to a lesser extent sales. Given the significance of the US dollar to the Group\u2019s operations, this is the presentational currency of the Group for internal and external reporting. The US dollar is also the currency for borrowing and holding surplus cash, although a portion of this may be held in other currencies, notably Chilean pesos and Sterling, to meet short-term operating and capital commitments and dividend payments. When considered appropriate, the Group uses forward exchange contracts and currency swaps to limit the effects of movements in exchange rates in foreign currency denominated assets and liabilities. The Group may also use these instruments to reduce currency exposure on future transactions and cash flows. Details of any exchange rate derivatives entered by the Group in the year are given in Note 25(D). The currency exposure of the Group\u2019s cash, cash equivalents and liquid investments is given in Note 22, and the currency exposure of the Group\u2019s borrowings is given in Note 23(C). The effects of exchange gains and losses included in the income statement are given in Note 10. Exchange differences on translation of the net assets of entities with a functional currency other than the US dollar are taken to the currency translation reserve and are disclosed in the Consolidated Statement of Changes in Equity on page 182. Currency sensitivity The sensitivity analysis below shows the impact of a movement in the US dollar/Chilean peso exchange rate on the financial instruments held as at the reporting date. The impact on profit or loss is as a result of the retranslation of monetary financial instruments (including cash, cash equivalents, liquid investments, trade receivables, trade payables and borrowings). The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges, and changes in the fair value of equity investments. The calculation assumes that all other variables, such as interest rates, remain constant. If the US dollar had strengthened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have increased by $19.1 million (2021 \u2013 increase of $6.1 million). If the US dollar had weakened by 10% against the Chilean peso as at the reporting date, profit attributable to the owners of the parent would have decreased by $23.3 million (2021 \u2013 decrease of $7.4 million). (III) Interest rate risk The Group\u2019s policy is generally to borrow and invest cash at floating rates. Fluctuations in interest rates may impact the Group\u2019s net finance income or cost, and to a lesser extent the value of financial assets and liabilities. The Group occasionally uses interest rate swaps and collars to manage interest rate exposures on a portion of its existing borrowings. Details of any interest rate derivatives entered into by the Group are given in Note 23(D). The Interest rate exposure of the Group\u2019s borrowings is given in Note 23. Interest rate sensitivity The sensitivity analysis below shows the impact of a movement in interest rates in relation to the financial instruments held as at the reporting date. The impact on profit or loss reflects the impact on annual interest expense in respect of the floating rate borrowings held as at the reporting date, and the impact on annual interest income in respect of cash and cash equivalents held as at the reporting date. The impact on equity is as a result of changes in the fair value of derivative instruments which are effective designated cash flow hedges. The calculation assumes that all other variables, such as currency rates, remain constant. If the interest rate increased by 1%, based on the financial instruments held as at the reporting date, profit attributable to the owners of the parent would have decreased by $3.3 million (2021 \u2013 decrease of $6.4 million). This does not include the effect on the income statement of changes in the fair value of the Group\u2019s liquid investments relating to the underlying investments in fixed income instruments. (IV) Other price risk The Group is exposed to equity price risk on its equity investments. Equity price sensitivity The sensitivity analysis below shows the impact of a movement in the equity values of the equity investment financial assets held as at the reporting date. If the value of the equity investments had increased by 10% as at the reporting date, equity would have increased by $9.1 million (2021 \u2013 increase of $0.9 million). There would have been no impact on the income statement. 25 Financial instruments and financial risk management continued (V) Cash flow risk The Group\u2019s future cash flows depend on a number of factors, including commodity prices, production and sales levels, operating costs, capital expenditure levels, and financial income and costs. Its cash flows are therefore subject to the exchange, interest rate and commodity price risks described above as well as operating factors and input costs. To reduce the risk of potential short-term disruptions to the supply of key inputs such as electricity and sulphuric acid, the Group enters into medium and long-term supply contracts to help ensure continuity of supply. Long-term electricity supply contracts are in place at each of the Group\u2019s mines, in most cases linking the cost of electricity under the contract to the current cost of electricity on the Chilean grid or the generation cost of the supplier. The Group seeks to lock in supply of sulphuric acid for future periods of a year or longer, with contract prices agreed in the latter part of the year, to be applied to purchases of acid in the following year. Further information on production and sales levels and operating costs are given in the Operating review on pages 76 to 93. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-440": {
"value": "(VI) Credit risk Credit risk arises from trade and other receivables, cash, cash equivalents, liquid investments and derivative financial instruments. The Group\u2019s credit risk is primarily to trade receivables. The credit risk on cash, cash equivalents and liquid investments and on derivative financial instruments is limited as the counterparties are financial institutions with high credit ratings assigned by international credit agencies. The largest balances of trade receivables are with equity participants in the key mining projects. Many other significant trade receivables are secured by letters of credit or other forms of security. All customers are subject to credit review procedures, including the use of external credit ratings where available. Credit is provided only within set limits, which are regularly reviewed. The main customers are recurrent with a good credit history during the years they have been customers. Outstanding receivable balances are monitored on an ongoing basis. The carrying value of financial assets recorded in the financial statements represents the maximum exposure to credit risk. The amounts presented in the balance sheet are net of allowances for any doubtful receivables (Note 21). The Group has recognised an expected credit loss provision for its employee receivables, with the main inputs into the provision calculation being the average level of staff turnover and the average level of recovery of receivables from former employees. For the reasons set out above, the expected credit loss risk for other trade and other receivable balances is considered to be immaterial to the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "(VII) Liquidity risk The Group manages liquidity risk by maintaining adequate cash reserves and financing facilities, through the review of forecast and actual cash flows. The Group typically holds surplus cash in demand or term deposits or highly liquid investments, which typically can be accessed or liquidated within 24 hours. At the end of 2022, the Group was in a net debt position (2021 \u2013 net cash position), as disclosed in Note 32(C). Details of cash, cash equivalents and liquid investments are given in Note 22, while details of borrowings including the maturity profile are given in Note 23(E). Details of undrawn committed borrowing facilities are also given in Note 23. The following table analyses the maturity of the Group\u2019s contractual commitments in respect of its financial liabilities and derivative financial instruments. The table has been drawn up based on the undiscounted cash flows on the earliest date on which the Group can be required to pay. The table includes both interest and principal cash flows. At 31 December 2022 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2022 Total $m Corporate loans (475.7) (609.4) (1,017.8) (163.3) (2,266.2) Other loans (including short-term loans and bond) (60.5) (40.0) (290.8) (1,176.3) (1,567.6) Leases (62.1) (40.4) (37.9) (1.3) (141.7) Preference shares* (0.1) (0.1) (0.3) (2.5) (3.0) Trade and other payables (1,079.8) (4.0) (3.9) \u2013 (1,087.7) (1,678.2) (693.9) (1,350.7) (1,343.4) (5,066.2) At 31 December 2021 Less than 1 year $m Between 1-2 years $m Between 2-5 years $m After 5 years $m 2021 Total $m Corporate loans (267.1) (398.5) (1,574.8) (170.6) (2,411.0) Other loans (including short-term loans and bond) (47.0) (11.9) (242.7) (555.5) (857.1) Leases (74.7) (40.5) (54.5) \u2013 (169.7) Preference shares* (0.1) (0.1) (0.3) (2.7) (3.2) Trade and other payables (829.1) (16.8) \u2013 \u2013 (845.9) (1,218.0) (467.8) (1,872.3) (728.8) (4,286.9) * The preference shares pay an annual dividend of \u00a3100,000 in perpetuity, and accordingly it is not possible to determine total amounts payable for periods without a fixed end date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "(VIII) Capital risk management The Group\u2019s objectives are to return capital to shareholders while leaving the Group with sufficient funds to progress its short, medium and long-term growth plans as well as preserving the financial flexibility to take advantage of opportunities as they may arise. This policy remains unchanged. The Group monitors capital on the basis of net cash/debt (defined as cash, cash equivalents and liquid investments less borrowings) which was net debt of $885.8 million at 31 December 2022 (2021 \u2013 net cash $540.5 million), as well as gross cash (defined as cash, cash equivalents and liquid investments) which was $2,391.2 million at 31 December 2022 (2021 \u2013 $3,713.1 million). The Group\u2019s total cash is held in a combination of on demand and term deposits and managed funds investing in high quality, fixed income instruments. The managed funds are held primarily for investment purposes rather than meeting short-term cash commitments and accordingly these amounts are presented as liquid investments; however they are included in net cash for monitoring and decision-making purposes. The Group has a risk averse investment strategy. The Group\u2019s borrowings are detailed in Note 23. Additional project finance or shareholder loans are taken out by the operating subsidiaries to fund projects on a case-by-case basis. Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants: 1) Net Financial Debt/EBITDA 2) EBITDA/Interest Expense 3) Total Indebtedness/Tangible Net Worth (being the net asset value less any intangible asset value) The Group has complied with these covenants throughout the reporting period. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "D) Derivative financial instruments The Group periodically uses derivative financial instruments, to reduce its exposure to commodity price, foreign exchange and interest rate movements. The Group does not use such derivative instruments for speculative trading purposes. The Group has applied the hedge accounting provisions of IFRS 9 \u201cFinancial Instruments\u201d. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows have been recognised directly in equity, with such amounts subsequently recognised in the income statement in the period when the hedged item affects profit or loss. Any ineffective portion is recognised immediately in the income statement. Realised gains and losses on commodity derivatives recognised in the income statement have been recorded within revenue. The time value element of changes in the fair value of derivative options is recognised within other comprehensive income. Realised gains and losses and changes in the fair value of exchange and interest derivatives are recognised within other finance items for those derivatives where hedge accounting has not been applied. When hedge accounting has been applied, the realised gains and losses on exchange and interest derivatives are recognised within other finance items and interest expense respectively. All derivatives were closed in 2021 and there are none entered into in 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "26 Long-term incentive plan The long-term incentive plan (the \u201cPlan\u201d) forms part of the remuneration of senior managers in the Group. Directors are not eligible to participate in the Plan. Details of the Awards Under the Plan, the Group may grant awards based on the price of ordinary shares in the Company and cannot grant awards over actual shares. \u2022 Restricted Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company\u2019s ordinary shares, subject to the relevant employee remaining employed by the Group when the Restricted Award vests, and \u2022 Performance Awards: These awards are conditional rights to receive cash payment by reference to a specified number of the Company\u2019s ordinary shares subject to both the satisfaction of a performance condition and the relevant employee remaining employed by the Group when the Performance Award vests. When awards vest under the Plan, participants become entitled to receive a cash payment by reference to the number and portion of awards that have vested and the market value of the Company\u2019s ordinary shares on the date of vesting. There is no exercise price payable by participants in respect of the awards. Restricted Awards can only vest in full if participants remain employed by the Group for three years from the date that Restricted Awards are granted. In ordinary circumstances, the first one-third of a Restricted Award will vest after one year, the second one-third will vest after two years and the remaining one-third will vest after three years. There are no performance criteria attached to Restricted Awards. The fair value of Restricted Awards granted under the Plan is recorded as a compensation expense over the vesting periods, with a corresponding liability recognised for the fair value of the liability at the end of each period until settled. Performance Awards only vest if certain performance criteria are met. The performance criteria reflect a number of factors including total shareholder return, earnings levels, growth in the Group\u2019s reserves and resources and project delivery targets. The fair value of Performance Awards under the Plan is recorded as a compensation expense over the vesting period, with a corresponding liability at the end of each period until settled. 26 Long-term incentive plan continued Valuation process and accounting for the awards The fair value of the awards is determined using a Monte Carlo simulation model. The inputs into the Monte Carlo simulation model are as follows: 2022 2021 Weighted average forecast share price at vesting date $18.5 $18.0 Expected volatility 50.90% 39.23% Expected life of awards 3 years 3 years Expected dividend yields 6.77% 3.94% Discount rate 4.33% 0.08% Expected volatility was determined by calculating the historical volatility of the Group\u2019s share price over the previous five years. The expected life of awards used in the model has been adjusted based on management\u2019s best estimate for the effects of non-transferability and compliance of the objectives determined according to the characteristic of each plan. The number of awards outstanding at the end of the year is as follows: Restricted Awards Performance Awards Outstanding at 1 January 2022 544,143 1,385,475 Granted during the year 214,812 336,206 Cancelled during the year (38,330) (128,513) Payments during the year (282,106) (416,221) Outstanding at 31 December 2022 438,519 1,176,947 Number of awards that have vested 213,594 \u2013 The Group has recorded a liability of $17.2 million at 31 December 2022, of which $4.7 million is due after more than one year (31 December 2022 \u2013 $18.9 million of which $9.2 million was due after more than one year) and total expenses of $13.1 million for the year (2021 \u2013 expense of $9.0 million). ",
"dimensions": {
"concept": "antofagastaplc:DisclosureOfLongTermIncentivePlan",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "27 Post-employment benefit obligations A) Defined contribution schemes The Group operates defined contribution schemes for a limited number of employees. The amount charged to the income statement in 2022 was $0.1 million (2021 \u2013 $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain payable at the end of either year. B) Severance provisions Employment terms at some of the Group\u2019s operations provide for payment of a severance payment when an employment contract comes to an end. This is typically at the rate of one month for each year of service (subject in most cases to a cap as to the number of qualifying years of service) and based on final salary level. The severance payment obligation is treated as an unfunded defined benefit plan, and the obligation recognised is based on valuations performed by an independent actuary using the projected unit credit method, which are regularly updated. The obligation recognised in the balance sheet represents the present value of the severance payment obligation. Actuarial gains and losses are immediately recognised in other comprehensive income. The most recent valuation was carried out in 2022 by Ernst & Young, a qualified actuary in Santiago, Chile who is not connected with the Group. The main assumptions used to determine the actuarial present value of benefit obligations were as follows: 2022 % 2021 % Average nominal discount rate 5.3% 6.3% Average rate of increase in salaries 2.2% 2.3% Average staff turnover 3.5% 4.9% Amounts included in the income statement in respect of severance provisions are as follows: 2022 $m 2021 $m Current service cost (charge to operating profit) (19.1) (19.8) Interest cost (charge to other finance items) (6.8) (3.6) Foreign exchange credit/(charge) to other finance items 1.5 19.6 Total charge to income statement (24.4) (3.8) Movements in the present value of severance provisions were as follows: 2022 $m 2021 $m Balance at the beginning of the year (107.5) (123.2) Current service cost (19.1) (19.8) Actuarial (losses)/gains (18.1) 3.1 Unwinding of discount on provisions (6.8) (3.6) Paid in the year 12.7 16.4 Foreign currency exchange difference 1.5 19.6 Balance at the end of the year (137.3) (107.5) Assumptions description Discount rate 31 December 2022 31 December 2021 Nominal discount rate 5.34% 6.50% Reference rate name 20 year Chilean Central Bank Bonds 20 year Chilean Central Bank Bonds Governmental or corporate rate Governmental Governmental Reference rating AA\u2013/AA+ AA\u2013/AA+ Corresponds to an Issuance market (primary) or secondary market Secondary Secondary Issuance currency associated to the reference rate Chilean peso Chilean peso Date of determination of the reference interest rate 28 November 2022 31 October 2021 Source of the reference interest rate Bloomberg Bloomberg The discount rate is the interest rate used to discount the estimated future severance payments to their present value. The table above shows the principal instruments and assumptions utilised in determining the discount rate. Rate of increase in salaries This represents the estimated average rates of future salary increases, reflecting likely future promotions and other changes. This has been based on historical information for the Group for the period from 2018 to 2022. Turnover rate This represents the estimated average level of future employee turnover. This has been based on historical information for the Group for the period from 2018 to 2022. Sensitivity analysis Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and staff turnover. The sensitivity analysis below has been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. \u2022 If the discount rate is 100 basis points higher, the defined benefit obligation would decrease by $10.2 million. If the discount rate is 100 basis points lower, the defined benefit obligation would increase by $11.7 million. \u2022 If the expected salary growth increases by 1%, the defined benefit obligation would increase by $10.5 million. If the expected salary growth decreases by 1%, the defined benefit obligation would decrease by $9.6 million. \u2022 If the staff turnover increases by 1%, the defined benefit obligation would decrease by $2.5 million. If the staff turnover decreases by 1%, the defined benefit obligation would increase by $2.5 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "A) Defined contribution schemes The Group operates defined contribution schemes for a limited number of employees. The amount charged to the income statement in 2022 was $0.1 million (2021 \u2013 $0.1 million), representing the amount paid in the year. There were no outstanding amounts which remain payable at the end of either year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "28 Deferred tax assets and liabilities Accelerated capital allowances $m Temporary differences on provisions $m Withholding tax $m Short-term differences $m Mining tax (Royalty) $m Tax losses $m Disposal $m Total $m At 1 January 2021 (1,122.1) 124.6 (52.8) 42.0 (103.5) 5.3 0.1 (1,106.4) (Charge)/credit to income (248.9) (7.5) 29.7 (103.3) 1.0 31.7 (0.1) (297.4) Exceptional items \u2013 \u2013 \u2013 \u2013 \u2013 90.6 \u2013 90.6 Charge deferred in equity \u2013 (2.1) \u2013 \u2013 (0.4) \u2013 \u2013 (2.5) At 31 December 2021 and 1 January 2022 (1,371.0) 115.0 (23.1) (61.3) (102.9) 127.6 \u2013 (1,315.7) (Charge)/credit to income (79.2) 1.4 (48.5) (15.6) (9.8) (3.1) \u2013 (154.8) Reclassification (16.9) 7.8 \u2013 9.1 \u2013 \u2013 \u2013 \u2013 Charge deferred in equity \u2013 4.9 \u2013 \u2013 0.8 \u2013 \u2013 5.7 At 31 December 2022 (1,467.1) 129.1 (71.6) (67.8) (111.9) 124.5 \u2013 (1,464.8) The charge to the income statement of $154.8 million (2021 \u2013 $206.8 million) included an impact from foreign exchange differences of nil (2021 \u2013 nil). Certain deferred tax assets and liabilities have been offset. Deferred tax assets and liabilities are offset where there is a legally enforceable right to do so, which under Chilean tax regulations is only possible within individual legal entities. The following is the analysis of the deferred tax balance (after offset): 2022 $m 2021 $m Net deferred tax assets 78.5 96.8 Net deferred tax liabilities (1,543.3) (1,412.5) Net deferred tax balances (1,464.8) (1,315.7) At 31 December 2022, the Group had unused tax losses associated with Chilean entities (predominantly Antucoya) of $460.3 million (2021 \u2013 $472.5 million) available for offset against future profits. Generally under Chilean tax law most tax losses can be carried forward indefinitely. A deferred tax asset of $124.5 million has been recognised in respect of 100% of these losses as at 31 December 2022 (31 December 2021 \u2013 $127.6 million). In addition, at 31 December 2022, the Group had unused tax losses associated with entities outside of Chile (predominantly in respect of the Twin Metals project) of $427.0 million (2021 \u2013 $428.0 million). A portion of the Twin Metals tax losses expire in the period from 2030 \u2013 2037, and the remainder can be carried forward indefinitely. Deferred tax assets have not been recognised in respect of these tax losses, reflecting the fact that the relevant entities have generated taxable losses in recent years. At 31 December 2021, the Group recognised $90.6 million of previously unrecognised deferred tax assets relating to tax losses available for offset against future profits, reflecting the improved actual and forecast profitability of the relevant Group entity (Antucoya). That entity has continued to generate taxable profits during 2022, utilising $10.9 million of the deferred tax asset during the year. At 31 December 2022, deferred withholding tax liabilities of $71.6 million have been recognised (31 December 2021 \u2013 $23.1 million) which relate to undistributed earnings of subsidiaries where it is considered likely that the corresponding profits will be distributed in the foreseeable future. The value of the remaining undistributed earnings of subsidiaries, for which deferred tax liabilities have not been recognised, because the Group is in a position to control the timing of the distributions and it is likely that distributions will not be made in the foreseeable future, was $6,430.4 million (31 December 2021 \u2013 $6,483.3 million). If deferred withholding tax liabilities were recognised in respect of all of these remaining undistributed earnings of subsidiaries this would result in an additional deferred tax liability and expense of approximately $1,076.5 million (31 December 2021 \u2013 $1,232.1 million), depending on the application of tax credits which may be available in particular circumstances. Temporary differences arising in connection with interests in associates are insignificant. The deferred tax balance of $1,464.8 million (2021 \u2013 $1,315.7 million) includes $1,404.7 million (2021 \u2013 $1,272.6 million) due in more than one year. All amounts are shown as non-current on the face of the balance sheet as required by IAS 12 Income Taxes. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "29 Decommissioning and restoration provisions 2022 $m 2021 $m Balance at the beginning of the year (336.1) (520.2) Charge to operating profit in the year (15.4) (11.3) Unwind of discount to net interest in the year (10.1) (2.6) Adjustment to provision discount rates (1.6) 30.8 Capitalised adjustment to provision (173.8) 119.9 Utilised in year 49.7 33.8 Foreign currency exchange difference (0.9) 13.5 Balance at the end of the year (488.2) (336.1) Short-term provisions (33.2) (33.8) Long-term provisions (455.0) (302.3) Total (488.2) (336.1) Decommissioning and restoration costs relate to the Group\u2019s mining operations. Costs are estimated on the basis of a formal closure plan and are subject to regular independent formal review by Sernageomin, the Chilean government agency which regulates the mining industry in Chile. During 2022, the Centinela and Antucoya provisions were updated to reflect new plans approved by Sernageomin during the year. The provision balance reflects the present value of the forecast future cash flows expected to be incurred in line with the closure plans, discounted using Chilean real interest rates with durations corresponding with the timings of the closure activities. At 31 December 2022, the real discount rates ranged from 1.67% to 1.73% (31 December 2021: 2.3% to 2.5%). It is estimated that the provision will be utilised from 2023 until 2066 based on current mine plans, with approximately 15% of the total provision balance expected to be utilised between 2023 and 2031, approximately 49% between 2032 and 2041, approximately 10% between 2042 and 2051 and approximately 26% between 2052 and 2066. Given the long-term nature of these balances, it is possible that future climate risks could impact the appropriate amount of these provisions, both in terms of the nature of the decommissioning and site rehabilitation activities that are required, or the costs of undertaking those activities. The Group discloses in line with the recommendations of the Task Force on Climate-related Financial Disclosures (\u201cTCFD\u201d). This process included scenario analyses assessing the impact of transition and physical risks. As a simple high-level sensitivity, we have considered whether the level of estimated costs relating to the potential future risks identified under the scenario analysis could indicate a general level of future cost increases as a consequence of climate risks which could indicate a significant potential impact on these provision balances. This analysis did not indicate a significant potential impact on the decommissioning and restoration provision balances. However, more detailed specific analysis of the potential impacts of climate risks in future periods could result in adjustments to these provision balances. When future updates to the closure plans are prepared and submitted to Sernageomin for review and approval, it is possible that additional consideration of potential climate risk impacts may need to be incorporated into the plan assumptions. In addition, Sernageomin may introduce new regulations or guidance in respect of climate risks which may need to be addressed in future updates to the Group\u2019s closure plans. ",
"dimensions": {
"concept": "antofagastaplc:DisclosureOfDecommissioningAndRestorationProvisions",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "30 Share capital and other reserves (I) Share capital The ordinary share capital of the Company is as follows: 2022 Number 2021 Number 2022 $m 2021 $m Authorised Ordinary shares of 5p each 1,300,000,000 1,300,000,000 118.9 118.9 2022 Number 2021 Number 2022 $m 2021 $m Issued and fully paid Ordinary shares of 5p each 985,856,695 985,856,695 89.8 89.8 The Company has one class of ordinary shares which carry no right to fixed income. Each ordinary share carries one vote at any general meeting. There were no changes in the authorised or issued share capital of the Company in either 2022 or 2021. Details of the Company\u2019s preference share capital, which is included within borrowings in accordance with IAS 32 Financial Instruments, are given in Note 23A(x). 30 Share capital and other reserves continued (II) Other reserves and retained earnings Details of the share premium account, hedging, fair value and translation reserves and retained earnings for both 2022 and 2021 are included within the consolidated statement of changes in equity on page 182. 2022 $m 2021 $m Share premium At 1 January and 31 December 199.2 199.2 Hedging reserves 1 At 1 January \u2013 (23.9) Parent and subsidiaries net cash flow hedge fair value losses \u2013 (100.4) Parent and subsidiaries net cash flow hedge losses transferred to the income statement \u2013 126.8 Tax on the above \u2013 (2.5) At 31 December \u2013 \u2013 Equity investment revaluation reserve 2 At 1 January (7.4) (5.3) Gains/(losses) on equity investment 15.8 (2.1) At 31 December 8.4 (7.4) Foreign currency translation reserves 3 At 1 January (3.0) (1.4) Currency translation adjustment (0.4) (1.6) At 31 December (3.4) (3.0) Total other reserves per balance sheet 5.0 (10.4) Retained earnings At 1 January 8,071.6 7,492.2 Parent and subsidiaries\u2019 profit for the period 1,484.9 1,230.5 Equity accounted units\u2019 profit after tax for the period 48.1 59.7 Actuarial (losses)/gains 4 (8.2) \u2013 Total comprehensive income for the year 1,524.8 1,290.2 Dividends paid (1,262.9) (710.8) At 31 December 8,333.5 8,071.6 1. The hedging reserve records gains or losses on cash flow hedges that are recognised initially in equity (through other comprehensive income), as described in Note 25. 2. The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 19. 3. Exchange differences arising on the translation of the Group\u2019s net investment in foreign-controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. 4. Actuarial gains or losses relating to long-term employee benefits, as described in Note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-431": {
"value": "(I) Share capital The ordinary share capital of the Company is as follows: 2022 Number 2021 Number 2022 $m 2021 $m Authorised Ordinary shares of 5p each 1,300,000,000 1,300,000,000 118.9 118.9 2022 Number 2021 Number 2022 $m 2021 $m Issued and fully paid Ordinary shares of 5p each 985,856,695 985,856,695 89.8 89.8 The Company has one class of ordinary shares which carry no right to fixed income. Each ordinary share carries one vote at any general meeting. There were no changes in the authorised or issued share capital of the Company in either 2022 or 2021. Details of the Company\u2019s preference share capital, which is included within borrowings in accordance with IAS 32 Financial Instruments, are given in Note 23A(x). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "(II) Other reserves and retained earnings Details of the share premium account, hedging, fair value and translation reserves and retained earnings for both 2022 and 2021 are included within the consolidated statement of changes in equity on page 182. 2022 $m 2021 $m Share premium At 1 January and 31 December 199.2 199.2 Hedging reserves 1 At 1 January \u2013 (23.9) Parent and subsidiaries net cash flow hedge fair value losses \u2013 (100.4) Parent and subsidiaries net cash flow hedge losses transferred to the income statement \u2013 126.8 Tax on the above \u2013 (2.5) At 31 December \u2013 \u2013 Equity investment revaluation reserve 2 At 1 January (7.4) (5.3) Gains/(losses) on equity investment 15.8 (2.1) At 31 December 8.4 (7.4) Foreign currency translation reserves 3 At 1 January (3.0) (1.4) Currency translation adjustment (0.4) (1.6) At 31 December (3.4) (3.0) Total other reserves per balance sheet 5.0 (10.4) Retained earnings At 1 January 8,071.6 7,492.2 Parent and subsidiaries\u2019 profit for the period 1,484.9 1,230.5 Equity accounted units\u2019 profit after tax for the period 48.1 59.7 Actuarial (losses)/gains 4 (8.2) \u2013 Total comprehensive income for the year 1,524.8 1,290.2 Dividends paid (1,262.9) (710.8) At 31 December 8,333.5 8,071.6 1. The hedging reserve records gains or losses on cash flow hedges that are recognised initially in equity (through other comprehensive income), as described in Note 25. 2. The equity investments revaluation reserves record fair value gains or losses relating to equity investments, as described in Note 19. 3. Exchange differences arising on the translation of the Group\u2019s net investment in foreign-controlled companies are taken to the foreign currency translation reserve. The cumulative differences relating to an investment are transferred to the income statement when the investment is disposed of. 4. Actuarial gains or losses relating to long-term employee benefits, as described in Note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "31 Non-controlling interests The non-controlling interests of the Group during 2022 and 2021 are as follows: Non- controlling Interest % Country At 1 January 2022 $m Share of profit for the financial year $m Capital Increase $m Share of dividends $m Hedging and actuarial gains $m At 31 December 2022 $m Los Pelambres 40.0 Chile 1,204.5 320.4 \u2013 (80.0) (1.9) 1,443.0 Centinela 30.0 Chile 1,275.9 82.9 \u2013 \u2013 (2.0) 1,356.8 Antucoya 30.0 Chile 198.4 21.2 \u2013 \u2013 (0.3) 219.3 Encierro 43.5 Chile \u2013 (2.2) \u2013 \u2013 \u2013 (2.2) Total 2,678.8 422.3 \u2013 (80.0) (4.2) 3,016.9 Non- controlling Interest % Country At 1 January 2021 $m Share of profit/(losses) for the financial year $m Capital Increase $m Share of dividends $m Hedging and actuarial gains/(losses) $m At 31 December 2021 $m Los Pelambres 40.0 Chile 1,107.3 608.0 \u2013 (512.0) 1.2 1,204.5 Centinela 30.0 Chile 1,113.7 252.2 \u2013 (92.5) 2.5 1,275.9 Antucoya 30.0 Chile 109.5 84.4 \u2013 \u2013 4.5 198.4 Total 2,330.5 944.6 \u2013 (604.5) 8.2 2,678.8 The proportion of the voting rights is proportional with the economic interest for each of the companies listed above. Summarised financial position and cash flow information for the years ended 2022 and 2021 is set out below: Los Pelambres 2022 $m Centinela 2022 $m Antucoya 2022 $m Non-controlling interest (%) 40.0% 30.0% 30.0% Cash and cash equivalents 249.3 134.9 46.1 Current assets 1,373.2 1,170.7 340.6 Non-current assets 5,413.3 4,752.3 1,367.2 Current liabilities (725.8) (553.3) (153.1) Non-current liabilities (2,408.8) (1,011.8) (405.0) Net cash from operating activities 1,060.9 762.2 162.1 Net cash used in investing activities (881.0) (879.8) (65.1) Net cash from/(used in) financing activities 44.8 (163.2) (174.3) Los Pelambres 2021 $m Centinela 2021 $m Antucoya 2021 $m Non-controlling interest (%) 40.0% 30.0% 30.0% Cash and cash equivalents 14.2 122.7 48.4 Current assets 1,073.3 1,358.0 381.4 Non-current assets 4,593.8 4,561.2 1,354.6 Current liabilities (519.1) (714.5) (183.8) Non-current liabilities (2,123.0) (1,082.6) (364.9) Net cash from operating activities 1,816.8 1,885.5 295.3 Net cash used in investing activities (878.6) (837.6) (49.3) Net cash used in financing activities (1,408.4) (1,152.6) (206.9) Notes to the summarised financial position and cash flow (i) The amounts disclosed for each subsidiary are based on the amounts included in the consolidated financial statements (100% of the results and balances of the subsidiary rather than the non-controlling interest proportionate share) before inter-company eliminations. (ii) Summarised income statement information is shown in the segment information in Note 6. (iii) There are some subsidiaries including Encierro with a non controlling interest portion not included in this note where those portions are not material to the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "32 Notes to the consolidated cash flow statement A) Reconciliation of profit before tax to cash flow from operations 2022 $m 2021 $m Profit before tax 2,558.9 3,477.1 Depreciation 1,141.1 1,078.7 Net loss on disposals 2.1 9.2 Net finance expense/(income) 68.2 (16.0) Net share of results of associates and joint ventures (48.1) (59.7) Gain on disposal of investment in joint venture (944.7) \u2013 Provision against carrying value of assets \u2013 177.6 (Increase)/decrease in inventories (180.7) 10.9 Decrease/(increase) in debtors 27.0 (206.8) Increase in creditors 141.0 55.7 Decrease in provisions (26.5) (19.0) Cash flow generated from operations 2,738.3 4,507.7 B) Analysis of changes in net debt At 1 January 2022 $m Cash flow $m New leases $m Amortisation of finance costs $m Capitalisation of interest $m Movement between maturity categories $m Other $m Exchange $m At 31 December 2022 $m Cash and cash equivalents 743.4 65.6 \u2013 \u2013 \u2013 \u2013 \u2013 1.4 810.4 Liquid investments 2,969.7 (1,388.9) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1,580.8 Total cash and cash equivalents and liquid investments 3,713.1 (1,323.3) \u2013 \u2013 \u2013 \u2013 \u2013 1.4 2,391.2 Borrowings due within one year (268.0) 373.9 \u2013 \u2013 \u2013 (483.3) \u2013 \u2013 (377.4) Borrowings due after one year (2,742.1) (488.5) \u2013 (11.7) (6.3) 483.3 (0.1) \u2013 (2,765.4) Leases due within one year (69.1) 105.4 \u2013 \u2013 \u2013 (80.7) \u2013 (10.7) (55.1) Leases due after one year (90.7) \u2013 (51.3) \u2013 \u2013 80.7 (1.0) (14.3) (76.6) Preference shares (2.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.2 (2.5) Total borrowings (3,172.6) (9.2) (51.3) (11.7) (6.3) \u2013 (1.1) (24.8) (3,277.0) Net cash/(debt) 540.5 (1,332.5) (51.3) (11.7) (6.3) \u2013 (1.1) (23.4) (885.8) At 1 January 2021 $m Cash flow $m New leases $m Amortisation of finance costs $m Capitalisation of interest $m Movement between maturity categories $m Other $m Exchange $m At 31 December 2021 $m Cash and cash equivalents 1,246.8 (483.1) \u2013 \u2013 \u2013 \u2013 \u2013 (20.3) 743.4 Liquid investments 2,426.0 543.7 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2,969.7 Total cash and cash equivalents and liquid investments 3,672.8 60.6 \u2013 \u2013 \u2013 \u2013 \u2013 (20.3) 3,713.1 Borrowings due within one year (529.8) 545.6 \u2013 \u2013 \u2013 (294.2) 10.4 \u2013 (268.0) Borrowings due after one year (3,013.8) \u2013 \u2013 (5.7) (16.6) 294.2 \u2013 (0.2) (2,742.1) Leases due within one year (73.6) 88.9 \u2013 \u2013 \u2013 (84.4) \u2013 \u2013 (69.1) Leases due after one year (134.9) \u2013 (61.8) \u2013 \u2013 84.4 \u2013 21.6 (90.7) Preference shares (2.7) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (2.7) Total borrowings (3,754.8) 634.5 (61.8) (5.7) (16.6) \u2013 10.4 21.4 (3,172.6) Net debt (82.0) 695.1 (61.8) (5.7) (16.6) \u2013 10.4 1.1 540.5 C) Net (debt)/cash 2022 $m 2021 $m Cash, cash equivalents and liquid investments 2,391.2 3,713.1 Total borrowings and other financial liabilities (3,277.0) (3,172.6) Net (debt)/cash (885.8) 540.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "33 Exchange rates Assets and liabilities denominated in foreign currencies are translated into US dollars and Sterling at the period-end rates of exchange. Results denominated in foreign currencies have been translated into US dollars at the average rate for each period. 2022 2021 Year-end rates $1.2080=\u00a31; $1 = Ch$855.86 $1.3490=\u00a31; $1 = Ch$844.69 Average rates $1.2340=\u00a31; $1 = Ch$872.38 $1.3750=\u00a31; $1 = Ch$759.81 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "34 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below. The transactions which Group companies entered into with related parties who are not members of the Group are set out below. There are no guarantees given or received and no provisions for doubtful debts related to the amount of outstanding balances. A) Qui\u00f1enco SA Qui\u00f1enco SA (\u201cQui\u00f1enco\u201d) is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock Exchange, and in which members of the Luksic family are interested. Two Directors of the Company, Jean-Paul Luksic and Andronico Luksic, are also directors of Qui\u00f1enco. The following transactions took place between the Group and the Qui\u00f1enco group of companies, all of which were on normal commercial terms at market rates: \u2022 the Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $309.9 million (2021 \u2013 $263.9 million). The balance due to ENEX SA at the end of the year was $28.6 million (2021 \u2013 $20.4 million), \u2022 the Group earned interest income of $0.8 million (2021 \u2013 $0.1 million) during the year on investments with BanChile Administradora General de Fondos SA, a subsidiary of Qui\u00f1enco. Investment balances at the end of the year were nil (2021 \u2013 $2.2 million), \u2022 the Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $12.7 million (2021 \u2013 $8.9 million). The balance due to Hapag Lloyd at the end of the year was $0.3 million (2021 \u2013 $0.4 million), \u2022 the Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Qui\u00f1enco, of $0.2 million (2021 \u2013 $0.2 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2021 \u2013 nil). B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA In 2022, the Group leased office space on normal commercial terms from Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA, a company in which members of the Luksic family are interested, at a cost of $0.4 million (2021 \u2013$0.8 million). C) Antomin 2 Limited and Antomin Investors Limited The Group holds a 51% interest in Antomin 2 Limited (\u201cAntomin 2\u201d) and Antomin Investors Limited (\u201cAntomin Investors\u201d), which own a number of copper exploration properties. The Group originally acquired its 51% interest in these properties for a nominal consideration from Mineralinvest Establishment, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. Mineralinvest is owned by the E. Abaroa Foundation, in which members of the Luksic family are interested. During the year ended 31 December 2022, the Group incurred $0.1 million (year ended 31 December 2021 \u2013 $0.1 million) of exploration expense at these properties. D) Tethyan Copper Company Limited On 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture, which is therefore no longer recognised as a joint venture by the Group. The group contributed nil (2021 - $9.5 million) to Tethyan during 2022. E) Compa\u00f1ia Minera Zald\u00edvar SpA The Group has a 50% interest in Zald\u00edvar (see Note 18), which is a joint venture with Barrick Gold Corporation. Antofagasta is the operator of Zald\u00edvar. The balance due from Zald\u00edvar to Group companies at the end of the year was $6.7 million (2021 \u2013 $2.5 million). During 2022, Zald\u00edvar declared dividends of $50.0 million to the Group (2021 \u2013 $77.5 million). F) Directors and other key management personnel Information relating to Directors\u2019 remuneration and interests is given in the Remuneration Report on page 159. Information relating to the remuneration of key management personnel including the Directors is given in Note 9. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "34 Related party transactions Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its associates and joint ventures are disclosed below. The transactions which Group companies entered into with related parties who are not members of the Group are set out below. There are no guarantees given or received and no provisions for doubtful debts related to the amount of outstanding balances. A) Qui\u00f1enco SA Qui\u00f1enco SA (\u201cQui\u00f1enco\u201d) is a Chilean financial and industrial conglomerate, the shares of which are traded on the Santiago Stock Exchange, and in which members of the Luksic family are interested. Two Directors of the Company, Jean-Paul Luksic and Andronico Luksic, are also directors of Qui\u00f1enco. The following transactions took place between the Group and the Qui\u00f1enco group of companies, all of which were on normal commercial terms at market rates: \u2022 the Group made purchases of fuel from ENEX SA, a subsidiary of Qui\u00f1enco, of $309.9 million (2021 \u2013 $263.9 million). The balance due to ENEX SA at the end of the year was $28.6 million (2021 \u2013 $20.4 million), \u2022 the Group earned interest income of $0.8 million (2021 \u2013 $0.1 million) during the year on investments with BanChile Administradora General de Fondos SA, a subsidiary of Qui\u00f1enco. Investment balances at the end of the year were nil (2021 \u2013 $2.2 million), \u2022 the Group purchased shipping services from Hapag Lloyd, an associate of Qui\u00f1enco, of $12.7 million (2021 \u2013 $8.9 million). The balance due to Hapag Lloyd at the end of the year was $0.3 million (2021 \u2013 $0.4 million), \u2022 the Group made purchases of technology services from ARTIKOS CHILE SA, a subsidiary of Qui\u00f1enco, of $0.2 million (2021 \u2013 $0.2 million). The balance due to ARTIKOS CHILE SA at the end of the year was nil (2021 \u2013 nil). B) Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA In 2022, the Group leased office space on normal commercial terms from Compa\u00f1\u00eda de Inversiones Adri\u00e1tico SA, a company in which members of the Luksic family are interested, at a cost of $0.4 million (2021 \u2013$0.8 million). C) Antomin 2 Limited and Antomin Investors Limited The Group holds a 51% interest in Antomin 2 Limited (\u201cAntomin 2\u201d) and Antomin Investors Limited (\u201cAntomin Investors\u201d), which own a number of copper exploration properties. The Group originally acquired its 51% interest in these properties for a nominal consideration from Mineralinvest Establishment, which continues to hold the remaining 49% of Antomin 2 and Antomin Investors. Mineralinvest is owned by the E. Abaroa Foundation, in which members of the Luksic family are interested. During the year ended 31 December 2022, the Group incurred $0.1 million (year ended 31 December 2021 \u2013 $0.1 million) of exploration expense at these properties. D) Tethyan Copper Company Limited On 15 December 2022 Antofagasta entered into definitive agreements to exit its interest in the Tethyan joint venture, which is therefore no longer recognised as a joint venture by the Group. The group contributed nil (2021 - $9.5 million) to Tethyan during 2022. E) Compa\u00f1ia Minera Zald\u00edvar SpA The Group has a 50% interest in Zald\u00edvar (see Note 18), which is a joint venture with Barrick Gold Corporation. Antofagasta is the operator of Zald\u00edvar. The balance due from Zald\u00edvar to Group companies at the end of the year was $6.7 million (2021 \u2013 $2.5 million). During 2022, Zald\u00edvar declared dividends of $50.0 million to the Group (2021 \u2013 $77.5 million). F) Directors and other key management personnel Information relating to Directors\u2019 remuneration and interests is given in the Remuneration Report on page 159. Information relating to the remuneration of key management personnel including the Directors is given in Note 9. ",
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"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-402": {
"value": "35 Litigation and contingent liabilities The Group is subject from time to time to legal proceedings, claims, complaints and investigations arising out of the ordinary course of business. The Group cannot predict the outcome of individual legal actions or claims or complaints or investigations. As a result, the Group may become subject to liabilities that could affect our business, financial position and reputation. Litigation is inherently unpredictable and large judgements may at times occur. The Group may incur, in the future, judgements or enter into settlements of claims that could lead to material cash outflows. The Group considers that no material loss to the Group is expected to result from the legal proceedings, claims, complaints and investigations that the Group is currently subject to. Provisions are recognised when it is probable that the Group will be required to settle an obligation arising as a result of a legal claim against the Group. ",
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"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-403": {
"value": "36 Ultimate Parent Company The immediate parent of the Group is Metalinvest Establishment, which is controlled by the E. Abaroa Foundation, in which members of the Luksic family are interested. Both Metalinvest Establishment and the E. Abaroa Foundation are domiciled in Liechtenstein. Information relating to the interest of Metalinvest Establishment and the E. Abaroa Foundation is given in the Directors\u2019 Report.",
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"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-6": {
"value": "103 Mount Street London W1K 2TJ United Kingdom",
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"language": "en",
"entity": "scheme:213800MY6QVH4FVLD628",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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}